Balance Sheet: Assets

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., consolidated balance sheet: assets

US$ in millions

		Dec 31, 2024		Dec 31, 2023		Dec 31, 2022		Dec 31, 2021		Dec 31, 2020
	Cash and cash equivalents
	Trade receivables, less allowances
	Other receivables, less allowances
	Inventories
	Other current assets
	Current assets
	Property, plant and equipment, less accumulated depreciation
	Goodwill
	Other intangible assets, net
	Equity investments
	Deferred income taxes
	Other assets, less allowances
	Noncurrent assets
	Total assets

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).

The analysis of the annual financial data reveals several notable trends in the company's asset structure and liquidity over the five-year period.

Cash and Cash Equivalents: The company's cash reserves exhibit a declining trend from 2020 to 2023, dropping from $7,280 million to $3,060 million. However, there is a marked recovery in 2024, with cash increasing to $4,216 million, indicating a potential improvement in liquidity management or cash generation.
Receivables: Trade receivables have generally increased from $2,905 million in 2020 to $3,789 million in 2024, despite a slight dip in 2023. This upward trend could suggest growth in sales or extended credit terms. Other receivables remain relatively stable, fluctuating mildly between $817 million and $930 million, showing consistent ancillary receivables management.
Inventories: Inventory levels show volatility, with a drop from $9,591 million in 2020 to $8,720 million in 2021, then increasing again, peaking at $10,774 million in 2023 before reducing to $9,453 million in 2024. Such fluctuations may reflect changes in production schedules, sales volume, or supply chain dynamics.
Other Current Assets and Overall Current Assets: Other current assets experienced a decline in 2021 but subsequently increased, reaching $1,826 million in 2024. This contributed to a modest overall increase in total current assets from $17,717 million in 2021 to $20,170 million in 2024, despite an initial dip from 2020.
Property, Plant, and Equipment (PP&E): Net PP&E shows a slight decrease from $6,365 million in 2020 to $6,168 million in 2021, followed by steady growth peaking at $7,516 million in 2023 before a moderate decrease to $7,310 million in 2024. This pattern suggests ongoing investments in fixed assets with possible disposals or revaluations.
Goodwill and Other Intangible Assets: Goodwill exhibits a substantial increase from $5,964 million in 2020 to a peak of $19,655 million in 2022, indicating significant acquisitions or restructuring, followed by reductions in 2023 and 2024, stabilizing around $16,600 million. Other intangible assets have progressively increased each year, reaching $11,327 million by 2024, showing continued investment in non-physical assets.
Equity Investments: Equity investments have decreased over the period, from $4,798 million in 2020 to $2,654 million in 2024, indicating divestment or impairments in equity holdings.
Deferred Income Taxes: Deferred income taxes decreased significantly from $1,410 million in 2020 to $603 million in 2022, followed by a gradual increase to $940 million by 2024, reflecting variations in tax timing differences or changes in tax planning strategies.
Other Assets: Other assets increased substantially until 2023, peaking at $5,647 million, then declined sharply to $2,783 million in 2024, indicating potential reclassification, asset sales, or write-downs.
Noncurrent and Total Assets: Noncurrent assets show significant growth from $23,323 million in 2020 to $45,549 million in 2023, followed by a decrease to $41,614 million in 2024. Total assets reflect this trend as well, rising from $44,815 million in 2020 to a peak of $65,304 million in 2023 before falling back to $61,784 million in 2024. This suggests major asset acquisitions or revaluations took place, with some contraction in the latest year.

Overall, the company’s asset base has expanded considerably through the middle of the period, driven by increases in goodwill and intangible assets, which may correspond to acquisitions or strategic investments. While cash holdings declined initially, recent years show recovery, and inventory and receivables have fluctuated but generally increased, which could point to business growth or changing operational dynamics. The decline in equity investments and the late-period reduction in other assets and total assets warrant further investigation for potential impacts on financial stability and performance.

Assets: Selected Items

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Current Assets: Selected Items