Adjustments to Current Assets
Adjustments to Total Assets
Adjustments to Current Liabilities
Adjustments to Total Liabilities
Adjustments to Stockholders’ Equity
Adjustments to Capitalization Table
Adjustments to Reported Income

Philip Morris International Inc., adjusted current assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Current assets	20,170)	19,755)	19,619)	17,717)	21,492)
Adjustments
Add: Allowances	47)	79)	42)	70)	23)
After Adjustment
Adjusted current assets	20,217)	19,834)	19,661)	17,787)	21,515)

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).

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Philip Morris International Inc., adjusted total assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Total assets	61,784)	65,304)	61,681)	41,290)	44,815)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Allowances	47)	79)	42)	70)	23)
Less: Deferred income tax assets²	940)	814)	603)	895)	1,410)
After Adjustment
Adjusted total assets	60,891)	64,569)	61,120)	40,465)	43,428)

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).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Deferred income tax assets. See details »

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Philip Morris International Inc., adjusted current liabilities

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Current liabilities	22,915)	26,383)	27,336)	19,255)	19,615)
Adjustments
Less: Current accrued product warranty	76)	80)	104)	113)	137)
After Adjustment
Adjusted current liabilities	22,839)	26,303)	27,232)	19,142)	19,478)

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).

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Philip Morris International Inc., adjusted total liabilities

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Total liabilities	71,654)	74,750)	67,992)	49,498)	55,446)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred income tax liabilities²	2,517)	2,335)	1,956)	726)	684)
Less: Accrued product warranty	76)	80)	104)	113)	137)
Less: Restructuring related liabilities	28)	29)	40)	142)	180)
After Adjustment
Adjusted total liabilities	69,033)	72,306)	65,892)	48,517)	54,445)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred income tax liabilities. See details »

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Philip Morris International Inc., adjusted total PMI stockholders’ deficit

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Total PMI stockholders’ deficit	(11,750)	(11,225)	(8,957)	(10,106)	(12,567)
Adjustments
Less: Net deferred income tax assets (liabilities)¹	(1,577)	(1,521)	(1,353)	169)	726)
Add: Allowances	47)	79)	42)	70)	23)
Add: Accrued product warranty	76)	80)	104)	113)	137)
Add: Restructuring related liabilities	28)	29)	40)	142)	180)
Add: Noncontrolling interests	1,880)	1,779)	2,646)	1,898)	1,936)
After Adjustment
Adjusted total stockholders’ deficit	(8,142)	(7,737)	(4,772)	(8,052)	(11,017)

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).

¹ Net deferred income tax assets (liabilities). See details »

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Philip Morris International Inc., adjusted capitalization table

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
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 reported debt	45,695)	47,909)	43,123)	27,806)	31,536)
Total PMI stockholders’ deficit	(11,750)	(11,225)	(8,957)	(10,106)	(12,567)
Total reported capital	33,945)	36,684)	34,166)	17,700)	18,969)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Current operating lease liabilities (included in Accrued liabilities, Other)²	177)	197)	178)	192)	190)
Add: Noncurrent operating lease liabilities (included in Income taxes and other liabilities)³	427)	456)	436)	344)	517)
Adjusted total debt	46,299)	48,562)	43,737)	28,342)	32,243)
Adjustments to Equity
Less: Net deferred income tax assets (liabilities)⁴	(1,577)	(1,521)	(1,353)	169)	726)
Add: Allowances	47)	79)	42)	70)	23)
Add: Accrued product warranty	76)	80)	104)	113)	137)
Add: Restructuring related liabilities	28)	29)	40)	142)	180)
Add: Noncontrolling interests	1,880)	1,779)	2,646)	1,898)	1,936)
Adjusted total stockholders’ deficit	(8,142)	(7,737)	(4,772)	(8,052)	(11,017)
After Adjustment
Adjusted total capital	38,157)	40,825)	38,965)	20,290)	21,226)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current operating lease liabilities (included in Accrued liabilities, Other). See details »

³ Noncurrent operating lease liabilities (included in Income taxes and other liabilities). See details »

⁴ Net deferred income tax assets (liabilities). See details »

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Philip Morris International Inc., adjusted net earnings attributable to PMI

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Net earnings attributable to PMI	7,057)	7,813)	9,048)	9,109)	8,056)
Adjustments
Add: Deferred income tax expense (benefit)¹	(116)	(330)	(234)	(18)	(143)
Add: Increase (decrease) in allowances	(32)	37)	(28)	47)	3)
Add: Increase (decrease) in accrued product warranty	(4)	(24)	(9)	(24)	(3)
Add: Increase (decrease) in restructuring related liabilities	(1)	(11)	(102)	(38)	(11)
Add: Other comprehensive earnings (losses), net of income taxes	400)	(2,430)	54)	1,525)	(1,780)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	345)	281)	515)	522)	574)
After Adjustment
Adjusted net earnings	7,649)	5,336)	9,244)	11,123)	6,696)

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).

¹ Deferred income tax expense (benefit). See details »

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Philip Morris International Inc. (NYSE:PM)

Adjustments to Financial Statements

Adjustments to Current Assets

Adjustments to Total Assets

Adjustments to Current Liabilities

Adjustments to Total Liabilities

Adjustments to Stockholders’ Equity

Adjustments to Capitalization Table

Adjustments to Reported Income