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Leases: (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Operating and Finance Lease Assets and Liabilities
PMI’s operating and finance leases at December 31, 2025 and 2024, were as follows:
At December 31,
(in millions)20252024
Operating LeasesFinance LeasesOperating LeasesFinance Leases
Assets:
Machinery and equipment$— $165 $— $126 
Other assets679 — 585 — 
Total lease assets$679 $165 $585 $126 
Liabilities:
Current
Current portion of long-term debt$— $35 $— $37 
Accrued liabilities - Other207 — 177 — 
Noncurrent
Long-term debt— 49 — 30 
Other liabilities526 — 427 — 
Total lease liabilities$733 $84 $604 $67 
Lease Cost Components
The components of PMI’s lease cost were as follows for the years ended December 31, 2025, 2024 and 2023:
For the Years Ended December 31,
(in millions)202520242023
Operating lease cost$313 $283 $266 
Finance lease cost:
Amortization of right-of-use assets58 72 49 
Interest on lease liabilities2 2 1 
Short-term lease cost63 63 59 
Variable lease cost32 28 28 
Total lease cost$468 $448 $403 
Operating and Finance Lease Liability Maturity
Maturity of PMI’s lease liabilities, on an undiscounted basis, as of December 31, 2025, were as follows:
(in millions)Operating LeasesFinance Leases
2026$244 $38 
2027177 21 
2028125 16 
202980 11 
203053 3 
Thereafter204 — 
Total lease payments883 89 
Less: Interest150 5 
Present value of lease liabilities$733 $84 
Other Lease Information
Other information related to PMI’s leases was as follows for the years ended December 31, 2025, 2024 and 2023:
December 31,
(in millions)202520242023
Operating LeasesFinance LeasesOperating LeasesFinance LeasesOperating LeasesFinance Leases
Cash paid for amounts included in the measurement of lease liabilities in operating cash flows (1)
$309 $— $281 $— $265 $— 
Cash paid for amounts included in the measurement of lease liabilities in financing cash flows$— $41 $— $29 $— $27 
Leased assets obtained in exchange for new lease liabilities$277 $91 $214 $73 $205 $55 
Weighted-average remaining lease term (years) 10.03.010.42.610.22.6
Weighted-average discount rate(2) (3)
6.0 %4.2 %5.9 %4.4 %5.1 %4.9 %
(1) Cash paid included in the operating cash flows for finance leases is not material.
(2) PMI’s weighted-average discount rate for operating leases is based on its estimated pre-tax cost of debt adjusted for country-specific risk.
(3) PMI’s weighted-average discount rate for finance leases, excluding embedded leases, is based on its estimated pre-tax cost of debt adjusted for country-specific risk and where applicable the interest rate explicit in lease contracts.