Analysis of Debt

Philip Morris International Inc., balance sheet: debt

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Short-term borrowings	1,968)	5,637)	225)	244)	338)
Current portion of long-term debt	4,698)	2,611)	2,798)	3,124)	4,051)
Long-term debt, excluding current portion	41,243)	34,875)	24,783)	28,168)	26,656)
Total debt, including finance lease obligations (carrying amount)	47,909)	43,123)	27,806)	31,536)	31,045)

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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 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023
Selected Financial Data (US$ in millions)
Short-term borrowings	1,968)
Long-term debt, including current portion, excluding finance leases	44,946)
Finance leases	53)
Total debt, including finance lease obligations (fair value)	46,967)
Financial Ratio
Debt, fair value to carrying amount ratio	0.98

Weighted-average interest rate on debt: 4.04%

Interest rate	Debt amount¹	Interest rate × Debt amount
5.60%	1,685)	94)
8.90%	283)	25)
4.45%	30,272)	1,346)
1.88%	8,526)	160)
1.63%	299)	5)
4.45%	6,121)	273)
2.02%	236)	5)
6.03%	487)	29)
Total	47,909)	1,937)
4.04%

¹ US$ in millions

² Weighted-average interest rate = 100 × 1,937 ÷ 47,909 = 4.04%

Philip Morris International Inc. (NYSE:PM)