10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PHILIP MORRIS INTERNATIONAL INC. | |||
Ticker: PM Fiscal Year: 2021 | |||
Consolidated Statements of Earnings | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 11, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Revenues including excise taxes | $ 82,223 | 76,047 | 77,921 |
| Excise taxes on products | 50,818 | 47,353 | 48,116 |
| Net revenues | 31,405 | 28,694 | 29,805 |
| Cost of sales | 10,030 | 9,569 | 10,513 |
| Gross profit | 21,375 | 19,125 | 19,292 |
| Marketing, administration and research costs (Notes 6, 12, 17, 19 & 20) | 8,304 | 7,384 | 8,695 |
| Amortization of intangibles | 96 | 73 | 66 |
| Operating income | 12,975 | 11,668 | 10,531 |
| Interest expense, net (Note 14) | 628 | 618 | 570 |
| Pension and other employee benefit costs (Note 13) | 115 | 97 | 89 |
| Earnings before income taxes | 12,232 | 10,953 | 9,872 |
| Provision for income taxes (Note 11) | 2,671 | 2,377 | 2,293 |
| Equity investments and securities (income)/loss, net | (149) | (16) | (149) |
| Net earnings | 9,710 | 8,592 | 7,728 |
| Net earnings attributable to noncontrolling interests | 601 | 536 | 543 |
| Net earnings attributable to PMI | 9,109 | 8,056 | 7,185 |
| Per share data (Note 10): | |||
| Basic earnings per share (in dollars per share) | 5.83 | 5.16 | 4.61 |
| Diluted earnings per share (in dollars per share) | 5.83 | 5.16 | 4.61 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PHILIP MORRIS INTERNATIONAL INC. | |||
Ticker: PM Fiscal Year: 2021 | |||
Consolidated Statements of Comprehensive Earnings | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 11, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Net earnings | $ 9,710 | 8,592 | 7,728 |
| Other comprehensive earnings (losses), net of income taxes: | |||
| Change in currency translation adjustments: | |||
| Unrealized gains (losses), net of income taxes | 58 | (1,265) | 505 |
| Change in net loss and prior service cost: | |||
| Net gains (losses) and prior service costs, net of income taxes | 1,055 | (726) | (454) |
| Amortization of net losses, prior service costs and net transition costs, and (Gains) losses transferred to earnings - deconsolidation of RBH, net of income taxes | 323 | 299 | 243 |
| Change in fair value of derivatives accounted for as hedges: | |||
| Gains (losses) recognized, net of income taxes | 124 | (68) | (18) |
| (Gains) losses transferred to earnings, net of income taxes | (35) | (20) | (14) |
| Total other comprehensive earnings (losses) | 1,525 | (1,780) | 791 |
| Total comprehensive earnings | 11,235 | 6,812 | 8,519 |
| Less comprehensive earnings attributable to: | |||
| Noncontrolling interests | 522 | 574 | 586 |
| Comprehensive earnings attributable to PMI | 10,713 | 6,238 | 7,933 |
| Counterparty Name | |||
| Deconsolidation of RBH | |||
| (Gains)/losses transferred to earnings, net of income taxes | 0 | 0 | 502 |
| Amortization of net losses, prior service costs and net transition costs, and (Gains) losses transferred to earnings - deconsolidation of RBH, net of income taxes | 0 | 0 | 27 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PHILIP MORRIS INTERNATIONAL INC. | |||
Ticker: PM Fiscal Year: 2021 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 11, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | |||
| Net earnings | $ 9,710 | 8,592 | 7,728 |
| Adjustments to reconcile net earnings to operating cash flows: | |||
| Depreciation and amortization | 998 | 981 | 964 |
| Deferred income tax (benefit) provision | (17) | (143) | (141) |
| Asset impairment and exit costs, net of cash paid (Note 19) | (22) | (14) | 371 |
| Cash effects of changes, net of the effects from acquired companies: | |||
| Receivables, net | (198) | 26 | (331) |
| Inventories | 549 | (165) | (548) |
| Accounts payable | 653 | 406 | 451 |
| Accrued liabilities and other current assets | 623 | 121 | 1,108 |
| Income taxes | (260) | (260) | 75 |
| Pension plan contributions | (269) | (102) | (200) |
| Other | 200 | 370 [1] | 613 |
| Net cash provided by operating activities | 11,967 | 9,812 | 10,090 |
| CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | |||
| Capital expenditures | (748) | (602) | (852) |
| Acquisitions, net of acquired cash (Note 6) | (2,111) | 0 | 0 |
| Equity investments | (34) | (47) | (31) |
| Deconsolidation of RBH (Note 20) | 0 [2] | 0 | (1,346) |
| Net investment hedges | 466 | (551) | 386 |
| Other | 69 | 46 | 32 |
| Net cash used in investing activities | (2,358) | (1,154) | (1,811) |
| CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | |||
| Short-term borrowing activity by original maturity: | |||
| Net issuances (repayments) - maturities of 90 days or less | 0 | (70) | (364) |
| Issuances - maturities longer than 90 days | 0 | 45 | 989 |
| Repayments - maturities longer than 90 days | 0 | (45) | (989) |
| Long-term debt proceeds | 0 | 3,713 | 3,819 |
| Long-term debt repaid | (3,042) | (3,999) | (3,998) |
| Repurchases of common stock | (775) | 0 | 0 |
| Dividends paid | (7,580) | (7,364) | (7,161) |
| Payments to noncontrolling interests and Other | (580) | (776) | (357) |
| Net cash used in financing activities | (11,977) | (8,496) | (8,061) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (417) | 258 | 27 |
| Cash, cash equivalents and restricted cash: | |||
| Increase (Decrease) | (2,785) | 420 | 245 |
| Balance at beginning of year | 7,285 | 6,865 | |
| Balance at end of year | 4,500 | 7,285 | 6,865 |
| Cash Paid: | |||
| Interest | 716 | 728 | 800 |
| Income taxes | 2,936 | 2,785 | 2,430 |
| [2] Includes deconsolidation of RBH cash and cash equivalents of $1,323 million and restricted cash of $23 million. | |||
| [1] Includes the Loss on Deconsolidation of RBH ($239 million) and the Canadian tobacco litigation-related charge ($194 million) that were included in marketing, administration and research costs in the consolidated statements of earnings for the year ended December 31, 2019. For further details on these charges, see Note 20. Deconsolidation of RBH. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PHILIP MORRIS INTERNATIONAL INC. | ||
Ticker: PM Fiscal Year: 2021 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2021 10-K (Filed: Feb 11, 2022) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2021 | Dec 31, 2020 | |
| Assets | ||
| Cash and cash equivalents | $ 4,496 | 7,280 |
| Trade receivables (less allowances of $70 in 2021 and $23 in 2020) | 3,123 | 2,905 |
| Other receivables (less allowances of $36 in 2021 and $38 in 2020) | 817 | 856 |
| Inventories: | ||
| Leaf tobacco | 1,642 | 2,063 |
| Other raw materials | 1,652 | 1,712 |
| Finished product | 5,426 | 5,816 |
| Total inventory, net | 8,720 | 9,591 |
| Other current assets | 561 | 860 |
| Total current assets | 17,717 | 21,492 |
| Property, plant and equipment, at cost: | ||
| Land and land improvements | 565 | 590 |
| Buildings and building equipment | 4,293 | 4,410 |
| Machinery and equipment | 9,275 | 9,460 |
| Construction in progress | 599 | 449 |
| Property plant and equipment, gross | 14,732 | 14,909 |
| Less: accumulated depreciation | 8,564 | 8,544 |
| Property plant and equipment, net | 6,168 | 6,365 |
| Goodwill (Note 3) | 6,680 | 5,964 |
| Other intangible assets, net (Note 3) | 2,818 | 2,019 |
| Equity investments (Note 4) | 4,463 | 4,798 |
| Deferred income taxes | 895 | 1,410 |
| Other assets (less allowances of $21 in 2021 and $22 in 2020) | 2,549 | 2,767 |
| Total Assets | 41,290 | 44,815 |
| Liabilities | ||
| Short-term borrowings (Note 7) | 225 | 244 |
| Current portion of long-term debt (Note 7) | 2,798 | 3,124 |
| Accounts payable | 3,331 | 2,780 |
| Accrued liabilities: | ||
| Marketing and selling | 811 | 782 |
| Taxes, except income taxes | 6,324 | 6,403 |
| Employment costs | 1,146 | 1,189 |
| Dividends payable | 1,958 | 1,880 |
| Other | 1,637 | 2,122 |
| Income taxes (Note 11) | 1,025 | 1,091 |
| Total current liabilities | 19,255 | 19,615 |
| Long-term debt (Note 7) | 24,783 | 28,168 |
| Deferred income taxes | 726 | 684 |
| Employment costs | 2,968 | 4,470 |
| Income taxes and other liabilities (Note 11) | 1,766 | 2,509 |
| Total liabilities | 49,498 | 55,446 |
| Contingencies (Note 17) | ||
| Stockholders (Deficit) Equity | ||
| Common stock, no par value (2,109,316,331 shares issued in 2021 and 2020) | 0 | 0 |
| Additional paid-in capital | 2,225 | 2,105 |
| Earnings reinvested in the business | 33,082 | 31,638 |
| Accumulated other comprehensive losses | (9,577) | (11,181) |
| Total stockholders' equity before treasury stock | 25,730 | 22,562 |
| Less: cost of repurchased stock (559,146,338 and 551,942,600 shares in 2021 and 2020, respectively) | 35,836 | 35,129 |
| Total PMI stockholders deficit | (10,106) | (12,567) |
| Noncontrolling interests | 1,898 | 1,936 |
| Total stockholders deficit | (8,208) | (10,631) |
| Total Liabilities and Stockholders (Deficit) Equity | 41,290 | 44,815 |
| External Links | |
| PHILIP MORRIS INTERNATIONAL INC. (PM) Fiscal Year 2021 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |