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: 2020 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2020 10-K (Filed: Feb 9, 2021) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | |||
| Net earnings | $ 8,592 | 7,728 | 8,286 |
| Adjustments to reconcile net earnings to operating cash flows: | |||
| Depreciation and amortization | 981 | 964 | 989 |
| Deferred income tax (benefit) provision | (143) | (141) | (100) |
| Asset impairment and exit costs, net of cash paid (Note 19) | (14) | 371 | (3) |
| Cash effects of changes in: | |||
| Receivables, net | 26 | (331) | 53 |
| Inventories | (165) | (548) | (613) |
| Accounts payable | 406 | 451 | (51) |
| Accrued liabilities and other current assets | 121 | 1,108 | 910 |
| Income taxes | (260) | 75 | (135) |
| Pension plan contributions | (102) | (200) | (110) |
| Other | 370 | 613 [1] | 252 |
| Net cash provided by operating activities | 9,812 | 10,090 | 9,478 |
| CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | |||
| Capital expenditures | (602) | (852) | (1,436) |
| Equity investments | (47) | (31) | (63) |
| Deconsolidation of RBH (Note 20) | 0 | (1,346) [2] | 0 |
| Net investment hedges | (551) | 386 | 416 |
| Other | 46 | 32 | 85 |
| Net cash used in investing activities | (1,154) | (1,811) | (998) |
| CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | |||
| Short-term borrowing activity by original maturity: | |||
| Net issuances (repayments) - maturities of 90 days or less | (70) | (364) | 255 |
| Issuances - maturities longer than 90 days | 45 | 989 | 0 |
| Repayments - maturities longer than 90 days | (45) | (989) | 0 |
| Long-term debt proceeds | 3,713 | 3,819 | 0 |
| Long-term debt repaid | (3,999) | (3,998) | (2,484) |
| Dividends paid | (7,364) | (7,161) | (6,885) |
| Payments to noncontrolling interests and Other | (776) | (357) | (537) |
| Net cash used in financing activities | (8,496) | (8,061) | (9,651) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 258 | 27 | (685) |
| Cash, cash equivalents and restricted cash: | |||
| Increase (Decrease) | 420 | 245 | (1,856) |
| Balance at beginning of year | 6,865 [3] | 6,620 | |
| Balance at end of year | 7,285 | 6,865 [3] | 6,620 |
| Cash Paid: | |||
| Interest | 728 | 800 | 882 |
| Income taxes | 2,785 | 2,430 | 2,749 |
| [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. | |||
| [2] Includes deconsolidation of RBH cash and cash equivalents of $1,323 million and restricted cash of $23 million. | |||
| [3] The amounts for cash and cash equivalents shown above include restricted cash of $5 million, $4 million and $27 million as of December 31, 2020, 2019 and 2018, respectively, which were included in other current assets in the consolidated balance sheets. | |||
| External Links | |
| PHILIP MORRIS INTERNATIONAL INC. (PM) Fiscal Year 2020 | |
| 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 |