Indebtedness: (Tables)

3 Months Ended

Mar. 31, 2026

At March 31, 2026 and December 31, 2025, PMI’s short-term borrowings and related average interest rates consisted of the following:


	March 31, 2026				December 31, 2025
(in millions)	Amount Outstanding		Average Rate		Amount Outstanding		Average Rate
Commercial paper	$	5,477	3.8	%	$	—	—	%
Bank loans	216		12.8		168		10.3

	$	5,693			$	168

Long-Term Debt

At March 31, 2026 and December 31, 2025, PMI’s long-term debt consisted of the following:


(in millions)	March 31, 2026		December 31, 2025
U.S. dollar notes, 0.875% to 6.375% (average interest rate 4.653%), due through 2044	$	36,660	$	37,430
Foreign currency obligations:
Euro notes, 0.125% to 3.750% (average interest rate 2.039%), due through 2039	6,606		7,942

Euro credit facility borrowing related to Swedish Match AB acquisition, (interest rate 2.597%), due 2027	2,873		2,944
Swedish krona note, (interest rate 2.190%), due 2029	28		267
Finance leases (average interest rate 4.223%), due through 2037	88		84
Carrying value of long-term debt	46,255		48,667
Less current portion of long-term debt	2,447		3,533
	$	43,808	$	45,134

Schedule of Fair Value of Outstanding Long-Term Debt, Excluding Finance Leases

At March 31, 2026, the fair values of PMI's certain other investments were as follows:


(in millions)	March 31, 2026
Level 1, U.S. dollar denominated bonds in Argentina	$	103
Level 2, Indonesian rupiah denominated bonds in Indonesia	26

At March 31, 2026, the fair value of PMI's outstanding long-term debt, excluding the aforementioned finance leases, was as follows:


(in millions)	March 31, 2026
Level 1	$	42,513
Level 2	2,903

Schedule of Committed Credit Facilities

At March 31, 2026, PMI's total committed revolving credit facilities were as follows:


(in billions)
Type	Committed Revolving Credit Facilities
Multi-year $2.0 billion revolving credit, expiring January 29, 2031	$	2.0
Multi-year $2.5 billion revolving credit, expiring September 29, 2026 (1) (2)	2.5
Multi-year €1.5 billion revolving credit, expiring January 29, 2029	1.7
Total facilities	$	6.2

(1) 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.

(2) 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.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Philip Morris International Inc. 10-Q