Balance Sheet: Assets
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Philip Morris International Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2008
- Debt to Equity since 2008
- Price to Earnings (P/E) since 2008
- Price to Sales (P/S) since 2008
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Philip Morris International Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 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 financial data reveals various trends across multiple asset categories over the observed quarters.
- Cash and Cash Equivalents
- The cash position fluctuated significantly, peaking at 7,280 million USD in December 2020, then generally declining through 2022 with a notable dip to 2,428 million USD in March 2023. Since that low, cash reserves trended upward, recovering to 4,443 million USD by March 2025.
- Trade Receivables, Less Allowances
- Trade receivables exhibited moderate growth overall. Starting from 2,785 million USD in March 2020, the figure reached a high of 4,880 million USD in March 2025, indicating expanding credit sales or extended collection periods over time. Some volatility occurred mid-period, but the long-term trend was upward.
- Other Receivables, Less Allowances
- Other receivables experienced a slight increase from 549 million USD in March 2020 to approximately 913 million USD by March 2025, with intermediate fluctuations reflecting variability in non-trade receivables components.
- Inventory Components
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- Leaf Tobacco
- Leaf tobacco inventory levels showed a gradual downward trend from 2,012 million USD in early 2020 to a low near 1,440 million USD by late 2022, before rising again to 2,166 million USD by March 2025, suggesting adjustments in raw material stockpiling.
- Other Raw Materials
- Other raw materials fluctuated notably, with a trough near 1,652 million USD in late 2021 followed by an overall increase to 2,631 million USD by March 2025, suggesting increased procurement or stock buildup.
- Finished Products
- Finished product inventory varied widely, dipping to around 4,001 million USD in September 2022 but rebounding to 6,588 million USD by March 2023; this level was partially sustained near 5,330 million USD by March 2025, reflecting production and sales cycle dynamics.
- Total Inventories
- Total inventory levels oscillated around an average, with lows near 7,153 million USD in September 2022 and highs above 10,000 million USD in early 2023 and 2025, indicating periodic inventory build-ups, possibly for seasonal demand or supply chain optimization.
- Other Current Assets
- This category showed an increasing trend from 736 million USD in March 2020 to over 1,900 million USD during mid-2022 and somewhat stabilized around 1,800 million USD by early 2025, reflecting accumulation of miscellaneous current assets.
- Current Assets
- Current assets rose overall from 16,861 million USD in early 2020 to peaks near 22,200 million USD by March 2025. Despite some quarterly volatility, the general growth signifies enhanced liquidity and short-term resource availability.
- Property, Plant, and Equipment (PP&E)
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- At Cost
- PP&E at cost steadily increased from 13,700 million USD in March 2020 to 17,428 million USD by March 2025, pointing to ongoing capital investments.
- Accumulated Depreciation
- Accumulated depreciation also increased consistently, from 7,593 million USD in early 2020 to about 9,896 million USD by March 2025, reflecting asset aging and usage.
- Net PP&E
- Net value (cost less depreciation) mostly ranged between 6,000 and 7,500 million USD throughout the period, showing moderate increases and some stability, with a peak near 7,548 million USD in late 2024.
- Intangible Assets and Goodwill
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- Goodwill
- Goodwill surged dramatically from around 5,284 million USD in March 2020 to nearly 19,655 million USD in December 2022, before declining to approximately 16,864 million USD by March 2025. This pattern suggests significant acquisitions or business combinations followed by some impairment or adjustments.
- Other Intangible Assets, Net
- Other intangibles increased strongly from 1,850 million USD in early 2020 to over 9,579 million USD in 2023 and stabilized near 11,345 million USD by early 2025, indicating growth in identifiable intangible assets consistent with acquisitions or capitalized development costs.
- Equity Investments
- Equity investments remained relatively stable around 4,300 to 5,600 million USD until late 2024, when a drop to approximately 2,654 million USD occurred, followed by a mild recovery to 2,972 million USD by March 2025, implying possible divestitures or market valuation impacts.
- Deferred Income Taxes
- Deferred tax assets declined from about 1,113 million USD in early 2020 to a low around 577 million USD in 2022-2023, before recovering to approximately 1,287 million USD by March 2025, indicating fluctuations in tax asset recognition or timing differences related to profitability and tax planning.
- Other Assets, Less Allowances
- Other long-term assets displayed variability, rising from 1,889 million USD in early 2020 to a peak of 5,495 million USD by late 2023, then declining sharply and stabilizing around 2,883 million USD in early 2025, suggesting one-time adjustments or reclassifications.
- Noncurrent Assets
- Noncurrent assets increased from 20,633 million USD in early 2020 to a peak above 46,000 million USD in late 2024, reflecting growth in long-term investments, PP&E, goodwill, and intangible assets. A dip near 41,600 million USD in early 2025 indicates some asset disposals or impairments.
- Total Assets
- Total assets generally trended upward from 37,494 million USD in early 2020 to over 66,800 million USD in late 2024. A notable decline to around 61,784 million USD in early 2025 suggests asset restructuring or write-downs occurring at the start of 2025.
Overall, the data shows significant asset growth, particularly driven by intangible assets and goodwill in the 2022-2024 period, pointing to strategic acquisitions. Inventory and receivables show cyclical but stable trends, while cash levels experienced volatility. The increase in both current and noncurrent assets signifies expansion and investment activity, whereas the reductions observed in certain quarters imply active portfolio management or market-related adjustments.