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Philip Morris International Inc. (NYSE:PM)


Analysis of Debt

Advanced level


Total Debt (Carrying Amount)

Philip Morris International Inc., balance sheet: debt

US$ in millions

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Short-term borrowings 338  730  499  643  825 
Current portion of long-term debt 4,051  4,054  2,506  2,573  2,405 
Long-term debt, excluding current portion 26,656  26,975  31,334  25,851  25,250 
Total debt, including finance lease obligations (carrying amount) 31,045  31,759  34,339  29,067  28,480 

Based on: 10-K (filing date: 2020-02-07), 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-17).

Debt item Description The company
Total debt, including finance lease obligations (carrying amount) Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. Philip Morris International Inc.’s total debt decreased from 2017 to 2018 and from 2018 to 2019.

Total Debt (Fair Value)

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Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term borrowings 338 
Long-term debt, including current portion, excluding finance lease obligations 32,988 
Finance lease obligations 56 
Total debt, including finance lease obligations (fair value) 33,382 
Financial Ratio
Debt, fair value to carrying amount ratio 1.08

Based on: 10-K (filing date: 2020-02-07).


Weighted-average Interest Rate on Debt

Weighted-average interest rate on debt: 2.98%

Interest Rate Debt Amount1 Interest Rate × Debt Amount Weighted-average Interest Rate2
3.52% 19,783  696 
1.95% 9,822  192 
1.52% 899  14 
3.13% 203 
5.50% 338  19 
Total 31,045  926 
2.98%

Based on: 10-K (filing date: 2020-02-07).

1 US$ in millions

2 Weighted-average interest rate = 100 × 926 ÷ 31,045 = 2.98%