PHILIP MORRIS INTERNATIONAL INC. (PM) FY2024 Annual Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2024-01-01 to 2024-12-31

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PHILIP MORRIS INTERNATIONAL INC. cash flow reconciliation, Jan 1, 2024 through Dec 31, 2024One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Net earnings → Net cash from operating activities: $7,503,000,000.00Impairment related to the RBH equity investment (Note 6) → Operating adjustments reconciliation: $2,316,000,000.00Depreciation and amortization expense → Operating adjustments reconciliation: $1,787,000,000.00Accrued liabilities and other current assets → Operating adjustments reconciliation: $628,000,000.00Inventories → Operating adjustments reconciliation: $552,000,000.00Accounts payable → Operating adjustments reconciliation: $297,000,000.00Loss on sale of Vectura Group (Note 3) → Operating adjustments reconciliation: $206,000,000.00Restructuring charges, net of cash paid (Note 20) → Operating adjustments reconciliation: $122,000,000.00Impairment of goodwill and other intangibles (Note 5) → Operating adjustments reconciliation: $27,000,000.00Operating adjustments reconciliation → Net cash from operating activities: $4,714,000,000.00Operating adjustments reconciliation → Receivables, net: $738,000,000.00Operating adjustments reconciliation → Other: $188,000,000.00Operating adjustments reconciliation → Deferred income tax (benefit) provision: $123,000,000.00Operating adjustments reconciliation → Pension plan contributions, net of refunds (Note 14): $110,000,000.00Operating adjustments reconciliation → Income taxes: $62,000,000.00Collateral posted/settlements for derivatives, (paid)/returned (Note 16) → investing reconciliation: $351,000,000.00Proceeds from sale of business, net of cash disposed (Note 3) → investing reconciliation: $136,000,000.00Other acquisitions, net of acquired cash (Note 3) → investing reconciliation: $43,000,000.00investing reconciliation → Capital expenditures: $1,444,000,000.00investing reconciliation → Equity investments: $124,000,000.00investing reconciliation → Other: $54,000,000.00Net cash used in financing activities → financing reconciliation: $9,481,000,000.00Long-term debt proceeds → financing reconciliation: $8,142,000,000.00Collateral received/settlements for derivatives, received/(returned) → financing reconciliation: $828,000,000.00Issuances - maturities longer than 90 days → financing reconciliation: $100,000,000.00financing reconciliation → Dividends paid: $8,197,000,000.00financing reconciliation → Long-term debt repaid: $4,803,000,000.00financing reconciliation → Repayments under credit facilities related to Swedish Match AB acquisition: $3,168,000,000.00financing reconciliation → Net issuances (repayments) - maturities of 90 days or less: $1,461,000,000.00financing reconciliation → Noncontrolling interests activity and Other (Note 3): $489,000,000.00financing reconciliation → Repayments - maturities longer than 90 days: $433,000,000.00Net cash used in investing activities → investing reconciliation: $1,092,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $3,146,000,000.00Net cash from operating activities → Cash sources and uses: $12,217,000,000.00Cash sources and uses → Exchange-rate effect: $536,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $4,254,000,000.00Cash sources and uses → Net cash used in investing activities: $1,092,000,000.00Cash sources and uses → Net cash used in financing activities: $9,481,000,000.00Other: -$188,000,000.00Other working capital, net−$188.00 MNet earnings: $7,503,000,000.00Net earnings+$7.50 BImpairment of goodwill and other intangibles (Note 5): $27,000,000.00Goodwill & intangible impairment+$27.00 MInventories: $552,000,000.00Inventories+$552.00 MRestructuring charges, net of cash paid (Note 20): $122,000,000.00Restructuring & impairment+$122.00 MReceivables, net: -$738,000,000.00Receivables, net−$738.00 MIncome taxes: -$62,000,000.00Income taxes payable−$62.00 MDeferred income tax (benefit) provision: -$123,000,000.00Deferred income taxes−$123.00 MAccrued liabilities and other current assets: $628,000,000.00Accrued & other current assets+$628.00 MAccounts payable: $297,000,000.00Accounts payable+$297.00 MPension plan contributions, net of refunds (Note 14): -$110,000,000.00Pension contributions−$110.00 MDepreciation and amortization expense: $1,787,000,000.00Depreciation & amortization+$1.79 BLoss on sale of Vectura Group (Note 3): $206,000,000.00Loss on sale of Vectura Group (Note 3)+$206.00 MImpairment related to the RBH equity investment (Note 6): $2,316,000,000.00Investment impairments+$2.32 BNet cash from operating activities: $12,217,000,000.00Operating cash+$12.22 BOperating adjustments reconciliation: $5,935,000,000.00Long-term debt proceeds: $8,142,000,000.00Long-term debt issued+$8.14 BLong-term debt repaid: -$4,803,000,000.00Long-term debt repaid−$4.80 BDividends paid: -$8,197,000,000.00Dividends paid−$8.20 BNoncontrolling interests activity and Other (Note 3): -$489,000,000.00Other financing, net−$489.00 MNet issuances (repayments) - maturities of 90 days or less: -$1,461,000,000.00Short-term debt ≤3 months, net−$1.46 BIssuances - maturities longer than 90 days: $100,000,000.00Short-term debt issued, 90+ days+$100.00 MRepayments - maturities longer than 90 days: -$433,000,000.00Short-term debt repaid, 90+ days−$433.00 MRepurchases of common stock: $0.00Payments to acquire Swedish Match AB noncontrolling interests (Note 3): $0.00Borrowings under credit facilities related to Swedish Match AB acquisition: $0.00Repayments under credit facilities related to Swedish Match AB acquisition: -$3,168,000,000.00Credit line repayments−$3.17 BCollateral received/settlements for derivatives, received/(returned): $828,000,000.00Derivative collateral, net+$828.00 MNet cash used in financing activities: -$9,481,000,000.00. Cash required to fund net payments.Financing cash−$9.48 Bfinancing reconciliation: $18,551,000,000.00Other acquisitions, net of acquired cash (Note 3): $43,000,000.00Cash acquired+$43.00 MEquity investments: -$124,000,000.00Equity-method investments made−$124.00 MOther: -$54,000,000.00Other investing, net−$54.00 MProceeds from sale of business, net of cash disposed (Note 3): $136,000,000.00Business sales+$136.00 MAltria Group, Inc. agreement (Note 3): $0.00Collateral posted/settlements for derivatives, (paid)/returned (Note 16): $351,000,000.00Collateral posted/settlements for derivatives,(paid)/returned (Note 16)+$351.00 MAcquisitions, net of acquired cash (Note 3) - Swedish Match AB: $0.00Capital expenditures: -$1,444,000,000.00PP&E purchases−$1.44 BNet cash used in investing activities: -$1,092,000,000.00. Cash required to fund net payments.Investing cash−$1.09 Binvesting reconciliation: $1,622,000,000.00Cash sources and uses: $15,363,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $3,146,000,000.00Beginning cash$3.15 BEnding cash: Cash, cash equivalents, and restricted cash: $4,254,000,000.00Ending cash$4.25 BExchange-rate effect: -$536,000,000.00FX effect−$536.00 MCASH RECONCILIATIONOperatingflowsInvestingflowsFinancingflowsFree cash flow$10.77 BOperating cash − cash spent on PP&ECash flow / Net income1.63×Operating cash flow ÷ net incomeNet cash change+$1.11 BEnding cash − beginning cash
Chart details

PHILIP MORRIS INTERNATIONAL INC. cash flow reconciliation, Jan 1, 2024 through Dec 31, 2024

Cash flows for Jan 1, 2024 through Dec 31, 2024. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2023. Ending cash: Dec 31, 2024. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2023
3,146,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
12,217,000,000 US dollars. Net cash provided.
Other
negative 188,000,000 US dollars
Net earnings
7,503,000,000 US dollars
Impairment of goodwill and other intangibles (Note 5)
27,000,000 US dollars
Inventories
552,000,000 US dollars
Restructuring charges, net of cash paid (Note 20)
122,000,000 US dollars
Receivables, net
negative 738,000,000 US dollars
Income taxes
negative 62,000,000 US dollars
Deferred income tax (benefit) provision
negative 123,000,000 US dollars
Accrued liabilities and other current assets
628,000,000 US dollars
Accounts payable
297,000,000 US dollars
Pension plan contributions, net of refunds (Note 14)
negative 110,000,000 US dollars
Depreciation and amortization expense
1,787,000,000 US dollars
Loss on sale of Vectura Group (Note 3)
206,000,000 US dollars
Impairment related to the RBH equity investment (Note 6)
2,316,000,000 US dollars
Investing activities
negative 1,092,000,000 US dollars. Net cash used.
Other acquisitions, net of acquired cash (Note 3)
43,000,000 US dollars
Equity investments
negative 124,000,000 US dollars
Other
negative 54,000,000 US dollars
Proceeds from sale of business, net of cash disposed (Note 3)
136,000,000 US dollars
Altria Group, Inc. agreement (Note 3)
0 US dollars
Collateral posted/settlements for derivatives, (paid)/returned (Note 16)
351,000,000 US dollars
Acquisitions, net of acquired cash (Note 3) - Swedish Match AB
0 US dollars
Capital expenditures
negative 1,444,000,000 US dollars
Financing activities
negative 9,481,000,000 US dollars. Net cash used.
Long-term debt proceeds
8,142,000,000 US dollars
Long-term debt repaid
negative 4,803,000,000 US dollars
Dividends paid
negative 8,197,000,000 US dollars
Noncontrolling interests activity and Other (Note 3)
negative 489,000,000 US dollars
Net issuances (repayments) - maturities of 90 days or less
negative 1,461,000,000 US dollars
Issuances - maturities longer than 90 days
100,000,000 US dollars
Repayments - maturities longer than 90 days
negative 433,000,000 US dollars
Repurchases of common stock
0 US dollars
Payments to acquire Swedish Match AB noncontrolling interests (Note 3)
0 US dollars
Borrowings under credit facilities related to Swedish Match AB acquisition
0 US dollars
Repayments under credit facilities related to Swedish Match AB acquisition
negative 3,168,000,000 US dollars
Collateral received/settlements for derivatives, received/(returned)
828,000,000 US dollars
Operating adjustment reconciliation
5,935,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
18,551,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
1,622,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
negative 536,000,000 US dollars
Ending cash on Dec 31, 2024
4,254,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
15,363,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
1,108,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
1.63×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
12,217,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
Cash purchases of property, plant and equipment
1,444,000,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
10,773,000,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income enters operating cash directly in the reconciliation. The adjustment junction contributes the remaining $4.71B after reconciling the other positive and negative adjustments. These connections depict an accounting reconciliation, not traced cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash purchases of property, plant and equipment equals free cash flow: 12,217,000,000 US dollars minus 1,444,000,000 US dollars equals 10,773,000,000 US dollars.
PHILIP MORRIS INTERNATIONAL INC. (PM) FY2024 Annual Statement of Cash Flows Sankey chart
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