Summary
Philip Morris International Inc. (PM) filed an 8-K on January 9, 2009, primarily to announce its participation in the Securities and Exchange Commission's (SEC) eXtensible Business Reporting Language (XBRL) Voluntary Filing Program. The company submitted its unaudited condensed consolidated financial statements for the quarter ended September 30, 2008, in XBRL format as an exhibit to this report. This filing is for testing purposes related to the XBRL technology and is not intended to provide new financial information beyond what was already disclosed in the Form 10-Q filed on November 7, 2008.
Key Highlights
- 1PM is participating in the SEC's XBRL Voluntary Filing Program.
- 2The company is submitting unaudited financial statements from its Q3 2008 10-Q in XBRL format.
- 3The XBRL data includes condensed consolidated balance sheets, statements of earnings, statements of stockholders' equity, and statements of cash flows.
- 4This filing is for testing the XBRL format and technology.
- 5Investors are explicitly advised to rely on the official filed versions of financial statements and not on the information in this XBRL submission for investment decisions.
- 6The XBRL information is not considered 'filed' for purposes of Section 18 of the Exchange Act and does not carry the same liabilities.
Frequently Asked Questions
The main purpose of this 8-K filing is for Philip Morris International Inc. to voluntarily submit its unaudited condensed consolidated financial statements from its September 30, 2008 quarter-end 10-Q in XBRL format, as part of the SEC's testing program for this new reporting technology.
No, this filing does not contain new financial results or updates. The financial information provided in XBRL format is the same as what was previously filed in the company's Form 10-Q on November 7, 2008. The company explicitly states that investors should continue to rely on the official filed versions of the financial statements.
XBRL (eXtensible Business Reporting Language) is a global standard for exchanging business information. Philip Morris International is submitting its financial data in this format to participate in the SEC's voluntary program to test and evaluate the XBRL technology for financial reporting.
No, investors are strongly advised by the company not to use the XBRL data in this filing for investment decisions. This submission is for testing purposes, and investors should continue to rely on the official financial statements filed with the SEC, such as the Form 10-Q.