Stock Analysis on Net
Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

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

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Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Short-term borrowings 3.71 6.82 0.22 0.23 0.21 0.43 3.01 3.42 6.66 7.74 9.14 6.92 3.80 5.85 0.54 0.54 0.33 0.48 0.54 0.39 0.72 3.84
Current portion of long-term debt 9.48 9.77 5.49 7.23 6.62 8.31 7.19 4.21 3.83 3.06 4.23 6.49 10.13 6.94 6.78 7.49 3.95 4.85 6.97 5.09 5.88 5.16
Accounts payable 5.65 5.76 6.40 5.25 5.46 5.59 6.34 5.61 6.12 6.36 6.61 8.21 8.01 7.67 8.07 6.76 6.46 6.37 6.20 5.51 5.08 5.53
Marketing and selling 1.71 1.46 1.64 1.56 1.46 1.26 1.32 1.36 1.33 1.07 1.13 1.72 1.80 1.62 1.96 1.93 1.77 1.59 1.74 1.92 1.83 1.72
Taxes, except income taxes 9.29 8.67 11.17 9.86 10.38 8.88 11.51 9.30 9.60 8.27 12.06 12.28 12.84 13.46 15.32 12.17 12.89 10.68 14.29 12.45 13.52 13.49
Employment costs 1.83 1.56 2.11 1.85 1.60 1.42 1.93 1.80 1.65 1.51 1.89 2.38 2.22 2.07 2.78 2.54 2.50 2.36 2.65 2.51 2.37 2.09
Dividends payable 3.10 3.26 3.43 3.17 3.10 3.12 3.13 3.24 3.22 3.21 3.23 4.89 4.78 4.69 4.74 4.73 4.64 4.74 4.20 4.80 4.68 4.89
Other 5.19 3.83 4.58 4.22 3.73 3.69 4.19 3.58 3.80 4.31 4.34 5.57 4.55 4.44 3.96 4.55 4.57 4.59 4.74 4.85 4.23 5.36
Accrued liabilities 21.11% 18.77% 22.94% 20.65% 20.27% 18.36% 22.08% 19.28% 19.59% 18.37% 22.65% 26.84% 26.20% 26.29% 28.76% 25.93% 26.37% 23.96% 27.62% 26.53% 26.63% 27.55%
Income taxes 1.15 2.03 2.04 1.58 1.52 1.26 1.77 1.72 1.36 1.51 1.69 2.56 2.03 2.17 2.48 2.28 1.92 2.56 2.43 2.16 2.01 2.16
Current liabilities 41.09% 43.16% 37.09% 34.93% 34.08% 33.94% 40.40% 34.24% 37.57% 37.04% 44.32% 51.02% 50.16% 48.92% 46.63% 42.98% 39.04% 38.22% 43.77% 39.68% 40.32% 44.23%
Long-term debt, excluding current portion 61.94 59.59 68.25 66.13 67.87 68.41 63.16 68.20 66.92 65.12 56.54 53.45 54.55 57.55 60.02 61.96 67.38 68.53 62.85 69.89 69.05 66.67
Deferred income taxes 3.14 4.33 4.07 3.81 4.03 4.08 3.58 4.61 2.76 2.94 3.17 2.27 2.09 1.80 1.76 1.73 1.24 1.28 1.53 1.69 1.98 2.24
Employment costs 4.81 4.60 4.76 4.42 4.29 4.32 4.66 3.04 3.21 3.19 3.22 6.38 6.72 6.90 7.19 9.59 9.96 10.46 9.97 9.17 9.06 9.49
Other liabilities 3.64 2.04 1.81 2.24 1.80 2.36 2.67 2.15 2.41 3.08 2.98 5.07 4.20 4.48 4.28 4.49 4.99 5.56 5.60 5.76 5.43 6.87
Noncurrent liabilities 73.53% 70.56% 78.89% 76.60% 78.00% 79.17% 74.06% 78.00% 75.29% 74.33% 65.91% 67.17% 67.56% 70.73% 73.25% 77.77% 83.57% 85.83% 79.95% 86.51% 85.52% 85.27%
Total liabilities 114.61% 113.72% 115.98% 111.53% 112.07% 113.11% 114.46% 112.25% 112.87% 111.36% 110.23% 118.18% 117.72% 119.66% 119.88% 120.76% 122.61% 124.05% 123.72% 126.18% 125.84% 129.51%
Common stock, no par value 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 3.45 3.57 3.78 3.41 3.42 3.38 3.50 3.58 3.62 3.53 3.62 5.41 5.29 5.08 5.39 5.24 5.27 5.23 4.70 5.29 5.22 5.31
Earnings reinvested in the business 50.18 51.39 53.20 53.15 52.57 52.37 52.20 53.90 54.78 55.27 55.59 83.17 82.41 80.20 80.12 79.19 79.79 80.84 70.60 80.60 79.42 82.64
Accumulated other comprehensive losses -19.20 -17.08 -18.31 -17.78 -16.62 -16.94 -18.09 -15.60 -16.24 -15.49 -15.50 -22.81 -22.08 -23.39 -23.19 -25.30 -26.21 -27.00 -24.95 -27.01 -25.56 -28.74
Cost of repurchased stock -51.90 -54.64 -57.68 -53.28 -54.19 -54.59 -54.80 -56.87 -57.85 -57.69 -58.23 -88.21 -87.70 -86.08 -86.79 -84.51 -86.16 -88.08 -78.39 -89.79 -89.72 -93.74
Total PMI stockholders’ deficit -17.47% -16.75% -19.02% -14.49% -14.81% -15.78% -17.19% -14.99% -15.68% -14.38% -14.52% -22.44% -22.08% -24.20% -24.48% -25.37% -27.31% -29.01% -28.04% -30.90% -30.63% -34.52%
Noncontrolling interests 2.85 3.03 3.04 2.96 2.74 2.67 2.72 2.74 2.82 3.01 4.29 4.26 4.36 4.54 4.60 4.61 4.70 4.96 4.32 4.72 4.79 5.02
Total stockholders’ deficit -14.61% -13.72% -15.98% -11.53% -12.07% -13.11% -14.46% -12.25% -12.87% -11.36% -10.23% -18.18% -17.72% -19.66% -19.88% -20.76% -22.61% -24.05% -23.72% -26.18% -25.84% -29.51%
Total liabilities and stockholders’ deficit 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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).

The analysis of the financial data reveals several notable trends in the composition and dynamics of liabilities and stockholders’ deficit over the observed quarterly periods.

Short-term borrowings
Fluctuations are evident, with relatively low proportions in early 2020, marked increases in late 2021 through early 2022, followed by a distinct decline through 2023 and most of 2024, though a recovery is noted again towards mid-2025.
Current portion of long-term debt
This liability component shows volatility, with peaks around mid-2022 and mid-2025. The values tend to oscillate between approximately 3% to 10%, indicating varying short-term obligations related to long-term debt repayment schedule changes.
Accounts payable
Accounts payable percentages generally hover between 5% to 8%, with mild fluctuations. A slight increase is observed in 2021, with relative stability thereafter, suggesting consistent operational liabilities management.
Marketing and selling expenses
A moderate but steady trend is observed, ranging roughly from 1.0% to 1.9%. Most quarters maintain a narrow band around 1.3% to 1.8%, indicating stable marketing-related obligations.
Taxes, except income taxes
There is a wide range of variation, typically between 8% and 15%. Noteworthy is the dip around 2023 and early 2024 quarters, followed by a moderate recovery. This suggests variability in tax liabilities other than income taxes.
Employment costs
Employment-related liabilities demonstrate a declining trend from early 2020 through 2023 when expressed as a percentage of total liabilities and stockholders' deficit, before showing some recovery in 2024 and 2025. The decrease indicates possible workforce cost optimization or changes in employment liabilities.
Dividends payable
Dividends payable remain relatively steady between about 3.1% and 4.9%, with a slight downward trend coinciding with mid to late 2022 and early 2023 periods, followed by stable ranges afterward.
Accrued liabilities
Accrued liabilities consistently constitute one of the largest current liabilities portions, ranging mostly from 18% to 28%. There is a discernible decline in their proportion in 2022-2023, followed by moderate volatility. This may reflect changes in accrued expenses or timing shifts.
Income taxes
Income tax liabilities are relatively low and fluctuate mildly around 1.1% to 2.5%, with a slight decreasing trend after 2022, indicating some reduction in income tax obligations or improved tax planning.
Current liabilities in total
Current liabilities range widely from about 33% to over 50%, with peaks notably in late 2021 and mid-2022, followed by declines in subsequent periods. This points to shifts in short-term obligations, possibly due to refinancing or operational adjustments.
Long-term debt, excluding current portion
This category evidences a declining trend from values near 70% in early 2020 to a low around 53% in late 2022, before recovering somewhat but remaining variable through 2025. This suggests strategic debt management, possibly repaying long-term debt or refinancing efforts.
Deferred income taxes
A gradual increase is observed over time, with percentages moving from below 2% in early periods to around 3-4% in recent quarters, which might be related to changes in tax timing differences or deferrals.
Noncurrent liabilities
This segment reflects a decreasing trend from above 85% early on to near 65-75% in later periods, showing some fluctuation but overall lower than initial values. The movement aligns with observed patterns in long-term debt and other noncurrent liabilities adjustments.
Total liabilities
Total liabilities as a percentage of the combined total show a slow but steady decrease from about 130% to around 110% between 2020 and 2023, followed by stabilizing near 110-115%. This reduction suggests an improvement in the relative level of liabilities against total claims.
Stockholders’ deficit components
The deficit consistently remains negative, with the total stockholders’ deficit percentage improving slightly from nearly -30% early in 2020 to near -10% in late 2022, yet worsening again toward 2024-2025 to approximately -15%. The accumulated other comprehensive losses show a similar negative pattern, while earnings reinvested display a reduction starting in late 2022, indicating potential pressure on equity value and retained earnings.
Additional paid-in capital and other equity components
Additional paid-in capital remains relatively stable around 3.4% to 5.3%. No data is available for common stock with no par value. Changes in other equity elements suggest moderate transactional influences on equity balances.
Noncontrolling interests
These interests remain fairly stable between approximately 2.7% and 5.0%, showing no significant volatility across the periods.

In aggregate, the financial data illustrates dynamic shifts in both short-term and long-term liabilities, with strategic refinancing or repayment possibly underpinning declining long-term debt ratios. Current liabilities display volatility but remain a significant portion of total obligations. The stockholders’ deficit shows some improvement over the middle periods but deteriorates again in recent quarters, hinting at ongoing equity and profitability challenges.