Revenue Recognition Accounting Policy
PMI recognizes revenues, net of sales incentives and including shipping and handling charges billed to customers, either upon shipment or delivery of goods when title and risk of loss pass to customers. Excise taxes billed by PMI to customers are reported in net revenues. Shipping and handling costs are classified as part of cost of sales and were $905 million, $653 million and $603 million for the years ended December 31, 2011, 2010 and 2009, respectively.
Source: Philip Morris International Inc., Annual Report
Revenues as Reported
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Philip Morris International Inc., Income Statement, Revenues
Source: Philip Morris International Inc. Annual Reports
| Item |
Description |
The company |
| Net revenues |
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. |
Philip Morris International Inc.'s net revenues increased from 2009 to 2010 and from 2010 to 2011.
|
