Analysis of Debt

Philip Morris International Inc., balance sheet: debt

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Short-term borrowings	137)	1,968)	5,637)	225)	244)
Current portion of long-term debt	3,392)	4,698)	2,611)	2,798)	3,124)
Long-term debt, excluding current portion	42,166)	41,243)	34,875)	24,783)	28,168)
Total debt, including finance lease obligations (carrying amount)	45,695)	47,909)	43,123)	27,806)	31,536)

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Debt item	Description	The company
Total debt, including finance lease obligations (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Philip Morris International Inc. total debt increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

	Dec 31, 2024
Selected Financial Data (US$ in millions)
Short-term borrowings	137)
Long-term debt, including current portion, excluding finance leases	44,442)
Finance leases	67)
Total debt, including finance lease obligations (fair value)	44,646)
Financial Ratio
Debt, fair value to carrying amount ratio	0.98

Weighted-average interest rate on debt: 4.14%

Interest rate	Debt amount¹	Interest rate × Debt amount
8.60%	137)	12)
4.59%	35,297)	1,621)
2.06%	7,082)	146)
3.45%	2,610)	90)
2.02%	218)	4)
5.38%	351)	19)
Total	45,695)	1,892)
4.14%

¹ US$ in millions

² Weighted-average interest rate = 100 × 1,892 ÷ 45,695 = 4.14%

Philip Morris International Inc. (NYSE:PM)