v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Data Schedule
Segment data were as follows:
For the Six Months Ended June 30,For the Three Months Ended June 30,
(in millions)2026202520262025
Net revenues:
Smokeable products$10,150 $9,979 $5,392 $5,357 
Oral tobacco products1,382 1,407 713 753 
All other7 (25)6 (8)
Net revenues$11,539 $11,361 $6,111 $6,102 
Earnings before income taxes:
OCI:
Smokeable products$5,615 $5,399 $2,942 $2,930 
Oral tobacco products816 931 381 498 
All other(153)(1,122)(77)(108)
Amortization of intangibles(46)(74)(23)(37)
General corporate expenses(140)(116)(87)(53)
Operating income6,092 5,018 3,136 3,230 
Interest and other debt expense, net553 537 295 275 
Net periodic benefit income, excluding service cost(4)(29)(1)(15)
(Income) losses from investments in equity securities(245)(291)(87)(148)
Earnings before income taxes$5,788 $4,801 $2,929 $3,118 
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)2026202520262025
Net revenues$10,150 $9,979 $5,392 $5,357 
Settlement charges (1)
(1,453)(1,486)(785)(799)
Excise taxes on products sold(1,380)(1,502)(732)(787)
Other segment items (2)
(1,702)(1,592)(933)(841)
Operating companies income$5,615 $5,399 $2,942 $2,930 
(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 Six Months Ended June 30,For the Three Months Ended June 30,
(in millions)2026202520262025
Depreciation expense:
Smokeable products$27 $29 $14 $14 
Oral tobacco products22 21 11 11 
General corporate and other17 18 8 9 
Total depreciation expense$66 $68 $33 $34 
Capital expenditures:
Smokeable products$81 $30 $29 $12 
Oral tobacco products52 22 18 9 
General corporate and other17 18 10 11 
Total capital expenditures$150 $70 $57 $32 
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)2026202520262025
Smokeable products segment$69 $40 $67 $4 
General corporate expenses— 1 — 1 
Interest and other debt expense, net
24 4 24 — 
Total$93 $45 $91 $5