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Income Taxes: (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Earnings Before Income Taxes and Provision For Income Taxes
Earnings before income taxes and provision for income taxes consisted of the following for the year ended December 31, 2025:

(in millions)
2025
Earnings before income taxes
United States$870 
Foreign13,010 
Total earnings before income taxes$13,880 
Provision for income taxes:
Current tax expense (benefit)
U.S. Federal
$371 
U.S. State and Local31 
Foreign
3,182 
Total current tax expense (benefit)
3,584 
Deferred tax expense (benefit)
U.S. Federal
(817)
U.S. State and Local(40)
Foreign
10 
Total deferred tax expense (benefit)
(847)
Total provision for income taxes
$2,737 

Earnings before income taxes and provision for income taxes consisted of the following for the years ended December 31, 2024 and 2023:
(in millions)
20242023
Earnings before income taxes
$12,199 $10,450 
Provision for income taxes:
United States federal and state:
Current
$465 $201 
Deferred
(81)(368)
Total United States
384 (167)
Outside United States:
Current
2,668 2,468 
Deferred
(35)38 
Total outside United States
2,633 2,506 
Total provision for income taxes
$3,017 $2,339 
Schedule of Reconciliation of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:
(in millions)
202520242023
Balance at January 1,$56 $55 $72 
Additions based on tax positions related to the current year
40 6 7 
Additions for tax positions of previous years
42 1 1 
Reductions for tax positions of prior years
(34)— (23)
Reductions due to lapse of statute of limitations
(4)(2)(3)
Other
5 (4)1 
Balance at December 31,$105 $56 $55 
Schedule of Unrecognized Tax Benefits and Liability for Contingent Income Taxes, Interest and Penalties
Unrecognized tax benefits and PMI’s liability for contingent income taxes, interest and penalties were as follows:
(in millions)
December 31, 2025December 31, 2024December 31, 2023
Unrecognized tax benefits
$105 $56 $55 
Accrued interest and penalties
25 11 9 
Tax credits and other indirect benefits
(1)(1)(1)
Liability for tax contingencies
$129 $66 $63 
Schedule of Reasons Attributable to the Differences Between Effective Income Tax Rate and U.S. Federal Statutory Rate
The effective income tax rate on pre-tax earnings differed from the U.S. federal statutory rate for the following reasons for the year ended December 31, 2025:
(in millions)
Pretax income$13,880
Amount Percentage
Provision Computed at Statutory U.S. Tax Rate$2,915 21.0 %
State and Local Income Taxes, Net of Federal Income Tax Effects*(12)(0.1)
Foreign Tax Effects:
Switzerland:
Swiss Federal Rate Differential (920)(6.6)
Cantonal Taxes - Vaud248 1.8 
Cantonal Taxes - Neuchatel255 1.8 
Other(10)(0.1)
Russia:263 1.9 
Other Foreign Jurisdictions 388 2.8 
Effect of Cross-Border Tax Laws67 0.5 
Nontaxable/Nondeductible Items(17)(0.1)
Valuation Allowances519 3.8 
Other
Foreign Exchange(384)(2.8)
Deferred Taxes on Canadian Equity Investment(343)(2.5)
Other(232)(1.7)
Consolidated tax expense / effective tax rate $2,737 19.7 %
*State taxes in California, Kentucky, Michigan, New York, Pennsylvania and Wisconsin, made up the majority (greater than 50 percent) of the tax effect in the State and Local income tax category above.

The effective income tax rate on pre-tax earnings differed from the U.S. federal statutory rate for the following reasons for the years ended December 31, 2024 and 2023:
20242023
U.S. federal statutory rate21.0 %21.0 %
Increase (decrease) resulting from:
Foreign rate differences(1.6)(1.0)
Dividend repatriation cost0.6 0.7 
Global intangible low-taxed income1.7 2.0 
U.S. state taxes0.6 (0.1)
Foreign derived intangible income(0.7)(0.9)
Foreign exchange1.7 (1.6)
Non-deductible goodwill impairment— 1.3 
Unremitted earnings of Russian subsidiaries0.6 1.7 
Fair value adjustment of equity securities1.1 0.1 
Other(0.3)(0.8)
Effective tax rate24.7 %22.4 %
Schedule of Temporary Differences of Tax Effects to Deferred Income Tax Assets and Liabilities
The tax effects of temporary differences that gave rise to deferred income tax assets and liabilities consisted of the following:
At December 31,
(in millions)
20252024
Deferred income tax assets:
Accrued postretirement and postemployment benefits$227 $208 
Accrued pension costs189 384 
Inventory47 40 
Accrued liabilities212 213 
Net operating loss, tax credit, and other carryforwards 1,542 912 
Investments in equity interests810 507 
Foreign exchange451 — 
Other325 62 
Total deferred income tax assets3,803 2,326 
Less: valuation allowance(1,709)(1,130)
Deferred income tax assets, net of valuation allowance2,094 1,196 
Deferred income tax liabilities:
Intangible assets(1,936)(1,862)
Property, plant and equipment(165)(152)
Unremitted earnings(811)(495)
Foreign exchange— (264)
Other— — 
Total deferred income tax liabilities
(2,912)(2,773)
Net deferred income tax assets (liabilities)$(818)$(1,577)
Schedule of Income Taxes Paid by Jurisdiction
Disclosed below is a summary of income taxes paid by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025:

(in millions)
2025
Income tax payments (net of refunds):
United States:
U.S. Federal $797 
U.S. State and Local 107 
Total United States904 
Foreign:
Switzerland 929 
Russia 348 
Italy301 
Other 1,370 
Total Foreign 2,948 
Total $3,852