Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 24, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-08940 | |
Entity Registrant Name | Altria Group, Inc. | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 13-3260245 | |
Entity Address, Address Line One | 6601 West Broad Street, | |
Entity Address, City or Town | Richmond, | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 23230 | |
City Area Code | 804 | |
Local Phone Number | 274-2200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 1,774,609,985 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000764180 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock, $0.33 1/3 par value [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.33 1/3 par value | |
Trading Symbol | MO | |
Security Exchange Name | NYSE | |
1.700% Notes due 2025 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.700% Notes due 2025 | |
Trading Symbol | MO25 | |
Security Exchange Name | NYSE | |
2.200% Notes due 2027 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 2.200% Notes due 2027 | |
Trading Symbol | MO27 | |
Security Exchange Name | NYSE | |
3.125% Notes due 2031 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 3.125% Notes due 2031 | |
Trading Symbol | MO31 | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 874,000,000 | $ 4,030,000,000 |
Receivables: | ||
Receivable from the sale of IQOS System commercialization rights | 1,772,000,000 | 1,721,000,000 |
Other | 63,000,000 | 48,000,000 |
Inventories: | ||
Leaf tobacco | 599,000,000 | 704,000,000 |
Other raw materials | 209,000,000 | 186,000,000 |
Work in process | 29,000,000 | 24,000,000 |
Finished product | 354,000,000 | 266,000,000 |
Inventory, net | 1,191,000,000 | 1,180,000,000 |
Other current assets | 438,000,000 | 241,000,000 |
Total current assets | 4,338,000,000 | 7,220,000,000 |
Property, plant and equipment, at cost | 4,487,000,000 | 4,427,000,000 |
Less accumulated depreciation | 2,861,000,000 | 2,819,000,000 |
Property, plant and equipment, net | 1,626,000,000 | 1,608,000,000 |
Goodwill | 6,790,000,000 | 5,177,000,000 |
Other intangible assets, net | 13,749,000,000 | 12,384,000,000 |
Investments in equity securities ($0 million and $250 million at June 30, 2023 and December 31, 2022, respectively, measured at fair value) | 9,643,000,000 | 9,600,000,000 |
Other assets | 1,005,000,000 | 965,000,000 |
Total Assets | 37,151,000,000 | 36,954,000,000 |
Liabilities | ||
Short-term borrowings | 2,000,000,000 | 0 |
Current portion of long-term debt | 1,121,000,000 | 1,556,000,000 |
Accounts payable | 454,000,000 | 552,000,000 |
Accrued liabilities: | ||
Marketing | 691,000,000 | 599,000,000 |
Settlement charges | 1,562,000,000 | 2,925,000,000 |
Other | 1,459,000,000 | 1,299,000,000 |
Deferred gain from the sale of IQOS System commercialization rights | 2,700,000,000 | 0 |
Dividends payable | 1,677,000,000 | 1,685,000,000 |
Total current liabilities | 11,664,000,000 | 8,616,000,000 |
Long-term debt | 24,074,000,000 | 25,124,000,000 |
Deferred income taxes | 2,646,000,000 | 2,897,000,000 |
Accrued pension costs | 128,000,000 | 133,000,000 |
Accrued postretirement health care costs | 1,092,000,000 | 1,083,000,000 |
Deferred gain from the sale of IQOS System commercialization rights | 0 | 2,700,000,000 |
Other liabilities | 1,324,000,000 | 324,000,000 |
Total liabilities | 40,928,000,000 | 40,877,000,000 |
Contingencies (Note 13) | ||
Stockholders’ Equity (Deficit) | ||
Common stock, par value $0.33 1/3 per share (2,805,961,317 shares issued) | 935,000,000 | 935,000,000 |
Additional paid-in capital | 5,880,000,000 | 5,887,000,000 |
Earnings reinvested in the business | 30,340,000,000 | 29,792,000,000 |
Accumulated other comprehensive losses | (2,709,000,000) | (2,771,000,000) |
Cost of repurchased stock (1,030,214,027 shares at June 30, 2023 and 1,020,427,195 shares at December 31, 2022) | (38,273,000,000) | (37,816,000,000) |
Total stockholders’ equity (deficit) attributable to Altria | (3,827,000,000) | (3,973,000,000) |
Noncontrolling interests | 50,000,000 | 50,000,000 |
Total stockholders’ equity (deficit) | (3,777,000,000) | (3,923,000,000) |
Total Liabilities and Stockholders’ Equity (Deficit) | $ 37,151,000,000 | $ 36,954,000,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Stockholders’ Equity (Deficit) | ||
Investments, fair value disclosure | $ 0 | $ 250 |
Common stock, par value (usd per share) | $ 0.3333 | $ 0.3333 |
Common stock, shares issued (in shares) | 2,805,961,317 | 2,805,961,317 |
Shares repurchased (in shares) | 1,030,214,027 | 1,020,427,195 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Net revenues | $ 6,508 | $ 6,543 | $ 12,227 | $ 12,435 |
Cost of sales | 1,681 | 1,708 | 3,115 | 3,154 |
Excise taxes on products | 1,070 | 1,169 | 2,026 | 2,242 |
Gross profit | 3,757 | 3,666 | 7,086 | 7,039 |
Marketing, administration and research costs | 852 | 561 | 1,424 | 1,050 |
Operating income | 2,905 | 3,105 | 5,662 | 5,989 |
Interest and other debt expense, net | 257 | 280 | 486 | 561 |
Net periodic benefit income, excluding service cost | (31) | (47) | (62) | (93) |
(Income) losses from investments in equity securities | (127) | 1,263 | (47) | 1,229 |
Loss on Cronos-related financial instruments | 0 | 4 | 0 | 14 |
Earnings before income taxes | 2,806 | 1,605 | 5,285 | 4,278 |
Provision for income taxes | 689 | 714 | 1,381 | 1,428 |
Net earnings | $ 2,117 | $ 891 | $ 3,904 | $ 2,850 |
Per share data: | ||||
Basic earnings per share (in usd per share) | $ 1.19 | $ 0.49 | $ 2.18 | $ 1.57 |
Diluted earnings per share (in usd per share) | $ 1.19 | $ 0.49 | $ 2.18 | $ 1.57 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 2,117 | $ 891 | $ 3,904 | $ 2,850 |
Other comprehensive earnings (losses), net of deferred income taxes: | ||||
Benefit plans | (5) | 16 | (11) | 31 |
ABI | 78 | 565 | 66 | 643 |
Currency translation adjustments and other | (3) | 4 | 7 | 5 |
Other comprehensive earnings (losses), net of deferred income taxes | 70 | 585 | 62 | 679 |
Comprehensive earnings | $ 2,187 | $ 1,476 | $ 3,966 | $ 3,529 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Earnings Reinvested in the Business [Member] | Accumulated Other Comprehensive Losses [Member] | Cost of Repurchased Stock [Member] | Non-controlling Interests [Member] |
Beginning balance at Dec. 31, 2021 | $ (1,606) | $ 935 | $ 5,857 | $ 30,664 | $ (3,056) | $ (36,006) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 2,850 | 2,850 | |||||
Other comprehensive earnings (losses), net of deferred income taxes | 679 | 679 | |||||
Stock award activity | 19 | 4 | 15 | ||||
Cash dividends declared | (3,262) | (3,262) | |||||
Repurchases of common stock | (1,083) | (1,083) | |||||
Ending balance at Jun. 30, 2022 | (2,403) | 935 | 5,861 | 30,252 | (2,377) | (37,074) | |
Beginning balance at Mar. 31, 2022 | (1,760) | 935 | 5,848 | 30,988 | (2,962) | (36,569) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 891 | 891 | |||||
Other comprehensive earnings (losses), net of deferred income taxes | 585 | 585 | |||||
Stock award activity | 15 | 13 | 2 | ||||
Cash dividends declared | (1,627) | (1,627) | |||||
Repurchases of common stock | (507) | (507) | |||||
Ending balance at Jun. 30, 2022 | (2,403) | 935 | 5,861 | 30,252 | (2,377) | (37,074) | |
Beginning balance at Dec. 31, 2022 | (3,923) | 935 | 5,887 | 29,792 | (2,771) | (37,816) | $ 50 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 3,904 | 3,904 | |||||
Other comprehensive earnings (losses), net of deferred income taxes | 62 | 62 | |||||
Stock award activity | 13 | (7) | 20 | ||||
Cash dividends declared | (3,356) | (3,356) | |||||
Repurchases of common stock | (472) | (472) | |||||
Other | (5) | (5) | |||||
Ending balance at Jun. 30, 2023 | (3,777) | 935 | 5,880 | 30,340 | (2,709) | (38,273) | 50 |
Beginning balance at Mar. 31, 2023 | (3,826) | 935 | 5,866 | 29,898 | (2,779) | (37,796) | 50 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 2,117 | 2,117 | |||||
Other comprehensive earnings (losses), net of deferred income taxes | 70 | 70 | |||||
Stock award activity | 14 | 14 | |||||
Cash dividends declared | (1,675) | (1,675) | |||||
Repurchases of common stock | (472) | (472) | |||||
Other | (5) | (5) | |||||
Ending balance at Jun. 30, 2023 | $ (3,777) | $ 935 | $ 5,880 | $ 30,340 | $ (2,709) | $ (38,273) | $ 50 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared (usd per share) | $ 0.94 | $ 0.90 | $ 1.88 | $ 1.80 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | |||
Cash Provided by (Used in) Operating Activities | |||||
Net earnings | $ 2,117 | $ 3,904 | $ 2,850 | ||
Adjustments to reconcile net earnings to operating cash flows: | |||||
Depreciation and amortization | 114 | 109 | |||
Deferred income tax provision (benefit) | (406) | 20 | |||
(Income) losses from investments in equity securities | (127) | (47) | 1,229 | ||
Dividends from ABI | 163 | 104 | |||
Loss on Cronos-related financial instruments | 0 | 0 | 14 | ||
Cash effects of changes | |||||
Receivables | (58) | [1] | 4 | ||
Inventories | 9 | [1] | 50 | ||
Accounts payable | (82) | [1] | (47) | ||
Income taxes | (191) | [1] | 6 | ||
Accrued liabilities and other current assets | 187 | [1] | (177) | ||
Accrued settlement charges | (1,363) | [1] | (1,600) | ||
Pension plan contributions | (11) | (8) | |||
Pension and postretirement, net | (63) | (74) | |||
Other, net | 952 | [2] | 81 | ||
Net cash provided by (used in) operating activities | 3,108 | 2,561 | |||
Cash Provided by (Used in) Investing Activities | |||||
Capital expenditures | (103) | (83) | |||
Acquisition of NJOY, net of cash acquired | (2,750) | 0 | |||
Other, net | (5) | (67) | |||
Net cash provided by (used in) investing activities | (2,858) | (150) | |||
Cash Provided by (Used in) Financing Activities | |||||
Proceeds from short-term borrowings | 2,000 | 0 | |||
Long-term debt repaid | (1,566) | 0 | |||
Repurchases of common stock | (472) | (1,083) | |||
Dividends paid on common stock | (3,365) | (3,279) | |||
Other, net | (15) | (11) | |||
Net cash provided by (used in) financing activities | (3,418) | (4,373) | |||
Cash, cash equivalents and restricted cash: | |||||
Increase (decrease) | (3,168) | (1,962) | |||
Balance at beginning of period | 4,091 | 4,594 | |||
Balance at end of period | 923 | 923 | 2,632 | ||
Cash and cash equivalents | 874 | 874 | |||
Restricted cash included in other current assets | 15 | [3] | 15 | [3] | |
Restricted cash included in other assets | 34 | [3] | 34 | [3] | |
Cash, cash equivalents and restricted cash | $ 923 | $ 923 | $ 2,632 | ||
[1] 2023 amounts are net of the effects from the NJOY Transaction. For further details, see Note 2. Acquisition of NJOY . 2023 includes $782 million of unrecognized tax benefit from the ordinary loss for cash tax purposes with respect to a portion of our tax basis associated with our former investment in JUUL, which is substantially offset by a corresponding change included in income taxes. For further discussion, see Note 12. Income Taxes . Restricted cash consisted primarily of cash deposits collateralizing appeal bonds posted by PM USA to obtain stays of judgments pending appeals. See Note 13. Contingencies . |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Parenthetical) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Unrecognized tax benefits, period increase (decrease) | $ 773 |
JUUL [Member] | |
Unrecognized tax benefits, period increase (decrease) | $ 782 |
Background and Basis of Present
Background and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and Basis of Presentation | Background and Basis of Presentation When used in these notes, the terms “ Altria,” “we,” “us” and “our” refer to either (i) Altria Group, Inc. and its consolidated subsidiaries or (ii) Altria Group, Inc. only and not its consolidated subsidiaries, as appropriate in the context. ▪ Background: At June 30, 2023, our wholly owned subsidiaries included Philip Morris USA Inc. (“PM USA”), which is engaged in the manufacture and sale of cigarettes in the United States; John Middleton Co. (“Middleton”), which is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco and is a wholly owned subsidiary of PM USA; UST LLC (“UST”), which through its wholly owned subsidiary U.S. Smokeless Tobacco Company LLC (“USSTC”), is engaged in the manufacture and sale of moist smokeless tobacco products (“MST”) and snus products; Helix Innovations LLC (“Helix”), which operates in the United States and Canada, and Helix Innovations GmbH and its affiliates (“Helix ROW”), which operate internationally in the rest-of-world, are engaged in the manufacture and sale of oral nicotine pouches; and NJOY, LLC (“NJOY”), which is engaged in the manufacture and sale of e-vapor products. Other wholly owned subsidiaries included Altria Group Distribution Company (“AGDC”), which provides sales and distribution services to our domestic tobacco operating companies; and Altria Client Services LLC (“ALCS”), which provides various support services to our companies in areas such as legal, regulatory, consumer engagement, finance, human resources and external affairs. Our access to the operating cash flows of our wholly owned subsidiaries consists of cash received from the payment of dividends and distributions, and the payment of interest on intercompany loans by our subsidiaries. At June 30, 2023, our significant wholly owned subsidiaries were not limited by contractual obligations in their ability to pay cash dividends or make other distributions with respect to their equity interests. As discussed in Note 2. Acquisition of NJOY , on June 1, 2023, we completed our acquisition of NJOY Holdings, Inc. (“NJOY Holdings”), the parent of NJOY. As a result of the acquisition, NJOY became a wholly owned subsidiary of Altria. At June 30, 2023, we also owned a 75% economic interest in Horizon Innovations LLC (“Horizon”), a joint venture with Japan Tobacco, Inc., which owned the remaining 25% economic interest. Horizon is structured to exist in perpetuity and is responsible for the U.S. marketing and commercialization of heated tobacco stick products. In March 2023, we entered into a stock transfer agreement with JUUL Labs, Inc. (“Stock Transfer Agreement”) pursuant to which we transferred to JUUL Labs, Inc. (“JUUL”) all of our beneficially owned JUUL equity securities. In exchange, we received a non-exclusive, irrevocable global license to certain of JUUL’s heated tobacco intellectual property (“JUUL Heated Tobacco IP”). Prior to the exchange, we accounted for our investment in JUUL at fair value. At June 30, 2023, we had investments in Anheuser-Busch InBev SA/NV (“ABI”) and Cronos Group Inc. (“Cronos”), which we account for under the equity method of accounting using a one-quarter lag. For further discussion of our investments in equity securities, see Note 5. Investments in Equity Securities . ▪ Share Repurchases: In January 2021, our Board of Directors (“Board of Directors” or “Board”) authorized a $2.0 billion share repurchase program that it expanded to $3.5 billion in October 2021 (as expanded, the “January 2021 share repurchase program”). We completed the January 2021 share repurchase program in December 2022. In January 2023, our Board of Directors authorized a new $1.0 billion share repurchase program (the “January 2023 share repurchase program”). At June 30, 2023, we had $528 million remaining under the January 2023 share repurchase program. The timing of share repurchases under this program depends upon marketplace conditions and other factors, and the program remains subject to the discretion of our Board. Our share repurchase activity was as follows: For the Six Months Ended June 30, For the Three Months Ended June 30, (in millions, except per share data) 2023 2022 2023 2022 Total number of shares repurchased 10.4 21.4 10.4 10.1 Aggregate cost of shares repurchased $ 472 $ 1,083 $ 472 $ 507 Average price per share of shares repurchased $ 45.37 $ 50.53 $ 45.37 $ 50.35 ▪ Basis of Presentation: Our interim condensed consolidated financial statements are unaudited. Our management believes that all adjustments necessary for a fair statement of the interim results presented have been reflected in our interim condensed consolidated financial statements. All such adjustments were of a normal recurring nature. Net revenues and net earnings for any interim period are not necessarily indicative of results that may be expected for the entire year. These statements should be read in conjunction with our audited consolidated financial statements and related notes, which appear in our Annual Report on Form 10-K for the year ended December 31, 2022. Certain immaterial prior year amounts have been reclassified to conform with the current year’s presentation. On January 1, 2023, we adopted Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU No. 2021-08”). This guidance updates how an entity recognizes and measures contract assets and contract liabilities acquired in a business combination. Our adoption of ASU No. 2021-08 had no impact on our condensed consolidated financial statements or related disclosures. Additionally, on January 1, 2023, we adopted ASU 2022-04, Liabilities- Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations (“ASU No. 2022-04”). This guidance requires that a buyer in a supplier finance program disclose sufficient qualitative and quantitative information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period and potential magnitude. At June 30, 2023, our adoption of ASU No. 2022-04 had no material impact on our condensed consolidated financial statements or related disclosures. For a description of issued accounting guidance applicable to, but not yet adopted by, us, see Note 14. New Accounting Guidance Not Yet Adopted . |
Acquisition of NJOY
Acquisition of NJOY | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition of NJOY | Acquisition of NJOY On June 1, 2023, we acquired NJOY Holdings (“NJOY Transaction”), which provided us with full global ownership of NJOY’s e-vapor product portfolio, including NJOY ACE , currently the only pod-based e-vapor product with market authorizations from the U.S. Food and Drug Administration (“FDA”). The total consideration for the NJOY Transaction of $2.9 billion (subject to closing adjustments), consists of $2.75 billion in cash payments (net of cash acquired) that we paid upon closing plus the fair value of up to $500 million in additional cash payments that are contingent on receipt of FDA authorizations with respect to certain NJOY products. The fair value of these contingent payments on the acquisition date and at June 30, 2023 was $130 million, which is included in the total consideration. We funded the NJOY Transaction cash payments through a combination of a $2.0 billion term loan facility, the issuance of commercial paper and available cash. For further discussion regarding the term loan facility, see Note 11. Debt. We accounted for this acquisition as a business combination. NJOY’s financial position and results of operations beginning June 1, 2023 have been consolidated with our consolidated financial results and included in the all other category. The fair value estimates of the assets acquired and liabilities assumed are preliminary and subject to adjustments during the measurement period (up to one year following the acquisition date). The primary areas of accounting for the NJOY Transaction that are not yet finalized relate to the fair value of certain intangible assets acquired, certain contingent liabilities, residual goodwill and any related tax impact. During the measurement period, we will adjust preliminary valuations assigned to assets and liabilities if new information is obtained about facts and circumstances that existed as of the NJOY Transaction date, that, if known, would have resulted in revised values for these items as of that date. The impact of all changes, if any, that do not qualify as measurement period adjustments will be included in current period earnings. The following amounts represent the preliminary estimates for purchase price allocation to assets acquired and liabilities assumed in the NJOY Transaction, which are expected to be finalized during 2023: (in millions) Cash and cash equivalents $ 22 Receivables 7 Inventories 19 Other assets 7 Property, plant and equipment 16 Other intangible assets: Developed technology (amortizable) 1,000 Trademarks (amortizable) 230 Supplier agreements (amortizable) 180 Accounts payable (7) Accrued liabilities (20) Deferred income taxes (167) Total identifiable net assets 1,287 Total consideration 2,900 Goodwill $ 1,613 The excess of the total consideration over the identifiable net assets acquired in the NJOY Transaction primarily reflects the value of future growth opportunities in the e-vapor category. None of the goodwill or other intangible assets will be deductible for tax purposes. The significant assumptions used in determining the preliminary fair values of the identifiable intangible assets included revenue growth rates, profit margins, the assessment of acquired technology life cycles, discount rates, as well as other factors. We determined the preliminary fair values of the identifiable intangibles assets using an income approach. The fair value measurements were primarily based on significant inputs that are not observable in the market, such as discounted cash flow analyses, and thus represent a Level 3 measurement. We amortize the intangible assets over their estimated lives of 13 to 18 years. In determining the estimated fair value of contingent payments, we made certain judgments, estimates and assumptions, the most significant of which was the likelihood of certain potential regulatory outcomes. Contingent payments are classified in Level 3 of the fair value hierarchy. Costs incurred for the NJOY Transaction have been and will be recognized as expenses in the period in which the costs are incurred. We incurred $49 million and $41 million for the six and three months ended June 30, 2023, respectively, for acquisition-related costs, consisting primarily of transaction costs and financing fees, which were included in corporate expense and interest and other debt expense, net, respectively, in our condensed consolidated statements of earnings. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | Revenues from Contracts with Customers We disaggregate net revenues based on product type. For further discussion, see Note 10. Segment Reporting . We calculate substantially all cash discounts, offered to customers for prompt payment, as a flat rate per unit based on agreed-upon payment terms and record receivables net of the cash discounts on our condensed consolidated balance sheets. We record payments received by our businesses in advance of product shipment as deferred revenue. These payments are included in other accrued liabilities on our condensed consolidated balance sheets until control of such products is obtained by the customer. Deferred revenue from contracts with customers was $359 million and $252 million at June 30, 2023 and December 31, 2022, respectively. When cash is received in advance of product shipment, our companies satisfy their performance obligations within three days of receiving payment. At June 30, 2023 and December 31, 2022, there were no differences between amounts recorded as deferred revenue from contracts with customers and amounts subsequently recognized as revenue. Receivables (excluding receivable from the sale of IQOS System commercialization rights) were $63 million and $48 million at June 30, 2023 and December 31, 2022, respectively. At June 30, 2023 and December 31, 2022, there were no expected differences between amounts recorded and subsequently received, and we did not record an allowance for credit losses against these receivables. We record an allowance for returned goods, which is included in other accrued liabilities on our condensed consolidated balance sheets. It is USSTC’s policy to accept authorized sales returns from its customers for products that have passed the freshness date printed on product packaging due to the limited shelf life of USSTC’s MST and snus products. We record estimated sales returns, which are based principally on historical volume and return rates, as a reduction to revenues. Actual sales returns will differ from estimated sales returns to the extent actual results differ from estimated assumptions. We reflect differences between actual and estimated sales returns in the period in which the actual amounts become known. These differences, if any, have not had a material impact on our condensed consolidated financial statements. All returned goods are destroyed upon return and not included in inventory. Consequently, we do not record an asset for USSTC’s right to recover goods from customers upon return. Sales incentives include variable payments related to goods sold by our businesses. We include estimates of variable consideration as a reduction to revenues upon shipment of goods to customers. The sales incentives that require significant estimates and judgments are as follows: ▪ Price promotion payments- We make price promotion payments, substantially all of which are made to our retail partners to incent the promotion of certain product offerings in select geographic areas. ▪ Wholesale and retail participation payments- We make payments to our wholesale and retail partners to incent merchandising and sharing of sales data in accordance with our trade agreements. These estimates primarily include estimated wholesale to retail sales volume and historical acceptance rates. Actual payments will differ from estimated payments to the extent actual results differ from estimated assumptions. Differences between actual and estimated payments are reflected in the period such information becomes available. These differences, if any, have not had a material impact on our condensed consolidated financial statements. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets, net | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets, net | Goodwill and Other Intangible Assets, net Goodwill and other intangible assets, net, were as follows: Goodwill Other Intangible Assets, net (in millions) June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Smokeable products segment $ 99 $ 99 $ 2,977 $ 2,989 Oral tobacco products segment 5,078 5,078 9,081 9,097 Other 1,613 — 1,691 298 Total $ 6,790 $ 5,177 $ 13,749 $ 12,384 Other intangible assets consisted of the following: June 30, 2023 December 31, 2022 (in millions) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-lived intangible assets $ 11,443 $ — $ 11,443 $ — Definite-lived intangible assets 2,821 515 1,411 470 Total other intangible assets $ 14,264 $ 515 $ 12,854 $ 470 At June 30, 2023, substantially all of our indefinite-lived intangible assets consisted of our trademarks from our 2009 acquisition of UST ($8.8 billion) and 2007 acquisition of Middleton ($2.6 billion). Definite-lived intangible assets, consisting primarily of intellectual property (which includes developed technology), certain cigarette trademarks, e-vapor trademarks, customer relationships and supplier agreements are amortized over a weighted-average period of 18 years. Pre-tax amortization expense for definite-lived intangible assets was $45 million and $35 million for the six months ended June 30, 2023 and 2022, respectively, and $27 million and $18 million for the three months ended June 30, 2023 and 2022, respectively. Our annualized amortization expense, which includes the impact of the NJOY Transaction, for each of the next five years is estimated to be approximately $160 million, assuming no additional transactions occur that require the amortization of intangible assets. In July 2023, we received the remaining payment of approximately $1.8 billion (including interest) from Philip Morris International Inc. (“PMI”) as part of the agreement with PMI to, among other things, transition and ultimately conclude our relationship with respect to the IQOS Tobacco Heating System (“ IQOS System”) in the United States (“Remaining PMI Payment”). In 2022, we received $1.0 billion from PMI upon entering into the agreement. For the six and three months ended June 30, 2023, we recorded interest income related to the Remaining PMI Payment of $51 million and $26 million, respectively, in our condensed consolidated statements of earnings. At June 30, 2023, our condensed consolidated balance sheet included a pre-tax $2.7 billion deferred gain, which we expect to recognize in earnings when we relinquish our rights to the IQOS System effective April 30, 2024. The changes in goodwill and net carrying amount of intangible assets were as follows: For the Six Months Ended For the Year Ended (in millions) Goodwill Other Intangible Assets, net Goodwill Other Intangible Assets, net Balance at January 1 $ 5,177 $ 12,384 $ 5,177 $ 12,306 Changes due to: Acquisitions (1) 1,613 1,410 — 151 Amortization — (45) — (73) Balance at end of period $ 6,790 $ 13,749 $ 5,177 $ 12,384 (1) 2023 amounts attributable to the NJOY Transaction. For additional information regarding the NJOY Transaction, see Note 2. Acquisition of NJOY . 2022 amounts attributable to certain intellectual property for other tobacco products. We conduct a required annual review of goodwill and indefinite-lived intangibles for potential impairment, and more frequently if an event occurs or circumstances change that would require us to perform an interim review. There have been no events or changes in circumstances that indicate an interim impairment review was required as of June 30, 2023. We will perform our annual impairment testing during the fourth quarter of 2023. |
Investments in Equity Securitie
Investments in Equity Securities | 6 Months Ended |
Jun. 30, 2023 | |
Investments [Abstract] | |
Investments in Equity Securities | Investments in Equity Securities The carrying amount of our current and former investments consisted of the following: (in millions) June 30, 2023 December 31, 2022 ABI $ 9,302 $ 8,975 Cronos 341 375 JUUL — 250 Total $ 9,643 $ 9,600 (Income) losses from our current and former investments in equity securities consisted of the following: For the Six Months Ended June 30, For the Three Months Ended June 30, (in millions) 2023 2022 2023 2022 ABI (1) $ (340) $ (212) $ (135) $ (12) Cronos (1) 43 186 8 120 (Income) losses from investments under equity method of accounting (297) (26) (127) 108 JUUL 250 (2) 1,255 (3) — 1,155 (3) (Income) losses from investments in equity securities $ (47) $ 1,229 $ (127) $ 1,263 (1) Includes our share of amounts recorded by our investees and additional adjustments, if required, related to (i) the conversion from international financial reporting standards to United States generally accepted accounting principles (“ GAAP”) and (ii) adjustments to our investments required under the equity method of accounting. (2) Represents loss as a result of the disposition of our JUUL equity securities discussed below. (3) Represents the estimated change in fair value. Prior to the disposition of our JUUL equity securities on March 3, 2023, we accounted for our former investment in JUUL as an investment in an equity security measured at fair value. Investment in ABI At June 30, 2023, we had an approximate 10% ownership interest in ABI, consisting of 185 million restricted shares of ABI (the “Restricted Shares”) and 12 million ordinary shares of ABI. The Restricted Shares: ▪ are unlisted and not admitted to trading on any stock exchange; ▪ are convertible by us into ordinary shares of ABI on a one-for-one basis; ▪ rank equally with ordinary shares of ABI with regards to dividends and voting rights; and ▪ have director nomination rights with respect to ABI. We have not elected to convert our Restricted Shares into ordinary shares of ABI. We account for our investment in ABI under the equity method of accounting because we have the ability to exercise significant influence over the operating and financial policies of ABI, including having active representation on ABI’s board of directors and certain ABI board committees. Through this representation, we participate in ABI’s policy making processes. We report our share of ABI’s results using a one-quarter lag because ABI’s results are not available in time for us to record them in the concurrent period. The fair value of our equity investment in ABI is based on (i) unadjusted quoted prices in active markets for ABI’s ordinary shares and was classified in Level 1 of the fair value hierarchy and (ii) observable inputs other than Level 1 prices, such as quoted prices for similar assets for the Restricted Shares and was classified in Level 2 of the fair value hierarchy. We can convert our Restricted Shares to ordinary shares at our discretion. Therefore, the fair value of each Restricted Share is based on the value of an ordinary share. The fair value of our equity investment in ABI at June 30, 2023 and December 31, 2022 was $11.2 billion and $11.9 billion, respectively, which exceeded its carrying value of $9.3 billion and $9.0 billion by approximately 20% and 33%, respectively. Investment in Cronos At June 30, 2023, we had a 41.1% ownership interest in Cronos, consisting of 156.6 million shares, which we account for under the equity method of accounting. We report our share of Cronos’s results using a one-quarter lag because Cronos’s results are not available in time for us to record them in the concurrent period. The fair value of our equity method investment in Cronos is based on unadjusted quoted prices in active markets for Cronos’s common shares and was classified in Level 1 of the fair value hierarchy. At December 31, 2022, the fair value of our equity method investment in Cronos exceeded its carrying value by $22 million or approximately 6%. At June 30, 2023, the fair value of our equity method investment in Cronos was less than its carrying value by $32 million or approximately 9%. Based on our evaluation of the duration and magnitude of the fair value decline, our evaluation of Cronos’s financial condition (including its strong cash position) and near-term prospects, and our intent and ability to hold our investment in Cronos until recovery, we concluded that the decline in fair value of our equity method investment in Cronos below its carrying value is temporary and, therefore, no impairment was recorded. As part of our investment in Cronos, at June 30, 2023, we also owned anti-dilution protections to purchase Cronos common shares, exercisable each quarter upon dilution, to maintain our ownership percentage. Certain of the anti-dilution protections provide us the ability to purchase additional Cronos common shares at a per share exercise price of Canadian dollar (“CAD”) $16.25 upon the occurrence of specified events (“Fixed-price Preemptive Rights”). The Fixed-price Preemptive Rights had no value at June 30, 2023 and December 31, 2022. Prior to December 2022, we also owned a warrant providing us the ability to purchase an additional approximate 10% of common shares of Cronos at a per share exercise price of CAD $19.00, which would have expired on March 8, 2023. In December 2022, we irrevocably abandoned the Cronos warrant. Former Investment in JUUL In March 2023, we entered into the Stock Transfer Agreement with JUUL pursuant to which, among other things, we transferred to JUUL all of our beneficially owned JUUL equity securities. Concurrently with and in connection with the execution of the Stock Transfer Agreement, JUUL entered into an agreement with us that provides us with a non-exclusive, irrevocable global license to certain of the JUUL Heated Tobacco IP. In addition, all other agreements between us, on the one hand, and JUUL, on the other hand, were terminated or we were removed as parties thereto, other than certain litigation-related agreements and a license agreement relating to our non-trademark licensable intellectual property rights in the e-vapor field, which remain in force solely with respect to our e-vapor intellectual property as of or prior to March 3, 2023. As a result of transferring to JUUL all of our beneficially owned JUUL equity securities pursuant to the Stock Transfer Agreement, for the three months ended March 31, 2023, we recorded a non-cash, pre-tax loss on the disposition of our JUUL equity securities of $250 million. Additionally, we considered specific facts and circumstances around the nature of the JUUL Heated Tobacco IP and determined that the fair value of such intellectual property was not material to our consolidated financial statements as of the date of the transaction. As a result, we did not record an asset associated with this intellectual property on our condensed consolidated balance sheet at March 31, 2023. The primary drivers of this conclusion were (i) our rights to the JUUL Heated Tobacco IP being non-exclusive, (ii) there being no product or technology transferred to us associated with the JUUL Heated Tobacco IP and (iii) there being no connection between the JUUL Heated Tobacco IP and our current product development plans. In April 2020, the U.S. Federal Trade Commission (“FTC”) issued an administrative complaint challenging our former investment in JUUL. In June 2023, the FTC issued an order dismissing its complaint, which concluded the matter. For further discussion, see Note 13. Contingencies - Antitrust Litigation . |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial Instruments We enter into derivative financial instruments to mitigate the potential impact of certain market risks, including foreign currency exchange rate risk. We use various types of derivative financial instruments, including forward contracts, options and swaps. We do not enter into or hold derivative financial instruments for trading or speculative purposes. Our investment in ABI, whose functional currency is the Euro, exposes us to foreign currency exchange risk on the carrying value of our investment. To manage this risk, we may designate certain foreign exchange contracts, including cross-currency swap contracts and forward contracts (collectively, “foreign currency contracts”), and Euro denominated unsecured long-term notes (“foreign currency denominated debt”) as net investment hedges of our investment in ABI. At June 30, 2023 and December 31, 2022, we had no outstanding foreign currency contracts. When we have foreign currency contracts in effect, counterparties are domestic and international financial institutions. Under these contracts, we are exposed to potential losses in the event of non-performance by these counterparties. We manage our credit risk by entering into transactions with counterparties that have investment grade credit ratings, limiting the amount of exposure we have with each counterparty and monitoring the financial condition of each counterparty. The counterparty agreements contain provisions that require us to maintain an investment grade credit rating. In the event our credit rating falls below investment grade, counterparties to our foreign currency contracts can require us to post collateral. The aggregate carrying value and fair value of our total long-term debt were as follows: (in millions) June 30, 2023 December 31, 2022 Carrying value $ 25,195 $ 26,680 Fair value 22,281 22,928 Foreign currency denominated debt included in long-term debt: Carrying value 3,263 4,540 Fair value 2,969 4,165 Our estimate of the fair value of our total long-term debt is based on observable market information derived from a third-party pricing source and is classified in Level 2 of the fair value hierarchy. Net Investment Hedging We recognized changes in the carrying value of the foreign currency denominated debt due to changes in the Euro to U.S. dollar exchange rate in accumulated other comprehensive losses related to ABI. We recognized pre-tax (gains) losses of our net investment hedges of $69 million and $(375) million for the six months ended June 30, 2023 and 2022, respectively, and $21 million and $(247) million for the three months ended June 30, 2023 and 2022, respectively, in accumulated other comprehensive losses. |
Benefit Plans
Benefit Plans | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans Components of Net Periodic Benefit Cost (Income) Net periodic benefit cost (income) consisted of the following: Pension Postretirement Pension Postretirement For the Six Months Ended June 30, For the Three Months Ended June 30, (in millions) 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ 20 $ 32 $ 8 $ 10 $ 11 $ 17 $ 4 $ 5 Interest cost 166 104 34 20 83 52 17 10 Expected return on plan assets (243) (247) (4) (6) (122) (124) (2) (3) Amortization: Net loss 2 48 — 8 1 24 — 4 Prior service cost (credit) 3 3 (20) (23) 2 1 (10) (11) Net periodic benefit cost (income) $ (52) $ (60) $ 18 $ 9 $ (25) $ (30) $ 9 $ 5 Employer Contributions We make contributions to our pension plans to the extent that the contributions are tax deductible and pay benefits that relate to plans for salaried employees that cannot be funded under Internal Revenue Service (“IRS”) regulations. We made employer contributions of $11 million to our pension plans and did not make any contributions to our postretirement plans during the six |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share We calculated basic and diluted earnings per share (“EPS”) using the following: For the Six Months Ended June 30, For the Three Months Ended June 30, (in millions) 2023 2022 2023 2022 Net earnings $ 3,904 $ 2,850 $ 2,117 $ 891 Less: Distributed and undistributed earnings attributable to share-based awards (7) (6) (4) (2) Earnings for basic and diluted EPS $ 3,897 $ 2,844 $ 2,113 $ 889 Weighted-average shares for basic and diluted EPS 1,784 1,813 1,782 1,809 |
Other Comprehensive Earnings_Lo
Other Comprehensive Earnings/Losses | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Other Comprehensive Earnings/Losses | Other Comprehensive Earnings/Losses Changes in each component of accumulated other comprehensive losses, net of deferred income taxes, attributable to Altria were as follows: For the Six Months Ended June 30, 2023 (in millions) Benefit Plans ABI Currency Accumulated Balances, December 31, 2022 $ (1,436) $ (1,369) $ 34 $ (2,771) Other comprehensive earnings (losses) before reclassifications — 72 7 79 Deferred income taxes — (13) — (13) Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes — 59 7 66 Amounts reclassified to net earnings (14) 9 — (5) Deferred income taxes 3 (2) — 1 Amounts reclassified to net earnings, net of deferred income taxes (11) 7 — (4) Other comprehensive earnings (losses), net of deferred income taxes (11) 66 (1) 7 62 Balances, June 30, 2023 $ (1,447) $ (1,303) $ 41 $ (2,709) For the Three Months Ended June 30, 2023 (in millions) Benefit Plans ABI Currency Accumulated Balances, March 31, 2023 $ (1,442) $ (1,381) $ 44 $ (2,779) Other comprehensive earnings (losses) before reclassifications — 90 (3) 87 Deferred income taxes — (18) — (18) Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes — 72 (3) 69 Amounts reclassified to net earnings (6) 8 — 2 Deferred income taxes 1 (2) — (1) Amounts reclassified to net earnings, net of deferred income taxes (5) 6 — 1 Other comprehensive earnings (losses), net of deferred income taxes (5) 78 (1) (3) 70 Balances, June 30, 2023 $ (1,447) $ (1,303) $ 41 $ (2,709) For the Six Months Ended June 30, 2022 (in millions) Benefit Plans ABI Currency Accumulated Balances, December 31, 2021 $ (1,612) $ (1,512) $ 68 $ (3,056) Other comprehensive earnings (losses) before reclassifications — 884 5 889 Deferred income taxes — (195) — (195) Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes — 689 5 694 Amounts reclassified to net earnings 41 (58) — (17) Deferred income taxes (10) 12 — 2 Amounts reclassified to net earnings, net of deferred income taxes 31 (46) — (15) Other comprehensive earnings (losses), net of deferred income taxes 31 643 (1) 5 679 Balances, June 30, 2022 $ (1,581) $ (869) $ 73 $ (2,377) For the Three Months Ended June 30, 2022 (in millions) Benefit Plans ABI Currency Accumulated Balances, March 31, 2022 $ (1,597) $ (1,434) $ 69 $ (2,962) Other comprehensive earnings (losses) before reclassifications — 746 4 750 Deferred income taxes — (163) — (163) Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes — 583 4 587 Amounts reclassified to net earnings 20 (23) — (3) Deferred income taxes (4) 5 — 1 Amounts reclassified to net earnings, net of deferred income taxes 16 (18) — (2) Other comprehensive earnings (losses), net of deferred income taxes 16 565 (1) 4 585 Balances, June 30, 2022 $ (1,581) $ (869) $ 73 $ (2,377) (1) Primarily reflects our share of ABI’s currency translation adjustments and the impact of our designated net investment hedges related to our equity investment in ABI. For further discussion of designated net investment hedges, see Note 6. Financial Instruments. Pre-tax amounts by component, reclassified from accumulated other comprehensive losses to net earnings were as follows: For the Six Months Ended June 30, For the Three Months Ended June 30, (in millions) 2023 2022 2023 2022 Benefit Plans: (1) Net loss $ 3 $ 61 $ 2 $ 30 Prior service cost/credit (17) (20) (8) (10) (14) 41 (6) 20 ABI (2) 9 (58) 8 (23) Pre-tax amounts reclassified from accumulated other comprehensive losses to net earnings $ (5) $ (17) $ 2 $ (3) (1) Amounts are included in net defined benefit plan costs. For further details, see Note 7. Benefit Plans. (2) Amounts are included in (income) losses from investments in equity securities. For further information, see Note 5. Investments in Equity Securities. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting At June 30, 2023 our reportable segments were smokeable products and oral tobacco products, which include (i) smokeable tobacco products, consisting of combustible cigarettes manufactured and sold by PM USA, and machine-made large cigars and pipe tobacco manufactured and sold by Middleton; and (ii) oral tobacco products, consisting of MST and snus products manufactured and sold by USSTC, and oral nicotine pouches manufactured and sold by Helix. The all other category included (i) the financial results of NJOY (beginning June 1, 2023); (ii) Helix ROW; (iii) our former financial services business, which completed the wind-down of its portfolio of finance assets in 2022; and (iv) the IQOS System heated tobacco business. Our chief operating decision maker (“CODM”) reviews operating companies income (loss) (“OCI”) to evaluate the performance of, and allocate resources to, our segments. OCI for our segments is defined as operating income before general corporate expenses and amortization of intangibles. Interest and other debt expense, net, along with net periodic benefit income, excluding service cost, and provision for income taxes are centrally managed at the corporate level and, accordingly, such items are not presented by segment since they are excluded from the measure of segment profitability reviewed by our CODM. Segment data were as follows: For the Six Months Ended June 30, For the Three Months Ended June 30, (in millions) 2023 2022 2023 2022 Net revenues: Smokeable products $ 10,910 $ 11,138 $ 5,820 $ 5,873 Oral tobacco products 1,308 1,278 680 665 All other 9 19 8 5 Net revenues $ 12,227 $ 12,435 $ 6,508 $ 6,543 Earnings before income taxes: OCI: Smokeable products $ 5,349 $ 5,321 $ 2,846 $ 2,762 Oral tobacco products 859 837 443 430 All other (13) (20) (4) (15) Amortization of intangibles (45) (35) (27) (18) General corporate expenses (488) (114) (353) (54) Operating income 5,662 5,989 2,905 3,105 Interest and other debt expense, net 486 561 257 280 Net periodic benefit income, excluding service cost (62) (93) (31) (47) (Income) losses from investments in equity securities (47) 1,229 (127) 1,263 Loss on Cronos-related financial instruments — 14 — 4 Earnings before income taxes $ 5,285 $ 4,278 $ 2,806 $ 1,605 The comparability of OCI for our reportable segments was affected by the following: ▪ Non-Participating Manufacturer (“NPM”) Adjustment Items: We recorded pre-tax income for NPM adjustment items of $60 million for the six months ended June 30, 2022 in our smokeable products segment. We recorded these items as reductions to cost of sales in our condensed consolidated statement of earnings, which resulted in increased OCI in our smokeable products segment. NPM adjustment items result from the resolutions of certain disputes with states and territories related to the NPM adjustment provision under the Master Settlement Agreement (such dispute resolutions are referred to as “NPM Adjustment Items” and are more fully described in Health Care Cost Recovery Litigation in Note 13. Contingencies ). ▪ 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) 2023 2022 2023 2022 Smokeable products segment $ 52 $ 50 $ 40 $ 38 General corporate expenses 338 7 240 7 Interest and other debt expense, net 11 1 10 1 Total $ 401 $ 58 $ 290 $ 46 We recorded the amounts shown in the table above for the smokeable products segment and general corporate expenses in marketing, administration and research costs in our condensed consolidated statements of earnings. For further discussion, see Note 13. Contingencies . |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Short-term Borrowings and Borrowing Arrangements At June 30, 2023, we had $2.0 billion in short-term borrowings resulting from a term loan facility. At December 31, 2022, we had no short-term borrowings. In June 2023, we entered into a $2.0 billion term loan facility and borrowed the full amount available to fund a portion of the cash payments at the closing of the NJOY Transaction. In July 2023, upon receipt of the Remaining PMI Payment, we repaid the term loan facility in full. For additional information regarding the NJOY Transaction and the Remaining PMI Payment, see Note 2. Acquisition of NJOY and Note 4. Goodwill and Other Intangible Assets, net , respectively. We have a $3.0 billion senior unsecured 5-year revolving credit agreement (as amended, the “Credit Agreement”), which is used for general corporate purposes and expires on August 1, 2025. At June 30, 2023, we had availability under the Credit Agreement for borrowings of up to an aggregate principal amount of $3.0 billion. Pricing for interest and fees under the Credit Agreement may be modified in the event of a change in the rating of our long-term senior unsecured debt. We expect interest rates on borrowings under the Credit Agreement to be based on the Term Secured Overnight Financing Rate plus a percentage based on the higher of the ratings of our long-term senior unsecured debt from Moody’s Investors Service, Inc. and Standard & Poor’s Financial Services LLC. The applicable percentage for borrowings under the Credit Agreement at June 30, 2023 was 1.0% based on our long-term senior unsecured debt ratings on that date. The Credit Agreement does not include any other rating triggers or any provisions that could require the posting of collateral. The Credit Agreement includes various covenants, one of which requires us to maintain a ratio of consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”) to Consolidated Interest Expense of not less than 4.0 to 1.0, calculated as of the end of the applicable quarter on a rolling four quarters basis. At June 30, 2023, we were in compliance with our covenants in the Credit Agreement. The terms “Consolidated EBITDA” and “Consolidated Interest Expense,” each as defined in the Credit Agreement, include certain adjustments. Any commercial paper issued by us and borrowings under the Credit Agreement are guaranteed by PM USA. Long-term Debt The aggregate carrying value of our total long-term debt at June 30, 2023 and December 31, 2022 was $25.2 billion and $26.7 billion, respectively. In May 2023, we repaid in full our 2.950% senior unsecured notes in the aggregate principal amount of $218 million at maturity. In addition, during the first quarter of 2023, we repaid in full our 1.000% senior unsecured Euro notes in the aggregate principal amount of $1.3 billion (€1.25 billion) at maturity. At June 30, 2023 and December 31, 2022, accrued interest on our total debt of $368 million and $411 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 6. Financial Instruments . |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes In August 2022, the U.S. Government enacted legislation commonly referred to as the Inflation Reduction Act that became effective January 1, 2023. The main provisions of the Inflation Reduction Act that impact us are: (i) a 15% corporate alternative minimum tax (“Corporate AMT”) and (ii) a 1% excise tax on share repurchases, which is recorded in equity on our consolidated statements of stockholders’ equity (deficit). We are considered an “applicable corporation” for purposes of Corporate AMT. We expect our regular federal income tax liability will generally exceed our Corporate AMT liability; however, certain unique circumstances may result in our Corporate AMT liability exceeding our regular federal income tax liability, including when tax losses are reported in a different year than book losses. Earnings before income taxes, provision for income taxes and income tax rates consisted of the following: For the Six Months Ended June 30, For the Three Months Ended June 30, (in millions) 2023 2022 2023 2022 Earnings before income taxes $ 5,285 $ 4,278 $ 2,806 $ 1,605 Provision for income taxes 1,381 1,428 689 714 Income tax rate 26.1 % 33.4 % 24.6 % 44.5 % Our income tax rate for the six months ended June 30, 2023 differs from the U.S. federal statutory rate of 21%, due primarily to state tax expense and a valuation allowance recorded against a deferred tax asset related to the disposition of our former investment in JUUL. Our income tax rate for the three months ended June 30, 2023 differs from the U.S. federal statutory rate of 21%, due primarily to state tax expense. Our income tax rates for the six and three months ended June 30, 2022 differ from the U.S. federal statutory rate of 21%, due primarily to a valuation allowance recorded against a deferred tax asset related to the decreases in the estimated fair value of our former investment in JUUL. We are subject to income taxation in many jurisdictions. Unrecognized tax benefits reflect the differences between tax positions we have taken or expect to take on income tax returns and the amounts recognized in the financial statements. Resolution of the related tax positions with the relevant tax authorities may take many years to complete, and such timing is not entirely within our control. For the year ending December 31, 2023, we expect to recognize an approximate $6.5 billion ordinary loss for cash tax purposes with respect to a portion of our tax basis associated with our former investment in JUUL. For financial statement purposes, we expect to fully reserve for the tax benefit associated with this ordinary loss by recording an unrecognized tax benefit of approximately $1.6 billion in 2023 on a pro-rata basis, pending the IRS’s review of our tax position. For the six months ended June 30, 2023, we recognized a pro-rata portion of this ordinary loss, which resulted in a tax benefit of $760 million and a reduction to our current income taxes payable. For the six months ended June 30, 2023, we also recognized a $782 million increase in a long-term liability for unrecognized tax benefits related to this tax position, partially offset by a $22 million deferred federal benefit for state taxes. There was no impact to our condensed consolidated statement of earnings for the six and three months ended June 30, 2023. For further discussion of our former investment in JUUL, see Note 5. Investments in Equity Securities. At June 30, 2023, our total unrecognized tax benefits were $842 million. The amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate at June 30, 2023, was $35 million, along with $807 million affecting deferred taxes. The amount of unrecognized tax benefit that, if recognized, would impact the effective tax rate at December 31, 2022, was $44 million, along with $25 million affecting deferred taxes. Unrecognized tax benefits increased by $773 million from December 31, 2022 due primarily to the tax position established with respect to the character of losses from our former investment in JUUL as discussed above. As a result of the recognition of the approximate $6.5 billion ordinary loss for cash tax purposes discussed above, we expect to be subject to Corporate AMT in 2023. The following chart provides a reconciliation of the beginning and ending valuation allowances for the six months ended June 30, 2023: (in millions) Balance at beginning of year $ 2,800 Additions to valuation allowance charged to income tax expense 74 Releases to valuation allowance credited to income tax benefit (4) Foreign currency translation (1) Additions to valuation allowance due to NJOY Transaction (no impact to earnings) 12 Reductions to valuation allowance offset to deferred tax asset (no impact to earnings) (663) Balance at end of period $ 2,218 We determine deferred tax assets and liabilities based on the differences between the financial statement and tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. We record a valuation allowance when it is more likely than not that some portion or all of a deferred tax asset will not be realized. We determine the realizability of deferred tax assets based on the weight of all available positive and negative evidence. In reaching this determination, we consider the character of the assets and the possible sources of taxable income of the appropriate character within the available carryback and carryforward periods available under the tax law. For the six months ended June 30, 2023, we reduced the deferred tax asset and corresponding valuation allowance for the portion of our JUUL capital losses that is now part of our tax basis in the shares of a foreign subsidiary. This outside basis difference of the foreign subsidiary is not recognized as a deferred tax asset since we do not expect the temporary difference to reverse in the foreseeable future. The cumulative valuation allowance at June 30, 2023 was primarily attributable to deferred tax assets recorded in connection with the portion of our JUUL capital losses that is now included in our tax basis in the shares of a domestic subsidiary and our investment in Cronos. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | ContingenciesLegal proceedings covering a wide range of matters are pending or threatened in various United States and foreign jurisdictions against Altria and certain of our subsidiaries, including PM USA and USSTC, as well as our indemnitees. Various types of claims may be raised in these proceedings, including product liability, unfair trade practices, antitrust, income tax liability, contraband shipments, patent infringement, employment matters, claims alleging violation of the Racketeer Influenced and Corrupt Organizations Act (“RICO”), claims for contribution and claims of competitors, shareholders or distributors. Legislative action, such as changes to tort law, also may expand the types of claims and remedies available to plaintiffs. Litigation is subject to uncertainty and it is possible that there could be adverse developments in pending or future cases. An unfavorable outcome or settlement of pending tobacco-related or other litigation could encourage the commencement of additional litigation. Damages claimed in some tobacco-related and other litigation are or can be significant and, in certain cases, have ranged in the billions of dollars. The variability in pleadings in multiple jurisdictions, together with the actual experience of management in litigating claims, demonstrates that the monetary relief that may be specified in a lawsuit bears little relevance to the ultimate outcome. In certain cases, plaintiffs claim that defendants’ liability is joint and several. In such cases, we may face the risk that one or more co-defendants decline or otherwise fail to participate in the bonding required for an appeal or to pay their proportionate or jury-allocated share of a judgment. As a result, under certain circumstances, we may have to pay more than our proportionate share of any bonding- or judgment-related amounts. Furthermore, in those cases where plaintiffs are successful, we also may be required to pay interest and attorneys’ fees. Although PM USA has historically been able to obtain required bonds or relief from bonding requirements in order to prevent plaintiffs from seeking to collect judgments while adverse verdicts have been appealed, there remains a risk that such relief may not be obtainable in all cases. This risk has been substantially reduced given that 47 states and Puerto Rico limit the dollar amount of bonds or require no bond at all. As discussed below, however, tobacco litigation plaintiffs have challenged the constitutionality of Florida’s bond cap statute in several cases and plaintiffs may challenge state bond cap statutes in other jurisdictions as well. Such challenges may include the applicability of state bond caps in federal court. States, including Florida, also may seek to repeal or alter bond cap statutes through legislation. Although we cannot predict the outcome of such challenges, it is possible that our condensed consolidated results of operations, cash flows or financial position could be materially affected in a particular fiscal quarter or fiscal year by an unfavorable outcome of one or more such challenges. We record provisions in our condensed consolidated financial statements for pending litigation when we determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. At the present time, while it is reasonably possible that an unfavorable outcome in a case may occur, except to the extent discussed elsewhere in this Note 13. Contingencies : (i) management has concluded that it is not probable that a loss has been incurred in any of the pending cases; (ii) management is unable to estimate the possible loss or range of loss that could result from an unfavorable outcome in any of the pending cases; and (iii) accordingly, management has not provided any amounts in our condensed consolidated financial statements for unfavorable outcomes, if any. Litigation defense costs are expensed as incurred. We have achieved substantial success in managing litigation. Nevertheless, litigation is subject to uncertainty and significant challenges remain. It is possible that our condensed consolidated results of operations, cash flows or financial position could be materially affected in a particular fiscal quarter or fiscal year by an unfavorable outcome or settlement of certain pending litigation. We believe, and have been so advised by counsel handling the respective cases, that we have valid defenses to the litigation pending against us, as well as valid bases for appeal of adverse verdicts. We have defended, and will continue to defend, vigorously against litigation challenges. However, we may enter into settlement discussions in particular cases if we believe it is in our best interests to do so. Judgments Paid and Provisions for Tobacco and Health (Including Engle Progeny Litigation) and Certain Other Litigation Items: The changes in our accrued liability for tobacco and health and certain other litigation items, including related interest costs, for the periods specified below are as follows: For the Six Months Ended June 30, For the Three Months Ended June 30, (in millions) 2023 2022 2023 2022 Accrued liability for tobacco and health and certain other litigation items at beginning of period $ 71 $ 91 $ 171 $ — Pre-tax charges for: Tobacco and health and certain other litigation (1) 52 50 40 38 Shareholder derivative lawsuits (2) 98 7 — 7 JUUL-related settlements (3) 240 — 240 — Related interest costs 11 1 10 1 Payments (91) (124) (80) (21) Accrued liability for tobacco and health and certain other litigation items at end of period $ 381 $ 25 $ 381 $ 25 (1) Includes judgments, settlements and fee disputes associated with tobacco and health and certain other litigation. (2) See Shareholder Class Action and Shareholder Derivative Lawsuits - Federal and State Shareholder Derivative Lawsuits below for a discussion of the settlement of the federal and state shareholder derivative lawsuits. (3) Includes the settlement of certain e-vapor product litigation relating to JUUL e-vapor products and the e-vapor product litigation brought by the Minnesota attorney general. See E-vapor Product Litigation below for a discussion of these settlements. The accrued liability for tobacco and health and certain other litigation items, including related interest costs, was included in accrued liabilities and other liabilities on our condensed consolidated balance sheets. Pre-tax charges for tobacco and health and certain other litigation were included in marketing, administration and research costs on our condensed consolidated statements of earnings. Pre-tax charges for related interest costs were included in interest and other debt expense, net on our condensed consolidated statements of earnings. After exhausting all appeals in those cases resulting in adverse verdicts associated with tobacco-related litigation, since October 2004, PM USA has paid judgments and settlements (including related costs and fees) totaling approximately $1 billion and interest totaling approximately $241 million as of June 30, 2023. These amounts include payments for Engle progeny judgments (and related costs and fees) totaling approximately $438 million and related interest totaling approximately $60 million. Security for Judgments: To obtain stays of judgments pending appeal, PM USA has posted various forms of security. As of June 30, 2023, PM USA has posted appeal bonds totaling approximately $34 million, which have been collateralized with restricted cash and are included in assets on our condensed consolidated balance sheets. Overview of Tobacco-Related Litigation Types and Number of U.S. Cases: Claims related to tobacco products generally fall within the following categories: (i) smoking and health cases alleging personal injury brought on behalf of individual plaintiffs; (ii) health care cost recovery cases brought by governmental (both domestic and foreign) plaintiffs seeking reimbursement for health care expenditures allegedly caused by cigarette smoking and/or disgorgement of profits; (iii) e-vapor cases alleging violation of RICO, fraud, failure to warn, design defect, negligence, antitrust, patent infringement and unfair trade practices; and (iv) other tobacco-related litigation described below. Plaintiffs’ theories of recovery and the defenses raised in tobacco-related litigation are discussed below. The table below lists the number of certain tobacco-related cases pending in the United States against us as of: July 27, 2023 July 25, 2022 July 26, 2021 Individual Smoking and Health Cases (1) 171 162 169 Health Care Cost Recovery Actions (2) 1 1 1 E-vapor Cases (3) 5,326 4,030 2,626 Other Tobacco-Related Cases (4) 3 3 3 (1) Includes as of July 27, 2023, 18 cases filed in Illinois, 18 cases filed in New Mexico, 52 cases filed in Massachusetts and 46 non- Engle cases filed in Florida. Does not include individual smoking and health cases brought by or on behalf of plaintiffs in Florida state and federal courts following the decertification of the Engle class (these Engle progeny cases are discussed below in Smoking and Health Litigation - Engle Class Action ). Also does not include 1,390 cases brought by flight attendants seeking compensatory damages for personal injuries allegedly caused by exposure to environmental tobacco smoke (“ETS”). The flight attendants allege that they are members of an ETS smoking and health class action in Florida, which was settled in 1997 ( Broin ). The terms of the court-approved settlement in that case allowed class members to file individual lawsuits seeking compensatory damages but prohibited them from seeking punitive damages. Class members were prohibited from filing individual lawsuits after 2000 under the court-approved settlement. (2) See Health Care Cost Recovery Litigation - Federal Government’s Lawsuit below. (3) Includes as of July 27, 2023, 57 class action lawsuits, 3,736 individual lawsuits and 1,506 “third party” lawsuits relating to the Multidistrict Litigation discussed under E-vapor Product Litigation below. The 57 class action lawsuits include 32 cases in the Northern District of California involving plaintiffs whose claims were previously included in other class action complaints but were refiled as separate stand-alone class actions for procedural and other reasons. In May 2023, we reached agreement on terms to resolve the majority of the Multidistrict Litigation lawsuits. Also includes three patent infringement lawsuits filed against us and certain of our affiliates. For further discussion of the pending Multidistrict Litigation settlement and patent infringement litigation, see E-vapor Product Litigation below. (4) Includes as of July 27, 2023, one inactive smoking and health case alleging personal injury and purporting to be brought on behalf of a class of individual plaintiffs and two inactive class action lawsuits alleging that use of the terms “Lights” and “Ultra Lights” constitute deceptive and unfair trade practices, common law or statutory fraud, unjust enrichment, breach of warranty or violations of RICO. International Tobacco-Related Cases: As of July 27, 2023, (i) Altria is named as a defendant in three e-vapor class action lawsuits in Canada; (ii) PM USA is a named defendant in 10 health care cost recovery actions in Canada, eight of which also name Altria as a defendant; and (iii) PM USA and Altria are named as defendants in seven smoking and health class actions filed in various Canadian provinces. See Guarantees and Other Similar Matters below for a discussion of the Distribution Agreement (defined below) between Altria and PMI that provides for indemnities for certain liabilities concerning tobacco products. Tobacco-Related Cases Set for Trial: As of July 27, 2023, two Engle progeny cases, three individual smoking and health cases and no e-vapor cases are set for trial through September 30, 2023. Trial dates are subject to change. Trial Results: Since January 1999, excluding the Engle progeny cases (separately discussed below), verdicts have been returned in 76 tobacco-related cases in which PM USA was a defendant. Verdicts in favor of PM USA and other defendants were returned in 47 of the 76 cases. These 47 cases were tried in Alaska (1), California (7), Connecticut (1), Florida (10), Louisiana (1), Massachusetts (6), Mississippi (1), Missouri (4), New Hampshire (1), New Mexico (1), New Jersey (1), New York (5), Ohio (2), Pennsylvania (2), Rhode Island (1), Tennessee (2) and West Virginia (2). One case in Massachusetts, Main , where the verdict was initially returned in favor of PM USA, was reversed on appeal and remanded for a new trial. Of the 29 non- Engle progeny cases in which verdicts were returned in favor of plaintiffs, 25 have reached final resolution. See Smoking and Health Liti gation - Engle Progeny Trial Results below for a discussion of verdicts in state and federal Engle progeny cases involving PM USA as of July 27, 2023. Smoking and Health Litigation Overview: Plaintiffs’ allegations of liability in smoking and health cases are based on various theories of recovery, including negligence, gross negligence, strict liability, fraud, misrepresentation, design defect, failure to warn, nuisance, breach of express and implied warranties, breach of special duty, conspiracy, concert of action, violations of unfair trade practice laws and consumer protection statutes and claims under the federal and state anti-racketeering statutes. Plaintiffs in the smoking and health cases seek various forms of relief, including compensatory and punitive damages, treble/multiple damages and other statutory damages and penalties, creation of medical monitoring and smoking cessation funds, disgorgement of profits, and injunctive and equitable relief. Defenses raised in these cases include lack of proximate cause, assumption of the risk, comparative fault and/or contributory negligence, statutes of limitations and preemption by the Federal Cigarette Labeling and Advertising Act. Non- Engle Progeny Litigation: Summarized below are the non- Engle progeny smoking and health cases pending during 2023 (or recently concluded) in which a verdict was returned in favor of plaintiff and against PM USA. Charts listing certain verdicts for plaintiffs in the Engle progeny cases can be found in Smoking and Health Litigation - Engle Progeny Trial Results below. Deswert : In May 2023, a jury in a Pennsylvania state court returned a verdict in favor of plaintiff and against PM USA, awarding less than $1 million in compensatory damages and allocating 50% of the fault to PM USA. Despite the comparative fault, the compensatory damages award will not be reduced due to the jury’s finding of strict liability on the part of PM USA. Plaintiff’s claim for punitive damages was dismissed prior to the trial. In lieu of appealing the trial court’s verdict, we settled plaintiff’s claims in July 2023 and recorded a pre-tax charge of less than $1 million in the third quarter of 2023. Woodley : In February 2023, a jury in a Massachusetts state court returned a verdict in favor of plaintiff and against PM USA, awarding $5 million in compensatory damages. There was no claim for punitive damages. Following the denial of PM USA’s post-trial motions, PM USA appealed the judgment to the Appeals Court of Massachusetts, and the appeal remains pending. Fontaine : In September 2022, a jury in a Massachusetts state court returned a verdict in favor of plaintiff and against PM USA, awarding approximately $8 million in compensatory damages and $1 billion in punitive damages. We have filed post-trial motions challenging the award and will, if necessary, appeal. Greene : In September 2019, a jury in a Massachusetts state court returned a verdict in favor of plaintiffs and against PM USA, awarding approximately $10 million in compensatory damages. In May 2020, the court ruled on plaintiffs’ remaining claim and trebled the compensatory damages award to approximately $30 million. In February 2021, the trial court awarded plaintiffs attorneys’ fees and costs in the amount of approximately $2.3 million. PM USA appealed the judgment, and, in May 2023, the Massachusetts Supreme Judicial Court affirmed the trial court judgment and orders denying PM USA’s post-trial motions, concluding the case. We recorded a pre-tax charge of approximately $48 million and paid the recorded amount in the second quarter of 2023. Federal Government’s Lawsuit : See Health Care Cost Recovery Litigation - Federal Government’s Lawsuit below for a discussion of the verdict and post-trial developments in the United States of America health care cost recovery case. Engle Class Action: In July 2000, in the second phase of the Engle smoking and health class action in Florida, a jury returned a verdict assessing punitive damages totaling approximately $145 billion against various defendants, including $74 billion against PM USA. Following entry of judgment, PM USA appealed. In May 2003, the Florida Third District Court of Appeal reversed the judgment entered by the trial court and instructed the trial court to order the decertification of the class. Plaintiffs petitioned the Florida Supreme Court for further review. In July 2006, the Florida Supreme Court ordered that the punitive damages award be vacated, that the class approved by the trial court be decertified and that members of the decertified class could file individual actions against defendants within one year of issuance of the mandate. The court further declared the following Phase I findings are entitled to res judicata effect in such individual actions brought within one year of the issuance of the mandate: (i) that smoking causes various diseases; (ii) that nicotine in cigarettes is addictive; (iii) that defendants’ cigarettes were defective and unreasonably dangerous; (iv) that defendants concealed or omitted material information not otherwise known or available knowing that the material was false or misleading or failed to disclose a material fact concerning the health effects or addictive nature of smoking; (v) that defendants agreed to misrepresent information regarding the health effects or addictive nature of cigarettes with the intention of causing the public to rely on this information to their detriment; (vi) that defendants agreed to conceal or omit information regarding the health effects of cigarettes or their addictive nature with the intention that smokers would rely on the information to their detriment; (vii) that all defendants sold or supplied cigarettes that were defective; and (viii) that defendants were negligent. In August 2006, PM USA and plaintiffs sought rehearing from the Florida Supreme Court on parts of its July 2006 opinion. In December 2006, the Florida Supreme Court refused to revise its July 2006 ruling, except that it revised the set of Phase I findings entitled to res judicata effect by excluding finding (v) listed above (relating to agreement to misrepresent information), and added the finding that defendants sold or supplied cigarettes that, at the time of sale or supply, did not conform to the representations of fact made by defendants. In February 2008, the trial court decertified the class. Pending Engl e Progeny Cases: The deadline for filing Engle progeny cases expired in January 2008, at which point a total of approximately 9,300 federal and state claims were pending. As of July 27, 2023, approximately 461 state court cases were pending against PM USA or Altria asserting individual claims by or on behalf of approximately 599 state court plaintiffs. Because of a number of factors, including docketing delays, duplicated filings and overlapping dismissal orders, these numbers are estimates. The 2015 federal Engle agreement resolved nearly all Engle progeny cases pending in federal court as of the date of the agreement, and each case excluded from that agreement subsequently has been resolved. Engle Progeny Trial Results: As of July 27, 2023, 144 federal and state Engle progeny cases involving PM USA have resulted in verdicts since the Florida Supreme Court Engle decision. Seventy-eight verdicts were returned in favor of plaintiffs, and four verdicts ( Calloway , Oshinsky-Blacker, McCoy and Mahfuz ) that were initially returned in favor of plaintiffs were reversed post-trial or on appeal and remain pending. In Kaplan ( McLaughlin ), the punitive damages award was vacated on appeal and remanded for a new trial. In Sommers , plaintiff appealed a jury verdict awarding only compensatory damages. The Third District Court of Appeal affirmed the award and remanded for a new trial on entitlement to punitive damages and amount. On remand, the trial court granted PM USA’s motion for summary judgment and entered final judgment dismissing the plaintiff’s punitive damages claim with prejudice, and plaintiff has appealed. Fifty-nine verdicts were returned in favor of PM USA, of which 49 were state cases. In addition, there have been a number of mistrials, only some of which have resulted in new trials as of July 27, 2023. The jury in one case, Garcia , awarded plaintiff compensatory damages and found plaintiff was entitled to punitive damages; however, the court declared a mistrial in the second phase of the trial regarding punitive damages because the jury was unable to determine the amount of the punitive damages. Following appeals by the plaintiff and PM USA, the appellate court in Garcia affirmed the compensatory damages judgment against PM USA and granted a new trial with respect to punitive damages. The plaintiff in Garcia subsequently filed a motion to voluntarily dismiss the punitive damages claim and to enter final judgment on the compensatory damages claim, which the court granted. Three verdicts ( Cohen , Collar and Chacon ) that were returned in favor of PM USA were subsequently reversed for new trials. Juries in two cases ( Reider and Banks ) returned zero damages verdicts in favor of PM USA. Juries in two other cases ( Weingart and Hancock ) returned verdicts against PM USA awarding no damages, but the trial court in each case decided to award plaintiffs damages. Two cases, Pollari and Neff , resulted in verdicts in favor of PM USA following a retrial of initial verdicts returned in favor of plaintiff. In Pollari , plaintiff and defendants appealed the verdict and the appellate court affirmed the judgment in favor of the defendants. In Neff , plaintiff filed a motion for a new trial, which is pending. Three cases, Gloger , Rintoul ( Caprio ) and Duignan , resulted in verdicts in favor of plaintiffs following retrial of initial verdicts returned in favor of plaintiffs. In Duignan , plaintiff’s motion for a rehearing with respect to the appellate court’s decision reversing the judgment against defendants on certain claims, vacating the punitive damages judgment and reducing the compensatory damages judgment based on plaintiff’s comparative fault remains pending. The verdicts in the retrials in Gloger and Rintoul ( Caprio ) were reversed upon appeal and remanded for new trials. Two cases, Freeman and Harris , resulted in an appellate reversal of a jury verdict in favor of plaintiff, and a judgment in favor of PM USA. One case, R. Douglas , was dismissed with prejudice following a verdict in favor of plaintiff. The charts below list the verdicts and post-trial developments in certain Engle progeny cases in which verdicts were returned in favor of plaintiffs. The first chart lists cases that are pending as of July 27, 2023 where PM USA has determined an unfavorable outcome is not probable and the amount of loss cannot be reasonably estimated, and the second chart lists cases that have concluded in the past 12 months. Unless otherwise noted for a particular case, the jury’s award for compensatory damages will not be reduced by any finding of plaintiff’s comparative fault. Further, the damages noted reflect adjustments based on post-trial or appellate rulings. References below to “R.J. Reynolds,” “Lorillard” and “Liggett Group” are to R.J. Reynolds Tobacco Company, Lorillard Tobacco Company and Liggett Group, LLC, respectively. Currently Pending Engle Cases with Verdicts Against PM USA (rounded to nearest $ million) Plaintiff Verdict Date Defendant(s) Court Compensatory Damages (1) Punitive Damages Post-Trial Status Hoffman January 2023 PM USA Miami-Dade $5 million ($3 million PM USA) $0 Appeal by defendant to Third District Court of Appeal pending. Levine September 2022 PM USA and R.J. Reynolds Miami-Dade $1 million $0 Appeals by defendants and plaintiff to the Third District Court of Appeal pending. Schertzer April 2022 PM USA and R.J. Reynolds Miami-Dade $3 million $0 Appeal by defendants to the Third District Court of Appeal pending. Lipp September 2021 PM USA Miami-Dade $15 million $28 million Appeal by defendant to the Third District Court of Appeal pending. Garcia May 2021 PM USA Miami-Dade $6 million ($3 million PM USA) $0 Appeal by defendant to the Third District Court of Appeal pending. Duignan February 2020 (2) PM USA and R.J. Reynolds Pinellas $3 million ($1 million PM USA) $0 The Second District Court of Appeal vacated the final judgment entered in plaintiff’s favor following retrial, vacated the punitive damages judgment, directed the trial court to apply the jury’s comparative fault assessments to the compensatory damages verdict and ordered the trial court to set aside the jury’s findings on plaintiff’s fraud claims. In June 2023, plaintiff filed a motion for reconsideration, which is pending. Plaintiff Verdict Date Defendant(s) Court Compensatory Damages (1) Punitive Damages Post-Trial Status McCall March 2019 PM USA Broward <$1 million (<$1 million PM USA) $0 New trial on punitive damages is set for September 2023. Chadwell September 2018 PM USA Miami-Dade $2 million $0 Third District Court of Appeal has received supplemental briefing in accordance with the decision in Prentice (3) . Kaplan ( McLaughlin ) July 2018 PM USA and R.J. Reynolds Broward $2 million $0 Florida Supreme Court vacated the punitive damages award in accordance with the decision in Sheffield (3) . The Fourth District Court of Appeal affirmed the compensatory damages award and granted a new trial on punitive damages. Cooper ( Blackwood ) September 2015 PM USA and R.J. Reynolds Broward $5 million (<$1 million PM USA) $0 Fourth District Court of Appeal affirmed the compensatory damages award and granted a new trial on punitive damages. (1) PM USA’s portion of the compensatory damages award is noted parenthetically where the court has ruled that comparative fault applies. (2) Plaintiff’s verdict following a retrial of an initial verdict in favor of plaintiff. (3) PM USA is not a defendant in Prentice or Sheffield , which are discussed below in Engle Progeny Appellate Issues . Engle Cases Concluded Within Past 12 Months (rounded to nearest $ million) Plaintiff Verdict Date Defendant(s) Court Accrual Date Payment Amount for Damages (if any) Payment Date Miller September 2022 PM USA and R.J. Reynolds Miami-Dade Third quarter of 2022 <$1 million December 2022 Tuttle August 2022 PM USA Duval Third quarter of 2022 <$1 million October 2022 Cuddihee January 2020 PM USA Duval Second quarter of 2022 $2 million June 2022 Holliman February 2019 PM USA Miami-Dade Fourth quarter of 2022 $3 million January 2023 D. Brown January 2015 PM USA Federal Court - Middle District of Florida Third quarter of 2022 $5 million August 2022 Engle Progeny Appellate Issues: Appellate decisions in the following Engle progeny cases may have wide application to other Engle progeny cases: In Mary Sheffield v. R.J. Reynolds Tobacco Company , an Engle progeny case against R.J. Reynolds only, the Florida Supreme Court resolved a conflict among Florida’s District Courts of Appeal finding that the 1999 amendments to Florida’s punitive damages statute (including its caps and bar on multiple punitive damages awards for the same course of conduct) apply in wrongful death cases where the decedent was injured prior to the October 1, 1999 effective date of the amendments but died from his or her injuries after such effective date. In Linda Prentice v. R.J. Reynolds Tobacco Company , an Engle progeny case against R.J. Reynolds only, the Florida Supreme Court resolved a conflict among Florida’s District Courts of Appeal finding that in order for an Engle plaintiff to prevail on fraudulent concealment and conspiracy claims, plaintiff must prove that the smoker relied to his or her detriment on a statement that concealed or omitted material information about the health risks or addictiveness of smoking. The Florida Supreme Court declined to revisit its prior decisions giving preclusive effect to the Engle Phase I findings, described above in Engle Class Action . Florida Bond Statute: In June 2009, Florida amended its existing bond cap statute by adding a $200 million bond cap that applies to all state Engle progeny lawsuits in the aggregate and establishes individual bond caps for individual Engle progeny cases in amounts that vary depending on the number of judgments in effect at a given time. Plaintiffs have been unsuccessful in various challenges to the bond cap statute in Florida state court. No federal court has yet addressed the constitutionality of the bond cap statute or the applicability of the bond cap to Engle progeny cases tried in federal court. From time to time, legislation has been presented to the Florida legislature that would repeal the bond cap statute; however to date, no legislation repealing the statute has passed. Other Smoking and Health Class Actions: Since the dismissal in May 1996 of a purported nationwide class action brought on behalf of allegedly addicted smokers, plaintiffs have filed numerous putative smoking and health class action suits in various state and federal courts. In general, these cases have purported to be brought on behalf of residents of a particular state or states (although a few cases have purported to be nationwide in scope) and have raised addiction claims and, in many cases, claims of physical injury as well. Class certification has been denied or reversed by courts in 61 smoking and health class actions involving PM USA in Arkansas (1), California (1), Delaware (1), the District of Columbia (2), Florida (2), Illinois (3), Iowa (1), Kansas (1), Louisiana (1), Maryland (1), Michigan (1), Minnesota (1), Nevada (29), New Jersey (6), New York (2), Ohio (1), Oklahoma (1), Oregon (1), Pennsylvania (1), Puerto Rico (1), South Carolina (1), Texas (1) and Wisconsin (1). See Certain Other Tobacco-Related Litigation below for a discussion of “Lights” and “Ultra Lights” class action cases and medical monitoring class action cases pending against PM USA. As of July 27, 2023, PM USA and Altria are named as defendants, along with other cigarette manufacturers, in seven class actions filed in the Canadian provinces of Alberta, Manitoba, Nova Scotia, Saskatchewan, British Columbia and Ontario. In Saskatchewan, British Columbia (two separate cases) and Ontario, plaintiffs seek class certification on behalf of individuals who suffer or have suffered from various diseases, including chronic obstructive pulmonary disease, emphysema, heart disease or cancer, after smoking defendants’ cigarettes. In the actions filed in Alberta, Manitoba and Nova Scotia, plaintiffs seek certification of classes of all individuals who smoked defendants’ cigarettes. In March 2019, all of these class actions were stayed as a result of three Canadian tobacco manufacturers (none of which is related to us) seeking protection under Canada’s Companies’ Creditors Arrangement Act (which is similar to Chapter 11 bankruptcy in the United States). The companies entered into these proceedings following a Canadian appellate court upholding two smoking and health class action verdicts against those companies totaling approximately CAD $13 billion. See Guarantees and Other Similar Matters below for a discussion of the Distribution Agreement between Altria and PMI, which provides for indemnities for certain liabilities concerning tobacco products. Health Care Cost Recovery Litigation Overview: In the health care cost recovery litigation, governmental entities seek reimbursement of health care cost expenditures allegedly caused by tobacco products and, in some cases, of future expenditures and damages. Relief sought by some but not all plaintiffs includes punitive damages, multiple damages and other statutory damages and penalties, injunctions prohibiting alleged marketing and sales to minors, disclosure of research, disgorgement of profits, funding of anti-smoking programs, additional disclos |
New Accounting Guidance Not Yet
New Accounting Guidance Not Yet Adopted | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Guidance Not Yet Adopted | New Accounting Guidance Not Yet Adopted The following table provides a description of issued accounting guidance applicable to, but not yet adopted by, us: Standards Description Effective Date for Public Entity Effect on Financial Statements ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions The guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also specify required disclosures for equity securities subject to contractual sale restrictions. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. We do not expect our adoption of this guidance to have a material impact on our consolidated financial statements and related disclosures. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) Attributable to Parent | $ 2,117 | $ 891 | $ 3,904 | $ 2,850 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Trading Arrangements, by Individual | ||
Rule 10b5-1 Arrangement Adopted | false | |
Non-Rule 10b5-1 Arrangement Adopted | true | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
George Munoz [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | As a result of this change, on May 1, 2023, George Muñoz, a director on our Board, made a one-time election to transfer the investment value of all of the phantom stock of non-Altria stock held in his Plan account into Altria phantom stock units. In accordance with the terms of the Plan, the investment value of the non-Altria phantom stock units was transferred on June 1, 2023 pursuant to the May 1, 2023 investment direction, resulting in the acquisition of 3,149 Altria phantom stock units. This trading arrangement is not intended to satisfy the affirmative defense of Rule 10b5-1(c). | |
Name | George Muñoz | |
Title | director |
Background and Basis of Prese_2
Background and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Investments in Equity Securities | under the equity method of accounting using a one-quarter lag. |
Basis of Presentation | Our interim condensed consolidated financial statements are unaudited. Our management believes that all adjustments necessary for a fair statement of the interim results presented have been reflected in our interim condensed consolidated financial statements. All such adjustments were of a normal recurring nature. Net revenues and net earnings for any interim period are not necessarily indicative of results that may be expected for the entire year. |
New Accounting Pronouncements | On January 1, 2023, we adopted Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU No. 2021-08”). This guidance updates how an entity recognizes and measures contract assets and contract liabilities acquired in a business combination. Our adoption of ASU No. 2021-08 had no impact on our condensed consolidated financial statements or related disclosures. Additionally, on January 1, 2023, we adopted ASU 2022-04, Liabilities- Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations (“ASU No. 2022-04”). This guidance requires that a buyer in a supplier finance program disclose sufficient qualitative and quantitative information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period and potential magnitude. At June 30, 2023, our adoption of ASU No. 2022-04 had no material impact on our condensed consolidated financial statements or related disclosures. For a description of issued accounting guidance applicable to, but not yet adopted by, us, see Note 14. New Accounting Guidance Not Yet Adopted . Standards Description Effective Date for Public Entity Effect on Financial Statements ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions The guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also specify required disclosures for equity securities subject to contractual sale restrictions. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. We do not expect our adoption of this guidance to have a material impact on our consolidated financial statements and related disclosures. |
Intangible assets | We determined the preliminary fair values of the identifiable intangibles assets using an income approach. The fair value measurements were primarily based on significant inputs that are not observable in the market, such as discounted cash flow analyses, and thus represent a Level 3 measurement. |
Contingent payments | In determining the estimated fair value of contingent payments, we made certain judgments, estimates and assumptions, the most significant of which was the likelihood of certain potential regulatory outcomes. Contingent payments are classified in Level 3 of the fair value hierarchy. |
Goodwill and Intangible Assets | We conduct a required annual review of goodwill and indefinite-lived intangibles for potential impairment, and more frequently if an event occurs or circumstances change that would require us to perform an interim review. |
Cash Discounts | We calculate substantially all cash discounts, offered to customers for prompt payment, as a flat rate per unit based on agreed-upon payment terms and record receivables net of the cash discounts on our condensed consolidated balance sheets. |
Revenue from Contract with Customer | We record an allowance for returned goods, which is included in other accrued liabilities on our condensed consolidated balance sheets. It is USSTC’s policy to accept authorized sales returns from its customers for products that have passed the freshness date printed on product packaging due to the limited shelf life of USSTC’s MST and snus products. We record estimated sales returns, which are based principally on historical volume and return rates, as a reduction to revenues. Actual sales returns will differ from estimated sales returns to the extent actual results differ from estimated assumptions. We reflect differences between actual and estimated sales returns in the period in which the actual amounts become known. These differences, if any, have not had a material impact on our condensed consolidated financial statements. All returned goods are destroyed upon return and not included in inventory. Consequently, we do not record an asset for USSTC’s right to recover goods from customers upon return. |
Equity Method Investments | We account for our investment in ABI under the equity method of accounting because we have the ability to exercise significant influence over the operating and financial policies of ABI, including having active representation on ABI’s board of directors and certain ABI board committees. Through this representation, we participate in ABI’s policy making processes. We report our share of ABI’s results using a one-quarter lag because ABI’s results are not available in time for us to record them in the concurrent period. The fair value of our equity investment in ABI is based on (i) unadjusted quoted prices in active markets for ABI’s ordinary shares and was classified in Level 1 of the fair value hierarchy and (ii) observable inputs other than Level 1 prices, such as quoted prices for similar assets for the Restricted Shares and was classified in Level 2 of the fair value hierarchy. We can convert our Restricted Shares to ordinary shares at our discretion. Therefore, the fair value of each Restricted Share is based on the value of an ordinary share. |
Income Taxes | We determine deferred tax assets and liabilities based on the differences between the financial statement and tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. We record a valuation allowance when it is more likely than not that some portion or all of a deferred tax asset will not be realized. We determine the realizability of deferred tax assets based on the weight of all available positive and negative evidence. In reaching this determination, we consider the character of the assets and the possible sources of taxable income of the appropriate character within the available carryback and carryforward periods available under the tax law. |
Revenue From Contract With Customer, Deferred Revenue | We record payments received by our businesses in advance of product shipment as deferred revenue. These payments are included in other accrued liabilities on our condensed consolidated balance sheets until control of such products is obtained by the customer. |
Environmental Regulation | We provide for expenses associated with environmental remediation obligations on an undiscounted basis when such amounts are probable and can be reasonably estimated. |
Background and Basis of Prese_3
Background and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Share Repurchase Activity | Our share repurchase activity was as follows: For the Six Months Ended June 30, For the Three Months Ended June 30, (in millions, except per share data) 2023 2022 2023 2022 Total number of shares repurchased 10.4 21.4 10.4 10.1 Aggregate cost of shares repurchased $ 472 $ 1,083 $ 472 $ 507 Average price per share of shares repurchased $ 45.37 $ 50.53 $ 45.37 $ 50.35 |
Acquisition of NJOY (Tables)
Acquisition of NJOY (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following amounts represent the preliminary estimates for purchase price allocation to assets acquired and liabilities assumed in the NJOY Transaction, which are expected to be finalized during 2023: (in millions) Cash and cash equivalents $ 22 Receivables 7 Inventories 19 Other assets 7 Property, plant and equipment 16 Other intangible assets: Developed technology (amortizable) 1,000 Trademarks (amortizable) 230 Supplier agreements (amortizable) 180 Accounts payable (7) Accrued liabilities (20) Deferred income taxes (167) Total identifiable net assets 1,287 Total consideration 2,900 Goodwill $ 1,613 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Goodwill and other intangible assets, net, were as follows: Goodwill Other Intangible Assets, net (in millions) June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Smokeable products segment $ 99 $ 99 $ 2,977 $ 2,989 Oral tobacco products segment 5,078 5,078 9,081 9,097 Other 1,613 — 1,691 298 Total $ 6,790 $ 5,177 $ 13,749 $ 12,384 The changes in goodwill and net carrying amount of intangible assets were as follows: For the Six Months Ended For the Year Ended (in millions) Goodwill Other Intangible Assets, net Goodwill Other Intangible Assets, net Balance at January 1 $ 5,177 $ 12,384 $ 5,177 $ 12,306 Changes due to: Acquisitions (1) 1,613 1,410 — 151 Amortization — (45) — (73) Balance at end of period $ 6,790 $ 13,749 $ 5,177 $ 12,384 (1) 2023 amounts attributable to the NJOY Transaction. For additional information regarding the NJOY Transaction, see Note 2. Acquisition of NJOY . 2022 amounts attributable to certain intellectual property for other tobacco products. |
Schedule of Indefinite-Lived Intangible Assets | Other intangible assets consisted of the following: June 30, 2023 December 31, 2022 (in millions) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-lived intangible assets $ 11,443 $ — $ 11,443 $ — Definite-lived intangible assets 2,821 515 1,411 470 Total other intangible assets $ 14,264 $ 515 $ 12,854 $ 470 |
Schedule of Finite-Lived Intangible Assets | Other intangible assets consisted of the following: June 30, 2023 December 31, 2022 (in millions) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-lived intangible assets $ 11,443 $ — $ 11,443 $ — Definite-lived intangible assets 2,821 515 1,411 470 Total other intangible assets $ 14,264 $ 515 $ 12,854 $ 470 |
Investments in Equity Securit_2
Investments in Equity Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments [Abstract] | |
Investment | The carrying amount of our current and former investments consisted of the following: (in millions) June 30, 2023 December 31, 2022 ABI $ 9,302 $ 8,975 Cronos 341 375 JUUL — 250 Total $ 9,643 $ 9,600 (Income) losses from our current and former investments in equity securities consisted of the following: For the Six Months Ended June 30, For the Three Months Ended June 30, (in millions) 2023 2022 2023 2022 ABI (1) $ (340) $ (212) $ (135) $ (12) Cronos (1) 43 186 8 120 (Income) losses from investments under equity method of accounting (297) (26) (127) 108 JUUL 250 (2) 1,255 (3) — 1,155 (3) (Income) losses from investments in equity securities $ (47) $ 1,229 $ (127) $ 1,263 (1) Includes our share of amounts recorded by our investees and additional adjustments, if required, related to (i) the conversion from international financial reporting standards to United States generally accepted accounting principles (“ GAAP”) and (ii) adjustments to our investments required under the equity method of accounting. (2) Represents loss as a result of the disposition of our JUUL equity securities discussed below. (3) Represents the estimated change in fair value. Prior to the disposition of our JUUL equity securities on March 3, 2023, we accounted for our former investment in JUUL as an investment in an equity security measured at fair value. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Debt | The aggregate carrying value and fair value of our total long-term debt were as follows: (in millions) June 30, 2023 December 31, 2022 Carrying value $ 25,195 $ 26,680 Fair value 22,281 22,928 Foreign currency denominated debt included in long-term debt: Carrying value 3,263 4,540 Fair value 2,969 4,165 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit (Income) Cost | Net periodic benefit cost (income) consisted of the following: Pension Postretirement Pension Postretirement For the Six Months Ended June 30, For the Three Months Ended June 30, (in millions) 2023 2022 2023 2022 2023 2022 2023 2022 Service cost $ 20 $ 32 $ 8 $ 10 $ 11 $ 17 $ 4 $ 5 Interest cost 166 104 34 20 83 52 17 10 Expected return on plan assets (243) (247) (4) (6) (122) (124) (2) (3) Amortization: Net loss 2 48 — 8 1 24 — 4 Prior service cost (credit) 3 3 (20) (23) 2 1 (10) (11) Net periodic benefit cost (income) $ (52) $ (60) $ 18 $ 9 $ (25) $ (30) $ 9 $ 5 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | We calculated basic and diluted earnings per share (“EPS”) using the following: For the Six Months Ended June 30, For the Three Months Ended June 30, (in millions) 2023 2022 2023 2022 Net earnings $ 3,904 $ 2,850 $ 2,117 $ 891 Less: Distributed and undistributed earnings attributable to share-based awards (7) (6) (4) (2) Earnings for basic and diluted EPS $ 3,897 $ 2,844 $ 2,113 $ 889 Weighted-average shares for basic and diluted EPS 1,784 1,813 1,782 1,809 |
Other Comprehensive Earnings__2
Other Comprehensive Earnings/Losses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in each component of accumulated other comprehensive losses, net of deferred income taxes, attributable to Altria were as follows: For the Six Months Ended June 30, 2023 (in millions) Benefit Plans ABI Currency Accumulated Balances, December 31, 2022 $ (1,436) $ (1,369) $ 34 $ (2,771) Other comprehensive earnings (losses) before reclassifications — 72 7 79 Deferred income taxes — (13) — (13) Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes — 59 7 66 Amounts reclassified to net earnings (14) 9 — (5) Deferred income taxes 3 (2) — 1 Amounts reclassified to net earnings, net of deferred income taxes (11) 7 — (4) Other comprehensive earnings (losses), net of deferred income taxes (11) 66 (1) 7 62 Balances, June 30, 2023 $ (1,447) $ (1,303) $ 41 $ (2,709) For the Three Months Ended June 30, 2023 (in millions) Benefit Plans ABI Currency Accumulated Balances, March 31, 2023 $ (1,442) $ (1,381) $ 44 $ (2,779) Other comprehensive earnings (losses) before reclassifications — 90 (3) 87 Deferred income taxes — (18) — (18) Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes — 72 (3) 69 Amounts reclassified to net earnings (6) 8 — 2 Deferred income taxes 1 (2) — (1) Amounts reclassified to net earnings, net of deferred income taxes (5) 6 — 1 Other comprehensive earnings (losses), net of deferred income taxes (5) 78 (1) (3) 70 Balances, June 30, 2023 $ (1,447) $ (1,303) $ 41 $ (2,709) For the Six Months Ended June 30, 2022 (in millions) Benefit Plans ABI Currency Accumulated Balances, December 31, 2021 $ (1,612) $ (1,512) $ 68 $ (3,056) Other comprehensive earnings (losses) before reclassifications — 884 5 889 Deferred income taxes — (195) — (195) Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes — 689 5 694 Amounts reclassified to net earnings 41 (58) — (17) Deferred income taxes (10) 12 — 2 Amounts reclassified to net earnings, net of deferred income taxes 31 (46) — (15) Other comprehensive earnings (losses), net of deferred income taxes 31 643 (1) 5 679 Balances, June 30, 2022 $ (1,581) $ (869) $ 73 $ (2,377) For the Three Months Ended June 30, 2022 (in millions) Benefit Plans ABI Currency Accumulated Balances, March 31, 2022 $ (1,597) $ (1,434) $ 69 $ (2,962) Other comprehensive earnings (losses) before reclassifications — 746 4 750 Deferred income taxes — (163) — (163) Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes — 583 4 587 Amounts reclassified to net earnings 20 (23) — (3) Deferred income taxes (4) 5 — 1 Amounts reclassified to net earnings, net of deferred income taxes 16 (18) — (2) Other comprehensive earnings (losses), net of deferred income taxes 16 565 (1) 4 585 Balances, June 30, 2022 $ (1,581) $ (869) $ 73 $ (2,377) (1) Primarily reflects our share of ABI’s currency translation adjustments and the impact of our designated net investment hedges related to our equity investment in ABI. For further discussion of designated net investment hedges, see Note 6. Financial Instruments. |
Reclassification out of Accumulated Other Comprehensive Income | Pre-tax amounts by component, reclassified from accumulated other comprehensive losses to net earnings were as follows: For the Six Months Ended June 30, For the Three Months Ended June 30, (in millions) 2023 2022 2023 2022 Benefit Plans: (1) Net loss $ 3 $ 61 $ 2 $ 30 Prior service cost/credit (17) (20) (8) (10) (14) 41 (6) 20 ABI (2) 9 (58) 8 (23) Pre-tax amounts reclassified from accumulated other comprehensive losses to net earnings $ (5) $ (17) $ 2 $ (3) (1) Amounts are included in net defined benefit plan costs. For further details, see Note 7. Benefit Plans. (2) Amounts are included in (income) losses from investments in equity securities. For further information, see Note 5. Investments in Equity Securities. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment data were as follows: For the Six Months Ended June 30, For the Three Months Ended June 30, (in millions) 2023 2022 2023 2022 Net revenues: Smokeable products $ 10,910 $ 11,138 $ 5,820 $ 5,873 Oral tobacco products 1,308 1,278 680 665 All other 9 19 8 5 Net revenues $ 12,227 $ 12,435 $ 6,508 $ 6,543 Earnings before income taxes: OCI: Smokeable products $ 5,349 $ 5,321 $ 2,846 $ 2,762 Oral tobacco products 859 837 443 430 All other (13) (20) (4) (15) Amortization of intangibles (45) (35) (27) (18) General corporate expenses (488) (114) (353) (54) Operating income 5,662 5,989 2,905 3,105 Interest and other debt expense, net 486 561 257 280 Net periodic benefit income, excluding service cost (62) (93) (31) (47) (Income) losses from investments in equity securities (47) 1,229 (127) 1,263 Loss on Cronos-related financial instruments — 14 — 4 Earnings before income taxes $ 5,285 $ 4,278 $ 2,806 $ 1,605 |
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) 2023 2022 2023 2022 Smokeable products segment $ 52 $ 50 $ 40 $ 38 General corporate expenses 338 7 240 7 Interest and other debt expense, net 11 1 10 1 Total $ 401 $ 58 $ 290 $ 46 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Taxes | Earnings before income taxes, provision for income taxes and income tax rates consisted of the following: For the Six Months Ended June 30, For the Three Months Ended June 30, (in millions) 2023 2022 2023 2022 Earnings before income taxes $ 5,285 $ 4,278 $ 2,806 $ 1,605 Provision for income taxes 1,381 1,428 689 714 Income tax rate 26.1 % 33.4 % 24.6 % 44.5 % |
Summary of Valuation Allowance | The following chart provides a reconciliation of the beginning and ending valuation allowances for the six months ended June 30, 2023: (in millions) Balance at beginning of year $ 2,800 Additions to valuation allowance charged to income tax expense 74 Releases to valuation allowance credited to income tax benefit (4) Foreign currency translation (1) Additions to valuation allowance due to NJOY Transaction (no impact to earnings) 12 Reductions to valuation allowance offset to deferred tax asset (no impact to earnings) (663) Balance at end of period $ 2,218 |
Contingencies (Tables)
Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contingencies | The changes in our accrued liability for tobacco and health and certain other litigation items, including related interest costs, for the periods specified below are as follows: For the Six Months Ended June 30, For the Three Months Ended June 30, (in millions) 2023 2022 2023 2022 Accrued liability for tobacco and health and certain other litigation items at beginning of period $ 71 $ 91 $ 171 $ — Pre-tax charges for: Tobacco and health and certain other litigation (1) 52 50 40 38 Shareholder derivative lawsuits (2) 98 7 — 7 JUUL-related settlements (3) 240 — 240 — Related interest costs 11 1 10 1 Payments (91) (124) (80) (21) Accrued liability for tobacco and health and certain other litigation items at end of period $ 381 $ 25 $ 381 $ 25 (1) Includes judgments, settlements and fee disputes associated with tobacco and health and certain other litigation. (2) See Shareholder Class Action and Shareholder Derivative Lawsuits - Federal and State Shareholder Derivative Lawsuits below for a discussion of the settlement of the federal and state shareholder derivative lawsuits. (3) Includes the settlement of certain e-vapor product litigation relating to JUUL e-vapor products and the e-vapor product litigation brought by the Minnesota attorney general. See E-vapor Product Litigation below for a discussion of these settlements. The table below lists the number of certain tobacco-related cases pending in the United States against us as of: July 27, 2023 July 25, 2022 July 26, 2021 Individual Smoking and Health Cases (1) 171 162 169 Health Care Cost Recovery Actions (2) 1 1 1 E-vapor Cases (3) 5,326 4,030 2,626 Other Tobacco-Related Cases (4) 3 3 3 (1) Includes as of July 27, 2023, 18 cases filed in Illinois, 18 cases filed in New Mexico, 52 cases filed in Massachusetts and 46 non- Engle cases filed in Florida. Does not include individual smoking and health cases brought by or on behalf of plaintiffs in Florida state and federal courts following the decertification of the Engle class (these Engle progeny cases are discussed below in Smoking and Health Litigation - Engle Class Action ). Also does not include 1,390 cases brought by flight attendants seeking compensatory damages for personal injuries allegedly caused by exposure to environmental tobacco smoke (“ETS”). The flight attendants allege that they are members of an ETS smoking and health class action in Florida, which was settled in 1997 ( Broin ). The terms of the court-approved settlement in that case allowed class members to file individual lawsuits seeking compensatory damages but prohibited them from seeking punitive damages. Class members were prohibited from filing individual lawsuits after 2000 under the court-approved settlement. (2) See Health Care Cost Recovery Litigation - Federal Government’s Lawsuit below. (3) Includes as of July 27, 2023, 57 class action lawsuits, 3,736 individual lawsuits and 1,506 “third party” lawsuits relating to the Multidistrict Litigation discussed under E-vapor Product Litigation below. The 57 class action lawsuits include 32 cases in the Northern District of California involving plaintiffs whose claims were previously included in other class action complaints but were refiled as separate stand-alone class actions for procedural and other reasons. In May 2023, we reached agreement on terms to resolve the majority of the Multidistrict Litigation lawsuits. Also includes three patent infringement lawsuits filed against us and certain of our affiliates. For further discussion of the pending Multidistrict Litigation settlement and patent infringement litigation, see E-vapor Product Litigation below. (4) Includes as of July 27, 2023, one inactive smoking and health case alleging personal injury and purporting to be brought on behalf of a class of individual plaintiffs and two inactive class action lawsuits alleging that use of the terms “Lights” and “Ultra Lights” constitute deceptive and unfair trade practices, common law or statutory fraud, unjust enrichment, breach of warranty or violations of RICO. Currently Pending Engle Cases with Verdicts Against PM USA (rounded to nearest $ million) Plaintiff Verdict Date Defendant(s) Court Compensatory Damages (1) Punitive Damages Post-Trial Status Hoffman January 2023 PM USA Miami-Dade $5 million ($3 million PM USA) $0 Appeal by defendant to Third District Court of Appeal pending. Levine September 2022 PM USA and R.J. Reynolds Miami-Dade $1 million $0 Appeals by defendants and plaintiff to the Third District Court of Appeal pending. Schertzer April 2022 PM USA and R.J. Reynolds Miami-Dade $3 million $0 Appeal by defendants to the Third District Court of Appeal pending. Lipp September 2021 PM USA Miami-Dade $15 million $28 million Appeal by defendant to the Third District Court of Appeal pending. Garcia May 2021 PM USA Miami-Dade $6 million ($3 million PM USA) $0 Appeal by defendant to the Third District Court of Appeal pending. Duignan February 2020 (2) PM USA and R.J. Reynolds Pinellas $3 million ($1 million PM USA) $0 The Second District Court of Appeal vacated the final judgment entered in plaintiff’s favor following retrial, vacated the punitive damages judgment, directed the trial court to apply the jury’s comparative fault assessments to the compensatory damages verdict and ordered the trial court to set aside the jury’s findings on plaintiff’s fraud claims. In June 2023, plaintiff filed a motion for reconsideration, which is pending. Plaintiff Verdict Date Defendant(s) Court Compensatory Damages (1) Punitive Damages Post-Trial Status McCall March 2019 PM USA Broward <$1 million (<$1 million PM USA) $0 New trial on punitive damages is set for September 2023. Chadwell September 2018 PM USA Miami-Dade $2 million $0 Third District Court of Appeal has received supplemental briefing in accordance with the decision in Prentice (3) . Kaplan ( McLaughlin ) July 2018 PM USA and R.J. Reynolds Broward $2 million $0 Florida Supreme Court vacated the punitive damages award in accordance with the decision in Sheffield (3) . The Fourth District Court of Appeal affirmed the compensatory damages award and granted a new trial on punitive damages. Cooper ( Blackwood ) September 2015 PM USA and R.J. Reynolds Broward $5 million (<$1 million PM USA) $0 Fourth District Court of Appeal affirmed the compensatory damages award and granted a new trial on punitive damages. (1) PM USA’s portion of the compensatory damages award is noted parenthetically where the court has ruled that comparative fault applies. (2) Plaintiff’s verdict following a retrial of an initial verdict in favor of plaintiff. (3) PM USA is not a defendant in Prentice or Sheffield , which are discussed below in Engle Progeny Appellate Issues . Engle Cases Concluded Within Past 12 Months (rounded to nearest $ million) Plaintiff Verdict Date Defendant(s) Court Accrual Date Payment Amount for Damages (if any) Payment Date Miller September 2022 PM USA and R.J. Reynolds Miami-Dade Third quarter of 2022 <$1 million December 2022 Tuttle August 2022 PM USA Duval Third quarter of 2022 <$1 million October 2022 Cuddihee January 2020 PM USA Duval Second quarter of 2022 $2 million June 2022 Holliman February 2019 PM USA Miami-Dade Fourth quarter of 2022 $3 million January 2023 D. Brown January 2015 PM USA Federal Court - Middle District of Florida Third quarter of 2022 $5 million August 2022 |
New Accounting Guidance Not Y_2
New Accounting Guidance Not Yet Adopted (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Guidance Not Yet Adopted | The following table provides a description of issued accounting guidance applicable to, but not yet adopted by, us: Standards Description Effective Date for Public Entity Effect on Financial Statements ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions The guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also specify required disclosures for equity securities subject to contractual sale restrictions. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. We do not expect our adoption of this guidance to have a material impact on our consolidated financial statements and related disclosures. |
Background and Basis of Prese_4
Background and Basis of Presentation (Narrative) (Details) - USD ($) | Jun. 30, 2023 | Jan. 31, 2023 | Oct. 31, 2021 | Jan. 31, 2021 |
Horizon [Member] | PM USA [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Ownership percentage in consolidated subsidiary | 75% | |||
Horizon [Member] | JTIUH [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 25% | |||
January 2021 Share Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Planned share repurchase program | $ 3,500,000,000 | $ 2,000,000,000 | ||
January 2023 Share Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Planned share repurchase program | $ 1,000,000,000 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 528,000,000 |
Background and Basis of Prese_5
Background and Basis of Presentation (Share Repurchase Table) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Aggregate cost of shares repurchased | $ 472 | $ 507 | $ 472 | $ 1,083 |
January 2021 Share Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Total number of shares repurchased (shares) | 10.1 | 21.4 | ||
Aggregate cost of shares repurchased | $ 507 | $ 1,083 | ||
Average price per share of shares repurchased (usd per share) | $ 50.35 | $ 50.53 | ||
January 2023 Share Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Total number of shares repurchased (shares) | 10.4 | 10.4 | ||
Aggregate cost of shares repurchased | $ 472 | $ 472 | ||
Average price per share of shares repurchased (usd per share) | $ 45.37 | $ 45.37 |
Acquisition of NJOY - Narrative
Acquisition of NJOY - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 01, 2023 | Jun. 30, 2023 | Jun. 30, 2023 | |
Business Acquisition [Line Items] | |||
Business acquisition, goodwill, expected tax deductible amount | $ 0 | ||
Business acquisition, intangible assets, expected tax deductible amount | 0 | ||
Term Loan [Member] | |||
Business Acquisition [Line Items] | |||
Face amount | 2,000,000,000 | ||
NJOY Holdings, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Total consideration | 2,900,000,000 | ||
Payments to acquire businesses, gross | 2,750,000,000 | ||
Business combination, contingent consideration arrangements, range of outcomes, value, high | 500,000,000 | ||
Business combination, contingent consideration, liability | $ 130,000,000 | $ 130,000,000 | $ 130,000,000 |
Business combination, acquisition related costs | $ 41,000,000 | $ 49,000,000 | |
NJOY Holdings, Inc. [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Acquired finite-lived intangible assets, weighted average useful life | 13 years | ||
NJOY Holdings, Inc. [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Acquired finite-lived intangible assets, weighted average useful life | 18 years |
Acquisition of NJOY - Assets Ac
Acquisition of NJOY - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Jun. 01, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 6,790 | $ 5,177 | $ 5,177 | |
NJOY Holdings, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 22 | |||
Receivables | 7 | |||
Inventories | 19 | |||
Other assets | 7 | |||
Property, plant and equipment | 16 | |||
Accounts payable | (7) | |||
Accrued liabilities | (20) | |||
Deferred income taxes | (167) | |||
Total identifiable net assets | 1,287 | |||
Total consideration | 2,900 | |||
Goodwill | 1,613 | |||
Developed Technology Rights [Member] | NJOY Holdings, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Other intangible assets: | 1,000 | |||
Trademarks | NJOY Holdings, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Other intangible assets: | 230 | |||
Supplier Agreements [Member] | NJOY Holdings, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Other intangible assets: | $ 180 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Narrative) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue | $ 359,000,000 | $ 252,000,000 |
Expected period for satisfaction of performance obligation | three days | |
Other | $ 63,000,000 | 48,000,000 |
Allowance for doubtful accounts, receivables | $ 0 | $ 0 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, net (Schedule of Goodwill and Other Intangible Assets by Segment) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill [Line Items] | |||
Goodwill | $ 6,790 | $ 5,177 | $ 5,177 |
Other Intangible Assets, net | 13,749 | 12,384 | $ 12,306 |
Smokeable Products Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 99 | 99 | |
Other Intangible Assets, net | 2,977 | 2,989 | |
Oral Tobacco Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 5,078 | 5,078 | |
Other Intangible Assets, net | 9,081 | 9,097 | |
All Other [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 1,613 | 0 | |
Other Intangible Assets, net | $ 1,691 | $ 298 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, net (Other Intangible Assets Disclosure) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Indefinite-lived intangible assets | $ 11,443 | $ 11,443 |
Definite-lived intangible assets | 2,821 | 1,411 |
Accumulated Amortization | 515 | 470 |
Total other intangible assets | $ 14,264 | $ 12,854 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets, net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jul. 31, 2023 | |
Loss Contingencies [Line Items] | ||||||
Amortization of intangible assets | $ 27 | $ 18 | $ 45 | $ 35 | $ 73 | |
Finite-lived intangible assets, amortization expense, next twelve months | 160 | 160 | ||||
Finite-lived intangible assets, amortization expense, year two | 160 | 160 | ||||
Finite-lived intangible assets, amortization expense, year three | 160 | 160 | ||||
Finite-lived intangible assets, amortization expense, year four | 160 | 160 | ||||
Finite-lived intangible assets, amortization expense, year five | 160 | 160 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | IQOS Tobacco Heating System [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Disposal group, purchase agreement, consideration, additional payment | $ 1,000 | |||||
Disposal group, including discontinued operation, interest income | 26 | 51 | ||||
Disposal group, deferred gain on sale of rights under an agreement | $ 2,700 | $ 2,700 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | IQOS Tobacco Heating System [Member] | Subsequent Event [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Disposal group, purchase agreement, consideration, additional payment | $ 1,800 | |||||
Weighted Average | ||||||
Loss Contingencies [Line Items] | ||||||
Finite-lived intangible asset, useful life | 18 years | 18 years | ||||
UST Inc. [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Indefinite-lived trademarks | $ 8,800 | $ 8,800 | ||||
Middleton [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Indefinite-lived trademarks | $ 2,600 | $ 2,600 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets, net (Changes in Goodwill and Net Carrying Amount of Intangible Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | |||||
Goodwill, beginning of period | $ 5,177 | $ 5,177 | $ 5,177 | ||
Acquisitions | 1,613 | 0 | |||
Goodwill, end of period | $ 6,790 | 6,790 | 5,177 | ||
Intangible Assets [Roll Forward] | |||||
Intangible assets, net, beginning of period | 12,384 | 12,306 | 12,306 | ||
Acquisitions | 1,410 | 151 | |||
Amortization | (27) | $ (18) | (45) | $ (35) | (73) |
Intangible assets, net, end of period | $ 13,749 | $ 13,749 | $ 12,384 |
Investments in Equity Securit_3
Investments in Equity Securities (Summary of Investments) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Investments [Line Items] | ||
Investments | $ 9,643 | $ 9,600 |
ABI [Member] | ||
Investments [Line Items] | ||
ABI | 9,302 | 8,975 |
Cronos [Member] | ||
Investments [Line Items] | ||
Cronos | 341 | 375 |
JUUL [Member] | ||
Investments [Line Items] | ||
JUUL | $ 0 | $ 250 |
Investments in Equity Securit_4
Investments in Equity Securities (Earnings in Equity Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | |||||
(Income) losses from investments under equity method of accounting | $ (127) | $ 108 | $ (297) | $ (26) | |
(Income) losses from investments in equity securities | (127) | 1,263 | (47) | 1,229 | |
ABI [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
(Income) losses from investments under equity method of accounting | (135) | (12) | (340) | (212) | |
Cronos [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
(Income) losses from investments under equity method of accounting | 8 | 120 | 43 | 186 | |
JUUL [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Loss on disposition of JUUL equity securities | $ 0 | $ 250 | $ 1,155 | $ 250 | $ 1,255 |
Investments in Equity Securit_5
Investments in Equity Securities (Investment in ABI Narrative) (Details) - ABI [Member] - USD ($) shares in Millions, $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 10% | |
Number of restricted shares owned (in shares) | 185 | |
Number of ordinary shares owned (in shares) | 12 | |
Fair Value, Inputs, Level 1 [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Fair value of equity investment | $ 11,200 | $ 11,900 |
Equity method investment, difference between carrying amount and fair value | $ 9,300 | $ 9,000 |
Equity method investment, difference between carrying amount and fair value, percentage (approximately) | 20% | 33% |
Investments in Equity Securit_6
Investments in Equity Securities (Investment in Cronos Narrative) (Details) - Cronos [Member] shares in Millions | 6 Months Ended | 45 Months Ended | ||
Jun. 30, 2023 USD ($) shares | Nov. 30, 2022 $ / shares | Jun. 30, 2023 $ / shares | Dec. 31, 2022 USD ($) | |
Investments [Line Items] | ||||
Ownership percentage | 41.10% | |||
Number of ordinary shares owned (approximately) (in shares) | shares | 156.6 | |||
Equity method investment, difference between carrying amount and fair value | $ 32,000,000 | $ 22,000,000 | ||
Equity method investment, difference between carrying amount and fair value, percentage (approximately) | (9.00%) | 6% | ||
Equity method investment, impairment | $ 0 | |||
Equity Contract, Preemptive Rights [Member] | ||||
Investments [Line Items] | ||||
Equity method investment, shares purchased, (CAD per share) | $ / shares | $ 16.25 | |||
Equity method investments, fixed preemptive rights | $ 0 | $ 0 | ||
Equity Contract, Warrant [Member] | ||||
Investments [Line Items] | ||||
Equity method investment, shares purchased, (CAD per share) | $ / shares | $ 19 | |||
Equity method investment, percentage of shares eligible for purchase (approximately) | 10% |
Investments in Equity Securit_7
Investments in Equity Securities (Investment in JUUL Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
JUUL [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Loss on disposition of JUUL equity securities | $ 0 | $ 250 | $ 1,155 | $ 250 | $ 1,255 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) contract | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) contract | Jun. 30, 2022 USD ($) | Dec. 31, 2022 contract | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Number of foreign currency derivatives held | contract | 0 | 0 | 0 | ||
Foreign currency denominated debt [Member] | Net Investment Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Other comprehensive (income) loss, net investment hedge, (gain) loss, before reclassification and tax | $ | $ 21 | $ (247) | $ 69 | $ (375) |
Financial Instruments (Aggregat
Financial Instruments (Aggregate Fair Value and Carrying Value) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Carrying value | $ 25,195 | $ 26,680 |
Fair value | 22,281 | 22,928 |
Foreign currency denominated debt included in long-term debt: | ||
Carrying value | 25,195 | 26,680 |
Foreign Currency Denominated Debt [Member] | ||
Derivative [Line Items] | ||
Carrying value | 3,263 | 4,540 |
Foreign currency denominated debt included in long-term debt: | ||
Carrying value | 3,263 | 4,540 |
Fair value | $ 2,969 | $ 4,165 |
Benefit Plans (Schedule Of Comp
Benefit Plans (Schedule Of Components Of Net Periodic Benefit Cost (Income)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pension [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 11 | $ 17 | $ 20 | $ 32 |
Interest cost | 83 | 52 | 166 | 104 |
Expected return on plan assets | (122) | (124) | (243) | (247) |
Amortization: | ||||
Net loss | 1 | 24 | 2 | 48 |
Prior service cost (credit) | 2 | 1 | 3 | 3 |
Net periodic benefit cost (income) | (25) | (30) | (52) | (60) |
Postretirement [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 4 | 5 | 8 | 10 |
Interest cost | 17 | 10 | 34 | 20 |
Expected return on plan assets | (2) | (3) | (4) | (6) |
Amortization: | ||||
Net loss | 0 | 4 | 0 | 8 |
Prior service cost (credit) | (10) | (11) | (20) | (23) |
Net periodic benefit cost (income) | $ 9 | $ 5 | $ 18 | $ 9 |
Benefit Plans (Narrative) (Deta
Benefit Plans (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Pension [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, plan assets, contributions by employer | $ 11,000,000 |
Pension [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Anticipated additional employer contributions | 20,000,000 |
Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, plan assets, contributions by employer | 0 |
Postretirement [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Anticipated additional employer contributions | $ 30,000,000 |
Earnings per Share (Basic and D
Earnings per Share (Basic and Diluted Earnings Per Share) (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net earnings | $ 2,117 | $ 891 | $ 3,904 | $ 2,850 |
Less: Distributed and undistributed earnings attributable to share-based awards | (4) | (2) | (7) | (6) |
Less: Distributed and undistributed earnings attributable to share-based awards | (4) | (2) | (7) | (6) |
Earnings for basic EPS | 2,113 | 889 | 3,897 | 2,844 |
Earnings for diluted EPS | $ 2,113 | $ 889 | $ 3,897 | $ 2,844 |
Weighted-average shares for basic EPS (in shares) | 1,782,000 | 1,809,000 | 1,784,000 | 1,813,000 |
Weighted-average shares for diluted EPS (in shares) | 1,782,000 | 1,809,000 | 1,784,000 | 1,813,000 |
Other Comprehensive Earnings__3
Other Comprehensive Earnings/Losses (Changes in Each Component of Accumulated Other Comprehensive Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning balance | $ (3,826) | $ (1,760) | $ (3,923) | $ (1,606) |
Other comprehensive earnings (losses), net of deferred income taxes | 70 | 585 | 62 | 679 |
Ending balance | (3,777) | (2,403) | (3,777) | (2,403) |
Accumulated Other Comprehensive Losses [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning balance | (2,779) | (2,962) | (2,771) | (3,056) |
Other comprehensive earnings (losses) before reclassifications | 87 | 750 | 79 | 889 |
Deferred income taxes | (18) | (163) | (13) | (195) |
Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes | 69 | 587 | 66 | 694 |
Amounts reclassified to net earnings | 2 | (3) | (5) | (17) |
Deferred income taxes | (1) | 1 | 1 | 2 |
Amounts reclassified to net earnings, net of deferred income taxes | 1 | (2) | (4) | (15) |
Other comprehensive earnings (losses), net of deferred income taxes | 70 | 585 | 62 | 679 |
Ending balance | (2,709) | (2,377) | (2,709) | (2,377) |
Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning balance | (1,442) | (1,597) | (1,436) | (1,612) |
Other comprehensive earnings (losses) before reclassifications | 0 | 0 | 0 | 0 |
Deferred income taxes | 0 | 0 | 0 | 0 |
Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes | 0 | 0 | 0 | 0 |
Amounts reclassified to net earnings | (6) | 20 | (14) | 41 |
Deferred income taxes | 1 | (4) | 3 | (10) |
Amounts reclassified to net earnings, net of deferred income taxes | (5) | 16 | (11) | 31 |
Other comprehensive earnings (losses), net of deferred income taxes | (5) | 16 | (11) | 31 |
Ending balance | (1,447) | (1,581) | (1,447) | (1,581) |
ABI [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning balance | (1,381) | (1,434) | (1,369) | (1,512) |
Other comprehensive earnings (losses) before reclassifications | 90 | 746 | 72 | 884 |
Deferred income taxes | (18) | (163) | (13) | (195) |
Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes | 72 | 583 | 59 | 689 |
Amounts reclassified to net earnings | 8 | (23) | 9 | (58) |
Deferred income taxes | (2) | 5 | (2) | 12 |
Amounts reclassified to net earnings, net of deferred income taxes | 6 | (18) | 7 | (46) |
Other comprehensive earnings (losses), net of deferred income taxes | 78 | 565 | 66 | 643 |
Ending balance | (1,303) | (869) | (1,303) | (869) |
Currency Translation Adjustments and Other [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning balance | 44 | 69 | 34 | 68 |
Other comprehensive earnings (losses) before reclassifications | (3) | 4 | 7 | 5 |
Deferred income taxes | 0 | 0 | 0 | 0 |
Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes | (3) | 4 | 7 | 5 |
Amounts reclassified to net earnings | 0 | 0 | 0 | 0 |
Deferred income taxes | 0 | 0 | 0 | 0 |
Amounts reclassified to net earnings, net of deferred income taxes | 0 | 0 | 0 | 0 |
Other comprehensive earnings (losses), net of deferred income taxes | (3) | 4 | 7 | 5 |
Ending balance | $ 41 | $ 73 | $ 41 | $ 73 |
Other Comprehensive Earnings__4
Other Comprehensive Earnings/Losses (Reclassifications) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net periodic benefit income, excluding service cost | $ (31) | $ (47) | $ (62) | $ (93) |
(Income) losses from investments in equity securities | (127) | 108 | (297) | (26) |
Pre-tax amounts reclassified from accumulated other comprehensive losses to net earnings | (2,117) | (891) | (3,904) | (2,850) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Pre-tax amounts reclassified from accumulated other comprehensive losses to net earnings | 2 | (3) | (5) | (17) |
Benefit Plans [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net periodic benefit income, excluding service cost | (6) | 20 | (14) | 41 |
Net loss [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net periodic benefit income, excluding service cost | 2 | 30 | 3 | 61 |
Prior service cost/credit [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net periodic benefit income, excluding service cost | (8) | (10) | (17) | (20) |
ABI [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
(Income) losses from investments in equity securities | $ 8 | $ (23) | $ 9 | $ (58) |
Segment Reporting (Segment Data
Segment Reporting (Segment Data Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Net revenues | $ 6,508 | $ 6,543 | $ 12,227 | $ 12,435 | |
Amortization of intangibles | (27) | (18) | (45) | (35) | $ (73) |
General corporate expenses | (353) | (54) | (488) | (114) | |
Operating income | 2,905 | 3,105 | 5,662 | 5,989 | |
Interest and other debt expense, net | 257 | 280 | 486 | 561 | |
Net periodic benefit income, excluding service cost | (31) | (47) | (62) | (93) | |
(Income) losses from investments in equity securities | (127) | 1,263 | (47) | 1,229 | |
Loss on Cronos-related financial instruments | 0 | 4 | 0 | 14 | |
Earnings before income taxes | 2,806 | 1,605 | 5,285 | 4,278 | |
Smokeable Products Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 5,820 | 5,873 | 10,910 | 11,138 | |
OCI | 2,846 | 2,762 | 5,349 | 5,321 | |
Oral Tobacco Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 680 | 665 | 1,308 | 1,278 | |
OCI | 443 | 430 | 859 | 837 | |
All Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 8 | 5 | 9 | 19 | |
OCI | $ (4) | $ (15) | $ (13) | $ (20) |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Smokeable Products Segment [Member] | Operating Segments [Member] | Non-Participating Manufacturer Arbitration Panel Decision [Member] | Operating Income (Loss) [Member] | NPM Adjustment to Cost Of Sales [Member] | PM USA [Member] | |
Segment Reporting Information [Line Items] | |
Gain (loss) related to litigation settlement | $ 60 |
Segment Reporting (Schedule of
Segment Reporting (Schedule of Tobacco and Health and Certain Other Litigation Items) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2021 | |
Schedule of Pre-tax Tobacco and Health Litigation Charges [Line Items] | |||||
Loss contingency accrual, provision | $ 90 | ||||
Tobacco and Health Litigation Cases [Member] | |||||
Schedule of Pre-tax Tobacco and Health Litigation Charges [Line Items] | |||||
Loss contingency accrual, provision | $ 290 | $ 46 | $ 401 | $ 58 | |
Tobacco and Health Litigation Cases [Member] | General corporate expenses [Member] | |||||
Schedule of Pre-tax Tobacco and Health Litigation Charges [Line Items] | |||||
Loss contingency accrual, provision | 240 | 7 | 338 | 7 | |
Tobacco and Health Litigation Cases [Member] | Segment Reconciling Items [Member] | Interest and other debt expense, net [Member] | |||||
Schedule of Pre-tax Tobacco and Health Litigation Charges [Line Items] | |||||
Loss contingency accrual, provision | 10 | 1 | 11 | 1 | |
PM USA [Member] | Tobacco and Health Litigation Cases [Member] | Operating Segments [Member] | Smokeable Products Segment [Member] | Operating Income (Loss) [Member] | |||||
Schedule of Pre-tax Tobacco and Health Litigation Charges [Line Items] | |||||
Loss contingency accrual, provision | $ 40 | $ 38 | $ 52 | $ 50 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) € in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
May 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2023 EUR (€) | Jun. 30, 2023 USD ($) | Jun. 01, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||
Short-term borrowings | $ 2,000,000,000 | $ 0 | ||||
Carrying value | 25,195,000,000 | 26,680,000,000 | ||||
Accrued interest on long-term debt | $ 368,000,000 | $ 411,000,000 | ||||
Notes Payable, Other Payables [Member] | Senior Unsecured Notes, 2.950%, Maturing May 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 2.95% | |||||
Repayments of senior unsecured debt | $ 218,000,000 | |||||
Notes Payable, Other Payables [Member] | Euro Notes, 1.000%, Maturing February 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 1% | 1% | ||||
Repayments of senior unsecured debt | $ 1,300,000,000 | € 1,250 | ||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, covenant, consolidated EBITDA to interest expense ratio, minimum | 4 | |||||
Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility Due August 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 3,000,000,000 | |||||
Long-term debt, term | 5 years | |||||
Debt instrument, unused borrowing capacity, amount | $ 3,000,000,000 | |||||
Term Secured Overnight Financing Rate ("Term SOFR") [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility Due August 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1% | |||||
Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 2,000,000,000 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Earnings before income taxes | $ 2,806 | $ 1,605 | $ 5,285 | $ 4,278 |
Provision for income taxes | $ 689 | $ 714 | $ 1,381 | $ 1,428 |
Income tax rate | 24.60% | 44.50% | 26.10% | 33.40% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Investments [Line Items] | ||||||
Unrecognized tax benefits | $ 842 | $ 842 | ||||
Income tax benefit | (689) | $ (714) | (1,381) | $ (1,428) | ||
Unrecognized tax benefits, period increase (decrease) | 773 | |||||
Unrecognized tax benefits that would impact the effective tax rate | 35 | 35 | $ 44 | |||
Unrecognized tax benefits that would impact deferred tax rate | 807 | 807 | $ 25 | |||
JUUL [Member] | ||||||
Investments [Line Items] | ||||||
Income tax benefit | $ 760 | |||||
Unrecognized tax benefits, period increase (decrease) | 782 | |||||
Deferred federal income tax benefit | $ 22 | |||||
Forecast [Member] | JUUL [Member] | ||||||
Investments [Line Items] | ||||||
Equity securities, FV-NI, ordinary gain (loss), tax basis of investments | $ 6,500 | |||||
Unrecognized tax benefits | $ 1,600 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Valuation Allowance Rollforward [Roll Forward] | |
Balance at beginning of year | $ 2,800 |
Additions to valuation allowance charged to income tax expense | 74 |
Releases to valuation allowance credited to income tax benefit | (4) |
Foreign currency translation | (1) |
Additions to valuation allowance due to NJOY Transaction (no impact to earnings) | 12 |
Reductions to valuation allowance offset to deferred tax asset (no impact to earnings) | (663) |
Balance at end of period | $ 2,218 |
Contingencies (General Informat
Contingencies (General Information) (Details) | Jun. 30, 2023 state |
Commitments and Contingencies Disclosure [Abstract] | |
Number of states that cap bond or require no bond | 47 |
Contingencies (Judgments Paid a
Contingencies (Judgments Paid and Provisions for Tobacco and Health Litigation) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | 225 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2023 | |
Loss Contingency Accrual [Roll Forward] | |||||||
Accrued liability for tobacco and health litigation items at beginning of period | $ 171 | $ 0 | $ 71 | $ 91 | $ 91 | ||
Loss contingency accrual, provision | $ 90 | ||||||
Payments | (80) | (21) | (91) | (124) | |||
Accrued liability for tobacco and health litigation items at end of period | 381 | 25 | 381 | 25 | $ 71 | $ 91 | $ 381 |
Related Interest Costs [Member] | |||||||
Loss Contingency Accrual [Roll Forward] | |||||||
Loss contingency accrual, provision | 10 | 1 | 11 | 1 | |||
Assets [Member] | Pending Litigation [Member] | PM USA [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Security posted for appeal of judgments | 34 | 34 | 34 | ||||
Tobacco and Health Judgment [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Judgments paid (approximately) | 1,000 | ||||||
Litigation settlement interest expense (income) | 241 | ||||||
Tobacco and Health Judgment [Member] | Tobacco and Health and Certain Other Litigation [Member] | |||||||
Loss Contingency Accrual [Roll Forward] | |||||||
Loss contingency accrual, provision | 40 | 38 | 52 | 50 | |||
Engle Progeny Cases [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Judgments paid (approximately) | 438 | ||||||
Litigation settlement interest expense (income) | $ 60 | ||||||
Agreement To Resolve Shareholder Class Action | Tobacco and Health and Certain Other Litigation [Member] | |||||||
Loss Contingency Accrual [Roll Forward] | |||||||
Loss contingency accrual, provision | 0 | 7 | 98 | 7 | |||
JUUL-related settlements [Member] | Tobacco and Health and Certain Other Litigation [Member] | |||||||
Loss Contingency Accrual [Roll Forward] | |||||||
Loss contingency accrual, provision | $ 240 | $ 0 | $ 240 | $ 0 |
Contingencies (Schedule of Pend
Contingencies (Schedule of Pending Cases) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Jul. 27, 2023 case claim lawsuit | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | May 31, 2023 lawsuit | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jul. 25, 2022 claim | Mar. 31, 2022 USD ($) | Jul. 26, 2021 claim | |
Loss Contingencies [Line Items] | ||||||||||||
Pre-tax charge | $ | $ 381 | $ 25 | $ 381 | $ 25 | $ 91 | $ 171 | $ 71 | $ 0 | ||||
Payments | $ | (80) | (21) | (91) | (124) | ||||||||
Loss contingency accrual, provision | $ | $ 90 | |||||||||||
Individual Smoking and Health Cases [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of cases pending | 162 | 169 | ||||||||||
Health Care Cost Recovery Actions [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of cases pending | 1 | 1 | ||||||||||
E-vapor Litigation [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of cases pending | 4,030 | 2,626 | ||||||||||
Loss Contingency, Number Of Patent Infringement Lawsuits | lawsuit | 3 | |||||||||||
Other Tabacco-Related Cases [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of cases pending | 3 | 3 | ||||||||||
Tobacco and Health Judgment [Member] | Tobacco and Health and Certain Other Litigation [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency accrual, provision | $ | 40 | 38 | 52 | 50 | ||||||||
Agreement To Resolve Shareholder Class Action | Tobacco and Health and Certain Other Litigation [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency accrual, provision | $ | $ 0 | $ 7 | $ 98 | $ 7 | ||||||||
Subsequent Event [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, class action lawsuit | lawsuit | 17 | |||||||||||
Subsequent Event [Member] | Individual Smoking and Health Cases [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of cases pending | 171 | |||||||||||
Subsequent Event [Member] | Individual Smoking and Health Cases [Member] | Pending Litigation [Member] | Illinois [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of cases pending | 18 | |||||||||||
Subsequent Event [Member] | Individual Smoking and Health Cases [Member] | Pending Litigation [Member] | New Mexico [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of cases pending | 18 | |||||||||||
Subsequent Event [Member] | Individual Smoking and Health Cases [Member] | Pending Litigation [Member] | Massachusetts [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of cases pending | 52 | |||||||||||
Subsequent Event [Member] | Individual Smoking and Health Cases [Member] | Pending Litigation [Member] | Florida [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of cases pending | 46 | |||||||||||
Subsequent Event [Member] | ETS Smoking and Health Case, Flight Attendants [Member] | Pending Litigation [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of cases | case | 1,390 | |||||||||||
Subsequent Event [Member] | Health Care Cost Recovery Actions [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of cases pending | 1 | |||||||||||
Subsequent Event [Member] | E-vapor Litigation [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of cases pending | 5,326 | |||||||||||
Loss contingency, class action lawsuit | lawsuit | 57 | |||||||||||
Subsequent Event [Member] | E-vapor Litigation [Member] | Pending Individual Lawsuits [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of cases pending | 3,736 | |||||||||||
Subsequent Event [Member] | E-vapor Litigation [Member] | Pending Lawsuits Filed By State Or Local Governments [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of cases pending | 1,506 | |||||||||||
Subsequent Event [Member] | E-vapor Litigation [Member] | Class Action Lawsuit [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of cases pending | 57 | |||||||||||
Number of pending claims, consolidated for pre-trial purposes | 32 | |||||||||||
Subsequent Event [Member] | Other Tabacco-Related Cases [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of cases pending | 3 | |||||||||||
Loss contingency, number of inactive cases | case | 1 | |||||||||||
Loss contingency, number of inactive class action lawsuits | case | 2 |
Contingencies (Overview of Altr
Contingencies (Overview of Altria and/or PM USA Tobacco-Related Litigation Narrative) (Details) | 295 Months Ended | ||||
Jul. 27, 2023 claim case | Jul. 27, 2023 claim case | Jul. 25, 2022 claim | Jul. 26, 2021 claim | Jan. 31, 2008 claim | |
Health Care Cost Recovery Actions [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases pending | claim | 1 | 1 | |||
Engle Progeny Cases [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases pending | claim | 9,300 | ||||
Individual Smoking and Health Cases [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases pending | claim | 162 | 169 | |||
E-vapor Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases pending | claim | 4,030 | 2,626 | |||
Subsequent Event [Member] | Health Care Cost Recovery Actions [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases pending | claim | 1 | 1 | |||
Subsequent Event [Member] | Smoking and Health Class Actions and Aggregated Claims Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases pending | claim | 1 | 1 | |||
Subsequent Event [Member] | Individual Smoking and Health Cases [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases pending | claim | 171 | 171 | |||
Subsequent Event [Member] | E-vapor Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases pending | claim | 5,326 | 5,326 | |||
Subsequent Event [Member] | E-vapor Litigation [Member] | Canada [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases pending | claim | 3 | 3 | |||
Subsequent Event [Member] | PM USA [Member] | Health Care Cost Recovery Actions [Member] | Canada [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases pending | claim | 10 | 10 | |||
Subsequent Event [Member] | PM USA [Member] | Engle Progeny Cases [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases set for trial | 2 | 2 | |||
Number of verdicts returned | 144 | ||||
Number of favorable verdicts | 59 | ||||
Number of unfavorable verdicts | 78 | ||||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of verdicts returned | 76 | ||||
Number of favorable verdicts | 47 | ||||
Number of unfavorable verdicts | 29 | ||||
Number of claims resolved | 25 | ||||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Alaska [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of favorable verdicts | 1 | ||||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | California [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of favorable verdicts | 7 | ||||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Connecticut [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of favorable verdicts | 1 | ||||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Florida [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of favorable verdicts | 10 | ||||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Louisiana [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of favorable verdicts | 1 | ||||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Massachusetts [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of favorable verdicts | 6 | ||||
Number of verdicts reversed | 1 | ||||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Mississippi [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of favorable verdicts | 1 | ||||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Missouri [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of favorable verdicts | 4 | ||||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | New Hampshire [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of favorable verdicts | 1 | ||||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | New Mexico [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of favorable verdicts | 1 | ||||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | New Jersey [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of favorable verdicts | 1 | ||||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | New York [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of favorable verdicts | 5 | ||||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Ohio [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of favorable verdicts | 2 | ||||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Pennsylvania [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of favorable verdicts | 2 | ||||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Rhode Island [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of favorable verdicts | 1 | ||||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Tennessee [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of favorable verdicts | 2 | ||||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | West Virginia [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of favorable verdicts | 2 | ||||
Subsequent Event [Member] | PM USA [Member] | Individual Smoking and Health Cases [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases set for trial | 3 | 3 | |||
Subsequent Event [Member] | PM USA [Member] | E-vapor Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases set for trial | 0 | 0 | |||
Subsequent Event [Member] | Philip Morris USA and Altria Group [Member] | Health Care Cost Recovery Actions [Member] | Canada [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases pending | claim | 8 | 8 | |||
Subsequent Event [Member] | Philip Morris USA and Altria Group [Member] | Smoking and Health Class Actions and Aggregated Claims Litigation [Member] | Canada [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases pending | claim | 7 | 7 |
Contingencies (Non-Engle Progen
Contingencies (Non-Engle Progeny Litigation) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2021 | May 31, 2023 | Feb. 28, 2023 | Sep. 30, 2022 | Feb. 28, 2021 | May 31, 2020 | Sep. 30, 2019 | |
Loss Contingencies [Line Items] | |||||||||
Loss contingency accrual, provision | $ 90,000,000 | ||||||||
Non-Engle Progeny Smoking And Health Case, Deswert [Member] | Forecast [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingency accrual, provision | $ 1,000,000 | ||||||||
Non-Engle Progeny Smoking And Health Case, Deswert [Member] | PM USA [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Compensatory damages awarded | $ 1,000,000 | ||||||||
Loss contingency, fault allocation percentage | 50% | ||||||||
Non-Engle Progeny Smoking And Health Case, Woodley [Member] | PM USA [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Compensatory damages awarded | $ 5,000,000 | ||||||||
Punitive damages awarded | $ 0 | ||||||||
Non-Engle Progeny Smoking And Health Case, Fontaine [Member] | PM USA [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Compensatory damages awarded | $ 8,000,000 | ||||||||
Punitive damages awarded | $ 1,000,000,000 | ||||||||
Non-Engle Progeny Smoking and Health Case, Greene [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingency accrual, provision | $ 48,000,000 | ||||||||
Non-Engle Progeny Smoking and Health Case, Greene [Member] | PM USA [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Compensatory damages awarded | $ 2,300,000 | $ 30,000,000 | $ 10,000,000 |
Contingencies (Engle Class Acti
Contingencies (Engle Class Action And Engle Progeny Trial Results) (Details) | 1 Months Ended | ||||
Jul. 27, 2023 USD ($) claim case plantiff | Feb. 28, 2022 claim | Jul. 31, 2006 | Jan. 31, 2008 claim | Jul. 31, 2000 USD ($) | |
Loss Contingencies [Line Items] | |||||
Number of plaintiffs | claim | 4 | ||||
Engle Progeny Cases [Member] | |||||
Loss Contingencies [Line Items] | |||||
Punitive damages awarded | $ | $ 145,000,000,000 | ||||
Number of cases pending | claim | 9,300 | ||||
Engle Progeny Cases [Member] | PM USA [Member] | |||||
Loss Contingencies [Line Items] | |||||
Punitive damages awarded | $ | $ 74,000,000,000 | ||||
Loss contingency, period for decertified class members to file individual actions against defendants | 1 year | ||||
Subsequent Event [Member] | Engle Progeny Cases [Member] | PM USA [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of verdicts returned | 144 | ||||
Number of unfavorable verdicts | 78 | ||||
Number of claims with unfavorable verdicts pending/reversed | 4 | ||||
Number of favorable verdicts | 59 | ||||
Subsequent Event [Member] | Engle Progeny Cases, State [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases pending | claim | 461 | ||||
Number of plaintiffs | plantiff | 599 | ||||
Subsequent Event [Member] | Engle Progeny Cases, State [Member] | PM USA [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of favorable verdicts | 49 | ||||
Subsequent Event [Member] | Engle Progeny Cases, Garcia [Member] | PM USA [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of favorable verdicts | 1 | ||||
Subsequent Event [Member] | Engle Progeny Cases, Pearson, D Cohen, Collar, Chacon [Member] | PM USA [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of verdicts reversed | 3 | ||||
Subsequent Event [Member] | Engle Progeny Cases, Reider and Banks [Member] | PM USA [Member] | |||||
Loss Contingencies [Line Items] | |||||
Zero damages verdicts | 2 | ||||
Damages awarded, value | $ | $ 0 | ||||
Subsequent Event [Member] | Engle Progeny Cases, Weingart and Hancock [Member] | PM USA [Member] | |||||
Loss Contingencies [Line Items] | |||||
Damages awarded, value | $ | $ 0 | ||||
Zero damages verdict modified | 2 | ||||
Subsequent Event [Member] | Engle Progeny Cases, Pollari and Neff [Member] | PM USA [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of favorable verdicts | 2 | ||||
Subsequent Event [Member] | Engle Progeny Cases, Gloger, Rintoul and Duignam [Member] | PM USA [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of unfavorable verdicts | 3 | ||||
Subsequent Event [Member] | Engle Progeny Cases, Freeman [Member] | PM USA [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of favorable verdicts | 2 | ||||
Subsequent Event [Member] | Engle Progeny Cases, R. Douglas [Member] | PM USA [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of claims dismissed | claim | 1 |
Contingencies (Engle Progeny Ca
Contingencies (Engle Progeny Cases Trial Results - Pending and Concluded) (Details) - USD ($) $ in Millions | 1 Months Ended | |||||||||||||
Jan. 31, 2023 | Dec. 31, 2022 | Oct. 31, 2022 | Aug. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Apr. 30, 2022 | Sep. 30, 2021 | May 31, 2021 | Feb. 29, 2020 | Mar. 31, 2019 | Sep. 30, 2018 | Jul. 31, 2018 | Sep. 30, 2015 | |
Engle Progeny Cases, Hoffman [Member] | Pending Litigation [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Compensatory damages awarded | $ 5 | |||||||||||||
Engle Progeny Cases, Hoffman [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Compensatory damages awarded | 3 | |||||||||||||
Punitive damages awarded | 0 | |||||||||||||
Engle Progeny Cases, Levine [Member] | Pending Litigation [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Compensatory damages awarded | $ 1 | |||||||||||||
Engle Progeny Cases, Levine [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Punitive damages awarded | $ 0 | |||||||||||||
Engle Progeny Cases, Schertzer [Member] | Pending Litigation [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Compensatory damages awarded | $ 3 | |||||||||||||
Engle Progeny Cases, Schertzer [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Punitive damages awarded | $ 0 | |||||||||||||
Engle Progeny Cases, Lipp [Member] | Pending Litigation [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Compensatory damages awarded | $ 15 | |||||||||||||
Engle Progeny Cases, Lipp [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Punitive damages awarded | $ 28 | |||||||||||||
Engle Progeny Cases, Garcia [Member] | Pending Litigation [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Compensatory damages awarded | $ 6 | |||||||||||||
Engle Progeny Cases, Garcia [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Compensatory damages awarded | 3 | |||||||||||||
Punitive damages awarded | $ 0 | |||||||||||||
Engle Progeny Cases, Duignan [Member] | Pending Litigation [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Compensatory damages awarded | $ 3 | |||||||||||||
Engle Progeny Cases, Duignan [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Compensatory damages awarded | 1 | |||||||||||||
Punitive damages awarded | $ 0 | |||||||||||||
Engle Progeny Cases, McCall [Member] | Pending Litigation [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Compensatory damages awarded | $ 1 | |||||||||||||
Engle Progeny Cases, McCall [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Compensatory damages awarded | 1 | |||||||||||||
Punitive damages awarded | $ 0 | |||||||||||||
Engle Progeny Cases, Chadwell [Member] | Pending Litigation [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Compensatory damages awarded | $ 2 | |||||||||||||
Engle Progeny Cases, Chadwell [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Punitive damages awarded | $ 0 | |||||||||||||
Engle Progeny Cases, Kaplan [Member] | Pending Litigation [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Compensatory damages awarded | $ 2 | |||||||||||||
Engle Progeny Cases, Kaplan [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Punitive damages awarded | $ 0 | |||||||||||||
Engle Progeny Cases, Cooper [Member] | Pending Litigation [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Compensatory damages awarded | $ 5 | |||||||||||||
Engle Progeny Cases, Cooper [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Compensatory damages awarded | 1 | |||||||||||||
Punitive damages awarded | $ 0 | |||||||||||||
Engle Progeny Cases, Miller [Member] | Settled Litigation [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Damages awarded, value | $ 1 | |||||||||||||
Engle Progeny Cases, Tuttle [Member] | Settled Litigation [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Damages awarded, value | $ 1 | |||||||||||||
Engle Progeny Cases, Cuddihee [Member] | Settled Litigation [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Damages awarded, value | $ 2 | |||||||||||||
Engle Progeny Cases, Holliman [Member] | Settled Litigation [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Damages awarded, value | $ 3 | |||||||||||||
Engle Progeny Cases, D. Brown [Member] | Settled Litigation [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Damages awarded, value | $ 5 |
Contingencies (Florida Bond Sta
Contingencies (Florida Bond Statute) (Details) | Jun. 30, 2009 USD ($) |
Florida [Member] | Engle Progeny Cases, State [Member] | |
Loss Contingencies [Line Items] | |
Maximum bond for all defendants | $ 200,000,000 |
Contingencies (Other Smoking an
Contingencies (Other Smoking and Health Class Actions) (Details) - Smoking and Health Class Actions and Aggregated Claims Litigation [Member] $ in Billions | 1 Months Ended | 326 Months Ended | |
Mar. 31, 2019 CAD ($) manufacture ruling | Jun. 30, 2023 case manufacture | Jul. 27, 2023 claim | |
Subsequent Event [Member] | |||
Loss Contingencies [Line Items] | |||
Number of cases pending | claim | 1 | ||
PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 61 | ||
Arkansas [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 1 | ||
California [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 1 | ||
Delaware [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 1 | ||
District of Columbia [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 2 | ||
Florida [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 2 | ||
Illinois [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 3 | ||
Iowa [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 1 | ||
Kansas [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 1 | ||
Louisiana [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 1 | ||
Maryland [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 1 | ||
Michigan [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 1 | ||
Minnesota [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 1 | ||
Nevada [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 29 | ||
New Jersey [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 6 | ||
New York [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 2 | ||
Ohio [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 1 | ||
Oklahoma [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 1 | ||
Oregon [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 1 | ||
Pennsylvania [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 1 | ||
Puerto Rico [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 1 | ||
South Carolina [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 1 | ||
Texas [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 1 | ||
Wisconsin [Member] | PM USA [Member] | |||
Loss Contingencies [Line Items] | |||
Class not certified | 1 | ||
Canada [Member] | Philip Morris USA and Altria Group [Member] | Subsequent Event [Member] | |||
Loss Contingencies [Line Items] | |||
Number of cases pending | claim | 7 | ||
Canada [Member] | Canadian Tobacco Manufacturers [Member] | |||
Loss Contingencies [Line Items] | |||
Number of manufacturers | manufacture | 3 | 3 | |
Number of verdicts upheld | ruling | 2 | ||
Amount awarded to other party | $ | $ 13 | ||
Canada [Member] | Altria Group [Member] | |||
Loss Contingencies [Line Items] | |||
Number of manufacturers | manufacture | 0 | ||
British Columbia and Saskatchewan [Member] | Philip Morris USA and Altria Group [Member] | Subsequent Event [Member] | |||
Loss Contingencies [Line Items] | |||
Number of cases pending | claim | 2 |
Contingencies (Health Care Cost
Contingencies (Health Care Cost Recovery Litigation) (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Nov. 30, 1998 USD ($) state | Jun. 30, 2023 USD ($) claim manufacture | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2023 USD ($) claim manufacture | Jun. 30, 2022 USD ($) | Jul. 25, 2022 claim | Jul. 26, 2021 claim | Mar. 31, 2019 manufacture | |
Loss Contingencies [Line Items] | |||||||||
Litigation settlement | $ 90,000,000 | ||||||||
Health Care Cost Recovery Actions [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of cases pending | claim | 1 | 1 | |||||||
Number of states with settled litigation | state | 46 | ||||||||
State settlement agreements annual payments | $ 9,400,000,000 | ||||||||
State settlement agreements attorney fees annual cap | $ 500,000,000 | ||||||||
Litigation settlement | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,900,000,000 | $ 1,900,000,000 | |||||
Threatened Litigation [Member] | Canada [Member] | Health Care Cost Recovery Actions [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of cases pending | claim | 10 | 10 | |||||||
Canadian Tobacco Manufacturers [Member] | Canada [Member] | Smoking and Health Class Actions and Aggregated Claims Litigation [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of manufacturers | manufacture | 3 | 3 | 3 |
Contingencies (NPM Adjustment D
Contingencies (NPM Adjustment Disputes) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 252 Months Ended | ||||||||||
Jul. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) state | Sep. 30, 2021 state | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2023 USD ($) state | Jun. 30, 2022 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2018 state | Dec. 31, 2015 USD ($) | Dec. 31, 2018 state | |
Loss Contingencies [Line Items] | |||||||||||||||
Litigation settlement | $ 90 | ||||||||||||||
Health Care Cost Recovery Actions [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Litigation settlement | $ 1,000 | $ 1,000 | $ 1,900 | $ 1,900 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Loss contingency, number of states with settled litigation including New York, subsequent expansion | state | 37 | 36 | |||||||||||||
Loss contingency, credits to offset payments | 1,240 | ||||||||||||||
Litigation settlement, amount expected to be awarded from other party | 325 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions [Member] | Settled Litigation [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Loss contingency, number of additional states extended with settled litigation | state | 35 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions [Member] | Pending Litigation [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Loss contingency, number of additional states extended with settled litigation | state | 1 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2004 NPM Adjustment [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Estimate of possible gain | 388 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2004 NPM Adjustment [Member] | Pending Litigation [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Loss contingency, credits to offset payments | $ 52 | ||||||||||||||
Loss contingency, number of states with concluded hearings | state | 9 | ||||||||||||||
Loss contingency, number of states not in compliance with escrow statues | state | 3 | ||||||||||||||
Loss contingency, number of states in compliance with escrow statues | state | 7 | ||||||||||||||
Loss contingency, damages sought, value | $ 5 | $ 23 | |||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2004 NPM Adjustment [Member] | Pending Litigation [Member] | Cost of Sales [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Loss contingency, reduction to cost of sales | $ 3 | $ 21 | |||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2005 NPM Adjustment [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Estimate of possible gain | $ 181 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2006 NPM Adjustment [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Estimate of possible gain | 154 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2007 NPM Adjustment [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Estimate of possible gain | 185 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2008 NPM Adjustment [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Estimate of possible gain | 250 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2009 NPM Adjustment [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Estimate of possible gain | 211 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2010 NPM Adjustment [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Estimate of possible gain | 218 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2011 NPM Adjustment [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Estimate of possible gain | 166 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2012 NPM Adjustment [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Estimate of possible gain | 214 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2013 NPM Adjustment [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Estimate of possible gain | 224 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2014 NPM Adjustment [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Estimate of possible gain | 258 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2015 NPM Adjustments [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Estimate of possible gain | 313 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2016 NPM Adjustments [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Estimate of possible gain | 292 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2017 NPM Adjustments [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Estimate of possible gain | 285 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2018 NPM Adjustments [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Estimate of possible gain | 318 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2019 NPM Adjustments [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Estimate of possible gain | 415 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2020 NPM Adjustments [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Estimate of possible gain | 572 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2021 NPM Adjustments [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Estimate of possible gain | $ 675 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2005-2007 NPM Adjustment [Member] | Pending Litigation [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Loss contingency, number of states not settled | state | 9 | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2005-2007 NPM Adjustment [Member] | Pending Litigation [Member] | Period One | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Loss contingency, number of states not settled | state | 8 | ||||||||||||||
Loss contingency, number of states not settled, arbitration period | 3 years | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2005-2007 NPM Adjustment [Member] | Pending Litigation [Member] | Period Two | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Loss contingency, number of states not settled | state | 1 | ||||||||||||||
Loss contingency, number of states not settled, arbitration period | 1 year | ||||||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2022 NPM Adjustments | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Estimate of possible gain | $ 571 | ||||||||||||||
New York [Member] | PM USA [Member] | Health Care Cost Recovery Actions, Transition Years 2004-2018 [Member] | Settled Litigation [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Litigation settlement | $ 503 | ||||||||||||||
MONTANA [Member] | PM USA [Member] | Settled Litigation [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Litigation settlement | $ 4 | ||||||||||||||
Illinois [Member] | PM USA [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Litigation settlement | $ 80 | ||||||||||||||
Illinois [Member] | PM USA [Member] | Health Care Cost Recovery Actions, Transition Years 2004-2021 [Member] | Settled Litigation [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Litigation settlement | $ 80 | ||||||||||||||
Illinois [Member] | PM USA [Member] | Health Care Cost Recovery Actions, Transition Years 2019-2021 [Member] | Settled Litigation [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Litigation settlement | $ 20 | ||||||||||||||
Iowa [Member] | PM USA [Member] | Pending Litigation [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Loss contingency, damages sought, value | $ 133 | ||||||||||||||
New Mexico [Member] | PM USA [Member] | Pending Litigation [Member] | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Loss contingency, damages sought, value | $ 84 |
Contingencies (Other Disputes U
Contingencies (Other Disputes Under the State Settlement Agreements) (Details) $ in Millions | 1 Months Ended |
Jan. 31, 2021 USD ($) | |
PM USA [Member] | Other Disputes Under the State Settlement Agreements [Member] | |
Loss Contingencies [Line Items] | |
Amount ordered to be paid from other party | $ 32 |
Contingencies (Federal Governme
Contingencies (Federal Government's Lawsuit) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | ||
Loss contingency accrual, provision | $ 90 | |
Implementation of Corrective Communications [Member] | ||
Loss Contingencies [Line Items] | ||
Loss contingency accrual, provision | $ 28 |
Contingencies (E-vapor Product
Contingencies (E-vapor Product Litigation and IQOS Litigation) (Details) | 1 Months Ended | 3 Months Ended | |||||||
May 31, 2023 USD ($) claim thirdPartyClaim | Sep. 30, 2022 USD ($) | Apr. 30, 2020 USD ($) | Dec. 31, 2021 USD ($) | Jul. 27, 2023 claim | Jun. 30, 2023 lawsuit | Jan. 31, 2023 | Jul. 25, 2022 claim | Jul. 26, 2021 claim | |
Loss Contingencies [Line Items] | |||||||||
Litigation settlement | $ | $ 90,000,000 | ||||||||
E-vapor Litigation [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of cases pending | 4,030 | 2,626 | |||||||
Litigation settlement | $ | $ 235,000,000 | ||||||||
Loss contingency, number of third party cases not subject to settlement agreement | thirdPartyClaim | 35 | ||||||||
Loss contingency, number of class action lawsuits pending not subject to settlement agreement | 3 | ||||||||
Loss contingency, number of putative class action antitrust lawsuits not subject to settlement agreement | 17 | ||||||||
Number of third party lawsuits | lawsuit | 4 | ||||||||
IQOS [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Damages awarded, value | $ | $ 95,000,000 | ||||||||
Loss Contingency, Royalty Fee Percentage | 5.25% | ||||||||
Loss contingency, damages recoverable, value | $ | $ 0 | ||||||||
Subsequent Event [Member] | E-vapor Litigation [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of cases pending | 5,326 | ||||||||
Subsequent Event [Member] | E-vapor Litigation [Member] | Canada [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of cases pending | 3 | ||||||||
Class Action Lawsuit [Member] | Subsequent Event [Member] | E-vapor Litigation [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of cases pending | 57 | ||||||||
Number of pending claims, consolidated for pre-trial purposes | 32 | ||||||||
Pending Individual Lawsuits [Member] | Subsequent Event [Member] | E-vapor Litigation [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of cases pending | 3,736 | ||||||||
Pending Lawsuits Filed By State Or Local Governments [Member] | Subsequent Event [Member] | E-vapor Litigation [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of cases pending | 1,506 | ||||||||
Pending Class Action Lawsuit [Member] | Subsequent Event [Member] | E-vapor Litigation [Member] | Canada [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of cases pending | 3 |
Contingencies (Antitrust Litiga
Contingencies (Antitrust Litigation and Shareholder Class Action and Shareholder Derivative Lawsuits) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||||||||||
Apr. 30, 2023 USD ($) | Oct. 31, 2022 USD ($) | Feb. 28, 2022 claim | Jan. 31, 2022 USD ($) | Apr. 30, 2021 claim | Aug. 31, 2020 shareholder | Dec. 31, 2019 shareholder | Oct. 31, 2019 shareholder | Dec. 31, 2021 USD ($) | Mar. 31, 2021 shareholder | Jan. 31, 2022 contract | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Aug. 31, 2021 shareholder | Jul. 27, 2023 lawsuit | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Nov. 30, 2020 complaint | Apr. 30, 2020 | |
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss contingency, number of complaints | complaint | 3 | ||||||||||||||||||||
Number of plaintiffs | claim | 4 | ||||||||||||||||||||
Loss contingency, number of shareholders filing class action lawsuits | shareholder | 2 | 2 | 2 | ||||||||||||||||||
Litigation settlement | $ 90 | ||||||||||||||||||||
Loss contingency accrual, provision | $ 90 | ||||||||||||||||||||
Payments for legal settlements | $ 90 | ||||||||||||||||||||
Loss contingency, number of pending cases consolidated | 5 | 5 | |||||||||||||||||||
Loss contingency, number of shareholders filing derivative lawsuits | shareholder | 3 | 6 | |||||||||||||||||||
Pre-tax charge | $ 91 | $ 71 | $ 91 | $ 381 | $ 171 | $ 25 | $ 0 | ||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss contingency, class action lawsuit | lawsuit | 17 | ||||||||||||||||||||
Federal And State Shareholder Derivative Lawsuits [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss contingency accrual, provision | $ 27 | ||||||||||||||||||||
Loss contingency, settlement funding amount | $ 100 | ||||||||||||||||||||
Loss contingency, settlement funding period | 5 years | ||||||||||||||||||||
Judgments paid (approximately) | $ 15 | ||||||||||||||||||||
Pre-tax charge | $ 100 | ||||||||||||||||||||
JUUL [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Equity securities, ownership percentage | 35% |
Contingencies (Lights_Ultra Lig
Contingencies (Lights/Ultra Lights Cases) (Details) - Subsequent Event [Member] | Jul. 27, 2023 claim court case |
Lights [Member] | |
Loss Contingencies [Line Items] | |
Claims not certified, number | case | 23 |
Number of cases pending | 2 |
Lights [Member] | PM USA [Member] | |
Loss Contingencies [Line Items] | |
Number of state courts | court | 21 |
Smoking and Health Class Actions and Aggregated Claims Litigation [Member] | |
Loss Contingencies [Line Items] | |
Number of cases pending | 1 |
Contingencies (UST Litigations
Contingencies (UST Litigations Narrative) (Details) | Jul. 27, 2023 claim |
Pending Individual Lawsuits [Member] | Subsequent Event [Member] | UST Litigation [Member] | |
Loss Contingencies [Line Items] | |
Number of cases pending | 0 |
Contingencies (Guarantees and O
Contingencies (Guarantees and Other Similar Matters (Details) | Jun. 30, 2023 USD ($) |
Loss Contingencies [Line Items] | |
Contingent liability related to performance surety bonds | $ 19,000,000 |
Credit Agreement [Member] | Revolving Credit Facility [Member] | |
Loss Contingencies [Line Items] | |
Credit line available under the agreement | 3,000,000,000 |
Letter of Credit [Member] | |
Loss Contingencies [Line Items] | |
Credit line available under the agreement | $ 46,000,000 |
Uncategorized Items - mo-202306
Label | Element | Value | |
Restricted Cash, Noncurrent | us-gaap_RestrictedCashNoncurrent | $ 46,000,000 | |
Restricted Cash, Current | us-gaap_RestrictedCashCurrent | $ 15,000,000 | |
[1] Restricted cash consisted primarily of cash deposits collateralizing appeal bonds posted by PM USA to obtain stays of judgments pending appeals. See Note 13. Contingencies . |