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Section 1: 10-Q (FORM 10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                    
Commission File Number 1-08940
Altria Group, Inc.
(Exact name of registrant as specified in its charter)
Virginia
 
 
13-3260245
 
(State or other jurisdiction of incorporation or organization)
 
 
(I.R.S. Employer
Identification No.)
 
 
 
 
6601 West Broad Street,
Richmond,
Virginia
23230
 
(Address of principal executive offices)
 
 
(Zip Code)
 
Registrant’s telephone number, including area code (804) 274-2200 
 Former name, former address and former fiscal year, if changed since last report
Securities registered pursuant to Section 12(b) of the Act:
               Title of each class               
Trading Symbols
Name of each exchange on which registered
Common Stock, $0.33 1/3 par value
MO
New York Stock Exchange
1.000% Notes due 2023
MO23A
New York Stock Exchange
1.700% Notes due 2025
MO25
New York Stock Exchange
2.200% Notes due 2027
MO27
New York Stock Exchange
3.125% Notes due 2031
MO31
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes   þ     No   ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes   þ    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
þ
 
Accelerated filer
 
Non-accelerated filer
 
  
Smaller reporting company
  
 
 
 
 
Emerging growth company
  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes    No   þ
At October 22, 2019, there were 1,868,126,510 shares outstanding of the registrant’s common stock, par value $0.33 1/3 per share.


Table of Contents    



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


2

Table of Contents    

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
Altria Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions of dollars)
(Unaudited)
 
 
 
September 30, 2019
 
December 31, 2018
Assets
 
 
 
 
Cash and cash equivalents
 
$
1,604

 
$
1,333

Receivables
 
165

 
142

Inventories:
 

 

Leaf tobacco
 
820

 
940

Other raw materials
 
201

 
186

Work in process
 
598

 
647

Finished product
 
569

 
558

 
 
2,188

 
2,331

Income taxes
 
15

 
167

Other current assets
 
319

 
326

Total current assets
 
4,291

 
4,299

Property, plant and equipment, at cost
 
5,009

 
4,950

Less accumulated depreciation
 
3,047

 
3,012

 
 
1,962

 
1,938

Goodwill
 
5,262

 
5,196

Other intangible assets, net
 
12,688

 
12,279

Investments in equity securities
 
27,346

 
30,496

Other assets
 
1,364

 
1,430

Total Assets
 
$
52,913

 
$
55,638

 
See notes to condensed consolidated financial statements.

3

Table of Contents    

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

 
$
12,704

Current portion of long-term debt
 
1,000

 
1,144

Accounts payable
 
246

 
399

Accrued liabilities:
 
 
 
 
Marketing
 
554

 
586

Settlement charges
 
3,094

 
3,454

Other
 
1,195

 
1,403

Dividends payable
 
1,573

 
1,503

Total current liabilities
 
7,662

 
21,193

Long-term debt
 
26,903

 
11,898

Deferred income taxes
 
5,240

 
5,172

Accrued pension costs
 
352

 
544

Accrued postretirement health care costs
 
1,764

 
1,749

Other liabilities
 
316

 
254

Total liabilities
 
42,237

 
40,810

Contingencies (Note 13)
 

 

Redeemable noncontrolling interest
 
39

 
39

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

 
935

Additional paid-in capital
 
5,960

 
5,961

Earnings reinvested in the business
 
39,910

 
43,962

Accumulated other comprehensive losses
 
(2,402
)
 
(2,547
)
Cost of repurchased stock
(937,835,860 shares at September 30, 2019 and
931,903,722 shares at December 31, 2018)
 
(33,858
)
 
(33,524
)
Total stockholders’ equity attributable to Altria
 
10,545

 
14,787

Noncontrolling interests
 
92

 
2

Total stockholders’ equity
 
10,637

 
14,789

Total Liabilities and Stockholders’ Equity
 
$
52,913

 
$
55,638

See notes to condensed consolidated financial statements.


4

Table of Contents    

Altria Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions of dollars, except per share data)
(Unaudited)
 
 
 
For the Nine Months Ended September 30,
 
For the Three Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Net revenues
 
$
19,103

 
$
19,250

 
$
6,856

 
$
6,837

Cost of sales
 
5,367

 
5,509

 
1,915

 
2,037

Excise taxes on products
 
4,109

 
4,409

 
1,444

 
1,545

Gross profit
 
9,627

 
9,332

 
3,497

 
3,255

Marketing, administration and research costs
 
1,654

 
1,959

 
552

 
700

Asset impairment and exit costs
 
74

 
2

 
1

 
(2
)
Operating income
 
7,899

 
7,371

 
2,944

 
2,557

Interest and other debt expense, net
 
989

 
503

 
293

 
159

Net periodic benefit income, excluding service cost
 
(40
)
 
(37
)
 
(24
)
 
(21
)
Earnings from equity investments
 
(866
)
 
(759
)
 
(333
)
 
(189
)
Impairment of JUUL equity securities
 
4,500

 

 
4,500

 

Loss on Cronos-related financial instruments
 
1,327

 

 
636

 

Loss on ABI/SABMiller business combination
 

 
33

 

 

Earnings (losses) before income taxes
 
1,989

 
7,631

 
(2,128
)
 
2,608

Provision for income taxes
 
1,473

 
1,915

 
474

 
664

Net earnings (losses)
 
516

 
5,716

 
(2,602
)
 
1,944

Net (earnings) losses attributable to noncontrolling interests
 

 
(3
)
 
2

 
(1
)
Net earnings (losses) attributable to Altria
 
$
516

 
$
5,713

 
$
(2,600
)
 
$
1,943

Per share data:
 
 
 
 
 
 
 
 
Basic and diluted earnings (losses) per share attributable to Altria
 
$
0.27

 
$
3.02

 
$
(1.39
)
 
$
1.03

See notes to condensed consolidated financial statements.


5

Table of Contents    

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

 
 
For the Nine Months Ended September 30,
 
For the Three Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Net earnings (losses)
 
$
516

 
$
5,716

 
$
(2,602
)
 
$
1,944

Other comprehensive earnings (losses), net of deferred income taxes:
 
 
 
 
 
 
 
 
Benefit plans
 
84

 
126

 
26

 
39

ABI
 
53

 
(262
)
 
221

 
(422
)
Currency translation adjustments and other
 
8

 
(1
)
 
(3
)
 
1

Other comprehensive earnings (losses), net of deferred
income taxes
 
145

 
(137
)
 
244

 
(382
)
 
 
 
 
 
 
 
 
 
Comprehensive earnings (losses)
 
661

 
5,579

 
(2,358
)
 
1,562

Comprehensive (earnings) losses attributable to noncontrolling interests
 

 
(3
)
 
2

 
(1
)
Comprehensive earnings (losses) attributable to Altria
 
$
661

 
$
5,576

 
$
(2,356
)
 
$
1,561

See notes to condensed consolidated financial statements.

6

Table of Contents    

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

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

 
$
5,961

 
$
43,962

 
$
(2,547
)
 
$
(33,524
)
 
$
2

 
$
14,789

Net earnings (losses) (1)
 

 

 
516

 

 

 
(3
)
 
513

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

 

 

 
145

 

 

 
145

Stock award activity
 

 
(1
)
 

 

 
12

 

 
11

Cash dividends declared ($2.44 per share)
 

 

 
(4,568
)
 

 

 

 
(4,568
)
Repurchases of common stock
 

 

 

 

 
(346
)
 

 
(346
)
Issuance of noncontrolling interest in Helix
 

 

 

 

 

 
88

 
88

Other
 

 

 

 

 

 
5

 
5

Balances, September 30, 2019
 
$
935

 
$
5,960

 
$
39,910

 
$
(2,402
)
 
$
(33,858
)
 
$
92

 
$
10,637


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

 
$
5,952

 
$
42,251

 
$
(1,897
)
 
$
(31,864
)
 
$
3

 
$
15,380

Net earnings (losses) (1)
 

 

 
5,713

 

 

 

 
5,713

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

 

 

 
(137
)
 

 

 
(137
)
Stock award activity
 

 
7

 

 

 
10

 

 
17

Cash dividends declared ($2.20 per share)
 

 

 
(4,159
)
 

 

 

 
(4,159
)
Repurchases of common stock
 

 

 

 

 
(1,317
)
 

 
(1,317
)
Other
 

 

 

 

 

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

 
$
5,959

 
$
43,805

 
$
(2,034
)
 
$
(33,171
)
 
$
2

 
$
15,496


(1) Amounts attributable to noncontrolling interests for the nine months ended September 30, 2019 and 2018 exclude net earnings of $3 million due to the redeemable noncontrolling interest related to Stag’s Leap Wine Cellars, which is reported in the mezzanine equity section on the condensed consolidated balance sheets.

See notes to condensed consolidated financial statements.



7

Table of Contents    

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

 
 
Attributable to Altria
 
 
 
 
 
 
Common
Stock
 
Additional
Paid-in
Capital
 
Earnings
Reinvested
in the
Business
 
Accumulated
Other
Comprehensive
Losses
 
Cost of
Repurchased
Stock
 
Non-controlling
Interests
 
Total
Stockholders’
Equity
Balances, June 30, 2019
 
$
935

 
$
5,953

 
$
44,081

 
$
(2,646
)
 
$
(33,859
)
 
$
2

 
$
14,466

Net earnings (losses) (1)
 

 

 
(2,600
)
 

 

 
(3
)
 
(2,603
)
Other comprehensive earnings (losses), net of deferred income taxes
 

 

 

 
244

 

 

 
244

Stock award activity
 

 
7

 

 

 
1

 

 
8

Cash dividends declared ($0.84 per share)
 

 

 
(1,571
)
 

 

 

 
(1,571
)
Issuance of noncontrolling interest in Helix
 

 

 

 

 

 
88

 
88

Other
 

 

 

 

 

 
5

 
5

Balances, September 30, 2019
 
$
935

 
$
5,960

 
$
39,910

 
$
(2,402
)
 
$
(33,858
)
 
$
92

 
$
10,637


 
 
Attributable to Altria
 
 
 
 
 
 
Common
Stock
 
Additional
Paid-in
Capital
 
Earnings
Reinvested
in the
Business
 
Accumulated
Other
Comprehensive
Losses
 
Cost of
Repurchased
Stock
 
Non-controlling
Interests
 
Total
Stockholders’
Equity
Balances, June 30, 2018
 
$
935

 
$
5,948

 
$
43,369

 
$
(1,652
)
 
$
(32,804
)
 
$
2

 
$
15,798

Net earnings (losses) (1)
 

 

 
1,943

 

 

 

 
1,943

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

 

 

 
(382
)
 

 

 
(382
)
Stock award activity
 

 
11

 

 

 

 

 
11

Cash dividends declared ($0.80 per share)
 

 

 
(1,507
)
 

 

 

 
(1,507
)
Repurchases of common stock
 

 

 

 

 
(367
)
 

 
(367
)
Balances, September 30, 2018
 
$
935

 
$
5,959

 
$
43,805

 
$
(2,034
)
 
$
(33,171
)
 
$
2

 
$
15,496


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

See notes to condensed consolidated financial statements.



8

Table of Contents    

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

 
 
For the Nine Months Ended
September 30,
 
 
2019
 
2018
Cash Provided by (Used in) Operating Activities
 
 
 
 
Net earnings (losses)
 
$
516

 
$
5,716

Adjustments to reconcile net earnings (losses) to operating cash flows:
 
 
 
 
Depreciation and amortization
 
163

 
168

Deferred income tax provision (benefit)
 
(261
)
 
215

Earnings from equity investments
 
(866
)
 
(759
)
Dividends from ABI
 
221

 
477

Loss on ABI/SABMiller business combination
 

 
33

Loss on Cronos-related financial instruments
 
1,327

 

Impairment of JUUL equity securities
 
4,500

 

Asset impairment and exit costs, net of cash paid
 
(33
)
 
(24
)
Cash effects of changes:
 
 
 
 
Receivables
 
(21
)
 
(45
)
Inventories
 
147

 
147

Accounts payable
 
(157
)
 
(79
)
Income taxes
 
174

 
308

Accrued liabilities and other current assets
 
(359
)
 
(319
)
Accrued settlement charges
 
(360
)
 
757

Pension plan contributions
 
(51
)
 
(19
)
Pension provisions and postretirement, net
 
(42
)
 
(19
)
Other, net
 
376

 
9

Net cash provided by (used in) operating activities
 
5,274

 
6,566

Cash Provided by (Used in) Investing Activities
 
 
 
 
Capital expenditures
 
(160
)
 
(132
)
Investment in Cronos
 
(1,863
)