v3.26.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Data Schedule
Segment data were as follows:
For the Three Months Ended March 31,
(in millions)20262025
Net revenues:
Smokeable products$4,758 $4,622 
Oral tobacco products669 654 
All other1 (17)
Net revenues$5,428 $5,259 
Earnings before income taxes:
OCI:
Smokeable products$2,673 $2,469 
Oral tobacco products435 433 
All other(76)(1,014)
Amortization of intangibles(23)(37)
General corporate expenses(53)(63)
Operating income2,956 1,788 
Interest and other debt expense, net258 262 
Net periodic benefit income, excluding service cost(3)(14)
(Income) losses from investments in equity securities(158)(143)
Earnings before income taxes$2,859 $1,683 
Smokeable products segment OCI consisted of the following, including expenses under the significant expense principle in accordance with GAAP:
For the Three Months Ended March 31,
(in millions)20262025
Net revenues$4,758 $4,622 
Settlement charges (1)
(668)(687)
Excise taxes on products sold(648)(715)
Other segment items (2)
(769)(751)
Operating companies income$2,673 $2,469 
(1) Represents charges related to State Settlement Agreements included in cost of sales. For additional information, see Health Care Cost Recovery Litigation in Note 12. 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 Three Months Ended March 31,
(in millions)20262025
Depreciation expense:
Smokeable products$13 $15 
Oral tobacco products11 10 
General corporate and other9 9 
Total depreciation expense$33 $34 
Capital expenditures:
Smokeable products$52 $18 
Oral tobacco products34 13 
General corporate and other7 7 
Total capital expenditures$93 $38 
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 Three Months Ended March 31,
(in millions)20262025
Smokeable products segment$2 $36 
Interest and other debt expense, net
— 4 
Total$2 $40