Common-Size Balance Sheet: Assets
Philip Morris International Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents relative to total assets shows a clear declining trend from 16.24% in 2020 to a low of 4.69% in 2023, followed by a slight recovery to 6.82% in 2024. This pattern suggests a decrease in liquid assets over the observed period, with some replenishment toward the end.
- Trade Receivables, Less Allowances
- This category exhibits moderate fluctuations, increasing from 6.48% in 2020 to 7.56% in 2021, then steadily declining to 5.3% in 2023, before rising again to 6.13% in 2024. The variability implies some changes in credit policies or sales terms impacting receivables management.
- Other Receivables, Less Allowances
- The share of other receivables remains relatively stable, hovering around 1.9% to 1.4% of total assets, with a slight downward trend over the years. This consistency indicates limited variation in this category's contribution to asset composition.
- Inventories
- Inventory levels as a percentage of total assets experience a noticeable decrease from 21.4% in 2020 to 15.3% in 2024, with a minor increase between 2022 and 2023. This decline may reflect improved inventory turnover or changes in operational strategy.
- Other Current Assets
- The proportion of other current assets fluctuates, initially decreasing to 1.36% in 2021, then increasing to 2.96% by 2024. This can indicate shifts in short-term asset composition or recognition of additional asset categories.
- Current Assets
- Current assets consistently decline as a percentage of total assets from 47.96% in 2020 to a low of 30.25% in 2023, with a slight rebound to 32.65% in 2024. This trend aligns with reductions in cash, inventories, and trade receivables, suggesting a strategic shift toward less liquidity or more long-term asset focus.
- Property, Plant, and Equipment (Net)
- This asset class decreases from 14.2% in 2020 to 10.88% in 2022, followed by a mild increase to 11.83% in 2024. The initial decline and subsequent recovery may reflect asset disposals or capital expenditure cycles.
- Goodwill
- Goodwill shows a marked increase from 13.31% in 2020 to a peak of 31.87% in 2022, then decreases to 26.87% in 2024. The significant rise indicates acquisitions or revaluations, while the subsequent decline may represent asset write-downs or amortization effects.
- Other Intangible Assets, Net
- There is a clear upward trend in other intangible assets, rising steadily from 4.51% in 2020 to 18.33% in 2024. This growth suggests increased capitalization of intangible assets, possibly linked to brand value, patents, or technology.
- Equity Investments
- Equity investments as a percentage of total assets diminish notably over the years, from 10.71% in 2020 to 4.3% in 2024. This decline could suggest divestments or decreased emphasis on equity holdings.
- Deferred Income Taxes
- Deferred income taxes decrease from 3.15% in 2020 to 0.98% in 2022, then rise slightly to 1.52% in 2024. The fluctuation reflects changes in timing differences between accounting and tax treatments.
- Other Assets, Less Allowances
- Other assets maintain a consistent proportion around 6.17% initially, rise to 8.65% in 2023, followed by a sharp decline to 4.5% in 2024. This variability indicates adjustments in miscellaneous asset balances or reclassification.
- Noncurrent Assets
- Noncurrent assets steadily increase from 52.04% in 2020 to a peak of 69.75% in 2023, then slightly decrease to 67.35% in 2024. This shift highlights an increasing investment focus on long-term assets over the analyzed period, complementing the decline in current assets.
- Total Assets
- Total assets are used as the base reference and consistently represent 100% throughout all periods.