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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Provided by (Used in) Operating Activities      
Net earnings (losses) $ 11,264 $ 8,130 $ 5,764
Adjustments to reconcile net earnings to operating cash flows:      
Depreciation and amortization 286 272 226
Deferred income tax provision (benefit) 951 (230) (947)
Unrecognized tax benefit [1] (1,128) 1,111 16
(Income) losses from investments in equity securities (652) (243) 3,656
Gain on the sale of IQOS System commercialization rights (2,700) 0 0
Dividends from ABI 139 163 104
Asset impairment and exit costs 389 0 0
Cash effects of changes:      
Receivables [2] (106) 6 (21)
Inventories [2] 102 (15) 14
Accounts payable [2] 116 38 92
Income taxes [2] 798 6 (118)
Accrued liabilities and other current assets [2] (550) 280 (129)
Accrued settlement charges [2] (209) (362) (424)
Pension plan contributions (18) (20) (20)
Pension and postretirement, net (107) (136) (156)
Other, net 178 287 199
Net cash provided by (used in) operating activities 8,753 9,287 8,256
Cash Provided by (Used in) Investing Activities      
Capital expenditures (142) (196) (205)
Proceeds from the ABI Transaction [3] 2,353 0 0
Proceeds from the sale of IQOS System commercialization rights 0 1,700 1,000
Acquisition of NJOY, net of cash acquired 0 (2,751) 0
Other, net (36) (36) (13)
Net cash provided by (used in) investing activities 2,175 (1,283) 782
Cash Provided by (Used in) Financing Activities      
Proceeds from short-term borrowings 0 2,000 0
Repayment of short-term borrowings 0 (2,000) 0
Long-term debt issued 0 998 0
Long-term debt repaid (1,121) (1,566) (1,105)
Repurchases of common stock (3,400) (1,000) (1,825)
Dividends paid on common stock (6,845) (6,779) (6,599)
Other, net (125) (27) (12)
Net cash provided by (used in) financing activities (11,491) (8,374) (9,541)
Cash, cash equivalents and restricted cash:      
Increase (decrease) (563) (370) (503)
Balance at beginning of year 3,721 4,091 4,594
Balance at end of year 3,158 3,721 4,091
Supplemental cash flow information:      
Cash paid: Interest 1,113 1,116 1,119
Cash Paid: Income taxes 1,802 [4] 1,890 [4] 2,657
Non-cash investing activities:      
Deferred proceeds from the sale of IQOS System commercialization rights 0 0 1,700
Cash and cash equivalents 3,127 3,686 4,030
Restricted cash included in other current assets [5] 8 5 15
Restricted cash included in other assets [5] 23 30 46
Cash, cash equivalents and restricted cash $ 3,158 $ 3,721 $ 4,091
[1] Substantially all of the 2024 and 2023 amounts relate to an unrecognized tax benefit from the ordinary loss for cash tax purposes with respect to a portion of our tax basis associated with our former investment in JUUL, partially offset by our estimated corporate alternative minimum tax credit carryforward. See Note 16. Income Taxes.
[2] 2023 amounts are net of the effects from the NJOY Transaction. See Note 3. Acquisition of NJOY.
[3] See Note 8. Investments in Equity Securities.
[4] For the years ended December 31, 2024 and 2023, income taxes paid were reduced by the impact of transferable income tax credits. At December 31, 2024 and 2023, transferable income tax credits totaled $445 million and $335 million, respectively, and are included in other accrued liabilities on our consolidated balance sheets.
[5] Restricted cash consisted primarily of cash deposits collateralizing appeal bonds posted by PM USA to obtain stays of judgments pending appeals. See Note 20. Contingencies.