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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 FORM 10-K

☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2021

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

 

Commission File Number: 001-33708

917-663-2000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes  ☑  No  ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes  ☐  No  ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☑  No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☑  No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer    ☑                        Accelerated filer            ☐  

Non-accelerated filer    ☐                         Smaller reporting company    ☐

                                    Emerging growth company    ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.       ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes  ☐  No  ☑

As of June 30, 2021, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was approximately $154 billion based on the closing sale price of the common stock as reported on the New York Stock Exchange.

 

Class						Outstanding at			January 31, 2022
Common Stock, no par value						1,549,827,817			shares

 

TABLE OF CONTENTS

 

									Page
PART I
Item 1.						Business			1
Item 1A.						Risk Factors			6
Item 1B.						Unresolved Staff Comments			15
Item 2.						Properties			15
Item 3.						Legal Proceedings			15
Item 4.						Mine Safety Disclosures			15
PART II
Item 5.						Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			16
Item 6.						[Reserved]			19
Item 7.						Management’s Discussion and Analysis of Financial Condition and Results of Operations			19
Item 7A.						Quantitative and Qualitative Disclosures About Market Risk			64
Item 8.						Financial Statements and Supplementary Data			65
Item 9.						Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			127
Item 9A.						Controls and Procedures			127
Item 9B.						Other Information			127
Item 9C.						Disclosure Regarding Foreign Jurisdictions that Prevent Inspections			127
PART III
Item 10.						Directors, Executive Officers and Corporate Governance			127
Item 11.						Executive Compensation			130
Item 12.						Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			130
Item 13.						Certain Relationships and Related Transactions, and Director Independence			130
Item 14.						Principal Accounting Fees and Services			130
PART IV
Item 15.						Exhibits and Financial Statement Schedules			131
Signatures									136

 

In this report, “PMI,” “we,” “us” and “our” refers to Philip Morris International Inc. and its subsidiaries.

Trademarks and service marks in this report are the registered property of, or licensed by, the subsidiaries of Philip Morris International Inc. and are italicized.