Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Philip Morris International Inc. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2008
- Price to Earnings (P/E) since 2008
- Analysis of Revenues
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Philip Morris International Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
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.