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: 2022 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 10, 2023) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | |||
| Net earnings | $ 9,527 | 9,710 | 8,592 |
| Adjustments to reconcile net earnings to operating cash flows: | |||
| Depreciation, amortization and impairment of intangibles | 1,189 | 998 | 981 |
| Deferred income tax (benefit) provision | (234) | (17) | (143) |
| Asset impairment and exit costs, net of cash paid (Note 20) | (93) | (22) | (14) |
| Cash effects of changes, net of the effects from acquired companies: | |||
| Receivables, net | (871) | (198) | 26 [1] |
| Inventories | (1,287) | 549 | (165) |
| Accounts payable | 719 | 653 | 406 |
| Accrued liabilities and other current assets | 1,862 | 623 | 121 |
| Income taxes | (261) | (260) | (260) |
| Pension plan contributions, net of refunds (Note 14) | 3 | (269) | (102) |
| Other | 249 | 200 | 370 |
| Net cash provided by operating activities | 10,803 | 11,967 | 9,812 |
| CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | |||
| Capital expenditures | (1,077) | (748) | (602) |
| Payments to acquire businesses | (13,976) | (2,111) | 0 |
| Altria Group, Inc. agreement (Note 3) | (1,002) | 0 | 0 |
| Equity investments | (20) | (34) | (47) |
| Net investment hedges and other derivatives (Note 16) | 284 | 466 | (551) |
| Other | 112 | 69 | 46 |
| Net cash used in investing activities | (15,679) | (2,358) | (1,154) |
| CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | |||
| Short-term borrowing activity by original maturity: | |||
| Net issuances (repayments) - maturities of 90 days or less | 876 | 0 | (70) |
| Issuances - maturities longer than 90 days | 934 | 0 | 45 |
| Repayments - maturities longer than 90 days | (795) | 0 | (45) |
| Borrowings under credit facilities related to Swedish Match AB acquisition | 13,920 | 0 | 0 |
| Repayments under credit facilities related to Swedish Match AB acquisition | (4,000) | 0 | 0 |
| Long-term debt proceeds | 5,965 | 0 | 3,713 |
| Long-term debt repaid | (2,724) | (3,042) | (3,999) |
| Repurchases of common stock | (209) | (775) | 0 |
| Dividends paid | (7,812) | (7,580) | (7,364) |
| Payments to acquire Swedish Match AB noncontrolling interests (Note 3) | (1,495) | 0 | 0 |
| Payments to noncontrolling interests and Other (Note 3) | (854) | (580) | (776) |
| Net cash provided by (used in) financing activities | 3,806 | (11,977) | (8,496) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (213) | (417) | 258 |
| Cash, cash equivalents and restricted cash: | |||
| Increase (Decrease) | (1,283) | (2,785) | 420 |
| Balance at beginning of year | 4,500 | 7,285 | |
| Balance at end of year | 3,217 [2] | 4,500 | 7,285 |
| Cash Paid: | |||
| Interest | 717 | 716 | 728 |
| Income taxes | 2,751 | 2,936 | 2,785 |
| [2] The amounts for cash, cash equivalents and restricted cash shown above include restricted cash of $10 million, $4 million and $5 million as of December 31, 2022, 2021 and 2020, respectively, which were included in other current assets in the consolidated balance sheets. | |||
| [1] Includes amounts from related parties of $(166) million, $(149) million and $88 million in 2022, 2021 and 2020, respectively | |||
| External Links | |
| PHILIP MORRIS INTERNATIONAL INC. (PM) Fiscal Year 2022 | |
| 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 |