Debt |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| Debt | Debt Short-term Borrowings and Borrowing Arrangements At June 30, 2026 and December 31, 2025, we had no short-term borrowings. We have a $3.0 billion senior unsecured 5-year revolving credit agreement (“Credit Agreement”) that expires on October 24, 2029 and includes an option, subject to certain conditions, for us to extend the term for an additional one-year period. We intend to use any borrowings under our Credit Agreement for general corporate purposes. At June 30, 2026, we had availability under the Credit Agreement for borrowings of up to an aggregate principal amount of $3.0 billion. Our Credit Agreement includes various covenants, one of which requires us to maintain a ratio of Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) to Consolidated Interest Expense of not less than 4.0 to 1.0, calculated for the four most recent fiscal quarters. At June 30, 2026, we were in compliance with our covenants in our Credit Agreement. The terms “Consolidated EBITDA” and “Consolidated Interest Expense,” each as defined in our Credit Agreement, include certain adjustments. PM USA guarantees any borrowings under our Credit Agreement and any amounts outstanding under our commercial paper program. Long-term Debt The aggregate carrying value of our total long-term debt at June 30, 2026 and December 31, 2025 was $24.6 billion and $25.7 billion, respectively. In February 2026, we repaid in full at maturity our 4.400% senior unsecured notes in the aggregate principal amount of approximately $1.1 billion. At June 30, 2026 and December 31, 2025, accrued interest on long-term debt of $371 million and $425 million, respectively, was included in other accrued liabilities on our condensed consolidated balance sheets. For a discussion of the fair value of our long-term debt and the designation of our Euro denominated senior unsecured notes as a net investment hedge of our investment in ABI, see Note 5. Financial Instruments.
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