Philip Morris International Q3 2024 10-Q Filed

Ticker: PM · Form: 10-Q · Filed: Oct 24, 2024 · CIK: 1413329

Sentiment: neutral

Topics: 10-Q, debt, financials

TL;DR

PM files Q3 10-Q. Debt maturities in focus.

AI Summary

Philip Morris International Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers financial performance and operational details for the third quarter. Key financial instruments mentioned include various notes due in 2024, 2025, 2026, 2027, and 2028, indicating ongoing debt management and financing activities.

Why It Matters

This filing provides investors with the latest financial snapshot of Philip Morris International, crucial for understanding the company's performance and financial health in the current reporting period.

Risk Assessment

Risk Level: medium — The filing details various debt instruments, suggesting potential financial leverage and interest rate sensitivity risks.

Key Players & Entities

FAQ

What is the total value of the notes due in 2024?

The filing lists 'pm:A0.625Notesdue2024Member' and 'pm:A3.250Notesdue2024Member' but does not provide a total aggregate value for these notes within the provided text.

What is the fiscal year end for Philip Morris International?

The fiscal year end for Philip Morris International Inc. is December 31.

What is the primary industry classification for Philip Morris International?

Philip Morris International Inc. is classified under 'CIGARETTES [2111]'.

When was this 10-Q filing submitted to the SEC?

This 10-Q filing was submitted to the SEC on October 24, 2024.

What are some of the maturity dates for the notes mentioned in the filing?

The filing mentions notes due in 2024, 2025, 2026, 2027, and 2028.

Filing Stats: 4,805 words · 19 min read · ~16 pages · Grade level 14.3 · Accepted 2024-10-24 08:05:43

Filing Documents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Earnings for the Nine Months Ended September 30, 2024 and 2023 3 Three Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Earnings for the Nine Months Ended September 30, 2024 and 2023 5 Three Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 7 – 8 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 9 – 10 Condensed Consolidated Statements of Stockholders' (Deficit) Equity for the Nine Months Ended September 30, 2024 and 2023 11 Three Months Ended September 30, 2024 and 2023 12 Notes to Condensed Consolidated Financial Statements 13 – 52

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 53 – 116

Controls and Procedures

Item 4. Controls and Procedures 117

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 118

Risk Factors

Item 1A. Risk Factors 118

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 119

Other Information

Item 5. Other Information 120

Exhibits

Item 6. Exhibits 121 Signature 122 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 Nine Months Ended September 30, 2024 2023 Net revenues 1 & 2 (Notes 7 & 12) $ 28,172 $ 26,127 Cost of sales 9,906 9,431 Gross profit 18,266 16,696 Marketing, administration and research costs (Notes 4, 7, 15 & 18) 8,123 7,364 Impairment of goodwill (Note 4) — 665 Operating income 10,143 8,667 Interest expense, net 817 788 Pension and other employee benefit costs (Note 3) 44 36 Earnings before income taxes 9,282 7,843 Provision for income taxes 2,145 2,019 Equity investments and securities (income)/loss, net ( 852 ) ( 131 ) Net earnings $ 7,989 $ 5,955 Net earnings attributable to noncontrolling interests 353 338 Net earnings attributable to PMI $ 7,636 $ 5,617 Per share data (Note 6): Basic earnings per share $ 4.90 $ 3.61 Diluted earnings per share $ 4.89 $ 3.61 (1) Includes net revenues from related parties of $ 2,866 million and $ 2,631 million for the nine months ended September 30, 2024 and 2023, respectively. (2) Net revenues are shown net of excise tax on products. For the nine months ended September 30, 2024 and 2023, excise tax on products was $ 38,535 million and $ 37,140 million, respectively. 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 September 30, 2024 2023 Net revenues 1 & 2 (Note 12) $ 9,911 $ 9,141 Cost of sales 3,366 3,165 Gross profit 6,545 5,976 Marketing, administration and research costs (Notes 7 & 18) 2,891 2,606 Operating income 3,654 3,370 Interest expense, net 189 261 Pension and other employee benefit costs (Note 3) 15 8 Earnings before income taxes 3,450 3,101 Provision for income

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