Altria Group, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Altria Group, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

ALTRIA GROUP, INC. (MO) filed a Annual Report (10-K) with the SEC on February 27, 2024. Altria Group, Inc. filed its 2023 Form 10-K on February 27, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is described as cigarettes. The filing includes financial data for the fiscal years 2020, 2021, 2022, and 2023. Altria Group, Inc. is incorporated in Virginia with its principal business address in Richmond, VA.

Why It Matters

For investors and stakeholders tracking ALTRIA GROUP, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Altria's financial health, operational strategies, and risk factors for the past fiscal year, crucial for investors assessing the company's stability and future prospects. As a major player in the tobacco industry, Altria's annual report is closely watched for insights into market trends, regulatory impacts, and the company's ability to adapt to evolving consumer preferences and public health concerns.

Risk Assessment

Risk Level: medium — ALTRIA GROUP, INC. shows moderate risk based on this filing. The company operates in the highly regulated tobacco industry, facing ongoing legal, regulatory, and public health challenges that could materially impact its business and financial results.

Analyst Insight

Investors should review the detailed risk factors and financial statements in the 10-K to understand the potential impacts of regulatory changes and market shifts on Altria's profitability and strategic direction.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-27 — Filing Date (FILED AS OF DATE)
• 146 — Public Document Count (PUBLIC DOCUMENT COUNT)
• 0000764180-24-000018 — Accession Number (ACCESSION NUMBER)

Key Players & Entities

• ALTRIA GROUP, INC. (company) — FILER
• MO (company) — tk
• 2024-02-27 (date) — FILED AS OF DATE
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT
• CIGARETTES (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• RICHMOND (location) — BUSINESS ADDRESS CITY
• VA (location) — BUSINESS ADDRESS STATE
• PHILIP MORRIS COMPANIES INC (company) — FORMER COMPANY

FAQ

Risk Factors

• Extensive Government Regulation [high — regulatory]: The company is subject to extensive federal, state, local, and international laws and regulations concerning tobacco products, which could adversely affect its business.
• Changing Consumer Preferences [high — market]: Declines in cigarette consumption and shifts in consumer preferences towards reduced-risk products present significant market challenges.
• Litigation Risks [high — legal]: The company faces substantial and complex litigation, including product liability claims, which could result in significant financial liabilities.
• Financial Commitments and Contingencies [medium — financial]: Significant financial commitments and potential contingencies, including those related to acquisitions and legal settlements, pose financial risks.
• Supply Chain and Manufacturing [medium — operational]: Disruptions in the supply chain or manufacturing processes could impact the company's ability to produce and distribute its products.

Key Financial Figures

• $0.33 — ange on which registered Common Stock, $0.33 1/3 par value MO New York Stock Exchang
• $2.9 billion — or total consideration of approximately $2.9 billion ("NJOY Transaction"), which consisted o
• $2.75 billion — ion"), which consisted of approximately $2.75 billion in cash payments (net of cash acquired)
• $1.2 billion — h a net purchase price of approximately $1.2 billion and the assumption of certain liabiliti
• $250 million — ril 2021 transactions was approximately $250 million. At December 31, 2023, our reportable

Filing Documents

• mo-20231231.htm (10-K) — 3295KB
• exhibit21altriagroupincsub.htm (EX-21) — 5KB
• exhibit22guarantorsubsidia.htm (EX-22) — 11KB
• exhibit23consentofindepend.htm (EX-23) — 3KB
• exhibit24powersofattorney2.htm (EX-24) — 36KB
• exhibit311q42023-annual.htm (EX-31.1) — 12KB
• exhibit312q42023-annual.htm (EX-31.2) — 12KB
• exhibit321q42023-annual.htm (EX-32.1) — 4KB
• exhibit322q42023-annual.htm (EX-32.2) — 5KB
• exhibit971compensationreco.htm (EX-97.1) — 22KB
• exhibit991q42023-annual.htm (EX-99.1) — 48KB
• exhibit992q42023-annual.htm (EX-99.2) — 8KB
• mo-20231231_g1.jpg (GRAPHIC) — 141KB
• 0000764180-24-000018.txt (&nbsp;) — 18911KB
• mo-20231231.xsd (EX-101.SCH) — 125KB
• mo-20231231_cal.xml (EX-101.CAL) — 135KB
• mo-20231231_def.xml (EX-101.DEF) — 772KB
• mo-20231231_lab.xml (EX-101.LAB) — 1424KB
• mo-20231231_pre.xml (EX-101.PRE) — 1056KB
• mo-20231231_htm.xml (XML) — 3402KB

Risk Factors

Item 1A. Risk Factors 5

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 13

Cybersecurity

Item 1C. Cybersecurity 13

Properties

Item 2. Properties 15

Legal Proceedings

Item 3. Legal Proceedings 16

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 16 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 17

[Reserved]

Item 6. [Reserved] 18

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 49

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 50

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 103

Controls and Procedures

Item 9A. Controls and Procedures 103

Other Information

Item 9B. Other Information 103

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 103 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 103

Executive Compensation

Item 11. Executive Compensation 104

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 104

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 104

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 104 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 105

Form 10-K Summary

Item 16. Form 10-K Summary 108

Signatures

Signatures 109 Table of Contents Part I

Business

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" refer to either (i) Altria Group, Inc. and its consolidated subsidiaries or (ii) Altria Group, Inc. only and not its consolidated subsidiaries, as appropriate in the context. We have a leading portfolio of tobacco products for U.S. tobacco consumers age 21+. Our Vision is to responsibly lead the transition of adult smokers to a smoke-free future ("Vision"). We are Moving Beyond Smoking TM , 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, our businesses and society. Our 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 affiliates ("Helix ROW"), which operate internationally in the rest-of-world, are engaged in the manufacture and sale of oral nicotine pouches; and NJOY, LLC ("NJOY"), which is engaged in the manufacture and sale of e-vapor products. Other wholly owned subsidiaries include Altria Group Distribution Company, which provides sales and distribution services to our domestic operating companies; and Altria Client Services LLC ("ALCS"), which provides various support services to our companies in areas such as legal, regulatory, research and product development, consu

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View this 10-K filing on SEC EDGAR