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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Provided by (Used in) Operating Activities          
Net earnings (losses)   $ 8,130 $ 5,764 $ 2,475  
Adjustments to reconcile net earnings to operating cash flows:          
Depreciation and amortization   272 226 244  
Deferred income tax provision (benefit)   (230) (947) (1,160) $ (1,160)
Unrecognized tax benefit [1]   1,111 16 (21)  
(Income) losses from investments in equity securities   (243) 3,641 5,979  
Dividends from ABI   163 104 119  
Loss on Cronos-related financial instruments   0 15 148  
Loss on early extinguishment of debt $ 649 0 0 649  
Cash effects of changes:          
Receivables [2]   6 (21) (18)  
Inventories [2]   (15) 14 57  
Accounts payable [2]   38 92 163  
Income taxes [2]   6 (118) (149)  
Accrued liabilities and other current assets [2]   280 (129) 165  
Accrued settlement charges [2]   (362) (424) (215)  
Pension plan contributions   (20) (20) (26)  
Pension and postretirement, net   (136) (156) (175)  
Other, net   287 199 170  
Net cash provided by (used in) operating activities   9,287 8,256 8,405  
Cash Provided by (Used in) Investing Activities          
Capital expenditures   (196) (205) (169)  
Proceeds from the sale of IQOS System commercialization rights   1,700 1,000 0  
Proceeds from the Ste. Michelle Transaction, net of cash transferred   0 0 1,176  
Acquisition of NJOY, net of cash acquired   (2,751) 0 0  
Other, net   (36) (13) 205  
Net cash provided by (used in) investing activities   (1,283) 782 1,212  
Cash Provided by (Used in) Financing Activities          
Proceeds from short-term borrowings   2,000 0 0  
Repayment of short-term borrowings   (2,000) 0 0  
Long-term debt issued   998 0 5,472  
Long-term debt repaid   (1,566) (1,105) (6,542)  
Repurchases of common stock   (1,000) (1,825) (1,675)  
Dividends paid on common stock   (6,779) (6,599) (6,446)  
Premiums and fees related to early extinguishment of debt   0 0 (623)  
Other, net   (27) (12) (215)  
Net cash provided by (used in) financing activities   (8,374) (9,541) (10,029)  
Cash, cash equivalents and restricted cash:          
Increase (decrease)   (370) (503) (412)  
Balance at beginning of year $ 5,006 4,091 4,594 5,006  
Balance at end of year   3,721 4,091 4,594 5,006
Supplemental cash flow information:          
Cash paid: Interest   1,116 1,119 1,189  
Cash Paid: Income taxes   1,890 2,657 2,673  
Non-cash investing activities:          
Deferred proceeds from the sale of IQOS System commercialization rights   0 1,700 0  
Cash and cash equivalents   3,686 4,030 4,544  
Restricted cash included in other current assets [3]   5 15 0  
Restricted cash included in other assets [3]   30 46 50  
Cash, cash equivalents and restricted cash   $ 3,721 $ 4,091 $ 4,594 $ 5,006
[1] 2023 relates to unrecognized tax benefit from the ordinary loss for cash tax purposes with respect to a portion of our tax basis associated with our former investment in JUUL. For further discussion, see Note 15. Income Taxes.
[2] 2023 amounts are net of the effects from the NJOY Transaction. For further details, see Note 3. Acquisition of NJOY. 2021 amounts reflect changes from operations for Ste. Michelle prior to the Ste. Michelle Transaction.
[3] Restricted cash consisted primarily of cash deposits collateralizing appeal bonds posted by PM USA to obtain stays of judgments pending appeals. See Note 19. Contingencies.