v3.25.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Segment data were as follows:
For the Six Months Ended June 30,For the Three Months Ended June 30,
(in millions)2025202420252024
Net revenues:
Smokeable products$9,979 $10,401 $5,357 $5,495 
Oral tobacco products1,407 1,362 753 711 
All other(25)22 (8)3 
Net revenues$11,361 $11,785 $6,102 $6,209 
Earnings before income taxes:
OCI:
Smokeable products$5,399 $5,246 $2,930 $2,807 
Oral tobacco products931 532 498 97 
All other(1,122)(172)(108)(111)
Amortization of intangibles(74)(64)(37)(37)
General corporate expenses(116)(335)(53)(223)
Operating income5,018 5,207 3,230 2,533 
Interest and other debt expense, net537 515 275 261 
Net periodic benefit income, excluding service cost(29)(49)(15)(25)
(Income) losses from investments in equity securities(291)(414)(148)(119)
Gain on the sale of IQOS System commercialization rights
— (2,700)— (2,700)
Earnings before income taxes$4,801 $7,855 $3,118 $5,116 
Smokeable products segment OCI consisted of the following, including expenses under the significant expense principle in accordance with GAAP:
For the Six Months Ended June 30,For the Three Months Ended June 30,
(in millions)2025202420252024
Net revenues$9,979 $10,401 $5,357 $5,495 
Settlement charges (1)
(1,486)(1,779)(799)(924)
Excise taxes on products sold(1,502)(1,742)(787)(908)
Other segment items (2)
(1,592)(1,634)(841)(856)
Operating companies income$5,399 $5,246 $2,930 $2,807 
(1) Represents charges related to State Settlement Agreements included in cost of sales. For additional information, see Health Care Cost Recovery Litigation in Note 14. Contingencies.
(2) Other segment items includes manufacturing, marketing, administration and research costs and FDA user fees.
Segment, Reconciliation of Other Items from Segments to Consolidated
Details of our depreciation expense and capital expenditures were as follows:
 For the Six Months Ended June 30,For the Three Months Ended June 30,
(in millions)2025202420252024
Depreciation expense:
Smokeable products$29 $36 $14 $17 
Oral tobacco products21 21 11 12 
General corporate and other18 18 9 8 
Total depreciation expense$68 $75 $34 $37 
Capital expenditures:
Smokeable products$30 $27 $12 $9 
Oral tobacco products22 16 9 7 
General corporate and other18 21 11 13 
Total capital expenditures$70 $64 $32 $29 
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 Six Months Ended June 30,For the Three Months Ended June 30,
(in millions)2025202420252024
Smokeable products segment
$40 $38 $4 $20 
General corporate expenses1 30 1 24 
Interest and other debt expense, net
4 — — — 
Total$45 $68 $5 $44