PMPhilip Morris International

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

New “PMI had one customer in the EA, AU & PMI GTR segment that accounted for 10%, 11% and 11% of PMI’s consolidated net revenues, and one customer in the Europe segment that accounted for 12%, 11% and 12% of PMI’s consolidated net revenues in 2025, 2024 and 2023, respectively.”

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Parts or manufacturing that depend on one or a few suppliers.

No specific sentence about this in the 10-K.

Pending cases, settlements and what the company has set aside for them.

“Egypt sales tax charge – In the third quarter of 2024, following a ruling issued by the Higher Administrative Court in Egypt and subsequent evaluation of available remedies, we concluded that an adverse outcome was probable and recorded a pre-tax charge of $45 million (representing $39 million net of income tax and a diluted EPS charge of $0.03 per share) in relation to tax assessments for general sales tax deducted on imported cutfiller for the years 2014 to 2016.”

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New “(1) Cost/Other variance includes charges in 2025 of $241 million related to restructuring charges, $176 million related to the Germany excise tax classification litigation charge, $94 million related to the loss on expected sale of consumer accessories and other businesses, and higher amortization of intangibles in 2025, partly offset by charges in 2024 of $180 million related to restructuring charges, $27 million related to the impairment of other intangibles, $199 million related to the loss on sale of Vectura Group and $45 million related to the Egypt sales tax charge.”

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New “The increases were partly offset by higher marketing, administration and research costs, higher manufacturing costs, higher restructuring charges in 2025, the impairment of goodwill charge in 2025, higher amortization of intangibles in 2025, the loss on expected sale of consumer accessories and other businesses of $94 million in 2025, and the 2025 Germany excise tax classification litigation charge of $176 million.”

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New “Operating income, excluding currency and acquisitions/divestitures, increased by 3.4%, primarily reflecting: the same factors as for net revenues and a favorable comparison to 2024 reflecting a charge of $199 million related to the loss on sale of Vectura Group in 2024; partly offset by higher marketing, administration and research costs, as well as the 2025 loss on expected sale of consumer accessories and other businesses of $94 million, the 2025 Germany excise tax classification litigation charge of $176 million and the 2025 restructuring charges of $241 million.”

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“On June 7, 2024, PMI and Swedish Match North America LLC filed motions to dismiss the complaint with prejudice, and Swedish Match North America LLC also filed a motion to stay the proceedings pending resolution of the Kelly class action.”

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Promises to pay someone else's debts or losses if they cannot.

“The maximum amount of these guarantee obligations is $385 million and they will be in effect until 2034.”

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Conditions in loan agreements that, if broken, can make debt due early.

No specific sentence about this in the 10-K.

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

“These purchase obligations are expected to be approximately $3.4 billion in 2026 and approximately $2.8 billion for years beyond; and”

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