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Condensed Consolidated Statements of Cash Flows
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Cash Provided by (Used in) Operating Activities      
Net earnings $ 3,803 $ 5,932 $ 3,904
Adjustments to reconcile net earnings to operating cash flows:      
Depreciation and amortization   139 114
Deferred income tax provision (benefit)   444 [1] (180) [1]
Unrecognized tax benefit   88 [1] 550 [1]
Fair value adjustment for NJOY Transaction contingent payments   140 0
(Income) losses from investments in equity securities (119) (414) (47)
Gain on the sale of IQOS System commercialization rights (2,700) (2,700) 0
Dividends from ABI   139 163
Asset impairment 354 354 0
Cash effects of changes      
Receivables   (1) [2] (58) [2]
Inventories   41 [2] 9 [2]
Accounts payable   (16) [2] (82) [2]
Income taxes   177 [2] (191) [2]
Accrued liabilities and other current assets   (351) [2] 187 [2]
Accrued settlement charges   (1,243) [2] (1,363) [2]
Pension plan contributions   (9) (11)
Pension and postretirement, net   (50) (63)
Other, net   132 176
Net cash provided by (used in) operating activities   2,802 3,108 CloseClose
Cash Provided by (Used in) Investing Activities      
Capital expenditures   (64) (103)
Proceeds from the ABI Transaction   2,353 [3] 0 [3]
Acquisition of NJOY, net of cash acquired   0 (2,750)
Other, net   (10) (5)
Net cash provided by (used in) investing activities   2,279 (2,858) CloseClose
Cash Provided by (Used in) Financing Activities      
Proceeds from short-term borrowings   0 2,000
Long-term debt repaid   (1,121) (1,566)
Repurchase of common stock   (2,410) (472)
Dividends paid on common stock   (3,420) (3,365)
Other, net   (15) (15)
Net cash provided by (used in) financing activities   (6,966) (3,418) CloseClose
Cash, cash equivalents and restricted cash:      
Increase (decrease)   (1,885) (3,168)
Balance at beginning of period   3,721 4,091
Balance at end of period 1,836 1,836 923
Cash and cash equivalents 1,799 1,799  
Restricted cash included in other current assets 9 [4] 9 [4]  
Restricted cash included in other assets 28 [4] 28 [4]  
Cash, cash equivalents and restricted cash $ 1,836 $ 1,836 $ 923 CloseClose
[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, partially offset by our estimated corporate alternative minimum tax credit carryforward. 2023 amounts have been reclassified to conform to the current year presentation.
[2] 2023 amounts are net of the effects from the NJOY Transaction. For further details see Note 2. Acquisition of NJOY.
[3] For further discussion of the ABI Transaction, see Note 6. Investments in Equity Securities.
[4] Restricted cash consisted of cash deposits collateralizing appeal bonds posted by PM USA to obtain stays of judgments pending appeals. See Note 14. Contingencies.