Indebtedness: (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Debt Disclosure [Abstract] |
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| Schedule of Short-term Debt |
At December 31, 2023 and 2022, PMI’s short-term borrowings and related average interest rates consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | December 31, 2022 | | (in millions) | Amount Outstanding | | Average Year-End Rate | | Amount Outstanding | | Average Year-End Rate | Commercial paper | $ | 1,685 | | | 5.6 | % | | $ | 912 | | | 4.4 | % | Bank loans | 283 | | | 8.9 | | | 295 | | | 7.5 | | | U.S. dollar credit facility borrowings related to Swedish Match AB acquisition | — | | | — | | | 4,430 | | | 4.9 | | | $ | 1,968 | | | | | $ | 5,637 | | | |
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| Long-Term Debt |
At December 31, 2023 and 2022, PMI’s long-term debt consisted of the following: | | | | | | | | | | | | | December 31, | (in millions) | 2023 | | 2022 | U.S. dollar notes, 0.875% to 6.375% (average interest rate 4.446%), due through 2044 | $ | 30,272 | | | $ | 22,596 | | | Foreign currency obligations: | | | | Euro notes, 0.125% to 3.125% (average interest rate 1.877%), due through 2039 | 8,526 | | | 8,116 | | Swiss franc note, 1.625%, due 2024 | 299 | | | 378 | | Euro credit facility borrowings related to Swedish Match AB acquisition, (average interest rate 4.453%), due through 2027 | 6,121 | | | 5,850 | | Swedish krona notes, 1.395% to 2.710% (average interest rate 2.016%), due through 2029 | 236 | | | 343 | | Other (average interest rate 6.027%), due through 2031 (a) | 487 | | | 203 | | | Carrying value of long-term debt | 45,941 | | | 37,486 | | Less current portion of long-term debt | 4,698 | | | 2,611 | | | $ | 41,243 | | | $ | 34,875 | |
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| Schedule of Fair Value of Outstanding Long-Term Debt, Excluding Finance Leases |
At December 31, 2023 and 2022 the fair value of PMI's outstanding long-term debt, excluding the aforementioned finance leases, was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | December 31, | (in millions) | 2023 | | 2022 | | Level 1 | $ | 38,259 | | | $ | 28,919 | | | Level 2 | 6,687 | | | 6,142 | |
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| Debt Issuances Outstanding |
PMI’s notes outstanding at December 31, 2023, were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | | | | | | | | | Type | | Face Value | | Interest
Rate | | Issuance | | Maturity | U.S. dollar notes | | $900 | | 2.875% | | May 2019 | | May 2024 | U.S. dollar notes | | $750 | | 3.250% | | November 2014 | | November 2024 | U.S. dollar notes | | $1,000 | | 5.125% | | November 2022 | | November 2024 | U.S. dollar notes | | $750 | | 1.500% | | May 2020 | | May 2025 | U.S. dollar notes | | $750 | | 3.375% | | August 2015 | | August 2025 | U.S. dollar notes | | $750 | | 5.000% | | November 2022 | | November 2025 | U.S. dollar notes | | $750 | | 2.750% | | February 2016 | | February 2026 | U.S. dollar notes | | $1,250 | | 4.875% | | February 2023 | | February 2026 | U.S. dollar notes | (a) | $450 | | 4.875% | | May 2023 | | February 2026 | U.S. dollar notes | | $750 | | 0.875% | | November 2020 | | May 2026 | U.S. dollar notes | | $500 | | 3.125% | | August 2017 | | August 2027 | U.S. dollar notes | | $1,500 | | 5.125% | | November 2022 | | November 2027 | U.S. dollar notes | | $1,000 | | 4.875% | | February 2023 | | February 2028 | U.S. dollar notes | (b) | $550 | | 4.875% | | May 2023 | | February 2028 | U.S. dollar notes | | $500 | | 3.125% | | November 2017 | | March 2028 | U.S. dollar notes | (c) | $50 | | 4.000% | | May 2013 | | May 2028 | U.S. dollar notes | | $650 | | 5.250% | | September 2023 | | September 2028 | U.S. dollar notes | | $750 | | 3.375% | | May 2019 | | August 2029 | U.S. dollar notes | | $1,250 | | 5.625% | | November 2022 | | November 2029 | U.S. dollar notes | | $1,500 | | 5.125% | | February 2023 | | February 2030 | U.S. dollar notes | (d) | $700 | | 5.125% | | May 2023 | | February 2030 | U.S. dollar notes | | $750 | | 2.100% | | May 2020 | | May 2030 | U.S. dollar notes | | $700 | | 5.500% | | September 2023 | | September 2030 | U.S. dollar notes | | $750 | | 1.750% | | November 2020 | | November 2030 | U.S. dollar notes | | $1,500 | | 5.750% | | November 2022 | | November 2032 | U.S. dollar notes | | $1,500 | | 5.375% | | February 2023 | | February 2033 | U.S. dollar notes | (e) | $750 | | 5.375% | | May 2023 | | February 2033 | U.S. dollar notes | | $1,000 | | 5.625% | | September 2023 | | September 2033 | U.S. dollar notes | | $1,500 | | 6.375% | | May 2008 | | May 2038 | U.S. dollar notes | | $750 | | 4.375% | | November 2011 | | November 2041 | U.S. dollar notes | | $700 | | 4.500% | | March 2012 | | March 2042 | U.S. dollar notes | | $750 | | 3.875% | | August 2012 | | August 2042 | U.S. dollar notes | | $850 | | 4.125% | | March 2013 | | March 2043 | U.S. dollar notes | | $750 | | 4.875% | | November 2013 | | November 2043 | U.S. dollar notes | | $750 | | 4.250% | | November 2014 | | November 2044 | U.S. dollar notes | (f) | $500 | | 4.250% | | May 2016 | | November 2044 | EURO notes | (g) | €600 (approximately $761) | | 2.875% | | May 2012 | | May 2024 | EURO notes | (c) | €300 (approximately $308) | | 0.875% | | September 2016 | | September 2024 | EURO notes | (g) | €500 (approximately $582) | | 0.625% | | November 2017 | | November 2024 | EURO notes | (g) | €750 (approximately $972) | | 2.750% | | March 2013 | | March 2025 | EURO notes | (c) | €200 (approximately $205) | | 1.200% | | November 2017 | | November 2025 | EURO notes | (c) | €50 (approximately $51) | | 1.200% | | December 2020 | | November 2025 | EURO notes | (c) | €50 (approximately $51) | | 1.200% | | June 2021 | | November 2025 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | | | | | | | | | Type | | Face Value | | Interest
Rate | | Issuance | | Maturity | EURO notes | (g) | €1,000 (approximately $1,372) | | 2.875% | | March 2014 | | March 2026 | EURO notes | (g) | €500 (approximately $557) | | 0.125% | | August 2019 | | August 2026 | EURO notes | (c) | €300 (approximately $308) | | 0.875% | | February 2020 | | February 2027 | EURO notes | (g) | €500 (approximately $697) | | 2.875% | | May 2014 | | May 2029 | EURO notes | (g) | €750 (approximately $835) | | 0.800% | | August 2019 | | August 2031 | EURO notes | (g) | €500 (approximately $648) | | 3.125% | | June 2013 | | June 2033 | EURO notes | (g) | €500 (approximately $578) | | 2.000% | | May 2016 | | May 2036 | EURO notes | (g) | €500 (approximately $582) | | 1.875% | | November 2017 | | November 2037 | EURO notes | (g) | €750 (approximately $835) | | 1.450% | | August 2019 | | August 2039 | Swiss franc notes | (g) | CHF250 (approximately $283) | | 1.625% | | May 2014 | | May 2024 | | Swedish krona notes | (c) | SEK1,000 (approximately $95) | | 2.710% | | January 2019 | | January 2026 | | Swedish krona notes | (c) | SEK700 (approximately $67) | | 1.395% | | February 2021 | | February 2026 | | Swedish krona notes | (c) | SEK100 (approximately $10) | | 1.395% | | March 2021 | | February 2026 | | Swedish krona notes | (c) | SEK200 (approximately $19) | | 1.395% | | September 2021 | | February 2026 | | Swedish krona notes | (c) | SEK200 (approximately $19) | | 1.395% | | January 2022 | | February 2026 | | Swedish krona notes | (c) | SEK300 (approximately $29) | | 2.190% | | April 2021 | | April 2029 |
(a) These notes are a further issuance of the 4.875% notes issued in February 2023. (b) These notes are a further issuance of the 4.875% notes issued in February 2023. (c) Notes issued by Swedish Match AB. USD equivalents for foreign currency notes were calculated based on exchange rates on the date of acquisition. (d) These notes are a further issuance of the 5.125% notes issued in February 2023. (e) These notes are a further issuance of the 5.375% notes issued in February 2023. (f) These notes are a further issuance of the 4.250% notes issued by PMI in November 2014. (g) USD equivalents for foreign currency notes were calculated based on exchange rates on the date of issuance.
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| Schedule of Maturities of Long-term Debt |
Aggregate maturities of long-term debt are as follows: | | | | | | (in millions) | | | 2024 | $ | 4,709 | | | 2025 | 6,785 | | | 2026 | 5,117 | | | 2027 | 5,141 | | | 2028 | 2,771 | | | 2029-2033 | 13,312 | | | 2034-2038 | 2,613 | | | Thereafter | 5,885 | | | 46,333 | | | Debt discounts and fair value adjustments | (392) | | | Total long-term debt | $ | 45,941 | |
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| Schedule of Committed Credit Facilities |
At December 31, 2023, PMI’s total committed revolving credit facilities were as follows: | | | | | | | | | | Type
(in billions) | Committed Revolving Credit Facilities | | | 364-day revolving credit, expiring January 30, 2024 (1) | $ | 1.8 | | | | Multi-year revolving credit, expiring February 10, 2026 (2) | 2.0 | | | | Multi-year revolving credit, expiring September 29, 2026 (3) (4) | 2.5 | | | | Total facilities | $ | 6.3 | | | | | | | |
(1) On January 24, 2024, PMI entered into an agreement to extend the term of its 364-day committed revolving credit facility in the amount of $1.7 billion from January 30, 2024, to January 28, 2025. (2) On January 28, 2022, PMI entered into an agreement, effective February 10, 2022, to amend and extend the term of its $2.0 billion multi-year revolving credit facility, for an additional year covering the period February 11, 2026 to February 10, 2027, in the amount of $1.9 billion. (3) Includes pricing adjustments that may result in the reduction or increase in both the interest rate and commitment fee under the credit agreement if PMI achieves, or fails to achieve, certain specified targets. (4) On September 20, 2022, PMI entered into an agreement, effective September 29, 2022, to amend and extend the term of its $2.5 billion multi-year revolving credit facility, for an additional year covering the period September 30, 2026 to September 29, 2027, in the amount of $2.3 billion. On September 20, 2023, PMI entered into an agreement, effective September 29, 2023, to amend and further extend the term to September 29, 2028.
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