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.

Philip Morris International Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net earnings	9,527)	9,710)	8,592)	7,728)	8,286)
Depreciation, amortization and impairment of intangibles	1,189)	998)	981)	964)	989)
Deferred income tax benefit	(234)	(17)	(143)	(141)	(100)
Asset impairment and exit costs, net of cash paid	(93)	(22)	(14)	371)	(3)
Receivables, net	(871)	(198)	26)	(331)	53)
Inventories	(1,287)	549)	(165)	(548)	(613)
Accounts payable	719)	653)	406)	451)	(51)
Accrued liabilities and other current assets	1,862)	623)	121)	1,108)	910)
Income taxes	(261)	(260)	(260)	75)	(135)
Cash effects of changes in operating capital, net of the effects from acquired companies	162)	1,367)	128)	755)	164)
Pension plan contributions, net of refunds	3)	(269)	(102)	(200)	(110)
Other	249)	200)	370)	613)	252)
Adjustments to reconcile net earnings to operating cash flows	1,276)	2,257)	1,220)	2,362)	1,192)
Net cash provided by operating activities	10,803)	11,967)	9,812)	10,090)	9,478)
Capital expenditures	(1,077)	(748)	(602)	(852)	(1,436)
Acquisition of Swedish Match AB, net of acquired cash	(13,976)	—)	—)	—)	—)
Other acquisitions, net of acquired cash	—)	(2,111)	—)	—)	—)
Altria Group, Inc. agreement	(1,002)	—)	—)	—)	—)
Equity investments	(20)	(34)	(47)	(31)	(63)
Deconsolidation of RBH	—)	—)	—)	(1,346)	—)
Net investment hedges and other derivatives	284)	466)	(551)	386)	416)
Other	112)	69)	46)	32)	85)
Net cash used in investing activities	(15,679)	(2,358)	(1,154)	(1,811)	(998)
Short-term borrowing, net issuances (repayments), maturities of 90 days or less	876)	—)	(70)	(364)	255)
Short-term borrowing, issuances, maturities longer than 90 days	934)	—)	45)	989)	—)
Short-term borrowing, repayments, maturities longer than 90 days	(795)	—)	(45)	(989)	—)
Borrowings under credit facilities related to Swedish Match AB acquisition	13,920)	—)	—)	—)	—)
Repayments under credit facilities related to Swedish Match AB acquisition	(4,000)	—)	—)	—)	—)
Long-term debt proceeds	5,965)	—)	3,713)	3,819)	—)
Long-term debt repaid	(2,724)	(3,042)	(3,999)	(3,998)	(2,484)
Repurchases of common stock	(209)	(775)	—)	—)	—)
Dividends paid	(7,812)	(7,580)	(7,364)	(7,161)	(6,885)
Payments to acquire Swedish Match AB noncontrolling interests	(1,495)	—)	—)	—)	—)
Payments to noncontrolling interests and Other	(854)	(580)	(776)	(357)	(537)
Net cash provided by (used in) financing activities	3,806)	(11,977)	(8,496)	(8,061)	(9,651)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(213)	(417)	258)	27)	(685)
Cash, cash equivalents and restricted cash, increase (decrease)	(1,283)	(2,785)	420)	245)	(1,856)
Cash, cash equivalents and restricted cash, balance at beginning of year	4,500)	7,285)	6,865)	6,620)	8,476)
Cash, cash equivalents and restricted cash, balance at end of year	3,217)	4,500)	7,285)	6,865)	6,620)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Philip Morris International Inc. net cash provided by operating activities increased from 2020 to 2021 but then slightly decreased from 2021 to 2022 not reaching 2020 level.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Philip Morris International Inc. net cash used in investing activities decreased from 2020 to 2021 and from 2021 to 2022.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Philip Morris International Inc. net cash provided by (used in) financing activities decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Philip Morris International Inc. (NYSE:PM)

Cash Flow Statement