0000000000-18-028172.txt : 20181030 0000000000-18-028172.hdr.sgml : 20181030 20180911132958 ACCESSION NUMBER: 0000000000-18-028172 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20180911 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: Philip Morris International Inc. CENTRAL INDEX KEY: 0001413329 STANDARD INDUSTRIAL CLASSIFICATION: CIGARETTES [2111] IRS NUMBER: 133435103 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 120 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: (917) 663-2000 MAIL ADDRESS: STREET 1: 120 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 PUBLIC REFERENCE ACCESSION NUMBER: 0001413329-18-000007 LETTER 1 filename1.pdf begin 644 filename1.pdf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King Chief Financial Officer Philip Morris International Inc. 120 Park Avenue New York, New York 10017 Re: Philip Morris International Inc. Form 10-K for the Year Ended December 31, 2017 Form 10-Q for the Quarter Ended March 31, 2018 File No. 001-33708 Dear Mr. King: We have limited our review of your filing to the financial statements and related disclosures and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response. After reviewing your response to these comments, we may have additional comments. Form 10-K for the Year Ended December 31, 2017 Management's Discussion and Analysis of Financial Condition and Results of Operations Consolidated Operating Results, page 22 1. We note your disclosure on pages 24 and 59 of how excluding the impact of certain inventory movements affected your shipment volumes and the cigarette market. Please clarify the nature of these "inventory movements." Your response and revised disclosure should fully explain what the inventory movements are and how excluding such movements affects your reported results. Martin G. King Philip Morris International Inc. September 10, 2018 Page 2 Form 10-Q for the Quarter Ended March 31, 2018 Note 18. New Accounting Standards, page 36 2. We note from your disclosure in Note 7, that net revenues refers to your operating revenues from the sale of products, including shipping and handling charges billed to customers, net of sales and promotion incentives, and excise taxes. In light of the fact that the incentives appear to represent variable consideration, please tell us and revise to disclose the nature of all variable consideration and how you estimate the variable consideration, including whether this estimate is typically constrained. See ASC 606-10- 50-12(c) and 606-10-50-20. In this regard, we also note from your earnings calls that you may have loyalty programs associated with the IQOS products, which also may be sold with discounts. Please note that these programs should be considered in your variable consideration analysis. In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. You may contact Heather Clark at 202-551-3624 or Claire Erlanger at 202-551-3301 with any questions. FirstName LastNameMartin G. King Sincerely, Comapany NamePhilip Morris International Inc. Division of Corporation Finance September 10, 2018 Page 2 Office of Transportation and Leisure FirstName LastName