v3.26.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Data Schedule
Segment data were as follows:
For the Nine Months Ended September 30,For the Three Months Ended September 30,
(in millions)2026202520262025
Net revenues:
Smokeable products$15,582 $15,366 $5,432 $5,387 
Oral tobacco products2,070 2,096 688 689 
All other19 (29)12 (4)
Net revenues$17,671 $17,433 $6,132 $6,072 
Earnings before income taxes:
OCI:
Smokeable products$8,668 $8,341 $3,053 $2,942 
Oral tobacco products1,250 1,390 434 459 
All other(241)(1,198)(88)(76)
Amortization of intangibles(67)(112)(21)(38)
General corporate expenses(205)(173)(65)(57)
Operating income9,405 8,248 3,313 3,230 
Interest and other debt expense, net823 815 270 278 
Net periodic benefit income, excluding service cost(9)(45)(5)(16)
(Income) losses from investments in equity securities(487)(398)(242)(107)
Earnings before income taxes$9,078 $7,876 $3,290 $3,075 
Smokeable products segment OCI consisted of the following, including expenses under the significant expense principle in accordance with GAAP:
For the Nine Months Ended September 30,For the Three Months Ended September 30,
(in millions)2026202520262025
Net revenues$15,582 $15,366 $5,432 $5,387 
Settlement charges (1)
(2,228)(2,278)(775)(792)
Excise taxes on products sold(2,050)(2,299)(670)(797)
Other segment items (2)
(2,636)(2,448)(934)(856)
Operating companies income$8,668 $8,341 $3,053 $2,942 
(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 Nine Months Ended September 30,For the Three Months Ended September 30,
(in millions)2026202520262025
Depreciation expense:
Smokeable products$43 $44 $16 $15 
Oral tobacco products36 30 14 9 
General corporate and other26 26 9 8 
Total depreciation expense$105 $100 $39 $32 
Capital expenditures:
Smokeable products$137 $57 $56 $27 
Oral tobacco products96 42 44 20 
General corporate and other26 25 9 7 
Total capital expenditures$259 $124 $109 $54 
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 Nine Months Ended September 30,For the Three Months Ended September 30,
(in millions)2026202520262025
Smokeable products segment$85 $44 $16 $4 
General corporate expenses4 — — (1)
Interest and other debt expense, net
31 4 7 — 
Total$120 $48 $23 $3