Philip Morris International Inc. (PM)


Balance Sheet: Assets
Quarterly Data

Beginner level

The balance sheet provides creditors, investors, and analysts with information on company’s resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company’s 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.

Philip Morris International Inc., consolidated balance sheet: assets (quarterly data)

US$ in millions

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Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Cash and cash equivalents 6,507  4,008  3,081  6,593  5,880  6,587  7,200  8,447  7,667  6,197  5,076  4,239  4,884  3,814  2,944  3,417  2,393  1,838  1,524  1,682  2,043  1,541  1,823 
Trade receivables, less allowances 3,073  3,506  2,958  2,950  2,936  2,936  3,373  3,194  3,985  3,648  3,090  3,499  3,100  3,085  2,989  2,778  3,322  3,619  3,741  4,004  3,785  4,081  3,408 
Other receivables 656  568  577  614  586  836  521  544  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Leaf tobacco 2,081  2,248  2,294  2,318  2,431  2,459  2,737  2,606  2,678  2,708  2,683  2,498  2,765  2,866  3,034  2,640  2,973  3,154  3,098  3,135  3,316  3,582  3,614 
Other raw materials 1,514  1,584  1,548  1,405  1,420  1,463  1,481  1,563  1,512  1,511  1,531  1,569  1,566  1,511  1,615  1,613  1,783  1,671  1,636  1,696  1,749  1,595  1,669 
Finished product 4,934  4,423  4,476  5,081  4,589  5,003  4,374  4,637  4,093  3,511  3,793  4,950  3,155  3,612  4,050  4,220  2,451  2,382  2,818  3,761  2,914  3,094  3,441 
Inventories 8,529  8,255  8,318  8,804  8,440  8,925  8,592  8,806  8,283  7,730  8,007  9,017  7,486  7,989  8,699  8,473  7,207  7,207  7,552  8,592  7,979  8,271  8,724 
Deferred income taxes —  —  —  —  —  —  —  —  —  —  —  —  450  469  485  488  386  428  457  533  381  414  423 
Other current assets 810  826  807  481  696  744  907  603  924  857  711  853  654  689  811  648  804  680  1,001  673  573  403  447 
Current assets 19,575  17,163  15,741  19,442  18,538  20,028  20,593  21,594  20,859  18,432  16,884  17,608  16,574  16,046  15,928  15,804  14,112  13,772  14,275  15,484  14,761  14,710  14,825 
Property, plant and equipment, at cost 14,164  14,534  14,299  14,557  14,585  14,382  15,056  14,566  13,972  13,556  12,862  12,360  12,698  12,320  12,202  11,767  11,865  12,327  12,085  12,759  13,361  14,071  13,886 
Accumulated depreciation (7,528) (7,617) (7,405) (7,356) (7,447) (7,269) (7,597) (7,295) (7,115) (6,927) (6,598) (6,296) (6,565) (6,389) (6,337) (6,046) (6,265) (6,512) (6,388) (6,688) (7,088) (7,423) (7,216)
Property, plant and equipment, less accumulated depreciation 6,636  6,917  6,894  7,201  7,138  7,113  7,459  7,271  6,857  6,629  6,264  6,064  6,133  5,931  5,865  5,721  5,600  5,815  5,697  6,071  6,273  6,648  6,670 
Goodwill 5,720  5,828  5,775  7,189  7,271  7,312  7,667  7,666  7,681  7,614  7,485  7,324  7,646  7,622  7,683  7,415  7,404  7,914  7,920  8,388  8,707  9,085  9,009 
Other intangible assets, net 2,088  2,130  2,129  2,278  2,317  2,336  2,455  2,432  2,501  2,527  2,517  2,470  2,578  2,603  2,664  2,623  2,621  2,807  2,855  2,985  3,134  3,209  3,234 
Investments in unconsolidated subsidiaries and equity securities 4,499  4,665  4,578  1,269  1,361  1,352  1,395  1,074  1,080  1,072  1,079  1,011  986  948  942  890  919  1,020  1,064  1,083  1,371  1,508  1,460 
Deferred income taxes 968  1,042  951  977  990  909  1,150  1,007  1,138  800  834  859  —  —  —  —  —  —  —  —  —  —  — 
Other assets 1,934  2,178  1,974  1,445  1,765  1,671  2,351  1,924  1,835  1,586  1,564  1,515  1,660  1,652  1,539  1,503  1,355  1,385  1,444  1,176  1,155  1,165  939 
Noncurrent assets 21,845  22,760  22,301  20,359  20,842  20,693  22,477  21,374  21,092  20,228  19,743  19,243  19,003  18,756  18,693  18,152  17,899  18,941  18,980  19,703  20,640  21,615  21,312 
Total assets 41,420  39,923  38,042  39,801  39,380  40,721  43,070  42,968  41,951  38,660  36,627  36,851  35,577  34,802  34,621  33,956  32,011  32,713  33,255  35,187  35,401  36,325  36,137 

Based on: 10-Q (filing date: 2019-10-24), 10-Q (filing date: 2019-07-25), 10-Q (filing date: 2019-04-25), 10-K (filing date: 2019-02-07), 10-Q (filing date: 2018-10-25), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-25), 10-Q (filing date: 2016-07-26), 10-Q (filing date: 2016-04-26), 10-K (filing date: 2016-02-17), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-05-01), 10-K (filing date: 2015-02-20), 10-Q (filing date: 2014-10-31), 10-Q (filing date: 2014-07-31), 10-Q (filing date: 2014-05-02).


Assets: Selected Items

Balance sheet item Description The company
Current assets Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Philip Morris International Inc.’s current assets increased from Q1 2019 to Q2 2019 and from Q2 2019 to Q3 2019.
Property, plant and equipment, less accumulated depreciation Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Philip Morris International Inc.’s property, plant and equipment, less accumulated depreciation increased from Q1 2019 to Q2 2019 but then decreased significantly from Q2 2019 to Q3 2019.
Noncurrent assets Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer. Philip Morris International Inc.’s noncurrent assets increased from Q1 2019 to Q2 2019 but then decreased significantly from Q2 2019 to Q3 2019.
Total assets Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Philip Morris International Inc.’s total assets increased from Q1 2019 to Q2 2019 and from Q2 2019 to Q3 2019.

Current Assets: Selected Items

Balance sheet item Description The company
Cash and cash equivalents Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Philip Morris International Inc.’s cash and cash equivalents increased from Q1 2019 to Q2 2019 and from Q2 2019 to Q3 2019.
Trade receivables, less allowances Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Philip Morris International Inc.’s trade receivables, less allowances increased from Q1 2019 to Q2 2019 but then slightly decreased from Q2 2019 to Q3 2019 not reaching Q1 2019 level.
Inventories Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Philip Morris International Inc.’s inventories decreased from Q1 2019 to Q2 2019 but then increased from Q2 2019 to Q3 2019 exceeding Q1 2019 level.