Debt |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| Debt | Debt Short-term Borrowings and Borrowing Arrangements At September 30, 2026 and December 31, 2025, we had no short-term borrowings. At September 30, 2026, we had availability under our senior unsecured 5-year revolving credit agreement (“Credit Agreement”) for borrowings of up to an aggregate principal amount of $3.0 billion. In October 2026, we entered into an extension agreement to extend the expiration of our Credit Agreement from October 24, 2029 to October 24, 2030. All other terms and conditions remain in full force and effect. We intend to use any borrowings under our Credit Agreement for general corporate purposes. 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 September 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 September 30, 2026 and December 31, 2025 was $24.1 billion and $25.7 billion, respectively. In September 2026, we repaid in full at maturity our 2.625% senior unsecured notes in the aggregate principal amount of $0.5 billion. 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 September 30, 2026 and December 31, 2025, accrued interest on long-term debt of $207 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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