Balance Sheet: Liabilities and Stockholders’ Equity
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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Philip Morris International Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Short-term borrowings	4,438)	137)	152)	139)	279)	1,968)	2,149)	4,121)	4,803)	5,637)	2,818)	1,558)	2,441)	225)	223)	136)	192)	244)	152)	281)	1,438)
Current portion of long-term debt	6,360)	3,392)	4,833)	4,353)	5,425)	4,698)	2,652)	2,372)	1,902)	2,611)	2,641)	4,149)	2,897)	2,798)	3,114)	1,608)	1,930)	3,124)	1,992)	2,304)	1,933)
Accounts payable	3,749)	3,952)	3,511)	3,591)	3,648)	4,143)	3,533)	3,786)	3,945)	4,076)	3,342)	3,279)	3,203)	3,331)	2,810)	2,630)	2,537)	2,780)	2,155)	1,991)	2,073)
Marketing and selling	949)	1,015)	1,043)	961)	823)	862)	857)	820)	662)	695)	700)	739)	678)	811)	804)	722)	634)	782)	752)	718)	645)
Taxes, except income taxes	5,640)	6,904)	6,594)	6,826)	5,799)	7,514)	5,853)	5,939)	5,133)	7,440)	5,001)	5,261)	5,618)	6,324)	5,063)	5,244)	4,253)	6,403)	4,870)	5,293)	5,058)
Employment costs	1,016)	1,305)	1,235)	1,052)	925)	1,262)	1,131)	1,023)	939)	1,168)	968)	911)	864)	1,146)	1,058)	1,016)	939)	1,189)	981)	928)	783)
Dividends payable	2,121)	2,120)	2,119)	2,040)	2,038)	2,041)	2,040)	1,992)	1,991)	1,990)	1,990)	1,958)	1,958)	1,958)	1,967)	1,889)	1,885)	1,880)	1,879)	1,833)	1,832)
Other	2,491)	2,832)	2,820)	2,453)	2,409)	2,737)	2,250)	2,348)	2,675)	2,679)	2,268)	1,862)	1,854)	1,637)	1,891)	1,859)	1,826)	2,122)	1,897)	1,656)	2,011)
Accrued liabilities	12,217)	14,176)	13,811)	13,332)	11,994)	14,416)	12,131)	12,122)	11,400)	13,972)	10,927)	10,731)	10,972)	11,876)	10,783)	10,730)	9,537)	12,376)	10,379)	10,428)	10,329)
Income taxes	1,323)	1,258)	1,059)	1,001)	822)	1,158)	1,082)	844)	935)	1,040)	1,044)	830)	904)	1,025)	947)	780)	1,019)	1,091)	847)	788)	811)
Current liabilities	28,087)	22,915)	23,366)	22,416)	22,168)	26,383)	21,547)	23,245)	22,985)	27,336)	20,772)	20,547)	20,417)	19,255)	17,877)	15,884)	15,215)	19,615)	15,525)	15,792)	16,584)
Long-term debt, excluding current portion	38,781)	42,166)	44,237)	44,647)	44,683)	41,243)	42,914)	41,400)	40,416)	34,875)	21,762)	22,345)	24,019)	24,783)	25,768)	27,414)	27,276)	28,168)	27,346)	27,043)	24,999)
Deferred income taxes	2,817)	2,517)	2,547)	2,651)	2,664)	2,335)	2,903)	1,710)	1,822)	1,956)	923)	856)	751)	726)	720)	505)	511)	684)	661)	775)	838)
Employment costs	2,991)	2,940)	2,957)	2,823)	2,824)	3,046)	1,915)	1,984)	1,977)	1,984)	2,597)	2,752)	2,880)	2,968)	3,988)	4,054)	4,164)	4,470)	3,589)	3,547)	3,560)
Income taxes and other liabilities	1,329)	1,116)	1,498)	1,187)	1,539)	1,743)	1,354)	1,489)	1,913)	1,841)	2,066)	1,720)	1,869)	1,766)	1,868)	2,029)	2,212)	2,509)	2,253)	2,125)	2,576)
Noncurrent liabilities	45,918)	48,739)	51,239)	51,308)	51,710)	48,367)	49,086)	46,583)	46,128)	40,656)	27,348)	27,673)	29,519)	30,243)	32,344)	34,002)	34,163)	35,831)	33,849)	33,490)	31,973)
Total liabilities	74,005)	71,654)	74,605)	73,724)	73,878)	74,750)	70,633)	69,828)	69,113)	67,992)	48,120)	48,220)	49,936)	49,498)	50,221)	49,886)	49,378)	55,446)	49,374)	49,282)	48,557)
Common stock, no par value	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Additional paid-in capital	2,326)	2,335)	2,283)	2,249)	2,205)	2,285)	2,253)	2,240)	2,188)	2,230)	2,204)	2,165)	2,118)	2,225)	2,181)	2,143)	2,080)	2,105)	2,071)	2,044)	1,992)
Earnings reinvested in the business	33,447)	32,869)	35,556)	34,582)	34,208)	34,090)	33,919)	33,893)	34,303)	34,289)	33,865)	33,755)	33,468)	33,082)	32,935)	32,465)	32,178)	31,638)	31,537)	31,103)	30,984)
Accumulated other comprehensive losses	(11,117)	(11,314)	(11,892)	(10,930)	(11,065)	(11,815)	(9,817)	(10,045)	(9,614)	(9,559)	(9,288)	(9,043)	(9,760)	(9,577)	(10,520)	(10,665)	(10,746)	(11,181)	(10,567)	(10,009)	(10,774)
Cost of repurchased stock	(35,557)	(35,640)	(35,641)	(35,645)	(35,657)	(35,785)	(35,788)	(35,791)	(35,801)	(35,917)	(35,918)	(35,921)	(35,924)	(35,836)	(35,147)	(35,056)	(35,060)	(35,129)	(35,133)	(35,135)	(35,146)
Total PMI stockholders’ deficit	(10,901)	(11,750)	(9,694)	(9,744)	(10,309)	(11,225)	(9,433)	(9,703)	(8,924)	(8,957)	(9,137)	(9,044)	(10,098)	(10,106)	(10,551)	(11,113)	(11,548)	(12,567)	(12,092)	(11,997)	(12,944)
Noncontrolling interests	1,975)	1,880)	1,981)	1,802)	1,746)	1,779)	1,727)	1,743)	1,871)	2,646)	1,734)	1,784)	1,895)	1,898)	1,919)	1,913)	1,974)	1,936)	1,847)	1,877)	1,881)
Total stockholders’ deficit	(8,926)	(9,870)	(7,713)	(7,942)	(8,563)	(9,446)	(7,706)	(7,960)	(7,053)	(6,311)	(7,403)	(7,260)	(8,203)	(8,208)	(8,632)	(9,200)	(9,574)	(10,631)	(10,245)	(10,120)	(11,063)
Total liabilities and stockholders’ deficit	65,079)	61,784)	66,892)	65,782)	65,315)	65,304)	62,927)	61,868)	62,060)	61,681)	40,717)	40,960)	41,733)	41,290)	41,589)	40,686)	39,804)	44,815)	39,129)	39,162)	37,494)

The analyzed financial data reveals various trends and fluctuations across multiple balance sheet and income statement accounts over the observed quarterly periods.

Short-term borrowings

This item exhibits considerable volatility, with values ranging from as low as 136 million US dollars to peaks exceeding 5,600 million. Notably, there is a significant spike in the fourth quarter of 2022 followed by a substantial reduction in the following quarters, indicating fluctuating short-term financing activities.

Current portion of long-term debt

Current portion of long-term debt fluctuates notably, peaking at 6,360 million in the first quarter of 2025 after a series of increases starting mid-2023, suggesting increased debt repayments becoming due within the next year.

Accounts payable

Accounts payable demonstrate a generally upward trend with some fluctuations; values move from approximately 2,000 million to around 4,000 million, highlighting an increase in short-term liabilities related to supplier obligations over time.

Marketing and selling expenses

Marketing and selling expenses remain relatively consistent but trending slightly upwards, with values rising from the mid-600s to over 1,000 million in recent quarters, reflecting either increased promotional activities or inflationary cost pressures.

Taxes, except income taxes

These taxes show variability, with peaks notably occurring at the end of 2020 and 2022, reaching as high as approximately 7,500 million. The fluctuations indicate changing tax obligations apart from income taxes, possibly linked to operational results or regulatory changes.

Employment costs

Employment costs present a distinct pattern: two different series of employment cost values are reported, one ranging between ~700 and 1,300 million, and another ranging much higher, from about 1,900 to 4,470 million. Both series show fluctuations but generally fluctuate around stable midpoints, reflecting ongoing labor expense trends.

Dividends payable

Dividends payable are stable with a gradual increase over time from roughly 1,830 million to 2,120 million, indicating consistent shareholder returns with mild growth.

Other liabilities

This category is somewhat volatile, with amounts oscillating largely between 1,600 million and 2,800 million, showing no clear directional trend but underlying periodic shifts.

Accrued liabilities

Accrued liabilities show an increasing trend over time, rising from about 10,300 million to approximately 14,400 million by late 2023, suggesting growing obligations incurred but not yet paid.

Income taxes

Income tax payments fluctuate between the 700 million and 1,300 million range, with no clear upward or downward trend but reflecting normalization after some quarterly spikes.

Current liabilities

There is a noticeable increase in current liabilities, particularly marked in the end of 2022 quarter where it jumps to around 27,000 million from lower 20,000s, demonstrating a surge in obligations due within one year.

Long-term debt, excluding current portion

Long-term debt remains significant, initially declining from 27,000 million range to about 21,700 million by late 2022 but then sharply rising to over 44,000 million by mid-2024 before gradually decreasing towards 38,700 million at the start of 2025. This pattern indicates borrowing and repayments cycles affecting long-term financing structure extensively.

Deferred income taxes

Deferred income taxes escalate notably in late 2022 and continue to rise sporadically to nearly 2,817 million by early 2025 from lower levels around 700 million to 800 million previously, stressing deferred tax liabilities' growth possibly tied to timing differences in income recognition.

Income taxes and other liabilities

This category tends to decline over the periods analyzed, decreasing from around 2,500 million to near 1,100 million, highlighting decreases in miscellaneous tax and liability obligations.

Noncurrent liabilities

Noncurrent liabilities experience a structural increase, especially marked by a jump from the mid-20,000 million range earlier to over 49,000 million by late 2023, then a slight decline moving towards 45,900 million in early 2025. This reflects growing long-term obligations held by the company.

Total liabilities

Total liabilities display a rising trend, increasing from about 48,500 million in early 2020 to peak values exceeding 74,000 million by late 2024, indicative of expanding overall obligations.

Stockholders’ deficit items

Accumulated other comprehensive losses maintain substantial negative balances, moving between roughly -9,000 million and -12,000 million, reflecting persistent losses in comprehensive income components.

Cost of repurchased stock remains around -35,000 to -36,000 million, signaling extensive treasury stock repurchases.

Total stockholders’ deficit fluctuates, initially improving from roughly -13,000 million to about -8,900 million but then deteriorating again to near -9,000 million in early 2025, indicating fluctuations in equity value and retained earnings.

Noncontrolling interests

Noncontrolling interests are relatively stable, oscillating around 1,700 to 2,000 million, indicating steady ownership stakes held by minority shareholders.

Total liabilities and stockholders’ deficit

This aggregate measure tracks the sum of liabilities and deficits, showing a substantial increase in late 2022 from approximately 41,000 million to above 61,000 million and continuing to hover around 65,000 to 67,000 million, indicating overall escalation in financial obligations and negative equity combined.

In summary, the company displays variability in both short-term and long-term liabilities with notable increases in debt-related obligations from 2022 onwards. Employment and marketing expenses show moderate growth, while tax-related items fluctuate markedly. Shareholders’ deficit remains negative and variable, supported by significant treasury stock repurchases. The overall financial structure indicates heightened leverage and increased liabilities over the period analyzed.

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Philip Morris International Inc. (NYSE:PM)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data