Philip Morris International Q2 2024 10-Q Filed

Ticker: PM · Form: 10-Q · Filed: Jul 25, 2024 · CIK: 1413329

Sentiment: neutral

Topics: 10-Q, debt, financials

TL;DR

PM files Q2 10-Q. Debt maturities in 2024-2028 detailed.

AI Summary

Philip Morris International Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial instruments and debt obligations are listed, including various notes due in 2024, 2025, 2026, 2027, and 2028.

Why It Matters

This filing provides investors with a detailed look at Philip Morris International's financial health and debt structure as of the end of Q2 2024, crucial for understanding the company's stability and future obligations.

Risk Assessment

Risk Level: medium — The filing details various debt instruments, indicating potential financial leverage and repayment obligations that could pose risks.

Key Numbers

Key Players & Entities

FAQ

What is the total value of Philip Morris International's outstanding debt maturing in 2024?

The filing lists specific notes maturing in 2024, such as 'A0.625Notesdue2024Member' and 'A3.250Notesdue2024Member', but the total aggregate value is not explicitly stated in this excerpt.

What is the company's state of incorporation?

Philip Morris International Inc. is incorporated in Virginia (VA).

What is the fiscal year end for Philip Morris International?

The fiscal year end for Philip Morris International is December 31 (1231).

What is the SIC code for Philip Morris International?

The Standard Industrial Classification (SIC) code for Philip Morris International is 2111, which corresponds to Cigarettes.

What is the business address of Philip Morris International?

The business address is 677 Washington Blvd, Ste. 1100, Stamford, CT 06901.

Filing Stats: 4,861 words · 19 min read · ~16 pages · Grade level 14.2 · Accepted 2024-07-25 07:35:39

Filing Documents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Earnings for the Six Months Ended June 30, 2024 and 2023 3 Three Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Earnings for the Six Months Ended June 30, 2024 and 2023 5 Three Months Ended June 30, 2024 and 2023 6 Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 7 – 8 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 9 – 10 Condensed Consolidated Statements of Stockholders' (Deficit) Equity for the Six Months Ended June 30, 2024 and 2023 11 Three Months Ended June 30, 2024 and 2023 12 Notes to Condensed Consolidated Financial Statements 13 – 49

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 50 – 111

Controls and Procedures

Item 4. Controls and Procedures 112

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 113

Risk Factors

Item 1A. Risk Factors 113

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 114

Other Information

Item 5. Other Information 115

Exhibits

Item 6. Exhibits 116 Signature 117 In this report, "PMI," "we," "us" and "our" refer 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. 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Philip Morris International Inc. and Subsidiaries Condensed Consolidated Statements of Earnings (in millions of dollars, except per share data) (Unaudited) For the Six Months Ended June 30, 2024 2023 Net revenues 1 & 2 (Notes 7 & 12) $ 18,261 $ 16,986 Cost of sales 6,540 6,266 Gross profit 11,721 10,720 Marketing, administration and research costs 3 (Notes 4, 7 & 15) 5,232 4,758 Impairment of goodwill (Note 4) — 665 Operating income 6,489 5,297 Interest expense, net 628 527 Pension and other employee benefit costs (Note 3) 29 28 Earnings before income taxes 5,832 4,742 Provision for income taxes 1,410 988 Equity investments and securities (income)/loss, net ( 352 ) ( 30 ) Net earnings $ 4,774 $ 3,784 Net earnings attributable to noncontrolling interests 220 221 Net earnings attributable to PMI $ 4,554 $ 3,563 Per share data (Note 6): Basic earnings per share $ 2.92 $ 2.29 Diluted earnings per share $ 2.92 $ 2.29 (1) Includes net revenues from related parties of $ 1,821 million and $ 1,774 million for the six months ended June 30, 2024 and 2023, respectively. (2) Net of excise tax on products of $ 24,762 million and $ 24,048 million for the six months ended June 30, 2024 and 2023, respectively. (3) Includes the South Korea indirect tax charge of $ 204 million for the six months ended June 30, 2023. For further details, see Note 7. Segment Reporting. See notes to condensed consolidated financial statements. 3 Table of Contents Philip Morris International Inc. and Subsidiaries Condensed Consolidated Statements of Earnings (in millions of dollars, except per share data) (Unaudited) For the Three Months Ended June 30, 2024 2023 Net revenues 1 & 2 (Note 12) $ 9,468 $ 8,967 Cost of sales 3,345 3,228 Gross profit 6,123 5,739 Marketing, administration and research costs 3 (Notes 4 & 7) 2,679 2,508 Impairment of goodwill (Note 4) — 665 Operating income 3,444 2,566 Interest expense, net 329 297

View Full Filing

View this 10-Q filing on SEC EDGAR

View on Read The Filing