v3.26.1
Indebtedness: (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Short-Term Debt
At June 30, 2026 and December 31, 2025, PMI’s short-term borrowings and related average interest rates consisted of the following:
June 30, 2026December 31, 2025
(in millions)Amount OutstandingAverage RateAmount OutstandingAverage Rate
Commercial paper
$2,652 3.7 %$— — %
Bank loans
689 5.4 168 10.3 
$3,341 $168 
Long-Term Debt
At June 30, 2026 and December 31, 2025, PMI’s long-term debt consisted of the following:

(in millions)June 30, 2026December 31, 2025
U.S. dollar notes, 1.750% to 6.375% (average interest rate 4.719%), due through 2044
$37,371 $37,430 
Foreign currency obligations:
Euro notes, 0.125% to 3.750% (average interest rate 2.039%), due through 2039
6,563 7,942 
Euro credit facility borrowing related to Swedish Match AB acquisition, (interest rate 2.859%), due 2027
1,711 2,944 
Swedish krona note, (interest rate 2.190%), due 2029
28 267 
Finance leases (average interest rate 4.552%), due through 2037
99 84 
Carrying value of long-term debt45,772 48,667 
Less current portion of long-term debt3,406 3,533 
 $42,366 $45,134 
PMI's debt issuances in the first six months of 2026 were as follows:

(in millions)
TypeFace Value Interest RateIssuanceMaturity
U.S. dollar notes
(a)
$7504.125%April 2026April 2029
U.S. dollar notes
(a)
$7504.875%April 2026April 2036
(a) Interest is payable semi-annually, commencing in October 2026
Schedule of Fair Value of Outstanding Long-Term Debt, Excluding Finance Leases At June 30, 2026, the fair value of PMI's outstanding long-term debt, excluding the aforementioned finance leases, was as follows:
(in millions)
June 30, 2026
Level 1$43,216 
Level 21,741 
Schedule of Committed Credit Facilities
At June 30, 2026, PMI's total committed revolving credit facilities were as follows:

(in billions)


Type
Committed
Revolving Credit
Facilities
Multi-year $2.0 billion revolving credit, expiring January 29, 2031
$2.0 
Multi-year $2.5 billion revolving credit, expiring September 29, 2026 (1) (2)
2.5 
Multi-year €1.5 billion revolving credit, expiring January 29, 2029
1.7 
Total facilities
$6.2 
(1) Includes pricing adjustments that may result in the reduction or increase in both the interest rate and commitment fee under the credit agreement if PMI achieves, or fails to achieve, certain specified targets.
(2) On September 20, 2022, PMI entered into an agreement, effective September 29, 2022, to amend and extend the term of its $2.5 billion multi-year revolving credit facility, for an additional year covering the period September 30, 2026 to September 29, 2027, in the amount of $2.3 billion. On September 20, 2023, PMI entered into an agreement, effective September 29, 2023, to amend and further extend the term to September 29, 2028.