v3.25.0.1
Capital Stock:
 12 Months Ended
Dec. 31, 2024
Class of Stock Disclosures [Abstract]  
Capital Stock:
Capital Stock:

Shares of authorized common stock are 6.0 billion; issued, repurchased and outstanding shares were as follows:
Shares IssuedShares
Repurchased		Shares
Outstanding
Balances, January 1, 20222,109,316,331 (559,146,338)1,550,169,993 
Repurchase of shares(1,966,730)(1,966,730)
Issuance of stock awards2,014,448 2,014,448 
Balances, December 31, 20222,109,316,331 (559,098,620)1,550,217,711 
Issuance of stock awards2,206,820 2,206,820 
Balances, December 31, 20232,109,316,331 (556,891,800)1,552,424,531 
Issuance of stock awards2,421,069 2,421,069 
Balances, December 31, 20242,109,316,331 (554,470,731)1,554,845,600 

On June 11, 2021, PMI's Board of Directors authorized a share repurchase program of up to $7 billion, with target spending of $5 billion to $7 billion over a three-year period that commenced in July 2021. From July 22, 2021 through March 31, 2022, PMI repurchased 10.5 million shares of its common stock at a cost of approximately $1.0 billion. During the first three months of 2022, PMI repurchased 2.0 million shares of its common stock at a cost of $199 million. On May 11, 2022, we announced the suspension of the three-year share repurchase program following the recommended public offer to acquire the outstanding shares of Swedish Match from its shareholders. For further details, see Note 3. Acquisitions and Divestitures. Prior to the suspension of the program, PMI made no share repurchases during the second quarter of 2022. The three-year share repurchase program expired on July 21, 2024.

At December 31, 2024, 27,288,770 shares of common stock were reserved for stock awards under PMI’s stock plans, and 250 million shares of preferred stock, without par value, were authorized but unissued. PMI currently has no plans to issue any shares of preferred stock.