Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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Philip Morris International Inc. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- 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 Equity (ROE) since 2008
- Current Ratio since 2008
- Price to Sales (P/S) since 2008
- Analysis of Debt
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Philip Morris International Inc., consolidated cash flow statement
US$ in millions
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).
- Net Earnings
- Net earnings showed growth from 2020 to 2021, reaching a peak of 9,710 million US dollars. However, there was a gradual decline in net earnings subsequently, with decreases in 2022, 2023, and 2024, culminating in 7,503 million US dollars in 2024.
- Depreciation and Amortization Expense
- This expense steadily increased year over year, rising from 981 million US dollars in 2020 to 1,787 million in 2024, indicating ongoing investment in assets or changes in asset base.
- Impairment and Related Charges
- There was a notable impairment of goodwill and other intangibles recorded beginning in 2022, peaking in 2023 at 680 million, then decreasing significantly in 2024. A relatively large loss on the sale of the Vectura Group was recognized in 2024, as well as a significant impairment related to the RBH equity investment in the same year (2,316 million US dollars).
- Income Taxes and Deferred Income Tax Benefits
- Income tax payments remained relatively stable but generally low, decreasing in absolute terms over the period. Deferred income tax benefits were consistently negative, reflecting tax provisions, with the greatest negative impact occurring in 2023.
- Working Capital Components
- Receivables and inventories exhibited significant fluctuations, with receivables showing negative balances in most years except 2023, where it turned positive. Inventories also fluctuated, with positive values in 2021 and 2024 but negative in 2020 and the years 2022-2023. Accounts payable and accrued liabilities experienced volatility, including a sharp decrease turning negative in 2023 before recovering slightly in 2024.
- Operating Cash Flows and Adjustments
- Net cash provided by operating activities peaked in 2021 but generally declined in subsequent years except for a recovery in 2024. Adjustments to reconcile net earnings to operating cash flows also fluctuated, with a substantial increase in 2024, suggesting unusual or non-recurring items impacting cash flow reconciliation. Cash effects from changes in operating capital were highly variable, including a significant negative impact in 2023 followed by a strong positive reversal in 2024.
- Capital Expenditures and Acquisitions
- Capital expenditures steadily increased, reflecting a growing investment in fixed assets. The acquisition of Swedish Match AB in 2022 was a significant cash outflow (13,976 million), along with other acquisitions, and payments related to Altria Group agreements which also had sizable cash impacts. Proceeds from sales of business units helped offset some acquisition cash outflows in 2023 and 2024.
- Investing Activities
- Net cash used in investing activities was notably large in 2022 due to acquisitions but decreased substantially in 2023 and 2024. Equity investments and collateral movements related to derivatives were relatively minor but showed some volatility during the years.
- Financing Activities
- Financing cash flows were negative overall in most years except 2022, when net cash provided by financing activities was positive, largely reflecting debt issuance and repayments associated with the Swedish Match acquisition. Long-term debt proceeds and repayments showed active management of debt levels, with long-term debt issued notably in 2022 and later partially repaid. Common stock repurchases were significant in 2021 but ceased afterward. Dividend payments increased steadily, indicating a consistent commitment to shareholder returns. Short-term borrowing fluctuations and credit facilities related to acquisitions played notable roles in cash flow management.
- Cash Position and Exchange Rate Effects
- The cash, cash equivalents, and restricted cash balance declined from 2020 to 2023 before increasing substantially in 2024. The effect of exchange rate changes generally exerted a negative impact on cash balances, especially in later years.
- Summary Insights
- The data indicates a company experiencing strong but variable earnings performance, with significant investments and acquisitions influencing cash flows notably in 2022 and subsequent years. The steady rise in depreciation and capital expenditures reflects ongoing asset investments. Volatility in impairment charges and restructuring costs suggests adjustments to asset values and operations. Operating cash flows experienced fluctuations, affected by volatile working capital changes. The financing strategy included active debt issuance and repayment alongside dividend growth and temporary stock repurchases. Overall, cash management appears to balance operational needs, investment opportunities, and shareholder returns amidst ongoing market and business environment challenges.