Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Product/Service, Dividend, Conference Call, Webcast, Stock Sale/Buyback, Share Issue

Altria Reports 2021 Fourth-Quarter and Full-Year Results; Provides 2022 Full-Year Earnings Guidance


Altria Group, Inc. (Altria) (NYSE: MO) today reports its 2021 fourth-quarter and full-year business results and provides its 2022 full-year adjusted diluted earnings per share (EPS) guidance.

"Altria delivered outstanding results in 2021 across our businesses, including strong financial performance, progress toward our Vision and advancements in our ESG efforts," said Billy Gifford, Altria's Chief Executive Officer.

"We returned more than $8.1 billion in cash to shareholders in 2021 through dividends and share repurchases. This total represents the third-largest single-year cash return in Altria's history and the largest annual return since 2002."

"Our plans for the year ahead include a continuation of our strategy to balance earnings growth and shareholder returns with investments toward our Vision. We expect to deliver 2022 full-year adjusted diluted EPS in a range of $4.79 to $4.93, representing a growth rate of 4% to 7% from an adjusted diluted EPS base of $4.61 in 2021."

Altria Headline Financials1

($ in millions, except per share data)

Q4 2021

Change vs.

Q4 2020

 

Full Year 2021

Change vs.

Full Year 2020

Net revenues

$6,255

(0.8)%

 

$26,013

(0.5)%

Revenues net of excise taxes

$5,086

0.6%

 

$21,111

1.3%

 

Reported tax rate

28.8%

4.4 pp

 

35.3%

(0.1) pp

Adjusted tax rate

25.5%

0.6 pp

 

25.1%

0.3 pp

 

Reported diluted EPS2

$0.88

(14.6)%

 

$1.34

(44.2)%

Adjusted diluted EPS2

$1.09

10.1%

 

$4.61

5.7%

1 "Adjusted" financial measures presented in this release exclude the impact of special items. See "Basis of Presentation" for more information.

2 "EPS" represents diluted earnings (losses) per share attributable to Altria.

As previously announced, a conference call with the investment community and news media will be webcast on January 27, 2022 at 9:00 a.m. Eastern Time. Access to the webcast is available at www.altria.com/webcasts.

Cash Returns to Shareholders and Capital Markets Activity

Share Repurchase Program

Dividends

Smoke-free Products Business Platform

Oral Tobacco

Heated Tobacco

E-Vapor

Environmental, Social and Governance (ESG)

Altria's Corporate Responsibility Focus Areas are (i) reducing the harm of tobacco products, (ii) preventing underage use, (iii) protecting the environment, (iv) driving responsibility through our value chain, (v) supporting our people and communities and (vi) engaging and leading responsibly. Altria's corporate responsibility reports can be found on the Corporate Responsibility Reports page at www.altria.com/responsibility.

Impact of COVID-19 Pandemic

Impact on Tobacco Business Operations

Impact on ABI, JUUL and Cronos Investments

Philip Morris Capital Corporation Update

As of December 31, 2021, Altria's net finance assets balance was $114 million, down $206 million since the end of 2020 due to rents received and asset sales. As previously announced, Altria expects to fully complete the Philip Morris Capital Corporation (PMCC) wind-down by the end of 2022.

2022 Full-Year Guidance

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% from an adjusted diluted EPS base of $4.61 in 2021. 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) ATC 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 Master Settlement Agreement expenses and direct materials expenses 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%. Altria also expects 2022 capital expenditures to be between $200 million and $250 million and depreciation and amortization expenses of approximately $210 million.

Altria's full-year adjusted diluted EPS guidance and full-year forecast for its adjusted effective tax rate exclude the impact of 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 1998 Master Settlement Agreement (such dispute resolutions are referred to as NPM Adjustment Items).

Altria's management cannot estimate on a forward-looking basis the impact of certain income and expense items, including those items noted in the preceding paragraph, 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 U.S. generally accepted accounting principles (GAAP) measure for, or reconciliation to, its adjusted diluted EPS guidance or its adjusted effective tax rate forecast.

ALTRIA GROUP, INC.

See "Basis of Presentation" below for an explanation of financial measures and reporting segments discussed in this release.

Financial Performance

Fourth Quarter

Full Year

Table 1 - Altria's Adjusted Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

Full Year

 

2021 

 2020

 

Change 

 

2021 

2020 

 

Change 

Reported diluted EPS

$ 0.88

$ 1.03

 

(14.6) %

 

$ 1.34

$ 2.40

 

(44.2) %

NPM Adjustment Items

?

?

 

 

 

(0.03)

?

 

 

Asset impairment, exit, implementation, acquisition and disposition-related costs

?

0.02

 

 

 

0.05

0.18

 

 

Tobacco and health and certain other litigation items

0.02

?

 

 

 

0.07

0.03

 

 

Impairment of JUUL equity securities

?

?

 

 

 

?

1.40

 

 

JUUL changes in fair value

?

(0.05)

 

 

 

?

(0.05)

 

 

ABI-related special items

0.04

0.03

 

 

 

2.66

0.32

 

 

Cronos-related special items

0.15

(0.04)

 

 

 

0.25

0.03

 

 

Loss on early extinguishment of debt

?

?

 

 

 

0.27

?

 

 

COVID-19 special items

?

?

 

 

 

?

0.02

 

 

Tax items

?

?

 

 

 

?

0.03

 

 

Adjusted diluted EPS

$ 1.09

$ 0.99

 

10.1 %

 

$ 4.61

$ 4.36

 

5.7 %

Note: For details of pre-tax, tax and after-tax amounts, see Schedules 7 and 9.

Special Items

The EPS impact of the following special items is shown in Table 1 and Schedules 6, 7, 8 and 9.

Non-Participating Manufacturer (NPM) Adjustment Items

Implementation, acquisition and disposition-related costs.

Tobacco and Health and Certain Other Litigation Items

Impairment of JUUL Equity Securities

In the fourth quarter of 2020, Altria elected to account for its investment in JUUL under the fair value option. Prior to this date, Altria accounted for its investment in JUUL as an investment in an equity security.

JUUL Changes in Fair Value

ABI-Related Special Items

The ABI-related special items above 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

In the fourth quarter and for full-year 2021, Altria recorded net pre-tax (income) expense consisting of the following:

 

 

Fourth Quarter

 

Full Year

($ in millions, except per share data)

 

 2021

 

 2020

 

 

 

 2021

 

2020 

 

 

 

 

 

 

 

(Gain) loss on Cronos-related financial

instruments 1

$

20

$

(62

)

 

$

148

$

140

 

(Income) losses from equity investments 2

 

246

 

(31

)

 

 

318

 

(89

)

Total Cronos-related special items - (income)

expense

$

266

$

(93

)

 

$

466

$

51

 

Earnings per share

$

0.15

$

(0.04

)

 

$

0.25

$

0.03

 

1 Amounts are related to the non-cash change in the fair value of the warrant and certain anti-dilution protections (both acquired in March 2019).

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.

The amounts above include a non-cash, pre-tax impairment charge of $205 million for the three and twelve months ended December 31, 2021, reflecting the difference between the fair value of Altria's investment in Cronos using Cronos's share price at December 31, 2021 and the carrying value of Altria's investment in Cronos at December 31, 2021.

Loss on Early Extinguishment of Debt

COVID-19 Special Items

Tax Items

SMOKEABLE PRODUCTS

Revenues and OCI

Fourth Quarter

Full Year

Table 2 - Smokeable Products: Revenues and OCI ($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

Full Year

 

2021

2020

Change

 

2021

2020

Change

Net revenues

$ 5,591

$ 5,567

0.4 %

 

$ 22,866

$ 23,089

(1.0) %

Excise taxes

(1,134)

(1,212)

 

 

(4,754)

(5,162)

 

Revenues net of excise taxes

$ 4,457

$ 4,355

2.3 %

 

$ 18,112

$ 17,927

1.0 %

 

 

 

 

 

 

 

 

Reported OCI

$ 2,493

$ 2,376

4.9 %

 

$ 10,394

$ 9,985

4.1%

NPM Adjustment Items

?

4

 

 

(53)

4

 

Asset impairment, exit, implementation, acquisition and disposition-related costs

?

2

 

 

?

2

 

Tobacco and health and certain other litigation items

11

6

 

 

83

79

 

COVID-19 special items

?

?

 

 

?

41

 

Adjusted OCI

$ 2,504

$ 2,388

4.9 %

 

$ 10,424

$ 10,111

3.1 %

Adjusted OCI margins 1

56.2%

54.8%

1.4 pp

 

57.6%

56.4%

1.2 pp

 

1 Adjusted OCI margins are calculated as adjusted OCI divided by revenues net of excise taxes.

Shipment Volume

Fourth Quarter

Full Year

Table 3 - Smokeable Products: Reported Shipment Volume (sticks in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

Full Year

 

2021

2020

Change

 

2021

2020

Change

Cigarettes:

 

 

 

 

 

 

 

Marlboro

19,848

20,968

(5.3) %

 

82,970

88,858

(6.6) %

Other premium

1,036

1,070

(3.2) %

 

4,216

4,566

(7.7) %

Discount

1,539

1,796

(14.3) %

 

6,607

8,001

(17.4) %

Total cigarettes

22,423

23,834

(5.9) %

 

93,793

101,425

(7.5) %

 

 

 

 

 

 

 

 

Cigars:

 

 

 

 

 

 

 

Black & Mild

440

473

(7.0) %

 

1,796

1,790

0.3 %

Other

2

2

? %

 

7

10

(30.0) %

Total cigars

442

475

(6.9) %

 

1,803

1,800

0.2 %

 

 

 

 

 

 

 

 

Total smokeable products

22,865

24,309

(5.9) %

 

95,596

103,225

(7.4) %

 

Note: Cigarettes volume includes units sold as well as promotional units, but excludes units sold for distribution to Puerto Rico, and units sold in U.S. Territories, to overseas military and by Philip Morris Duty Free Inc., none of which, individually or in the aggregate, is material to the smokeable products segment.

Retail Share and Brand Activity

Fourth Quarter

Full Year

Table 4 - Smokeable Products: Cigarettes Retail Share (percent)

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

Full Year

 

2021

2020

Percentage
point change

 

2021

2020

Percentage
point change

Cigarettes:

 

 

 

 

 

 

 

Marlboro

42.7%

43.1%

(0.4)

 

43.1%

42.9%

0.2

Other premium

2.3

2.3

?

 

2.3

2.3

?

Discount

3.3

3.7

(0.4)

 

3.4

3.9

(0.5)

Total cigarettes

48.3%

49.1%

(0.8)

 

48.8%

49.1%

(0.3)

 

 

Note: Retail share results for cigarettes are based on data from IRI/MSAi, a tracking service that uses a sample of stores and certain wholesale shipments to project market share and depict share trends. This service tracks sales in the food, drug, mass merchandisers, convenience, military, dollar store and club trade classes. For other trade classes selling cigarettes, retail share is based on shipments from wholesalers to retailers (STARS). This service is not designed to capture sales through other channels, including the internet, direct mail and some illicitly tax-advantaged outlets. It is IRI's standard practice to periodically refresh its services, which could restate retail share results that were previously released in this service.

ORAL TOBACCO PRODUCTS

Revenues and OCI

Fourth Quarter

Full Year

Table 5 - Oral Tobacco Products: Revenues and OCI ($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

Full Year

 

2021

2020

Change

 

2021

2020

Change

Net revenues

$ 663

$ 632

4.9 %

 

$ 2,608

$ 2,533

3.0%

Excise taxes

(34)

(32)

 

 

(132)

(130)

 

Revenues net of excise taxes

$ 629

$ 600

4.8 %

 

$ 2,476

$ 2,403

3.0%

 

 

 

 

 

 

 

 

Reported OCI

$ 390

$ 421

(7.4) %

 

$ 1,659

$ 1,718

(3.4) %

Asset impairment, exit, implementation, acquisition and disposition-related costs

?

(9)

 

 

37

(3)

 

COVID-19 special items

?

?

 

 

?

9

 

Adjusted OCI

$ 390

$ 412

(5.3) %

 

$ 1,696

$ 1,724

(1.6) %

Adjusted OCI margins 1

62.0%

68.7%

(6.7) pp

 

68.5%

71.7%

(3.2) pp

 

1 Adjusted OCI margins are calculated as adjusted OCI divided by revenues net of excise taxes.

Shipment Volume

Fourth Quarter

Full Year

Table 6 - Oral Tobacco Products: Reported Shipment Volume (cans and packs in millions)

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

Full Year

 

2021

2020

Change

 

2021

2020

Change

Copenhagen

125.2

127.4

(1.7

) %

 

503.6

522.4

(3.6

) %

Skoal

49.2

51.3

(4.1

) %

 

197.4

208.5

(5.3

) %

Other (includes Red Seal and on!)

31.6

23.7

33.3

%

 

119.3

88.7

34.5

%

Total oral tobacco products

206.0

202.4

1.8

%

 

820.3

819.6

0.1

%

 

Note: Volume includes cans and packs sold, as well as promotional units, but excludes international volume, which is currently not material to the oral tobacco products segment. New types of oral tobacco products, as well as new packaging configurations of existing oral tobacco products, may or may not be equivalent to existing MST products on a can-for-can basis. To calculate volumes of cans and packs shipped, one pack of snus or one can of oral nicotine pouches, irrespective of the number of pouches in the pack, is assumed to be equivalent to one can of MST.

Retail Share & Brand Activity

Fourth Quarter

Full Year

Table 7 - Oral Tobacco Products: Retail Share (percent)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

Full Year

 

2021

2020

Percentage point change

 

2021

2020

Percentage point change

Copenhagen

28.6

%

31.2

%

(2.6

)

 

29.4

%

31.8

%

(2.4

)

Skoal

12.1

 

13.4

 

(1.3

)

 

12.6

 

13.9

 

(1.3

)

Other (includes Red Seal and on!)

6.9

 

4.6

 

2.3

 

 

5.8

 

4.2

 

1.6

 

Total oral tobacco products

47.6

%

49.2

%

(1.6

)

 

47.8

%

49.9

%

(2.1

)

 

Note: The oral tobacco products retail share results exclude international volume. Retail share results for oral tobacco products are based on data from IRI InfoScan, a tracking service that uses a sample of stores to project market share and depict share trends. This service tracks sales in the food, drug, mass merchandisers, convenience, military, dollar store and club trade classes on the number of cans and packs sold. Oral tobacco products is defined by IRI as moist smokeless, snus and oral nicotine pouches. New types of oral tobacco products, as well as new packaging configurations of existing oral tobacco products, may or may not be equivalent to existing MST products on a can-for-can basis. For example, one pack of snus or one can of oral nicotine pouches, irrespective of the number of pouches in the pack, is assumed to be equivalent to one can of MST. Because this service represents retail share performance only in key trade channels, it should not be considered a precise measurement of actual retail share. It is IRI's standard practice to periodically refresh its InfoScan services, which could restate retail share results that were previously released in this service.

WINE

Revenues, OCI and Shipment Volume

On October 1, 2021, UST LLC sold its subsidiary, International Wine & Spirits Ltd., which included Ste. Michelle, to Sycamore Partners Management, L.P.

Full Year

Table 8 - Wine: Revenues and OCI (Loss) ($ in millions)

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

Full Year

 

2021

 

2020

 

Change

 

2021

 

2020

 

Change

Net revenues

$

?

 

$

180

 

(100.0) %

 

$

494

 

$

614

 

(19.5) %

Excise taxes

 

?

 

 

(5

)

 

 

 

(14

)

 

(19

)

 

Revenues net of excise taxes

$

?

 

$

175

 

(100.0) %

 

$

480

 

$

595

 

(19.3) %

 

 

 

 

 

 

 

 

Reported OCI (Loss)

$

?

 

$

(13

)

100.0%

 

$

21

 

$

(360

)

100%+

Asset impairment, exit, implementation, acquisition and disposition-related costs

 

?

 

 

16

 

 

 

 

52

 

 

411

 

 

Adjusted OCI

$

?

 

$

3

 

(100.0) %

 

$

73

 

$

51

 

43.1%

Adjusted OCI margins 1

 

?

%

 

1.7

%

(1.7) pp

 

 

15.2

%

 

8.6

%

6.6 pp

 

1 Adjusted OCI margins are calculated as adjusted OCI divided by revenues net of excise taxes.

Altria's Profile

Altria has a leading portfolio of tobacco products for U.S. tobacco consumers age 21+. 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 leading manufacturers of both combustible and smoke-free products. In combustibles, Altria owns Philip Morris USA Inc. (PM USA), the most profitable U.S. cigarette manufacturer, and John Middleton Co. (Middleton), a leading U.S. cigar manufacturer. Altria's smoke-free portfolio includes ownership of U.S. Smokeless Tobacco Company LLC (USSTC), the leading global moist smokeless tobacco (MST) manufacturer, and Helix Innovations LLC (Helix), a rapidly growing manufacturer of oral nicotine pouches. Altria also enhances its smoke-free product portfolio with exclusive U.S. commercialization rights to the IQOS Tobacco Heating System® and Marlboro HeatSticks®, and an equity investment in JUUL Labs, Inc. (JUUL).

Altria also owns equity investments in Anheuser-Busch InBev SA/NV (ABI), the world's largest brewer, and Cronos Group Inc. (Cronos), a leading Canadian cannabinoid company.

The brand portfolios of Altria's tobacco operating companies include Marlboro®, Black & Mild®, Copenhagen®, Skoal® and on!®. Trademarks and service marks related to Altria referenced in this release are the property of Altria or its subsidiaries or are used with permission.

Learn more about Altria at www.altria.com and follow us on Twitter, Facebook and LinkedIn.

Basis of Presentation

Altria reports its financial results in accordance with GAAP. Altria's management reviews OCI, which is defined as operating income before general corporate expenses and amortization of intangibles, to evaluate the performance of, and allocate resources to, the segments. Altria's management also reviews certain financial results, including OCI, OCI margins and diluted EPS, on an adjusted basis, which excludes certain income and expense items, including those items noted under "2022 Full-Year Guidance." 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. Altria's management uses adjusted financial measures 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 consistent with 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. Reconciliations of historical adjusted financial measures to corresponding GAAP measures are provided in this release.

Altria uses the equity method of accounting for its investment in ABI and Cronos and reports its share of ABI's and Cronos's results using a one-quarter lag because ABI's and Cronos's results are not available in time to record them in the concurrent period. The one-quarter reporting lag for ABI and Cronos does not affect Altria's cash flows. In the fourth quarter of 2020, Altria elected to account for its investment in JUUL under the fair value option. Prior to this date, Altria accounted for its investment in JUUL as an investment in an equity security.

At December 31, 2021 Altria's reportable segments are (i) smokeable products, including combustible cigarettes and cigars manufactured and sold by PM USA and Middleton, respectively, and (ii) oral tobacco products, including MST and snus products manufactured and sold by USSTC, and oral nicotine pouches sold by Helix. On October 1, 2021, UST LLC sold its Ste. Michelle Wine Estates Ltd. (Ste. Michelle) business. Prior to October 1, 2021, wine produced and/or sold by Ste. Michelle was a reportable segment. Results for innovative tobacco products and PMCC are included in "All Other." Comparisons are to the corresponding prior-year period unless otherwise stated.

Forward-Looking and Cautionary Statements

This release contains projections of future results and other forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.

Important factors that may cause actual results and outcomes to differ materially from those contained in the projections and forward-looking statements included in this release are described in Altria's publicly filed reports, including its Annual Report on Form 10-K for the year ended December 31, 2020 and its Quarterly Report on Form 10-Q for the period ended September 30, 2021. These factors include the following:

Altria cautions that the foregoing list of important factors is not complete and does not undertake to update any forward-looking statements that it may make except as required by applicable law. All subsequent written and oral forward-looking statements attributable to Altria or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements referenced above.

 

 

 

 

 

Schedule 1

ALTRIA GROUP, INC.

and Subsidiaries

Consolidated Statements of Earnings

For the Quarters Ended December 31,

(dollars in millions, except per share data)

(Unaudited)

 

 

2021

 

 

 

2020

 

 

% Change

 

 

 

 

 

 

Net revenues

$

6,255

 

 

$

6,304

 

 

(0.8

) %

Cost of sales 1

 

1,771

 

 

 

1,909

 

 

 

Excise taxes on products 1

 

1,169

 

 

 

1,249

 

 

 

Gross profit

 

3,315

 

 

 

3,146

 

 

5.4

%

Marketing, administration and research costs

 

473

 

 

 

474

 

 

 

Asset impairment and exit costs

 

?

 

 

 

(3

)

 

 

Operating companies income

 

2,842

 

 

 

2,675

 

 

6.2

%

Amortization of intangibles

 

19

 

 

 

18

 

 

 

General corporate expenses

 

90

 

 

 

77

 

 

 

Corporate asset impairment and exit costs

 

?

 

 

 

(1

)

 

 

Operating income

 

2,733

 

 

 

2,581

 

 

5.9

%

Interest and other debt expense, net

 

293

 

 

 

316

 

 

 

Net periodic benefit income, excluding service cost

 

(50

)

 

 

(19

)

 

 

(Income) losses from equity investments 1

 

190

 

 

 

(195

)

 

 

(Gain) loss on Cronos-related financial instruments

 

20

 

 

 

(62

)

 

 

Earnings before income taxes

 

2,280

 

 

 

2,541

 

 

(10.3

) %

Provision for income taxes

 

656

 

 

 

619

 

 

 

Net earnings

 

1,624

 

 

 

1,922

 

 

(15.5

) %

Net losses attributable to noncontrolling interests

 

?

 

 

 

2

 

 

 

Net earnings attributable to Altria

$

1,624

 

 

$

1,924

 

 

(15.6

) %

 

 

 

 

 

 

Per share data:

 

 

 

 

 

Diluted earnings per share attributable to Altria

$

0.88

 

 

$

1.03

 

 

(14.6

) %

 

 

 

 

 

 

Weighted-average diluted shares outstanding

 

1,832

 

 

 

1,859

 

 

(1.5

) %

1 Cost of sales includes charges for resolution expenses related to state settlement agreements and FDA user fees. Supplemental information concerning those items, excise taxes on products sold and (income) losses from equity investments is shown in Schedule 5.

 

 

 

 

 

Schedule 2

ALTRIA GROUP, INC.

and Subsidiaries

Selected Financial Data

For the Quarters Ended December 31,

(dollars in millions)

(Unaudited)

 

 

 

 

 

 

 

Net Revenues

 

Smokeable
Products

Oral
Tobacco
Products

Wine

All
Other

Total

2021

$

5,591

 

$

663

 

$

?

 

$

1

 

$

6,255

 

2020

 

5,567

 

 

632

 

 

180

 

 

(75

)

 

6,304

 

% Change

 

0.4

%

 

4.9

%

 

(100.0

) %

100%+

 

(0.8

) %

 

 

 

 

 

 

Reconciliation:

 

 

 

 

 

For the quarter ended December 31, 2020

$

5,567

 

$

632

 

$

180

 

$

(75

)

$

6,304

 

Operations

 

24

 

 

31

 

 

(180

)

 

76

 

 

(49

)

For the quarter ended December 31, 2021

$

5,591

 

$

663

 

$

?

 

$

1

 

$

6,255

 

 

 

 

 

 

 

 

Operating Companies Income (Loss)

 

Smokeable
Products

Oral
Tobacco
Products

Wine

All Other

Total

2021

$

2,493

 

$

390

 

$

?

 

$

(41

)

$

2,842

 

2020

 

2,376

 

 

421

 

 

(13

)

 

(109

)

 

2,675

 

% Change

 

4.9

%

 

(7.4

) %

 

100.0

%

 

62.4

%

 

6.2

%

 

 

 

 

 

 

Reconciliation:

 

 

 

 

 

For the quarter ended December 31, 2020

$

2,376

 

$

421

 

$

(13

)

$

(109

)

$

2,675

 

 

 

 

 

 

 

NPM Adjustment Items - 2020

 

4

 

 

?

 

 

?

 

 

?

 

 

4

 

Asset impairment, exit, implementation, acquisition and disposition-related costs - 2020

 

2

 

 

(9

)

 

16

 

 

?

 

 

9

 

Tobacco and health and certain other litigation items - 2020

 

6

 

 

?

 

 

?

 

 

?

 

 

6

 

 

 

12

 

 

(9

)

 

16

 

 

?

 

 

19

 

 

 

 

 

 

 

Tobacco and health and certain other litigation items - 2021

 

(11

)

 

?

 

 

?

 

 

?

 

 

(11

)

 

 

(11

)

 

?

 

 

?

 

 

?

 

 

(11

)

Operations

 

116

 

 

(22

)

 

(3

)

 

68

 

 

159

 

For the quarter ended December 31, 2021

$

2,493

 

$

390

 

$

?

 

$

(41

)

$

2,842

 

 

 

 

 

 

 

 

 

 

 

 

Schedule 3

ALTRIA GROUP, INC.

and Subsidiaries

Consolidated Statements of Earnings

For the Years Ended December 31,

(dollars in millions, except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

2021

 

 

 

2020

 

 

% Change

 

 

 

 

 

 

Net revenues

$

26,013

 

 

$

26,153

 

 

(0.5

) %

Cost of sales 1

 

7,119

 

 

 

7,818

 

 

 

Excise taxes on products 1

 

4,902

 

 

 

5,312

 

 

 

Gross profit

 

13,992

 

 

 

13,023

 

 

7.4

%

Marketing, administration and research costs

 

2,015

 

 

 

1,855

 

 

 

Asset impairment and exit costs

 

?

 

 

 

(3

)

 

 

Operating companies income

 

11,977

 

 

 

11,171

 

 

7.2

%

Amortization of intangibles

 

72

 

 

 

72

 

 

 

General corporate expenses

 

345

 

 

 

227

 

 

 

Corporate asset impairment and exit costs

 

?

 

 

 

(1

)

 

 

Operating income

 

11,560

 

 

 

10,873

 

 

6.3

%

Interest and other debt expense, net

 

1,162

 

 

 

1,209

 

 

 

Loss on early extinguishment of debt

 

649

 

 

 

?

 

 

 

Net periodic benefit income, excluding service cost

 

(202

)

 

 

(77

)

 

 

Losses from equity investments 1

 

5,979

 

 

 

111

 

 

 

Impairment of JUUL equity securities

 

?

 

 

 

2,600

 

 

 

Loss on Cronos-related financial instruments

 

148

 

 

 

140

 

 

 

Earnings before income taxes

 

3,824

 

 

 

6,890

 

 

(44.5

) %

Provision for income taxes

 

1,349

 

 

 

2,436

 

 

 

Net earnings

 

2,475

 

 

 

4,454

 

 

(44.4

) %

Net losses attributable to noncontrolling interests

 

?

 

 

 

13

 

 

 

Net earnings attributable to Altria

$

2,475

 

 

$

4,467

 

 

(44.6

) %

 

 

 

 

 

 

Per share data2:

 

 

 

 

 

Diluted earnings per share attributable to Altria

$

1.34

 

 

$

2.40

 

 

(44.2

) %

 

 

 

 

 

 

Weighted-average diluted shares outstanding

 

1,845

 

 

 

1,859

 

 

(0.8

) %

 

 

 

 

 

 

1 Cost of sales includes charges for resolution expenses related to state settlement agreements and FDA user fees. Supplemental information concerning those items, excise taxes on products sold and income (losses) from equity investments is shown in Schedule 5.

2 Diluted earnings per share attributable to Altria are computed independently for each period. Accordingly, the sum of the quarterly earnings per share amounts may not agree to the year-to-date amounts.

 

 

 

 

 

Schedule 4

ALTRIA GROUP, INC.

and Subsidiaries

Selected Financial Data

For the Years Ended December 31,

(dollars in millions)

(Unaudited)

 

 

 

 

 

 

 

Net Revenues

 

Smokeable
Products

Oral
Tobacco
Products

Wine

All Other

Total

2021

$

22,866

 

$

2,608

 

$

494

 

$

45

 

$

26,013

 

2020

 

23,089

 

 

2,533

 

 

614

 

 

(83

)

 

26,153

 

% Change

 

(1.0

) %

 

3.0

%

 

(19.5

) %

100.0%+

 

(0.5

) %

 

 

 

 

 

 

Reconciliation:

 

 

 

 

 

For the year ended December 31, 2020

$

23,089

 

$

2,533

 

$

614

 

$

(83

)

$

26,153

 

Operations

 

(223

)

 

75

 

 

(120

)

 

128

 

 

(140

)

For the year ended December 31, 2021

$

22,866

 

$

2,608

 

$

494

 

$

45

 

$

26,013

 

 

 

 

 

 

 

 

Operating Companies Income (Loss)

 

Smokeable
Products

Oral
Tobacco
Products

Wine

All Other

Total

2021

$

10,394

 

$

1,659

 

$

21

 

$

(97

)

$

11,977

 

2020

 

9,985

 

 

1,718

 

 

(360

)

 

(172

)

 

11,171

 

% Change

 

4.1

%

 

(3.4

) %

100.0%+

 

43.6

%

 

7.2

%

 

 

 

 

 

 

Reconciliation:

 

 

 

 

 

For the year ended December 31, 2020

$

9,985

 

$

1,718

 

$

(360

)

$

(172

)

$

11,171

 

 

 

 

 

 

 

NPM Adjustment Items - 2020

 

4

 

 

?

 

 

?

 

 

?

 

 

4

 

Asset impairment, exit, implementation, acquisition and disposition-related costs - 2020

 

2

 

 

(3

)

 

411

 

 

?

 

 

410

 

Tobacco and health and certain other litigation items - 2020

 

79

 

 

?

 

 

?

 

 

?

 

 

79

 

COVID-19 special items - 2020

 

41

 

 

9

 

 

?

 

 

?

 

 

50

 

 

 

126

 

 

6

 

 

411

 

 

?

 

 

543

 

 

 

 

 

 

 

NPM Adjustment Items - 2021

 

53

 

 

?

 

 

?

 

 

?

 

 

53

 

Asset impairment, exit, implementation, acquisition and disposition-related costs - 2021

 

?

 

 

(37

)

 

(52

)

 

?

 

 

(89

)

Tobacco and health and certain other litigation items - 2021

 

(83

)

 

?

 

 

?

 

 

?

 

 

(83

)

 

 

(30

)

 

(37

)

 

(52

)

 

?

 

 

(119

)

Operations

 

313

 

 

(28

)

 

22

 

 

75

 

 

382

 

For the year ended December 31, 2021

$

10,394

 

$

1,659

 

$

21

 

$

(97

)

$

11,977

 

 

 

 

Schedule 5

ALTRIA GROUP, INC.

and Subsidiaries

Supplemental Financial Data

(dollars in millions)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarters
Ended December 31,

 

For the Years
Ended December 31,

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

2020

 

The segment detail of excise taxes on products sold is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Smokeable products

$

1,134

 

 

$

1,212

 

 

$

4,754

 

$

5,162

 

Oral tobacco products

 

34

 

 

 

32

 

 

 

132

 

 

130

 

Wine

 

?

 

 

 

5

 

 

 

14

 

 

19

 

All other

 

1

 

 

 

?

 

 

 

2

 

 

1

 

 

$

1,169

 

 

$

1,249

 

 

$

4,902

 

$

5,312

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The segment detail of charges for resolution expenses related to state settlement agreements included in cost of sales is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Smokeable products

$

1,086

 

 

$

1,103

 

 

$

4,269

 

$

4,432

 

Oral tobacco products

 

2

 

 

 

2

 

 

 

9

 

 

9

 

All other

 

1

 

 

 

1

 

 

 

2

 

 

1

 

 

$

1,089

 

 

$

1,106

 

 

$

4,280

 

$

4,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The segment detail of FDA user fees included in cost of sales is

as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Smokeable products

$

67

 

 

$

69

 

 

$

273

 

$

279

 

Oral tobacco products

 

2

 

 

 

1

 

 

 

5

 

 

5

 

 

$

69

 

 

$

70

 

 

$

278

 

$

284

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The detail of (income) losses from equity investments is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABI

$

(80

)

 

$

(83

)

 

$

5,564

 

$

223

 

Cronos

 

270

 

 

 

(12

)

 

 

415

 

 

(12

)

JUUL

 

?

 

 

 

(100

)

 

 

?

 

 

(100

)

 

$

190

 

 

$

(195

)

 

$

5,979

 

$

111

 

 

 

 

Schedule 6

ALTRIA GROUP, INC.

and Subsidiaries

Net Earnings and Diluted Earnings Per Share - Attributable to Altria Group, Inc.

For the Quarters Ended December 31,

(dollars in millions, except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

Net Earnings

 

Diluted EPS

2021 Net Earnings

$

1,624

 

 

$

0.88

 

2020 Net Earnings

$

1,924

 

 

$

1.03

 

% Change

 

(15.6

) %

 

 

(14.6

) %

 

 

 

 

Reconciliation:

 

 

 

2020 Net Earnings

$

1,924

 

 

$

1.03

 

 

 

 

 

2020 NPM Adjustment Items

 

3

 

 

 

?

 

2020 Asset impairment, exit, implementation, acquisition and

disposition-related costs

 

28

 

 

 

0.02

 

2020 Tobacco and health and certain other litigation items

 

5

 

 

 

?

 

2020 JUUL changes in fair value

 

(100

)

 

 

(0.05

)

2020 ABI-related special items

 

59

 

 

 

0.03

 

2020 Cronos-related special items

 

(90

)

 

 

(0.04

)

2020 Tax items

 

12

 

 

 

?

 

Subtotal 2020 special items

 

(83

)

 

 

(0.04

)

 

 

 

 

2021 Asset impairment, exit, implementation, acquisition and

disposition-related costs

 

(4

)

 

 

?

 

2021 Tobacco and health and certain other litigation items

 

(25

)

 

 

(0.02

)

2021 ABI-related special items

 

(73

)

 

 

(0.04

)

2021 Cronos-related special items

 

(265

)

 

 

(0.15

)

2021 Tax items

 

(2

)

 

 

?

 

Subtotal 2021 special items

 

(369

)

 

 

(0.21

)

 

 

 

 

Fewer shares outstanding

 

?

 

 

 

0.02

 

Change in tax rate

 

(15

)

 

 

(0.01

)

Operations

 

167

 

 

 

0.09

 

2021 Net Earnings

$

1,624

 

 

$

0.88

 

 

 

 

 

Schedule 7

ALTRIA GROUP, INC.

and Subsidiaries

Reconciliation of GAAP and non-GAAP Measures

For the Quarters Ended December 31,

(dollars in millions, except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

Earnings
before
Income Taxes

Provision
for Income
Taxes

Net
Earnings

Net Earnings
Attributable to
Altria

Diluted
EPS

2021 Reported

$

2,280

 

$

656

 

$

1,624

 

$

1,624

 

$

0.88

 

Asset impairment, exit, implementation, acquisition and disposition-related costs

 

3

 

 

(1

)

 

4

 

 

4

 

 

?

 

Tobacco and health and certain other litigation items

 

34

 

 

9

 

 

25

 

 

25

 

 

0.02

 

ABI-related special items

 

92

 

 

19

 

 

73

 

 

73

 

 

0.04

 

Cronos-related special items

 

266

 

 

1

 

 

265

 

 

265

 

 

0.15

 

Tax items

 

?

 

 

(2

)

 

2

 

 

2

 

 

?

 

2021 Adjusted for Special Items

$

2,675

 

$

682

 

$

1,993

 

$

1,993

 

$

1.09

 

 

 

 

 

 

 

2020 Reported

$

2,541

 

$

619

 

$

1,922

 

$

1,924

 

$

1.03

 

NPM Adjustment Items

 

4

 

 

1

 

 

3

 

 

3

 

 

?

 

Asset impairment, exit, implementation, acquisition and disposition-related costs

 

16

 

 

(12

)

 

28

 

 

28

 

 

0.02

 

Tobacco and health and certain other litigation items

 

7

 

 

2

 

 

5

 

 

5

 

 

?

 

JUUL changes in fair value

 

(100

)

 

?

 

 

(100

)

 

(100

)

 

(0.05

)

ABI-related special items

 

74

 

 

15

 

 

59

 

 

59

 

 

0.03

 

Cronos-related special items

 

(93

)

 

(3

)

 

(90

)

 

(90

)

 

(0.04

)

Tax items

 

?

 

 

(12

)

 

12

 

 

12

 

 

?

 

2020 Adjusted for Special Items

$

2,449

 

$

610

 

$

1,839

 

$

1,841

 

$

0.99

 

 

 

 

 

 

 

2021 Reported Net Earnings

 

 

 

$

1,624

 

$

0.88

 

2020 Reported Net Earnings

 

 

 

$

1,924

 

$

1.03

 

% Change

 

 

 

 

(15.6

) %

 

(14.6

) %

 

 

 

 

 

 

2021 Net Earnings Adjusted for Special Items

 

 

$

1,993

 

$

1.09

 

2020 Net Earnings Adjusted for Special Items

 

 

$

1,841

 

$

0.99

 

% Change

 

 

 

 

8.3

%

 

10.1

%

 

 

 

Schedule 8

ALTRIA GROUP, INC.

and Subsidiaries

Net Earnings and Diluted Earnings Per Share - Attributable to Altria Group, Inc.

For the Years Ended December 31,

(dollars in millions, except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

Net Earnings

 

Diluted EPS1

2021 Net Earnings

$

2,475

 

 

$

1.34

 

2020 Net Earnings

$

4,467

 

 

$

2.40

 

% Change

 

(44.6

) %

 

 

(44.2

) %

 

 

 

 

Reconciliation:

 

 

 

2020 Net Earnings

$

4,467

 

 

$

2.40

 

 

 

 

 

2020 NPM Adjustment Items

 

3

 

 

 

?

 

2020 Asset impairment, exit, implementation, acquisition and

disposition-related costs

 

342

 

 

 

0.18

 

2020 Tobacco and health and certain other litigation items

 

62

 

 

 

0.03

 

2020 Impairment of JUUL equity securities

 

2,600

 

 

 

1.40

 

2020 JUUL changes in fair value

 

(100

)

 

 

(0.05

)

2020 ABI-related special items

 

603

 

 

 

0.32

 

2020 Cronos-related special items

 

53

 

 

 

0.03

 

2020 COVID-19 special items

 

37

 

 

 

0.02

 

2020 Tax items

 

50

 

 

 

0.03

 

Subtotal 2020 special items

 

3,650

 

 

 

1.96

 

 

 

 

 

2021 NPM Adjustment Items

 

57

 

 

 

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 items

 

3

 

 

 

?

 

Subtotal 2021 special items

 

(6,044

)

 

 

(3.27

)

 

 

 

 

Fewer shares outstanding

 

?

 

 

 

0.03

 

Change in tax rate

 

(33

)

 

 

(0.02

)

Operations

 

435

 

 

 

0.24

 

2021 Net Earnings

$

2,475

 

 

$

1.34

 

 

 

 

 

1 Diluted earnings per share attributable to Altria are computed independently for each period. Accordingly, the sum of the quarterly earnings per share amounts may not agree to the year-to-date amounts.

 

 

 

 

Schedule 9

ALTRIA GROUP, INC.

and Subsidiaries

Reconciliation of GAAP and non-GAAP Measures

For the Years Ended December 31,

(dollars in millions, except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Earnings
before
Income
Taxes

Provision
for Income
Taxes

Net
Earnings

Net Earnings
Attributable to
Altria

Diluted
EPS1

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 costs

 

120

 

 

21

 

 

99

 

 

99

 

 

0.05

 

Tobacco and health and certain other litigation items

 

182

 

 

44

 

 

138

 

 

138

 

 

0.07

 

ABI-related special items

 

6,203

 

 

1,302

 

 

4,901

 

 

4,901

 

 

2.66

 

Cronos-related special items

 

466

 

 

(4

)

 

470

 

 

470

 

 

0.25

 

Loss on early extinguishment of debt

 

649

 

 

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

 

4

 

 

1

 

 

3

 

 

3

 

 

?

 

Asset impairment, exit, implementation, acquisition and disposition-related costs

 

431

 

 

89

 

 

342

 

 

342

 

 

0.18

 

Tobacco and health and certain other litigation items

 

83

 

 

21

 

 

62

 

 

62

 

 

0.03

 

Impairment of JUUL equity securities

 

2,600

 

 

?

 

 

2,600

 

 

2,600

 

 

1.40

 

JUUL changes in fair value

 

(100

)

 

?

 

 

(100

)

 

(100

)

 

(0.05

)

ABI-related special items

 

763

 

 

160

 

 

603

 

 

603

 

 

0.32

 

Cronos-related special items

 

51

 

 

(2

)

 

53

 

 

53

 

 

0.03

 

COVID-19 special items

 

50

 

 

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

 

 

 

 

 

 

 

2021 Reported Net Earnings

 

 

 

$

2,475

 

$

1.34

 

2020 Reported Net Earnings

 

 

 

$

4,467

 

$

2.40

 

% Change

 

 

 

 

(44.6

) %

 

(44.2

) %

 

 

 

 

 

 

2021 Net Earnings Adjusted for Special Items

 

 

$

8,519

 

$

4.61

 

2020 Net Earnings Adjusted for Special Items

 

 

$

8,117

 

$

4.36

 

% Change

 

 

 

 

5.0

%

 

5.7

%

 

 

 

 

 

 

1 Diluted earnings per share attributable to Altria are computed independently for each period. Accordingly, the sum of the quarterly earnings per share amounts may not agree to the year-to-date amounts.

 

 

 

Schedule 10

ALTRIA GROUP, INC.

and Subsidiaries

Condensed Consolidated Balance Sheets

(dollars in millions)

(Unaudited)

 

 

 

 

 

December 31, 2021

 

December 31, 2020

Assets

 

 

 

Cash and cash equivalents

$

4,544

 

 

$

4,945

Inventories

 

1,194

 

 

 

1,966

Other current assets

 

345

 

 

 

206

Property, plant and equipment, net

 

1,553

 

 

 

2,012

Goodwill and other intangible assets, net

 

17,483

 

 

 

17,792

Investments in equity securities

 

13,481

 

 

 

19,529

Other long-term assets

 

923

 

 

 

964

Total assets

$

39,523

 

 

$

47,414

 

 

 

 

Liabilities and Stockholders' Equity (Deficit)

 

 

 

Current portion of long-term debt

$

1,105

 

 

$

1,500

Accrued settlement charges

 

3,349

 

 

 

3,564

Other current liabilities

 

4,125

 

 

 

3,999

Long-term debt

 

26,939

 

 

 

27,971

Deferred income taxes

 

3,692

 

 

 

4,532

Accrued pension costs

 

200

 

 

 

551

Accrued postretirement health care costs

 

1,436

 

 

 

1,951

Other long-term liabilities

 

283

 

 

 

381

Total liabilities

 

41,129

 

 

 

44,449

Redeemable noncontrolling interest

 

?

 

 

 

40

Total stockholders' equity (deficit)

 

(1,606

)

 

 

2,925

Total liabilities and stockholders' equity (deficit)

$

39,523

 

 

$

47,414

 

 

 

 

Total debt

$

28,044

 

 

$

29,471

 

 

 

 

 

 

 

 

 

 

 

 

Schedule 11

ALTRIA GROUP, INC.

and Subsidiaries

Supplemental Financial Data for Special Items

For the Quarters Ended December 31,

(dollars in millions)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Cost of
Sales

Marketing,

administration

and research costs

Asset
impairment
and
exit costs

General

corporate
expenses

Corporate
asset
impairment
and exit costs

Interest and
other debt
expense, net

(Income)
losses from
equity
investments

(Gain) loss on
Cronos-related
financial
instruments

2021 Special Items - (Income) Expense

 

 

 

 

 

 

 

 

Asset impairment, exit, implementation, acquisition and disposition-related costs

$

?

$

?

 

$

?

 

$

3

$

?

 

$

?

$

?

 

$

?

 

Tobacco and health and certain other litigation items

 

?

 

11

 

 

?

 

 

20

 

?

 

 

3

 

?

 

 

?

 

ABI-related special items

 

?

 

?

 

 

?

 

 

?

 

?

 

 

?

 

92

 

 

?

 

Cronos-related special items

 

?

 

?

 

 

?

 

 

?

 

?

 

 

?

 

246

 

 

20

 

 

 

 

 

 

 

 

 

 

2020 Special Items - (Income) Expense

 

 

 

 

 

 

 

 

NPM Adjustment Items

$

4

$

?

 

$

?

 

$

?

$

?

 

$

?

$

?

 

$

?

 

Asset impairment, exit, implementation, acquisition and disposition-related costs

 

16

 

(4

)

 

(3

)

 

8

 

(1

)

 

?

 

?

 

 

?

 

Tobacco and health and certain other litigation items

 

?

 

6

 

 

?

 

 

?

 

?

 

 

1

 

?

 

 

?

 

JUUL changes in fair value

 

?

 

?

 

 

?

 

 

?

 

?

 

 

?

 

(100

)

 

?

 

ABI-related special items

 

?

 

?

 

 

?

 

 

?

 

?

 

 

?

 

74

 

 

?

 

Cronos-related special items

 

?

 

?

 

 

?

 

 

?

 

?

 

 

?

 

(31

)

 

(62

)

Note: This schedule is intended to provide supplemental financial data for certain income and expense items that management believes are not part of underlying operations and their presentation in Altria's consolidated statements of earnings. This schedule is not intended to provide, or reconcile, non-GAAP financial measures.

 

 

 

 

 

 

 

 

 

 

Schedule 12

ALTRIA GROUP, INC.

and Subsidiaries

Supplemental Financial Data for Special Items

For the Years Ended December 31,

(dollars in millions)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of
Sales

Marketing, administration
and research
costs

Asset
impairment
and exit
costs

General
corporate
expenses

Corporate
asset
impairment
and exit
costs

Interest
and other
debt
expense,
net

Loss on early
extinguishment
of debt

(Income)
losses from
equity
investments

Impairment
of JUUL
equity
securities

(Gain) loss
on Cronos-related
financial instruments

2021 Special Items - (Income) Expense

 

 

 

 

 

 

 

 

 

 

NPM Adjustment Items

$

(53

)

$

?

$

?

 

$

?

$

?

 

$

(23

)

$

?

$

?

 

$

?

$

?

Asset impairment, exit, implementation, acquisition and disposition-related costs

 

1

 

 

88

 

?

 

 

31

 

?

 

 

?

 

 

?

 

?

 

 

?

 

?

Tobacco and health and certain other litigation items

 

?

 

 

83

 

?

 

 

90

 

?

 

 

9

 

 

?

 

?

 

 

?

 

?

ABI-related special items

 

?

 

 

?

 

?

 

 

?

 

?

 

 

?

 

 

?

 

6,203

 

 

?

 

?

Cronos-related special items

 

?

 

 

?

 

?

 

 

?

 

?

 

 

?

 

 

?

 

318

 

 

?

 

148

Loss on early extinguishment of debt

 

?

 

 

?

 

?

 

 

?

 

?

 

 

?

 

 

649

 

?

 

 

?

 

?

 

 

 

 

 

 

 

 

 

 

 

2020 Special Items - (Income) Expense

 

 

 

 

 

 

 

 

 

 

NPM Adjustment Items

$

4

 

$

?

$

?

 

$

?

$

?

 

$

?

 

$

?

$

?

 

$

?

$

?

Asset impairment, exit, implementation, acquisition and disposition-related costs

 

411

 

 

2

 

(3

)

 

22

 

(1

)

 

?

 

 

?

 

?

 

 

?

 

?

Tobacco and health and certain other litigation items

 

?

 

 

79

 

?

 

 

?

 

?

 

 

4

 

 

?

 

?

 

 

?

 

?

Impairment of JUUL equity securities

 

?

 

 

?

 

?

 

 

?

 

?

 

 

?

 

 

?

 

?

 

 

2,600

 

?

JUUL changes in fair value

 

?

 

 

?

 

?

 

 

?

 

?

 

 

?

 

 

?

 

(100

)

 

?

 

?

ABI-related special items

 

?

 

 

?

 

?

 

 

?

 

?

 

 

?

 

 

?

 

763

 

 

?

 

?

Cronos-related special items

 

?

 

 

?

 

?

 

 

?

 

?

 

 

?

 

 

?

 

(89

)

 

?

 

140

COVID-19 special items

 

50

 

 

?

 

?

 

 

?

 

?

 

 

?

 

 

?

 

?

 

 

?

 

?

Note: This schedule is intended to provide supplemental financial data for certain income and expense items that management believes are not part of underlying operations and their presentation in Altria's consolidated statements of earnings. This schedule is not intended to provide, or reconcile, non-GAAP financial measures.


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