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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                    
Commission File Number 1-08940
Altria Group, Inc.
(Exact name of registrant as specified in its charter)
Virginia
 
 
13-3260245
 
(State or other jurisdiction of incorporation or organization)
 
 
(I.R.S. Employer
Identification No.)
 
 
 
 
6601 West Broad Street,
Richmond,
Virginia
23230
 
(Address of principal executive offices)
 
 
(Zip Code)
 
Registrant’s telephone number, including area code (804) 274-2200 
 Former name, former address and former fiscal year, if changed since last report
Securities registered pursuant to Section 12(b) of the Act:
               Title of each class               
 
Trading Symbols
Name of each exchange on which registered
 
Common Stock, $0.33 1/3 par value
MO
New York Stock Exchange
1.000% Notes due 2023
MO23A
New York Stock Exchange
1.700% Notes due 2025
MO25
New York Stock Exchange
2.200% Notes due 2027
MO27
New York Stock Exchange
3.125% Notes due 2031
MO31
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes   þ     No   ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes   þ    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
þ
 
Accelerated filer
 
Non-accelerated filer
 
  
Smaller reporting company
  
 
 
 
 
Emerging growth company
  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes    No   þ
At July 22, 2019, there were 1,868,095,889 shares outstanding of the registrant’s common stock, par value $0.33 1/3 per share.


Table of Contents    



ALTRIA GROUP, INC.
TABLE OF CONTENTS
 
 
 
 
 
 
 
  
 
  
Page No.
PART I -
  
FINANCIAL INFORMATION
  
 
 
 
 
 
Item 1.
  
Financial Statements (Unaudited)
  
 
 
 
 
 
 
  
  
 
 
 
 
 
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
  
  
 
 
 
 
 
  
  
 
 
 
 
Item 2.
  
  
 
 
 
 
 
Item 3.
  
  
 
 
 
 
Item 4.
  
  
 
 
 
 
PART II -
  
OTHER INFORMATION
  
 
 
 
 
 
Item 1.
  
  
 
 
 
 
Item 1A.
  
  
 
 
 
 
Item 2.
  
  
 
 
 
 
 
Item 6.
  
  
 
 
 
 
Signature
  
  


2

Table of Contents    

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
Altria Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions of dollars)
(Unaudited)
 
 
 
June 30, 2019
 
December 31, 2018
Assets
 
 
 
 
Cash and cash equivalents
 
$
1,796

 
$
1,333

Receivables
 
163

 
142

Inventories:
 

 

Leaf tobacco
 
837

 
940

Other raw materials
 
194

 
186

Work in process
 
603

 
647

Finished product
 
601

 
558

 
 
2,235

 
2,331

Income taxes
 
79

 
167

Other current assets
 
210

 
326

Total current assets
 
4,483

 
4,299

Property, plant and equipment, at cost
 
4,933

 
4,950

Less accumulated depreciation
 
3,016

 
3,012

 
 
1,917

 
1,938

Goodwill
 
5,196

 
5,196

Other intangible assets, net
 
12,331

 
12,279

Investments in equity securities
 
32,094

 
30,496

Other assets
 
1,480

 
1,430

Total Assets
 
$
57,501

 
$
55,638

 
See notes to condensed consolidated financial statements.

3

Table of Contents    


Altria Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Continued)
(in millions of dollars, except share and per share data)
(Unaudited)
 
 
 
June 30, 2019
 
December 31, 2018
Liabilities
 
 
 
 
Short-term borrowings
 
$

 
$
12,704

Current portion of long-term debt
 
2,144

 
1,144

Accounts payable
 
224

 
399

Accrued liabilities:
 
 
 
 
Marketing
 
576

 
586

Settlement charges
 
2,019

 
3,454

Other
 
1,491

 
1,403

Dividends payable
 
1,498

 
1,503

Total current liabilities
 
7,952

 
21,193

Long-term debt
 
27,096

 
11,898

Deferred income taxes
 
5,378

 
5,172

Accrued pension costs
 
439

 
544

Accrued postretirement health care costs
 
1,768

 
1,749

Other liabilities
 
364

 
254

Total liabilities
 
42,997

 
40,810

Contingencies (Note 12)
 

 

Redeemable noncontrolling interest
 
38

 
39

Stockholders’ Equity
 
 
 
 
Common stock, par value $0.33 1/3 per share
(2,805,961,317 shares issued)
 
935

 
935

Additional paid-in capital
 
5,953

 
5,961

Earnings reinvested in the business
 
44,081

 
43,962

Accumulated other comprehensive losses
 
(2,646
)
 
(2,547
)
Cost of repurchased stock
(937,872,295 shares at June 30, 2019 and
931,903,722 shares at December 31, 2018)
 
(33,859
)
 
(33,524
)
Total stockholders’ equity attributable to Altria
 
14,464

 
14,787

Noncontrolling interests
 
2

 
2

Total stockholders’ equity
 
14,466

 
14,789

Total Liabilities and Stockholders’ Equity
 
$
57,501

 
$
55,638

See notes to condensed consolidated financial statements.


4

Table of Contents    


Altria Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions of dollars, except per share data)
(Unaudited)
 
 
 
For the Six Months Ended June 30,
 
For the Three Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Net revenues
 
$
12,247

 
$
12,413

 
$
6,619

 
$
6,305

Cost of sales
 
3,452

 
3,472

 
1,874

 
1,738

Excise taxes on products
 
2,665

 
2,864

 
1,426

 
1,426

Gross profit
 
6,130

 
6,077

 
3,319

 
3,141

Marketing, administration and research costs
 
1,102

 
1,259

 
569

 
641

Asset impairment and exit costs
 
73

 
4

 
33

 
2

Operating income
 
4,955

 
4,814

 
2,717

 
2,498

Interest and other debt expense, net
 
696

 
344

 
312

 
178

Net periodic benefit income, excluding service cost
 
(16
)
 
(16
)
 
(15
)
 
(9
)
Earnings from equity investments
 
(533
)
 
(570
)
 
(447
)
 
(228
)
Loss on Cronos-related financial instruments
 
691

 

 
266

 

Loss on ABI/SABMiller business combination
 

 
33

 

 

Earnings before income taxes
 
4,117

 
5,023

 
2,601

 
2,557

Provision for income taxes
 
999

 
1,251

 
604

 
680

Net earnings
 
3,118

 
3,772

 
1,997

 
1,877

Net earnings attributable to noncontrolling interests
 
(2
)
 
(2
)
 
(1
)
 
(1
)
Net earnings attributable to Altria
 
$
3,116

 
$
3,770

 
$
1,996

 
$
1,876

Per share data:
 
 
 
 
 
 
 
 
Basic and diluted earnings per share attributable to Altria
 
$
1.66

 
$
1.99

 
$
1.07

 
$
0.99

See notes to condensed consolidated financial statements.


5

Table of Contents    


Altria Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Earnings
(in millions of dollars)
(Unaudited)

 
 
For the Six Months Ended June 30,
 
For the Three Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Net earnings
 
$
3,118

 
$
3,772

 
$
1,997

 
$
1,877

Other comprehensive earnings (losses), net of deferred income taxes:
 
 
 
 
 
 
 
 
Currency translation adjustments and other
 
11

 
(2
)
 
11

 
(2
)
Benefit plans
 
58

 
87

 
29

 
42

ABI
 
(168
)
 
160

 
31

 
235

Other comprehensive earnings (losses), net of deferred
income taxes
 
(99
)
 
245

 
71

 
275

 
 
 
 
 
 
 
 
 
Comprehensive earnings
 
3,019

 
4,017

 
2,068

 
2,152

Comprehensive earnings attributable to noncontrolling interests
 
(2
)
 
(2
)
 
(1
)
 
(1
)
Comprehensive earnings attributable to Altria
 
$
3,017

 
$
4,015

 
$
2,067

 
$
2,151

See notes to condensed consolidated financial statements.

6

Table of Contents    

Altria Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Stockholders’ Equity
for the Six Months Ended June 30, 2019 and 2018
(in millions of dollars, except per share data)
(Unaudited)
 

 
 
Attributable to Altria
 
 
 
 
 
 
Common
Stock
 
Additional
Paid-in
Capital
 
Earnings
Reinvested
in the
Business
 
Accumulated
Other
Comprehensive
Losses
 
Cost of
Repurchased
Stock
 
Non-controlling
Interests
 
Total
Stockholders’
Equity
Balances, December 31, 2018
 
$
935

 
$
5,961

 
$
43,962

 
$
(2,547
)
 
$
(33,524
)
 
$
2

 
$
14,789

Net earnings (1)
 

 

 
3,116

 

 

 

 
3,116

Other comprehensive earnings (losses), net of deferred income taxes
 

 

 

 
(99
)
 

 

 
(99
)
Stock award activity
 

 
(8
)
 

 

 
11

 

 
3

Cash dividends declared ($1.60 per share)
 

 

 
(2,997
)
 

 

 

 
(2,997
)
Repurchases of common stock
 

 

 

 

 
(346
)
 

 
(346
)
Balances, June 30, 2019
 
$
935

 
$
5,953

 
$
44,081

 
$
(2,646
)
 
$
(33,859
)
 
$
2

 
$
14,466


 
 
Attributable to Altria
 
 
 
 
 
 
Common
Stock
 
Additional
Paid-in
Capital
 
Earnings
Reinvested
in the
Business
 
Accumulated
Other
Comprehensive
Losses
 
Cost of
Repurchased
Stock
 
Non-controlling
Interests
 
Total
Stockholders’
Equity
Balances, December 31, 2017
 
$
935

 
$
5,952

 
$
42,251

 
$
(1,897
)
 
$
(31,864
)
 
$
3

 
$
15,380

Net earnings (1)
 

 

 
3,770

 

 

 

 
3,770

Other comprehensive earnings (losses), net of deferred income taxes
 

 

 

 
245

 

 

 
245

Stock award activity
 

 
(4
)
 

 

 
10

 

 
6

Cash dividends declared ($1.40 per share)
 

 

 
(2,652
)
 

 

 

 
(2,652
)
Repurchases of common stock
 

 

 

 

 
(950
)
 

 
(950
)
Other
 

 

 

 

 

 
(1
)
 
(1
)
Balances, June 30, 2018
 
$
935

 
$
5,948

 
$
43,369

 
$
(1,652
)
 
$
(32,804
)
 
$
2

 
$
15,798


(1) Amounts attributable to noncontrolling interests for the six months ended June 30, 2019 and 2018 exclude net earnings of $2 million due to the redeemable noncontrolling interest related to Stag’s Leap Wine Cellars, which is reported in the mezzanine equity section on the condensed consolidated balance sheets.

See notes to condensed consolidated financial statements.



7

Table of Contents    

Altria Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Stockholders’ Equity
for the Three Months Ended June 30, 2019 and 2018
(in millions of dollars, except per share data)
(Unaudited)
 

 
 
Attributable to Altria
 
 
 
 
 
 
Common
Stock
 
Additional
Paid-in
Capital
 
Earnings
Reinvested
in the
Business
 
Accumulated
Other
Comprehensive
Losses
 
Cost of
Repurchased
Stock
 
Non-controlling
Interests
 
Total
Stockholders’
Equity
Balances, March 31, 2019
 
$
935

 
$
5,943

 
$
43,582

 
$
(2,717
)
 
$
(33,664
)
 
$
2

 
$
14,081

Net earnings (1)
 

 

 
1,996

 

 

 

 
1,996

Other comprehensive earnings (losses), net of deferred income taxes
 

 

 

 
71

 

 

 
71

Stock award activity
 

 
10

 

 

 

 

 
10

Cash dividends declared ($0.80 per share)
 

 

 
(1,497
)
 

 

 

 
(1,497
)
Repurchases of common stock
 

 

 

 

 
(195
)
 

 
(195
)
Balances, June 30, 2019
 
$
935

 
$
5,953

 
$
44,081

 
$
(2,646
)
 
$
(33,859
)
 
$
2

 
$
14,466


 
 
Attributable to Altria
 
 
 
 
 
 
Common
Stock
 
Additional
Paid-in
Capital
 
Earnings
Reinvested
in the
Business
 
Accumulated
Other
Comprehensive
Losses
 
Cost of
Repurchased
Stock
 
Non-controlling
Interests
 
Total
Stockholders’
Equity
Balances, March 31, 2018
 
$
935

 
$
5,938

 
$
42,816

 
$
(1,927
)
 
$
(32,368
)
 
$
3

 
$
15,397

Net earnings (1)
 

 

 
1,876

 

 

 

 
1,876

Other comprehensive earnings (losses), net of deferred income taxes
 

 

 

 
275

 

 

 
275

Stock award activity
 

 
10

 

 

 
1

 

 
11

Cash dividends declared ($0.70 per share)
 

 

 
(1,323
)
 

 

 

 
(1,323
)
Repurchases of common stock
 

 

 

 

 
(437
)
 

 
(437
)
Other
 

 

 

 

 

 
(1
)
 
(1
)
Balances, June 30, 2018
 
$
935

 
$
5,948

 
$
43,369

 
$
(1,652
)
 
$
(32,804
)
 
$
2

 
$
15,798


(1) Amounts attributable to noncontrolling interests for the three months ended June 30, 2019 and 2018 exclude net earnings of $1 million due to the redeemable noncontrolling interest related to Stag’s Leap Wine Cellars, which is reported in the mezzanine equity section on the condensed consolidated balance sheets.

See notes to condensed consolidated financial statements.



8

Table of Contents    


Altria Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in millions of dollars)
(Unaudited)

 
 
For the Six Months Ended June 30,
 
 
2019
 
2018
Cash Provided by (Used in) Operating Activities
 
 
 
 
Net earnings
 
$
3,118

 
$
3,772

Adjustments to reconcile net earnings to operating cash flows:
 
 
 
 
Depreciation and amortization
 
106

 
104

Deferred income tax provision (benefit)
 
(52
)
 
64

Earnings from equity investments
 
(533
)
 
(570
)
Dividends from ABI
 
221

 
477

Loss on ABI/SABMiller business combination
 

 
33

Loss on Cronos-related financial instruments
 
691

 

Asset impairment and exit costs, net of cash paid
 
(1
)
 
(16
)
Cash effects of changes:
 
 
 
 
Receivables
 
(21
)
 
(2
)
Inventories
 
96

 
105

Accounts payable
 
(175
)
 
(158
)
Income taxes
 
94

 
225

Accrued liabilities and other current assets
 
80

 
121

Accrued settlement charges
 
(1,435
)
 
(369
)
Pension plan contributions
 
(14
)
 
(11
)
Pension provisions and postretirement, net
 
(18
)
 
(2
)
Other, net
 
235

 
77

Net cash provided by (used in) operating activities
 
2,392

 
3,850

Cash Provided by (Used in) Investing Activities
 
 
 
 
Capital expenditures
 
(79
)
 
(72
)
Investment in Cronos
 
(1,832
)
 

Other, net
 
(65
)
 
(9
)
Net cash provided by (used in) investing activities
 
$
(1,976
)
 
$
(81
)

9

Table of Contents    

Altria Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Continued)
(in millions of dollars)
(Unaudited)
 
 
For the Six Months Ended June 30,
 
 
2019
 
2018
Cash Provided by (Used in) Financing Activities