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Section 1: 10-Q (10-Q)

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mo:shareholder mo:lawsuit mo:court mo:plantiff
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                    
Commission File Number 1-08940
Altria Group, Inc.
(Exact name of registrant as specified in its charter)
Virginia
 
 
13-3260245
 
(State or other jurisdiction of incorporation or organization)
 
 
(I.R.S. Employer
Identification No.)
 
 
 
 
6601 West Broad Street,
Richmond,
Virginia
23230
 
(Address of principal executive offices)
 
 
(Zip Code)
 
Registrant’s telephone number, including area code (804) 274-2200 
 Former name, former address and former fiscal year, if changed since last report
Securities registered pursuant to Section 12(b) of the Act:
               Title of each class               
Trading Symbols
Name of each exchange on which registered
Common Stock, $0.33 1/3 par value
MO
New York Stock Exchange
1.000% Notes due 2023
MO23A
New York Stock Exchange
1.700% Notes due 2025
MO25
New York Stock Exchange
2.200% Notes due 2027
MO27
New York Stock Exchange
3.125% Notes due 2031
MO31
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes   þ     No   ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes   þ    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
þ
 
Accelerated filer
 
Non-accelerated filer
 
  
Smaller reporting company
  
 
 
 
 
Emerging growth company
  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes    No   þ
At July 24, 2020, there were 1,858,397,202 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 6.
  
  
 
 
 
 
Signature
  
  


2

Table of Contents    

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
Altria Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions of dollars)
(Unaudited)
 
 
 
June 30, 2020
 
December 31, 2019
Assets
 
 
 
 
Cash and cash equivalents
 
$
4,826

 
$
2,117

Receivables
 
140

 
152

Inventories:
 

 

Leaf tobacco
 
768

 
874

Other raw materials
 
194

 
192

Work in process
 
433

 
696

Finished product
 
519

 
531

 
 
1,914

 
2,293

Other current assets
 
124

 
262

Total current assets
 
7,004

 
4,824

Property, plant and equipment, at cost
 
5,137

 
5,074

Less accumulated depreciation
 
3,135

 
3,075

 
 
2,002

 
1,999

Goodwill
 
5,177

 
5,177

Other intangible assets, net
 
12,650

 
12,687

Investments in equity securities
 
22,319

 
23,581

Other assets
 
1,048

 
1,003

Total Assets
 
$
50,200

 
$
49,271

 
See notes to condensed consolidated financial statements.

3

Table of Contents    

Altria Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Continued)
(in millions of dollars, except share and per share data)
(Unaudited)
 
 
 
June 30, 2020
 
December 31, 2019
Liabilities
 
 
 
 
Current portion of long-term debt
 
$
1,500

 
$
1,000

Accounts payable
 
273

 
325

Accrued liabilities:
 
 
 
 
Marketing
 
488

 
393

Taxes, except income taxes
 
1,325

 
13

Settlement charges
 
2,071

 
3,346

Other
 
1,112

 
1,520

Income taxes
 
1,066

 
12

Dividends payable
 
1,565

 
1,565

Total current liabilities
 
9,400

 
8,174

Long-term debt
 
27,542

 
27,042

Deferred income taxes
 
4,847

 
5,083

Accrued pension costs
 
377

 
473

Accrued postretirement health care costs
 
1,800

 
1,797

Other liabilities
 
410

 
345

Total liabilities
 
44,376

 
42,914

Contingencies (Note 12)
 

 

Redeemable noncontrolling interest
 
38

 
38

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

 
935

Additional paid-in capital
 
5,964

 
5,970

Earnings reinvested in the business
 
36,908

 
36,539

Accumulated other comprehensive losses
 
(3,774
)
 
(2,864
)
Cost of repurchased stock
(947,573,795 shares at June 30, 2020 and
947,979,763 shares at December 31, 2019)
 
(34,345
)
 
(34,358
)
Total stockholders’ equity attributable to Altria
 
5,688

 
6,222

Noncontrolling interests
 
98

 
97

Total stockholders’ equity
 
5,786

 
6,319

Total Liabilities and Stockholders’ Equity
 
$
50,200

 
$
49,271

See notes to condensed consolidated financial statements.


4

Table of Contents    

Altria Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions of dollars, except per share data)
(Unaudited)
 
 
 
For the Six Months Ended June 30,
 
For the Three Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Net revenues
 
$
12,726

 
$
12,247

 
$
6,367

 
$
6,619

Cost of sales
 
3,948

 
3,452

 
1,775

 
1,874

Excise taxes on products
 
2,618

 
2,665

 
1,305

 
1,426

Gross profit
 
6,160

 
6,130

 
3,287

 
3,319

Marketing, administration and research costs
 
1,028

 
1,102

 
491

 
569

Asset impairment and exit costs
 

 
73

 

 
33

Operating income
 
5,132

 
4,955

 
2,796

 
2,717

Interest and other debt expense, net
 
583

 
696

 
308

 
312

Net periodic benefit income, excluding service cost
 
(55
)
 
(16
)
 
(28
)
 
(15
)
Earnings from equity investments
 
(166
)
 
(533
)
 
(9
)
 
(447
)
(Gain) loss on Cronos-related financial instruments
 
97

 
691

 
(40
)
 
266

Earnings before income taxes
 
4,673

 
4,117

 
2,565

 
2,601

Provision for income taxes
 
1,185

 
999

 
627

 
604

Net earnings
 
3,488

 
3,118

 
1,938

 
1,997

Net (earnings) losses attributable to noncontrolling interests
 
7

 
(2
)
 
5

 
(1
)
Net earnings attributable to Altria
 
$
3,495

 
$
3,116

 
$
1,943

 
$
1,996

Per share data:
 
 
 
 
 
 
 
 
Basic and diluted earnings per share attributable to Altria
 
$
1.88

 
$
1.66

 
$
1.04

 
$
1.07

See notes to condensed consolidated financial statements.


5

Table of Contents    

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

 
 
For the Six Months Ended June 30,
 
For the Three Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Net earnings
 
$
3,488

 
$
3,118

 
$
1,938

 
$
1,997

Other comprehensive earnings (losses), net of deferred income taxes:
 
 
 
 
 
 
 
 
Benefit plans
 
42

 
58

 
21

 
29

ABI
 
(913
)
 
(168
)
 
(1,211
)
 
31

Currency translation adjustments and other
 
(39
)
 
11

 
(51
)
 
11

Other comprehensive earnings (losses), net of deferred
income taxes
 
(910
)
 
(99
)
 
(1,241
)
 
71

 
 
 
 
 
 
 
 
 
Comprehensive earnings
 
2,578

 
3,019

 
697

 
2,068

Comprehensive (earnings) losses attributable to noncontrolling interests
 
7

 
(2
)
 
5

 
(1
)
Comprehensive earnings attributable to Altria
 
$
2,585

 
$
3,017

 
$
702

 
$
2,067

See notes to condensed consolidated financial statements.

6

Table of Contents    

Altria Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Stockholders’ Equity
for the Six Months Ended June 30, 2020 and 2019
(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, 2019
 
$
935

 
$
5,970

 
$
36,539

 
$
(2,864
)
 
$
(34,358
)
 
$
97

 
$
6,319

Net earnings (losses) (1)
 

 

 
3,495

 

 

 
(8
)
 
3,487

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

 

 

 
(910
)
 

 

 
(910
)
Stock award activity
 

 
(6
)
 

 

 
13

 

 
7

Cash dividends declared ($1.68 per share)
 

 

 
(3,126
)
 

 

 

 
(3,126
)
Other
 

 

 

 

 

 
9

 
9

Balances, June 30, 2020
 
$
935

 
$
5,964

 
$
36,908

 
$
(3,774
)
 
$
(34,345
)
 
$
98

 
$
5,786


 
 
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)
 

 

 
3,116

 

 

 

 
3,116

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

 

 

 
(99
)
 

 

 
(99
)
Stock award activity
 

 
(8
)
 

 

 
11

 

 
3

Cash dividends declared ($1.60 per share)
 

 

 
(2,997
)
 

 

 

 
(2,997
)
Repurchases of common stock
 

 

 

 

 
(346
)
 

 
(346
)
Balances, June 30, 2019
 
$
935

 
$
5,953

 
$
44,081

 
$
(2,646
)
 
$
(33,859
)
 
$
2

 
$
14,466


(1)
Amounts attributable to noncontrolling interests for the six months ended June 30, 2020 and 2019 exclude net earnings of $1 million and $2 million, respectively, due to the redeemable noncontrolling interest related to Stag’s Leap Wine Cellars, which is reported in the mezzanine equity section on the condensed consolidated balance sheets.

See notes to condensed consolidated financial statements.



7

Table of Contents    

Altria Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Stockholders’ Equity
for the Three Months Ended June 30, 2020 and 2019
(in millions of dollars, except per share data)
(Unaudited)
 

 
 
Attributable to Altria
 
 
 
 
 
 
Common
Stock
 
Additional
Paid-in
Capital
 
Earnings
Reinvested
in the
Business
 
Accumulated
Other
Comprehensive
Losses
 
Cost of
Repurchased
Stock
 
Non-controlling
Interests
 
Total
Stockholders’
Equity
Balances, March 30, 2020
 
$
935

 
$
5,959

 
$
36,528

 
$
(2,533
)
 
$
(34,346
)
 
$
94

 
$
6,637

Net earnings (losses) (1)
 

 

 
1,943

 

 

 
(5
)
 
1,938

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

 

 

 
(1,241
)
 

 

 
(1,241
)
Stock award activity
 

 
5

 

 

 
1

 

 
6

Cash dividends declared ($0.84 per share)
 

 

 
(1,563
)
 

 

 

 
(1,563
)
Other
 

 

 

 

 

 
9

 
9

Balances, June 30, 2020
 
$
935

 
$
5,964

 
$
36,908

 
$
(3,774
)
 
$
(34,345
)
 
$
98

 
$
5,786


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

 
$
5,943

 
$
43,582

 
$
(2,717
)
 
$
(33,664
)
 
$
2

 
$
14,081

Net earnings (losses) (1)
 

 

 
1,996

 

 

 

 
1,996

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

 

 

 
71

 

 

 
71

Stock award activity
 

 
10

 

 

 

 

 
10

Cash dividends declared ($0.80 per share)
 

 

 
(1,497
)
 

 

 

 
(1,497
)
Repurchases of common stock
 

 

 

 

 
(195
)
 

 
(195
)
Balances, June 30, 2019
 
$
935

 
$
5,953

 
$
44,081

 
$
(2,646
)
 
$
(33,859
)
 
$
2

 
$
14,466


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

See notes to condensed consolidated financial statements.



8

Table of Contents    

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

 
 
For the Six Months Ended
June 30,
 
 
2020
 
2019
Cash Provided by (Used in) Operating Activities
 
 
 
 
Net earnings
 
$
3,488

 
$
3,118

Adjustments to reconcile net earnings to operating cash flows:
 
 
 
 
Depreciation and amortization
 
130

 
106

Deferred income tax provision (benefit)
 
(4
)
 
(52
)
Earnings from equity investments
 
(166
)
 
(533
)
Dividends from ABI
 
108

 
221

Loss on Cronos-related financial instruments
 
97

 
691

Asset impairment and exit costs, net of cash paid
 
(41
)
 
(1
)
Cash effects of changes:
 
 
 
 
Receivables
 
12

 
(21
)
Inventories
 
87

 
96

Accounts payable
 
(47
)
 
(175
)
Income taxes
 
1,049

 
94

Accrued liabilities and other current assets
 
1,028

 
80

Accrued settlement charges
 
(1,275
)
 
(1,435
)
Pension plan contributions
 
(11
)
 
(14
)
Pension provisions and postretirement, net
 
(38
)
 
(18
)
Other, net
 
529

 
235

Net cash provided by (used in) operating activities
 
4,946

 
2,392

Cash Provided by (Used in) Investing Activities
 
 
 
 
Capital expenditures
 
(106
)
 
(79
)
Investment in Cronos
 

 
(1,832
)
Other, net
 
43

 
(65
)
Net cash provided by (used in) investing activities
 
$
(63
)
 
$
(1,976
)

See notes to condensed consolidated financial statements.


9

Table of Contents    

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

 
 
For the Six Months Ended
June 30,
 
 
2020
 
2019
Cash Provided by (Used in) Financing Activities
 
 
 
 
Proceeds from short-term borrowings
 
$
3,000

 
$

Repayment of short-term borrowings
 
(3,000
)
 
(12,800
)
Long-term debt issued
 
1,993

 
16,265

Long-term debt repaid
 
(1,000
)
 

Repurchases of common stock
 

 
(346
)
Dividends paid on common stock
 
(3,126
)
 
(3,001
)
Other, net
 
(16
)
 
(131
)
Net cash provided by (used in) financing activities
 
(2,149
)
 
(13
)
Cash, cash equivalents and restricted cash:
 
 
 
 
Increase (decrease)
 
2,734

 
403

Balance at beginning of period
 
2,160

 
1,433

Balance at end of period
 
$
4,894

 
$
1,836

 
 
 
 
 
The following table provides a reconciliation of cash, cash equivalents and restricted cash to the amounts reported on Altria’s condensed consolidated balance sheets:
 
 
At June 30, 2020
 
At December 31, 2019
Cash and cash equivalents
 
$
4,826

 
$
2,117

Restricted cash included in other current assets (1)
 
11

 

Restricted cash included in other assets (1)
 
57

 
43

Cash, cash equivalents and restricted cash
 
$
4,894

 
$
2,160

(1)
Restricted cash consisted of cash deposits collateralizing appeal bonds posted by PM USA to obtain stays of judgments pending appeals. See Note 12. Contingencies.

See notes to condensed consolidated financial statements.

10

Table of Contents    


Altria Group, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(Unaudited)

Note 1. Background and Basis of Presentation:

Background

When used in these notes, the term "Altria” refers to Altria Group, Inc. and its subsidiaries, unless otherwise specified or unless otherwise required.

At June 30, 2020, Altria Group, Inc.’s wholly-owned subsidiaries included 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; Sherman Group Holdings, LLC and its subsidiaries (“Nat Sherman”), which are engaged in the manufacture and sale of super premium cigarettes and the sale of premium cigars; UST LLC (“UST”), which through its wholly-owned subsidiaries, including U.S. Smokeless Tobacco Company LLC (“USSTC”) and Ste. Michelle Wine Estates Ltd. (“Ste. Michelle”), is engaged in the manufacture and sale of moist smokeless tobacco (“MST”) and snus products and wine; and Philip Morris Capital Corporation (“PMCC”), which maintains a portfolio of finance assets, substantially all of which are leveraged leases. In addition, Altria owned an 80% interest in Helix Innovations LLC (“Helix”), which is engaged in the manufacture and sale of oral nicotine pouches. Other Altria wholly-owned subsidiaries included Altria Group Distribution Company, which provides sales and distribution services to certain Altria operating subsidiaries, and Altria Client Services LLC, which provides various support services in areas such as legal, regulatory, consumer engagement, finance, human resources and external affairs to Altria and its subsidiaries. Altria’s access to the operating cash flows of its wholly-owned subsidiaries consists of cash received from the payment of dividends and distributions, and the payment of interest on intercompany loans by its subsidiaries. At June 30, 2020, Altria’s significant wholly-owned subsidiaries were not limited by contractual obligations on their ability to pay cash dividends or make other distributions with respect to their equity interests.

At June 30, 2020, Altria had a 10.0% ownership in Anheuser-Busch InBev SA/NV (“ABI”), which Altria accounts for under the equity method of accounting using a one-quarter lag. Altria receives cash dividends on its interest in ABI and will continue to do so as long as ABI pays dividends.

At June 30, 2020, Altria had a 35%