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Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Data Schedule | Segment data were as follows:
| For the Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Net revenues: |  |  |  |  |
Smokeable products | $ | 21,204 |  |  | $ | 21,756 |  |  | $ | 22,476 |
Oral tobacco products | 2,776 |  |  | 2,667 |  |  | 2,580 |
All other | 38 |  |  | 60 |  |  | 40 |
Net revenues | $ | 24,018 |  |  | $ | 24,483 |  |  | $ | 25,096 |
Earnings before income taxes: |  |  |  |  |
OCI: |  |  |  |  |
Smokeable products | $ | 10,821 |  |  | $ | 10,670 |  |  | $ | 10,688 |
Oral tobacco products | 1,449 |  |  | 1,722 |  |  | 1,632 |
All other | (414) |  |  | (74) |  |  | (36) |
Amortization of intangibles | (139) |  |  | (128) |  |  | (73) |
General corporate expenses | (476) |  |  | (643) |  |  | (292) |
Operating income | 11,241 |  |  | 11,547 |  |  | 11,919 |
Interest and other debt expense, net | 1,037 |  |  | 989 |  |  | 1,058 |
Net periodic benefit income, excluding service cost | (102) |  |  | (127) |  |  | (184) |
(Income) losses from investments in equity securities | (652) |  |  | (243) |  |  | 3,656 |
Gain on the sale of IQOS System commercialization rights | (2,700) |  |  | — |  |  | — |
Earnings before income taxes | $ | 13,658 |  |  | $ | 10,928 |  |  | $ | 7,389 |
Smokeable products segment OCI consisted of the following, including expenses under the significant expense principle in accordance with ASU No. 2023-07:
| For the Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Net revenues | $ | 21,204 |  |  | $ | 21,756 |  |  | $ | 22,476 |
Settlement charges (1) | (3,460) |  |  | (3,711) |  |  | (3,908) |
Excise taxes on products sold | (3,469) |  |  | (3,869) |  |  | (4,289) |
Other segment items (2) | (3,454) |  |  | (3,506) |  |  | (3,591) |
Operating companies income | $ | 10,821 |  |  | $ | 10,670 |  |  | $ | 10,688 |
(1) Represents charges related to State Settlement Agreements included in cost of sales. For additional information, see Health Care Cost Recovery Litigation in Note 20. Contingencies. (2) Other segment items includes manufacturing, marketing, administration and research costs, FDA user fees and other costs.
Schedule of Depreciation Expense and Capital Expenditures of Segments | Details of our depreciation expense and capital expenditures were as follows:
| For the Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Depreciation expense: |  |  |  |  |
Smokeable products | $ | 67 |  |  | $ | 73 |  |  | $ | 87 |
Oral tobacco products | 42 |  |  | 37 |  |  | 33 |
General corporate and other | 38 |  |  | 34 |  |  | 33 |
Total depreciation expense | $ | 147 |  |  | $ | 144 |  |  | $ | 153 |
Capital expenditures: |  |  |  |  |
Smokeable products | $ | 54 |  |  | $ | 77 |  |  | $ | 68 |
Oral tobacco products | 39 |  |  | 59 |  |  | 90 |
General corporate and other | 49 |  |  | 60 |  |  | 47 |
Total capital expenditures | $ | 142 |  |  | $ | 196 |  |  | $ | 205 |
Schedule of Non-Participating Manufacturer Adjustment Items | We recorded net pre-tax income for NPM adjustment items as follows:
|  | For the Years Ended December 31,
(in millions) |  | 2024 |  | 2023 |  | 2022
Smokeable products segment |  | $ | (29) |  |  | $ | (29) |  |  | $ | (63) |
Interest and other debt expense, net |  | 2 |  |  | (21) |  |  | (5) |
Total |  | $ | (27) |  |  | $ | (50) |  |  | $ | (68) |
Schedule of Tobacco and Health and Certain Other Litigation Items | We recorded pre-tax charges related to tobacco and health and certain other litigation items as follows:
|  | For the Years Ended December 31,
(in millions) |  | 2024 |  | 2023 |  | 2022
Smokeable products segment |  | $ | 70 |  |  | $ | 69 |  |  | $ | 101 |
General corporate expenses |  | 30 |  |  | 350 |  |  | 27 |
Interest and other debt expense, net |  | 1 |  |  | 11 |  |  | 3 |
Total |  | $ | 101 |  |  | $ | 430 |  |  | $ | 131 |

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