Segment Reporting (Tables)

12 Months Ended

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