Financial Analysis

Acquisition of NJOY In June 2023, we acquired NJOY Holdings (NJOY Transaction), which provided us with full global ownership of NJOYs e-vapor product portfolio, including NJOY ACE . The total consideration for the NJOY Transaction of approximately $2.9 billion consisted of approximately $2.75 billion in cash payments (net of cash acquired) plus the fair value of up to $500 million in additional contingent payments. The fair value of these contingent payments on the acquisition date was approximately $130 million, which was included in the total consideration. For additional information on contingent payments, see Note 7. Financial Instruments . We funded the initial NJOY Transaction cash payments at closing through a combination of borrowings under a $2.0 billion term loan facility, the issuance of commercial paper and available cash. In July 2023, we repaid the term loan facility in full, at which time the term loan facility terminated in accordance with its terms. We accounted for the NJOY Transaction as a business combination. The final purchase price allocation to the assets acquired and liabilities assumed in the NJOY Transaction as of the acquisition date was as follows: (in millions) Final Purchase Price Allocation Cash and cash equivalents $ 22 Receivables 7 Inventories 19 Other assets 7 Property, plant and equipment 16 Other intangible assets: Developed technology (amortizable) 1,000 Trademarks (amortizable) 190 Accounts payable (7) Accrued liabilities (20) Deferred …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Short-Term Borrowings and Borrowing Arrangements At December 31, 2025 and 2024, we had no short-term borrowings. In July 2025, we entered into an agreement to extend the expiration of our $3.0 billion senior unsecured 5-year revolving credit agreement from October 24, 2028 to October 24, 2029 (as extended, Credit Agreement). All other terms and conditions remain in full force and effect. The Credit Agreement includes an option, subject to certain conditions, for us to extend the term for an additional one-year period. We intend to use any borrowings under our Credit Agreement for general corporate purposes. At December 31, 2025 and 2024, we had availability under the Credit Agreement for borrowings of up to an aggregate principal amount of $3.0 billion. Pricing for interest and fees under our Credit Agreement may be modified in the event of a change in the rating of our long-term senior unsecured debt. We expect interest rates on borrowings under our Credit Agreement to be based on the Term Secured Overnight Financing Rate plus a percentage based on the higher of the ratings of our long-term senior unsecured debt from Moodys Investors Service, Inc. (Moodys) and Standard & Poors Financial Services LLC (S&P). The applicable percentage for borrowings under our Credit Agreement at December 31, 2025 was 1.0% based on our long-term senior unsecured debt ratings on that date. Our Credit Agreement does not include any other rating triggers or any provisions that could require …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Stock Plans In 2025, our Board adopted, and shareholders approved, the 2025 Performance Incentive Plan (2025 Plan). The 2025 Plan succeeded the 2020 Performance Incentive Plan, under which no new awards were permitted to be made after May 31, 2025. Under the 2025 Plan, we may grant stock options, stock appreciation rights, restricted stock, restricted stock units (RSUs), performance stock units (PSUs) and other stock-based awards, as well as cash-based annual and long-term incentive awards to our employees. Awards granted under the 2025 Plan may be in the form of performance-based awards, including PSUs subject to the achievement or satisfaction of performance goals and performance cycles. We may issue up to 25 million shares of common stock under the 2025 Plan through the date of our 2035 Annual Meeting of Shareholders. In addition, in 2025, our Board adopted, and shareholders approved, the 2025 Stock Compensation Plan for Non-Employee Directors (Directors Plan). The Directors Plan succeeded the 2015 Stock Compensation Plan for Non-Employee Directors, under which no new awards were permitted after the awards made immediately following our 2025 Annual Meeting of Shareholders. Under the Directors Plan, we may grant up to one million shares of common stock to non-employee members of the Board through the date of our 2035 Annual Meeting of Shareholders. At December 31, 2025, we had 24,827,825 and 1,000,000 shares available to be granted under the 2025 Plan and the Directors Plan …

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Goodwill and Other Intangible Assets, net Goodwill and other intangible assets, net, were as follows at December 31: 2025 2024 (in millions) Goodwill Other Intangible Assets, net Goodwill Other Intangible Assets, net Smokeable products segment $ 99 $ 2,909 $ 99 $ 2,936 Oral tobacco products segment 5,078 8,646 5,078 8,679 E-vapor products segment (1) 610 74 1,768 1,099 Other 247 259 Total $ 5,787 $ 11,876 $ 6,945 $ 12,973 (1) Comprised primarily of e-vapor reporting unit goodwill and definite-lived intangible assets related to the NJOY Transaction. See Note 3. Acquisition of NJOY and Note 15. Segment Reporting . Other intangible assets consisted of the following at December 31: 2025 2024 (in millions) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-lived intangible assets $ 11,089 $ $ 11,089 $ Definite-lived intangible assets 1,656 869 2,621 737 Total other intangible assets $ 12,745 $ 869 $ 13,710 $ 737 At December 31, 2025, substantially all of our indefinite-lived intangible assets consisted of (i) MST trademarks of $8.5 billion, which consists of Copenhagen , Skoal and other MST trademarks of $4.0 billion, $3.6 billion and $0.9 billion, respectively, from our 2009 acquisition of UST, and (ii) cigar trademarks of $2.6 billion from our 2007 acquisition of Middleton. Definite-lived intangible assets, which consist primarily of intellectual property, certain cigarette trademarks and customer relationships, are amortized …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The One Big Beautiful Bill Act (OBBB), which was signed into law in July 2025, included various tax law changes, including the restoration of favorable tax treatment for certain business-related provisions and modifications to the international tax law framework. The OBBB has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. These provisions and modifications have not had a material impact on our consolidated financial statements. Earnings (losses) before income taxes and provision (benefit) for income taxes consisted of the following: For the Years Ended December 31, (in millions) 2025 2024 2023 Earnings (losses) before income taxes: United States $ 9,382 $ 13,680 $ 10,971 Outside United States 7 (22) (43) Total $ 9,389 $ 13,658 $ 10,928 Provision (benefit) for income taxes: Current: Federal $ 2,348 $ 927 $ 2,346 State and local 410 516 681 Outside United States 1 2,758 1,443 3,028 Deferred: Federal (259) 764 (133) State and local (57) 187 (97) (316) 951 (230) Total provision for income taxes $ 2,442 $ 2,394 $ 2,798 Our U.S. subsidiaries join in the filing of a U.S. federal consolidated income tax return. The U.S. federal income tax statute of limitations remains open for the year 2017 and forward, with years 2017 through 2023 currently under examination by the Internal Revenue Service (IRS) as part of an audit conducted in the ordinary course of business. State statutes of limitations generally remain open …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Contingencies Legal proceedings covering a wide range of matters are pending or threatened in various United States and foreign jurisdictions against Altria and certain of our subsidiaries, including PM USA and NJOY, as well as our indemnitees. Various types of claims may be raised in these proceedings, including product liability, unfair trade practices, antitrust, tax liability, contraband shipments, patent infringement, employment matters, environmental matters, claims alleging violation of the Racketeer Influenced and Corrupt Organizations Act (RICO), claims for contribution and claims of competitors, shareholders or distributors. Legislative action, such as changes to tort law, also may expand the types of claims and remedies available to plaintiffs. Litigation is subject to uncertainty, and it is possible that there could be adverse developments in pending or future cases. An unfavorable outcome or settlement of pending tobacco-related or other litigation could encourage the commencement of additional litigation. Damages claimed in some tobacco-related and other litigation are or can be significant and, in certain cases, have ranged in the billions of dollars. The variability in pleadings in multiple jurisdictions, together with the actual experience of management in litigating claims, demonstrates that the monetary relief that may be specified in a lawsuit bears little relevance to the ultimate outcome. In certain cases, plaintiffs claim that defendants liability is jo …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

Long-Term Debt Our long-term debt consisted of the following at December 31: (in millions) 2025 2024 USD notes, 2.450% to 10.200%, interest payable semi-annually, due through 2061 (1) $ 23,029 $ 21,784 USD debenture, 7.75%, interest payable semi-annually, due 2027 42 42 Euro notes, 2.200% to 3.125%, interest payable annually, due through 2031 (2) 2,638 3,100 25,709 24,926 Less current portion of long-term debt 1,569 1,527 $ 24,140 $ 23,399 (1) Weighted-average coupon interest rate of 4.7% and 4.6% at December 31, 2025 and 2024, respectively. (2) Weighted-average coupon interest rate of 2.7% and 2.5% at December 31, 2025 and 2024, respectively. At December 31, 2025, our outstanding long-term debt consisted of the following: (in millions) Type Face Value Interest Rate Issuance Maturity USD notes $1,069 4.400% February 2019 February 2026 USD notes $500 2.625% September 2016 September 2026 USD debenture $42 7.750% January 1997 January 2027 Euro notes 1,000 2.200% February 2019 June 2027 USD notes $500 4.875% February 2025 February 2028 USD notes $500 6.200% November 2023 November 2028 USD notes $1,906 4.800% February 2019 February 2029 USD notes $750 3.400% May 2020 May 2030 USD notes $500 4.500% August 2025 August 2030 Euro notes 1,250 3.125% February 2019 June 2031 USD notes $1,750 2.450% February 2021 February 2032 USD notes $500 6.875% November 2023 November 2033 USD notes $500 5.625% February 2025 February 2035 USD notes $500 5.250% August 2025 August 2035 USD notes $177 9.9 …

LongTermDebtTextBlock · excerpt; the full note is in the filing

The following table provides a description of issued accounting guidance applicable to, but not yet adopted by, us: Standards Description Effective Date for Public Entity Effect on Financial Statements ASU Nos. 2024-03 and 2025-01 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses The guidance will require additional disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. We are in the process of evaluating the impact of this guidance on our disclosures. ASU No. 2025-05 Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets The guidance provides a practical expedient for the calculation of current expected credit losses on current accounts receivable and current contract assets that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The guidance is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. We do not expect our adoption of this guidance will have a material impact on our consolidated financial statements and related disclosures. …

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Exit and Implementation Costs Pre-tax exit and implementation costs consisted of the following for the years ended December 31: Exit Costs Implementation Costs (1) Total (in millions) 2025 2024 2025 2024 2025 2024 Smokeable products segment $ 7 $ 31 $ 42 $ 29 $ 49 $ 60 Oral tobacco products segment 1 4 6 4 7 8 Total $ 8 $ 35 $ 48 $ 33 $ 56 $ 68 (1) Recorded in marketing, administration and research costs in our consolidated statements of earnings. There were no exit or implementation costs for the year ended December 31, 2023. In October 2024, we announced a multi-phase Optimize & Accelerate initiative (Initiative) designed to modernize our ways of working, which would enable us to increase our organizations speed, efficiency and effectiveness by centralizing work, outsourcing certain transactional tasks and streamlining, automating and standardizing processes. During the fourth quarter of 2025, we updated the estimated total pre-tax charges to approximately $175 million from the previous estimate of approximately $125 million as a result of finalizing the plans for all phases of the Initiative. As of December 31, 2025, total pre-tax charges since the inception of the Initiative were $124 million, consisting of employee separation cost of $43 million and implementation costs of $81 million. We expect to record the majority of the remaining charges by the end of 2027. All of these charges result in cash expenditures and consist of severance payments associated with employe …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Segment Reporting At December 31, 2025, our reportable segments were (i) smokeable products, consisting of combustible cigarettes and machine-made large cigars; (ii) oral tobacco products, consisting of MST products and oral nicotine pouches; and (iii) e-vapor products, consisting of our NJOY business. For the year ended December 31, 2025, we concluded that our e-vapor products operating segment met the quantitative threshold for presentation as a reportable segment in accordance with Accounting Standards Codification 280, Segment Reporting , as a result of the non-cash impairments of e-vapor reporting unit goodwill and related definite-lived intangible assets recorded in 2025. See Note 4. Goodwill and Other Intangible Assets, net . As a result, we presented e-vapor products as a reportable segment (previously in our all other category) and recast segment information for comparative periods. Our all other category included (i) Horizon; (ii) Helix International; and (iii) other business activities, which primarily consists of research and development (R&D) expense related to certain new product platforms and technologies. Altrias Chief Executive Officer is our chief operating decision maker (CODM). Our measure of segment profitability is segment operating companies income (loss) (OCI), which is defined as operating income before general corporate expenses and amortization of intangibles. Our CODM uses OCI for planning, forecasting and evaluating business and financial perf …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Cash and Cash Equivalents: Cash equivalents include demand deposits with banks and all highly liquid investments with original maturities of three months or less. We record cash equivalents at cost plus accrued interest, which approximates fair value. Depreciation, Amortization and Impairment Testing: Property, plant and equipment are stated at historical costs and depreciated by the straight-line method over the estimated useful lives of the assets. We depreciate machinery and equipment over periods up to 20 years, and buildings and building improvements over periods up to 50 years. We amortize definite-lived intangible assets over their estimated useful lives. We review long-lived assets, including definite-lived intangible assets, for impairment whenever events or changes in business circumstances indicate that the carrying value of the assets may not be fully recoverable. We perform undiscounted operating cash flow analyses to determine if an impairment exists. For purposes of recognition and measurement of an impairment for assets held for use, we group assets and liabilities at the lowest level for which cash flows are separately identifiable. If we determine that an impairment exists, any related impairment loss is calculated based on fair value. We base impairment losses on assets to be disposed of, if any, on the estimated proceeds to be received, less costs of disposal. We also review the estimated remaining useful lives of …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Capital Stock At December 31, 2025, we had 12 billion shares of authorized common stock; issued, repurchased and outstanding shares of common stock consisted of the following: Shares Issued Shares Repurchased Shares Outstanding Balances, December 31, 2022 2,805,961,317 (1,020,427,195) 1,785,534,122 Stock award activity 676,495 676,495 Repurchases of common stock (22,748,842) (22,748,842) Balances, December 31, 2023 2,805,961,317 (1,042,499,542) 1,763,461,775 Stock award activity 687,715 687,715 Repurchases of common stock (73,497,623) (73,497,623) Balances, December 31, 2024 2,805,961,317 (1,115,309,450) 1,690,651,867 Stock award activity 761,026 761,026 Repurchases of common stock (17,094,596) (17,094,596) Balances, December 31, 2025 2,805,961,317 (1,131,643,020) 1,674,318,297 At December 31, 2025, we had 31,134,469 shares of common stock reserved for stock-based awards under our stock plans. At December 31, 2025, we had 10 million authorized shares of serial preferred stock, $1.00 par value; no shares of serial preferred stock have been issued. Dividends: In the third quarter of 2025, our Board of Directors (Board of Directors or Board) approved a 3.9% increase in the quarterly dividend rate to $1.06 per share of our common stock versus the previous rate of $1.02 per share. The current annualized dividend rate is $4.24 per share. Future dividend payments remain subject to the discretion of our Board. Share Repurchases: In January 2023, our Board authorized a $1.0 billion sh …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Debt Short-term Borrowings and Borrowing Arrangements At June 30, 2026 and December 31, 2025, we had no short-term borrowings. We have a $3.0 billion senior unsecured 5-year revolving credit agreement (Credit Agreement) that expires on October 24, 2029 and includes an option, subject to certain conditions, for us to extend the term for an additional one-year period. We intend to use any borrowings under our Credit Agreement for general corporate purposes. At June 30, 2026, we had availability under the Credit Agreement for borrowings of up to an aggregate principal amount of $3.0 billion. Our Credit Agreement includes various covenants, one of which requires us to maintain a ratio of Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) to Consolidated Interest Expense of not less than 4.0 to 1.0, calculated for the four most recent fiscal quarters. At June 30, 2026, we were in compliance with our covenants in our Credit Agreement. The terms Consolidated EBITDA and Consolidated Interest Expense, each as defined in our Credit Agreement, include certain adjustments. PM USA guarantees any borrowings under our Credit Agreement and any amounts outstanding under our commercial paper program. Long-term Debt The aggregate carrying value of our total long-term debt at June 30, 2026 and December 31, 2025 was $24.6 billion and $25.7 billion, respectively. In February 2026, we repaid in full at maturity our 4.400% senior unsecured notes in the aggregate pri …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangible Assets, net Goodwill and other intangible assets, net, were as follows: June 30, 2026 December 31, 2025 (in millions) Goodwill Other Intangible Assets, net Goodwill Other Intangible Assets, net Smokeable products segment $ 99 $ 2,895 $ 99 $ 2,909 Oral tobacco products segment 5,078 8,629 5,078 8,646 Other 610 326 610 (1) 321 Total $ 5,787 $ 11,850 $ 5,787 $ 11,876 (1) Comprised of e-vapor reporting unit goodwill related to our 2023 acquisition of NJOY. Other intangible assets consisted of the following: June 30, 2026 December 31, 2025 (in millions) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-lived intangible assets $ 11,089 $ $ 11,089 $ Definite-lived intangible assets 1,676 915 1,656 869 Total other intangible assets $ 12,765 $ 915 $ 12,745 $ 869 At June 30, 2026, substantially all of our indefinite-lived intangible assets consisted of (i) MST trademarks of $8.5 billion, which consists of Copenhagen , Skoal and other MST trademarks of $4.0 billion, $3.6 billion and $0.9 billion, respectively, from our 2009 acquisition of UST, and (ii) cigar trademarks of $2.6 billion from our 2007 acquisition of Middleton. Definite-lived intangible assets, consisting primarily of intellectual property, certain cigarette trademarks and customer relationships, are amortized over a weighted-average period of approximately 19 years. Pre-tax amortization expense for definite-lived intangible assets was $46 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The income tax rates for the six and three months ended June 30, 2026 were 22.6% and 21.5%, respectively. The income tax rates for the six and three months ended June 30, 2025 were 28.0% and 23.7%, respectively. The 5.4% decrease in the income tax rate for the six months ended June 30, 2026 was due primarily to higher tax expense in 2025 related to the non-deductible impairment of the e-vapor reporting unit goodwill and tax benefits related to the effective settlement with the IRS in May 2026 of our audit for the 2017 tax year. The 2.2% decrease in the income tax rate for the three months ended June 30, 2026 was due primarily to tax benefits related to the IRS effective settlement discussed above. For further discussion of the non-deductible impairment, see Note 2. Goodwill and Other Intangible Assets, net .

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Contingencies Legal proceedings covering a wide range of matters are pending or threatened in various United States and foreign jurisdictions against Altria and certain of our subsidiaries, including PM USA and NJOY, as well as our indemnitees. Various types of claims may be raised in these proceedings, including product liability, unfair trade practices, antitrust, tax liability, contraband shipments, patent infringement, employment matters, environmental matters, claims alleging violation of the Racketeer Influenced and Corrupt Organizations Act (RICO), claims for contribution and claims of competitors, shareholders or distributors. Legislative action, such as changes to tort law, also may expand the types of claims and remedies available to plaintiffs. Litigation is subject to uncertainty, and it is possible that there could be adverse developments in pending or future cases. An unfavorable outcome or settlement of pending tobacco-related or other litigation could encourage the commencement of additional litigation. Damages claimed in some tobacco-related and other litigation are or can be significant and, in certain cases, have ranged in the billions of dollars. The variability in pleadings in multiple jurisdictions, together with the actual experience of management in litigating claims, demonstrates that the monetary relief that may be specified in a lawsuit bears little relevance to the ultimate outcome. In certain cases, plaintiffs claim that defendants liability is jo …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

On January 1, 2026, we adopted Accounting Standards Update (ASU) 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU No. 2025-05). This guidance provides a practical expedient for the calculation of current expected credit losses on current accounts receivable and current contract assets that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. We elected to apply this practical expedient upon adoption of ASU No. 2025-05, which had no impact on our condensed consolidated financial statements. For a description of issued accounting guidance applicable to, but not yet adopted by, us, see Note 14. New Accounting Guidance Not Yet Adopted . …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Exit and Implementation Costs Pre-tax exit and implementation costs consisted of the following: Exit Costs Implementation Costs Exit Costs Implementation Costs For the Six Months Ended June 30, For the Three Months Ended June 30, (in millions) 2026 2025 2026 (1) 2025 (3) 2026 2025 2026 (2) 2025 (3) USSTC Facilities Consolidation: Oral tobacco products segment $ 19 $ $ 59 $ $ 19 $ $ 59 $ Optimize & Accelerate initiative: Smokeable products segment 2 1 12 25 2 1 7 12 Oral tobacco products segment 2 4 1 2 Total Optimize & Accelerat e initiative 2 1 14 29 2 1 8 14 Total $ 21 $ 1 $ 73 $ 29 $ 21 $ 1 $ 67 $ 14 Amounts are recorded in our condensed consolidated statements of earnings as follows: (1) Cost of sales ($59 million) and marketing, administration and research costs ($14 million). (2) Cost of sales ($59 million) and marketing, administration and research costs ($8 million). (3) Marketing, administration and research costs. The movement in liabilities related to exit and implementation costs is as follows: (in millions) Exit Costs Implementation Costs Total Balances at December 31, 2024 $ 35 $ 22 $ 57 Charges 8 48 56 Cash paid (18) (61) (79) Balances at December 31, 2025 25 9 34 Charges (1) 21 14 35 Cash paid (10) (14) (24) Balances at June 30, 2026 $ 36 (2) $ 9 $ 45 (1) Implementation costs exclude non-cash asset-related charges associated with the USSTC Facilities Consolidation discussed below. (2) Represents liabilities for employee separation costs. USSTC Faciliti …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Segment Reporting At June 30, 2026, our reportable segments were (i) smokeable products, consisting of combustible cigarettes and machine-made large cigars; and (ii) oral tobacco products, consisting of MST products and oral nicotine pouches. For the year ended December 31, 2025, we concluded that our e-vapor products operating segment met the quantitative threshold for presentation as a reportable segment in accordance with Accounting Standards Codification 280, Segment Reporting (ASC 280), as a result of the non-cash impairments of e-vapor reporting unit goodwill and related definite-lived intangible assets recorded in 2025. For further discussion of non-cash impairments, see Note 2. Goodwill and Other Intangible Assets, net . As a result, in our 2025 Form 10-K, we presented e-vapor products as a reportable segment (previously in our all other category) and recast segment information for comparative periods. During the first quarter of 2026, we concluded that the e-vapor products operating segment was not expected to be of continuing significance and did not meet the quantitative thresholds as prescribed under ASC 280 for separate reportable segments. As such, the e-vapor products operating segment is no longer considered a reportable segment, and we included the e-vapor products operating segment results in our all other category for all periods presented. At June 30, 2026, our all other category included (i) e-vapor products, consisting of our NJOY business; (ii) Horizon; …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing