EX-99.2 3 ex992recastschedules_2023v.htm EX-99.2

Exhibit 99.2

Recast Unaudited Financial Information

2023 vs. 2022

---

PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries

Key Terms, Definitions and Explanatory Notes

General • “PMI” refers to Philip Morris International Inc. and its subsidiaries. Trademarks and service marks that are the registered property of, or licensed by, the subsidiaries of PMI, are italicized. • Our consolidated statements of earnings for the year ended December 31, 2022, include the results of operations of Swedish Match from November 11, 2022 (acquisition date) to December 31, 2022. • Following the sale of Vectura Group Ltd. on December 31, 2024, we are updating our segment reporting by including the remaining Wellness & Healthcare results in the Europe segment. In addition, we will be renaming our “PMI Duty Free” business to “PMI Global Travel Retail” effective in the first quarter of 2025. As a result of this change, PMI's segment that includes our duty free business will be renamed East Asia, Australia & PMI Global Travel Retail (“EA, AU & PMI GTR”). • The recast 2023 and 2022 financial information in this document reflect the inclusion of the remaining Wellness & Healthcare results into the existing Europe region (announced on February 6, 2025). PMI’s shipment volumes do not differ from previously disclosed results. Financial information for total PMI as well as SSEA, CIS & MEA region, EA, AU & PMI GTR region and Americas region do not differ from previously disclosed results. • Comparisons are made to the same prior-year period unless otherwise stated. • "Combustible tobacco products" is the term PMI uses to refer to cigarettes and other tobacco products that are combusted. Financial • Adjusted net revenues in 2023 exclude the impact related to the termination of a distribution arrangement in the Middle East. • "Adjusted Operating Income Margin" is calculated as adjusted operating income divided by adjusted net revenues. • Management reviews net revenues, gross profit, operating income, operating income margin, operating cash flow and earnings per share, or "EPS," on an adjusted basis, which may exclude the impact of currency and other items such as acquisitions, restructuring costs, tax items and other special items. Additionally, starting in 2022 and on a comparative basis, for these measures other than net revenues and operating cash flow, PMI includes adjustments to add back amortization expense on acquisition related intangible assets that are recorded as part of purchase accounting and contribute to PMI’s revenue generation, as well as impairment of intangible assets, if any. While amortization expense on acquisition related intangible assets is excluded in these adjusted measures, the net revenues generated from these acquired intangible assets are included in the company's adjusted measures, unless otherwise stated. Currency-neutral and organic growth rates reflect the way management views underlying performance for these measures. PMI believes that such measures provide useful insight into underlying business trends and results.			• Management reviews these measures because they exclude changes in currency exchange rates and other factors that may distort underlying business trends, thereby improving the comparability of PMI’s business performance between reporting periods. Furthermore, PMI uses several of these measures in its management compensation program to promote internal fairness and a disciplined assessment of performance against company targets. PMI discloses these measures to enable investors to view the business through the eyes of management. • Non-GAAP measures used by PMI neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP. For a reconciliation of non-GAAP measures to the most directly comparable U.S. GAAP measures, see the relevant schedules provided with this report. Smoke-Free • Smoke-free business ("SFB”) is the term PMI uses to refer to all of its smoke-free products. SFB also includes wellness and healthcare products, as well as consumer accessories, such as lighters and matches. • Smoke-free products ("SFPs”) is the term PMI uses to refer to all of its products that provide nicotine without combusting tobacco, such as heat-not-burn, e-Vapor, and oral smokeless, and that therefore generate far lower levels of harmful chemicals. As such, these products have the potential to present less risk of harm versus continued smoking. • Wellness and Healthcare products primarily refer to products associated with inhaled therapeutics and oral and intra-oral delivery systems. • "SSEA, CIS & MEA" stands for South & Southeast Asia, Commonwealth of Independent States, and Middle East & Africa. • "EA, AU & PMI GTR" stands for East Asia, Australia and PMI Global Travel Retail.

---

																																				Schedule 1 (1/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net Revenues						Currency			Net Revenues excluding Currency			Acquisitions			Net Revenues excluding Currency & Acquisitions						Quarters Ended March 31,						Net Revenues						Total			Excluding Currency			Excluding Currency & Acquisitions
2023																					Combustible Tobacco						2022						% Change
$ 1,815						$ (121)			$ 1,936			$ —			$ 1,936						Europe						$ 1,937						(6.3)		%	—		%	—		%
2,154			(1)			(130)			2,284			—			2,284						SSEA, CIS & MEA						2,195						(1.9)		%	4.0		%	4.0		%
689						(53)			742			—			742						EA, AU & PMI GTR						769						(10.4)		%	(3.5)		%	(3.5)		%
566						9			556			136			420						Americas						402						40.6		%	38.3		%	4.5		%
$ 5,223						$ (295)			$ 5,518			$ 136			$ 5,382						Total Combustible Tobacco						$ 5,303						(1.5)		%	4.0		%	1.5		%
2023																					Smoke-Free						2022						% Change
$ 1,339						$ (81)			$ 1,420			$ 158			$ 1,262						Europe						$ 1,353						(1.0)		%	4.9		%	(6.7)		%
86						(5)			91			—			91						of which, Wellness & Healthcare						66						30.3		%	37.9		%	37.9		%
323						19			304			—			304						SSEA, CIS & MEA						250						29.6		%	21.9		%	21.9		%
831						(117)			948			—			948						EA, AU & PMI GTR						818						1.6		%	15.8		%	15.8		%
302						—			303			287			16						Americas						22						+100%			+100%			(28.4)		%
$ 2,796						$ (179)			$ 2,975			$ 445			$ 2,530						Total Smoke-Free						$ 2,443						14.5		%	21.8		%	3.6		%
2023																					PMI						2022						% Change
$ 3,154						$ (202)			$ 3,356			$ 158			$ 3,198						Europe						$ 3,290						(4.1)		%	2.0		%	(2.8)		%
2,477			(1)			(111)			2,588			—			2,588						SSEA, CIS & MEA						2,445						1.3		%	5.8		%	5.8		%
1,520						(170)			1,690			—			1,690						EA, AU & PMI GTR						1,587						(4.2)		%	6.5		%	6.5		%
868						9			859			423			436						Americas						424						+100%			+100%			2.8		%
$ 8,019						$ (474)			$ 8,493			$ 581			$ 7,912						Total PMI						$ 7,746						3.5		%	9.6		%	2.1		%
(1) Includes a reduction in net revenues of $80 million related to the termination of a distribution arrangement in the Middle East
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.

---

																																				Schedule 1 (2/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net Revenues						Currency			Net Revenues excluding Currency			Acquisitions			Net Revenues excluding Currency & Acquisitions						Quarters Ended June 30,						Net Revenues						Total			Excluding Currency			Excluding Currency & Acquisitions
2023																					Combustible Tobacco						2022						% Change
$ 2,108						$ (12)			$ 2,121			$ —			$ 2,121						Europe						$ 2,062						2.2		%	2.8		%	2.8		%
2,350						(187)			2,537			—			2,537						SSEA, CIS & MEA						2,203						6.7		%	15.2		%	15.2		%
724						(39)			763			—			763						EA, AU & PMI GTR						754						(4.0)		%	1.2		%	1.2		%
608						14			593			149			444						Americas						444						36.8		%	33.5		%	0.1		%
$ 5,790						$ (224)			$ 6,014			$ 149			$ 5,865						Total Combustible Tobacco						$ 5,463						6.0		%	10.1		%	7.4		%
2023																					Smoke-Free						2022						% Change
$ 1,542						$ 1			$ 1,540			$ 172			$ 1,368						Europe						$ 1,323						16.5		%	16.5		%	3.4		%
76						—			76			—			76						of which, Wellness & Healthcare						76						—		%	—		%	—		%
318						(34)			352			—			352						SSEA, CIS & MEA						311						2.1		%	13.0		%	13.0		%
956						(94)			1,050			—			1,050						EA, AU & PMI GTR						710						34.7		%	47.9		%	47.9		%
361						—			362			344			18						Americas						25						+100%			+100%			(29.3)		%
$ 3,177						$ (127)			$ 3,304			$ 516			$ 2,788						Total Smoke-Free						$ 2,369						34.1		%	39.5		%	17.7		%
2023																					PMI						2022						% Change
$ 3,650						$ (11)			$ 3,661			$ 172			$ 3,489						Europe						$ 3,385						7.8		%	8.2		%	3.1		%
2,668						(221)			2,889			—			2,889						SSEA, CIS & MEA						2,514						6.1		%	14.9		%	14.9		%
1,680						(133)			1,813			—			1,813						EA, AU & PMI GTR						1,464						14.8		%	23.8		%	23.8		%
969						14			955			493			462						Americas						469						+100%			+100%			(1.5)		%
$ 8,967						$ (351)			$ 9,318			$ 665			$ 8,653						Total PMI						$ 7,832						14.5		%	19.0		%	10.5		%
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.

---

																																				Schedule 1 (3/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net Revenues						Currency			Net Revenues excluding Currency			Acquisitions			Net Revenues excluding Currency & Acquisitions						Quarters Ended September 30,						Net Revenues						Total			Excluding Currency			Excluding Currency & Acquisitions
2023																					Combustible Tobacco						2022						% Change
$ 2,160						$ 112			$ 2,048			$ —			$ 2,048						Europe						$ 1,996						8.2		%	2.6		%	2.6		%
2,485						(291)			2,775			—			2,775						SSEA, CIS & MEA						2,454						1.3		%	13.1		%	13.1		%
678						(14)			692			—			692						EA, AU & PMI GTR						692						(1.9)		%	0.1		%	0.1		%
509						37			472			49			423						Americas						450						13.3		%	4.9		%	(5.9)		%
$ 5,832						$ (155)			$ 5,988			$ 49			$ 5,939						Total Combustible Tobacco						$ 5,591						4.3		%	7.1		%	6.2		%
2023																					Smoke-Free						2022						% Change
$ 1,738						$ 93			$ 1,645			$ 151			$ 1,494						Europe						$ 1,333						30.4		%	23.4		%	12.1		%
75						3			72			—			72						of which, Wellness & Healthcare						57						31.6		%	26.3		%	26.3		%
292						(110)			403			—			403						SSEA, CIS & MEA						368						(20.6)		%	9.3		%	9.3		%
893						(37)			930			—			930						EA, AU & PMI GTR						715						24.8		%	29.9		%	29.9		%
386						1			385			368			17						Americas						24						+100%			+100%			(30.1)		%
$ 3,309						$ (54)			$ 3,362			$ 519			$ 2,843						Total Smoke-Free						$ 2,441						35.6		%	37.8		%	16.5		%
2023																					PMI						2022						% Change
$ 3,898						$ 205			$ 3,693			$ 151			$ 3,542						Europe						$ 3,329						17.1		%	10.9		%	6.4		%
2,777						(401)			3,178			—			3,178						SSEA, CIS & MEA						2,822						(1.6)		%	12.6		%	12.6		%
1,571						(51)			1,622			—			1,622						EA, AU & PMI GTR						1,407						11.7		%	15.3		%	15.3		%
895						38			857			417			440						Americas						474						88.8		%	80.8		%	(7.2)		%
$ 9,141						$ (209)			$ 9,350			$ 568			$ 8,782						Total PMI						$ 8,032						13.8		%	16.4		%	9.3		%
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.

---

																																				Schedule 1 (4/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net Revenues						Currency			Net Revenues excluding Currency			Acquisitions			Net Revenues excluding Currency & Acquisitions						Quarters Ended December 31,						Net Revenues						Total			Excluding Currency			Excluding Currency & Acquisitions
2023																					Combustible Tobacco						2022						% Change
$ 1,953						$ 137			$ 1,816			$ —			$ 1,816						Europe						$ 1,698						15.0		%	7.0		%	7.0		%
2,333						(206)			2,539			—			2,539						SSEA, CIS & MEA						2,321						0.5		%	9.4		%	9.4		%
585						(11)			596			—			596						EA, AU & PMI GTR						617						(5.1)		%	(3.3)		%	(3.3)		%
617						34			583			44			539						Americas						578						6.8		%	0.9		%	(6.8)		%
$ 5,489						$ (45)			$ 5,534			$ 44			$ 5,489						Total Combustible Tobacco						$ 5,214						5.3		%	6.1		%	5.3		%
2023																					Smoke-Free						2022						% Change
$ 1,882						$ 123			$ 1,759			$ 65			$ 1,694						Europe						$ 1,541						22.1		%	14.1		%	9.9		%
69						5			64			—			64						of which, Wellness & Healthcare						72						(4.2)		%	(11.1)		%	(11.1)		%
374						(121)			495			—			495						SSEA, CIS & MEA						365						2.5		%	35.8		%	35.8		%
845						(35)			880			—			880						EA, AU & PMI GTR						861						(1.9)		%	2.2		%	2.2		%
458						1			457			190			268						Americas						171						+100%			+100%			56.4		%
$ 3,558						$ (33)			$ 3,591			$ 255			$ 3,337						Total Smoke-Free						$ 2,938						21.1		%	22.2		%	13.6		%
2023																					PMI						2022						% Change
$ 3,835						$ 260			$ 3,575			$ 65			$ 3,510						Europe						$ 3,239						18.4		%	10.4		%	8.4		%
2,707						(327)			3,034			—			3,034						SSEA, CIS & MEA						2,686						0.8		%	13.0		%	13.0		%
1,430						(46)			1,476			—			1,476						EA, AU & PMI GTR						1,478						(3.2)		%	(0.1)		%	(0.1)		%
1,075						35			1,040			234			806						Americas						749						43.5		%	38.9		%	7.6		%
$ 9,047						$ (78)			$ 9,125			$ 299			$ 8,826						Total PMI						$ 8,152						11.0		%	11.9		%	8.3		%
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.

---

																																				Schedule 1 (5/5)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Net Revenues by Product Category and Adjustments of Net Revenues for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Net Revenues						Currency			Net Revenues excluding Currency			Acquisitions			Net Revenues excluding Currency & Acquisitions						Full Year Ended December 31,						Net Revenues						Total			Excluding Currency			Excluding Currency & Acquisitions
2023																					Combustible Tobacco						2022						% Change
$ 8,037						$ 116			$ 7,921			$ —			$ 7,921						Europe						$ 7,694						4.5		%	3.0		%	3.0		%
9,321			(1)			(814)			10,135			—			10,135						SSEA, CIS & MEA						9,173						1.6		%	10.5		%	10.5		%
2,676						(117)			2,793			—			2,793						EA, AU & PMI GTR						2,831						(5.5)		%	(1.3)		%	(1.3)		%
2,299						96			2,204			378			1,826						Americas						1,874						22.7		%	17.6		%	(2.6)		%
$ 22,334						$ (720)			$ 23,053			$ 378			$ 22,676						Total Combustible Tobacco						$ 21,572						3.5		%	6.9		%	5.1		%
2023																					Smoke-Free						2022						% Change
$ 6,500						$ 136			$ 6,364			$ 546			$ 5,818						Europe						$ 5,549						17.1		%	14.7		%	4.8		%
306						3			303			—			303						of which, Wellness & Healthcare						271						12.9		%	11.8		%	11.8		%
1,308						(246)			1,554			—			1,554						SSEA, CIS & MEA						1,294						1.0		%	20.1		%	20.1		%
3,525						(283)			3,808			—			3,808						EA, AU & PMI GTR						3,105						13.5		%	22.6		%	22.6		%
1,508						1			1,507			1,189			318						Americas						242						+100%			+100%			31.2		%
$ 12,840						$ (392)			$ 13,233			$ 1,735			$ 11,497						Total Smoke-Free						$ 10,190						26.0		%	29.9		%	12.8		%
2023																					PMI						2022						% Change
$ 14,537						$ 252			$ 14,285			$ 546			$ 13,739						Europe						$ 13,243						9.8		%	7.9		%	3.7		%
10,629			(1)			(1,060)			11,689			—			11,689						SSEA, CIS & MEA						10,467						1.5		%	11.7		%	11.7		%
6,201						(400)			6,601			—			6,601						EA, AU & PMI GTR						5,936						4.5		%	11.2		%	11.2		%
3,807						96			3,711			1,567			2,144						Americas						2,116						79.9		%	75.4		%	1.3		%
$ 35,174						$ (1,112)			$ 36,286			$ 2,113			$ 34,173						Total PMI						$ 31,762						10.7		%	14.2		%	7.6		%
(1) Includes a reduction in net revenues of $80 million related to the termination of a distribution arrangement in the Middle East
Note: Sum of product categories or Regions might not foot to total PMI due to roundings. "-" indicates amounts between -$0.5 million and +$0.5 million.

---

																																																			Schedule 2 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Net Revenues to Adjusted Net Revenues, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Net Revenues			Special Items (1)						Adjusted Net Revenues			Currency			Adjusted Net Revenues excluding Currency			Acqui- sitions			Adjusted Net Revenues excluding Currency & Acqui- sitions												Net Revenues			Special Items						Adjusted Net Revenues						Total			Excluding Currency			Excluding Currency & Acqui- sitions
2023																								Quarters Ended March 31,									2022															% Change
$ 3,154			$ —						$ 3,154			$ (202)			$ 3,356			$ 158			$ 3,198						Europe						$ 3,290			$ —						$ 3,290						(4.1)		%	2.0		%	(2.8)		%
2,477			(80)						2,557			(111)			2,668			—			2,668						SSEA, CIS & MEA						2,445			—						2,445						4.6		%	9.1		%	9.1		%
1,520			—						1,520			(170)			1,690			—			1,690						EA, AU & PMI GTR						1,587			—						1,587						(4.2)		%	6.5		%	6.5		%
868			—						868			9			859			423			436						Americas						424			—						424						+100%			+100%			2.8		%
$ 8,019			$ (80)						$ 8,099			$ (474)			$ 8,573			$ 581			$ 7,992						Total PMI						$ 7,746			$ —						$ 7,746						4.6		%	10.7		%	3.2		%
2023																								Quarters Ended June 30,									2022															% Change
$ 3,650			$ —						$ 3,650			$ (11)			$ 3,661			$ 172			$ 3,489						Europe						$ 3,385			$ —						$ 3,385						7.8		%	8.2		%	3.1		%
2,668			—						2,668			(221)			2,889			—			2,889						SSEA, CIS & MEA						2,514			—						2,514						6.1		%	14.9		%	14.9		%
1,680			—						1,680			(133)			1,813			—			1,813						EA, AU & PMI GTR						1,464			—						1,464						14.8		%	23.8		%	23.8		%
969			—						969			14			955			493			462						Americas						469			—						469						+100%			+100%			(1.5)		%
$ 8,967			$ —						$ 8,967			$ (351)			$ 9,318			$ 665			$ 8,653						Total PMI						$ 7,832			$ —						$ 7,832						14.5		%	19.0		%	10.5		%
2023																								Years Ended September 30,									2022															% Change
$ 3,898			$ —						$ 3,898			$ 205			$ 3,693			$ 151			$ 3,542						Europe						$ 3,329			$ —						$ 3,329						17.1		%	10.9		%	6.4		%
2,777			—						2,777			(401)			3,178			—			3,178						SSEA, CIS & MEA						2,822			—						2,822						(1.6)		%	12.6		%	12.6		%
1,571			—						1,571			(51)			1,622			—			1,622						EA, AU & PMI GTR						1,407			—						1,407						11.7		%	15.3		%	15.3		%
895			—						895			38			857			417			440						Americas						474			—						474						88.8		%	80.8		%	(7.2)		%
$ 9,141			$ —						$ 9,141			$ (209)			$ 9,350			$ 568			$ 8,782						Total PMI						$ 8,032			$ —						$ 8,032						13.8		%	16.4		%	9.3		%
(1) Reflects a reduction in net revenues of $80 million related to the termination of a distribution arrangement in the Middle East

---

																																																			Schedule 2 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Net Revenues to Adjusted Net Revenues, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Net Revenues			Special Items (1)						Adjusted Net Revenues			Currency			Adjusted Net Revenues excluding Currency			Acqui- sitions			Adjusted Net Revenues excluding Currency & Acqui- sitions												Net Revenues			Special Items						Adjusted Net Revenues						Total			Excluding Currency			Excluding Currency & Acqui- sitions
2023																								Quarters Ended December 31,									2022															% Change
$ 3,835			$ —						$ 3,835			$ 260			$ 3,575			$ 65			$ 3,510						Europe						$ 3,239			$ —						$ 3,239						18.4		%	10.4		%	8.4		%
2,707			—						2,707			(327)			3,034			—			3,034						SSEA, CIS & MEA						2,686			—						2,686						0.8		%	13.0		%	13.0		%
1,430			—						1,430			(46)			1,476			—			1,476						EA, AU & PMI GTR						1,478			—						1,478						(3.2)		%	(0.1)		%	(0.1)		%
1,075			—						1,075			35			1,040			234			806						Americas						749			—						749						43.5		%	38.9		%	7.6		%
$ 9,047			$ —						$ 9,047			$ (78)			$ 9,125			$ 299			$ 8,826						Total PMI						$ 8,152			$ —						$ 8,152						11.0		%	11.9		%	8.3		%
2023																								Years Ended December 31,									2022															% Change
$ 14,537			$ —						$ 14,537			$ 252			$ 14,285			$ 546			$ 13,739						Europe						$ 13,243			$ —						$ 13,243						9.8		%	7.9		%	3.7		%
10,629			(80)			-1			10,709			(1,060)			11,769			—			11,769						SSEA, CIS & MEA						10,467			—						10,467						2.3		%	12.4		%	12.4		%
6,201			—						6,201			(400)			6,601			—			6,601						EA, AU & PMI GTR						5,936			—						5,936						4.5		%	11.2		%	11.2		%
3,807			—						3,807			96			3,711			1,567			2,144						Americas						2,116			—						2,116						79.9		%	75.4		%	1.3		%
$ 35,174			$ (80)						$ 35,254			$ (1,112)			$ 36,366			$ 2,113			$ 34,253						Total PMI						$ 31,762			$ —						$ 31,762						11.0		%	14.5		%	7.8		%
(1) Reflects a reduction in net revenues of $80 million related to the termination of a distribution arrangement in the Middle East

---

																																							Schedule 3 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Income for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Operating Income						Currency			Operating Income excluding Currency			Acquisitions			Operating Income excluding Currency & Acquisitions												Operating Income									Total			Excluding Currency			Excluding Currency & Acquisitions
2023																					Quarters Ended March 31,						2022									% Change
$ 1,177						$ (89)			$ 1,266			$ 24			$ 1,242						Europe						$ 1,527									(22.9)		%	(17.1)		%	(18.7)		%
734						(44)			778			—			778						SSEA, CIS & MEA						965									(23.9)		%	(19.4)		%	(19.4)		%
637						(117)			754			—			754						EA, AU & PMI GTR						685									(7.0)		%	10.1		%	10.1		%
183						(9)			192			169			23						Americas						121									51.2		%	58.7		%	(81.0)		%
$ 2,731						$ (259)			$ 2,990			$ 193			$ 2,797						Total PMI						$ 3,298									(17.2)		%	(9.3)		%	(15.2)		%
2023																					Quarters Ended June 30,						2022									% Change
$ 886						$ 27			$ 859			$ 40			$ 819						Europe						$ 1,440									(38.5)		%	(40.3)		%	(43.1)		%
880						(98)			978			—			978						SSEA, CIS & MEA						958									(8.1)		%	2.1		%	2.1		%
557						(128)			685			—			685						EA, AU & PMI GTR						528									5.5		%	29.7		%	29.7		%
243						(27)			270			224			46						Americas						130									86.9		%	+100%			(64.6)		%
$ 2,566						$ (226)			$ 2,792			$ 264			$ 2,528						Total PMI						$ 3,056									(16.0)		%	(8.6)		%	(17.3)		%
2023																					Quarters Ended September 30,						2022									% Change
$ 1,680						$ 127			$ 1,553			$ (8)			$ 1,561						Europe						$ 1,264									32.9		%	22.9		%	23.5		%
823						(304)			1,127			—			1,127						SSEA, CIS & MEA						1,086									(24.2)		%	3.8		%	3.8		%
769						(67)			836			—			836						EA, AU & PMI GTR						533									44.3		%	56.8		%	56.8		%
98						(43)			141			148			(7)						Americas						85									15.3		%	65.9		%	-(100)%
$ 3,370						$ (287)			$ 3,657			$ 140			$ 3,517						Total PMI						$ 2,968									13.5		%	23.2		%	18.5		%

---

																																							Schedule 3 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments of Operating Income for the Impact of Currency and Acquisitions
($ in millions) / (Unaudited)
Operating Income						Currency			Operating Income excluding Currency			Acquisitions			Operating Income excluding Currency & Acquisitions												Operating Income									Total			Excluding Currency			Excluding Currency & Acquisitions
2023																					Quarters Ended December 31,						2022									% Change
$ 1,556						$ 120			$ 1,436			$ 11			$ 1,425						Europe						$ 1,287									20.9		%	11.6		%	10.7		%
699						(203)			902			—			902						SSEA, CIS & MEA						855									(18.2)		%	5.5		%	5.5		%
576						(82)			658			—			658						EA, AU & PMI GTR						678									(15.0)		%	(2.9)		%	(2.9)		%
58						(136)			194			86			108						Americas						104									(44.2)		%	86.5		%	3.8		%
$ 2,889						$ (301)			$ 3,190			$ 97			$ 3,093						Total PMI						$ 2,924									(1.2)		%	9.1		%	5.8		%
2023																					Full Year Ended December 31,						2022									% Change
$ 5,299						$ 185			$ 5,114			$ 67			$ 5,047						Europe						$ 5,518									(4.0)		%	(7.3)		%	(8.5)		%
3,136						(649)			3,785			—			3,785						SSEA, CIS & MEA						3,864									(18.8)		%	(2.0)		%	(2.0)		%
2,539						(394)			2,933			—			2,933						EA, AU & PMI GTR						2,424									4.7		%	21.0		%	21.0		%
582						(215)			797			627			170						Americas						440									32.3		%	81.1		%	(61.4)		%
$ 11,556						$ (1,073)			$ 12,629			$ 694			$ 11,935						Total PMI						$ 12,246									(5.6)		%	3.1		%	(2.5)		%

---

																																																						Schedule 4
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Net Revenues and Operating Income: Price, Volume/Mix and Cost/Other Variances
($ in millions) / (Unaudited)
						2023 vs. 2022
						Quarters Ended March 31,												Quarters Ended June 30,												Quarters Ended September 30,												Quarters Ended December 31,												Full Year Ended December 31,
						Price			Volume/Mix			Cost/Other						Price			Volume/Mix			Cost/Other						Price			Volume/Mix			Cost/Other						Price			Volume/Mix			Cost/Other						Price			Volume/Mix			Cost/Other
Net Revenues
Europe						$ 53			$ (145)			$ —						$ 147			$ (45)			$ 2						$ 191			$ 22			$ —						$ 177			$ 97			$ (3)						$ 568			$ (71)			$ (1)
SSEA, CIS & MEA						233			36			(126)						253			149			(27)						265			118			(27)						257			97			(6)						1,008			400			(186)
EA, AU & PMI GTR						14			89			—						23			326			—						36			179			—						133			(135)			—						206			459			—
Americas						37			(21)			(4)						36			(40)			(3)						21			(54)			(1)						64			(9)			2						158			(124)			(6)
Total PMI						$ 337			$ (41)			$ (130)						$ 459			$ 390			$ (28)						$ 513			$ 265			$ (28)						$ 631			$ 50			$ (7)						$ 1,940			$ 664			$ (193)
Operating Income
Europe						$ 53			$ (180)			$ (158)						$ 147			$ (56)			$ (712)						$ 191			$ 11			$ 95						$ 177			$ 138			$ (177)						$ 568			$ (87)			$ (952)
SSEA, CIS & MEA						233			(79)			(341)						253			(35)			(198)						265			(74)			(150)						257			(49)			(161)						1,008			(237)			(850)
EA, AU & PMI GTR						14			45			10						23			244			(110)						36			170			97						133			(133)			(20)						206			326			(23)
Americas						37			(17)			(118)						36			(26)			(94)						21			(41)			(72)						64			(9)			(51)						158			(93)			(335)
Total PMI						$ 337			$ (231)			$ (607)						$ 459			$ 127			$ (1,114)						$ 513			$ 66			$ (30)						$ 631			$ (53)			$ (409)						$ 1,940			$ (91)			$ (2,160)

---

																																																			Schedule 5 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Operating Income			Special Items (1)						Adjusted Operating Income			Currency			Adjusted Operating Income excluding Currency			Acquisitions			Adjusted Operating Income excluding Currency & Acquisitions												Operating Income			Special Items (1)						Adjusted Operating Income						Total			Excluding Currency			Excluding Currency & Acquisitions
2023																											Quarters Ended March 31,						2022															% Change
$ 1,177			$ (89)						$ 1,266			$ (89)			$ 1,355			$ 42			$ 1,313						Europe						$ 1,527			$ (71)						$ 1,598						(20.8)		%	(15.2)		%	(17.9)		%
734			(117)						851			(44)			895			—			895						SSEA, CIS & MEA						965			(6)						971						(12.4)		%	(7.8)		%	(7.8)		%
637			(20)						657			(117)			774			—			774						EA, AU & PMI GTR						685			(1)						686						(4.2)		%	12.8		%	12.8		%
183			(62)						245			(9)			254			218			36						Americas						121			(2)						123						99.2		%	+100%			(71.0)		%
$ 2,731			$ (288)						$ 3,019			$ (259)			$ 3,278			$ 261			$ 3,017						Total PMI						$ 3,298			$ (80)						$ 3,378						(10.6)		%	(3.0)		%	(10.7)		%
2023																											Quarters Ended June 30,						2022															% Change
$ 886			$ (723)						$ 1,609			$ 27			$ 1,582			$ 58			$ 1,524						Europe						$ 1,440			$ (131)						$ 1,571						2.4		%	0.7		%	(3.0)		%
880			(5)						885			(98)			983			—			983						SSEA, CIS & MEA						958			(21)						979						(9.6)		%	0.4		%	0.4		%
557			(205)						762			(128)			890			—			890						EA, AU & PMI GTR						528			(12)						540						41.1		%	64.8		%	64.8		%
243			(33)						276			(27)			303			255			48						Americas						130			(4)						134						+100%			+100%			(64.4)		%
$ 2,566			$ (966)						$ 3,532			$ (226)			$ 3,758			$ 313			$ 3,445						Total PMI						$ 3,056			$ (168)						$ 3,224						9.6		%	16.6		%	6.9		%
2023																											Quarters Ended September 30,						2022															% Change
$ 1,680			$ (162)						$ 1,842			$ 127			$ 1,715			$ 52			$ 1,663						Europe						$ 1,264			$ (236)						$ 1,500						22.8		%	14.3		%	10.9		%
823			(46)						869			(304)			1,173			—			1,173						SSEA, CIS & MEA						1,086			(67)						1,153						(24.6)		%	1.7		%	1.7		%
769			(25)						794			(67)			861			—			861						EA, AU & PMI GTR						533			(46)						579						37.1		%	48.7		%	48.7		%
98			(131)						229			(43)			272			263			9						Americas						85			(13)						98						+100%			+100%			(90.5)		%
$ 3,370			$ (364)						$ 3,734			$ (287)			$ 4,021			$ 315			$ 3,706						Total PMI						$ 2,968			$ (362)						$ 3,330						12.1		%	20.8		%	11.3		%
(1) For details on Special Items, refer to Schedule 6

---

																																																			Schedule 5 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Income to Adjusted Operating Income, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Operating Income			Special Items (1)						Adjusted Operating Income			Currency			Adjusted Operating Income excluding Currency			Acquisitions			Adjusted Operating Income excluding Currency & Acquisitions												Operating Income			Special Items (1)						Adjusted Operating Income						Total			Excluding Currency			Excluding Currency & Acquisitions
2023																											Quarters Ended December 31,						2022															% Change
$ 1,556			$ (87)						$ 1,643			$ 120			$ 1,523			$ 24			$ 1,499						Europe						$ 1,287			$ (32)						$ 1,319						24.6		%	15.5		%	13.7		%
699			(5)						704			(203)			907			—			907						SSEA, CIS & MEA						855			38						817						(13.8)		%	11.0		%	11.0		%
576			—						576			(82)			658			—			658						EA, AU & PMI GTR						678			31						647						(11.0)		%	1.7		%	1.7		%
58			(71)						129			(136)			265			114			151						Americas						104			(89)						193						(33.2)		%	37.3		%	(22.0)		%
$ 2,889			$ (163)						$ 3,052			$ (301)			$ 3,353			$ 138			$ 3,215						Total PMI						$ 2,924			$ (52)						$ 2,976						2.6		%	12.7		%	8.0		%
2023																											Full Year Ended December 31,						2022															% Change
$ 5,299			$ (1,061)						$ 6,360			$ 185			$ 6,175			$ 177			$ 5,998						Europe						$ 5,518			$ (470)						$ 5,988						6.2		%	3.1		%	0.2		%
3,136			(173)						3,309			(649)			3,958			—			3,958						SSEA, CIS & MEA						3,864			(56)						3,920						(15.6)		%	1.0		%	1.0		%
2,539			(250)						2,789			(394)			3,183			—			3,183						EA, AU & PMI GTR						2,424			(28)						2,452						13.7		%	29.8		%	29.8		%
582			(297)						879			(215)			1,094			851			243						Americas						440			(108)						548						60.4		%	99.6		%	(55.6)		%
$ 11,556			$ (1,781)						$ 13,337			$ (1,073)			$ 14,410			$ 1,027			$ 13,383						Total PMI						$ 12,246			$ (662)						$ 12,908						3.3		%	11.6		%	3.7		%
(1) For details on Special Items, refer to Schedule 6

---

																														Schedule 6 (1/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)
						Quarter Ended March 31,						Quarter Ended June 30,						Quarter Ended September 30,						Quarter Ended December 31,						Full Year Ended December 31,
						2023						2023						2023						2023						2023
PMI
Reported Operating Income						$2,731						$2,566						$3,370						$2,889						$11,556
Restructuring charges						(109)						—						—						—						(109)
Termination of distribution arrangement in the Middle East						(80)						—						—						—						(80)
Impairment of goodwill and other intangibles						—						(680)						—						—						(680)
Amortization of intangibles						(81)						(82)						(205)						(129)						(497)
Charges related to the war in Ukraine						—						—						(19)						(34)						(53)
Swedish Match AB acquisition accounting related items						(18)						—						—						—						(18)
South Korea indirect tax charge						—						(204)						—						—						(204)
Termination of agreement with Foundation for a Smoke-Free World						—						—						(140)						—						(140)
Adjusted Operating Income						$3,019						$3,532						$3,734						$3,052						$13,337
Europe
Reported Operating Income						$1,177						$886						$1,680						$1,556						$5,299
Restructuring charges						(47)						—						—						—						(47)
Amortization of intangibles						(42)						(43)						(83)						(53)						(221)
Charges related to the war in Ukraine						—						—						(19)						(34)						(53)
Termination of agreement with Foundation for a Smoke-Free World						—						—						(60)						—						(60)
Impairment of goodwill and other intangibles						—						(680)						—						—						(680)
Adjusted Operating Income						$1,266						$1,609						$1,842						$1,643						$6,360
SSEA, CIS & MEA
Reported Operating Income						$734						$880						$823						$699						$3,136
Restructuring charges						(32)						—						—						—						(32)
Termination of distribution arrangement in the Middle East						(80)						—						—						—						(80)
Amortization of intangibles						(5)						(5)						(5)						(5)						(20)
Termination of agreement with Foundation for a Smoke-Free World						—						—						(41)						—						(41)
Adjusted Operating Income						$851						$885						$869						$704						$3,309

---

																														Schedule 6 (2/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)
						Quarter Ended March 31,						Quarter Ended June 30,						Quarter Ended September 30,						Quarter Ended December 31,						Full Year Ended December 31,
						2023						2023						2023						2023						2023
EA, AU & PMI GTR
Reported Operating Income						$637						$557						$769						$576						$2,539
Restructuring charges						(19)						—						—						—						(19)
Amortization of intangibles						(1)						(1)						(1)						—						(3)
South Korea indirect tax charge						—						(204)						—						—						(204)
Termination of agreement with Foundation for a Smoke-Free World						—						—						(24)						—						(24)
Adjusted Operating Income						$657						$762						$794						$576						$2,789
Americas
Reported Operating Income						$183						$243						$98						$58						$582
Restructuring charges						(11)						—						—						—						(11)
Amortization of intangibles						(33)						(33)						(116)						(71)						(253)
Swedish Match AB acquisition accounting related items						(18)						—						—						—						(18)
Termination of agreement with Foundation for a Smoke-Free World						—						—						(15)						—						(15)
Adjusted Operating Income						$245						$276						$229						$129						$879
Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment.

---

																														Schedule 6 (3/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)
						Quarter Ended March 31,						Quarter Ended June 30,						Quarter Ended September 30,						Quarter Ended December 31,						Full Year Ended December 31,
						2022						2022						2022						2022						2022
PMI
Reported Operating Income						$3,298						$3,056						$2,968						$2,924						$12,246
Impairment of other intangibles						—						—						(112)						—						(112)
Amortization of intangibles						(38)						(36)						(27)						(58)						(159)
Charges related to the war in Ukraine						(42)						(80)						(6)						(23)						(151)
Costs associated with Swedish Match AB offer						—						(52)						(217)						154						(115)
Swedish Match AB acquisition accounting related items						—						—						—						(125)						(125)
Adjusted Operating Income						$3,378						$3,224						$3,330						$2,976						$12,908
Europe
Reported Operating Income						$1,527						$1,440						$1,264						$1,287						$5,518
Amortization of intangibles						(29)						(27)						(18)						(32)						(106)
Charges related to the war in Ukraine						(42)						(80)						(6)						(23)						(151)
Costs associated with Swedish Match AB offer						—						(24)						(100)						71						(53)
Swedish Match AB acquisition accounting related items						—						—						—						(48)						(48)
Impairment of other intangibles						—						—						(112)						—						(112)
Adjusted Operating Income						$1,598						$1,571						$1,500						$1,319						$5,988
SSEA, CIS & MEA
Reported Operating Income						$965						$958						$1,086						$855						$3,864
Amortization of intangibles						(6)						(6)						(6)						(5)						(23)
Costs associated with Swedish Match AB offer						—						(15)						(61)						43						(33)
Adjusted Operating Income						$971						$979						$1,153						$817						$3,920

---

																														Schedule 6 (4/4)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Income to Adjusted Operating Income
($ in millions) / (Unaudited)
						Quarter Ended March 31,						Quarter Ended June 30,						Quarter Ended September 30,						Quarter Ended December 31,						Full Year Ended December 31,
						2022						2022						2022						2022						2022
EA, AU & PMI GTR
Reported Operating Income						$685						$528						$533						$678						$2,424
Amortization of intangibles						(1)						(1)						(1)						(1)						(4)
Costs associated with Swedish Match AB offer						—						(11)						(45)						32						(24)
Adjusted Operating Income						$686						$540						$579						$647						$2,452

Americas
Reported Operating Income						$121						$130						$85						$104						$440
Amortization of intangibles						(2)						(2)						(2)						(20)						(26)
Costs associated with Swedish Match AB offer						—						(2)						(11)						8						(5)
Swedish Match AB acquisition accounting related items						—						—						—						(77)						(77)
Adjusted Operating Income						$123						$134						$98						$193						$548
Note: Sum of special items might not foot due to roundings. Special items between -$0.5 million and +$0.5 million are not displayed by segment.

---

																																																									Schedule 7 (1/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Adjusted Operating Income (1)			Adjusted Net Revenues (2)			Adjusted Operating Income Margin						Adjusted Operating Income excluding Currency (1)			Adjusted Net Revenues excluding Currency (2)			Adjusted Operating Income Margin excluding Currency						Adjusted Operating Income excluding Currency & Acqui- sitions (1)			Adjusted Net Revenues excluding Currency & Acqui- sitions (2)			Adjusted Operating Income Margin excluding Currency & Acqui- sitions												Adjusted Operating Income (1)			Adjusted Net Revenues (2)			Adjusted Operating Income Margin						Adjusted Operating Income Margin			Adjusted Operating Income Margin excluding Currency			Adjusted Operating Income Margin excluding Currency & Acqui- sitions
2023																																				Quarters Ended March 31,						2022												% Points Change
$ 1,266			$ 3,154			40.1		%				$ 1,355			$ 3,356			40.4		%				$ 1,313			$ 3,198			41.0		%				Europe						$ 1,598			$ 3,290			48.6		%				(8.5)			(8.2)			(7.6)
851			2,557			33.3		%				895			2,668			33.5		%				895			2,668			33.5		%				SSEA, CIS & MEA						971			2,445			39.7		%				(6.4)			(6.2)			(6.2)
657			1,520			43.2		%				774			1,690			45.8		%				774			1,690			45.8		%				EA, AU & PMI GTR						686			1,587			43.2		%				—			2.6			2.6
245			868			28.2		%				254			859			29.6		%				36			436			8.2		%				Americas						123			424			29.0		%				(0.8)			0.6			(20.8)
$ 3,019			$ 8,099			37.3		%				$ 3,278			$ 8,573			38.2		%				$ 3,017			$ 7,992			37.8		%				Total PMI						$ 3,378			$ 7,746			43.6		%				(6.3)			(5.4)			(5.8)
2023																																				Quarters Ended June 30,						2022												% Points Change
$ 1,609			$ 3,650			44.1		%				$ 1,582			$ 3,661			43.2		%				$ 1,524			$ 3,489			43.7		%				Europe						$ 1,571			$ 3,385			46.4		%				(2.3)			(3.2)			(2.7)
885			2,668			33.2		%				983			2,889			34.0		%				983			2,889			34.0		%				SSEA, CIS & MEA						979			2,514			38.9		%				(5.7)			(4.9)			(4.9)
762			1,680			45.4		%				890			1,813			49.1		%				890			1,813			49.1		%				EA, AU & PMI GTR						540			1,464			36.9		%				8.5			12.2			12.2
276			969			28.5		%				303			955			31.7		%				48			462			10.3		%				Americas						134			469			28.6		%				(0.1)			3.1			(18.3)
$ 3,532			$ 8,967			39.4		%				$ 3,758			$ 9,318			40.3		%				$ 3,445			$ 8,653			39.8		%				Total PMI						$ 3,224			$ 7,832			41.2		%				(1.8)			(0.9)			(1.4)
2023																																				Quarters Ended September 30,						2022												% Points Change
$ 1,842			$ 3,898			47.3		%				$ 1,715			$ 3,693			46.4		%				$ 1,663			$ 3,542			46.9		%				Europe						$ 1,500			$ 3,329			45.1		%				2.2			1.3			1.8
869			2,777			31.3		%				1,173			3,178			36.9		%				1,173			3,178			36.9		%				SSEA, CIS & MEA						1,153			2,822			40.9		%				(9.6)			(4.0)			(4.0)
794			1,571			50.5		%				861			1,622			53.1		%				861			1,622			53.1		%				EA, AU & PMI GTR						579			1,407			41.2		%				9.3			11.9			11.9
229			895			25.6		%				272			857			31.7		%				9			440			2.1		%				Americas						98			474			20.7		%				4.9			11.0			(18.6)
$ 3,734			$ 9,141			40.8		%				$ 4,021			$ 9,350			43.0		%				$ 3,706			$ 8,782			42.2		%				Total PMI						$ 3,330			$ 8,032			41.5		%				(0.7)			1.5			0.7
(1) For the calculation of Adjusted Operating Income, Adjusted Operating Income excluding currency and Adjusted Operating Income excluding currency and acquisitions, refer to Schedule 5
(2) For the calculation of Adjusted Net Revenues, Adjusted Net Revenues excluding currency and Adjusted Net Revenues excluding currency and acquisitions, refer to Schedule 2

---

																																																									Schedule 7 (2/2)
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted Operating Income Margin, excluding Currency and Acquisitions
($ in millions) / (Unaudited)
Adjusted Operating Income (1)			Adjusted Net Revenues (2)			Adjusted Operating Income Margin						Adjusted Operating Income excluding Currency (1)			Adjusted Net Revenues excluding Currency (2)			Adjusted Operating Income Margin excluding Currency						Adjusted Operating Income excluding Currency & Acqui- sitions (1)			Adjusted Net Revenues excluding Currency & Acqui- sitions (2)			Adjusted Operating Income Margin excluding Currency & Acqui- sitions												Adjusted Operating Income (1)			Adjusted Net Revenues (2)			Adjusted Operating Income Margin						Adjusted Operating Income Margin			Adjusted Operating Income Margin excluding Currency			Adjusted Operating Income Margin excluding Currency & Acqui- sitions
2023																																				Quarters Ended December 31,						2022												% Points Change
$ 1,643			$ 3,835			42.8		%				$ 1,523			$ 3,575			42.6		%				$ 1,499			$ 3,510			42.7		%				Europe						$ 1,319			$ 3,239			40.7		%				2.1			1.9			2.0
704			2,707			26.0		%				907			3,034			29.9		%				907			3,034			29.9		%				SSEA, CIS & MEA						817			2,686			30.4		%				(4.4)			(0.5)			(0.5)
576			1,430			40.3		%				658			1,476			44.6		%				658			1,476			44.6		%				EA, AU & PMI GTR						647			1,478			43.8		%				(3.5)			0.8			0.8
129			1,075			12.0		%				265			1,040			25.5		%				151			806			18.7		%				Americas						193			749			25.8		%				(13.8)			(0.3)			(7.1)
$ 3,052			$ 9,047			33.7		%				$ 3,353			$ 9,125			36.7		%				$ 3,215			$ 8,826			36.4		%				Total PMI						$ 2,976			$ 8,152			36.5		%				(2.8)			0.2			(0.1)
2023																																				Full Year Ended December 31,						2022												% Points Change
$ 6,360			$ 14,537			43.8		%				$ 6,175			$ 14,285			43.2		%				$ 5,998			$ 13,739			43.7		%				Europe						$ 5,988			$ 13,243			45.2		%				(1.4)			(2.0)			(1.5)
3,309			10,709			30.9		%				3,958			11,769			33.6		%				3,958			11,769			33.6		%				SSEA, CIS & MEA						3,920			10,467			37.5		%				(6.6)			(3.9)			(3.9)
2,789			6,201			45.0		%				3,183			6,601			48.2		%				3,183			6,601			48.2		%				EA, AU & PMI GTR						2,452			5,936			41.3		%				3.7			6.9			6.9
879			3,807			23.1		%				1,094			3,711			29.5		%				243			2,144			11.3		%				Americas						548			2,116			25.9		%				(2.8)			3.6			(14.6)
$ 13,337			$ 35,254			37.8		%				$ 14,410			$ 36,366			39.6		%				$ 13,383			$ 34,253			39.1		%				Total PMI						$ 12,908			$ 31,762			40.6		%				(2.8)			(1.0)			(1.5)
(1) For the calculation of Adjusted Operating Income, Adjusted Operating Income excluding currency and Adjusted Operating Income excluding currency and acquisitions, refer to Schedule 5
(2) For the calculation of Adjusted Net Revenues, Adjusted Net Revenues excluding currency and Adjusted Net Revenues excluding currency and acquisitions, refer to Schedule 2