Philip Morris International Files 2024 10-K
Ticker: PM · Form: 10-K · Filed: Feb 6, 2025 · CIK: 1413329
Sentiment: neutral
Topics: 10-K, annual-report, tobacco
TL;DR
PM files 2024 10-K. Full financials and biz details out.
AI Summary
Philip Morris International Inc. filed its 2024 10-K on February 6, 2025, reporting on its fiscal year ending December 31, 2024. The company, headquartered in Stamford, CT, operates within the cigarettes industry. Key financial details and operational aspects are presented in this comprehensive filing.
Why It Matters
This filing provides investors and analysts with a detailed overview of Philip Morris International's financial performance, strategic initiatives, and risk factors for the 2024 fiscal year.
Risk Assessment
Risk Level: medium — As a large, publicly traded company in the tobacco industry, Philip Morris International faces inherent regulatory, health, and market risks.
Key Players & Entities
- Philip Morris International Inc. (company) — Filer of the 10-K
- 2024-12-31 (date) — Fiscal year end
- 2025-02-06 (date) — Filing date
- Stamford, CT (location) — Company headquarters
- CIGARETTES (industry) — Company's SIC code
FAQ
What were Philip Morris International's total revenues for the fiscal year ending December 31, 2024?
The filing does not explicitly state the total revenues in the provided snippet, but it indicates the fiscal year end is December 31, 2024.
What is the company's primary industry classification?
Philip Morris International Inc. is classified under 'CIGARETTES' with SIC code 2111.
Where is Philip Morris International Inc. headquartered?
The company's business and mail address are listed as 677 Washington Blvd, Ste. 1100, Stamford, CT 06901.
When was this 10-K filing submitted to the SEC?
This 10-K filing was submitted to the SEC on February 6, 2025.
What is the SEC file number for Philip Morris International?
The SEC file number for Philip Morris International Inc. is 001-33708.
Filing Stats: 4,499 words · 18 min read · ~15 pages · Grade level 12.8 · Accepted 2025-02-06 07:16:19
Key Financial Figures
- $14 billion — ucts. Since 2008, we have invested over $14 billion to develop, scientifically substantiate
Filing Documents
- pm-20241231.htm (10-K) — 4200KB
- pm-ex43_123124xq4.htm (EX-4.3) — 27KB
- pm-ex44_123124xq4.htm (EX-4.4) — 121KB
- pm-ex1034_123124xq4.htm (EX-10.34) — 140KB
- pm-ex19_123124xq4.htm (EX-19) — 89KB
- pm-ex21_123124xq4.htm (EX-21) — 132KB
- pm-ex23_123124xq4.htm (EX-23) — 4KB
- pm-ex311_123124xq4.htm (EX-31.1) — 11KB
- pm-ex312_123124xq4.htm (EX-31.2) — 11KB
- pm-ex321_123124xq4.htm (EX-32.1) — 4KB
- pm-ex322_123124xq4.htm (EX-32.2) — 4KB
- image_3a.jpg (GRAPHIC) — 153KB
- pm-20241231_g1.jpg (GRAPHIC) — 148KB
- pm-20241231_g10.jpg (GRAPHIC) — 53KB
- pm-20241231_g11.jpg (GRAPHIC) — 51KB
- pm-20241231_g12.jpg (GRAPHIC) — 54KB
- pm-20241231_g13.jpg (GRAPHIC) — 53KB
- pm-20241231_g14.jpg (GRAPHIC) — 47KB
- pm-20241231_g15.jpg (GRAPHIC) — 34KB
- pm-20241231_g16.jpg (GRAPHIC) — 24KB
- pm-20241231_g17.jpg (GRAPHIC) — 26KB
- pm-20241231_g2.jpg (GRAPHIC) — 50KB
- pm-20241231_g3.jpg (GRAPHIC) — 32KB
- pm-20241231_g4.jpg (GRAPHIC) — 32KB
- pm-20241231_g5.jpg (GRAPHIC) — 51KB
- pm-20241231_g6.jpg (GRAPHIC) — 53KB
- pm-20241231_g7.jpg (GRAPHIC) — 54KB
- pm-20241231_g8.jpg (GRAPHIC) — 53KB
- pm-20241231_g9.jpg (GRAPHIC) — 47KB
- 0001413329-25-000013.txt ( ) — 25029KB
- pm-20241231.xsd (EX-101.SCH) — 145KB
- pm-20241231_cal.xml (EX-101.CAL) — 188KB
- pm-20241231_def.xml (EX-101.DEF) — 918KB
- pm-20241231_lab.xml (EX-101.LAB) — 1566KB
- pm-20241231_pre.xml (EX-101.PRE) — 1243KB
- pm-20241231_htm.xml (XML) — 4080KB
Risk Factors
Item 1A. Risk Factors 7
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 19
Cybersecurity 19
Item 1C. Cybersecurity 19
Properties
Item 2. Properties 21
Legal Proceedings
Item 3. Legal Proceedings 21
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 21 PART II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22
[Reserved]
Item 6. [Reserved] 25
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 25
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 75
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 76
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 147
Controls and Procedures
Item 9A. Controls and Procedures 147
Other Information
Item 9B. Other Information 147
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 147
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 147 PART III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 147
Executive Compensation
Item 11. Executive Compensation 150
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 150
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 150
Principal Accounting Fees and Services
Item 14. Principal Accounting Fees and Services 150 PART IV
Exhibits and Financial Statement Schedules
Item 15. Exhibits and Financial Statement Schedules 151
Signatures
Signatures 158 In this report, "PMI," "we," "us" and "our" refers to Philip Morris International Inc. and its subsidiaries. Trademarks and service marks in this report are the registered property of, or licensed by, the subsidiaries of Philip Morris International Inc. and are italicized. PART I
Business
Item 1. Business. General Development of Business General Philip Morris International Inc. is a Virginia holding company incorporated in 1987. In March 2008, we became a U.S. public company listed on the New York Stock Exchange and subject to the rules of the U.S. Securities and Exchange Commission (the "SEC"). We are a leading international tobacco company, actively delivering a smoke-free future and evolving our portfolio for the long term to include products outside of the tobacco and nicotine sector. Our current product portfolio primarily consists of cigarettes and smoke-free products. Since 2008, we have invested over $14 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This investment includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. In November 2022, we acquired Swedish Match AB ("Swedish Match") – a leader in oral nicotine delivery – creating a global smoke-free combination led by the companies' IQOS and ZYN brands. Following a robust science-based review, the U.S. Food and Drug Administration (the "FDA") has authorized the marketing of Swedish Match's General snus and ZYN nicotine pouches and versions of PMI's IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product ("MRTP") authorizations from the FDA. We describe the MRTP orders in more detail in the "Business Environment" section of Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations . Through our acquisition of Swedish Match in 2022, with its leading nicotine pouch franchise in the U.S. under the ZYN