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Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Segment data were as follows:
| For the Nine Months Ended September 30, |  | For the Three Months Ended September 30, |  |
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
Net revenues: |  |  |  |  |  |  |  |  |  |  |
Smokeable products | $ | 15,366 |  |  | $ | 15,941 |  |  | $ | 5,387 |  |  | $ | 5,540 |  |  |  |  |
Oral tobacco products | 2,096 |  |  | 2,084 |  |  | 689 |  |  | 722 |  |  |  |  |
All other | (29) |  |  | 19 |  |  | (4) |  |  | (3) |  |  |  |  |
Net revenues | $ | 17,433 |  |  | $ | 18,044 |  |  | $ | 6,072 |  |  | $ | 6,259 |  |  |  |  |
Earnings before income taxes: |  |  |  |  |  |  |  |  |  |  |
OCI: |  |  |  |  |  |  |  |  |  |  |
Smokeable products | $ | 8,341 |  |  | $ | 8,183 |  |  | $ | 2,942 |  |  | $ | 2,937 |  |  |  |  |
Oral tobacco products | 1,390 |  |  | 996 |  |  | 459 |  |  | 464 |  |  |  |  |
All other | (1,198) |  |  | (291) |  |  | (76) |  |  | (119) |  |  |  |  |
Amortization of intangibles | (112) |  |  | (102) |  |  | (38) |  |  | (38) |  |  |  |  |
General corporate expenses | (173) |  |  | (427) |  |  | (57) |  |  | (92) |  |  |  |  |
Operating income | 8,248 |  |  | 8,359 |  |  | 3,230 |  |  | 3,152 |  |  |  |  |
Interest and other debt expense, net | 815 |  |  | 782 |  |  | 278 |  |  | 267 |  |  |  |  |
Net periodic benefit income, excluding service cost | (45) |  |  | (74) |  |  | (16) |  |  | (25) |  |  |  |  |
(Income) losses from investments in equity securities | (398) |  |  | (530) |  |  | (107) |  |  | (116) |  |  |  |  |
Gain on the sale of IQOS System commercialization rights | — |  |  | (2,700) |  |  | — |  |  | — |  |  |  |  |
Earnings before income taxes | $ | 7,876 |  |  | $ | 10,881 |  |  | $ | 3,075 |  |  | $ | 3,026 |  |  |  |  |
Smokeable products segment OCI consisted of the following, including expenses under the significant expense principle in accordance with GAAP:
| For the Nine Months Ended September 30, |  | For the Three Months Ended September 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Net revenues | $ | 15,366 |  |  | $ | 15,941 |  |  | $ | 5,387 |  |  | $ | 5,540 |  |  |
Settlement charges (1) | (2,278) |  |  | (2,654) |  |  | (792) |  |  | (875) |  |  |
Excise taxes on products sold | (2,299) |  |  | (2,630) |  |  | (797) |  |  | (888) |  |  |
Other segment items (2) | (2,448) |  |  | (2,474) |  |  | (856) |  |  | (840) |  |  |
Operating companies income | $ | 8,341 |  |  | $ | 8,183 |  |  | $ | 2,942 |  |  | $ | 2,937 |  |  |
(1) Represents charges related to State Settlement Agreements included in cost of sales. For additional information, see Health Care Cost Recovery Litigation in Note 14. Contingencies. (2) Other segment items includes manufacturing, marketing, administration and research costs and FDA user fees.
Segment, Reconciliation of Other Items from Segments to Consolidated | Details of our depreciation expense and capital expenditures were as follows:
| For the Nine Months Ended September 30, |  | For the Three Months Ended September 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Depreciation expense: |  |  |  |  |  |  |  |  |
Smokeable products | $ | 44 |  |  | $ | 52 |  |  | $ | 15 |  |  | $ | 16 |  |  |
Oral tobacco products | 30 |  |  | 30 |  |  | 9 |  |  | 9 |  |  |
General corporate and other | 26 |  |  | 29 |  |  | 8 |  |  | 11 |  |  |
Total depreciation expense | $ | 100 |  |  | $ | 111 |  |  | $ | 32 |  |  | $ | 36 |  |  |
Capital expenditures: |  |  |  |  |  |  |  |  |
Smokeable products | $ | 57 |  |  | $ | 38 |  |  | $ | 27 |  |  | $ | 11 |  |  |
Oral tobacco products | 42 |  |  | 24 |  |  | 20 |  |  | 8 |  |  |
General corporate and other | 25 |  |  | 33 |  |  | 7 |  |  | 12 |  |  |
Total capital expenditures | $ | 124 |  |  | $ | 95 |  |  | $ | 54 |  |  | $ | 31 |  |  |
Schedule of Non-Participating Manufacturer Adjustment Items and Other Items | We recorded net pre-tax income for NPM adjustment items as follows:
|  | For the Nine Months Ended September 30, |  | For the Three Months Ended September 30,
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Smokeable products segment |  | $ | (2) |  |  | $ | (29) |  |  | $ | (2) |  |  | $ | (23) |
Interest and other debt expense, net |  | — |  |  | 2 |  |  | — |  |  | 2 |
Total |  | $ | (2) |  |  | $ | (27) |  |  | $ | (2) |  |  | $ | (21) |
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 Nine Months Ended September 30, |  | For the Three Months Ended September 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Smokeable products segment | $ | 44 |  |  | 59 |  |  | 4 |  |  | 21 |
General corporate expenses | — |  |  | 30 |  |  | (1) |  |  | — |
Interest and other debt expense, net | 4 |  |  | 1 |  |  | — |  |  | 1 |
Total | $ | 48 |  |  | $ | 90 |  |  | $ | 3 |  |  | $ | 22 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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