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.
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2008
- Current Ratio since 2008
- Debt to Equity since 2008
- Price to Operating Profit (P/OP) since 2008
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Philip Morris International Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-06-30), 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 demonstrates several notable trends across short-term borrowings, current and long-term debt, liabilities, and equity-related accounts over the analyzed periods.
- Short-term borrowings
- Short-term borrowings exhibit significant volatility with alternating sharp increases and decreases. Notably, values surged in the fourth quarter of 2022 reaching 5,637 million USD and showed generally elevated levels at the end of 2024 and into 2025 compared to earlier periods. This pattern suggests episodic reliance on short-term financing.
- Current portion of long-term debt
- The current portion of long-term debt shows fluctuations but maintains a generally rising trend, peaking at 6,491 million USD by mid-2025. The values consistently increased from 2023 onwards, indicating increased debt maturity within one year needing refinancing or repayment.
- Accounts payable
- Accounts payable gradually increase from around 2,000 million USD in early 2020 to over 4,000 million USD by late 2021, before stabilizing near similar values through 2024 and early 2025. This suggests incremental growth in trade liabilities over time with some stabilization recently.
- Marketing and selling expenses
- Marketing and selling expenses demonstrate a generally upward trajectory with moderate fluctuations, moving from approximately 645 million USD in early 2020 to peaks above 1,100 million USD by the end of 2024 and early 2025. This indicates increased investment in marketing activities.
- Taxes (except income taxes)
- Non-income taxes reflect volatility with several peaks, notably in the fourth quarters of 2020, 2022, and 2023, reaching amounts between roughly 6,300 and 7,500 million USD. These spikes imply seasonal or extraordinary tax payments.
- Employment costs
- Employment costs display an overall increasing trend, starting from mid-700s million USD in early 2020 and moving above 1,300 million USD by late 2024. The increasing costs may reflect wage inflation or expanded staffing.
- Dividends payable
- Dividends payable remain stable throughout the periods, hovering consistently around 1,900 to 2,100 million USD, indicating steady dividend distribution policy.
- Accrued liabilities
- Accrued liabilities generally rise from approximately 10,329 million USD in early 2020 to over 14,400 million USD by mid-2025, reflecting increased obligations accrued but not yet paid.
- Income taxes
- Income tax payments show fluctuations without a clear trend, ranging between 700 million USD and 1,300 million USD. Notably, there are periodic peaks in income tax values in certain quarters.
- Current liabilities
- Current liabilities trend upward overall from about 16,500 million USD in early 2020 to nearly 28,100 million USD by mid-2025, indicating increased short-term obligations, consistent with the rising components of short-term borrowings and current portions of long-term debt.
- Long-term debt (excluding current portion)
- Long-term debt presents a complex pattern. After increasing in 2020 reaching close to 28,000 million USD, it declined through 2022 to below 22,000 million USD, then spiked sharply to over 40,000 million USD in late 2022. Subsequently, it fluctuated above 38,000 million USD through 2025, suggesting significant refinancing or debt issuance transactions.
- Deferred income taxes
- Deferred income taxes remained relatively low but showed a significant jump in late 2022 to approximately 1,956 million USD, with subsequent fluctuations. This may reflect changes in tax timing differences or tax strategy adjustments.
- Employment costs (total)
- The aggregate employment cost figures follow a similar upward trajectory to the segmented employment costs, confirming a general increase in workforce-related expenses.
- Other liabilities and noncurrent liabilities
- Other liabilities decreased in the middle periods but showed some resurgence by 2025. Noncurrent liabilities declined from about 35,000 million USD in 2020 to below 27,000 million USD in 2022, then increased sharply to over 49,000 million USD in late 2022 and maintained high levels through 2025, mirroring the trends seen in long-term debt.
- Total liabilities
- Total liabilities evolved gradually upward from approximately 48,500 million USD in early 2020 to peak around 78,500 million USD in 2025, reflecting growing debt and obligations.
- Equity-related items
- Additional paid-in capital showed moderate growth, rising from approximately 1,990 million USD to above 2,360 million USD by mid-2025. Earnings reinvested in the business trended upward, reaching above 34,000 million USD but with some fluctuations. Accumulated other comprehensive losses deepened over the period, suggesting increased unrealized losses or adverse adjustments. The cost of repurchased stock remained stable near -35,900 million USD, indicating no significant changes in treasury stock levels. Overall, the total stockholders’ deficit fluctuated but generally worsened, peaking near -10,000 million USD in early 2025, consistent with increased liabilities and comprehensive losses.
- Noncontrolling interests
- Noncontrolling interests remained relatively stable with minor fluctuations, generally around 1,800 to 2,000 million USD, showing no material changes in minority ownership stakes.
- Total liabilities and stockholders’ deficit
- The aggregate total of liabilities and stockholders' deficit rose notably from roughly 37,500 million USD in early 2020 to nearly 68,500 million USD by mid-2025, indicating overall growth in the company’s financial obligations relative to equity.