Capital Stock

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Capital Stock

Capital Stock

At December 31, 2021, Altria had 12 billion shares of authorized common stock; issued, repurchased and outstanding shares of common stock were as follows:

	Shares Issued	Shares Repurchased	Shares Outstanding
Balances, December 31, 2018	2,805,961,317	(931,903,722)	1,874,057,595
Stock award activity	—	427,276	427,276
Repurchases of common stock	—	(16,503,317)	(16,503,317)
Balances, December 31, 2019	2,805,961,317	(947,979,763)	1,857,981,554
Stock award activity	—	437,611	437,611
Balances, December 31, 2020	2,805,961,317	(947,542,152)	1,858,419,165
Stock award activity	—	412,569	412,569
Repurchases of common stock	—	(35,656,116)	(35,656,116)
Balances, December 31, 2021	2,805,961,317	(982,785,699)	1,823,175,618

At December 31, 2021, Altria had 27,585,919 shares of common stock reserved for stock-based awards under Altria’s stock plans.

At December 31, 2021, 10 million shares of serial preferred stock, $1.00 par value, were authorized; no shares of serial preferred stock have been issued.

▪Dividends: In the third quarter of 2021, Altria’s Board of Directors (the “Board of Directors” or “Board”) approved a 4.7% increase in the quarterly dividend rate to $0.90 per share of Altria common stock versus the previous rate of $0.86 per share. The current annualized dividend rate is $3.60 per share. Future dividend payments remain subject to the discretion of the Board.

▪Share Repurchases: In July 2019, the Board of Directors authorized a $1.0 billion share repurchase program (the “July 2019 share repurchase program”). In April 2020, the Board rescinded the $500 million remaining in this program as part of Altria’s efforts to enhance its liquidity position in response to the COVID-19 pandemic.

In January 2021, the Board authorized a new $2.0 billion share repurchase program that it expanded to $3.5 billion in October 2021 (as expanded, the “January 2021 share repurchase program”). At December 31, 2021, Altria had $1,825 million remaining in the January

2021 share repurchase program. The timing of share repurchases under this program depends upon marketplace conditions and other factors, and the program remains subject to the discretion of the Board.

Altria did not repurchase any shares in 2020. For the years ended December 31, 2021 and 2019, Altria’s total share repurchase activity was as follows:

	2021		2019
(in millions, except per share data)	January 2021 Share Repurchase Program		July 2019 Share Repurchase Program		January 2018 Share Repurchase Program (1)		Total
Total number of shares repurchased	35.7		10.1		6.4		16.5
Aggregate cost of shares repurchased	$	1,675	$	500	$	345	$	845
Average price per share of shares repurchased	$	46.97	$	49.29	$	54.36	$	51.24

(1) In January 2018, the Board of Directors authorized a $1.0 billion share repurchase program that it expanded to $2.0 billion in May 2018. The program was completed in June 2019.