Reporting Cases


Using EDGAR and the 10-K Cover Sheet Go to and click on Company Filings in the upper right part of the screen to enter the EDGAR database of company filings. Now type in the name of the company you will be investigating. This is the main summary page of filings for your company. My assigned company is Philip Morris International Inc.

(Link to 10 K)…

1. Provide the following information about the company: Name, Address, CIK (Central Index Key), Fiscal Year End, SIC Code and brief description, and the State of Incorporation. Enter 10-K in the Filing Type box. You will then have a list of the 10-Ks (Annual reports) the company has filed with the U.S. Securities and Exchange Commission (SEC). You want to view the most recent annual report filed. Make sure that you are selecting an annual report and not an amendment to an annual report. Answer the following questions.

2. What is the filing date of the report you will be using?

3. What is the file number (in red) of the report you will be using? Click on the Documents button (not the Interactive Data button) to see the 10-K in easily readable form. You will see a listing of all the parts of the submitted 10-K. Click on the red link for the 10-K. You should now see the cover page for the company’s 10-K. Answer the following questions.

4. What is the company’s I.R.S. Employer Identification Number?

5. List the title of each class of security registered and the exchange(s) on which it is registered.

6. Is the company a well-known seasoned issuer?

Item 1 – Business Go to the 10-K for the company. Locate the Table of Contents. Usually the Table of Contents is right after or before the cover sheet. Go to Item 1 – Business. Answer the following questions.

7. Where and when was the company originally incorporated?

8. How does the company describe itself (in brief)?

9. List the reportable segments or divisions.

10. List three of the company’s main competitors.

11. How many employees does the company have? How many employees are in the US? Item 1A – Risk Factors Go to the Table of Contents for the company’s 10-K. Go to Item 1A – Risk Factors. Answer the following questions.

12. On what page does this section begin? On what page does this section end?

13. Are the listed risks the only risks the company faces?

14. What are the first two listed risk factors?

15. What is the last listed risk factor?

Certifications Go to the Filing Detail page for the company’s 10-K. This is the page that lists all the parts of the 10-K submission, not the document that begins with the Cover Sheet. There are two Certifications toward the bottom of the list. Click on the red link to access the Section 906 Certifications. Answer the following question.

16. What two things are being certified?

17. What are the names of the people making the certification and what positions do they hold?

Code of Conduct Go to the Table of Contents for the company’s 10-K. Now go to Item 10 – Directors, Executive Officers and Corporate Governance. Answer the following questions.

18. Does the company have a written code of conduct? If so, who does it apply to?

19. Who is the code of conduct distributed to?

20. Where can the code of conduct be found?

Follow the directions in the 10-K to locate the code of conduct. Once at the company’s website, check under About or use their search bar to find the code of conduct. Answer the following questions.

21. On what date did the current code of conduct go into effect?

22. Does the company list a main commitment or value? If so, what is it?

23. In brief, what does the code of conduct say about non-retaliation?

24. In brief, what does the code of conduct say about diversity?

25. In brief, what does the code of conduct say about human rights violations?

Financial Statements and Disclosure Notes Go to the Table of Contents for the company’s 10-K. Go to Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations. This might take you to a new Table of Contents for Item 7. Notice where the Consolidated Financial Statements begin and that the Disclosure Notes immediately follow. Do the following tasks and answer the following questions.

26. Go to the Consolidated Statement of Income. For the most recent year, what is cost of sales? Selling, general and administrative expense? Operating Profit?

27. Go to Note 1. What is included in cost of sales? What line item includes costs of moving, storing and delivering finished product?

28. Go to the Consolidated Balance Sheet. For the most recent year, what is Net Accounts and Notes Receivable?

29. Find where the company provides information on revenue recognition. This is usually Note 2 but may also be listed separately before the Consolidated Financial Statements, or it may be listed both places. What methods does the company use to estimate bad debts? What line item includes bad debts expense?

Management Evaluation and Compensation Most companies incorporate information on executive compensation from their proxy statement into their annual report and do not repeat this information in the 10-K. To access the definitive proxy statement, go to the main filings page for the company. If you do not see a recent filing of DEF 14A, you can enter it in the Filing Type box and search for it. Make sure you leave a space between DEF and 14A. Also be sure you are selecting the documents for the DEF 14A and not DEFA14A. Click on the red link for the Definitive Proxy Statement. Now go to the Executive Compensation section. Since executive compensation information is only one component of the definitive proxy statement, you will probably have to look in the Table of Contents for the appropriate section. Answer the following questions for the most recent year.

30. How much is the CEO’s annual base salary?

31. How much was the CEO’s annual cash incentive award?

32. What is the value of the CEO’s long-term incentive award?

33. What is the pay mix for the CEO?

34. What is the pay mix for named executive officers other than the CEO?

35. Find the Summary Compensation Table. List the named executive officers and the total compensation for each officer.

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