Philip morris international inc. (PM)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10Dec'09Sep'09Jun'09Mar'09
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net earnings

1,987

1,782

2,046

2,436

1,464

2,003

2,341

2,295

1,647

796

2,045

1,842

1,658

1,775

2,028

1,842

1,605

1,298

1,984

1,916

1,834

1,649

2,198

1,895

1,916

2,036

2,402

2,194

2,218

2,191

2,324

2,407

2,232

1,946

2,461

2,485

1,987

1,810

1,892

2,042

1,754

1,584

1,854

1,597

1,517

Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization

241

255

237

232

240

255

246

246

242

243

225

210

197

195

188

185

175

193

184

185

192

229

233

216

211

223

218

219

222

233

216

222

227

250

255

249

239

255

230

224

223

246

212

202

193

Deferred income tax (benefit) provision

-24

-17

1

-31

-94

-58

3

-71

26

-146

-425

43

27

132

6

34

10

-120

-44

14

132

-114

-29

-5

86

-101

4

-10

79

-139

-75

-85

51

74

-29

-49

19

104

-26

-2

25

8

44

22

55

Asset impairment and exit costs, net of cash paid

-48

-

-

-

17

-

-

-

-

-

-

-

-

-

-4

-8

-14

56

-16

-44

-160

415

42

-459

177

279

5

2

2

-7

-23

-1

5

-25

6

19

-11

0

61

-62

29

73

-11

-14

-21

Cash effects of changes in:
Receivables, net

-116

-175

-267

777

-4

59

-177

-48

113

-26

104

518

-504

611

13

210

175

-472

-113

-8

-54

287

-69

640

-395

243

-328

467

67

6

-21

262

151

60

-59

388

-138

37

-430

242

28

102

-241

370

-44

Inventories

575

484

450

-149

-237

464

-377

864

-338

513

421

-421

-1,243

1,940

-546

-650

-49

1,429

221

-416

-393

1,221

158

-398

-1,086

1,959

-74

334

-806

591

714

459

-1,036

1,006

26

-518

-478

215

78

-146

-1,218

483

201

-249

-1,095

Accounts payable

-65

482

70

-94

-7

325

-248

-66

-62

178

111

52

84

193

-92

49

223

140

132

-6

44

50

125

-33

35

77

-35

60

1

10

-80

57

23

20

-7

70

116

-154

-38

103

17

-172

83

7

-34

Accrued liabilities and other current assets

662

-816

250

-1,397

855

-289

1,402

-2,532

509

-164

-402

-1,087

2,207

-2,462

-204

267

922

-1,260

-193

-866

2,327

-901

-258

-465

2,131

-1,697

-29

-1,414

1,260

360

-327

-1,393

1,543

-272

7

-917

491

-62

180

-1,113

954

-497

665

-1,470

1,112

Income taxes

-54

81

95

150

-251

137

88

-45

-315

1,790

40

50

-510

50

209

17

-485

16

321

156

-535

208

237

87

-762

275

194

-66

-734

312

306

73

-53

-224

313

279

-137

-65

143

160

-146

-34

240

-66

-135

Pension plan contributions

23

111

18

54

17

52

17

16

25

14

23

11

18

111

7

21

52

92

42

11

9

93

16

53

29

68

26

31

25

123

28

24

32

454

31

24

26

249

20

29

135

176

20

159

203

Other

-218

26

-85

-51

-503

-49

-118

66

-151

-407

-70

-52

135

22

-27

-103

-48

-78

-89

-175

-7

-97

-90

84

-85

-86

-132

-160

-125

-116

-73

-157

-113

-118

-71

-82

-61

-70

-59

46

-29

-78

-69

-73

-28

Net cash provided by operating activities

1,111

3,324

2,083

3,442

1,241

2,422

1,683

3,993

1,380

2,921

1,920

3,228

843

2,149

3,092

2,374

462

1,872

2,693

3,675

-375

1,354

2,965

2,705

715

2,320

3,315

3,137

1,363

1,650

2,393

3,480

1,898

961

3,053

4,120

2,395

1,581

2,417

3,465

1,974

1,465

1,846

3,146

1,427

CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
Capital expenditures

170

156

194

178

324

334

328

409

365

553

435

268

292

438

254

254

226

324

223

210

203

349

296

252

256

379

301

280

240

337

243

249

227

329

223

186

159

230

164

169

150

232

160

178

145

Investments in unconsolidated subsidiaries and equity securities

2

0

3

4

24

22

11

12

18

71

21

14

5

15

10

9

7

31

13

3

8

7

6

16

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deconsolidation of RBH (Note 19)

0

0

0

0

1,346

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net investment hedges

684

-43

313

25

91

356

-17

-588

665

136

714

423

254

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of businesses, net of acquired cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

18

42

20

-

-

-

-

-6

226

0

209

Other

-2

-15

-6

-4

-7

-46

5

-14

-30

1

-92

-4

-8

-

-

-

186

204

-72

79

-279

-133

-80

-35

-48

68

26

-14

-18

-39

-67

39

-3

-15

20

18

-4

-7

-10

-23

-46

104

-13

29

-166

Net cash provided by (used in) investing activities

514

-184

122

-153

-1,596

166

-481

335

-1,018

-761

-1,078

-701

-543

109

-506

-18

-419

-320

-164

-292

68

-223

-229

-336

-208

-1,209

-980

-269

-222

-301

-179

-288

-224

-350

-261

-246

-175

-264

-195

-147

-104

-330

-373

-207

-188

CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
Net issuances (repayments) - maturities of 90 days or less

1,097

-24

89

-262

-167

180

-44

16

103

-773

380

-108

374

43

56

25

-136

-180

-599

-1,724

2,237

-749

488

-910

655

-1,314

316

846

-947

148

-563

-903

2,833

-1,456

1,694

-1,174

-32

-

-

-

-

-

-

-

-

Issuances - maturities longer than 90 days

25

0

0

0

989

0

0

0

0

-

-

-

-

-

-

-

-

-

-

60

13

30

56

177

744

390

1,075

442

93

125

0

5

473

599

322

0

0

-

-

-

-

-

-

-

-

Repayments - maturities longer than 90 days

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

136

341

629

465

333

377

114

25

0

5

473

742

179

0

0

0

-

-

-

-

-

-

-

-

Net repayment of short-term borrowings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-184

-706

-

-107

-358

-641

Long-term debt proceeds

-

-

-

-

-

-

-

-

-

3,129

1,239

0

2,482

0

0

1,558

1,978

0

1,237

0

302

1,959

0

1,273

2,359

1,976

0

636

4,569

0

2,535

1,761

1,220

2,161

616

990

0

0

0

0

1,130

0

0

0

2,987

Long-term debt repaid

3,641

1,027

0

834

2,137

1

0

2,483

0

498

1,238

1

814

321

0

1,245

827

1

828

1

399

0

0

0

1,240

0

0

1,999

739

0

512

58

1,667

19

1,429

12

23

-

-

-

-

100

0

0

1

Repurchases of common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

48

783

769

1,040

1,241

1,447

1,488

1,575

1,453

1,968

1,498

1,632

1,427

1,005

1,445

1,614

1,308

1,167

1,035

1,104

1,724

1,367

1,408

1,474

1,376

Issuance of common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

20

55

60

79

12

78

46

26

87

18

Dividends paid

1,828

1,825

1,779

1,777

1,780

1,775

1,778

1,673

1,659

1,666

1,618

1,618

1,618

1,619

1,586

1,588

1,585

1,585

1,555

1,555

1,555

1,564

1,478

1,490

1,503

1,518

1,387

1,401

1,414

1,431

1,310

1,325

1,338

1,347

1,133

1,149

1,159

1,169

1,071

1,085

1,098

1,115

1,051

1,072

1,089

Sale (purchase) of subsidiary shares to/(from) noncontrolling interests

2

4

2

45

0

-1

-3

-6

91

0

2

3

0

2

0

-1

6

1,503

6

113

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

-204

-87

-50

-215

-56

-152

-70

-143

-91

-95

-40

-208

-83

42

-36

-150

-29

-12

-22

-45

-25

-34

-31

-63

-114

-66

-40

-81

-137

-84

-47

-80

-135

-35

19

-100

-192

-17

-20

-63

-192

-17

-25

-46

-180

Net cash used in financing activities

-4,549

-2,959

453

-2,404

-3,151

-1,747

-1,889

-4,277

-1,738

-1,537

359

-1,932

341

-1,853

-1,566

-1,401

-593

-275

-1,821

-3,165

525

-1,277

-2,075

-2,682

-805

-2,312

-2,604

-3,246

-53

-3,212

-1,400

-2,705

-783

-1,284

-1,356

-3,039

-2,659

-3,071

-503

-2,492

-2,512

-1,201

-2,565

-2,863

-282

Effect of exchange rate changes on cash, cash equivalents and restricted cash

-191

173

-160

42

-28

-134

-22

-660

131

118

247

486

234

-1,007

50

-85

77

-253

-153

96

-376

-215

-159

31

-33

-27

65

-17

-90

29

157

-217

135

-168

-223

21

58

-50

204

-92

-48

4

92

165

-127

Cash, cash equivalents and restricted cash:
Increase (Decrease)

-3,115

354

2,498

927

-3,534

707

-709

-609

-1,245

741

1,448

1,081

875

-602

1,070

870

-473

1,024

555

314

-158

-361

502

-282

-331

-1,228

-204

-395

998

-1,834

971

270

1,026

-841

1,213

856

-381

-1,804

1,923

734

-690

-62

-1,000

241

830