Common-Size Balance Sheet: Assets
Quarterly Data
Philip Morris International Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Cash and cash equivalents
- The proportion of cash and cash equivalents as a percentage of total assets exhibits variability, peaking at 16.24% in December 2020 before generally declining toward 6.83% by March 2025. Following a transient trough in early 2023, there is a slight recovery noted in mid-2024.
- Trade receivables, less allowances
- This item shows a moderate fluctuation across the periods, peaking periodically around 9.5% in late 2022, but mostly oscillating between approximately 5.3% and 8.75%. A general declining trend is observable until mid-2023, followed by an upward movement culminating at 7.5% by March 2025.
- Other receivables, less allowances
- The percentage of total assets accounted for by other receivables remains mostly stable, generally hovering between 1.3% and 2.3%, without significant upward or downward trends across the entire timeline.
- Leaf tobacco
- Leaf tobacco as a percentage of total assets demonstrates a consistent decline, starting near 5.37% in early 2020 and decreasing gradually to about 3.33% by March 2025, indicating a reduced asset allocation in this inventory component.
- Other raw materials
- Other raw materials exhibit some fluctuation but trend downward from 5.75% in March 2020 to around 4.04% by March 2025, with minor interim increases, indicating a gradual reduction in this asset component relative to total assets.
- Finished product
- The finished product component decreases steadily over the analyzed period, falling from above 13% to approximately 8.19% by March 2025, suggesting a shrinking inventory of finished goods in relation to the asset base.
- Inventories
- Total inventories as a percentage of total assets show a clear downward trend from over 24% in early 2020 to approximately 15.56% by the end of the period. This continuous decline aligns with the decreases observed in individual inventory components.
- Other current assets
- Other current assets fluctuate moderately without a clear trend, generally maintaining a range between 1.3% and 4.7% of total assets with occasional spikes, such as in late 2022.
- Current assets
- Current assets as a whole maintain a relatively stable proportion from about 45% in early 2020, experiencing a significant drop to near 32% in late 2022, followed by a slight recovery to approximately 34.11% by March 2025.
- Property, plant and equipment, at cost
- The cost of property, plant, and equipment steadily decreases from roughly 36.5% of total assets in early 2020 to about 26.78% by March 2025, indicating either asset disposals or slower capital investment relative to asset growth.
- Accumulated depreciation
- Accumulated depreciation remains a substantial negative component, generally stable between -15% and -20% of total assets. A notable reduction in magnitude occurs around 2022-2023, declining to approximately -15.21% towards the end of the period.
- Property, plant and equipment, net
- The net carrying value of property, plant and equipment shows a general decline from over 16% to about 11.57% of total assets, reflecting the combined effects of asset depreciation and reduced gross asset base.
- Goodwill
- Goodwill exhibits significant volatility, rising to above 32% of total assets in late 2022 before declining to around 25.9% by March 2025. This suggests asset revaluations or impairments and possible changes in acquisition activity during the period.
- Other intangible assets, net
- A marked increasing trend is seen in other intangible assets, growing from just under 5% in early 2020 to above 17% by the end of the period. This reflects an increasing emphasis or capitalization of intangible asset values.
- Equity investments
- Equity investments decline overall, from nearly 12% of total assets in early 2020 to about 4.6% by March 2025, with some fluctuations evident, especially a sharp drop after 2023.
- Deferred income taxes
- Deferred income taxes decrease progressively over the timeline, from roughly 3% to below 2%, though a slight upward uptick is seen toward the final quarters, indicating changes in tax asset/liability recognition.
- Other assets, less allowances
- Other assets generally maintain a range around 4% to 8%, with occasional peaks in 2023 but a general consolidating trend toward lower levels near 4.4% by March 2025.
- Noncurrent assets
- Noncurrent assets as a proportion of total assets begin near 55% and generally rise, peaking over 69% between 2022 and 2023 before declining back to about 65.9% by March 2025, showing structural shifts toward longer-term asset holdings during the period.
- Total assets
- Total assets remain constant at 100%, serving as a baseline for the relative proportions discussed above.