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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES      
Net earnings $ 11,848 $ 7,503 $ 8,268
Adjustments to reconcile net earnings to operating cash flows:      
Depreciation and amortization expense 1,996 1,787 1,398
Impairment of goodwill and other intangibles (Note 4) 41 27 680
Losses on sales of businesses (including held-for-sale) (Note 3) 94 206 0
Impairment related to the RBH equity investment (Note 5) 0 2,316 0
Deferred income tax (benefit) provision (847) (123) (330)
Restructuring charges, net of cash paid (Note 18) 206 122 30
Cash effects of changes, net of the effects from acquired and divested companies:      
Receivables, net (448) (738) 314
Inventories (1,201) 552 (862)
Accounts payable 258 297 (288)
Accrued liabilities and other current assets (151) 628 (232)
Income taxes (266) (62) (232)
Pension plan contributions (Note 12) (139) (110) (21)
Other 842 (188) 479
Net cash provided by (used in) operating activities 12,233 12,217 9,204
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES      
Capital expenditures (1,569) (1,444) (1,321)
Other acquisitions, net of acquired cash (Note 3) 0 43 0
Altria Group, Inc. agreement (Note 3) 0 0 (1,775)
Proceeds from sales of businesses, net of cash disposed (Note 3) 30 136 191
Purchases of debt securities (202) (132) 0
Sales and maturities of debt securities 116 0 0
Equity investments (63) (124) (111)
Collateral posted/settlements for derivatives, (paid)/returned (Note 14) (2,274) 351 (660)
Other (5) 78 78
Net cash provided by (used in) investing activities (3,967) (1,092) (3,598)
Short-term borrowing activity by original maturity:      
Net issuances (repayments) - maturities of 90 days or less 19 (1,461) 530
Issuances - maturities longer than 90 days 170 100 1,366
Repayments - maturities longer than 90 days (170) (433) (1,172)
Repayments under credit facilities related to Swedish Match AB acquisition 0 (3,168) (4,430)
Long-term debt proceeds 7,055 8,142 9,959
Long-term debt repaid (5,368) (4,803) (2,551)
Dividends paid (8,624) (8,197) (7,964)
Collateral received/settlements for derivatives, received/(returned) (693) 828 (62)
Payments to acquire Swedish Match AB noncontrolling interests 0 0 (883)
Noncontrolling interests activity and Other (521) (489) (375)
Net cash provided by (used in) financing activities (8,132) (9,481) (5,582)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 504 (536) (95)
Cash, cash equivalents and restricted cash:      
Increase (Decrease) [1] 638 1,108 (71)
Balance at beginning of year [1] 4,254 3,146 3,217
Balance at end of year [1] 4,892 4,254 3,146
Cash Paid:      
Interest 1,688 1,559 1,342
Income taxes $ 3,852 $ 3,178 $ 2,952
[1] The amounts for cash, cash equivalents and restricted cash shown above include restricted cash of $20 million, $38 million and $86 million as of December 31, 2025, 2024 and 2023, respectively, which were included in other current assets in the consolidated balance sheets.