| ASSETS |
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Cash and cash equivalents
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Trade receivables (less allowances of $36 in 2026 and $23 in 2025)
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Other receivables (less allowances of $24 in 2026 and $24 in 2025)
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| Inventories: |
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| Leaf tobacco |
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| Other raw materials |
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| Finished product |
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Total inventory, net
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Other current assets
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Total current assets
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| Land and land improvements |
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| Buildings and building equipment |
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| Machinery and equipment |
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| Construction in progress |
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| Property, plant and equipment, at cost |
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| Less: accumulated depreciation |
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| Total property, plant and equipment, net |
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Goodwill (Note 5)
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Other intangible assets, net (Note 5)
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| Equity investments (Note 13) |
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| Deferred income taxes |
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Other assets (less allowances of $11 in 2026 and $12 in 2025)
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TOTAL ASSETS
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| LIABILITIES |
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Short-term borrowings (Note 11)
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| Current portion of long-term debt (Note 11) |
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Accounts payable
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| Accrued liabilities: |
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| Marketing and selling |
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| Taxes, except income taxes |
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| Employment costs |
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| Dividends payable |
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| Other |
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| Income taxes |
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Total current liabilities
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| Long-term debt (Note 11) |
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Deferred income taxes
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| Employment costs |
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| Income taxes and other liabilities (Note 12) |
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Other liabilities
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Total liabilities
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| STOCKHOLDERS’ (DEFICIT) EQUITY |
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Common stock, no par value (2,109,316,331 shares issued in 2026 and 2025)
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Additional paid-in capital
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Earnings reinvested in the business
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| Accumulated other comprehensive losses (Note 12) |
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| Total stockholders' equity before treasury stock |
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Less: cost of repurchased stock (550,676,719 and 552,659,642 shares in 2026 and 2025, respectively)
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Total PMI stockholders’ deficit
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| Noncontrolling interests |
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| Total stockholders’ deficit |
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TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
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