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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Altria Group Inc | NYSE:MO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.01 | 0.02% | 45.88 | 8,427 | 12:31:46 |
Altria Group, Inc. (NYSE: MO) today reports our 2024 first-quarter business results and reaffirms our guidance for 2024 full-year adjusted diluted earnings per share (EPS).
“We made meaningful progress in pursuit of our Vision, and our highly profitable traditional tobacco businesses continued to perform well in a challenging environment,” said Billy Gifford, Altria’s Chief Executive Officer. “In spite of the absence of an effective regulatory environment, we saw continued early momentum from NJOY and believe our businesses are on track to deliver against full-year plans.”
“We also demonstrated our continued commitment to maximizing the return on our investments and delivering strong shareholder returns through the sale of a portion of our investment in ABI and the subsequent expansion of our share repurchase program in March.”
Altria Headline Financials1
($ in millions, except per share data)
Q1 2024
Change vs. Q1 2023
Net revenues
$5,576
(2.5)%
Revenues net of excise taxes
$4,717
(1.0)%
Reported tax rate
22.3%
(5.6) pp
Adjusted tax rate
24.8%
(0.2) pp
Reported diluted EPS2
$1.21
21.0%
Adjusted diluted EPS2
$1.15
(2.5)%
1 “Adjusted” financial measures presented in this release exclude the impact of special items. See “Basis of Presentation” for more information and see the schedules to this press release for reconciliations to corresponding GAAP measures. 2 “EPS” represents diluted earnings per share.
As previously announced, a conference call with the investment community and news media will be webcast on April 25, 2024 at 9:00 a.m. Eastern Time. Access to the webcast is available at www.altria.com/webcasts.
NJOY
Business Results
For the first quarter:
Partial Sale of Our Investment in ABI
Cash Returns to Shareholders and Capital Markets Activity
Share Repurchase Program
Dividends
Capital Markets Activity
Other Business Activities in the All Other Category
Our Research and Development (R&D) investments have evolved and shifted from our traditional tobacco businesses to new product platforms and technologies. Beginning January 1, 2024 our R&D expense is aligned with how our management evaluates performance results and allocates resources for segment reporting. Using this approach, we recorded substantially all of our pre-tax R&D expense in our all other category, which now includes R&D expense for certain new product platforms and technologies. In 2023, the majority of our pre-tax R&D expense was recorded in our smokeable products segment.
Environmental, Social and Governance
Our Corporate Responsibility Focus Areas are: (i) reduce the harm of tobacco products, (ii) prevent underage use, (iii) protect the environment, (iv) drive responsibility through our value chain, (v) support our people and communities and (vi) engage and lead responsibly. Our corporate responsibility reports are available on the Responsibility section of www.altria.com.
2024 Full-Year Guidance
We reaffirm our 2024 full-year adjusted diluted EPS guidance range of $5.05 to $5.17, representing a growth rate of 2% to 4.5% from a base of $4.95 in 2023. We expect 2024 adjusted diluted EPS growth to be weighted to the second half of the year. Our guidance includes the impact of two additional shipping days in 2024 and assumes limited impact on combustible and e-vapor volumes from enforcement efforts in the illicit e-vapor market.
While the 2024 full-year adjusted diluted EPS guidance accounts for a range of scenarios, the external environment remains dynamic. We will continue to monitor conditions related to (i) the economy, including the cumulative impact of inflation, (ii) adult tobacco consumer (ATC) dynamics, including purchasing patterns and adoption of smoke-free products, (iii) illicit e-vapor enforcement and (iv) regulatory, litigation and legislative developments.
Our 2024 full-year adjusted diluted EPS guidance range includes planned investments in support of our Vision, such as (i) marketplace activities in support of our smoke-free products and (ii) continued smoke-free product research, development and regulatory preparation expenses.
The 2024 full-year adjusted diluted EPS guidance range excludes an estimated per share gain of $1.17 related to the sale of the IQOS Tobacco Heating System commercialization rights that we expect to occur in the second quarter of 2024.
Our full-year adjusted diluted EPS guidance range excludes the impact of certain income and expense items that our management believes are not part of underlying operations. These items may include, for example, loss on early extinguishment of debt, restructuring charges, asset impairment charges, acquisition, disposition and integration-related items, equity investment-related special items, certain income tax items, charges associated with tobacco and health and certain other litigation items, and resolutions of certain non-participating manufacturer (NPM) adjustment disputes under the MSA (NPM Adjustment Items). See Table 1 below for the income and expense items for the first quarter of 2024.
Our management cannot estimate on a forward-looking basis the impact of certain income and expense items, including those items noted in the preceding paragraph, on our reported diluted EPS because these items, which could be significant, may be unusual or infrequent, are difficult to predict and may be highly variable. As a result, we do not provide a corresponding U.S. generally accepted accounting principles (GAAP) measure for, or reconciliation to, our adjusted diluted EPS guidance.
ALTRIA GROUP, INC.
See “Basis of Presentation” below for an explanation of financial measures and reporting segments discussed in this release.
Financial Performance
Table 1 - Altria’s Adjusted Results
First Quarter
2024
2023
Change
Reported diluted EPS
$
1.21
$
1.00
21.0
%
Tobacco and health and certain other litigation items
0.01
0.04
Loss on disposition of JUUL equity securities
—
0.14
ABI-related special items
(0.04
)
(0.01
)
Cronos-related special items
0.01
0.01
Income tax items
(0.04
)
—
Adjusted diluted EPS
$
1.15
$
1.18
(2.5
)%
Note: For details of pre-tax, tax and after-tax amounts, see Schedule 5.
Special Items
The EPS impact of the following special items is shown in Table 1 and Schedules 4 and 5.
Tobacco and Health and Certain Other Litigation Items
In the first quarter of 2023, we recorded pre-tax charges of $111 million (or $0.04 per share), for tobacco and health and certain other litigation items and related interest costs.
Loss on Disposition of JUUL Equity Securities
As previously disclosed, in March 2023, we exchanged our entire minority economic interest in JUUL for a non-exclusive, irrevocable global license to certain of JUUL’s heated tobacco intellectual property. As a result of this transaction, in the first quarter of 2023, we recorded a non-cash, pre-tax loss of $250 million (or $0.14 per share) related to the disposition of our JUUL equity securities.
We recorded corresponding adjustments to the JUUL tax valuation allowance in 2023.
ABI-Related Special Items
In the first quarter 2024, ABI-related special items included net pre-tax income of $86 million (or $0.04 per share) primarily related to our pre-tax gain on the partial sale of our investment in ABI, partially offset by transaction costs.
The ABI-related special items include our respective share of the amounts recorded by ABI and additional adjustments related to (i) the conversion of ABI-related special items from international financial reporting standards to GAAP and (ii) adjustments to our investment required under the equity method of accounting.
Income Tax Items
In the first quarter 2024, we recorded income tax items of $71 million (or $0.04 per share), due primarily to an income tax benefit from the partial release of a valuation allowance in connection with the partial sale of our investment in ABI.
SMOKEABLE PRODUCTS
Revenues and OCI
Table 2 - Smokeable Products: Revenues and OCI ($ in millions)
First Quarter
2024
2023
Change
Net revenues
$
4,906
$
5,090
(3.6
)%
Excise taxes
(834
)
(928
)
Revenues net of excise taxes
$
4,072
$
4,162
(2.2
)%
Reported OCI
$
2,439
$
2,503
(2.6
)%
NPM Adjustment Items
(6
)
—
Tobacco and health and certain other litigation items
18
12
Adjusted OCI
$
2,451
$
2,515
(2.5
)%
Reported OCI margins 1
59.9
%
60.1
%
(0.2) pp
Adjusted OCI margins 1
60.2
%
60.4
%
(0.2) pp
1 Reported and adjusted OCI margins are calculated as reported and adjusted OCI, respectively, divided by revenues net of excise taxes.
Shipment Volume
Table 3 - Smokeable Products: Reported Shipment Volume (sticks in millions)
First Quarter
2024
2023
Change
Cigarettes:
Marlboro
14,973
16,396
(8.7
)%
Other premium
747
825
(9.5
)%
Discount
730
1,048
(30.3
)%
Total cigarettes
16,450
18,269
(10.0
)%
Cigars:
Black & Mild
417
443
(5.9
)%
Other
—
1
(100.0
)%
Total cigars
417
444
(6.1
)%
Total smokeable products
16,867
18,713
(9.9
)%
Note: Cigarettes volume includes units sold as well as promotional units but excludes units sold for distribution to Puerto Rico, U.S. Territories to overseas military and by Philip Morris Duty Free Inc., none of which, individually or in the aggregate, is material to our smokeable products segment.
Retail Share and Brand Activity
Table 4 - Smokeable Products: Cigarettes Retail Share (percent)
First Quarter
2024
2023
Percentage point change
Cigarettes:
Marlboro
42.0
%
42.0
%
—
Other premium
2.3
2.3
—
Discount
2.1
2.7
(0.6
)
Total cigarettes
46.4
%
47.0
%
(0.6
)
Note: Retail share results for cigarettes are based on data from Circana, LLC (Circana) as well as, MSAi. Circana maintains a blended retail service that uses a sample of stores and certain wholesale shipments to project market share and depict share trends. Similar to prior reporting, this service tracks sales in the food, drug, mass merchandisers, convenience, military, dollar store and club trade classes. For other trade classes selling cigarettes, retail share is based on shipments from wholesalers to retailers through the Store Tracking Analytical Reporting System (STARS), as provided by MSAi. This service is not designed to capture sales through other channels, including the internet, direct mail and some illicitly tax-advantaged outlets. It is the standard practice of retail services to periodically refresh their retail scan services, which could restate retail share results that were previously released in these services.
ORAL TOBACCO PRODUCTS
Revenues and OCI
Table 5 - Oral Tobacco Products: Revenues and OCI ($ in millions)
First Quarter
2024
2023
Change
Net revenues
$
651
$
628
3.7
%
Excise taxes
(25
)
(28
)
Revenues net of excise taxes
$
626
$
600
4.3
%
Reported and adjusted OCI
$
435
$
416
4.6
%
Reported and adjusted OCI margins 1
69.5
%
69.3
%
0.2 pp
1 Reported and adjusted OCI margins are calculated as reported and adjusted OCI, respectively, divided by revenues net of excise taxes.
Shipment Volume
Table 6 - Oral Tobacco Products: Reported Shipment Volume (cans and packs in millions)
First Quarter
2024
2023
Change
Copenhagen
99.1
109.0
(9.1
)%
Skoal
36.7
40.3
(8.9
)%
on!
33.3
25.2
32.1
%
Other
15.5
16.1
(3.7
)%
Total oral tobacco products
184.6
190.6
(3.1
)%
Note: Volume includes cans and packs sold, as well as promotional units, but excludes international volume, which is currently not material to our oral tobacco products segment. New types of oral tobacco products, as well as new packaging configurations of existing oral tobacco products, may or may not be equivalent to existing MST products on a can-for-can basis. To calculate volumes of cans and packs shipped, one pack of snus or one can of oral nicotine pouches, irrespective of the number of pouches in the pack, is assumed to be equivalent to one can of MST.
Retail Share and Brand Activity
Table 7 - Oral Tobacco Products: Retail Share (percent)
First Quarter
2024
2023
Percentage point change
Copenhagen
20.1
%
25.3
%
(5.2
)
Skoal
8.0
10.1
(2.1
)
on!
7.1
6.4
0.7
Other
2.6
3.1
(0.5
)
Total oral tobacco products
37.8
%
44.9
%
(7.1
)
Note: Our oral tobacco products segment’s retail share results exclude international volume, which is currently not material to our oral tobacco products segment. Retail share results for oral tobacco products are based on data from Circana, a tracking service that uses a sample of stores to project market share and depict share trends. This service tracks sales in the food, drug, mass merchandisers, convenience, military, dollar store and club trade classes on the number of cans and packs sold. Oral tobacco products are defined by Circana as moist smokeless, snus and oral nicotine pouches. New types of oral tobacco products, as well as new packaging configurations of existing oral tobacco products, may or may not be equivalent to existing MST products on a can-for-can basis. For example, one pack of snus or one can of oral nicotine pouches, irrespective of the number of pouches in the pack, is assumed to be equivalent to one can of MST. Because this service represents retail share performance only in key trade channels, it should not be considered a precise measurement of actual retail share. It is the standard practice of retail services to periodically refresh their retail scan services, which could restate retail share results that were previously released in these services.
Altria’s Profile
We have a leading portfolio of tobacco products for U.S. tobacco consumers age 21+. Our Vision is to responsibly lead the transition of adult smokers to a smoke-free future (Vision). We are Moving Beyond Smoking™, leading the way in moving adult smokers away from cigarettes by taking action to transition millions to potentially less harmful choices - believing it is a substantial opportunity for adult tobacco consumers, our businesses and society.
Our wholly owned subsidiaries include leading manufacturers of both combustible and smoke-free products. In combustibles, we own Philip Morris USA Inc. (PM USA), the most profitable U.S. cigarette manufacturer, and John Middleton Co. (Middleton), a leading U.S. cigar manufacturer. Our smoke-free portfolio includes ownership of U.S. Smokeless Tobacco Company LLC (USSTC), the leading global moist smokeless tobacco (MST) manufacturer, Helix Innovations LLC (Helix), a leading manufacturer of oral nicotine pouches, and NJOY, LLC (NJOY), currently the only e-vapor manufacturer to receive market authorizations from the U.S. Food and Drug Administration (FDA) for a pod-based e-vapor product.
Additionally, we have a majority-owned joint venture, Horizon Innovations LLC (Horizon), for the U.S. marketing and commercialization of heated tobacco stick products.
Our equity investments include Anheuser-Busch InBev SA/NV (ABI), the world’s largest brewer, and Cronos Group Inc. (Cronos), a leading Canadian cannabinoid company.
The brand portfolios of our operating companies include Marlboro®, Black & Mild®, Copenhagen®, Skoal®, on!® and NJOY®. Trademarks related to Altria referenced in this release are the property of Altria or our subsidiaries or are used with permission.
Learn more about Altria at www.altria.com and follow us on X (formerly known as Twitter), Facebook and LinkedIn.
Basis of Presentation
We report our financial results in accordance with GAAP. Our management reviews OCI, which is defined as operating income before general corporate expenses and amortization of intangibles, to evaluate the performance of, and allocate resources to, our segments. Our management also reviews certain financial results, including OCI, OCI margins and diluted EPS, on an adjusted basis, which excludes certain income and expense items, including those items noted under “2024 Full-Year Guidance.” Our management does not view any of these special items to be part of our underlying results as they may be highly variable, may be unusual or infrequent, are difficult to predict and can distort underlying business trends and results. Our management believes that adjusted financial measures provide useful additional insight into underlying business trends and results, and provide a more meaningful comparison of year-over-year results. Our management uses adjusted financial measures for planning, forecasting and evaluating business and financial performance, including allocating capital and other resources and evaluating results relative to employee compensation targets. These adjusted financial measures are not required by, or calculated in accordance with, GAAP and may not be calculated the same as similarly titled measures used by other companies. These adjusted financial measures should thus be considered as supplemental in nature and not considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. We provide reconciliations of historical adjusted financial measures to corresponding GAAP measures in this release.
We use the equity method of accounting for our investment in ABI and Cronos and report our share of ABI’s and Cronos’s results using a one-quarter lag because ABI’s and Cronos’s results are not available in time for us to record them in the concurrent period. The one-quarter reporting lag for ABI and Cronos does not affect our cash flows. We accounted for our former investment in the equity securities of JUUL at fair value.
Our reportable segments are (i) smokeable products, consisting of combustible cigarettes and machine-made large cigars, and (ii) oral tobacco products, consisting of MST, snus and oral nicotine pouches. We have included results for NJOY, Horizon, Helix International, and other business activities, substantially all of which consist of research and development expense related to certain new product platforms and technologies in “All Other.” Comparisons are to the corresponding prior-year period unless otherwise stated.
Forward-Looking and Cautionary Statements
This release contains projections of future results and other forward-looking statements that are subject to a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.
Important factors that may cause actual results to differ materially from those contained in the forward-looking statements included in this release are described in our publicly filed reports, including our Annual Report on Form 10-K for the year ended December 31, 2023. These factors include the following:
You should understand that it is not possible to predict or identify all factors and risks. Consequently, you should not consider the foregoing list complete. We do not undertake to update any forward-looking statement that we may make from time to time except as required by applicable law. All subsequent written and oral forward-looking statements attributable to Altria or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements referenced above.
Schedule 1
ALTRIA GROUP, INC.
and Subsidiaries
Consolidated Statements of Earnings
For the Quarters Ended March 31,
(dollars in millions, except per share data)
(Unaudited)
2024
2023
% Change
Net revenues
$
5,576
$
5,719
(2.5
)%
Cost of sales 1
1,437
1,434
Excise taxes on products 1
859
956
Gross profit
3,280
3,329
(1.5
)%
Marketing, administration and research costs
467
419
Operating companies income
2,813
2,910
(3.3
)%
Amortization of intangibles
27
18
General corporate expenses
112
135
Operating income
2,674
2,757
(3.0
)%
Interest and other debt expense, net
254
229
Net periodic benefit income, excluding service cost
(24
)
(31
)
(Income) losses from investments in equity securities 1
(295
)
80
Earnings before income taxes
2,739
2,479
10.5
%
Provision for income taxes
610
692
Net earnings
$
2,129
$
1,787
19.1
%
Per share data:
Diluted earnings per share
$
1.21
$
1.00
21.0
%
Weighted-average diluted shares outstanding
1,758
1,786
(1.6
)%
1 Cost of sales includes charges for resolution expenses related to state settlement agreements and FDA user fees. Supplemental information concerning those items, excise taxes on products sold and (income) losses from investments in equity securities is shown in Schedule 3.
Schedule 2
ALTRIA GROUP, INC.
and Subsidiaries
Selected Financial Data
For the Quarters Ended March 31,
(dollars in millions)
(Unaudited)
Net Revenues
Smokeable Products
Oral Tobacco Products
All Other
Total
2024
$
4,906
$
651
$
19
$
5,576
2023
5,090
628
1
5,719
% Change
(3.6
)%
3.7
%
100%+
(2.5
)%
Reconciliation:
For the quarter ended March 31, 2023
$
5,090
$
628
$
1
$
5,719
Operations
(184
)
23
18
(143
)
For the quarter ended March 31, 2024
$
4,906
$
651
$
19
$
5,576
Operating Companies Income (Loss)
Smokeable Products
Oral Tobacco Products
All Other
Total
2024
$
2,439
$
435
$
(61
)
$
2,813
2023
2,503
416
(9
)
2,910
% Change
(2.6
)%
4.6
%
(100%+)
(3.3
)%
Reconciliation:
For the quarter ended March 31, 2023
$
2,503
$
416
$
(9
)
$
2,910
Tobacco and health and certain other litigation items - 2023
12
—
—
12
12
—
—
12
NPM Adjustment Items - 2024
6
—
—
6
Tobacco and health and certain other litigation items - 2024
(18
)
—
—
(18
)
(12
)
—
—
(12
)
Operations
(64
)
19
(52
)
(97
)
For the quarter ended March 31, 2024
$
2,439
$
435
$
(61
)
$
2,813
Schedule 3
ALTRIA GROUP, INC.
and Subsidiaries
Supplemental Financial Data
(dollars in millions)
(Unaudited)
For the Quarters Ended March 31,
2024
2023
The segment detail of excise taxes on products sold is as follows:
Smokeable products
$
834
$
928
Oral tobacco products
25
28
$
859
$
956
The segment detail of charges for resolution expenses related to state settlement agreements included in cost of sales is as follows:
Smokeable products
$
855
$
894
Oral tobacco products
3
3
$
858
$
897
The segment detail of FDA user fees included in cost of sales is as follows:
Smokeable products
$
60
$
63
Oral tobacco products
1
1
$
61
$
64
The detail of (income) losses from investments in equity securities is as follows:
ABI
$
(313
)
$
(205
)
Cronos
18
35
JUUL
—
250
$
(295
)
$
80
Schedule 4
ALTRIA GROUP, INC.
and Subsidiaries
Net Earnings and Diluted Earnings Per Share
For the Quarters Ended March 31,
(dollars in millions, except per share data)
(Unaudited)
Net Earnings
Diluted EPS
2024 Net Earnings
$
2,129
$
1.21
2023 Net Earnings
$
1,787
$
1.00
% Change
19.1
%
21.0
%
Reconciliation:
2023 Net Earnings
$
1,787
$
1.00
2023 Acquisition and disposition-related items
(12
)
—
2023 Tobacco and health and certain other litigation items
84
0.04
2023 Loss on disposition of JUUL equity securities
250
0.14
2023 ABI-related special items
(20
)
(0.01
)
2023 Cronos-related special items
26
0.01
2023 Income tax items
3
—
Subtotal 2023 special items
331
0.18
2024 NPM Adjustment Items
5
—
2024 Tobacco and health and certain other litigation items
(19
)
(0.01
)
2024 ABI-related special items
67
0.04
2024 Cronos-related special items
(17
)
(0.01
)
2024 Income tax items
71
0.04
Subtotal 2024 special items
107
0.06
Fewer shares outstanding
—
0.02
Change in tax rate
6
—
Operations
(102
)
(0.05
)
2024 Net Earnings
$
2,129
$
1.21
Schedule 5
ALTRIA GROUP, INC.
and Subsidiaries
Reconciliation of GAAP and non-GAAP Measures
For the Quarters Ended March 31,
(dollars in millions, except per share data)
(Unaudited)
Earnings before Income Taxes
Provision for Income Taxes
Net Earnings
Diluted EPS
2024 Reported
$
2,739
$
610
$
2,129
$
1.21
NPM Adjustment Items
(6
)
(1
)
(5
)
—
Tobacco and health and certain other litigation items
24
5
19
0.01
ABI-related special items
(86
)
(19
)
(67
)
(0.04
)
Cronos-related special items
17
—
17
0.01
Income tax items
—
71
(71
)
(0.04
)
2024 Adjusted for Special Items
$
2,688
$
666
$
2,022
$
1.15
2023 Reported
$
2,479
$
692
$
1,787
$
1.00
Acquisition and disposition-related items
(17
)
(5
)
(12
)
—
Tobacco and health and certain other litigation items
111
27
84
0.04
Loss on disposition of JUUL equity securities
250
—
250
0.14
ABI-related special items
(25
)
(5
)
(20
)
(0.01
)
Cronos-related special items
26
—
26
0.01
Income tax items
—
(3
)
3
—
2023 Adjusted for Special Items
$
2,824
$
706
$
2,118
$
1.18
2024 Reported Net Earnings
$
2,129
$
1.21
2023 Reported Net Earnings
$
1,787
$
1.00
% Change
19.1
%
21.0
%
2024 Net Earnings Adjusted for Special Items
$
2,022
$
1.15
2023 Net Earnings Adjusted for Special Items
$
2,118
$
1.18
% Change
(4.5
)%
(2.5
)%
Schedule 6
ALTRIA GROUP, INC.
and Subsidiaries
Reconciliation of GAAP and non-GAAP Measures
For the Year Ended December 31, 2023
(dollars in millions, except per share data)
(Unaudited)
Earnings before Income Taxes
Provision for Income Taxes
Net Earnings
Diluted EPS
2023 Reported
$
10,928
$
2,798
$
8,130
$
4.57
NPM Adjustment Items
(50
)
(12
)
(38
)
(0.02
)
Acquisition, disposition and integration-related items
35
9
26
0.01
Tobacco and health and certain other litigation items
430
107
323
0.18
Loss on disposition of JUUL equity securities
250
—
250
0.14
ABI-related special items
89
19
70
0.03
Cronos-related special items
29
—
29
0.02
Income tax items
—
(32
)
32
0.02
2023 Adjusted for Special Items
$
11,711
$
2,889
$
8,822
$
4.95
Schedule 7
ALTRIA GROUP, INC.
and Subsidiaries
Condensed Consolidated Balance Sheets
(dollars in millions)
(Unaudited)
March 31, 2024
December 31, 2023
Assets
Cash and cash equivalents
$
3,608
$
3,686
Inventories
1,241
1,215
Other current assets
349
684
Property, plant and equipment, net
1,624
1,652
Goodwill and other intangible assets, net
20,384
20,477
Investments in equity securities
8,396
10,011
Other long-term assets
873
845
Total assets
$
36,475
$
38,570
Liabilities and Stockholders’ Equity (Deficit)
Current portion of long-term debt
$
—
$
1,121
Accrued settlement charges
3,420
2,563
Deferred gain from the sale of IQOS System commercialization rights
2,700
2,700
Other current liabilities
4,815
4,935
Long-term debt
25,042
25,112
Deferred income taxes
2,699
2,799
Accrued pension costs
128
130
Accrued postretirement health care costs
1,079
1,079
Other long-term liabilities
1,656
1,621
Total liabilities
41,539
42,060
Total stockholders’ equity (deficit) attributable to Altria
(5,114
)
(3,540
)
Noncontrolling interest
50
50
Total liabilities and stockholders’ equity (deficit)
$
36,475
$
38,570
Total debt
$
25,042
$
26,233
Schedule 8
ALTRIA GROUP, INC.
and Subsidiaries
Supplemental Financial Data for Special Items
For the Quarters Ended March 31,
(dollars in millions)
(Unaudited)
Cost of Sales
Marketing, administration and research costs
General corporate expenses
Interest and other debt (income) expense, net
(Income) losses from investments in equity securities
2024 Special Items - (Income) Expense
NPM Adjustment Items
$
(6
)
$
—
$
—
$
—
$
—
Tobacco and health and certain other litigation items
—
18
6
—
—
ABI-related special items
—
—
59
3
(148
)
Cronos-related special items
—
—
—
—
17
2023 Special Items - (Income) Expense
Acquisition and disposition-related items
—
—
3
(20
)
—
Tobacco and health and certain other litigation items
—
12
98
1
—
Loss on disposition of JUUL equity securities
—
—
—
—
250
ABI-related special items
—
—
—
—
(25
)
Cronos-related special items
—
—
—
—
26
Note: This schedule is intended to provide supplemental financial data for certain income and expense items that management believes are not part of underlying operations and their presentation in Altria’s consolidated statements of earnings. This schedule is not intended to provide, or reconcile, non-GAAP financial measures.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240424656237/en/
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