v3.25.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Debt
The aggregate carrying value and fair value of our total long-term debt were as follows:
(in millions)June 30, 2025December 31, 2024
Carrying value$24,720 $24,926 
Fair value22,979 22,741 
Foreign currency denominated debt included in long-term debt:
Carrying value2,647 3,100 
Fair value2,629 3,059 
Schedule of Contingent Payments
The changes in the liability associated with contingent payments were as follows:
For the Six Months Ended June 30, 2025For the Year Ended December 31, 2024
(in millions)
Balance at January 1$20 $130 
   Change in the fair value of contingent payments (1)
25 (2)140 (3)
   Payments — (250)(4)
Balance at end of period$45 $20 
(1) Pre-tax charges were recorded in marketing, administration and research costs in our condensed consolidated statements of earnings.
(2) Recorded in the first quarter of 2025 and relates to blueberry and watermelon pod products.
(3) Recorded in the second quarter of 2024 and relates to menthol pod products.
(4) Payments made during the third quarter of 2024 following FDA authorization of NJOY’s menthol products.