Stock Analysis on Net
Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Philip Morris International Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Short-term borrowings 0.22 3.01 9.14 0.54 0.54
Current portion of long-term debt 5.49 7.19 4.23 6.78 6.97
Accounts payable 6.40 6.34 6.61 8.07 6.20
Marketing and selling 1.64 1.32 1.13 1.96 1.74
Taxes, except income taxes 11.17 11.51 12.06 15.32 14.29
Employment costs 2.11 1.93 1.89 2.78 2.65
Dividends payable 3.43 3.13 3.23 4.74 4.20
Other 4.58 4.19 4.34 3.96 4.74
Accrued liabilities 22.94% 22.08% 22.65% 28.76% 27.62%
Income taxes 2.04 1.77 1.69 2.48 2.43
Current liabilities 37.09% 40.40% 44.32% 46.63% 43.77%
Long-term debt, excluding current portion 68.25 63.16 56.54 60.02 62.85
Deferred income taxes 4.07 3.58 3.17 1.76 1.53
Employment costs 4.76 4.66 3.22 7.19 9.97
Income taxes and other liabilities 1.81 2.67 2.98 4.28 5.60
Noncurrent liabilities 78.89% 74.06% 65.91% 73.25% 79.95%
Total liabilities 115.98% 114.46% 110.23% 119.88% 123.72%
Common stock, no par value 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 3.78 3.50 3.62 5.39 4.70
Earnings reinvested in the business 53.20 52.20 55.59 80.12 70.60
Accumulated other comprehensive losses -18.31 -18.09 -15.50 -23.19 -24.95
Cost of repurchased stock -57.68 -54.80 -58.23 -86.79 -78.39
Total PMI stockholders’ deficit -19.02% -17.19% -14.52% -24.48% -28.04%
Noncontrolling interests 3.04 2.72 4.29 4.60 4.32
Total stockholders’ deficit -15.98% -14.46% -10.23% -19.88% -23.72%
Total liabilities and stockholders’ deficit 100.00% 100.00% 100.00% 100.00% 100.00%

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).

Short-term borrowings
The proportion of short-term borrowings within total liabilities and stockholders’ deficit remained stable at 0.54% in 2020 and 2021, spiked significantly to 9.14% in 2022, and then decreased sharply to 3.01% in 2023 and further declined to 0.22% by 2024.
Current portion of long-term debt
This component showed moderate fluctuation, decreasing from 6.97% in 2020 to 4.23% in 2022, then increasing again to 7.19% in 2023, followed by a reduction to 5.49% by 2024.
Accounts payable
Accounts payable increased from 6.2% in 2020 to a peak of 8.07% in 2021, then declined to 6.61% in 2022, with stable values around 6.3-6.4% in subsequent years.
Marketing and selling
The relative share of marketing and selling expenses rose slightly from 1.74% in 2020 to 1.96% in 2021, dipped to a low of 1.13% in 2022, and then increased to 1.32% in 2023 and 1.64% in 2024.
Taxes, except income taxes
Taxes excluding income taxes showed a downward trend from 14.29% in 2020 to 11.17% in 2024, with a noticeable dip between 2021 (15.32%) and 2024, indicating a gradual reduction in this liability segment.
Employment costs (short-term)
Employment costs as a proportion fluctuated slightly, increasing from 2.65% in 2020 to 2.78% in 2021, then falling to 1.89% in 2022, before rising modestly to 2.11% in 2024.
Dividends payable
Dividends payable decreased from 4.2% in 2020 to 3.13% in 2023, followed by a slight increase to 3.43% in 2024, reflecting some variability in dividend obligations.
Other liabilities
The category labeled "Other" liabilities maintained relative stability around 4.0% to 4.6%, with minor fluctuations across all periods.
Accrued liabilities
Accrued liabilities decreased notably from 27.62% in 2020 to around 22% in 2022-2024, indicating a reduction in accrued obligations as a share of the total.
Income taxes (current)
Current income taxes slightly decreased from 2.43% in 2020 to a low of 1.69% in 2022, then rose again to 2.04% in 2024, showing some variation in tax liabilities.
Current liabilities (total)
The share of current liabilities in total liabilities and stockholders’ deficit peaked at 46.63% in 2021, and then declined steadily to 37.09% by 2024, demonstrating a reduction in short-term obligations.
Long-term debt (excluding current portion)
Long-term debt exhibited a general increasing trend from 62.85% in 2020 to 68.25% in 2024, with a dip to 56.54% in 2022 followed by a rebound in subsequent years, suggesting greater reliance on long-term financing.
Deferred income taxes
Deferred income taxes increased progressively from 1.53% in 2020 to 4.07% in 2024, indicating growing deferred tax liabilities over the period.
Employment costs (general)
This broader employment cost measure showed a significant decrease from 9.97% in 2020 down to 3.22% in 2022, followed by a slight rise to 4.76% in 2024, reflecting changes in overall personnel-related liabilities.
Income taxes and other liabilities
This combined category decreased consistently from 5.6% in 2020 to 1.81% in 2024, indicating a reduction in miscellaneous tax-related and other liabilities.
Noncurrent liabilities (total)
Noncurrent liabilities declined from 79.95% in 2020 to 65.91% in 2022 but then increased to 78.89% in 2024, showing volatility with a temporary reduction followed by recovery.
Total liabilities
Total liabilities as a percentage of total liabilities and stockholders’ deficit dropped steadily from 123.72% in 2020 to 110.23% in 2022, then rose to 115.98% in 2024, suggesting an overall decrease in liabilities followed by some resurgence.
Additional paid-in capital
The share of additional paid-in capital decreased from 5.39% in 2021 to 3.5% in 2023, with a slight increase to 3.78% in 2024, indicating modest fluctuations in equity capital contributions.
Earnings reinvested in the business
Reinvested earnings exhibited a large drop from 80.12% in 2021 to 52.2% in 2023, stabilizing somewhat at 53.2% in 2024, signaling a significant redistribution or utilization of internal earnings during this period.
Accumulated other comprehensive losses
Accumulated other comprehensive losses improved from -24.95% in 2020 toward less negative values, reaching -15.5% in 2022, but then worsened slightly to around -18% in 2023-2024, showing some recovery followed by mild deterioration.
Cost of repurchased stock
The cost of repurchased stock decreased from -78.39% in 2020 to a lower magnitude of -54.8% in 2023, followed by a slight increase in magnitude to -57.68% in 2024, suggesting significant share repurchase activity which lessened over time but remains substantial.
Total PMI stockholders’ deficit
Stockholders’ deficit decreased in absolute terms from -28.04% in 2020 to -14.52% in 2022, indicating an improvement, but then increased again to -19.02% by 2024, signifying a partial reversal in equity position trends.
Noncontrolling interests
The proportion of noncontrolling interests declined from 4.6% in 2021 to 2.72% in 2023, followed by a modest increase to 3.04% in 2024, showing some variability in minority equity stakes.
Total stockholders’ deficit
The total stockholders’ deficit improved from -23.72% in 2020 to -10.23% in 2022, but worsened thereafter to -15.98% in 2024, indicating some recovery in equity position followed by a partial retreat.
Total liabilities and stockholders’ deficit
By definition, this remained constant at 100% across all periods, serving as the base for all proportional calculations.