This work is licensed under a Creative Commons License.
| Entity Registrant Name | Philip Morris International Inc. |
| CIK | 0001413329 |
| Accession number | 0001413329-14-000012 |
| Link to XBRL instance | http://www.sec.gov/Archives/edgar/data/1413329/000141332914000012/pm-20131231.xml |
| Fiscal year end | --12-31 |
| Fiscal year focus | 2013 |
| Fiscal period focus | FY |
| Current balance sheet date | 2013-12-31 |
| Current year-to-date income statement start date | 2013-01-01 |
| Commentary | Did not manually investigate. |
| Level 1 (Note level) Text Block concept | us-gaap:DebtDisclosureTextBlock |
Indebtedness: Short-Term Borrowings At December 31, 2013 and 2012, PMI’s short-term borrowings and related average interest rates consisted of the following:
Given the mix of subsidiaries and their respective local economic environments, the average interest rate for bank loans above can vary significantly from day to day and country to country. The fair values of PMI’s short-term borrowings at December 31, 2013 and 2012, based upon current market interest rates, approximate the amounts disclosed above. Long-Term Debt At December 31, 2013 and 2012, PMI’s long-term debt consisted of the following:
Other debt: Other foreign currency debt above includes mortgage debt in Switzerland at December 31, 2013 and 2012, and debt from our business combination in the Philippines at December 31, 2012. Other foreign currency debt also includes capital lease obligations. 50 Debt Issuances Outstanding: PMI’s debt issuances outstanding at December 31, 2013 were as follows:
(a) The notes are a further issuance of the 2.500% notes issued by PMI in May 2011. (b) USD equivalents for foreign currency notes were calculated based on exchange rates on the date of issuance. The net proceeds from the sale of the securities listed in the table above were used to meet PMI’s working capital requirements, to repurchase PMI’s common stock, to refinance debt and for general corporate purposes. Aggregate maturities: Aggregate maturities of long-term debt are as follows:
See Note 16. Fair Value Measurements for additional disclosures related to the fair value of PMI’s debt. Credit Facilities On February 12, 2013, PMI entered into a 364-day revolving credit facility in the amount of $2.0 billion. At December 31, 2013, PMI’s total committed credit facilities and commercial paper outstanding were as follows:
At December 31, 2013, there were no borrowings under these committed credit facilities, and the entire committed amounts were available for borrowing. On January 31, 2014, PMI extended the term of its existing $2.0 billion 364-day revolving credit facility until February 10, 2015. 51 Each of these facilities requires PMI to maintain a ratio of consolidated earnings before interest, taxes, depreciation and amortization (“consolidated EBITDA”) to consolidated interest expense of not less than 3.5 to 1.0 on a rolling four-quarter basis. At December 31, 2013, PMI’s ratio calculated in accordance with the agreements was 14.6 to 1.0. These facilities do not include any credit rating triggers, material adverse change clauses or any provisions that could require PMI to post collateral. The terms “consolidated EBITDA” and “consolidated interest expense,” both of which include certain adjustments, are defined in the facility agreements previously filed with the Securities and Exchange Commission. In addition to the committed credit facilities discussed above, certain subsidiaries maintain short-term credit arrangements to meet their respective working capital needs. These credit arrangements, which amounted to approximately $2.4 billion at December 31, 2013, and $2.0 billion at December 31, 2012, are for the sole use of the subsidiaries. Borrowings under these arrangements amounted to $1.0 billion at December 31, 2013, and $447 million at December 31, 2012. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Level 4 (Note level) Text Block concept - Maturities of Long Term Debt | us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock |
Aggregate maturities of long-term debt are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Level 4 (Note level) Text Block concept - Debt Instruments | us-gaap:ScheduleOfDebtInstrumentsTextBlock |
At December 31, 2013 and 2012, PMI’s long-term debt consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 4 Details Key Concepts: Long-term Debt Maturities
| Description | Fact value | US GAAP XBRL Concept |
|---|---|---|
| Year 1 (Current portion) | 0 | |
| Year 2 | 1,439,000,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo |
| Year 3 | 2,654,000,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree |
| Year 4 | 1,302,000,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour |
| Year 5 | 2,502,000,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive |
| Thereafter | 0 | |
| Total Long-term Debt | 25,539,000,000 | us-gaap:DebtInstrumentCarryingAmount |
| CHECK | 17,642,000,000 |
(Classified balance sheet) Deferred tax assets (liabilities), net components current/noncurrent asset/liability
| Description | Fact value | US GAAP XBRL Concept |
|---|---|---|
| Current portion | 1,255,000,000 | us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent |
| Noncurrent portion | 24,023,000,000 | us-gaap:LongTermDebtAndCapitalLeaseObligations |
| Total Long-Term Debt | 25,539,000,000 | us-gaap:DebtInstrumentCarryingAmount |
| CHECK | 261,000,000 |
This work is licensed under a Creative Commons License.
