Analysis of Debt

Philip Morris International Inc., balance sheet: debt

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Short-term borrowings	5,637)	225)	244)	338)	730)
Current portion of long-term debt	2,611)	2,798)	3,124)	4,051)	4,054)
Long-term debt, excluding current portion	34,875)	24,783)	28,168)	26,656)	26,975)
Total debt, including finance lease obligations (carrying amount)	43,123)	27,806)	31,536)	31,045)	31,759)

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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. total debt decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

	Dec 31, 2022
Selected Financial Data (US$ in millions)
Short-term borrowings	5,637)
Long-term debt, including current portion, excluding finance leases	35,061)
Finance leases	54)
Total debt, including finance lease obligations (fair value)	40,752)
Financial Ratio
Debt, fair value to carrying amount ratio	0.95

Weighted-average interest rate on debt: 3.39%

Interest rate	Debt amount¹	Interest rate × Debt amount
4.40%	912)	40)
7.50%	295)	22)
4.90%	4,430)	217)
3.90%	22,596)	880)
1.88%	8,116)	152)
1.77%	378)	7)
2.23%	5,850)	131)
2.11%	343)	7)
3.35%	203)	7)
Total	43,123)	1,463)
3.39%

¹ US$ in millions

² Weighted-average interest rate = 100 × 1,463 ÷ 43,123 = 3.39%

Philip Morris International Inc. (NYSE:PM)