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We discuss restructuring activities in Note 16. Restructuring Activities to our condensed consolidated financial statements.
Read in the filing ↗ Also in 10-Q of Oct 24, 2025, 10-Q of Apr 24, 2026, 10-Q of Jul 24, 2026, 10-Q of Oct 23, 2026
We discuss restructuring activities in Item 8, Note 20. Restructuring Activities to our consolidated financial statements.
Read in the filing ↗ Also in 10-K of Feb 6, 2026
Restructuring charges - During 2023, we recorded pre-tax restructuring charges of $109 million (representing $96 million net of income tax and a diluted EPS charge of $0.06 per share), related to a project to fully outsource and restructure the manufacturing of e-vapor devices and consumables. During 2024, we recorded pre-tax restructuring charges of $180 million (representing $150 million net of income tax and a diluted EPS charge of $0.10 per share), related to the restructuring of the sourcing of IQOS products to be commercialized in the U.S., and the cessation of our operations in Venezuela. For further details, see Item 8, Note 20. Restructuring Activities.
Read in the filing ↗ Also in 10-K of Feb 6, 2026
(1) Cost variance includes charges in 2026 of $24 million related to restructuring charges. For more details, see Note 15. Restructuring Activities.
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• Restructuring charges - See Note 16. Restructuring Activities for a breakdown of these costs by segment for the nine months ended September 30, 2025 and 2024.
Read in the filing ↗ Also in 10-Q of Oct 24, 2025, 10-Q of Jul 25, 2025, 10-Q of Jul 25, 2025
(1) Cost variance includes charges in 2026 and 2025 of $30 million and $243 million, respectively, related to restructuring charges. For more details, see Note 15. Restructuring Activities.
Read in the filing ↗ Also in 10-Q of Jul 24, 2026, 10-Q of Oct 23, 2026
Restructuring charges - During the first quarter of 2026, we recorded pre-tax restructuring charges of $24 million (representing $19 million net of income tax and a diluted EPS charge of $0.01 per share), related to a series of footprint optimization initiatives in the U.S. For further details, see Note 15. Restructuring Activities.
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Restructuring charges - During the second quarter of 2025, we recorded pre-tax restructuring charges of $243 million, representing $200 million net of income tax and a diluted EPS charge of $0.13 per share, related to the end of combustible tobacco production in two of our factories in Germany. For further details, see Note 16. Restructuring Activities.
Read in the filing ↗ Also in 10-Q of Jul 24, 2026
• Restructuring charges - See Note 15. Restructuring Activities for details of the $24 million pre-tax charges included in marketing, administration and research costs for the three months ended March 31, 2026.
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Restructuring charges - During the six months ended June 30, 2024, we recorded pre-tax restructuring charges of $168 million (representing $141 million net of income tax and a diluted EPS charge of $0.09 per share), related to the restructuring of the sourcing of IQOS products to be commercialized in the U.S., and the cessation of our operations in Venezuela. During the six months ended June 30, 2025, we recorded pre-tax restructuring charges of $243 million, representing $200 million net of income tax and a diluted EPS charge of $0.13 per share, related to the end of combustible tobacco production in two of our factories in Germany. For further details, see Note 16. Restructuring Activities.
Read in the filing ↗ Also in 10-Q of Jul 24, 2026
Restructuring charges - During the nine months ended September 30, 2024, we recorded pre-tax restructuring charges of $168 million (representing $141 million net of income tax and a diluted EPS charge of $0.09 per share), related to the restructuring of the sourcing of IQOS products to be commercialized in the U.S., and the cessation of our operations in Venezuela. During the nine months ended September 30, 2025, we recorded pre-tax restructuring charges of $243 million, representing $200 million net of income tax and a diluted EPS charge of $0.13 per share, related to the end of combustible tobacco production in two of our factories in Germany. For further details, see Note 16. Restructuring Activities.
Read in the filing ↗ Also in 10-Q of Oct 23, 2026
(1) Cost/Other variance includes charges in 2025 of $243 million related to restructuring charges and higher amortization of intangibles in 2025, partly offset by charges in 2024 of $168 million related to restructuring charges and the 2024 impairment of other intangibles of $27 million. For more details, see Note 5. Goodwill and Other Intangible Assets, net and Note 16. Restructuring Activities.
Read in the filing ↗ Also in 10-Q of Jul 25, 2025
• Restructuring charges - See Note 15. Restructuring Activities for details of the pre-tax charges included in marketing, administration and research costs for the six months and three months ended June 30, 2026 and 2025.
Read in the filing ↗ Also in 10-Q of Oct 23, 2026
• Restructuring charges - See Note 20. Restructuring Activities for details of the $ 180 million and $ 109 million pre-tax charges for the year ended December 31, 2024 and 2023, respectively, as well as a breakdown of these costs by segment.
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For the nine months and three months ended September 30, 2026, PMI recorded total pre-tax restructuring charges of $ 34 million and $ 4 million, respectively. For the nine months ended September 30, 2025, PMI recorded total pre-tax restructuring
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• Restructuring charges - See Item 8, Note 20. Restructuring Activities for details of the $180 million and $109 million pre-tax charges for the year ended December 31, 2024 and 2023, respectively, as well as a breakdown of these costs by segment.
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• Restructuring charges - See Note 18. Restructuring Activities for details of the $ 241 million, $ 180 million and $ 109 million pre-tax charges for the year ended December 31, 2025, 2024 and 2023, respectively, as well as a breakdown of these costs by segment.
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• Restructuring charges - See Item 8, Note 18. Restructuring Activities for details of the $241 million, $180 million and $109 million pre-tax charges for the year ended December 31, 2025, 2024 and 2023, respectively, as well as a breakdown of these costs by segment.
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For the nine months ended September 30, 2025, PMI recorded total pre-tax restructuring charges of $ 243 million. For the nine months ended September 30, 2024, PMI recorded total pre-tax restructuring charges of $ 168 million. For the three months ended September 30, 2025 and 2024, PMI did not record any charges related to restructuring activities. The 2025 and 2024 pre-tax charges were included in marketing, administration and research costs in the condensed consolidated statements of earnings.
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For the six months and three months ended June 30, 2025, PMI recorded total pre-tax restructuring charges of $ 243 million. For the six months ended June 30, 2024, PMI recorded total pre-tax restructuring charges of $ 168 million. For the three months ended June 30, 2024, PMI did not record any charges related to restructuring activities. The 2025 and 2024 pre-tax charges were included in marketing, administration and research costs in the condensed consolidated statements of earnings.
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For the three months ended March 31, 2026, PMI recorded total pre-tax restructuring charges of $ 24 million. For the three months ended March 31, 2025, PMI did not record any charges related to restructuring activities. The 2026 pre-tax charges were included in marketing, administration and research costs in the condensed consolidated statements of earnings. As discussed in Note 8. Segment Reporting, marketing, administration and research costs, including restructuring charges, are not allocated to segments to determine the primary measure of segment profitability.
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During 2024 and 2023, PMI recorded the following pre-tax restructuring charges by segment:
Read in the filing ↗ Also in 10-K of Feb 6, 2026
For the six months and three months ended June 30, 2026, PMI recorded total pre-tax restructuring charges of $ 30 million and $ 6 million, respectively. For the six months and three months ended June 30, 2025, PMI recorded total pre-tax restructuring charges of $ 243 million. The pre-tax charges were included in marketing, administration and research costs in the condensed consolidated statements of earnings. As discussed in Note 8. Segment Reporting, marketing, administration and research costs, including restructuring charges, are not allocated to segments to determine the primary measure of segment profitability.
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The movement in restructuring related liabilities for the year ended December 31, 2024 was as follows:
Read in the filing ↗ Also in 10-K of Feb 6, 2026
In 2024, PMI recorded pre-tax restructuring charges of $ 133 million related to this restructuring activity. This amount included contract termination costs with suppliers of $ 73 million, including prepaid commitments of $ 20 million. The amount also included asset impairment costs of $ 60 million, primarily related to machinery and equipment and other assets, which were non-cash charges.
Read in the filing ↗ Also in 10-K of Feb 6, 2026
The movement in restructuring related liabilities for the six months ended June 30, 2025 was as follows:
Read in the filing ↗ Also in 10-Q of Jul 24, 2026
The movement in restructuring related liabilities for the nine months ended September 30, 2025 was as follows:
Read in the filing ↗ Also in 10-Q of Oct 23, 2026
The movement in restructuring related liabilities for the three months ended March 31, 2026 was as follows:
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For the years ended December 31, 2024 and 2023, PMI recorded total pre-tax restructuring charges of $ 180 million and $ 109 million, respectively. These pre-tax charges were included in marketing, administration and research costs on the consolidated statements of earnings. For the year ended December 31, 2022, PMI did no t record any charges related to restructuring activities.
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(1) Cost/Other variance includes charges in 2025 of $243 million related to restructuring charges, $176 million related to Germany excise tax classification litigation and higher amortization of intangibles in 2025, partly offset by charges in 2024 of $168 million related to restructuring charges, $27 million related to impairment of other intangibles, $198 million related to the loss on sale of Vectura Group and $45 million related to the Egypt sales tax charge. For more details, see Note 2. Acquisitions and Divestitures, Note 5. Goodwill and Other Intangible Assets, net, Note 8, Segment Reporting, Note 9. Contingencies and Note 16. Restructuring Activities.
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Future cash payments for restructuring activities incurred to date are anticipated to be substantially paid by the end of 2025.
Read in the filing ↗ Also in 10-Q of Jul 25, 2025, 10-Q of Oct 24, 2025, 10-K of Feb 6, 2026, 10-Q of Apr 24, 2026, 10-Q of Jul 24, 2026, 10-Q of Oct 23, 2026
For the full year 2026, PMI expects total pre‑tax restructuring charges associated with the FIP program to be approximately $ 55 million.
Read in the filing ↗ Also in 10-Q of Jul 24, 2026, 10-Q of Oct 23, 2026
charges of $ 243 million. For the three months ended September 30, 2025, PMI did not record any charges related to restructuring activities. The pre-tax charges were included in marketing, administration and research costs in the condensed consolidated statements of earnings. As discussed in Note 8. Segment Reporting, marketing, administration and research costs, including restructuring charges, are not allocated to segments to determine the primary measure of segment profitability.
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(1) Cost/Other variance includes charges in 2025 of $241 million related to restructuring charges, $176 million related to the Germany excise tax classification litigation charge, $94 million related to the loss on expected sale of consumer accessories and other businesses, and higher amortization of intangibles in 2025, partly offset by charges in 2024 of $180 million related to restructuring charges, $27 million related to the impairment of other intangibles, $199 million related to the loss on sale of Vectura Group and $45 million related to the Egypt sales tax charge. For more details, see Item 8, Note 3. Acquisitions and Divestitures, Note 4. Goodwill and Other Intangible Assets, net, Note 11, Segment Reporting and Note 18. Restructuring Activities.
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Restructuring Activities. These reclassifications did not impact PMI's consolidated financial position, results of operations or cash flows in any of the periods presented.
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"Adjusted EBITDA" is defined as earnings before interest, taxes, depreciation, amortization and equity (income)/loss in unconsolidated subsidiaries, excluding restructuring costs, impairment of intangibles, and unusual items.
Read in the filing ↗ Also in 8-K of Jul 22, 2025, 8-K of Oct 21, 2025, 8-K of Feb 6, 2026, 8-K of Apr 22, 2026, 8-K of Jul 22, 2026, 8-K of Oct 21, 2026
• International Combustibles segment: Favorable pricing and the restructuring of distribution terms in certain markets, partly offset by unfavorable volume/mix and increases in energy-related input prices.
Read in the filing ↗ Also in 10-Q of Oct 23, 2026
In the first quarter of 2023, PMI initiated a project to fully outsource and restructure the manufacturing of e-vapor devices and consumables. As a result, PMI recorded pre-tax restructuring charges of $ 109 million. This amount included contract termination costs for suppliers of $ 78 million, including $ 21 million of embedded finance lease terminations, payable in cash. This amount also included asset impairment costs of $ 31 million, primarily related to machinery and equipment, which were non-cash charges.
Read in the filing ↗ Also in 10-K of Feb 6, 2026
• International Combustibles segment: Favorable pricing, partly offset by unfavorable volume/mix/other, including the favorable impact related to the restructuring of distribution terms in certain markets this quarter;
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Marketing, administration and research costs, including restructuring charges, as well as corporate expenses and other are not allocated to segments to determine the primary measure of segment profitability.
Read in the filing ↗ Also in 10-Q of Jul 24, 2026, 10-Q of Oct 23, 2026
On February 2, 2024, PMI announced that it reached a global settlement with British American Tobacco p.l.c. The settlement led to the rescission of International Trade Commission orders prohibiting the importation of IQOS products to the U.S. As a result, PMI has restructured the sourcing of IQOS products to be commercialized in the U.S., and recorded pre-tax asset impairment and exit costs of $121 million related to this restructuring during the first quarter of 2024.
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markets versus shipment volume in less profitable markets (geographic mix). "Other” also includes the currency-neutral net revenue variance attributable to the restructuring of distribution terms in certain markets.
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• Net revenues increased by 7.8% on an organic basis, reflecting: a favorable pricing variance, the restructuring of distribution terms in certain markets, and partially offset by unfavorable geographic mix.
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Marketing, administration and research costs, including restructuring charges, are not allocated to segments to determine the primary measure of segment profitability. Additionally, interest expense, net, corporate expenses and other, and provision for
Read in the filing ↗ Also in 10-Q of Oct 23, 2026
• Net revenues increased by 5.2% on an organic basis, reflecting: a favorable pricing variance and the previously mentioned restructuring of distribution terms in certain markets, partially offset by unfavorable volume/mix.
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acquisitions/divestitures, increased by 5.2%, reflecting: a favorable pricing variance and the previously mentioned favorable impact of the 2026 restructuring of prior distribution terms in certain markets, partially offset by unfavorable volume/mix.
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(3) Cost/Other variance includes charges in 2024 of $180 million related to restructuring charges, $27 million related to impairment of other intangibles, $784 million related to amortization of intangibles, $199 million related to the loss on sale of Vectura Group, and $45 million related to the Egypt sales tax charge, partly offset by charges in 2023 of $109 million related to restructuring charges, $204 million related to the South Korea indirect tax charge, $140 million related to the termination of a pledge agreement with the Foundation for a Smoke-Free World, $439 million related to amortization of intangibles, $38 million related to the war in Ukraine and $15 million related to the impairment of other intangibles. For more details, see Item 8, Note 3. Acquisitions and Divestitures, Note 4. War in Ukraine, Note 5. Goodwill and Other Intangible Assets, net., Note 13. Segment Reporting and Note 20. Restructuring Activities.
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Operating income increased by 22.0%. Operating income, excluding currency and acquisitions/divestitures, increased by 20.0%, mainly reflecting: a favorable pricing variance and lower restructuring charges in 2026, partly offset by unfavorable volume/mix.
Read in the filing ↗ Also in 10-Q of Jul 24, 2026
Each of PMI's reporting units had fair values substantially in excess of their carrying values. PMI continues to monitor the Wellness reporting unit as any changes in assumptions and estimates, unfavorable clinical trial results, failure to obtain regulatory approvals and authorizations, and other market factors could result in future goodwill and other intangible asset impairments. See Note 15. Restructuring Activities, for information regarding the restructuring project initiated by PMI in October 2026. The project may result in an impairment of goodwill. As of September 30, 2026, goodwill attributed to the wellness reporting unit was $ 337 million.
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• Net revenues increased by 1.0% on an organic basis, reflecting: an unfavorable volume/mix; more than offset by a favorable pricing variance and, as expected, the restructuring of distribution terms in certain markets this quarter, shown in "Other".
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As a result of these actions, PMI recorded pre‑tax restructuring charges of $ 24 million during the first quarter of 2026. These charges primarily consist of employee separation and other employee related costs of $ 19 million, and asset impairment charges of $ 5 million.
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For the years ended December 31, 2025, 2024 and 2023, PMI recorded total pre-tax restructuring charges of $ 241 million, $ 180 million and $ 109 million, respectively. These pre-tax charges were included in marketing, administration and research costs on the consolidated statements of earnings.
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As a result of these actions, PMI recorded pre‑tax restructuring charges of $ 30 million for the six months ended June 30, 2026. These charges primarily included employee separation and other employee related costs of $ 25 million, and asset impairment charges of $ 5 million.
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During the quarter, net revenues increased by 6.8%. Net revenues, excluding currency, increased by 1.0%, reflecting: a favorable pricing variance, partly offset by unfavorable volume/mix/other, including the favorable impact related to the restructuring of distribution terms in certain markets this quarter.
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• "Cost" in the Consolidated Financial Summary table of total PMI reflects the currency neutral variances of: cost of sales (excluding the volume/mix cost component) and, where applicable, marketing, administration and research costs (including restructuring costs); corporate expenses and other; and amortization and impairment of intangibles.
Read in the filing ↗ Also in 8-K of Oct 21, 2026
During the quarter, net revenues increased by 6.5%. Net revenues, excluding currency and acquisitions/divestitures, increased by 7.8%, reflecting: a favorable pricing variance, and the favorable impact of the 2026 restructuring of prior distribution terms in certain markets, partially offset by unfavorable geographic mix.
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Operating income increased by 3.2%. Operating income, excluding currency and acquisitions/divestitures, decreased by 3.5%, primarily reflecting a restructuring charge in 2025 of $243 million and an impairment of goodwill charge in 2025 of $41 million, partly offset by a favorable pricing variance and favorable volume/mix.
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price brands in any given market (product mix). "Mix" can also refer to the proportion of shipment volume in more profitable markets versus shipment volume in less profitable markets (geographic mix). "Other” also includes the currency-neutral net revenue variance attributable to the restructuring of distribution terms in certain markets.
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