FALSE2021FY00007641800.33330.3333http://fasb.org/us-gaap/2021-01-31#FairValueMeasuredAtNetAssetValuePerShareMemberhttp://fasb.org/us-gaap/2021-01-31#FairValueMeasuredAtNetAssetValuePerShareMemberhttp://fasb.org/us-gaap/2021-01-31#FairValueMeasuredAtNetAssetValuePerShareMemberhttp://fasb.org/us-gaap/2021-01-31#FairValueMeasuredAtNetAssetValuePerShareMemberhttp://fasb.org/us-gaap/2021-01-31#FairValueMeasuredAtNetAssetValuePerShareMemberhttp://fasb.org/us-gaap/2021-01-31#FairValueMeasuredAtNetAssetValuePerShareMemberhttp://fasb.org/us-gaap/2021-01-31#FairValueMeasuredAtNetAssetValuePerShareMemberhttp://fasb.org/us-gaap/2021-01-31#FairValueMeasuredAtNetAssetValuePerShareMemberhttp://fasb.org/us-gaap/2021-01-31#FairValueMeasuredAtNetAssetValuePerShareMemberhttp://fasb.org/us-gaap/2021-01-31#FairValueMeasuredAtNetAssetValuePerShareMember2100007641802021-01-012021-12-310000764180mo:CommonStock0.3313ParValueMember2021-01-012021-12-310000764180mo:CommonStock1.000NotesDue2023Member2021-01-012021-12-310000764180mo:CommonStock1.700NotesDue2025Member2021-01-012021-12-310000764180mo:CommonStock2.200NotesDue2027Member2021-01-012021-12-310000764180mo:CommonStock3.125NotesDue2031Member2021-01-012021-12-3100007641802021-06-30iso4217:USD00007641802022-02-15xbrli:shares0000764180mo:CronosGroupInc.Member2021-12-3100007641802021-12-3100007641802020-12-31iso4217:USDxbrli:shares00007641802020-01-012020-12-3100007641802019-01-012019-12-3100007641802019-12-3100007641802018-12-310000764180us-gaap:CommonStockMember2018-12-310000764180us-gaap:AdditionalPaidInCapitalMember2018-12-310000764180us-gaap:RetainedEarningsMember2018-12-310000764180us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000764180us-gaap:TreasuryStockMember2018-12-310000764180us-gaap:NoncontrollingInterestMember2018-12-310000764180us-gaap:RetainedEarningsMember2019-01-012019-12-310000764180us-gaap:NoncontrollingInterestMember2019-01-012019-12-310000764180us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-12-310000764180us-gaap:AdditionalPaidInCapitalMember2019-01-012019-12-310000764180us-gaap:TreasuryStockMember2019-01-012019-12-310000764180us-gaap:CommonStockMember2019-12-310000764180us-gaap:AdditionalPaidInCapitalMember2019-12-310000764180us-gaap:RetainedEarningsMember2019-12-310000764180us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000764180us-gaap:TreasuryStockMember2019-12-310000764180us-gaap:NoncontrollingInterestMember2019-12-310000764180us-gaap:RetainedEarningsMember2020-01-012020-12-310000764180us-gaap:NoncontrollingInterestMember2020-01-012020-12-310000764180us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-12-310000764180us-gaap:AdditionalPaidInCapitalMember2020-01-012020-12-310000764180us-gaap:TreasuryStockMember2020-01-012020-12-310000764180us-gaap:CommonStockMember2020-12-310000764180us-gaap:AdditionalPaidInCapitalMember2020-12-310000764180us-gaap:RetainedEarningsMember2020-12-310000764180us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000764180us-gaap:TreasuryStockMember2020-12-310000764180us-gaap:NoncontrollingInterestMember2020-12-310000764180us-gaap:RetainedEarningsMember2021-01-012021-12-310000764180us-gaap:NoncontrollingInterestMember2021-01-012021-12-310000764180us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-310000764180us-gaap:AdditionalPaidInCapitalMember2021-01-012021-12-310000764180us-gaap:TreasuryStockMember2021-01-012021-12-310000764180us-gaap:CommonStockMember2021-12-310000764180us-gaap:AdditionalPaidInCapitalMember2021-12-310000764180us-gaap:RetainedEarningsMember2021-12-310000764180us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000764180us-gaap:TreasuryStockMember2021-12-310000764180us-gaap:NoncontrollingInterestMember2021-12-3100007641802021-10-012021-10-310000764180mo:HelixInnovationsLLCMember2019-12-31xbrli:pure0000764180mo:HelixInnovationsLLCMember2019-01-012019-12-310000764180mo:HelixInnovationsLLCMember2021-01-012021-12-310000764180mo:HelixInnovationsLLCMember2020-12-012021-04-3000007641802020-12-012021-04-300000764180us-gaap:MachineryAndEquipmentMembersrt:MaximumMember2021-01-012021-12-310000764180us-gaap:BuildingAndBuildingImprovementsMembersrt:MaximumMember2021-01-012021-12-310000764180srt:MaximumMember2021-01-012021-12-310000764180mo:USSTCMember2021-01-012021-12-310000764180mo:SmokeableProductsSegmentMember2021-12-310000764180mo:SmokeableProductsSegmentMember2020-12-310000764180mo:OralTobaccoSegmentMember2021-12-310000764180mo:OralTobaccoSegmentMember2020-12-310000764180mo:WineSegmentMember2021-12-310000764180mo:WineSegmentMember2020-12-310000764180us-gaap:AllOtherSegmentsMember2021-12-310000764180us-gaap:AllOtherSegmentsMember2020-12-310000764180mo:USTIncMember2021-12-310000764180mo:MiddletonMember2021-12-310000764180srt:WeightedAverageMembermo:DefiniteLivedIntangibleAssetsMember2021-01-012021-12-310000764180mo:WineSegmentMember2019-01-012019-12-310000764180mo:SmokeableProductsSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000764180mo:SmokeableProductsSegmentMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000764180mo:SmokeableProductsSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000764180mo:OralTobaccoSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000764180mo:OralTobaccoSegmentMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000764180mo:OralTobaccoSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000764180us-gaap:OperatingSegmentsMembermo:WineSegmentMember2020-01-012020-12-310000764180us-gaap:OperatingSegmentsMembermo:WineSegmentMember2019-01-012019-12-310000764180us-gaap:OperatingSegmentsMembermo:WineSegmentMember2021-01-012021-12-310000764180us-gaap:AllOtherSegmentsMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000764180us-gaap:AllOtherSegmentsMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000764180us-gaap:AllOtherSegmentsMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000764180us-gaap:CorporateNonSegmentMember2020-01-012020-12-310000764180us-gaap:CorporateNonSegmentMember2019-01-012019-12-310000764180us-gaap:CorporateNonSegmentMember2021-01-012021-12-310000764180us-gaap:CostOfSalesMember2019-01-012019-12-310000764180mo:MarketingAdministrationAndResearchCostsMember2019-01-012019-12-310000764180mo:WineBusinessStrategicResetMember2020-01-012020-12-310000764180mo:WineBusinessStrategicResetMembermo:InventoryWriteOffMember2020-01-012020-12-310000764180mo:WineBusinessStrategicResetMemberus-gaap:PurchaseCommitmentMember2020-01-012020-12-310000764180mo:CostReductionProgramMember2021-12-310000764180mo:CostReductionProgramMember2020-01-012020-12-310000764180mo:CostReductionProgramMember2019-01-012019-12-310000764180mo:CostReductionProgramMemberus-gaap:EmployeeSeveranceMember2021-12-310000764180mo:CostReductionProgramMemberus-gaap:OtherRestructuringMember2021-12-310000764180mo:CostReductionProgramMember2021-01-012021-12-310000764180mo:CostReductionProgramMember2019-01-012021-12-310000764180mo:ABInBevMember2021-12-310000764180mo:ABInBevMember2020-12-310000764180mo:JUULMember2021-12-310000764180mo:JUULMember2020-12-310000764180mo:CronosGroupInc.Member2020-12-310000764180us-gaap:CommonStockMembermo:CronosGroupInc.Member2021-12-310000764180mo:CronosGroupInc.Membermo:EquityContractWarrantMember2021-12-310000764180mo:CronosGroupInc.Membermo:EquityContractPreemptiveRIghtsMember2021-12-310000764180us-gaap:CommonStockMembermo:CronosGroupInc.Member2020-12-310000764180mo:CronosGroupInc.Membermo:EquityContractWarrantMember2020-12-310000764180mo:CronosGroupInc.Membermo:EquityContractPreemptiveRIghtsMember2020-12-310000764180mo:ABInBevMember2021-01-012021-12-310000764180mo:ABInBevMember2020-01-012020-12-310000764180mo:ABInBevMember2019-01-012019-12-310000764180mo:CronosGroupInc.Member2021-01-012021-12-310000764180mo:CronosGroupInc.Member2020-01-012020-12-310000764180mo:CronosGroupInc.Member2019-01-012019-12-310000764180mo:JUULMember2021-01-012021-12-310000764180mo:JUULMember2020-01-012020-12-310000764180mo:JUULMember2019-01-012019-12-310000764180mo:ABInBevMember2021-01-012021-12-310000764180mo:JUULAndCronosMember2021-01-012021-12-310000764180mo:ABInBevMember2020-01-012020-12-310000764180mo:JUULAndCronosMember2020-01-012020-12-310000764180mo:ABInBevMember2019-01-012019-12-310000764180mo:JUULAndCronosMember2019-01-012019-12-310000764180mo:ABInBevMember2021-09-300000764180mo:JUULAndCronosMember2021-09-300000764180mo:ABInBevMember2020-09-300000764180mo:JUULAndCronosMember2020-09-300000764180mo:ABInBevMember2021-01-012021-10-100000764180mo:ABInBevMemberus-gaap:FairValueInputsLevel1Member2020-12-310000764180mo:ABInBevMember2021-07-012021-09-300000764180mo:ABInBevMember2021-01-012021-09-300000764180mo:ABInBevMember2021-09-3000007641802021-09-300000764180mo:ABInBevMemberus-gaap:FairValueInputsLevel1Member2021-12-310000764180mo:JUULMember2018-12-012018-12-310000764180mo:JUULMember2018-12-310000764180mo:JUULMember2020-01-012020-01-310000764180mo:JUULMember2020-01-31mo:director0000764180mo:EquityMethodInvestmentsFairValueOptionMember2019-12-310000764180mo:EquityMethodInvestmentsFairValueOptionMember2020-01-012020-12-310000764180mo:EquityMethodInvestmentsFairValueOptionMembermo:JUULMember2020-01-012020-12-310000764180mo:EquityMethodInvestmentsFairValueOptionMember2020-12-310000764180mo:EquityMethodInvestmentsFairValueOptionMembermo:JUULMember2021-01-012021-12-310000764180mo:EquityMethodInvestmentsFairValueOptionMember2021-12-3100007641802020-09-300000764180mo:JUULMember2020-10-012020-12-310000764180mo:JUULMember2019-07-012019-09-300000764180mo:JUULMember2021-10-012021-12-310000764180mo:JUULMember2019-12-310000764180mo:CronosGroupInc.Member2019-03-310000764180mo:CronosGroupInc.Membermo:EquityContractPreemptiveRIghtsMember2019-03-31iso4217:CADxbrli:shares0000764180mo:CronosGroupInc.Membermo:EquityContractWarrantMember2019-03-310000764180mo:CronosGroupInc.Member2019-03-312019-03-31iso4217:CAD0000764180mo:CronosGroupInc.Membermo:EquityContractWarrantMember2021-01-012021-12-310000764180mo:CronosGroupInc.Membermo:EquityContractPreemptiveRIghtsMember2021-01-012021-12-31mo:board_membermo:contract0000764180us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMember2021-12-310000764180us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMember2020-12-310000764180mo:ForeignCurrencyDenominatedDebtMember2021-12-310000764180mo:ForeignCurrencyDenominatedDebtMember2020-12-310000764180us-gaap:MeasurementInputSharePriceMembermo:EquityContractPreemptiveRIghtsMember2021-12-310000764180us-gaap:MeasurementInputSharePriceMembermo:EquityContractPreemptiveRIghtsMember2020-12-310000764180us-gaap:MeasurementInputSharePriceMembermo:EquityContractWarrantMember2021-12-310000764180us-gaap:MeasurementInputSharePriceMembermo:EquityContractWarrantMember2020-12-310000764180us-gaap:MeasurementInputExpectedTermMembermo:EquityContractPreemptiveRIghtsMember2021-12-31mo:year0000764180us-gaap:MeasurementInputExpectedTermMembermo:EquityContractPreemptiveRIghtsMember2020-12-310000764180us-gaap:MeasurementInputExpectedTermMembermo:EquityContractWarrantMember2021-12-310000764180us-gaap:MeasurementInputExpectedTermMembermo:EquityContractWarrantMember2020-12-310000764180us-gaap:MeasurementInputPriceVolatilityMembermo:EquityContractPreemptiveRIghtsMember2021-12-310000764180us-gaap:MeasurementInputPriceVolatilityMembermo:EquityContractPreemptiveRIghtsMember2020-12-310000764180us-gaap:MeasurementInputPriceVolatilityMembermo:EquityContractWarrantMember2021-12-310000764180us-gaap:MeasurementInputPriceVolatilityMembermo:EquityContractWarrantMember2020-12-310000764180us-gaap:MeasurementInputRiskFreeInterestRateMembermo:EquityContractPreemptiveRIghtsMember2021-12-310000764180us-gaap:MeasurementInputRiskFreeInterestRateMembermo:EquityContractPreemptiveRIghtsMember2020-12-310000764180us-gaap:MeasurementInputRiskFreeInterestRateMembermo:EquityContractWarrantMember2021-12-310000764180us-gaap:MeasurementInputRiskFreeInterestRateMembermo:EquityContractWarrantMember2020-12-310000764180us-gaap:MeasurementInputExpectedDividendRateMembermo:EquityContractPreemptiveRIghtsMember2021-12-310000764180us-gaap:MeasurementInputExpectedDividendRateMembermo:EquityContractPreemptiveRIghtsMember2020-12-310000764180us-gaap:MeasurementInputExpectedDividendRateMembermo:EquityContractWarrantMember2021-12-310000764180us-gaap:MeasurementInputExpectedDividendRateMembermo:EquityContractWarrantMember2020-12-310000764180mo:MeasurementInputWeightedAverageExpectedTermMembersrt:MinimumMembermo:EquityContractPreemptiveRIghtsMember2021-12-310000764180mo:MeasurementInputWeightedAverageExpectedTermMembersrt:MaximumMembermo:EquityContractPreemptiveRIghtsMember2021-12-310000764180mo:MeasurementInputWeightedAverageExpectedTermMembersrt:MinimumMembermo:EquityContractPreemptiveRIghtsMember2020-12-310000764180mo:MeasurementInputWeightedAverageExpectedTermMembersrt:MaximumMembermo:EquityContractPreemptiveRIghtsMember2020-12-310000764180srt:MinimumMemberus-gaap:MeasurementInputRiskFreeInterestRateMembermo:EquityContractPreemptiveRIghtsMember2021-12-310000764180us-gaap:MeasurementInputRiskFreeInterestRateMembersrt:MaximumMembermo:EquityContractPreemptiveRIghtsMember2021-12-310000764180srt:MinimumMemberus-gaap:MeasurementInputRiskFreeInterestRateMembermo:EquityContractPreemptiveRIghtsMember2020-12-310000764180us-gaap:MeasurementInputRiskFreeInterestRateMembersrt:MaximumMembermo:EquityContractPreemptiveRIghtsMember2020-12-310000764180us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMember2019-12-310000764180us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMember2020-01-012020-12-310000764180us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMember2020-12-310000764180us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMember2021-01-012021-12-310000764180us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMember2021-12-310000764180us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMember2021-12-310000764180us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMember2020-12-310000764180us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMembermo:OtherAccruedLiabilitiesMember2021-12-310000764180us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMembermo:OtherAccruedLiabilitiesMember2020-12-310000764180us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherAssetsMemberus-gaap:NetInvestmentHedgingMember2021-12-310000764180us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherAssetsMemberus-gaap:NetInvestmentHedgingMember2020-12-310000764180us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMemberus-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMember2021-12-310000764180us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMemberus-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMember2020-12-310000764180us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMember2021-12-310000764180us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMember2020-12-310000764180us-gaap:NondesignatedMembermo:InvestmentsInEquitySecuritiesMembermo:EquityContractWarrantMemberus-gaap:NetInvestmentHedgingMember2021-12-310000764180us-gaap:NondesignatedMembermo:InvestmentsInEquitySecuritiesMembermo:EquityContractWarrantMemberus-gaap:NetInvestmentHedgingMember2020-12-310000764180us-gaap:NondesignatedMembermo:InvestmentsInEquitySecuritiesMemberus-gaap:NetInvestmentHedgingMembermo:EquityContractPreemptiveRIghtsMember2021-12-310000764180us-gaap:NondesignatedMembermo:InvestmentsInEquitySecuritiesMemberus-gaap:NetInvestmentHedgingMembermo:EquityContractPreemptiveRIghtsMember2020-12-310000764180us-gaap:NondesignatedMemberus-gaap:NetInvestmentHedgingMemberus-gaap:EquityContractMember2021-12-310000764180us-gaap:NondesignatedMemberus-gaap:NetInvestmentHedgingMemberus-gaap:EquityContractMember2020-12-310000764180us-gaap:NetInvestmentHedgingMember2021-12-310000764180us-gaap:NetInvestmentHedgingMember2020-12-310000764180mo:EquityContractPreemptiveRIghtsMember2021-01-012021-12-310000764180mo:EquityContractPreemptiveRIghtsMember2020-01-012020-12-310000764180mo:EquityContractPreemptiveRIghtsMember2019-01-012019-12-310000764180mo:EquityContractWarrantMember2021-01-012021-12-310000764180mo:EquityContractWarrantMember2020-01-012020-12-310000764180mo:EquityContractWarrantMember2019-01-012019-12-310000764180mo:CronosGroupInc.Member2019-03-012019-03-310000764180us-gaap:NondesignatedMemberus-gaap:ForwardContractsMember2019-03-310000764180us-gaap:NondesignatedMemberus-gaap:ForwardContractsMember2019-01-012019-03-310000764180us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMember2021-01-012021-12-310000764180us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMember2020-01-012020-12-310000764180us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMember2019-01-012019-12-310000764180mo:ForeignCurrencyDenominatedDebtMemberus-gaap:NetInvestmentHedgingMember2021-01-012021-12-310000764180mo:ForeignCurrencyDenominatedDebtMemberus-gaap:NetInvestmentHedgingMember2020-01-012020-12-310000764180mo:ForeignCurrencyDenominatedDebtMemberus-gaap:NetInvestmentHedgingMember2019-01-012019-12-310000764180us-gaap:NetInvestmentHedgingMember2021-01-012021-12-310000764180us-gaap:NetInvestmentHedgingMember2020-01-012020-12-310000764180us-gaap:NetInvestmentHedgingMember2019-01-012019-12-310000764180us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembermo:RevolvingCreditFacilityDueAugust2024Member2021-01-012021-12-310000764180us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembermo:RevolvingCreditFacilityDueAugust2024Member2021-12-310000764180us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembermo:RevolvingCreditFacilityDueAugust2024Member2020-12-310000764180us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembermo:RevolvingCreditFacilityDueAugust2024Memberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-12-310000764180us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembermo:RevolvingCreditFacilityDueAugust2024Member2020-03-012020-03-310000764180mo:TermLoanAgreementJUULandCronosMember2019-02-012019-02-280000764180mo:TermLoanAgreementJUULandCronosMember2019-01-012019-12-310000764180srt:MinimumMembermo:USDNotes2350To1020Memberus-gaap:SeniorNotesMember2021-12-310000764180mo:USDNotes2350To1020Memberus-gaap:SeniorNotesMembersrt:MaximumMember2021-12-310000764180mo:USDNotes2350To1020Memberus-gaap:SeniorNotesMember2021-12-310000764180mo:USDNotes2350To1020Memberus-gaap:SeniorNotesMember2020-12-310000764180mo:USDDebenture7750MaturingJanuary2027Memberus-gaap:LoansPayableMember2021-12-310000764180mo:USDDebenture7750MaturingJanuary2027Memberus-gaap:LoansPayableMember2020-12-310000764180us-gaap:NotesPayableOtherPayablesMembersrt:MinimumMembermo:EuroNotes1000To3125Member2021-12-310000764180us-gaap:NotesPayableOtherPayablesMembermo:EuroNotes1000To3125Membersrt:MaximumMember2021-12-310000764180us-gaap:NotesPayableOtherPayablesMembermo:EuroNotes1000To3125Member2021-12-310000764180us-gaap:NotesPayableOtherPayablesMembermo:EuroNotes1000To3125Member2020-12-310000764180srt:WeightedAverageMembermo:USDNotes2350To1020Memberus-gaap:SeniorNotesMember2021-12-310000764180srt:WeightedAverageMembermo:USDNotes2350To1020Memberus-gaap:SeniorNotesMember2020-12-310000764180srt:WeightedAverageMemberus-gaap:NotesPayableOtherPayablesMembermo:EuroNotes1000To3125Member2021-12-310000764180srt:WeightedAverageMemberus-gaap:NotesPayableOtherPayablesMembermo:EuroNotes1000To3125Member2020-12-310000764180us-gaap:SeniorNotesMembermo:USDNotes2850MaturingAugust2022Member2021-12-310000764180mo:EuroNotes1000MaturingFebruary2023Memberus-gaap:NotesPayableOtherPayablesMember2021-12-31iso4217:EUR0000764180us-gaap:SeniorNotesMembermo:USDNotes2950MaturingMay2023Member2021-12-310000764180mo:USDNotes4000MaturingJanuary2024Memberus-gaap:SeniorNotesMember2021-12-310000764180mo:USDNotes3800MaturingFebruary2024Memberus-gaap:SeniorNotesMember2021-12-310000764180us-gaap:SeniorNotesMembermo:USDNotes2350MaturingMay2025Member2021-12-310000764180us-gaap:NotesPayableOtherPayablesMembermo:EuroNotes1700MaturingJune2025Member2021-12-310000764180us-gaap:SeniorNotesMembermo:USDNotes4400MaturingFebruary2026Member2021-12-310000764180mo:USDNotes2625MaturingSeptember2026Memberus-gaap:SeniorNotesMember2021-12-310000764180mo:EuroNotes2200MaturingJune2027Memberus-gaap:NotesPayableOtherPayablesMember2021-12-310000764180us-gaap:SeniorNotesMembermo:USDNotes4800MaturingFebruary2029Member2021-12-310000764180mo:USDNotes3400MaturingMay2030Memberus-gaap:SeniorNotesMember2021-12-310000764180us-gaap:NotesPayableOtherPayablesMembermo:EuroNotes3125MaturingJune2031Member2021-12-310000764180us-gaap:SeniorNotesMembermo:USDNotes2450MaturingFebruary2032Member2021-12-310000764180us-gaap:SeniorNotesMembermo:USDNotes9950MaturingNovember2038Member2021-12-310000764180us-gaap:SeniorNotesMembermo:USDNotes10200MaturingFebruary2039Member2021-12-310000764180mo:USDNotes5800MaturingFebruary2039Memberus-gaap:SeniorNotesMember2021-12-310000764180us-gaap:SeniorNotesMembermo:USDNotes3400MaturingFebruary2041Member2021-12-310000764180mo:USDNotes4250MaturingAugust2042Memberus-gaap:SeniorNotesMember2021-12-310000764180mo:USDNotes4500MaturingMay2043Memberus-gaap:SeniorNotesMember2021-12-310000764180us-gaap:SeniorNotesMembermo:USDNotes5375MaturingJanuary2044Member2021-12-310000764180us-gaap:SeniorNotesMembermo:USDNotes3875MaturingSeptember2046Member2021-12-310000764180us-gaap:SeniorNotesMembermo:USDNotes5950MaturingFebruary2049Member2021-12-310000764180us-gaap:SeniorNotesMembermo:USDNotes4450MaturingMay2050Member2021-12-310000764180mo:USDNotes3700MaturingFebruary2051Memberus-gaap:SeniorNotesMember2021-12-310000764180us-gaap:SeniorNotesMembermo:USDNotes6200MaturingFebruary2059Member2021-12-310000764180mo:USDNotes4000MaturingFebruary2061Memberus-gaap:SeniorNotesMember2021-12-310000764180mo:USDDenominatedNotesMemberus-gaap:SeniorNotesMember2021-02-280000764180us-gaap:SeniorNotesMembermo:USDNotes2450MaturingFebruary2032Member2021-02-280000764180us-gaap:SeniorNotesMembermo:USDNotes3400MaturingFebruary2041Member2021-02-280000764180mo:USDNotes3700MaturingFebruary2051Memberus-gaap:SeniorNotesMember2021-02-280000764180mo:USDNotes4000MaturingFebruary2061Memberus-gaap:SeniorNotesMember2021-02-280000764180us-gaap:DebtInstrumentRedemptionPeriodOneMemberus-gaap:SeniorNotesMember2021-02-012021-02-280000764180mo:USDDenominatedNotesMemberus-gaap:SeniorNotesMember2021-05-310000764180mo:USDDenominatedNotesMemberus-gaap:SeniorNotesMember2021-05-012021-05-310000764180us-gaap:SeniorNotesMember2021-03-310000764180us-gaap:SeniorNotesMembermo:USDNotes2850MaturingAugust2022Member2021-03-310000764180us-gaap:SeniorNotesMembermo:USDNotes2950MaturingMay2023Member2021-03-310000764180mo:USDNotes4000MaturingJanuary2024Memberus-gaap:SeniorNotesMember2021-03-310000764180mo:USDNotes3800MaturingFebruary2024Memberus-gaap:SeniorNotesMember2021-03-310000764180us-gaap:SeniorNotesMembermo:USDNotes4400MaturingFebruary2026Member2021-03-310000764180us-gaap:SeniorNotesMembermo:USDNotes4800MaturingFebruary2029Member2021-03-310000764180us-gaap:SeniorNotesMembermo:USDNotes9950MaturingNovember2038Member2021-03-310000764180us-gaap:SeniorNotesMembermo:USDNotes10200MaturingFebruary2039Member2021-03-310000764180us-gaap:SeniorNotesMembermo:USDNotes6200MaturingFebruary2059Member2021-03-310000764180us-gaap:SeniorNotesMembermo:USDDenominatedNotes3490PercentDue2022Member2021-03-310000764180us-gaap:SeniorNotesMembermo:USDDenominatedNotes3490PercentDue2022Member2021-01-012021-03-310000764180us-gaap:StockCompensationPlanMember2021-12-310000764180mo:SerialPreferredStockMember2021-12-3100007641802021-07-012021-09-3000007641802021-04-012021-06-300000764180mo:July2019ShareRepurchaseProgramMember2019-07-310000764180mo:July2019ShareRepurchaseProgramMember2020-04-300000764180mo:January2021ShareRepurchaseProgramMember2021-01-310000764180mo:January2021ShareRepurchaseProgramMember2021-10-310000764180mo:January2021ShareRepurchaseProgramMember2021-12-310000764180mo:January2021ShareRepurchaseProgramMember2021-01-012021-12-310000764180mo:July2019ShareRepurchaseProgramMember2019-01-012019-12-310000764180mo:January2018ShareRepurchaseProgramMember2019-01-012019-12-310000764180mo:January2018ShareRepurchaseProgramMember2018-01-310000764180mo:January2018ShareRepurchaseProgramMember2018-05-310000764180us-gaap:CommonStockMembermo:A2020PerformanceIncentivePlanMember2021-12-310000764180us-gaap:CommonStockMembermo:A2015DirectorsPlanMember2021-12-310000764180us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-12-310000764180us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-12-310000764180us-gaap:RestrictedStockUnitsRSUMember2019-01-012019-12-310000764180us-gaap:RestrictedStockUnitsRSUMember2021-12-310000764180us-gaap:RestrictedStockUnitsRSUMember2020-12-310000764180us-gaap:RestrictedStockUnitsRSUMember2019-12-310000764180us-gaap:PerformanceSharesMember2021-01-012021-12-310000764180us-gaap:PerformanceSharesMember2020-01-012020-12-310000764180us-gaap:PerformanceSharesMember2019-01-012019-12-310000764180us-gaap:PerformanceSharesMember2021-12-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-12-310000764180mo:ABInBevMembermo:AccumulatedEquityMethodInvestmentsAttributableToParentMember2018-12-310000764180mo:AccumulatedForeignCurrencyAdjustmentAndOtherAttributableToParentMember2018-12-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-01-012019-12-310000764180mo:ABInBevMembermo:AccumulatedEquityMethodInvestmentsAttributableToParentMember2019-01-012019-12-310000764180mo:AccumulatedForeignCurrencyAdjustmentAndOtherAttributableToParentMember2019-01-012019-12-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000764180mo:ABInBevMembermo:AccumulatedEquityMethodInvestmentsAttributableToParentMember2019-12-310000764180mo:AccumulatedForeignCurrencyAdjustmentAndOtherAttributableToParentMember2019-12-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-12-310000764180mo:ABInBevMembermo:AccumulatedEquityMethodInvestmentsAttributableToParentMember2020-01-012020-12-310000764180mo:AccumulatedForeignCurrencyAdjustmentAndOtherAttributableToParentMember2020-01-012020-12-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310000764180mo:ABInBevMembermo:AccumulatedEquityMethodInvestmentsAttributableToParentMember2020-12-310000764180mo:AccumulatedForeignCurrencyAdjustmentAndOtherAttributableToParentMember2020-12-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-12-310000764180mo:ABInBevMembermo:AccumulatedEquityMethodInvestmentsAttributableToParentMember2021-01-012021-12-310000764180mo:AccumulatedForeignCurrencyAdjustmentAndOtherAttributableToParentMember2021-01-012021-12-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310000764180mo:ABInBevMembermo:AccumulatedEquityMethodInvestmentsAttributableToParentMember2021-12-310000764180mo:AccumulatedForeignCurrencyAdjustmentAndOtherAttributableToParentMember2021-12-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-12-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-01-012019-12-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-12-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-01-012019-12-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-12-310000764180us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-01-012019-12-310000764180mo:AccumulatedEquityMethodInvestmentsAttributableToParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-310000764180mo:AccumulatedEquityMethodInvestmentsAttributableToParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-12-310000764180mo:AccumulatedEquityMethodInvestmentsAttributableToParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-01-012019-12-310000764180mo:AccumulatedForeignCurrencyAdjustmentAndOtherAttributableToParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-310000764180mo:AccumulatedForeignCurrencyAdjustmentAndOtherAttributableToParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-12-310000764180mo:AccumulatedForeignCurrencyAdjustmentAndOtherAttributableToParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-01-012019-12-310000764180us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-310000764180us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-12-310000764180us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-01-012019-12-3100007641802018-01-012018-12-310000764180mo:AuditAdjustmentsPriorYearTaxAuditsMember2019-01-012019-12-310000764180mo:AccrualsnolongerrequiredMember2019-01-012019-12-310000764180us-gaap:EquityMethodInvestmentsMember2019-01-012019-12-310000764180us-gaap:StateAndLocalJurisdictionMember2021-12-310000764180mo:SteMichelleTransactionMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-10-012021-10-010000764180mo:SmokeableProductsSegmentMember2021-01-012021-12-310000764180mo:SmokeableProductsSegmentMember2020-01-012020-12-310000764180mo:SmokeableProductsSegmentMember2019-01-012019-12-310000764180mo:OralTobaccoSegmentMember2021-01-012021-12-310000764180mo:OralTobaccoSegmentMember2020-01-012020-12-310000764180mo:OralTobaccoSegmentMember2019-01-012019-12-310000764180mo:WineSegmentMember2021-01-012021-12-310000764180mo:WineSegmentMember2020-01-012020-12-310000764180us-gaap:AllOtherSegmentsMember2021-01-012021-12-310000764180us-gaap:AllOtherSegmentsMember2020-01-012020-12-310000764180us-gaap:AllOtherSegmentsMember2019-01-012019-12-310000764180mo:SmokeableProductsSegmentMembermo:CigarettesMember2021-01-012021-12-310000764180mo:SmokeableProductsSegmentMembermo:CigarettesMember2020-01-012020-12-310000764180mo:SmokeableProductsSegmentMembermo:CigarettesMember2019-01-012019-12-310000764180mo:SmokeableProductsSegmentMembermo:CigarsMember2021-01-012021-12-310000764180mo:SmokeableProductsSegmentMembermo:CigarsMember2020-01-012020-12-310000764180mo:SmokeableProductsSegmentMembermo:CigarsMember2019-01-012019-12-310000764180us-gaap:CustomerConcentrationRiskMembermo:McLaneCompanyIncMemberus-gaap:SalesRevenueNetMember2021-01-012021-12-310000764180us-gaap:CustomerConcentrationRiskMembermo:McLaneCompanyIncMemberus-gaap:SalesRevenueNetMember2020-01-012020-12-310000764180us-gaap:CustomerConcentrationRiskMembermo:McLaneCompanyIncMemberus-gaap:SalesRevenueNetMember2019-01-012019-12-310000764180mo:PerformanceFoodGroupCompanyMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2021-01-012021-12-310000764180us-gaap:CustomerConcentrationRiskMembermo:CoreMarkHoldingCompanyInc.Memberus-gaap:SalesRevenueNetMember2020-01-012020-12-310000764180us-gaap:CustomerConcentrationRiskMembermo:CoreMarkHoldingCompanyInc.Memberus-gaap:SalesRevenueNetMember2019-01-012019-12-310000764180mo:SmokeableProductsSegmentMembermo:PhilipMorrisUSAMemberus-gaap:OperatingIncomeLossMemberus-gaap:OperatingSegmentsMembermo:NpmAdjustmentToCostOfSalesMembermo:NonParticipatingManufacturerArbitrationPanelDecisionMember2021-01-012021-12-310000764180mo:SmokeableProductsSegmentMembermo:PhilipMorrisUSAMemberus-gaap:OperatingIncomeLossMemberus-gaap:OperatingSegmentsMembermo:NpmAdjustmentToCostOfSalesMembermo:NonParticipatingManufacturerArbitrationPanelDecisionMember2020-01-012020-12-310000764180us-gaap:MaterialReconcilingItemsMembermo:NonParticipatingManufacturerArbitrationPanelDecisionMembermo:InterestAndOtherDebtExpenseNetMembermo:NPMAdjustmentToInterestExpenseMember2021-01-012021-12-310000764180us-gaap:MaterialReconcilingItemsMembermo:NonParticipatingManufacturerArbitrationPanelDecisionMembermo:InterestAndOtherDebtExpenseNetMembermo:NPMAdjustmentToInterestExpenseMember2020-01-012020-12-310000764180mo:NPMAdjustmentToCostOfSalesAndInterestExpenseMembermo:NonParticipatingManufacturerArbitrationPanelDecisionMember2021-01-012021-12-310000764180mo:NPMAdjustmentToCostOfSalesAndInterestExpenseMembermo:NonParticipatingManufacturerArbitrationPanelDecisionMember2020-01-012020-12-310000764180mo:NpmAdjustmentToCostOfSalesMembermo:NonParticipatingManufacturerArbitrationPanelDecisionMember2019-01-012019-12-310000764180mo:SmokeableProductsSegmentMembermo:TobaccoandHealthLitigationCasesMembermo:PhilipMorrisUSAMemberus-gaap:OperatingIncomeLossMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000764180mo:SmokeableProductsSegmentMembermo:TobaccoandHealthLitigationCasesMembermo:PhilipMorrisUSAMemberus-gaap:OperatingIncomeLossMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000764180mo:SmokeableProductsSegmentMembermo:TobaccoandHealthLitigationCasesMembermo:PhilipMorrisUSAMemberus-gaap:OperatingIncomeLossMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310000764180mo:TobaccoandHealthLitigationCasesMemberus-gaap:CorporateNonSegmentMember2021-01-012021-12-310000764180mo:TobaccoandHealthLitigationCasesMemberus-gaap:CorporateNonSegmentMember2020-01-012020-12-310000764180mo:TobaccoandHealthLitigationCasesMemberus-gaap:CorporateNonSegmentMember2019-01-012019-12-310000764180mo:TobaccoandHealthLitigationCasesMemberus-gaap:MaterialReconcilingItemsMembermo:InterestAndOtherDebtExpenseNetMember2021-01-012021-12-310000764180mo:TobaccoandHealthLitigationCasesMemberus-gaap:MaterialReconcilingItemsMembermo:InterestAndOtherDebtExpenseNetMember2020-01-012020-12-310000764180mo:TobaccoandHealthLitigationCasesMemberus-gaap:MaterialReconcilingItemsMembermo:InterestAndOtherDebtExpenseNetMember2019-01-012019-12-310000764180mo:TobaccoandHealthLitigationCasesMember2021-01-012021-12-310000764180mo:TobaccoandHealthLitigationCasesMember2020-01-012020-12-310000764180mo:TobaccoandHealthLitigationCasesMember2019-01-012019-12-310000764180mo:COVID19Member2020-01-012020-12-310000764180mo:SmokeableProductsSegmentMembermo:COVID19Member2020-01-012020-12-310000764180mo:OralTobaccoSegmentMembermo:COVID19Member2020-01-012020-12-310000764180mo:SteMichelleTransactionMembermo:MarketingAdministrationAndResearchCostsMembermo:WineSegmentMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-01-012021-12-310000764180mo:SteMichelleTransactionMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-01-012021-12-310000764180mo:PhilipMorrisCapitalCorporationMember2020-01-012020-12-310000764180mo:PhilipMorrisCapitalCorporationMember2021-01-012021-12-310000764180mo:PhilipMorrisCapitalCorporationMember2019-01-012019-12-310000764180us-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:PensionPlansDefinedBenefitMember2019-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-12-310000764180us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-12-310000764180us-gaap:PensionPlansDefinedBenefitMember2020-01-012020-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-12-310000764180us-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-04-012021-06-300000764180us-gaap:PensionPlansDefinedBenefitMember2019-01-012019-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-01-012019-12-310000764180us-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2021-09-300000764180us-gaap:FixedIncomeSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2021-09-300000764180us-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:FixedIncomeSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2021-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FixedIncomeSecuritiesMember2021-12-310000764180us-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2021-12-310000764180us-gaap:CorporateBondSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:CorporateBondSecuritiesMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000764180mo:UsTreasuryAndForeignGovernmentSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:UsTreasuryAndForeignGovernmentSecuritiesMember2021-12-310000764180us-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:FixedIncomeSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:PensionPlansDefinedBenefitMembermo:EmergingMarketsMember2021-12-310000764180us-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FixedIncomeSecuritiesMember2021-12-310000764180us-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:EmergingMarketsMember2021-12-310000764180us-gaap:PensionPlansDefinedBenefitMembersrt:ScenarioForecastMember2022-01-012022-12-310000764180us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:USTreasuryAndGovernmentMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:USTreasuryAndGovernmentMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:MunicipalBondsMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:FairValueInputsLevel2Memberus-gaap:MunicipalBondsMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:MunicipalBondsMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:MunicipalBondsMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:FairValueInputsLevel2Memberus-gaap:MunicipalBondsMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:MunicipalBondsMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:FairValueInputsLevel1Membermo:CorporateDebtSecurityAboveInvestmentGradeMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:FairValueInputsLevel2Membermo:CorporateDebtSecurityAboveInvestmentGradeMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180mo:CorporateDebtSecurityAboveInvestmentGradeMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:FairValueInputsLevel1Membermo:CorporateDebtSecurityAboveInvestmentGradeMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:FairValueInputsLevel2Membermo:CorporateDebtSecurityAboveInvestmentGradeMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180mo:CorporateDebtSecurityAboveInvestmentGradeMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:FairValueInputsLevel1Membermo:CorporateDebtSecurityBelowInvestmentGradeMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:FairValueInputsLevel2Membermo:CorporateDebtSecurityBelowInvestmentGradeMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180mo:CorporateDebtSecurityBelowInvestmentGradeMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:FairValueInputsLevel1Membermo:CorporateDebtSecurityBelowInvestmentGradeMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:FairValueInputsLevel2Membermo:CorporateDebtSecurityBelowInvestmentGradeMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180mo:CorporateDebtSecurityBelowInvestmentGradeMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2021-12-310000764180us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2021-12-310000764180us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2021-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2020-12-310000764180us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2020-12-310000764180us-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesUsMember2020-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMembermo:OtherInvestmentNetMember2021-12-310000764180us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMembermo:OtherInvestmentNetMember2021-12-310000764180us-gaap:PensionPlansDefinedBenefitMembermo:OtherInvestmentNetMember2021-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMembermo:OtherInvestmentNetMember2020-12-310000764180us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMembermo:OtherInvestmentNetMember2020-12-310000764180us-gaap:PensionPlansDefinedBenefitMembermo:OtherInvestmentNetMember2020-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180mo:USLargeCapMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180mo:USLargeCapMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180mo:USSmallCapMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180mo:USSmallCapMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180mo:InternationalDevelopedMarketsMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180mo:InternationalDevelopedMarketsMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:OtherInvestmentsMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000764180us-gaap:OtherInvestmentsMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000764180us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000764180us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000764180us-gaap:USTreasuryAndGovernmentMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000764180us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000764180us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000764180us-gaap:USTreasuryAndGovernmentMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000764180us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000764180us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000764180us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000764180us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:CorporateDebtSecurityAboveInvestmentGradeMember2021-12-310000764180us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:CorporateDebtSecurityAboveInvestmentGradeMember2021-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:CorporateDebtSecurityAboveInvestmentGradeMember2021-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:CorporateDebtSecurityAboveInvestmentGradeMember2020-12-310000764180us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:CorporateDebtSecurityAboveInvestmentGradeMember2020-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:CorporateDebtSecurityAboveInvestmentGradeMember2020-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:CorporateDebtSecurityBelowInvestmentGradeMember2021-12-310000764180us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:CorporateDebtSecurityBelowInvestmentGradeMember2021-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:CorporateDebtSecurityBelowInvestmentGradeMember2021-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:CorporateDebtSecurityBelowInvestmentGradeMember2020-12-310000764180us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:CorporateDebtSecurityBelowInvestmentGradeMember2020-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:CorporateDebtSecurityBelowInvestmentGradeMember2020-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:OtherInvestmentNetMember2021-12-310000764180us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:OtherInvestmentNetMember2021-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:OtherInvestmentNetMember2021-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:OtherInvestmentNetMember2020-12-310000764180us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:OtherInvestmentNetMember2020-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:OtherInvestmentNetMember2020-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000764180us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2021-12-310000764180us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000764180us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:USLargeCapMember2021-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:USLargeCapMember2020-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:InternationalDevelopedMarketsMember2020-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembermo:InternationalDevelopedMarketsMember2021-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2021-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2020-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2021-12-310000764180us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:OtherInvestmentsMember2020-12-310000764180us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000764180us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000764180srt:MaximumMembermo:OtherPostretirementBenefitsPlanAndPensionPlanMember2021-12-310000764180us-gaap:PostemploymentRetirementBenefitsMember2021-12-310000764180us-gaap:PostemploymentRetirementBenefitsMember2020-12-310000764180us-gaap:PostemploymentRetirementBenefitsMember2021-01-012021-12-310000764180us-gaap:PostemploymentRetirementBenefitsMember2020-01-012020-12-310000764180us-gaap:PostemploymentRetirementBenefitsMember2019-01-012019-12-310000764180mo:AllowanceDiscountsMember2020-12-310000764180mo:AllowanceReturnedGoodsMember2020-12-310000764180mo:AllowanceDiscountsMember2019-12-310000764180mo:AllowanceReturnedGoodsMember2019-12-310000764180mo:AllowanceDiscountsMember2018-12-310000764180mo:AllowanceReturnedGoodsMember2018-12-310000764180mo:AllowanceDiscountsMember2021-01-012021-12-310000764180mo:AllowanceReturnedGoodsMember2021-01-012021-12-310000764180mo:AllowanceDiscountsMember2020-01-012020-12-310000764180mo:AllowanceReturnedGoodsMember2020-01-012020-12-310000764180mo:AllowanceDiscountsMember2019-01-012019-12-310000764180mo:AllowanceReturnedGoodsMember2019-01-012019-12-310000764180mo:AllowanceDiscountsMember2021-12-310000764180mo:AllowanceReturnedGoodsMember2021-12-31mo:state0000764180mo:TobaccoandHealthJudgmentMembermo:LitigationCasesResultsMember2021-01-012021-12-310000764180mo:TobaccoandHealthJudgmentMembermo:LitigationCasesResultsMember2020-01-012020-12-310000764180mo:TobaccoandHealthJudgmentMembermo:LitigationCasesResultsMember2019-01-012019-12-310000764180mo:AgreementToResolveShareholderClassActionMember2021-01-012021-12-310000764180mo:AgreementToResolveShareholderClassActionMember2020-01-012020-12-310000764180mo:AgreementToResolveShareholderClassActionMember2019-01-012019-12-310000764180mo:InterestExpenseRelatedToLitigationMember2021-01-012021-12-310000764180mo:InterestExpenseRelatedToLitigationMember2020-01-012020-12-310000764180mo:InterestExpenseRelatedToLitigationMember2019-01-012019-12-310000764180mo:TobaccoandHealthJudgmentMember2004-10-012021-12-310000764180mo:EngleProgenyCasesMember2004-10-012021-12-310000764180mo:PhilipMorrisUSAMemberus-gaap:AssetsMemberus-gaap:PendingLitigationMember2021-12-310000764180mo:IndividualSmokingAndHealthCasesMember2021-12-31mo:claim0000764180mo:IndividualSmokingAndHealthCasesMember2020-12-310000764180mo:IndividualSmokingAndHealthCasesMember2019-12-310000764180mo:HealthCareCostRecoveryActionsMember2021-12-310000764180mo:HealthCareCostRecoveryActionsMember2020-12-310000764180mo:HealthCareCostRecoveryActionsMember2019-12-310000764180mo:EvaporLitigationMember2021-12-310000764180mo:EvaporLitigationMember2020-12-310000764180mo:EvaporLitigationMember2019-12-310000764180mo:OtherTabaccoRelatedCasesMember2021-12-310000764180mo:OtherTabaccoRelatedCasesMember2020-12-310000764180mo:OtherTabaccoRelatedCasesMember2019-12-310000764180us-gaap:PendingLitigationMembermo:IndividualSmokingAndHealthCasesMemberstpr:IL2021-12-31mo:case0000764180stpr:NMus-gaap:PendingLitigationMembermo:IndividualSmokingAndHealthCasesMember2021-12-310000764180stpr:MAus-gaap:PendingLitigationMembermo:IndividualSmokingAndHealthCasesMember2021-12-310000764180us-gaap:PendingLitigationMembermo:IndividualSmokingAndHealthCasesMemberstpr:FL2021-12-310000764180mo:ETSSmokingandHealthCaseFlightAttendantsMemberus-gaap:PendingLitigationMember2021-01-012021-12-31mo:lawsuit0000764180mo:PendingIndividualLawsuitsMembermo:EvaporLitigationMember2021-12-310000764180mo:PendingLawsuitsFiledByStateOrLocalGovernmentsMembermo:EvaporLitigationMember2021-12-310000764180mo:ClassActionLawsuitMembermo:EvaporLitigationMember2021-12-310000764180mo:HealthCareCostRecoveryActionsMemberus-gaap:SubsequentEventMembercountry:CA2022-01-240000764180mo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActionsMemberus-gaap:SubsequentEventMembercountry:CA2022-01-240000764180mo:HealthCareCostRecoveryActionsMembermo:PhilipMorrisUSAandAltriaGroupMemberus-gaap:SubsequentEventMembercountry:CA2022-01-240000764180mo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAandAltriaGroupMemberus-gaap:SubsequentEventMembercountry:CA2022-01-240000764180mo:EngleProgenyCasesMembermo:PhilipMorrisUSAMemberus-gaap:SubsequentEventMember2022-01-240000764180mo:PhilipMorrisUSAMembermo:NonEngleProgenyCasesMemberus-gaap:SubsequentEventMember1999-01-012022-01-240000764180mo:PhilipMorrisUSAMembermo:NonEngleProgenyCasesMemberus-gaap:SubsequentEventMemberstpr:AK1999-01-012022-01-240000764180stpr:CAmo:PhilipMorrisUSAMembermo:NonEngleProgenyCasesMemberus-gaap:SubsequentEventMember1999-01-012022-01-240000764180stpr:CTmo:PhilipMorrisUSAMembermo:NonEngleProgenyCasesMemberus-gaap:SubsequentEventMember1999-01-012022-01-240000764180mo:PhilipMorrisUSAMembermo:NonEngleProgenyCasesMemberus-gaap:SubsequentEventMemberstpr:FL1999-01-012022-01-240000764180mo:PhilipMorrisUSAMembermo:NonEngleProgenyCasesMemberus-gaap:SubsequentEventMemberstpr:LA1999-01-012022-01-240000764180stpr:MAmo:PhilipMorrisUSAMembermo:NonEngleProgenyCasesMemberus-gaap:SubsequentEventMember1999-01-012022-01-240000764180mo:PhilipMorrisUSAMembermo:NonEngleProgenyCasesMemberus-gaap:SubsequentEventMemberstpr:MS1999-01-012022-01-240000764180mo:PhilipMorrisUSAMemberstpr:MOmo:NonEngleProgenyCasesMemberus-gaap:SubsequentEventMember1999-01-012022-01-240000764180stpr:NHmo:PhilipMorrisUSAMembermo:NonEngleProgenyCasesMemberus-gaap:SubsequentEventMember1999-01-012022-01-240000764180mo:PhilipMorrisUSAMemberstpr:NJmo:NonEngleProgenyCasesMemberus-gaap:SubsequentEventMember1999-01-012022-01-240000764180stpr:NYmo:PhilipMorrisUSAMembermo:NonEngleProgenyCasesMemberus-gaap:SubsequentEventMember1999-01-012022-01-240000764180mo:PhilipMorrisUSAMembermo:NonEngleProgenyCasesMemberus-gaap:SubsequentEventMemberstpr:OH1999-01-012022-01-240000764180stpr:PAmo:PhilipMorrisUSAMembermo:NonEngleProgenyCasesMemberus-gaap:SubsequentEventMember1999-01-012022-01-240000764180mo:PhilipMorrisUSAMembermo:NonEngleProgenyCasesMemberus-gaap:SubsequentEventMemberstpr:RI1999-01-012022-01-240000764180mo:PhilipMorrisUSAMembermo:NonEngleProgenyCasesMemberus-gaap:SubsequentEventMemberstpr:TN1999-01-012022-01-240000764180mo:PhilipMorrisUSAMembermo:NonEngleProgenyCasesMemberus-gaap:SubsequentEventMemberstpr:WV1999-01-012022-01-240000764180mo:NonEngleProgenySmokingAndHealthCasePrincipeMember2020-02-290000764180mo:NonEngleProgenySmokingandHealthCaseGreeneMember2019-09-300000764180mo:NonEngleProgenySmokingandHealthCaseGreeneMember2020-05-310000764180mo:NonEngleProgenySmokingandHealthCaseGreeneMember2021-02-280000764180mo:NonEngleProgenySmokingandHealthCaseLaramieMember2019-08-310000764180mo:NonEngleProgenySmokingandHealthCaseLaramieMember2021-09-012021-09-300000764180mo:NonEngleProgenySmokingandHealthCaseLaramieMember2021-12-012021-12-310000764180mo:NonEngleProgenySmokingandHealthCaseGentileMember2017-10-310000764180mo:NonEngleProgenySmokingandHealthCaseGentileMembermo:PhilipMorrisUSAMember2017-10-310000764180mo:EngleProgenyCasesMember2000-07-310000764180mo:EngleProgenyCasesMembermo:PhilipMorrisUSAMember2000-07-310000764180mo:EngleProgenyCasesMembermo:PhilipMorrisUSAMember2006-07-012006-07-310000764180mo:EngleProgenyCasesStateMember2008-01-310000764180us-gaap:SubsequentEventMembermo:EngleProgenyCasesStateMember2022-01-240000764180us-gaap:SubsequentEventMembermo:EngleProgenyCasesStateMember2022-01-242022-01-24mo:plantiff0000764180mo:PhilipMorrisUSAMemberus-gaap:SubsequentEventMembermo:EngleProgenyCasesFederalMember2022-01-240000764180mo:EngleProgenyCasesMembermo:PhilipMorrisUSAMemberus-gaap:SubsequentEventMember2022-01-242022-01-240000764180mo:PhilipMorrisUSAMemberus-gaap:SubsequentEventMembermo:EngleProgenyCasesStateMember2022-01-242022-01-240000764180mo:PhilipMorrisUSAMemberus-gaap:SubsequentEventMembermo:EngleProgenyCasesPearsonDCohenCollarChaconMemberMember2022-01-242022-01-240000764180mo:EngleProgenyCasesReiderandBanksMembermo:PhilipMorrisUSAMemberus-gaap:SubsequentEventMember2022-01-242022-01-240000764180mo:PhilipMorrisUSAMemberus-gaap:SubsequentEventMembermo:EngleProgenyCasesWeingartandHancockMember2022-01-242022-01-240000764180mo:PhilipMorrisUSAMembermo:EngleProgenyCasesPollariMemberus-gaap:SubsequentEventMember2022-01-242022-01-240000764180mo:PhilipMorrisUSAMemberus-gaap:SubsequentEventMembermo:EngleProgenyCasesGlogerRintoulandDuignamMember2022-01-242022-01-240000764180mo:PhilipMorrisUSAMembermo:EngleProgenyCasesFreemanMemberus-gaap:SubsequentEventMember2022-01-242022-01-240000764180mo:PhilipMorrisUSAMemberus-gaap:SubsequentEventMember2022-01-240000764180mo:EngleProgenyCasesLippMemberus-gaap:PendingLitigationMember2021-09-300000764180mo:PhilipMorrisUSAMembermo:EngleProgenyCasesLippMemberus-gaap:PendingLitigationMember2021-09-300000764180mo:EngleProgenyCasesGarciaMemberus-gaap:PendingLitigationMember2021-05-310000764180mo:EngleProgenyCasesDuignanMemberus-gaap:PendingLitigationMember2020-02-290000764180mo:EngleProgenyCasesDuignanMembermo:PhilipMorrisUSAMemberus-gaap:PendingLitigationMember2020-02-290000764180mo:EngleProgenyCasesCuddiheeMemberus-gaap:PendingLitigationMember2020-01-310000764180mo:PhilipMorrisUSAMembermo:EngleProgenyCasesCuddiheeMemberus-gaap:PendingLitigationMember2020-01-310000764180mo:EngleProgenyCasesRintoulMemberus-gaap:PendingLitigationMember2019-11-300000764180mo:PhilipMorrisUSAMembermo:EngleProgenyCasesRintoulMemberus-gaap:PendingLitigationMember2019-11-300000764180us-gaap:PendingLitigationMembermo:EngleProgenyCasesGlogerMember2019-11-300000764180mo:PhilipMorrisUSAMemberus-gaap:PendingLitigationMembermo:EngleProgenyCasesGlogerMember2019-11-300000764180us-gaap:PendingLitigationMembermo:EngleProgenyCasesMcCallMember2019-03-310000764180mo:PhilipMorrisUSAMemberus-gaap:PendingLitigationMembermo:EngleProgenyCasesMcCallMember2019-03-310000764180mo:EngleProgenyCasesNeffMemberus-gaap:PendingLitigationMember2019-03-310000764180mo:PhilipMorrisUSAMemberus-gaap:PendingLitigationMembermo:EngleProgenyCasesNeffMember2019-03-310000764180mo:EngleProgenyCasesMahfuzMemberus-gaap:PendingLitigationMember2019-02-280000764180mo:EngleProgenyCasesMahfuzMembermo:PhilipMorrisUSAMemberus-gaap:PendingLitigationMember2019-02-280000764180mo:EngleProgenyCasesHollimanMemberus-gaap:PendingLitigationMember2019-02-280000764180mo:EngleProgenyCasesHollimanMembermo:PhilipMorrisUSAMemberus-gaap:PendingLitigationMember2019-02-280000764180mo:EngleProgenyCasesChadwellMemberus-gaap:PendingLitigationMember2018-09-300000764180mo:PhilipMorrisUSAMembermo:EngleProgenyCasesChadwellMemberus-gaap:PendingLitigationMember2018-09-300000764180us-gaap:PendingLitigationMembermo:EngleProgenyCasesKaplanMember2018-07-310000764180mo:PhilipMorrisUSAMemberus-gaap:PendingLitigationMembermo:EngleProgenyCasesKaplanMember2018-07-310000764180mo:EngleProgenyCasesR.DouglasMemberus-gaap:PendingLitigationMember2017-11-300000764180mo:EngleProgenyCasesR.DouglasMembermo:PhilipMorrisUSAMemberus-gaap:PendingLitigationMember2017-11-300000764180us-gaap:PendingLitigationMembermo:EngleProgenyCasesSommersMember2017-04-300000764180mo:PhilipMorrisUSAMemberus-gaap:PendingLitigationMembermo:EngleProgenyCasesSommersMember2017-04-300000764180us-gaap:PendingLitigationMembermo:EngleProgenyCasesSommersMember2021-03-012021-03-310000764180mo:EngleProgenyCasesCooperMemberus-gaap:PendingLitigationMember2015-09-300000764180mo:PhilipMorrisUSAMembermo:EngleProgenyCasesCooperMemberus-gaap:PendingLitigationMember2015-09-300000764180mo:EngleProgenyCasesD.BrownMemberus-gaap:PendingLitigationMember2015-01-310000764180mo:EngleProgenyCasesD.BrownMembermo:PhilipMorrisUSAMemberus-gaap:PendingLitigationMember2015-01-310000764180us-gaap:SettledLitigationMembermo:EngleProgenyCasesBergerMember2021-01-012021-03-310000764180us-gaap:SettledLitigationMembermo:EngleProgenyCasesBergerMember2018-10-012018-12-310000764180mo:EngleProgenyCasesSantoroMemberus-gaap:SettledLitigationMember2020-04-012020-06-300000764180mo:EngleProgenyCasesSantoroMemberus-gaap:SettledLitigationMember2021-01-012021-03-310000764180mo:PhilipMorrisUSAMembermo:EngleProgenyCasesNaugleGoreMBrownJordanTheisLandiMember2021-12-310000764180mo:PhilipMorrisUSAMembermo:EngleProgenyCasesNaugleMember2021-01-012021-12-310000764180mo:PhilipMorrisUSAMembermo:EngleProgenyCasesGoreMember2021-01-012021-12-310000764180mo:PhilipMorrisUSAMembermo:EngleProgenyCasesM.BrownMember2021-01-012021-12-310000764180mo:PhilipMorrisUSAMembermo:EngleProgenyCasesJordanMember2021-01-012021-12-310000764180mo:EngleProgenyCasesTheisMembermo:PhilipMorrisUSAMember2021-01-012021-12-310000764180mo:EngleProgenyCasesLandiMembermo:PhilipMorrisUSAMember2021-01-012021-12-310000764180mo:PhilipMorrisUSAMembermo:EngleProgenyCasesM.BrownMember2021-04-012021-04-290000764180mo:EngleProgenyCasesTheisMembermo:PhilipMorrisUSAMember2021-05-012021-05-310000764180mo:EngleProgenyCasesLandiMembermo:PhilipMorrisUSAMember2021-07-012021-07-310000764180mo:EngleProgenyCasesRJReynoldsMembermo:PhilipMorrisUSAMember2021-07-012021-07-3100007641802021-07-012021-07-310000764180mo:EngleProgenyCasesStateMemberstpr:FL2009-06-300000764180mo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMember1996-05-012021-12-310000764180stpr:ARmo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMember1996-05-012021-12-310000764180stpr:CAmo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMember1996-05-012021-12-310000764180stpr:DEmo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMember1996-05-012021-12-310000764180mo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMemberstpr:DC1996-05-012021-12-310000764180mo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMemberstpr:FL1996-05-012021-12-310000764180mo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMemberstpr:IL1996-05-012021-12-310000764180mo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMemberstpr:IA1996-05-012021-12-310000764180stpr:KSmo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMember1996-05-012021-12-310000764180mo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMemberstpr:LA1996-05-012021-12-310000764180stpr:MDmo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMember1996-05-012021-12-310000764180stpr:MImo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMember1996-05-012021-12-310000764180mo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMemberstpr:MN1996-05-012021-12-310000764180stpr:NVmo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMember1996-05-012021-12-310000764180mo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMemberstpr:NJ1996-05-012021-12-310000764180stpr:NYmo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMember1996-05-012021-12-310000764180mo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMemberstpr:OH1996-05-012021-12-310000764180mo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMemberstpr:OK1996-05-012021-12-310000764180mo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMemberstpr:OR1996-05-012021-12-310000764180stpr:PAmo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMember1996-05-012021-12-310000764180mo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMembercountry:PR1996-05-012021-12-310000764180stpr:SCmo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMember1996-05-012021-12-310000764180mo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMemberstpr:TX1996-05-012021-12-310000764180mo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAMemberstpr:WI1996-05-012021-12-310000764180mo:BritishColumbiaSaskatchewanMembermo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:PhilipMorrisUSAandAltriaGroupMemberus-gaap:SubsequentEventMember2022-01-240000764180mo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:CanadianTobaccoManufacturersMembercountry:CA2019-03-31mo:manufacturemo:ruling0000764180mo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:CanadianTobaccoManufacturersMembercountry:CA2019-03-012019-03-310000764180mo:HealthCareCostRecoveryActionsMemberus-gaap:ThreatenedLitigationMembercountry:CA2021-12-310000764180mo:SmokingAndHealthClassActionsAndAggregatedClaimsLitigationMembermo:CanadianTobaccoManufacturersMembercountry:CA2021-12-310000764180mo:HealthCareCostRecoveryActionsMember1998-11-011998-11-300000764180mo:HealthCareCostRecoveryActionsMember1998-11-300000764180mo:HealthCareCostRecoveryActionsMember2021-01-012021-12-310000764180mo:HealthCareCostRecoveryActionsMember2020-01-012020-12-310000764180mo:HealthCareCostRecoveryActionsMember2019-01-012019-12-310000764180mo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActions2004NPMAdjustmentMember2021-01-012021-12-310000764180mo:HealthCareCostRecoveryActions2005NPMAdjustmentMembermo:PhilipMorrisUSAMember2021-01-012021-12-310000764180mo:HealthCareCostRecoveryActions2006NPMAdjustmentMembermo:PhilipMorrisUSAMember2021-01-012021-12-310000764180mo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActions2007NPMAdjustmentMember2021-01-012021-12-310000764180mo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActions2008NPMAdjustmentMember2021-01-012021-12-310000764180mo:HealthCareCostRecoveryActions2009NPMAdjustmentMembermo:PhilipMorrisUSAMember2021-01-012021-12-310000764180mo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActions2010NPMAdjustmentMember2021-01-012021-12-310000764180mo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActions2011NPMAdjustmentMember2021-01-012021-12-310000764180mo:HealthCareCostRecoveryActions2012NPMAdjustmentMembermo:PhilipMorrisUSAMember2021-01-012021-12-310000764180mo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActions2013NPMAdjustmentMember2021-01-012021-12-310000764180mo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActions2014NPMAdjustmentMember2021-01-012021-12-310000764180mo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActions2015NPMAdjustmentsMember2021-01-012021-12-310000764180mo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActions2016NPMAdjustmentsMemberMember2021-01-012021-12-310000764180mo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActions2017NPMAdjustmentsMember2021-01-012021-12-310000764180mo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActions2018NPMAdjustmentsMember2021-01-012021-12-310000764180mo:HealthCareCostRecoveryActions2019NPMAdjustmentsMembermo:PhilipMorrisUSAMember2021-01-012021-12-310000764180mo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActions2020NPMAdjustmentsMember2021-01-012021-12-310000764180us-gaap:SettledLitigationMembermo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActionsMember2018-01-012018-12-310000764180us-gaap:SettledLitigationMembermo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActions20042018Member2018-01-012018-12-310000764180mo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActionsMemberus-gaap:PendingLitigationMember2018-01-012018-12-310000764180mo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActionsMember2018-01-012018-12-310000764180mo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActionsMember2021-01-012021-12-310000764180stpr:NYus-gaap:SettledLitigationMembermo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActionsTransitionYears20042020Member2015-01-012015-12-310000764180mo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActions2004NPMAdjustmentMember2020-01-012020-12-310000764180mo:PhilipMorrisUSAMemberus-gaap:PendingLitigationMembermo:HealthCareCostRecoveryActions2004NPMAdjustmentMember2021-01-012021-12-310000764180mo:PhilipMorrisUSAMemberus-gaap:PendingLitigationMembermo:HealthCareCostRecoveryActions2004NPMAdjustmentMember2021-12-310000764180us-gaap:CostOfSalesMembermo:PhilipMorrisUSAMemberus-gaap:PendingLitigationMembermo:HealthCareCostRecoveryActions2004NPMAdjustmentMember2021-01-012021-12-310000764180mo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActions20052007NPMAdjustmentMemberus-gaap:PendingLitigationMember2021-01-012021-12-310000764180mo:PeriodOneMembermo:PhilipMorrisUSAMembermo:HealthCareCostRecoveryActions20052007NPMAdjustmentMemberus-gaap:PendingLitigationMember2021-01-012021-12-310000764180mo:PhilipMorrisUSAMembermo:PeriodTwoMembermo:HealthCareCostRecoveryActions20052007NPMAdjustmentMemberus-gaap:PendingLitigationMember2021-01-012021-12-310000764180mo:PhilipMorrisUSAMembermo:OtherDisputesUndertheStateSettlementAgreementsMember2021-01-012021-01-310000764180mo:FederalGovernmentsLawsuitMember2006-08-012006-08-310000764180mo:FederalGovernmentsLawsuitMembermo:ImplementationofCorrectiveCommunicationsMember2014-01-012014-12-310000764180mo:FederalGovernmentsLawsuitMembermo:ImplementationofCorrectiveCommunicationsMember2019-01-012019-12-310000764180mo:PendingClassActionLawsuitsMemberus-gaap:SubsequentEventMembermo:EvaporLitigationMember2022-01-240000764180us-gaap:SubsequentEventMembermo:ClassActionLawsuitMembermo:EvaporLitigationMember2022-01-240000764180mo:PendingIndividualLawsuitsMemberus-gaap:SubsequentEventMembermo:EvaporLitigationMember2022-01-240000764180mo:PendingLawsuitFiledBySchoolDistrictMemberus-gaap:SubsequentEventMembermo:EvaporLitigationMember2022-01-240000764180us-gaap:SettledLitigationMembermo:EvaporLitigationMember2021-01-012021-12-310000764180mo:EVaporLitigationCase1Memberus-gaap:SettledLitigationMember2021-01-012021-12-310000764180us-gaap:SettledLitigationMembermo:EVaporLitigationCase2Member2021-01-012021-12-310000764180mo:IQOSMember2020-04-012020-04-300000764180mo:JUULMember2020-04-300000764180us-gaap:SubsequentEventMember2022-01-2400007641802020-11-30mo:complaint00007641802019-10-012019-12-31mo:shareholder0000764180us-gaap:SubsequentEventMember2022-01-012022-01-3100007641802020-08-012020-08-3100007641802020-10-012021-03-3100007641802021-04-012021-04-3000007641802020-09-012021-08-310000764180mo:LightsMemberus-gaap:SubsequentEventMember2022-01-24mo:court0000764180us-gaap:SubsequentEventMembermo:SmokingAndHealthClassActionsMember2022-01-240000764180mo:USTLitigationMembermo:PendingIndividualLawsuitsMemberus-gaap:SubsequentEventMember2022-01-240000764180us-gaap:LetterOfCreditMember2021-12-310000764180mo:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2021-12-310000764180mo:LightsMembermo:PhilipMorrisUSAMemberus-gaap:SubsequentEventMember2022-01-24

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021
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)
Virginia13-3260245
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
6601 West Broad Street, Richmond,Virginia23230
(Address of principal executive offices)(Zip Code)

804-274-2200
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading SymbolsName of each exchange on which registered
Common Stock, $0.33  1/3 par valueMONew York Stock Exchange
1.000% Notes due 2023
MO23ANew York Stock Exchange
1.700% Notes due 2025
MO25New York Stock Exchange
2.200% Notes due 2027
MO27New York Stock Exchange
3.125% Notes due 2031
MO31New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. þ Yes ¨ No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ¨ Yes þ No
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 þ Yes ¨ 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) þ Yes ¨ 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 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 filerþAccelerated 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes þ No
As of June 30, 2021, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was approximately $88 billion based on the closing sale price of the common stock as reported on the New York Stock Exchange.
Class                           Outstanding at February 15, 2022
Common Stock, $0.33  1/3 par value
1,817,257,322 shares



DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive proxy statement for use in connection with its annual meeting of shareholders to be held on May 19, 2022, to be filed with the U.S. Securities and Exchange Commission on or about April 7, 2022, are incorporated by reference into Part III hereof.






TABLE OF CONTENTS
  Page
PART I  
Item 1.
Item 1A.
Item 1B.
Item 2.
Item 3.
Item 4.
PART II 
Item 5.
Item 6.
Item 7.
Item 7A.
Item 8.
Item 9.
Item 9A.
Item 9B.
Item 9C.
PART III 
Item 10.
Item 11.
Item 12.
Item 13.
Item 14.
PART IV 
Item 15.
Item 16.
 




Table of Contents
Part I
Item 1. Business.
General Development of Business
When used in this Annual Report on Form 10-K (“Form 10-K”), the terms “Altria,” “we,” “us” and “our” refers to Altria Group, Inc. and its subsidiaries, unless the context requires otherwise.
Altria’s Vision by 2030 is to responsibly lead the transition of adult smokers to a smoke-free future (“Vision”). Altria is Moving Beyond SmokingTM, 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, Altria’s businesses and society.
Altria’s wholly owned subsidiaries include Philip Morris USA Inc. (“PM USA”), which is engaged in the manufacture and sale of cigarettes in the United States; John Middleton Co. (“Middleton”), which is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco and is a wholly owned subsidiary of PM USA; UST LLC (“UST”), which through its wholly owned subsidiary U.S. Smokeless Tobacco Company LLC (“USSTC”), is engaged in the manufacture and sale of moist smokeless tobacco products (“MST”) and snus products; Helix Innovations LLC (“Helix”), which operates in the United States and Canada, and Helix Innovations GmbH and its subsidiaries (“Helix ROW”), which operate internationally in the rest-of-world, are engaged in the manufacture and sale of on! oral nicotine pouches; and Philip Morris Capital Corporation (“PMCC”), which maintains a portfolio of finance assets, substantially all of which are leveraged leases. Other Altria wholly owned subsidiaries include Altria Group Distribution Company, which provides sales and distribution services to Altria’s domestic tobacco operating companies, and Altria Client Services LLC (“ALCS”), which provides various support services in areas such as legal, regulatory, consumer engagement, finance, human resources and external affairs to Altria.
On October 1, 2021, UST sold its subsidiary, International Wine & Spirits Ltd. (“IWS”), which included Ste. Michelle Wine Estates Ltd. (“Ste. Michelle”), in an all-cash transaction with a net purchase price of approximately $1.2 billion and the assumption of certain liabilities of IWS and its subsidiaries (the “Ste. Michelle Transaction”).
In 2019, Helix acquired Burger Söhne Holding and its subsidiaries as well as certain affiliated companies that are engaged in the manufacture and sale of on! oral nicotine pouches. At closing, Altria owned an 80% interest in Helix, for which Altria paid $353 million. At December 31, 2021, Altria owned 100% of the global on! business as a result of transactions in December 2020 and April 2021 to purchase the remaining 20% interest in (i) Helix ROW and (ii) Helix, respectively. The total purchase price of the December 2020 and April 2021 transactions was approximately $250 million.
Altria’s reportable segments are smokeable products and oral tobacco products. The financial services and the innovative tobacco products businesses are included in an all other category due to the continued reduction of the lease portfolio of PMCC and the relative financial contribution of Altria’s innovative tobacco products businesses to Altria’s consolidated results. Prior to October 1, 2021, wine products produced and/or distributed by Ste. Michelle constituted the reportable wine segment. For further information, see Note 15. Segment Reporting to the consolidated financial statements in Item 8. Financial Statements and Supplementary Data of this Form 10-K (“Item 8”).
Altria’s investments in equity securities consist of Anheuser-Busch InBev SA/NV (“ABI”), Cronos Group Inc. (“Cronos”) and JUUL Labs, Inc. (“JUUL”). Altria accounts for its investments in ABI and Cronos under the equity method of accounting using a one-quarter lag. Altria accounts for its equity investment in JUUL under the fair value option.
For further discussion of Altria’s investments in equity securities, see Note 6. Investments in Equity Securities to the consolidated financial statements in Item 8 (“Note 6”).
Description of Business
Portions of the information relating to this Item are included in Operating Results by Business Segment in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Form 10-K (“Item 7”).
Tobacco Space
Altria’s tobacco operating companies include PM USA, USSTC and other subsidiaries of UST, Middleton and Helix.
The products of Altria’s tobacco operating companies include: (i) smokeable tobacco products, consisting of combustible cigarettes manufactured and sold by PM USA and machine-made large cigars and pipe tobacco manufactured and sold by Middleton; and (ii) oral tobacco products, consisting of MST and snus products manufactured and sold by USSTC and oral nicotine pouches manufactured and sold by Helix.
Cigarettes: PM USA is the largest cigarette company in the United States and substantially all cigarettes are manufactured and sold to customers in the United States. Marlboro, the principal cigarette brand of PM USA, has been the largest-selling cigarette brand in the United States for over 45 years. Total smokeable products segment’s cigarettes shipment volume in the United States was 93.8 billion units in 2021, a decrease of 7.5% from 2020.

1

Table of Contents
Cigars: Middleton is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco. Middleton contracts with a third-party importer to supply a majority of its cigars and sells substantially all of its cigars to customers in the United States. Black & Mild is the principal cigar brand of Middleton. Total smokeable products segment’s cigars shipment volume was approximately 1.8 billion units in 2021, essentially unchanged from 2020.
Oral tobacco products: USSTC is the leading producer and marketer of MST products. The oral tobacco products segment includes the premium brands, Copenhagen and Skoal, and value brand, Red Seal, sold by USSTC. In addition, the oral tobacco products segment includes on! oral nicotine pouches sold by Helix. Substantially all of the oral tobacco products are manufactured and sold to customers in the United States. Total oral tobacco products segment’s shipment volume was 820.3 million units in 2021, essentially unchanged from 2020.
Innovative tobacco products: In December 2013, Altria’s subsidiaries entered into a series of agreements with Philip Morris International Inc. (“PMI”), including an agreement that grants Altria an exclusive right to commercialize certain of PMI’s heated tobacco products in the United States, subject to the U.S. Food and Drug Administration’s (“FDA”) authorization of the applicable products. PMI submitted a pre-market tobacco product application (“PMTA”) and modified risk tobacco product (“MRTP”) application with the FDA for its electronically heated tobacco products, comprising the IQOS Tobacco Heating System. In 2019, based on FDA authorized PMTAs, PM USA began commercialization of the IQOS Tobacco Heating System in select markets.
In connection with a patent dispute, the U.S. International Trade Commission (“ITC”) issued a limited exclusion order barring the importation of the IQOS devices, Marlboro HeatSticks and infringing components into the United States and a cease and desist order barring domestic sales, marketing and distribution of these imported products effective November 29, 2021. In December 2021, defendants appealed the orders to the U.S. Court of Appeals for the Federal Circuit. Due to this litigation, PM USA removed the IQOS devices and Marlboro HeatSticks from the marketplace. PM USA does not expect to have access to IQOS devices or Marlboro HeatSticks in 2022. For a further discussion of the ITC decision, see Note 18. Contingencies to the consolidated financial statements in Item 8 (“Note 18”).
In October 2021, the FDA authorized the marketing and sale of four of USSTC’s Verve oral nicotine products, including Green Mint and Blue Mint varieties, representing the first flavored product authorizations issued by the FDA for newly deemed products. These products are not currently marketed or sold.
Distribution, Competition and Raw Materials: Altria’s tobacco subsidiaries sell their tobacco products principally to wholesalers (including distributors) and large retail organizations, including chain stores.
The market for tobacco products is highly competitive, characterized by brand recognition and loyalty, with product quality, taste, price, product innovation, marketing, packaging and distribution constituting the significant methods of competition. Promotional activities include, in certain instances and where permitted by law, allowances, the distribution of incentive items, price promotions, product promotions, coupons and other discounts.
The Family Smoking Prevention and Tobacco Control Act (“FSPTCA”) provides the FDA with broad authority to regulate the design, manufacture, packaging, advertising, promotion, sale and distribution of tobacco products; the authority to require disclosures of related information; and the authority to enforce the FSPTCA and related regulations.
In the United States, under a contract growing program, PM USA purchases the majority of its burley and flue-cured leaf tobaccos directly from domestic tobacco growers. Under the terms of this program, PM USA agrees to purchase the amount of tobacco specified in the grower contracts that meets PM USA’s grade and quality standards. PM USA also purchases a portion of its tobacco requirements through leaf merchants.
USSTC purchases dark fire-cured, dark air-cured and burley leaf tobaccos from domestic tobacco growers under a contract growing program. Under the terms of this program, USSTC agrees to purchase the amount of tobacco specified in the grower contracts that meets USSTC’s grade and quality standard.
Middleton purchases burley, dark air-cured and flue-cured leaf tobaccos through leaf merchants. Middleton does not have a contract growing program.
Altria’s tobacco subsidiaries believe there is an adequate supply of tobacco in the world markets to satisfy their current and anticipated production requirements.
For further discussion of the foregoing matters, the tobacco business environment, trends in market demand and competitive conditions, and related risks, see Item 1A. Risk Factors of this Form 10-K (“Item 1A”) and Tobacco Space - Business Environment in Item 7.
Financial Services Business
In 2003, PMCC ceased making new investments and began focusing exclusively on managing its portfolio of finance assets in order to maximize its operating results and cash flows from its existing lease portfolio activities and asset sales. Altria expects to complete the wind-down of this business by the end of 2022.

2

Table of Contents
Other Matters
Customers: For a discussion of PM USA, USSTC, Helix and Middleton’s largest customers, including their percentages of Altria’s consolidated net revenues for the years ended December 31, 2021, 2020 and 2019, see Note 15. Segment Reporting to the consolidated financial statements in Item 8 (“Note 15”).
Executive Officers of Altria: The disclosure regarding executive officers is included in Item 10. Directors, Executive Officers and Corporate Governance - Information about Our Executive Officers as of February 15, 2022 of this Form 10-K.
Human Capital Resources: We believe our workforce is critical to achieving our Vision. Attracting, developing and retaining the best talent with the skills to make significant progress toward our Vision is a key business priority. Moreover, we recognize the importance of doing business the right way. We believe culture influences employee actions and decision-making. This is why we dedicate resources to promoting a vibrant, inclusive workplace; attracting, developing and retaining talented, diverse employees; promoting a culture of compliance and integrity; creating a safe workplace; and rewarding and recognizing employees for both the results they deliver and, importantly, how they deliver them.
Oversight and Management
Our Human Resources department is responsible for managing employment-related matters, including recruiting and hiring, onboarding, compensation and benefits design and implementation, performance management, advancement and succession planning and professional and learning development. Our inclusion, diversity and equity (“ID&E”) programs are managed by our Corporate Citizenship department. Our Board of Directors (“Board of Directors” or “Board”) and the Compensation and Talent Development Committee provide oversight of human capital matters, including reviewing initiatives and programs related to corporate culture and enterprise-wide talent development, including our ID&E initiatives.
Inclusion, Diversity and Equity
We recognize the critical importance of ID&E in pursuing our Vision and believe in the value of a workforce composed of a broad spectrum of backgrounds and cultures. In 2020, we established the following aspirational Inclusion & Diversity Aiming Points to help guide our efforts:
Be an inclusive place to work for all employees, regardless of level, demographic group or work function.
Have equal numbers of men and women among our vice president and director-level employees.
Increase our vice president and director-level employees who are Asian, Black, Hispanic or two or more races to at least 30%.
Increase our vice president and director-level employees who are LGBTQ+, a person with a disability or a veteran.
Have diverse functional leadership teams that reflect the organizations they lead.
As of December 31, 2021, women represented 32% of vice president-level and 41% of director-level roles; Asian, Black, Hispanic or employees of two or more races represented 24% of our vice president-level and 26% of our director-level roles.
Compensation and Benefits
Our compensation and benefits programs are designed to help us attract, retain and motivate strong talent. However, we recognize that the decreasing social acceptance of tobacco usage may impact our ability to attract and retain talent. We work to manage this risk by, among other things, targeting total compensation packages to be above peer companies for which we compete for talent. Depending on employee level, total compensation includes different elements – base salary, annual cash incentives, long-term equity and cash incentives and benefits. Our goal is to provide total compensation packages between the 50th and 75th percentiles of total compensation packages paid to employees in comparable positions at our peer companies upon attainment of business and individual goals.
We are committed to pay equity across our companies. Based on the most recent annual analysis we conducted in November 2021, adjusting for factors generally considered to be legitimate differentiators of salary, such as performance and tenure, salaries of our female employees were 99.6% of those of our male employees, and salaries of our non-white employees were 99.9% of those of our white employees.
In addition to cash and equity compensation, we offer generous employee benefits such as significant company contributions to deferred profit sharing plans, consumer-driven health plan coverage, vacation and holiday pay, disability and life insurance, and up to 12 weeks paid parental and family leave for birth, adoption and foster placement and an additional six weeks paid leave for birth mothers. Our benefits also include mental health and wellness benefits and family creation assistance benefits, such as adoption assistance and coverage for fertility treatments. In response to the COVID-19 pandemic, for 2020 and 2021, we expanded dependent care coverage to include $5,000 employee reimbursement for remote learning and other dependent care costs. In addition, we offered financial incentives to our employees to encourage vaccination against COVID-19. While there is some variability in employee benefits across our companies, the examples we provide are available to most employees.
We are also committed to investing in the educational development of our workforce through an unlimited tuition refund program for job-related courses or company-related degrees.

3

Table of Contents
Attracting, Developing and Retaining Talent
Our salaried entry-level recruitment efforts focus on recruiting relationships with universities, internship opportunities and partnerships with organizations that support diverse students. We complement these recruiting efforts with hiring experienced employees with demonstrated leadership capabilities.
To help our employees succeed in their roles and develop in their careers, we emphasize ongoing training and leadership development opportunities. Building skills that drive innovation and aligning our employees to our Vision is important for our long-term success. The Human Resources department leads our learning and development efforts partnering with learning professionals embedded in functions throughout our operating and services companies. Employees have access to a wide variety of development programs, including new employee onboarding, classroom and self-guided training programs, technical training, including training to maintain professional certifications, and our educational refund program for continuing education.
We regularly conduct anonymous employee engagement surveys to seek feedback on a variety of topics, including employee satisfaction, support from leadership, corporate culture and culture of compliance. In addition, in 2021, we conducted quarterly employee surveys to gauge topics such as employee well-being in light of the COVID-19 pandemic, inclusion and workload. Survey results, including comparisons to prior results, are shared with our employees and our Board and are used to modify or enhance our human capital management programs.
Workplace Safety
Our goal is for every Altria employee to have an injury-free career, which is supported by our Safety Management System (“SMS”). We strive for continuous improvement in our employee safety program through SMS infrastructure. Our Occupational Safety and Health Administration recordable injury rate for 2021 was 1.7% (versus 1.9% for 2020) and remains below the benchmark for companies in the U.S. Beverage and Tobacco Product Manufacturing industry classification.
In response to the COVID-19 pandemic, we implemented safety measures aligned with Centers for Disease Control and Prevention guidelines to help protect our employees, including remote work for non-manufacturing salaried employees and additional cleaning and sanitation practices. We also established a COVID-19 Task Force and a Return to Workplace team to facilitate the decision-making process as we navigated the evolving COVID-19 environment and its impacts on our employees.
Number of Employees and Labor Relations
At December 31, 2021, we employed approximately 6,000 people (a decrease from approximately 7,100 at December 31, 2020 driven by the sale of the wine business). Thirty percent of our employees were hourly manufacturing employees and members of labor unions subject to collective bargaining agreements. We believe we engage and collaborate effectively with our hourly employees, as demonstrated by the positive working relationship between our companies and the unions. We also have long-term agreements that resolve any collective bargaining dispute through binding arbitration, which further demonstrates the trust-based relationship with the unions.
Supply Chain Human Capital Matters
We support efforts to address human capital concerns in the tobacco supply chain. For example, in our domestic tobacco supply chain, we use on-farm good agricultural practices assessments to assess growers’ compliance with practices related to labor management. Our tobacco companies also establish contract terms and conditions with tobacco growers addressing child and forced labor and conduct social compliance audits in high-risk tobacco growing regions.
More information about efforts discussed in this section can be found in our Corporate Responsibility Reports at www.altria.com/responsibility.
Intellectual Property: Trademarks are of material importance to Altria and its operating companies, and are protected by registration or otherwise. In addition, as of December 31, 2021, the portfolio of United States patents owned by Altria’s businesses, as a whole, was material to Altria and its tobacco businesses. However, no one patent or group of related patents was material to Altria’s business or its tobacco businesses as of December 31, 2021. Altria’s businesses also have proprietary trade secrets, technology, know-how, processes and other intellectual property rights that are protected by appropriate confidentiality measures. Certain trade secrets are material to Altria and its tobacco businesses.
Government Regulations: Altria and its subsidiaries are subject to various federal, state and local laws and regulations. For discussion of laws and regulations impacting Altria’s tobacco operating companies, see Tobacco Space - Business Environment in Item 7.
Altria and its subsidiaries (and former subsidiaries) are also subject to various federal, state and local laws and regulations concerning the discharge of materials into the environment, or otherwise related to environmental protection, including, in the United States: the Clean Air Act, the Clean Water Act, the Resource Conservation and Recovery Act and the Comprehensive Environmental Response, Compensation and Liability Act (commonly known as “Superfund”), which can impose joint and several liability on each responsible party. Subsidiaries (and former subsidiaries) of Altria are involved in several matters subjecting them to potential costs of remediation

4

Table of Contents
and natural resource damages under Superfund or other laws and regulations. Altria’s subsidiaries expect to continue to make capital and other expenditures in connection with environmental laws and regulations. As discussed in Note 2. Summary of Significant Accounting Policies to the consolidated financial statements in Item 8 (“Note 2”), Altria provides for expenses associated with environmental remediation obligations on an undiscounted basis when such amounts are probable and can be reasonably estimated. Such accruals are adjusted as new information develops or circumstances change. Other than those amounts, it is not possible to reasonably estimate the cost of any environmental remediation and compliance efforts that subsidiaries of Altria may undertake in the future. In the opinion of management, however, compliance with environmental laws and regulations, including the payment of any remediation costs or damages and related expenditures, has not had, and is not expected to have, a material adverse effect on Altria’s consolidated results of operations, capital expenditures, financial position or cash flows.
Available Information
Altria is required to file annual, quarterly and current reports, proxy statements and other information with the U.S. Securities and Exchange Commission (“SEC”).
Altria makes available free of charge on or through its website (www.altria.com) its Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as soon as reasonably practicable after Altria electronically files such material with, or furnishes it to, the SEC. Investors can access Altria’s filings with the SEC by visiting www.altria.com/secfilings.
The information on the respective websites of Altria and its subsidiaries is not, and shall not be deemed to be, a part of this Form 10-K or incorporated into any other filings Altria makes with the SEC.

Item 1A. Risk Factors.
The following risk factors should be read carefully in connection with evaluating our business and the forward-looking statements contained in this Form 10-K. Any of the following risks could materially adversely affect our business, our results of operations, our cash flows, our financial position and the actual outcome of matters as to which forward-looking statements are made in this Form 10-K.
We may from time to time make written or oral forward-looking statements, including earnings guidance and other statements contained in filings with the SEC, reports to security holders, press releases and investor webcasts and presentations. You can identify these forward-looking statements by use of words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “will,” “estimates,” “forecasts,” “intends,” “projects,” “goals,” “objectives,” “guidance,” “targets” and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts.
We cannot guarantee that any forward-looking statement will be realized, although we believe we have been prudent in our plans, estimates and assumptions. Achievement of future results is subject to risks, uncertainties and assumptions that may prove to be inaccurate. Should known or unknown risks or uncertainties materialize, or should underlying estimates or assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. You should bear this in mind as you consider forward-looking statements and whether to invest in or remain invested in Altria’s securities. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, we are identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in, or implied by, any forward-looking statements made by us; any such statement is qualified by reference to the following cautionary statements. We elaborate on these and other risks we face throughout this Form 10-K particularly in the “Business Environment” sections preceding our discussion of the operating results of our subsidiaries’ businesses below in Item 7. You should understand that it is not possible to predict or identify all risk factors. Consequently, you should not consider the following to be a complete discussion of all potential risks or uncertainties. We do not undertake to update any forward-looking statement that we may make from time to time except as required by applicable law.
Risks Related to Litigation, Legislative or Regulatory Action
Unfavorable litigation outcomes could materially adversely affect the consolidated results of operations, cash flows or financial position of Altria or the businesses of one or more of its subsidiaries or investees and Altria’s ability to achieve its Vision.
Legal proceedings covering a wide range of matters are pending or threatened in various United States and foreign jurisdictions against Altria and its subsidiaries, including PM USA, as well as their respective indemnitees, indemnitors and Altria’s investees. Various types of claims may be raised in these proceedings, including product liability, unfair trade practices, antitrust, tax, contraband-related claims, patent infringement, employment matters, claims alleging violations of the Racketeer Influenced and Corrupt Organizations Act (“RICO”), claims for contribution and claims of competitors, shareholders and 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 or other litigation are significant and, in certain cases, have ranged in the billions

5

Table of Contents
of dollars. The variability in pleadings in multiple jurisdictions, together with the actual experience of management in litigating claims, demonstrate 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 joint and several. In such cases, Altria or its subsidiaries may face the risk that one or more co-defendants decline or otherwise fail to participate in the bonding required for an appeal or to pay their proportionate or jury-allocated share of a judgment. As a result, Altria or its subsidiaries under certain circumstances may have to pay more than their proportionate share of any bonding- or judgment-related amounts. Furthermore, in those cases where plaintiffs are successful, Altria or its subsidiaries may also be required to pay interest and attorneys’ fees.
Although PM USA has historically been able to obtain required bonds or relief from bonding requirements in order to prevent plaintiffs from seeking to collect judgments while adverse verdicts have been appealed, there remains a risk that such relief may not be obtainable in all cases. This risk has been substantially reduced given that 47 states and Puerto Rico now limit the dollar amount of bonds or require no bond at all. As discussed in Note 18, tobacco litigation plaintiffs have challenged the constitutionality of Florida’s bond cap statute in several cases and plaintiffs may challenge state bond cap statutes in other jurisdictions as well. Such challenges may include the applicability of state bond caps in federal court. Although we cannot predict the outcome of such challenges, it is possible that the consolidated results of operations, cash flows or financial position of Altria, or the businesses of one or more of its subsidiaries or investees, could be materially adversely affected in a particular fiscal quarter or fiscal year by an unfavorable outcome of one or more such challenges.
In certain litigation, Altria, its subsidiaries and its investees may face potentially significant non-monetary remedies that could have a material adverse effect on our businesses. For example, in the Federal Government’s lawsuit discussed in Note 18, the district court did not impose monetary penalties but ordered significant non-monetary remedies, including the issuance of “corrective statements.” In the patent lawsuit adjudicated before the ITC discussed in Note 18, the ITC banned the importation of the IQOS devices, Marlboro HeatSticks and component parts into the United States and the sale and marketing of any such products previously imported into the United States. As a result of the ITC’s decision, PM USA removed the IQOS devices, Marlboro HeatSticks and any infringing components from the marketplace.
In 2019, we determined that our investment in JUUL was impaired in part due to the increase in the number and type of legal cases pending against JUUL. Altria and PM USA are also defendants in many of these cases. In addition, in April 2020 the Federal Trade Commission (“FTC”) issued an administrative complaint against Altria and JUUL alleging that Altria’s 35% investment in JUUL and the associated agreements constitute unreasonable restraint on trade. In February 2022, the administrative law judge dismissed the FTC’s complaint. FTC complaint counsel appealed that decision to the FTC Commissioners. E-vapor litigation and the FTC action, including the remedies the FTC is seeking, are further discussed in Item 3. Legal Proceedings of this Form 10-K (“Item 3”) and Note 18.
Altria and its subsidiaries have achieved substantial success in managing litigation. Nevertheless, litigation is subject to uncertainty, and significant challenges remain.
It is possible that the consolidated results of operations, cash flows or financial position of Altria, or the businesses of one or more of its subsidiaries or investees, could be materially adversely affected in a particular fiscal quarter or fiscal year by an unfavorable outcome or settlement of certain pending litigation. In addition, an unfavorable outcome in certain pending litigation could adversely affect our ability to achieve our Vision. Altria and each of its subsidiaries named as a defendant believe, and each has been so advised by counsel handling the respective cases, that it has valid defenses to the litigation pending against it, as well as valid bases for appeal of adverse verdicts. Each of the companies has defended, and will continue to defend, vigorously against litigation challenges. However, Altria and its subsidiaries may enter into settlement discussions in particular cases if they believe it is in the best interests of Altria to do so. See Item 3, Note 18 and Exhibits 99.1 and 99.2 to this Form 10-K for a discussion of pending tobacco-related litigation.
Significant federal, state and local governmental actions, including actions by the FDA, and various private sector actions may continue to have an adverse impact on Altria and its tobacco operating companies’ or its investees’ businesses and sales volumes and on Altria’s ability to achieve its Vision.
As described in Tobacco Space - Business Environment in Item 7, PM USA faces significant governmental and private sector actions, including efforts aimed at reducing the incidence of tobacco use and efforts seeking to hold PM USA responsible for the adverse health effects associated with both smoking and exposure to environmental tobacco smoke. These actions, combined with the diminishing social acceptance of smoking, have resulted in reduced cigarette industry volume, and we expect that these factors will continue to reduce cigarette consumption levels.
More broadly, actions by the FDA and other federal, state or local governments or agencies, including those specific actions described in Tobacco Space - Business Environment in Item 7, may (i) impact the adult tobacco consumer acceptability of or access to tobacco products (for example, through nicotine or constituent limits or menthol or other flavor bans), (ii) delay or prevent the launch of new or modified tobacco products or products with claims of reduced risk, (iii) limit adult tobacco consumer choices, (iv) require the recall or other removal of tobacco products from the marketplace (for example as a result of (a) product contamination, (b) legislation and rulemaking that bans menthol or other flavors, (c) a determination by the FDA that one or more tobacco products do not satisfy the statutory requirements for substantial equivalence, (d) because the FDA requires that a currently marketed tobacco product proceed

6

Table of Contents
through the pre-market review process or (e) because the FDA does not authorize a PMTA or otherwise determines that removal is necessary for the protection of public health), (v) restrict communications to adult tobacco consumers, (vi) restrict the ability to differentiate tobacco products, (vii) create a competitive advantage or disadvantage for certain tobacco companies, (viii) impose additional manufacturing, labeling or packing requirements, (ix) interrupt manufacturing or otherwise significantly increase the cost of doing business, (x) result in increased illicit trade in tobacco products or (xi) restrict or prevent the use of specified tobacco products in certain locations or the sale of tobacco products by certain retail establishments. Any one or more of these actions may have a material adverse impact on the business, consolidated results of operations, cash flows or financial position of Altria and its tobacco operating companies, including adversely affecting Altria’s investment in JUUL and Altria’s ability to achieve its Vision. See Tobacco Space - Business Environment in Item 7 for a more detailed discussion.
Tobacco products are subject to substantial taxation, which could have an adverse impact on sales of the tobacco products of Altria’s tobacco operating companies and JUUL and on Altria’s ability to achieve its Vision.
Tobacco products are subject to substantial excise taxes, and significant increases in tobacco product-related taxes or fees have been proposed or enacted and are likely to continue to be proposed or enacted within the United States at the federal, state and local levels. The frequency and magnitude of excise tax increases can be influenced by various factors, including federal and state budgets and the composition of executive and legislative bodies. Tax increases are expected to continue to have an adverse impact on sales of the tobacco products of our tobacco operating companies and JUUL through lower consumption levels and the potential shift in adult tobacco consumer purchases from the premium to the non-premium or discount segments or to other low-priced or low-taxed tobacco products or to counterfeit and contraband products. Such shifts may also have an adverse impact on the reported share performance of tobacco products of Altria’s tobacco operating companies. In addition, excise taxes on e-vapor and oral nicotine products may negatively impact adult smokers’ transition to these products, which could adversely affect Altria’s ability to achieve its Vision. For further discussion, see Tobacco Space - Business Environment - Excise Taxes in Item 7.
Unfavorable outcomes of any governmental investigations could materially affect the businesses of Altria and its subsidiaries or its investees and Altria’s ability to achieve its Vision.
From time to time, Altria, its subsidiaries and its investees are subject to federal and state governmental investigations on a range of matters. For further discussion of current pending investigations, see Tobacco Space - Business Environment - Other International, Federal, State and Local Regulation and Governmental and Private Activity in Item 7. We cannot predict the outcome of any such investigation, and it is possible that our business or the businesses of our subsidiaries and investees and our ability to achieve our Vision could be materially adversely affected by an unfavorable outcome of any current or future investigation.
A challenge to our tax positions, an increase in the income tax rate or other changes to federal or state tax laws could adversely affect our earnings or cash flow.
Tax laws and regulations are complex and subject to varying interpretations. A successful challenge to one or more of Altria’s tax positions (which could give rise to additional liabilities, including interest and potential penalties), an increase in the corporate income tax rate or other changes to federal or state tax laws, including changes to how foreign investments are taxed, could adversely affect Altria’s earnings or cash flow.
International business operations subject Altria, its subsidiaries and its investees to various United States and foreign laws and regulations, and violations of such laws or regulations could result in reputational harm, legal challenges and/or significant costs.
While Altria and its subsidiaries are primarily engaged in business activities in the United States, they do engage (directly or indirectly) in certain international business activities that are subject to various United States and foreign laws and regulations, such as foreign privacy laws, the U.S. Foreign Corrupt Practices Act and other laws prohibiting bribery and corruption. Although we have a Code of Conduct for Compliance and Integrity and a compliance system designed to prevent and detect violations of applicable law, no system can provide assurance that it will always protect against improper actions by employees, investees or third parties. Altria’s investees also engage in international business operations. Violations of these laws, or allegations of such violations, by Altria, its subsidiaries or its investees could result in reputational harm, legal challenges and/or significant costs.
Risks Related to Business Operations
Altria, its subsidiaries and its investees face various risks related to health epidemics and pandemics, including the COVID-19 pandemic and similar outbreaks, which could have a material adverse effect on the business, consolidated results of operations, cash flows or financial position of Altria and its tobacco operating companies and investees.
Altria’s, its subsidiaries’ and its investees’ business and financial results, consolidated results of operations, cash flows or financial position could be negatively impacted by health epidemics, pandemics and similar outbreaks. The continuing COVID-19 pandemic could have negative impacts, such as (i) a global or U.S. recession or other economic crisis, including a financial crisis, (ii) credit and capital markets volatility (and limited access to these markets, including by those in the distribution and supply chains), (iii) significant volatility in demand for our tobacco operating companies’ and investees’ products, (iv) changes in adult tobacco consumer accessibility to those products, including due to government action, (v) changes in adult tobacco consumer behavior and preferences, including trading down to lower-priced products or the reduction in, or the cessation of, product use due to public health actions or concerns and

7

Table of Contents
economic conditions (including those stemming from potential changes in government stimulus or reductions in unemployment payments or other benefits), and (vi) extended or multiple disruptions in our tobacco operating companies’ or investees’ manufacturing operations, or in their distribution and supply chains. In addition, our subsidiaries and investees may incur increased costs and otherwise be negatively affected if significant portions of their respective workforces (or the workforces within their respective distribution or supply chains) are unable to work or work effectively, including because of illness, unavailability of personal protective equipment, quarantines, government actions, facility closures or other restrictions.
The impact of the COVID-19 pandemic depends on factors beyond our knowledge or control, including the duration and severity of the outbreak (including new variants), increases in the number of cases in future periods, and actions taken to contain its spread and mitigate the public health effects. We cannot at this time predict the impact of the COVID-19 pandemic on our or our investees’ future financial or operational results, but the impact could be material over time. See the risks below related to extended disruptions at a facility, of a distributor or in service by a service provider and the risks related to our investments in JUUL, ABI and Cronos and the earnings from and carrying value of those investments. For further discussion on the impact of the COVID-19 pandemic on our tobacco operating companies and investees, see Executive Summary - COVID-19 Pandemic in Item 7.
Altria’s tobacco businesses face significant competition (including across categories) and their failure to compete effectively could have an adverse effect on the consolidated results of operations or cash flows of Altria, or the business of Altria’s tobacco operating companies and on Altria’s ability to achieve its Vision.
Each of Altria’s tobacco operating companies operates in highly competitive tobacco categories. This competition also exists across categories as adult tobacco consumer preferences evolve. Significant methods of competition include product quality, taste, price, product innovation, marketing, packaging, distribution and promotional activities. This highly competitive environment could negatively impact the profitability, market share (including as a result of down-trading to lower-priced competitive brands) and shipment volume of Altria’s tobacco operating companies, which could have an adverse effect on the consolidated results of operations or cash flows of Altria. See Tobacco Space - Business Environment - Summary in Item 7 for additional discussion concerning evolving adult tobacco consumer preferences. Growth of the e-vapor product category and other innovative tobacco products, including oral nicotine pouches, has further contributed to reductions in cigarette consumption levels and cigarette industry sales volume and in the consumption levels and sales volumes of other tobacco products, including MST. In addition, growth of unregulated synthetic nicotine products, which may not be subject to the same regulatory restrictions (including marketing restrictions and FDA pre-marketing requirements) as the tobacco-derived e-vapor and oral nicotine products of Altria’s tobacco operating companies and JUUL, could negatively impact the growth of e-vapor and oral nicotine pouch products. Continued growth in these categories could have a material adverse impact on the business, results of operations, cash flows or financial position of Altria and its tobacco operating companies if they are unable to compete effectively (directly or through Altria’s investments) in these innovative product categories, which could also negatively impact Altria’s ability to achieve its Vision.
PM USA also faces competition from lower-priced brands sold by certain United States and foreign manufacturers that have cost advantages because they are not parties to settlements of certain tobacco litigation in the United States and, as such, are not required to make annual settlement payments as required by the parties to the settlements. These settlement payments are significant for PM USA, as described in Liquidity and Capital Resources - Payments under State Settlement Agreements and FDA Regulation in Item 7. These settlements, among other factors, resulted in substantial cigarette price increases to help cover the cost of the settlement payments. Manufacturers not party to the settlements are subject to state escrow legislation requiring escrow deposits. Such manufacturers may avoid these escrow obligations by concentrating on certain states where escrow deposits are not required or are required on fewer than all such manufacturers’ cigarettes sold in such states. Additional competition has resulted from diversion into the United States market of cigarettes intended for sale outside the United States, the sale of counterfeit cigarettes by third parties, the sale of cigarettes by third parties over the Internet and by other means designed to avoid collection of applicable taxes, and imports of foreign lower-priced brands.
Altria and its tobacco operating companies may be unsuccessful in anticipating changes in adult tobacco consumer preferences, responding to changes in adult tobacco consumer purchase behavior or managing through difficult competitive and economic conditions, which could have an adverse effect on the consolidated results of operations and cash flows of Altria or the business of Altria’s tobacco operating companies.
Each of our tobacco operating companies is subject to intense competition and changes in adult tobacco consumer preferences. To be successful, they must continue to:
promote brand equity successfully;
anticipate and respond to new and evolving adult tobacco consumer preferences;
develop, manufacture, market and distribute new and innovative products that appeal to adult tobacco consumers (including, where appropriate, through arrangements with, or investments in, third parties);
improve productivity; and
protect or enhance margins through cost savings and price increases.

8

Table of Contents
See Tobacco Space - Business Environment - Summary in Item 7 and the immediately preceding risk factor for additional discussion concerning evolving adult tobacco consumer preferences, specifically the growth of e-vapor and other innovative tobacco products and the effects on our tobacco operating companies.
The willingness of adult tobacco consumers to purchase premium consumer product brands depends in part on economic conditions, including inflation. In periods of economic uncertainty and/or high inflation, among other conditions, adult tobacco consumers may purchase more discount brands and/or, in the case of tobacco products, consider lower-priced tobacco products, including different categories of tobacco products than those they traditionally purchase, which could have a material adverse effect on the business, consolidated results of operations, cash flows or financial position of Altria and its tobacco operating companies. While our tobacco operating companies work to broaden their brand portfolios to compete effectively with lower-priced products, the failure to do so could negatively impact their ability to compete in these circumstances. During the second half of 2021, discount cigarette products resumed share growth driven primarily by deep discount products. See Tobacco Space - Business Environment - Summary in Item 7 for further discussion of economic conditions, including the impact of the current high inflationary environment on our businesses.
Altria’s tobacco operating companies and investees may be unsuccessful in developing and commercializing innovative products or processes, including tobacco products that may reduce the health risks associated with certain other tobacco products and that appeal to adult tobacco consumers, which may have an adverse effect on their ability to grow new revenue streams and/or put them at a competitive disadvantage and may also have an adverse effect on Altria’s ability to achieve its Vision.
Altria and its tobacco operating companies have growth strategies involving moves and potential moves into innovative products or processes. Some innovative tobacco products may reduce the health risks associated with certain other tobacco products, while continuing to offer adult tobacco consumers (within and outside the United States) products that meet their taste expectations and evolving preferences. Examples include tobacco-containing and nicotine-containing products that reduce or eliminate exposure to cigarette smoke and/or constituents identified by public health authorities as harmful, such as electronically heated tobacco products, oral nicotine pouches and e-vapor products.
In addition to internal product development, these efforts include arrangements with, or investments in, third parties such as our arrangement with PMI to commercialize IQOS devices and related Marlboro HeatSticks in the United States, which is governed by an exclusive license and distribution agreement. The IQOS devices and related Marlboro HeatSticks are currently subject to an importation ban and cease-and-desist orders imposed by the ITC. PM USA does not expect to have access to IQOS devices or the related Marlboro HeatSticks for sale and distribution during 2022. In addition, the initial 5-year term of this agreement expires in April 2024 and renews at our option for an additional 5-year period so long as we have achieved certain performance objectives. The initial term performance objectives are based on achieving 0.5% dollar share of the cigarette category within a certain period of time in a certain number of geographic areas. In addition, we maintain our exclusive distribution rights as to PMI during the term of the agreement so long as we have achieved certain performance objectives within a specified time period by April 2022. The exclusive distribution rights performance objectives are based on achieving 0.5% dollar share of the cigarette category within a certain period of time in a single geographic area. While we believe Altria has met the initial term and exclusive distribution rights performance objectives, PMI has communicated to us that it disagrees as to whether those objectives have been met. If we do not resolve this disagreement in a manner favorable to PM USA, it could result in the loss of (i) our unilateral right to extend the agreement for the additional 5-year period, and therefore we would no longer be able to commercialize IQOS devices and related Marlboro HeatSticks after April 2024, or (ii) our exclusive distribution rights as to PMI. For further discussion, see Note 18.
Additionally, our investment in JUUL subjects us to non-competition obligations restricting us from investing or engaging in the e-vapor business other than through JUUL, subject to certain exceptions.
Our tobacco operating companies and investees may not succeed in their efforts to develop and commercialize these innovative products, which would have an adverse effect on the ability to grow new revenue streams and on our ability to achieve our Vision.
Further, we cannot predict whether regulators, including the FDA, will permit the marketing or sale of any particular innovative products (including products with claims of reduced risk to adult tobacco consumers), the speed with which they may make such determinations or whether regulators will impose an unduly burdensome regulatory framework on such products. In addition, the FDA could, for a variety of reasons, determine that innovative products currently on the market but pending FDA review of the associated PMTA (such as on! oral nicotine pouches), or those that have previously received authorization, including with a claim of reduced exposure (such as IQOS), are not appropriate for the public health and the FDA could require such products be taken off the market. See Tobacco Space - Business Environment - FSPTCA and FDA Regulation in Item 7 for further discussion. We also cannot predict whether these products will appeal to adult tobacco consumers or whether adult tobacco consumers’ purchasing decisions would be affected by reduced-risk claims on such products if permitted. Adverse developments on any of these matters could negatively impact the commercial viability of such products.
If our tobacco operating companies or investees do not succeed in their efforts to develop and commercialize innovative tobacco products or to obtain or maintain regulatory approval for the marketing or sale of products, including with claims of reduced risk, but one or more of their competitors does succeed, our tobacco operating companies or investees may be at a competitive disadvantage, which could have an adverse effect on their financial performance and on our ability to achieve our Vision.

9

Table of Contents
Significant changes in price, availability or quality of tobacco, other raw materials or component parts could have an adverse effect on the profitability and business of Altria’s tobacco operating companies and investees.
Any significant change in prices, quality or availability of tobacco, other raw materials or component parts, including as a result of the COVID-19 pandemic, economic conditions (including inflation, labor shortages and supply chain disruptions) or other factors, could adversely affect our tobacco operating companies’ and our investees’ profitability and business, as well as their ability to remain compliant with FDA and other regulatory requirements for tobacco products. For further discussion, see Tobacco Space - Business Environment - Price, Availability and Quality of Tobacco, Other Raw Materials and Component Parts in Item 7.
Altria’s tobacco operating companies and investees rely on a few significant facilities and a small number of key suppliers, distributors and distribution chain service providers. An extended disruption at a facility or in service by a supplier, distributor or distribution chain service provider could have a material adverse effect on the business, the consolidated results of operations, cash flows or financial position of Altria and its tobacco operating companies and investees.
Altria’s tobacco operating companies and investees face risks inherent in reliance on a few significant manufacturing facilities and a small number of key suppliers, distributors and distribution chain service providers. A natural or man-made disaster, cyber-incident, global pandemic or other disruption that affects the manufacturing operations of any of Altria’s tobacco operating companies or investees, the operations of any key supplier, distributor or distribution chain service provider of any of Altria’s tobacco operating companies or investees or any other disruption in the supply or distribution of goods or services (including a key supplier’s inability to comply with government regulations, lack of available workers or unwillingness to supply goods or services to a tobacco company) could adversely impact the operations of the affected subsidiaries and investees. Operations of Altria’s tobacco operating companies, suppliers, distributors and distribution chain service providers and those of its investees could be suspended temporarily once or multiple times, or closed permanently, depending on various factors. An extended disruption in operations experienced by one or more of Altria’s tobacco operating companies, investees or in the supply or distribution of goods or services by one or more key suppliers, distributors or distribution chain service providers, could have a material adverse effect on the business, the consolidated results of operations, cash flows or financial position of Altria and its tobacco operating companies and investees.
Altria’s tobacco operating companies and investees could decide or be required to recall products, which could have a material adverse effect on the business, reputation, consolidated results of operations, cash flows or financial position of Altria, its tobacco operating companies and investees.
In addition to a recall required by the FDA, as referenced above, our tobacco operating companies and investees could decide, or other laws or regulations could require them, to recall products due to the failure to meet quality standards or specifications, suspected or confirmed and deliberate or unintentional product contamination, or other adulteration, product misbranding or product tampering. Product recalls could have a material adverse effect on the business, reputation, consolidated results of operations, cash flows or financial position of Altria, its tobacco operating companies and investees.
The failure of Altria’s or its investees’ information systems or service providers’ or key suppliers’ information systems to function as intended, or cyber-attacks or security breaches, could have a material adverse effect on the business, reputation, consolidated results of operations, cash flows or financial position of Altria, its subsidiaries or its investees.
Altria and its subsidiaries rely extensively on information systems, many of which are managed by third-party service providers (such as cloud providers), to support a variety of business processes and activities, including: complying with regulatory, legal, financial reporting and tax requirements; engaging in marketing and e-commerce activities; managing and improving the effectiveness of our operations; manufacturing and distributing our products; collecting and storing sensitive data and confidential information; and communicating internally and externally with employees, investors, suppliers, trade customers, adult tobacco consumers and others. Suppliers and supply chain service providers also rely extensively on information systems. We continue to make appropriate investments in administrative, technical and physical safeguards to protect our information systems and data from cyber-threats, including human error and malicious acts. Our safeguards include employee training, testing and auditing protocols, backup systems and business continuity plans, maintenance of security policies and procedures, monitoring of networks and systems, and third-party risk management.
From time-to-time Altria and its suppliers experience attempts to infiltrate and interrupt information systems. While infiltration attempts have increased, to date, interruptions of these information systems as a result of infiltration attempts have not had a material impact on our operations. However, because technology is increasingly complex and cyber-attacks are increasingly sophisticated and more frequent, there can be no assurance that such incidents will not have a material adverse effect on us in the future. Failure of Altria’s or its investees’ information systems or service providers’ or key suppliers’ information systems to function as intended, or cyber-attacks or security breaches, could result in loss of revenue, assets, personal data, intellectual property, trade secrets or other sensitive and confidential data, violation of applicable privacy and data security laws, reputational harm to the companies and their brands, operational disruptions, legal challenges and significant remediation and other costs to Altria, its subsidiaries and its investees.

10

Table of Contents
Altria may be unable to attract and retain the best talent due to the impact of decreasing social acceptance of tobacco usage, tobacco control actions and other factors, which could adversely affect Altria’s ability to achieve its Vision.
Our ability to implement our strategy of attracting and retaining the best talent may be impaired by the impact of decreasing social acceptance of tobacco usage and tobacco regulation and control actions. The tobacco industry competes for talent with the consumer products industry and other companies that may enjoy greater societal acceptance and fewer longer-term challenges. As a result, we may be unable to attract and retain the best talent. In addition, our ability to retain the best talent may be adversely affected by current labor market dynamics in which the number of U.S. workers leaving their jobs increased significantly. Failure to attract and retain the best talent could adversely affect Altria’s ability to achieve its Vision.
Altria may be required to write down intangible assets, including goodwill, due to impairment, which could have a material adverse effect on our results of operations or financial position.
We periodically calculate the fair value of our reporting units and intangible assets to test for impairment. This calculation may be affected by several factors, including general economic conditions (such as continued uncertainty of the COVID-19 pandemic), regulatory developments, changes in category growth rates as a result of changing adult tobacco consumer preferences, success of planned new product expansions, competitive activity and income and excise taxes. Certain events also can trigger an immediate review of intangible assets. If an impairment is determined to exist in either situation, we will incur impairment losses, which could have a material adverse effect on our results of operations or financial position. For further discussion, see Discussion and Analysis - Critical Accounting Policies and Estimates in Item 7.
Risks Related to the Capital Markets and Financing
Acquisitions or other events may adversely affect Altria’s credit rating, and Altria may not achieve its anticipated strategic or financial objectives of a transaction.
From time to time, Altria considers acquisitions, investments or dispositions and may engage in confidential negotiations that are not publicly announced unless and until those negotiations result in a definitive agreement. Although we seek to maintain or improve our credit ratings over time, it is possible that completing a given acquisition, investment, disposition or the occurrence of other events could negatively impact our investment grade credit ratings or the outlook for those ratings as occurred following our investment in JUUL. Any such change in ratings or outlook may negatively affect the amount of credit available to us and also may increase our costs and adversely affect our earnings or our dividend rate. Furthermore, acquisition opportunities are limited, and acquisitions present risks of failing to achieve efficient and effective integration, strategic objectives and anticipated revenue improvements and cost savings. There can be no assurance that we will be able to acquire attractive businesses on favorable terms or that we will realize any of the anticipated benefits from an acquisition or an investment. Additionally, there can be no assurance that we will be able to dispose of our businesses or investments on favorable terms, which may result in a loss in our consolidated statements of earnings (losses).
Disruption and uncertainty in the credit and capital markets could adversely affect Altria’s access to these markets, earnings and dividend rate.
Access to the credit and capital markets is important for us to satisfy our liquidity and financing needs. For example, we typically access the commercial paper market early in the second quarter to help fund payments under the Master Settlement Agreement (the “MSA”) tax obligations and shareholder dividends. Disruption and uncertainty in these markets and any resulting adverse impact on credit availability, pricing, credit terms or credit rating may negatively affect the amount of credit available to us and may also increase our costs and adversely affect our earnings or our dividend rate.
Altria may be unable to attract investors due to the impact of decreasing social acceptance of tobacco usage.
There is increasing investor focus on environmental, social and governance (“ESG”) matters. Organizations that provide ESG information to investors have developed ratings processes for evaluating companies on their approach to ESG matters. Such ratings are used by some investors to inform their investment and voting decisions. Decreasing social acceptance of tobacco products or unfavorable ESG ratings may lead to increased negative investor sentiment toward Altria, which could result in shareholders choosing to divest their ownership in Altria stock or potential investors choosing not to invest in Altria stock and could have a negative impact on the market performance of Altria stock.
Risks Related to Our Investments
A challenge to our investment in JUUL, if successful, could result in a broad range of resolutions, including divestiture of the investment or rescission of the transaction.
A challenge to our investment in JUUL, if successful, could result in a broad range of resolutions such as divestiture of the investment or rescission of the transaction. In April 2020, the FTC issued an administrative complaint against Altria and JUUL alleging that Altria’s 35% investment in JUUL and the associated agreements constitute an unreasonable restraint of trade in violation of Section 1 of the Sherman Act and Section 5 of the FTC Act, and substantially lessened competition in violation of Section 7 of the Clayton Act. The FTC seeks a broad range of remedies, including divestiture of Altria’s investment in JUUL, rescission of the transaction and prohibition against any officer or director of either Altria or JUUL serving on the other’s board of directors or attending meetings. The

11

Table of Contents
administrative trial was held before an FTC administrative law judge in June 2021. In February 2022, the administrative law judge dismissed the FTC’s complaint. FTC complaint counsel appealed that decision to the FTC Commissioners. Any adverse ruling the FTC Commissioners issue following their review may be appealed to a federal appellate court.
Also, various putative class action lawsuits have been filed against Altria (and in some cases, subsidiaries of Altria) and JUUL. The lawsuits cite the FTC administrative complaint referenced above and allege claims similar to those made by the FTC. Plaintiffs in these lawsuits are seeking various remedies, including treble damages, attorneys’ fees, a declaration that the agreements between Altria and JUUL are invalid, divestiture of Altria’s investment in JUUL and rescission of the transaction.
A successful challenge by the FTC or the plaintiffs in the lawsuits to the investment would adversely affect us, including by eliminating, or substantially limiting, our rights with respect to our investment in JUUL, and could adversely affect the estimated fair value of our investment. For further discussion of the FTC administrative complaint, see Item 3 and Note 18.
The expected benefits of the JUUL transaction may not materialize in the expected manner or timeframe or at all.
Regardless of whether we successfully defend against the FTC’s challenge to the JUUL transaction, the expected benefits of the JUUL transaction may not materialize in the expected manner or timeframe or at all, including due to the risks encountered by JUUL in its business, some of which are described in various risk factors above, such as operational risks, competitive risks and regulatory and legislative risks at the international, federal, state and local levels, including actions by the FDA, and adverse publicity due to underage use of e-vapor products and other factors; unanticipated impacts on JUUL’s relationships with employees, customers, suppliers and other third parties; potential disruptions to JUUL’s management or current or future plans and operations; or domestic or international litigation developments, investigations or otherwise. As discussed in Note 18, JUUL and Altria and/or its subsidiaries, including PM USA, are named as defendants in various individual and class action lawsuits, including independent lawsuits initiated by certain state attorneys general. JUUL also is named in a significant number of additional individual and class action lawsuits to which neither Altria nor its subsidiaries is a party. See Tobacco Space - Business Environment in Item 7 for a discussion of certain FDA-related regulatory risks applicable to the e-vapor category, including the potential removal of certain e-vapor products from the market as a result of FDA enforcement action and the potential denial of new tobacco product applications for e-vapor products. Failure to realize the expected benefits of our JUUL investment could adversely affect the value of the investment and could also adversely affect our ability to achieve our Vision.
As discussed in Note 6, as part of the preparation of our financial statements for the quarters ended September 30, 2019, December 31, 2019 and September 30, 2020, we performed valuations of our investment in JUUL as a result of the existence of impairment indicators. As a result, we determined that our investment in JUUL was impaired and recorded total non-cash pre-tax impairment charges of $11.2 billion. Following Share Conversion (as defined in Note 6) in the fourth quarter of 2020, Altria elected to account for its equity method investment in JUUL under the fair value option. Under this option, Altria’s consolidated statements of earnings (losses) include any cash dividends received from its investment in JUUL and any changes in the estimated fair value of its investment, which is calculated quarterly. While we believe the December 31, 2021 valuation of $1.7 billion is the appropriate current estimated fair value of our investment, the risks identified in this paragraph, some of which are also further discussed in Discussion and Analysis - Critical Accounting Policies and Estimates - Investment in JUUL and Tobacco Space - Business Environment in Item 7 and in Note 18, are ongoing with respect to the current estimated fair value. Quarterly fair value changes could create volatility in Altria’s consolidated financial position and earnings and, if the estimated fair value of our investment in JUUL decreases, it could have a material adverse effect on Altria’s consolidated financial position or earnings.
Our investment in JUUL includes non-competition, standstill and transfer restrictions that prevent us from gaining control of JUUL. Furthermore, if we elect not to extend our non-competition obligations beyond December 20, 2024, we would lose certain of our governance, consent, preemptive and other rights with respect to our investment in JUUL.
The shares of JUUL we hold generally cannot be sold or otherwise transferred until December 20, 2024, subject to limited exceptions. We also generally agreed not to compete with JUUL in the e-vapor category until at least December 20, 2024, which may be extended at our election. If, however, JUUL is prohibited by federal law from selling e-vapor products in the United States for at least one year or if Altria’s carrying value of the JUUL investment is not more than 10% of its initial carrying value of $12.8 billion, we may elect to compete with JUUL in the e-vapor category prior to December 20, 2024. In addition, in the event we elect to exercise our board designation rights at JUUL, JUUL’s board of directors will include nine members, three of whom will be designated by Altria, including one independent designee. JUUL’s strategy and its material decisions are not and will not be controlled by us, and the terms of our agreements with JUUL mean that we are required to bear the risks associated with our investment in JUUL and are restricted from competing with JUUL until at least December 20, 2024, subject to the exceptions mentioned above. Further, if we elect not to extend our non-competition obligations beyond that date or to terminate such obligations in the circumstances described above, we would lose some or all of our board designation rights, preemptive rights, consent rights and other rights with respect to our investment in JUUL.

12

Table of Contents
Altria’s reported earnings from and carrying value of its equity investment in ABI and the dividends paid by ABI on shares owned by Altria may be adversely affected by various factors, including foreign currency exchange rates and ABI’s business results, including as a result of the COVID-19 pandemic, and ABI’s stock price.
For purposes of financial reporting, the earnings from and carrying value of our equity investment in ABI are translated into U.S. dollars (“USD”) from various local currencies. In addition, ABI pays dividends in euros, which we convert into USD. During times of a strengthening USD against these currencies, our reported earnings from and carrying value of our equity investment in ABI will be reduced because these currencies will translate into fewer USD and the dividends that we receive from ABI will convert into fewer USD. Dividends and earnings from and carrying value of our equity investment in ABI are also subject to the risks encountered by ABI in its business, its business outlook, cash flow requirements and financial performance, the state of the market and the general economic climate, including the impact of the COVID-19 pandemic. For example, in 2020, as a result of the uncertainty, volatility and impact of the COVID-19 pandemic on ABI’s business, ABI reduced by 50% its final 2019 dividend paid in the second quarter of 2020 and did not pay its interim 2020 dividend that would have been paid in the fourth quarter of 2020, which resulted in a reduction of cash dividends Altria received from ABI.
If the carrying value of our investment in ABI exceeds its fair value and the loss in value is other than temporary, the investment is considered impaired, which would result in additional impairment losses and could have a material adverse effect on our consolidated financial position or earnings.
As further discussed in Note 6, in preparing our financial statements for the period ended September 30, 2021, we concluded that the carrying value of our investment in ABI exceeded the fair value of our equity investment in ABI and that the decline in fair value of our investment in ABI below its carrying value was other than temporary at September 30, 2021. As a result, we recorded a non-cash, pre-tax impairment charge of $6.2 billion for the nine and three months ended September 30, 2021 to (income) losses from equity investments in Altria’s condensed consolidated statements of earnings (losses). If ABI is unable to successfully execute its business plans and strategies and the carrying value of our investment in ABI again exceeds the fair value of our investment in ABI, it could result in additional impairment losses, which could have a material adverse effect on our consolidated financial position or earnings.
If our percentage ownership in ABI were to decrease below certain levels, we may be subject to additional tax liabilities, incur a reduction in the number of directors that we can have appointed to the ABI board of directors and be unable to account for our investment in ABI under the equity method of accounting.
In the event that our ownership percentage in ABI were to decrease below certain levels, (i) we may be subject to additional tax liabilities, (ii) the number of directors that we have the right to have appointed to the ABI board of directors could be reduced from two to one or zero and (iii) we may be unable to continue to account for our investment in ABI under the equity method of accounting.
Tax authorities may challenge the tax treatment of the consideration Altria received in the October 2016 SABMiller plc/ABI business combination (“ABI Transaction”) and the tax treatment of our investment in ABI may not be as favorable as Altria anticipates.
While we expect the tax treatment of the consideration that we received from the ABI Transaction to be respected, the statute of limitations for the tax year in which the transaction occurred has not expired. Therefore, we cannot provide any assurance that federal and state tax authorities will not challenge the expected tax treatment and, if they do, what the outcome of any such challenge will be. In addition, there is a risk that the tax treatment of our investment in ABI may not be as favorable as we anticipate.
The expected benefits of the Cronos transaction may not materialize in the expected manner or timeframe or at all.
In March 2019, we acquired common shares representing a 45% equity interest in Cronos, a warrant to acquire common shares representing an additional 10% equity interest in Cronos and anti-dilution protections to purchase Cronos shares to maintain our ownership percentage. There can be no assurance that we will realize the expected benefits of the Cronos transaction, including due to the risks encountered by Cronos in its business, some of which are described in various risk factors above, such as operational risks and legal and regulatory risks; unanticipated impacts on Cronos’s relationships with third parties, its management, or its current or future plans and operations due to the Cronos transaction or other factors; or domestic or international litigation developments, tax disputes, investigations, or otherwise; or that Cronos will successfully execute its business plans and strategies. Further, a failure by Cronos or Altria to comply with applicable laws, including cannabis laws, could result in criminal, civil or tax liability or reputational harm for Altria.
If the carrying value of our investment in Cronos exceeds its fair value and the loss in value is other than temporary, the investment is considered impaired, which would result in impairment losses and could have a material adverse effect on our consolidated financial position or earnings.
As further discussed in Note 6, in preparing our financial statements for the year ended December 31, 2021, we concluded that our equity method investment in Cronos declined below its carrying value and that there was not sufficient evidence to conclude that the impairment was temporary. As a result, we recorded a non-cash, pre-tax impairment charge of $205 million to (income) losses from equity investments in our consolidated statement of earnings (losses) for the year ended December 31, 2021. If Cronos is unable to

13

Table of Contents
successfully execute its business plans and strategies and the fair value of our investment in Cronos continues to decrease, it could result in additional impairment losses, which could have a material adverse effect on our consolidated financial position or earnings.

Item 1B. Unresolved Staff Comments.
None.

Item 2. Properties.
ALCS owns one property in Richmond, Virginia that serves as the headquarters facilities for Altria, PM USA, USSTC, Middleton, Helix and certain other subsidiaries.
PM USA owns and operates a manufacturing facility located in Richmond, Virginia that PM USA uses in the manufacturing of cigarettes (smokeable products segment). PM USA leases portions of this facility to other Altria subsidiaries for use in the manufacturing of cigars (smokeable products segment) and MST, snus and oral nicotine pouch products (oral tobacco products segment). In addition, PM USA owns a research and technology center in Richmond, Virginia that is leases to ALCS.
The oral tobacco products segment has various manufacturing and processing facilities, the most significant of which are located in Nashville, Tennessee.
The plants and properties owned or leased and operated by Altria and its subsidiaries are maintained in good condition and are believed to be suitable and adequate for present needs.

Item 3. Legal Proceedings.
The information required by this Item is included in Note 18 and Exhibits 99.1 and 99.2 to this Form 10-K. Altria’s consolidated financial statements and accompanying notes for the year ended December 31, 2021 were filed on Form 8-K on January 27, 2022 (such consolidated financial statements and accompanying notes are also included in Item 8). The following summarizes certain developments in Altria’s litigation since the filing of the Form 8-K.
Recent Developments
Engle Progeny Trial Results
In Gloger, in February 2022, the Florida Third District Court of Appeals reversed the trial court verdict against PM USA and R.J. Reynolds Tobacco Company and remanded the case for a new trial.
In Jordan, in February 2022, PM USA filed a notice to invoke the discretionary jurisdiction of the Florida Supreme Court.
In Kaplan, in February 2022, the Florida Supreme Court vacated the $2 million compensatory damages award against PM USA based on its decision in Sheffield and remanded the case to the Florida Fourth District Court of Appeals for reconsideration.
E-Vapor Product Litigation
In the lawsuit filed by the Alaska Attorney General, in February 2022, the court granted Altria’s motion to dismiss the public nuisance claim, but denied its motion to dismiss the other claims.
Antitrust Litigation
In February 2022, in the FTC administrative complaint against Altria and JUUL, the administrative law judge dismissed the FTC’s complaint. FTC complaint counsel appealed that decision to the FTC Commissioners. Any adverse ruling the FTC Commissioners issue following their review may be appealed to any U.S. Court of Appeals.

Item 4. Mine Safety Disclosures.
Not applicable.


14

Table of Contents
Part II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Performance Graph
The graph below compares the cumulative total shareholder return of Altria’s common stock for the last five years with the cumulative total return for the same period of the S&P 500 Index and the S&P Food, Beverage and Tobacco Industry Group Total Return Index. The graph assumes the investment of $100 in common stock and each of the indices as of the market close on December 31, 2016 and the reinvestment of all dividends on a quarterly basis.
mo-20211231_g1.jpg
DateAltriaS&P Food, Beverage & TobaccoS&P 500
December 2016$100.00 $100.00 $100.00 
December 2017$109.45 $112.35 $121.82 
December 2018$79.80 $95.59 $116.47 
December 2019$86.15 $119.42 $153.14 
December 2020$77.21 $126.06 $181.31 
December 2021$95.94 $146.45 $233.36 
Source: Bloomberg - “Total Return Analysis” calculated on a daily basis and assumes reinvestment of dividends as of the ex-dividend date.
Market and Dividend Information
The principal stock exchange on which Altria’s common stock (par value $0.33 1/3 per share) is listed is the New York Stock Exchange under the trading symbol “MO”. At February 15, 2022, there were approximately 52,000 holders of record of Altria’s common stock.
Altria has a history of paying cash dividends and maintains its dividend payout ratio target of approximately 80% of its adjusted diluted earnings per share. Future dividend payments remain subject to the discretion of the Board of Directors.

15

Table of Contents
Issuer Purchases of Equity Securities During the Quarter Ended December 31, 2021
In January 2021, the Board of Directors authorized a $2.0 billion share repurchase program that it expanded to $3.5 billion in October 2021 (as expanded, the “January 2021 share repurchase program”), which Altria expects to complete by December 31, 2022. 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’s share repurchase activity for each of the three months in the period ended December 31, 2021, was as follows:
Period
Total Number of Shares Purchased (1)
Average Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs
October 1- October 31, 20212,299,678 $47.49 2,299,435 $2,418,402,110 
November 1- November 30, 20216,626,237 $44.58 6,625,750 $2,123,017,842 
December 1- December 31, 20216,547,494 $45.51 6,545,903 $1,825,142,753 
For the Quarter Ended December 31, 202115,473,409 $45.40 15,471,088 
(1) The total number of shares purchased includes (a) shares purchased under the January 2021 share repurchase program and (b) shares withheld by Altria in an amount equal to the statutory withholding taxes for vested stock-based awards previously granted to eligible employees (which totaled 243 shares in October, 487 shares in November and 1,591 shares in December).

Item 6. [Reserved].

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion should be read in conjunction with the other sections of this Form 10-K, including the consolidated financial statements and related notes contained in Item 8, and the discussion of risk factors that may affect future results in Item 1A. Additionally, refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in Altria’s 2020 Annual Report on Form 10-K for management’s discussion and analysis of financial condition and results of operations for the year ended December 31, 2020 compared to the year ended December 31, 2019.
Description of the Company
For a description of Altria, see Item 1. Business of this Form 10-K (“Item 1”), and Background in Note 1. Background and Basis of Presentation to the consolidated financial statements in Item 8.
Executive Summary
In this Management’s Discussion and Analysis of Financial Condition and Results of Operations section, Altria refers to the following “adjusted” financial measures: adjusted operating companies income (loss) (“OCI”); adjusted OCI margins; adjusted net earnings attributable to Altria; adjusted diluted earnings per share attributable to Altria; and adjusted effective tax rates. These adjusted financial measures are not required by, or calculated in accordance with, United States generally accepted accounting principles (“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. Except as noted in the 2022 Forecasted Results section below, when Altria provides a non-GAAP measure in this Form 10-K, it also provides a reconciliation of that non-GAAP financial measure to the most directly comparable GAAP financial measure. OCI for the segments is defined as operating income before general corporate expenses and amortization of intangibles. For a further description of these non-GAAP financial measures, see the Non-GAAP Financial Measures section below.
COVID-19 Pandemic
The COVID-19 pandemic has led to adverse impacts on the United States and global economies and continues to create economic uncertainty, including due to variants of the COVID-19 virus, even as COVID-19 vaccines have been and continue to be administered and certain portions of the United States and global economies have begun to operate with reduced restrictions on consumer movements and business operations. Uncertainty still surrounds the pandemic, including its duration, the impact of COVID-19 variants and the ultimate overall impact on United States and global economies, Altria’s operations and those of its investees. Altria continues to monitor the macroeconomic risks arising in part from the COVID-19 pandemic (including labor shortages, inflation and supply change shortages) and continues to carefully evaluate potential outcomes and work to mitigate risks. Specifically, Altria remains focused on any potential impact to its liquidity, operations, supply and distribution chains and on economic conditions. In terms of Altria’s liquidity,

16

Table of Contents
despite some temporary volatility in commercial paper markets in 2020, Altria has not experienced a material adverse impact to its liquidity.
As with so many other companies throughout the United States and globally, Altria’s operations have been affected by the COVID-19 pandemic. To date, Altria believes its tobacco businesses have not experienced any material adverse effects associated with governmental actions to restrict consumer movement or business operations, but continues to monitor these factors. Altria continues to operate in a remote working environment for many employees and believes that remote working due to the COVID-19 pandemic has had minimal impact on productivity. Also, Altria’s critical information technology systems have remained operational. Although Altria’s tobacco businesses previously suspended operations temporarily at several of their manufacturing facilities in March 2020, the businesses resumed operations at those facilities under enhanced safety protocols in April 2020, and all manufacturing and non-manufacturing facilities are currently operational under enhanced safety protocols recommended by public health authorities. Altria continues to monitor the risks associated with facility disruptions and workforce availability as a result of uncertainty related to the COVID-19 pandemic and guidance from public health officials as it evolves its safety protocols.
Altria also continues to monitor the inflationary environment arising in part from the COVID-19 pandemic and its impact on Altria’s financial position and results of operations. For the year ended December 31, 2021, inflation did not have a material impact on Altria’s MSA expense or on direct materials and other costs. While Altria anticipates that inflation will continue at increased levels in 2022, it does not believe the impacts will be material to Altria’s financial position and results of operations. See Operating Results by Business Segment - Tobacco Space - State Settlement Agreements below for further discussion on MSA expense.
Altria’s suppliers and those within its distribution chain continue to be subject to potential facility closures, remote working protocols, labor shortages, supply chain disruptions and inflation. To date, Altria has not experienced any material disruptions to its supply chains or distribution systems. Altria continues to monitor the risk that the business of one or more suppliers, distributors or any other entities within its supply and distribution chains may be disrupted.
Altria believes that the COVID-19 pandemic altered adult tobacco consumer behaviors and purchasing patterns, particularly in the earlier stages of the pandemic. While the number of adult tobacco consumer trips to the store remain below pre-pandemic levels and tobacco expenditures per trip remain elevated, the environment continues to evolve as the effects of government stimulus have lessened and consumer mobility returns to more normal levels. Although Altria’s tobacco businesses have not experienced a material adverse impact to date by the COVID-19 pandemic, there is continued uncertainty as to how the COVID-19 pandemic (including changes in COVID-19-related restrictions and guidelines and new variants) may impact adult tobacco consumers in the future. Altria continues to monitor the macroeconomic risks of the COVID-19 pandemic (including risks associated with the timing and extent of vaccine administration and the impact of COVID-19 variants), and their effect on adult tobacco consumers, including stay-at-home practices and disposable income, which may be further impacted by unemployment rates and inflation. Altria also continues to monitor adult tobacco consumers’ purchasing behaviors, including overall tobacco product expenditures, mix between premium and discount brand purchases and adoption of smoke-free products. See Operating Results by Business Segment - Tobacco Space Business Environment - Summary below for further discussion of economic conditions and the impact on adult tobacco consumer purchasing behavior.
During 2021, ABI continued to be impacted by the COVID-19 pandemic, including the effects of COVID-19 variants, supply-chain constraints across certain markets, adverse transactional foreign exchange rates, inflation and commodity cost headwinds. While Altria considers the impacts related to the COVID-19 pandemic that have negatively impacted ABI’s global business to be transitory, Altria will continue to monitor its investment in ABI, including the impact of the COVID-19 pandemic on ABI’s business and market valuation. See Note 6 for further discussion of Altria’s investment in ABI, including the recording of a $6.2 billion non-cash, pre-tax impairment charge in 2021.
Altria considered the impact of the COVID-19 pandemic on the business of JUUL, including its sales, distribution, operations, supply chain and liquidity, in conducting its periodic impairment assessment and quantitative valuations. JUUL’s operations were negatively impacted in 2020 and 2021 by the COVID-19 pandemic due to stay-at-home practices and government-mandated restrictions. While the impact was considered in Altria’s quantitative valuations conducted in connection with the preparation of its financial statements for the years ended December 31, 2021 and 2020, Altria does not believe the COVID-19 pandemic was a primary driver of the non-cash, pre-tax impairment charge recorded during 2020 or any quarterly changes in fair value recorded since the fourth quarter of 2020. Altria will continue to monitor the impact of the COVID-19 pandemic on JUUL’s business, including near-term supply chain constraints, component part shortages and inflation, in Altria’s quarterly quantitative valuations of JUUL. See Note 6 for further discussion of Altria’s investment in JUUL.
Altria considered the impact of the COVID-19 pandemic on the business of Cronos, including its sales, distribution, operations, supply chain and liquidity. During 2020 and 2021, Cronos was adversely impacted by the COVID-19 pandemic, due in part to government actions limiting access to retail stores in the United States and Canada. Altria will continue to monitor the impact of the COVID-19 pandemic on Cronos’s business, including as a result of new variants, near-term supply chain challenges, inflation and market valuation. See Note 6 for further discussion of Altria’s investment in Cronos.

17

Table of Contents
Consolidated Results of Operations
The changes in net earnings (losses) attributable to Altria and diluted earnings (losses) per share (“EPS”) attributable to Altria for the year ended December 31, 2021, from the year ended December 31, 2020, were due primarily to the following:
(in millions, except per share data)Net Earnings (Losses)Diluted EPS
For the year ended December 31, 2020$4,467 $2.40 
2020 NPM Adjustment Items— 
2020 Asset impairment, exit, implementation, acquisition and disposition-related costs342 0.18 
2020 Tobacco and health and certain other litigation items62 0.03 
2020 Impairment of JUUL equity securities2,600 1.40 
2020 JUUL changes in fair value(100)(0.05)
2020 ABI-related special items603 0.32 
2020 Cronos-related special items53 0.03 
2020 COVID-19 special items37 0.02 
2020 Tax items50 0.03 
Subtotal 2020 special items3,650 1.96 
2021 NPM Adjustment Items57 0.03 
2021 Asset impairment, exit, implementation, acquisition and disposition-related costs(99)(0.05)
2021 Tobacco and health and certain other litigation items(138)(0.07)
2021 ABI-related special items(4,901)(2.66)
2021 Cronos-related special items(470)(0.25)
2021 Loss on early extinguishment of debt(496)(0.27)
2021 Tax items3  
Subtotal 2021 special items(6,044)(3.27)
Fewer shares outstanding 0.03 
Change in tax rate(33)(0.02)
Operations435 0.24 
For the year ended December 31, 2021$2,475 $1.34 
2021 Reported Net Earnings (Losses)$2,475 $1.34 
2020 Reported Net Earnings (Losses)$4,467 $2.40 
% Change(44.6)%(44.2)%
2021 Adjusted Net Earnings and Adjusted Diluted EPS$8,519 $4.61 
2020 Adjusted Net Earnings and Adjusted Diluted EPS$8,117 $4.36 
% Change5.0 %5.7 %
For a discussion of special items and other business drivers affecting the comparability of statements of earnings (losses) amounts and reconciliations of adjusted earnings attributable to Altria and adjusted diluted EPS attributable to Altria, see the Consolidated Operating Results section below.
Fewer Shares Outstanding: Fewer shares outstanding were due to shares repurchased by Altria under its share repurchase program in 2021.
Change in Tax Rate: The change in the tax rate (which excludes the impact of special items shown in the table above) was driven primarily by a higher foreign tax rate differential and higher state tax expense.
Operations: The increase of $435 million in operations (which excludes the impact of special items shown above) was due primarily to the following:
higher OCI from the smokeable products segment;
lower losses in the all other category (primarily driven by reductions in the estimated residual values of certain assets at PMCC in 2020);

18

Table of Contents
favorable net periodic benefit income, excluding service cost; and
higher income from Altria’s equity investment in ABI.
For further details, see the Consolidated Operating Results and Operating Results by Business Segment sections below.
2022 Forecasted Results
Altria expects its 2022 full-year adjusted diluted EPS to be in a range of $4.79 to $4.93, representing a growth rate of 4% to 7% over its 2021 full-year adjusted diluted EPS of $4.61, as shown in the table below. Altria expects 2022 adjusted diluted EPS growth to be weighted toward the second half of the year. While the 2022 full-year adjusted diluted EPS guidance accounts for a range of scenarios, the external environment remains dynamic. Altria will continue to monitor conditions related to (i) the economy, including the impact of increased inflation, (ii) the impact of current and future COVID-19 variants and mitigation strategies, (iii) adult tobacco consumer dynamics, including tobacco usage occasions, available disposable income, purchasing patterns and adoption of smoke-free products and (iv) regulatory and legislative developments.
Altria’s 2022 full-year adjusted diluted EPS guidance range includes planned investments in support of its Vision, such as (i) costs to enhance its digital consumer engagement system, (ii) increased smoke-free product research, development and regulatory preparation expenses and (iii) marketplace activities in support of Altria’s smoke-free products. The guidance range also includes anticipated inflationary increases in MSA expenses and direct materials costs and Altria’s current expectation that PM USA will not have access to the IQOS system in 2022.
Altria expects its 2022 full-year adjusted effective tax rate will be in a range of 24.5% to 25.5%.
Reconciliation of 2021 Reported Diluted EPS to 2021 Adjusted Diluted EPS
2021 Reported diluted EPS$1.34 
NPM Adjustment Items(0.03)
Asset impairment, exit, implementation, acquisition and disposition-related costs0.05 
Tobacco and health and certain other litigation items0.07 
ABI-related special items2.66 
Cronos-related special items0.25 
Loss on early extinguishment of debt0.27 
2021 Adjusted diluted EPS$4.61 
For a discussion of certain income and expense items excluded from the forecasted results above, see the Consolidated Operating Results section below.
Altria’s full-year adjusted diluted EPS forecast and full-year forecast for its adjusted effective tax rate exclude the impact of certain income and expense items, including those items noted in the Non-GAAP Financial Measures section below, that management believes are not part of underlying operations. Altria’s management cannot estimate on a forward-looking basis the impact of these items on its reported diluted EPS or its reported effective tax rate because these items, which could be significant, may be unusual or infrequent, are difficult to predict and may be highly variable. As a result, Altria does not provide a corresponding GAAP measure for, or reconciliation to, its adjusted diluted EPS forecast or its adjusted effective tax rate forecast.
Non-GAAP Financial Measures
While Altria reports its financial results in accordance with GAAP, its management also reviews certain financial results, including OCI, OCI margins, net earnings (losses) attributable to Altria and diluted EPS, on an adjusted basis, which excludes certain income and expense items that 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-related and disposition-related costs, COVID-19 special items, equity investment-related special items (including any changes in fair value of the equity investment and any related warrants and preemptive rights), certain 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 (such dispute resolutions are referred to as “NPM Adjustment Items”). Altria’s management does not view any of these special items to be part of Altria’s 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. Altria’s management also reviews income tax rates on an adjusted basis. Altria’s adjusted effective tax rate may exclude certain tax items from its reported effective tax rate.
Altria’s 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. Adjusted financial measures are used by management and regularly provided to Altria’s chief operating decision maker (the “CODM”) for planning, forecasting and evaluating business and financial performance, including allocating 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

19

Table of Contents
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.
Discussion and Analysis
Critical Accounting Policies and Estimates
Note 2 includes a summary of the significant accounting policies and methods used in the preparation of Altria’s consolidated financial statements. In most instances, Altria must use an accounting policy or method because it is the only policy or method permitted under GAAP.
The preparation of financial statements includes the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the dates of the financial statements and the reported amounts of net revenues and expenses during the reporting periods. If actual amounts are ultimately different from previous estimates, the revisions are included in Altria’s consolidated results of operations for the period in which the actual amounts become known. Historically, the aggregate differences, if any, between Altria’s estimates and actual amounts in any year have not had a significant impact on its consolidated financial statements.
The following is a review of the more significant assumptions and estimates, as well as the accounting policies and methods, used in the preparation of Altria’s consolidated financial statements:
Revenue Recognition: Altria’s businesses generate substantially all of their revenue from sales contracts with customers. Net revenues are defined as revenues, which include excise taxes and shipping and handling charges billed to customers, net of cash discounts for prompt payment, sales returns (also referred to as returned goods) and sales incentives. Altria’s businesses exclude from the transaction price sales taxes and value-added taxes imposed at the time of sale.
Altria’s businesses record sales incentives, which consist of consumer incentives and trade promotion activities, as a reduction to revenues (a portion of which is based on amounts estimated as being due to wholesalers, retailers and consumers at the end of a period) based principally on historical volume, utilization and redemption rates. Expected payments for sales incentives are included in accrued marketing liabilities on Altria’s consolidated balance sheets.
For further discussion, see Note 3. Revenues from Contracts with Customers to the consolidated financial statements in Item 8.
Depreciation, Amortization, Impairment Testing and Asset Valuation: Altria depreciates property, plant and equipment and amortizes its definite-lived intangible assets using the straight-line method over the estimated useful lives of the assets. Machinery and equipment are depreciated over periods up to 25 years, and buildings and building improvements over periods up to 50 years. Definite-lived intangible assets are amortized over their estimated useful lives up to 25 years.
Altria reviews 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. Altria performs undiscounted operating cash flow analyses to determine if an impairment exists. These analyses are affected by general economic conditions and projected growth rates. For purposes of recognition and measurement of an impairment for assets held for use, Altria groups assets and liabilities at the lowest level for which cash flows are separately identifiable. If Altria determines that an impairment exists, any related impairment loss is calculated based on fair value. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal. Altria also reviews the estimated remaining useful lives of long-lived assets whenever events or changes in business circumstances indicate the lives may have changed.
Altria conducts a required annual review of goodwill and indefinite-lived intangible assets for potential impairment, and more frequently if an event occurs or circumstances change that would require Altria to perform an interim review. Altria has the option of first performing a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying amount as a basis for determining whether it is necessary to perform a quantitative impairment test. If necessary, Altria will perform a single step quantitative impairment test. Additionally, Altria has the option to unconditionally bypass the qualitative assessment and perform a single step quantitative assessment. If the carrying value of a reporting unit that includes goodwill exceeds its fair value, which is determined using discounted cash flows, goodwill is considered impaired. The amount of impairment loss is measured as the difference between the carrying value and the fair value of a reporting unit, but is limited to the total amount of goodwill allocated to a reporting unit. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, which is determined using discounted cash flows, the intangible asset is considered impaired and is reduced to fair value in the period identified.

20

Table of Contents
Goodwill by reporting unit and indefinite-lived intangible assets at December 31, 2021 were as follows:
(in millions)GoodwillIndefinite-Lived
Intangible Assets
Cigarettes$22 $2 
MST and snus products5,023 8,801 
Cigars77 2,640 
Oral nicotine pouches55  
Total$5,177 $11,443 
During 2021, Altria completed its annual impairment test of goodwill and indefinite-lived intangible assets performed as of October 1, 2021 and the results of this testing were as follows:
no impairment charges were recorded; and
the estimated fair values of all reporting units and the indefinite-lived intangible assets within all reporting units substantially exceeded their carrying values.
During 2020, Altria’s quantitative annual impairment test of goodwill and indefinite-lived intangible assets resulted in no impairment charges. For further discussion on goodwill, see Note 4. Goodwill and Other Intangible Assets, net to the consolidated financial statements in Item 8 (“Note 4”).
In 2021, Altria elected to perform a qualitative assessment for certain of its reporting units and indefinite-lived intangible assets. This qualitative assessment included the review of certain macroeconomic factors and entity-specific qualitative factors to determine if it was more likely than not that the fair values of its reporting units were below carrying value. For certain of its other reporting units and indefinite-lived intangible assets, Altria elected to unconditionally bypass the qualitative assessment and perform a single step quantitative assessment. Altria used an income approach to estimate the fair values of its reporting units and indefinite-lived intangible assets. The income approach reflects the discounting of expected future cash flows to their present value at a rate of return that incorporates the risk-free rate for the use of those funds, the expected rate of inflation and the risks associated with realizing expected future cash flows. The weighted-average discount rate used in performing the valuations was approximately 10%.
In performing the 2021 discounted cash flow analysis, Altria made various judgments, estimates and assumptions, the most significant of which were volume, income, growth rates and discount rates. The analysis incorporated assumptions used in Altria’s long-term financial forecast, which is used by Altria’s management to evaluate business and financial performance, including allocating resources and evaluating results relative to setting employee compensation targets. The assumptions incorporated the highest and best use of Altria’s indefinite-lived intangible assets and also included perpetual growth rates for periods beyond the long-term financial forecast. The perpetual growth rate used in performing all of the valuations was 2%. Fair value calculations are sensitive to changes in these estimates and assumptions, some of which relate to broader macroeconomic conditions outside of Altria’s control.
Although Altria’s discounted cash flow analysis is based on assumptions that are considered reasonable and based on the best available information at the time that the discounted cash flow analysis is developed, there is significant judgment used in determining future cash flows. The following factors have the most potential to impact expected future cash flows and, therefore, Altria’s impairment conclusions: general economic conditions (such as continued uncertainty from the COVID-19 pandemic); federal, state and local regulatory developments; category growth rates; consumer preferences; success of planned new product expansions; competitive activity; and income and excise taxes. For further discussion of these factors, see Operating Results by Business Segment - Tobacco Space - Business Environment below.
While Altria’s management believes that the estimated fair values of each reporting unit and indefinite-lived intangible asset at December 31, 2021 are reasonable, actual performance in the short-term or long-term could be significantly different from forecasted performance, which could result in impairment charges in future periods.
For further discussion of goodwill and other intangible assets, see Note 4.
Investments in Equity Securities: Altria reviews its equity investments accounted for under the equity method of accounting (ABI and Cronos) for impairment by comparing the fair value of each of its investments to their carrying value. If the carrying value of an investment exceeds its fair value and the loss in value is other than temporary, the investment is considered impaired and reduced to fair value, and the impairment is recognized in the period identified. The factors used to make this determination include the duration and magnitude of the fair value decline, the financial condition and near-term prospects of the investee, and Altria’s intent and ability to hold its investment until recovery.
Following Share Conversion (as defined in Note 6) in the fourth quarter of 2020, Altria elected to account for its equity investment in JUUL under the fair value option. Under this option, any cash dividends received and any changes in the fair value of the equity investment in JUUL, which is calculated quarterly using level 3 fair value measurements, are included in (income) losses from equity investments in the consolidated statements of earnings (losses).

21

Table of Contents
Investment in ABI
At December 31, 2021, Altria’s investment in ABI consisted of 185 million restricted shares of ABI (the “Restricted Shares”) and 12 million ordinary shares of ABI. The fair value of Altria’s equity investment in ABI is based on: (i) unadjusted quoted prices in active markets for ABI’s ordinary shares and was classified in Level 1 of the fair value hierarchy and (ii) observable inputs other than Level 1 prices, such as quoted prices for similar assets for the Restricted Shares, and was classified in Level 2 of the fair value hierarchy. Altria can convert its Restricted Shares to ordinary shares at its discretion. Therefore, the fair value of each Restricted Share is based on the value of an ordinary share.
The fair value of Altria’s equity investment in ABI at December 31, 2021 and 2020 was $11.9 billion (carrying value of $11.1 billion) and $13.8 billion (carrying value of $16.7 billion), respectively, which was above its carrying value by approximately 7% at December 31, 2021, and less than its carrying value by approximately 17% at December 31, 2020.
In October 2019, the fair value of Altria’s equity investment in ABI declined below its carrying value and at September 30, 2021 had not recovered. In preparing its financial statements for the period ended September 30, 2021, Altria evaluated the factors related to the fair value decline, including the impact on the fair value of ABI’s shares during the COVID-19 pandemic, which has negatively impacted ABI’s business. Altria evaluated the duration and magnitude of the fair value decline at September 30, 2021, ABI’s financial condition and near-term prospects, and Altria’s intent and ability to hold its investment in ABI until recovery. Altria concluded that the decline in fair value of its investment in ABI at September 30, 2021 was other than temporary. As a result, Altria recorded a non-cash, pre-tax impairment charge of $6.2 billion during the third quarter of 2021, which was recorded to (income) losses from equity investments in its condensed consolidated statements of earnings (losses). This impairment charge reflected the difference between the fair value using ABI’s share price at September 30, 2021 and the carrying value of Altria’s equity investment in ABI at September 30, 2021, prior to recording the impairment charge. This conclusion was based on the following factors:
the fair value of Altria’s investment in ABI had been below its carrying value since October 2019 and had not fully recovered. At its lowest point in March 2020, the fair value of Altria’s investment in ABI was below its carrying value by approximately 52% and at December 31, 2020 had recovered to approximately 17% below its carrying value. During the first nine months of 2021, ABI’s share price continued to fluctuate, ultimately resulting in a share price decline of 18% since December 31, 2020. At September 30, 2021, prior to recording the impairment charge, the fair value of Altria’s investment in ABI was below its carrying value by approximately 35%;
the fair value of Altria’s investment in ABI historically exceeded its carrying value since October 2016 (when Altria obtained its ownership interest in ABI) with the exception of certain periods starting in September 2018 and since October 2019. Altria was optimistic about a near-term recovery because ABI’s share price demonstrated significant recovery, including during 2019, the second half of 2020 and the first half of 2021. However, during the third quarter of 2021, the decline in ABI’s share price resumed and, at September 30, 2021, the share price was lower than at December 31, 2020, erasing much of the recovery experienced in the second half of 2020 and first half of 2021;
ABI’s share price continued to decline following the release of ABI’s second quarter of 2021 earnings report in which ABI’s performance in the first half of 2021 improved meaningfully versus the same period in 2020. Despite ABI’s second quarter of 2021 results, which also included top-line growth ahead of the pre-pandemic levels from the second quarter of 2019 as well as the reaffirmation of its 2021 outlook, ABI’s income growth was impacted by, among other things, transactional foreign exchange and commodity cost headwinds; and
the industry disruption and volatility associated with the COVID-19 pandemic, including the impact of COVID-19 variants and related cost headwinds, have continued. While Altria continues to believe that ABI’s share price performance is not reflective of its underlying long-term equity value, and ABI’s share price will recover, Altria determined that it will take longer than previously expected as Altria believes that COVID-19 variants, supply-chain constraints across certain markets, transactional foreign exchange and commodity cost headwinds may continue to impact ABI’s near-term financial results and share price performance.
Although Altria recorded an impairment charge on its investment in ABI during the third quarter of 2021, Altria continues to have confidence in ABI’s (i) long-term strategies, (ii) premium global brands, (iii) experienced management team and (iv) capability to successfully navigate its near-term challenges. While Altria considers the impacts related to the COVID-19 pandemic that have negatively impacted ABI’s global business to be transitory, Altria determined, as of the third quarter of 2021, that the full recovery to carrying value would take longer than previously expected.
At February 22, 2022, the fair value of Altria’s equity investment in ABI was $12.2 billion, which exceeded its carrying value by approximately 9%. Altria will continue to monitor its investment in ABI, including the impact of the COVID-19 pandemic and subsequent recovery on ABI’s business and market valuation.

22

Table of Contents
Investment in JUUL
At December 31, 2021, the estimated fair value of Altria’s investment in JUUL was $1.7 billion, unchanged from December 31, 2020, as Altria’s projections of lower JUUL revenues in the United States over time due to lower JUUL volume assumptions were offset by (i) the effect of passage of time on the projected cash flows and (ii) a decrease in the discount rate due to change in market factors.
Altria uses an income approach to estimate the fair value of its investment in JUUL. The income approach reflects the discounting of future cash flows for the United States and international markets at a rate of return that incorporates the risk-free rate for the use of those funds, the expected rate of inflation and the risks associated with realizing future cash flows. Future cash flows are based on a range of scenarios that consider various potential regulatory and market outcomes.
In determining the fair value of its investment in JUUL in 2021, Altria made various judgments, estimates and assumptions, the most significant of which were sales volume, operating margins, discount rates and perpetual growth rates. All significant inputs used in the valuation are classified in Level 3 of the fair value hierarchy. The discount rates used in performing the valuations ranged from 17.0% to 19.0% at December 31, 2021. The perpetual growth rates used in performing each valuation ranged from (0.5%) to 0.0%. Additionally in determining these significant assumptions, Altria made judgments regarding the: (i) likelihood and extent of various potential regulatory actions and the continued adverse public perception impacting the e-vapor category and specifically JUUL; (ii) risk created by the number and types of legal cases pending against JUUL; (iii) expectations for the future state of the e-vapor category including competitive dynamics; and (iv) timing of international expansion plans.
Although Altria’s discounted cash flow analyses were based on assumptions that Altria’s management considered reasonable and were based on the best available information at the time that the analyses were developed, there is significant judgment used in determining future cash flows. If the following factors, in isolation, significantly deviate from current expectations, Altria believes that they have the potential to materially impact Altria’s significant assumptions of sales volume, operating margins, discount rate, and perpetual growth rate, thus potentially materially decreasing Altria’s valuation of its investment in JUUL:
adverse developments related to litigation;
a successful challenge by the FTC in its administrative complaint against Altria and JUUL, for a further discussion, see Item 3 and Note 18;
a substantial increase in state and federal e-vapor excise taxes;
adverse publicity due to underage use of e-vapor products and other factors;
supply chain constraints and component part shortages, if not transitory;
unanticipated adverse impacts on JUUL’s relationships with employees, customers, suppliers and other third parties;
unfavorable financial and market performance, including substantial changes in competitive dynamics;
delay in timing of international expansion plans;
disruption in JUUL’s current and future plans or operations in domestic and international markets; and
unfavorable regulatory and legislative developments at the international, federal, state and local levels such as the potential removal of certain e-vapor products from the market as a result of FDA enforcement action or the potential denial of new tobacco product applications for e-vapor products.
If the following factors, in isolation, significantly deviate from current expectations, Altria believes that they have the potential to materially impact Altria’s significant assumptions of sales volume, operating margins, discount rate, and perpetual growth rate, thus potentially materially increasing Altria’s valuation of its investment in JUUL:
favorable developments related to litigation;
favorable financial and market performance, including substantial changes in competitive dynamics;
improvement of public perception around JUUL and the e-vapor category; and
favorable regulatory and legislative developments at the international, federal, state and local levels such as FDA authorization of future tobacco product applications for JUUL flavored e-vapor products, which are currently not permitted in the market without authorization.
While Altria’s management believes that the recorded value of its investment in JUUL at December 31, 2021 represents its best estimate of the fair value of the investment, JUUL’s actual performance in the short term or long term could be significantly different from forecasted performance due to changes in the factors noted above. Additionally, the value of Altria’s investment in JUUL could be significantly impacted by changes in the discount rate, which could be caused by numerous factors, including changes in market inputs, as well as risks specific to JUUL and its litigation environment.
Investment in Cronos
The fair value of Altria’s equity method investment in Cronos is based on unadjusted quoted prices in active markets for Cronos’s common shares and was classified in Level 1 of the fair value hierarchy. The fair value of Altria’s equity method investment in Cronos

23

Table of Contents
at December 31, 2020 was $1.1 billion (carrying value of $1.0 billion), which exceeded its carrying value by approximately 8% at December 31, 2020.
In September 2021, the fair value of Altria’s equity method investment in Cronos declined below its carrying value (by approximately 2% as of September 30, 2021) and had not recovered as of December 31, 2021. Accounting guidance requires the evaluation of the following factors when determining if the decline in fair value is other than temporary: (i) the duration and magnitude of the fair value decline; (ii) the financial condition and near-term prospects of the investee; and (iii) the investor’s intent and ability to hold its equity method investment until full recovery to its carrying value in the near-term. In preparing its financial statements for the year ended December 31, 2021, Altria evaluated these factors and determined that there was not sufficient evidence to conclude that the impairment was temporary. As a result, Altria recorded a non-cash, pre-tax impairment charge of $205 million for the year ended December 31, 2021, which was recorded to (income) losses from equity investments in its consolidated statement of earnings (losses). The impairment charge reflects the difference between the fair value of Altria’s equity method investment in Cronos using Cronos’s share price at December 31, 2021 and the carrying value of Altria’s equity method investment in Cronos at December 31, 2021. At December 31, 2021, prior to recording the impairment charge, the fair value of Altria’s equity method investment in Cronos was less than its carrying value by approximately 25%. After recording the impairment charge, the fair value and carrying value of Altria’s equity method investment in Cronos at December 31, 2021 were $617 million.
At February 22, 2022, the fair value of Altria’s equity method investment in Cronos was $524 million, which was less than its carrying value by approximately 15%. Altria will continue to assess the fair value of its equity method investment in Cronos to determine if any decline in fair value below its carrying value is other than temporary.
For further discussion of Altria’s investments in ABI, JUUL and Cronos, see Note 6.
Marketing Costs: Altria’s businesses promote their products with consumer incentives, trade promotions and consumer engagement programs. These consumer incentive and trade promotion activities, which include discounts, coupons, rebates, in-store display incentives and volume-based incentives, do not create a distinct deliverable and are, therefore, recorded as a reduction of revenues. Consumer engagement program payments are made to third parties. Altria’s businesses expense these consumer engagement programs, which include event marketing, as incurred and such expenses are included in marketing, administration and research costs in Altria’s consolidated statements of earnings (losses). For interim reporting purposes, Altria’s businesses charge consumer engagement programs and certain consumer incentive expenses to operations as a percentage of sales, based on estimated sales and related expenses for the full year.
Contingencies: As discussed in Note 18 and Item 3, legal proceedings covering a wide range of matters are pending or threatened in various U.S. and foreign jurisdictions against Altria and its subsidiaries, including PM USA and UST and its subsidiaries, as well as their respective indemnitees and Altria’s investees. In 1998, PM USA and certain other U.S. tobacco product manufacturers entered into the MSA with 46 states and various other governments and jurisdictions to settle asserted and unasserted health care cost recovery and other claims. PM USA and certain other U.S. tobacco product manufacturers had previously entered into agreements to settle similar claims brought by Mississippi, Florida, Texas and Minnesota (together with the MSA, the “State Settlement Agreements”). PM USA’s portion of ongoing adjusted payments and legal fees is based on its relative share of the settling manufacturers’ domestic cigarette shipments, including roll-your-own cigarettes, in the year preceding that in which the payment is due. In addition, PM USA, Middleton and USSTC are subject to quarterly user fees imposed by the FDA as a result of the FSPTCA. Payments under the State Settlement Agreements and the FDA user fees are based on variable factors, such as volume, operating income, market share and inflation, depending on the subject payment. Altria’s subsidiaries account for the cost of the State Settlement Agreements and FDA user fees as a component of cost of sales. Altria’s subsidiaries recorded approximately $4.6 billion and $4.7 billion of charges to cost of sales for the years ended December 31, 2021 and 2020, respectively, in connection with the State Settlement Agreements and FDA user fees.
Altria and its subsidiaries record provisions in the consolidated financial statements for pending litigation when they determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. At the present time, while it is reasonably possible that an unfavorable outcome in a case may occur, except to the extent discussed in Note 18 and Item 3: (i) management has concluded that it is not probable that a loss has been incurred in any pending litigation; (ii) management is unable to estimate the possible loss or range of loss that could result from an unfavorable outcome in any pending case; and (iii) accordingly, management has not provided any amounts in the consolidated financial statements for unfavorable outcomes, if any. Litigation defense costs are expensed as incurred and included in marketing, administration and research costs in the consolidated statements of earnings (losses).
Employee Benefit Plans: Altria provides a range of benefits to certain employees and retired employees, including pension, postretirement health care and postemployment benefits. Altria records annual amounts relating to these plans based on calculations specified by GAAP, which include various actuarial assumptions as to discount rates, assumed rates of return on plan assets, mortality, compensation increases, turnover rates and health care cost trend rates. Altria reviews its actuarial assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so. Any effect of the modifications is generally amortized over future periods.
Altria recognizes the funded status of its defined benefit pension and other postretirement plans on the consolidated balance sheet and records as a component of other comprehensive earnings (losses), net of deferred income taxes, the gains or losses and prior service

24

Table of Contents
costs or credits that have not been recognized as components of net periodic benefit cost (income). The gains or losses and prior service costs or credits recorded as components of other comprehensive earnings (losses) are subsequently amortized into net periodic benefit cost (income) in future years.
Due to changes in market inputs, Altria’s discount rate assumptions for its pension and postretirement plans obligations increased to 3.0% and 2.9%, respectively, at December 31, 2021 from 2.7% and 2.6%, respectively, at December 31, 2020. Altria presently anticipates net pre-tax pension and postretirement income of $103 million in 2022 versus net pre-tax income of $114 million in 2021, excluding amounts in each year related to settlement and curtailment. This anticipated change is due primarily to: (i) lower expected return on plan assets due to the change in the target asset allocation for its pension plan assets for 2022, which lowered the expected rate of return from 6.6% in 2021 to 6.1% in 2022; (ii) higher interest costs, driven by the impact of higher discount rates; and (iii) lower amortization of unrecognized losses, primarily driven by the impact of higher discount rates and changes to mortality rate assumptions. Assuming no change to the shape of the yield curve, a 50 basis point decrease (increase) in Altria’s discount rates would increase (decrease) Altria’s pension and postretirement expense by approximately $10 million. Similarly, a 50 basis point decrease (increase) in the expected return on plan assets would increase (decrease) Altria’s pension and postretirement expense by approximately $40 million.
For additional information see Note 16. Benefit Plans to the consolidated financial statements in Item 8 (“Note 16”).
Income Taxes: Significant judgment is required in determining income tax provisions and in evaluating tax positions. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. Altria determines the realizability of deferred tax assets based on the weight of available evidence, that it is more likely than not that the deferred tax asset will not be realized. In reaching this determination, Altria considers all available positive and negative evidence, including the character of the loss, carryback and carryforward considerations, future reversals of temporary differences and available tax planning strategies.
Altria recognizes a benefit for uncertain tax positions when a tax position taken or expected to be taken in a tax return is more likely than not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Altria recognizes accrued interest and penalties associated with uncertain tax positions as part of the provision for income taxes in its consolidated statements of earnings (losses).
Altria recognized income tax benefits and charges in the consolidated statements of earnings (losses) during 2021 and 2020 as a result of various tax events.
For additional information on income taxes, see Note 14. Income Taxes to the consolidated financial statements in Item 8 (“Note 14”).

25

Table of Contents

Consolidated Operating Results
 For the Years Ended December 31,
(in millions)20212020
Net Revenues:
Smokeable products$22,866 $23,089 
Oral tobacco products2,608 2,533 
Wine494 614 
All other45 (83)
Net revenues$26,013 $26,153 
Excise Taxes on Products:
Smokeable products$4,754 $5,162 
Oral tobacco products132 130 
Wine14 19 
All other2 
Excise taxes on products$4,902 $5,312 
Operating Income:
OCI:
Smokeable products$10,394 $9,985 
Oral tobacco products1,659 1,718 
Wine21 (360)
All other(97)(172)
Amortization of intangibles(72)(72)
General corporate expenses(345)(227)
Corporate asset impairment and exit costs 
Operating income$11,560 $10,873 
As discussed further in Note 15, the CODM reviews OCI to evaluate the performance of, and allocate resources to, the segments. Management believes it is appropriate to disclose this measure to help investors analyze the business performance and trends of the various business segments.

26

Table of Contents
The following table provides a reconciliation of adjusted net earnings attributable to Altria and adjusted diluted EPS attributable to Altria for the years ended December 31:
(in millions of dollars, except per share data)Earnings (Losses) before Income TaxesProvision for Income TaxesNet Earnings (Losses)Net Earnings (Losses) Attributable
to Altria
Diluted EPS
2021 Reported$3,824 $1,349 $2,475 $2,475 $1.34 
NPM Adjustment Items(76)(19)(57)(57)(0.03)
Asset impairment, exit, implementation, acquisition and disposition-related costs120 21 99 99 0.05 
Tobacco and health and certain other litigation items
182 44 138 138 0.07 
ABI-related special items6,203 1,302 4,901 4,901 2.66 
Cronos-related special items466 (4)470 470 0.25 
Loss on early extinguishment of debt649 153 496 496 0.27 
Tax items 3 (3)(3) 
2021 Adjusted for Special Items$11,368 $2,849 $8,519 $8,519 $4.61 
2020 Reported$6,890 $2,436 $4,454 $4,467 $2.40 
NPM Adjustment Items— 
Asset impairment, exit, implementation, acquisition and disposition-related costs431 89 342 342 0.18 
Tobacco and health and certain other litigation items 83 21 62 62 0.03 
Impairment of JUUL equity securities2,600 — 2,600 2,600 1.40 
JUUL changes in fair value(100)— (100)(100)(0.05)
ABI-related special items763 160 603 603 0.32 
Cronos-related special items51 (2)53 53 0.03 
COVID-19 special items50 13 37 37 0.02 
Tax items— (50)50 50 0.03 
2020 Adjusted for Special Items$10,772 $2,668 $8,104 $8,117 $4.36 
The following special items affected the comparability of statements of earnings (losses) amounts.
NPM Adjustment Items: For a discussion of NPM Adjustment Items and a breakdown of these items by segment, see Health Care Cost Recovery Litigation in Note 18 and NPM Adjustment Items in Note 15, respectively.
Asset Impairment, Exit, Implementation, Acquisition and Disposition-Related Costs: For the years ended December 31, 2021 and 2020, Altria recorded pre-tax asset impairment, exit and implementation costs of $1 million and $407 million, respectively. For further discussion of asset impairment, exit and implementation costs, including a breakdown of these costs by segment, see Note 5. Asset Impairment, Exit and Implementation Costs to the consolidated financial statements in Item 8 (“Note 5”).
For the years ended December 31, 2021 and 2020, Altria also recorded pre-tax acquisition and disposition-related costs of $119 million and $24 million, respectively. The 2021 costs included a net pre-tax charge of $51 million related to the Ste. Michelle Transaction and $37 million for the settlement of an arbitration related to the 2019 on! transaction. For further discussion of these acquisition and disposition-related costs, see Note 15.
Tobacco and Health and Certain Other Litigation Items: For a discussion of tobacco and health and certain other litigation items and a breakdown of these costs by segment, see Note 18 and Tobacco and Health and Certain Other Litigation Items in Note 15, respectively.
Impairment of JUUL Equity Securities: For the year ended December 31, 2020, Altria recorded a non-cash, pre-tax impairment charge of $2,600 million, reported as impairment of JUUL equity securities in its consolidated statements of earnings (losses). A full tax valuation allowance was recorded in 2020 attributable to the tax benefit associated with the impairment charge. For further discussion, see Note 6 and Note 14.
JUUL Changes in Fair Value: For the year ended December 31, 2021, there was no change in the estimated fair value of Altria’s investment in JUUL. For the year ended December 31, 2020, Altria recorded a non-cash, pre-tax unrealized gain of $100 million, reported as (income) losses from equity investments in its consolidated statements of earnings (losses) as a result of an increase

27

Table of Contents
in the estimated fair value of Altria’s investment in JUUL. A corresponding adjustment was made to the JUUL tax valuation allowance. For further discussion, see Note 6 and Note 14.
ABI-Related Special Items: Altria’s losses from its equity investment in ABI for the year ended December 31, 2021, included net pre-tax charges of $6,203 million, substantially all of which related to a non-cash impairment ($6,157 million) of Altria’s equity investment in ABI. For further discussion, see Note 6.
Altria’s losses from its equity investment in ABI for the year ended December 31, 2020 included net pre-tax charges of $763 million, consisting primarily of Altria’s share of ABI’s (i) mark-to-market losses on certain ABI financial instruments associated with its share commitments, (ii) completion of the sale of its Australia subsidiary and (iii) goodwill impairment charge associated with its Africa businesses.
These amounts include Altria’s respective share of the amounts recorded by ABI and additional adjustments related to (i) conversion from international financial reporting standards to GAAP and (ii) adjustments to Altria’s investment required under the equity method of accounting.
Cronos-Related Special Items: For the years ended December 31, 2021 and 2020, Altria recorded net pre-tax (income) expense, consisting of the following:
(in millions)20212020
Loss on Cronos-related financial instruments (1)
$148 $140 
(Income) losses from equity investments (2)
318 (89)
Total Cronos-related special items - (income) expense$466 $51 
(1) Amounts are related to the non-cash change in the fair value of the warrant and certain anti-dilution protections (the “Fixed-price Preemptive Rights”) acquired in the Cronos transaction.
(2) Amounts include Altria’s share of special items recorded by Cronos and additional adjustments, if required under the equity method of accounting, related to Altria’s investment in Cronos including the $205 million non-cash, pre-tax impairment of Altria’s investment in Cronos in 2021, discussed above.
For further discussion, see Note 6 and Note 7. Financial Instruments to the consolidated financial statements in Item 8.
Loss on Early Extinguishment of Debt: During 2021, Altria recorded pre-tax losses of $649 million as a result of the completed debt tender offers and redemption of certain long-term senior unsecured notes. For further discussion, see Note 9. Long-Term Debt to the consolidated financial statements in Item 8 (“Note 9”).
COVID-19 Special Items: For the year ended December 31, 2020, Altria recorded net pre-tax charges totaling $50 million directly related to disruptions caused by or efforts to mitigate the impact of the COVID-19 pandemic. For further discussion and a breakdown of these costs by segment, see Note 15.
Tax Items: For the year ended December 31, 2020, Altria recorded net tax expense of $50 million, due primarily to net tax expense of $27 million for adjustments resulting from amended returns and audit adjustments related to prior years, and tax expense of $23 million for a tax basis adjustment to Altria’s investment in ABI.
2021 Compared with 2020
Net revenues, which include excise taxes billed to customers, decreased $140 million (0.5%), due primarily to lower net revenues in the smokeable products and wine segments (resulting from the sale of the wine business in October 2021), partially offset by higher net revenues in the financial services business (primarily driven by reductions in the estimated residual values of certain assets at PMCC in 2020) and the oral tobacco products segment.
Cost of sales decreased $699 million (8.9%), due primarily to changes in the wine segment, which included the inventory-related charges in 2020 (as discussed in Note 15) and the sale of the wine business in October 2021, lower shipment volume in the smokeable products segment, NPM Adjustment Items in 2021 and COVID-19 special items in 2020, partially offset by higher per unit settlement charges, higher manufacturing costs and volume and mix in the oral tobacco products segment.
Excise taxes on products decreased $410 million (7.7%), due primarily to lower shipment volume in the smokeable products segment.
Marketing, administration and research costs increased $278 million (12.9%), due primarily to higher general corporate expenses (including an agreement to resolve a shareholder class action lawsuit in 2021 as discussed in Note 18), higher spending in the oral tobacco products (including higher acquisition-related costs as discussed in Note 15) and smokeable products segments and higher spending associated with the retail expansion of IQOS and Marlboro HeatSticks.
Operating income increased $687 million (6.3%), due primarily to higher operating results in the smokeable products and wine segments and the all other category (primarily driven by reductions in the estimated residual value of certain assets at PMCC in 2020), partially offset by higher general corporate expenses and lower operating results in the oral tobacco products segment.

28

Table of Contents
Net periodic benefit income, excluding service cost, increased by $125 million (100.0%+), due primarily to lower interest cost resulting from a decrease in discount rates and amendments to Altria’s salaried retiree healthcare plans during 2021. For further discussion, see Note 16.
(Income) losses from equity investments, which decreased $5,868 million (100.0%+), were negatively impacted by higher losses from Altria’s equity investment in ABI (primarily due to the non-cash impairment of Altria’s equity investment in ABI in 2021 discussed above), unfavorable Cronos special items (as discussed above) and a non-cash, unrealized gain resulting from an increase in the estimated fair value of Altria’s investment in JUUL in 2020.
Reported net earnings (losses) attributable to Altria of $2,475 million decreased $1,992 million (44.6%), due primarily to higher net losses from Altria’s equity investments and the loss on early extinguishment of debt, partially offset by the 2020 impairment of JUUL equity securities, higher operating income and favorable net periodic benefit income, excluding service cost. Reported basic and diluted EPS attributable to Altria of $1.34, each decreased by 44.2%,due to lower reported net earnings (losses) attributable to Altria, partially offset by fewer shares outstanding.
Adjusted net earnings attributable to Altria of $8,519 million increased $402 million (5.0%), due primarily to higher smokeable products segment OCI, favorable net periodic benefit income, excluding service cost, higher income from Altria’s investment in ABI and lower losses in the all other category (primarily driven by reductions in the estimated residual values of certain assets at PMCC in 2020), partially offset by a higher income tax rate. Adjusted diluted EPS attributable to Altria of $4.61 increased by 5.7%, due to higher adjusted net earnings attributable to Altria and fewer shares outstanding.
Operating Results by Business Segment
Tobacco Space
Business Environment
Summary
The U.S. tobacco industry faces a number of business and legal challenges that have adversely affected and may adversely affect the business and sales volume of Altria’s tobacco operating companies and investees and Altria’s consolidated results of operations, cash flows or financial position or Altria’s ability to achieve its Vision. These challenges, some of which are discussed in more detail in Note 18, Item 1A and Item 3, include:
pending and threatened litigation and bonding requirements;
restrictions and requirements imposed by the FSPTCA, and restrictions and requirements (and related enforcement actions) that have been, and in the future will be, imposed by the FDA;
actual and proposed excise tax increases, as well as changes in tax structures and tax stamping requirements;
bans and restrictions on tobacco use imposed by governmental entities and private establishments and employers;
other federal, state and local government actions, including:
restrictions on the sale of certain tobacco products, the sale of tobacco products by certain retail establishments, the sale of tobacco products with characterizing flavors and the sale of tobacco products in certain package sizes;
additional restrictions on the advertising and promotion of tobacco products;
other actual and proposed tobacco-related legislation and regulation; and
governmental investigations;
reductions in cigarette and MST consumption levels due to growth of innovative tobacco products;
increased efforts by tobacco control advocates and other private sector entities (including retail establishments) to further restrict the availability and use of tobacco products;
changes in adult tobacco consumer purchase behavior, which is influenced by various factors such as economic conditions (including inflation), excise taxes and price gap relationships, may result in adult tobacco consumers switching to discount products or other lower-priced tobacco products;
the highly competitive nature of all tobacco categories, including competitive disadvantages related to cigarette price increases attributable to the settlement of certain litigation and the proliferation of innovative tobacco products, such as e-vapor and oral nicotine pouch products;
illicit trade in tobacco products;
potential adverse changes in prices, availability and quality of tobacco, other raw materials and component parts; and
the COVID-19 pandemic.
In addition to and in connection with the foregoing, evolving adult tobacco consumer preferences are continuing to impact the tobacco industry. Altria’s tobacco operating companies believe that a significant number of adult tobacco consumers switch among tobacco

29

Table of Contents
categories, use multiple forms of tobacco products and try innovative tobacco products, such as e-vapor products and oral nicotine pouches. Adult smokers continue to transition from cigarettes to exclusive use of smoke-free tobacco product alternatives, which aligns with Altria’s Vision.
Altria and its tobacco operating companies work to meet these evolving adult tobacco consumer preferences over time by developing, manufacturing, marketing and distributing products both within and outside the United States through innovation and other growth strategies (including, where appropriate, arrangements with, or investments in, third parties).
Over the past two years, the legislative and regulatory activities discussed below negatively impacted growth in the e-vapor category. While these activities continue to impact the e-vapor category, the category experienced moderate growth in 2021 and remains competitive.
Oral nicotine pouch retail share of the total oral tobacco category grew significantly over the prior year from 8.4% during 2020 to 15.4% during 2021. The oral nicotine pouch category has become increasingly competitive.
We are monitoring the sale and continued introduction of unregulated synthetic nicotine products, which may lead to further competition for regulated tobacco products, including oral nicotine pouches and e-vapor products, and may result in underage use of these unregulated products if not marketed responsibly by manufacturers.
Altria and its tobacco operating companies believe the innovative tobacco products categories will continue to be dynamic due to competition, adult tobacco consumer exploration of a variety of tobacco product options, adult consumer perceptions of the relative risks of smoke-free products compared to cigarettes, FDA determinations on product applications and legislative actions.
For the year ended December 31, 2021, we estimate that, when adjusted for trade inventory movements, calendar differences and other factors, domestic cigarette industry volume declined by 5.5%. Altria expects 2022 cigarette industry volume trends to continue to be most influenced by (i) changes to adult smoker stay-at-home practices, disposable income, purchasing patterns and adoption of smoke-free products, (ii) economic conditions (including unemployment rates, the impact of increased inflation and gasoline prices), (iii) fiscal stimulus, (iv) cross-category movement, (v) the timing and extent of COVID-19 vaccine administration and the impact of COVID-19 variants, and (vi) regulatory and legislative (including excise tax) developments.
Economic conditions (including a high inflationary environment) can also impact adult tobacco consumer purchasing behavior. For example, economic downturns have resulted in adult tobacco consumers choosing discount products and other lower priced tobacco products. Although the economic impact resulting from the COVID-19 pandemic did not meaningfully increase the growth of discount and lower priced tobacco products throughout much of the pandemic, in part due to stimulus payments, discount cigarette products resumed share growth in the second half of 2021 driven primarily by deep discount products. Share gains for discount cigarette products typically coincide with rising gas prices, higher inflation and increased consumer mobility. We expect fluctuations in discount cigarette product segment share to continue as price sensitive adult tobacco consumers react to economic conditions in the current high inflationary environment.
FSPTCA and FDA Regulation
The Regulatory Framework: The FSPTCA, its implementing regulations and its 2016 deeming regulations establish broad FDA regulatory authority over all tobacco products and, among other provisions:
impose restrictions on the advertising, promotion, sale and distribution of tobacco products (see Final Tobacco Marketing Rule below);
establish pre-market review pathways for new and modified tobacco products (see Pre-Market Review Pathways for Tobacco Products and Market Authorization Enforcement below);
prohibit any express or implied claims that a tobacco product is or may be less harmful than other tobacco products without FDA authorization;
authorize the FDA to impose tobacco product standards that are appropriate for the protection of the public health; and
equip the FDA with a variety of investigatory and enforcement tools, including the authority to inspect product manufacturing and other facilities.
The FSPTCA also bans descriptors such as “light,” “low” or “mild” when used as descriptors of modified risk, unless expressly authorized by the FDA. In connection with a 2016 lawsuit initiated by Middleton, the Department of Justice, on behalf of the FDA, informed Middleton that the FDA does not intend to bring an enforcement action against Middleton for the use of the term “mild” in the trademark “Black & Mild.” Consequently, Middleton dismissed its lawsuit without prejudice. If the FDA were to change its position at some later date, Middleton would have the opportunity to bring another lawsuit.
Final Tobacco Marketing Rule: As required by the FSPTCA, in March 2010, the FDA promulgated a wide range of advertising and promotion restrictions for cigarettes and smokeless tobacco(1) products (the “Final Tobacco Marketing Rule”). The May
(1) “Smokeless tobacco,” as used in this section of this Form 10-K, refers to smokeless tobacco products first regulated by the FDA in 2009, including MST. It excludes oral nicotine pouches, which were first regulated by the FDA in 2016.

30

Table of Contents
2016 deeming regulations amended the Final Tobacco Marketing Rule to expand specific provisions to all tobacco products, including cigars, pipe tobacco and e-vapor and oral nicotine products containing tobacco-derived nicotine or other tobacco derivatives, but do not include any component or part that is not made or derived from tobacco.
The Final Tobacco Marketing Rule, as amended, among other things:
restricts the use of non-tobacco trade and brand names on cigarettes and smokeless tobacco products;
prohibits sampling of all tobacco products except that sampling of smokeless tobacco products is permitted in qualified adult-only facilities;
prohibits the sale or distribution of items such as hats and tee shirts with cigarette or smokeless tobacco brands or logos;
prohibits cigarettes and smokeless tobacco brand name sponsorship of any athletic, musical, artistic or other social or cultural event, or any entry or team in any event; and