
(in millions)	International Smoke-Free		International Combustibles		U.S. (a)		Total
Balances, December 31, 2025	$	3,913	$	4,862	$	8,489	$	17,264
Changes due to:




Currency	(186)		(152)		(9)		(347)
Balances, June 30, 2026	$	3,727	$	4,710	$	8,480	$	16,917

(a) U.S. goodwill balance is net of accumulated impairment losses of $556 million at June 30, 2026, and December 31, 2025. These accumulated losses, which relate to PMI's wellness unit Aspeya, exclude amounts related to businesses which were subsequently sold or reclassified as held-for-sale.

At June 30, 2026, goodwill primarily reflects PMI’s acquisitions of Swedish Match AB, as well as acquisitions in Indonesia, the Philippines, Egypt, Greece, Mexico, and Serbia.

As discussed in Note 1. Background and Basis of Presentation, PMI has implemented an evolved organizational model effective January 1, 2026, and realigned its reportable segments accordingly. This reorganization resulted in changes to the composition of certain reporting units. Consequently, PMI reassigned assets and liabilities to the applicable reporting units and reallocated goodwill using the relative fair value approach. PMI performed a review of goodwill for potential impairment of the impacted reporting units immediately before and after the reorganization. As a result of this review, no impairment charges were required. The table above reflects the reclassification as a result of the realignment.

During the second quarter of 2026, PMI completed its annual review of goodwill and non-amortizable intangible assets for potential impairment. As a result of this review, no impairment charges were required.

Each of PMI's reporting units had fair values substantially in excess of their carrying values. PMI continues to monitor the Wellness reporting unit as any changes in assumptions and estimates, unfavorable clinical trial results, failure to obtain regulatory approvals and authorizations, and other market factors could result in future goodwill and other intangible asset impairments.

During the second quarter of 2025, PMI completed its annual review of goodwill and non-amortizable intangible assets for potential impairment. As a result of updated financial projections, it was determined that the estimated fair value of a business, which was a separate reporting unit in 2025, related to the consumer accessories products acquired as part of the Swedish Match AB acquisition in 2022 was lower than its carrying value. Consequently, PMI recorded in the second quarter of 2025 a goodwill impairment charge of $41 million, which represented the entirety of the goodwill recorded in the reporting unit. For further details, see Note 2. Acquisitions and Divestitures.


		June 30, 2026						December 31, 2025
(in millions)	Weighted-Average Remaining Useful Life	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Non-amortizable intangible assets		$	4,661			$	4,661	$	4,776			$	4,776
Amortizable intangible assets:
Trademarks	14 years	2,175		$	1,027	1,148		2,227		$	984	1,243

Reacquired commercialization rights for IQOS in the U.S.	3 years	2,777		1,203		1,574		2,777		926		1,851
Developed technology, including patents	6 years	349		172		177		358		160		198
Customer relationships and other	9 years	3,809		1,191		2,618		3,873		1,057		2,816
Total other intangible assets		$	13,771	$	3,593	$	10,178	$	14,011	$	3,127	$	10,884


			Changes Due To:
	December 31, 2025		Amortization & Impairment		Acquisitions & Divestitures		Currency & Other		June 30, 2026
Non-amortizable intangible assets	$	4,776	$	—	$	—	$	(115)	$	4,661

Amortizable intangible assets:	6,108		(503)		—		(88)		5,517
Gross book value	9,235				—		(125)		9,110
Accumulated amortization	(3,127)		(503)		—		37		(3,593)
Total Intangibles, net	$	10,884	$	(503)	$	—	$	(203)	$	10,178

Non-amortizable intangible assets substantially consist of the ZYN trademarks and other trademarks related to acquisitions in Indonesia and Mexico, as well as the tobacco manufacturing license associated with PMI's acquisition in Egypt.