Philip Morris International Inc. (NYSE:PM)

The analysis of the financial data over the reported periods reveals several notable trends and shifts in the structure of liabilities and stockholders’ deficit.

Short-term borrowings

This component fluctuates significantly, with a low around 0.21%-0.54% of total liabilities towards mid-2024, and notable spikes in late 2020 and early 2022, reaching as high as 9.14%. By the end of the dataset, it increases again to 6.82%, suggesting variability in short-term financing.

Current portion of long-term debt

Shows considerable volatility, generally ranging between approximately 3% and 10%, with peaks in the middle of 2022 and late 2021. The most recent figure rises to 9.77%, reflecting potentially increased upcoming debt obligations or refinancing activities.

Accounts payable

This liability is relatively stable, maintaining values mostly between 5% and 8%, with a slight decreasing trend after 2021 to values around 5.76% by March 2025, indicating consistent supplier liabilities with mild reduction in relative terms.

Marketing and selling

The share of liabilities remains fairly small and stable, fluctuating modestly between about 1.07% and 1.96%, generally close to 1.3%-1.6%, indicating a steady proportion of marketing and selling obligations relative to total liabilities.

Taxes, except income taxes

This item varies noticeably, with peaks near 15.32% at the end of 2021 and lows under 9% in mid-2023 and early 2024. The recent value is approximately 8.67%, suggesting a decrease in non-income tax-related liabilities or payments relative to total liabilities.

Employment costs

Short-term employment costs as a percentage of liabilities decreased from early high values above 2.5% in 2020 to lows around 1.3%-1.8% in 2023, with a slight upward trend towards early 2025. The long-term employment costs show a sharper decline from about 9.5% to near 3%-4.6%, possibly reflecting changes in employment-related benefits or restructuring.

Dividends payable

This item exhibits a gradual decline from near 4.9% in early periods to around 3.1%-3.4%, indicating a relatively lower obligation for dividend payments as a percentage of total liabilities over time.

Accrued liabilities

There is a clear downward trend from a peak near 28.76% at the end of 2021 to lower values about 18.77% by March 2025, demonstrating a reduction in accrued expenses relative to total liabilities.

Income taxes

Income tax liabilities remain low and stable, fluctuating mostly between 1.3% and 2.5%, with no clear directional trend.

Current liabilities

Current liabilities as a total percentage show fluctuation between roughly 33% and 50%, peaking in late 2021 and mid-2022, then declining to the mid-30% range in 2023 and early 2024 before rising again to around 43% by March 2025, indicating variable short-term obligations.

Long-term debt, excluding current portion

Long-term debt consistently represents a major portion of total liabilities, generally in the 54%-69% range. After a decline post-2021, it again rises toward 59.59% by March 2025, underscoring the dominance of long-term debt in the capital structure.

Deferred income taxes

Deferred taxes show a gradual increase from about 1.3%-2.2% early on to a higher range around 3.8%-4.3% towards the end, suggesting growing future tax obligations.

Noncurrent liabilities

This category decreases from high 70%-85% ranges in earlier periods to around 70.56% by March 2025, reflecting a slight shift toward increased current liabilities or reduced long-term obligations.

Total liabilities

Relative to total liabilities and stockholders’ deficit, total liabilities remain above 110% in most periods but show a modest declining trend from a high of 129.51% in early 2020 to near 113.72% by March 2025, coinciding with a reduction in stockholders’ deficit.

Additional paid-in capital

This equity component remains relatively stable near 3.4%-5.3%, with a mild downward trend after 2021 to just above 3.5% by early 2025.

Earnings reinvested in the business

This significant equity item decreases sharply from above 80% of total liabilities and stockholders’ deficit before 2022 to around 51.4% by March 2025, indicating reduced retained earnings or greater distribution of profits over time.

Accumulated other comprehensive losses

Notable improvement is observed, with losses decreasing in absolute terms from about -28.74% to approximately -17.08%, indicating a reduction in comprehensive losses or improved valuation adjustments.

Cost of repurchased stock

This negative equity item shows significant improvement from nearly -93.74% to around -54.64%, signaling substantial reductions in treasury stock or repurchase cost recorded against equity.

Total PMI stockholders’ deficit

The overall stockholders’ deficit narrows from about -34.5% to -16.75%, consistent with less negative equity and potential strengthened equity position.

Noncontrolling interests

These interests decline from about 5.02% to roughly 3.03%, reflecting a gradual decrease in minority ownership stakes relative to total liabilities and stockholders’ deficit.

Total stockholders’ deficit

Overall stockholders’ deficit reduces from -29.51% to -13.72%, indicating a lessening of negative equity position, which could relate to improved financial stability or share repurchases completed at favorable terms.

In summary, the company’s financial structure exhibits trends of decreasing short-term borrowings towards mid-2024 followed by an increase, variable current portions of long-term debt, and relatively stable accounts payable and marketing expenses. A reduction in accrued liabilities and dividends payable is accompanied by a shrinking stockholders’ deficit and improved equity components including a significant reduction in accumulated other comprehensive losses and cost of repurchased stock. The steady dominance of long-term debt and variability of current liabilities suggest active management of financing and operational obligations. Overall, the data indicates a gradual improvement in the equity position alongside ongoing adjustments in liabilities composition.