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: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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
- Cash and cash equivalents as a percentage of total assets exhibited fluctuations across the periods. Starting at around 10% in early 2020, it peaked at over 16% in late 2020, followed by a general decline throughout 2022 and early 2023, falling below 5% at one point. Subsequently, it demonstrated a moderate recovery, stabilizing around 6% toward the most recent quarters.
- Trade Receivables, Less Allowances
- This asset component showed moderate variability, generally ranging between 5% and 9% of total assets. There was an initial increase through mid-2022, but the ratio decreased noticeably from late 2022 through 2023 before slightly increasing again in the latest periods.
- Other Receivables, Less Allowances
- Other receivables remained relatively stable, fluctuating modestly between approximately 1.3% and 2.3% of total assets without any pronounced upward or downward trends.
- Leaf Tobacco and Other Raw Materials
- Leaf tobacco as a share of total assets demonstrated a gradual decline from around 5.4% early on to about 3.3% in recent periods. Other raw materials trended downward between 2020 and early 2023 but showed a mild recovery afterward, stabilizing slightly above 4% in the latest quarters.
- Finished Product and Inventories
- Finished product inventories displayed a declining pattern from 13% in early 2020 to approximately 7.8% in late 2024, with some intermittent rises. Total inventories followed a similar downward trajectory, decreasing from about 24% of total assets in early 2020 to just above 15% in recent periods, suggesting inventory optimization or reduction over time.
- Other Current Assets and Current Assets
- Other current assets fluctuated significantly, spiking at times (notably in mid-2022) but generally oscillated between 1.3% and 4.7%. Overall current assets declined as a percentage of total assets, particularly in late 2022 where a sharp drop to about 32% occurred, before showing signs of slight appreciation and stabilization near the mid-30% range.
- Property, Plant and Equipment (PPE)
- PPE at cost showed a gradual decrease from the mid-30% range in early 2020 to a low near 25% in late 2022, followed by a steady increase through 2025 reaching close to 29%. Accumulated depreciation also declined notably in late 2022 but resumed a slow upward path afterward. Net PPE, after accounting for depreciation, reflected consistent stability around the 11-12% range in recent periods, indicating a balanced asset base in terms of fixed assets.
- Goodwill and Other Intangible Assets, Net
- Goodwill maintained a range from around 14% to a peak near 32% in late 2022, after which it declined to approximately 25-27% more recently. Other intangible assets experienced a substantial increase beginning in late 2022, climbing from roughly 5% to over 18% by late 2024, indicating possible acquisition activity or revaluation of intangible assets during this time frame.
- Equity Investments
- Equity investments declined steadily from above 11% early on to below 5% in later periods, showing a marked reduction in this asset category’s share of total assets over the observed timeline.
- Deferred Income Taxes
- Deferred income taxes dropped from close to 3% to under 1% in late 2022 and remained relatively stable around 1.5%, suggesting lower deferred tax assets or changes in tax position and timing differences.
- Other Assets, Less Allowances
- Other assets fluctuated modestly but generally held steady between 4% and 8%, with some spikes especially in late 2023, indicating periodic shifts in miscellaneous asset components.
- Noncurrent Assets
- Noncurrent assets as a share of total assets remained relatively consistent in the 52-57% range until late 2022 when a significant jump above 68% was observed, sustaining this high level thereafter. This shift aligns with increases in intangible assets and changes to PPE and goodwill composition, reflecting a transition toward a more intangible-asset-driven balance sheet.
- Summary
- The company’s balance sheet composition experienced notable changes over the observed periods. There was a general reduction in inventory and equity investments shares, a substantial increase in intangible assets particularly post-2022, and a stabilization of fixed assets after declines. Current assets' proportion decreased markedly in late 2022 but partially rebounded later. These dynamics may indicate strategic asset reallocation, investment in intangible assets, and potential responses to external economic factors influencing working capital and long-term asset valuation.