Altria Group, Inc. Files 10-Q for Period Ending March 31, 2024
Ticker: MO · Form: 10-Q · Filed: Apr 25, 2024 · CIK: 764180
Sentiment: neutral
Topics: Altria Group, 10-Q, Quarterly Report, Financials, Tobacco Industry
TL;DR
<b>Altria Group, Inc. has submitted its Q1 2024 10-Q filing, detailing financial positions as of March 31, 2024.</b>
AI Summary
ALTRIA GROUP, INC. (MO) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. Altria Group, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year 2024. The company's principal business is described as cigarettes. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key financial statement components like Common Stock, Additional Paid In Capital, Retained Earnings, and Treasury Stock are detailed for these periods.
Why It Matters
For investors and stakeholders tracking ALTRIA GROUP, INC., this filing contains several important signals. This filing provides a snapshot of Altria's financial health and operational status at the end of the first quarter, crucial for investors assessing performance and future outlook. The detailed breakdown of equity accounts and comparative data from prior periods allows for trend analysis and evaluation of financial strategy execution.
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 litigation risks and evolving consumer preferences, which could materially impact financial performance.
Analyst Insight
Investors should review the detailed financial statements and risk factors in the 10-Q to understand Altria's current financial standing and potential challenges.
Key Numbers
- 2024-03-31 — Period End Date (Quarterly Report)
- 2024-04-25 — Filing Date (Quarterly Report)
- 001-08940 — SEC File Number (Company Filing Information)
- 133260245 — IRS Number (Company Tax Information)
Key Players & Entities
- ALTRIA GROUP, INC. (company) — Filer name
- 0000764180 (company) — Central Index Key
- 2111 (regulator) — Standard Industrial Classification (CIGARETTES)
- VA (company) — State of Incorporation
- 2024-03-31 (date) — Period of Report
- 2024-04-25 (date) — Filing Date
- RICHMOND (company) — Business Address City
- 6601 WEST BROAD STREET (company) — Business Address Street
FAQ
When did ALTRIA GROUP, INC. file this 10-Q?
ALTRIA GROUP, INC. filed this Quarterly Report (10-Q) with the SEC on April 25, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by ALTRIA GROUP, INC. (MO).
Where can I read the original 10-Q filing from ALTRIA GROUP, INC.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by ALTRIA GROUP, INC..
What are the key takeaways from ALTRIA GROUP, INC.'s 10-Q?
ALTRIA GROUP, INC. filed this 10-Q on April 25, 2024. Key takeaways: Altria Group, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024.. The filing covers the first quarter of the fiscal year 2024.. The company's principal business is described as cigarettes..
Is ALTRIA GROUP, INC. a risky investment based on this filing?
Based on this 10-Q, ALTRIA GROUP, INC. presents a moderate-risk profile. The company operates in the highly regulated tobacco industry, facing ongoing litigation risks and evolving consumer preferences, which could materially impact financial performance.
What should investors do after reading ALTRIA GROUP, INC.'s 10-Q?
Investors should review the detailed financial statements and risk factors in the 10-Q to understand Altria's current financial standing and potential challenges. The overall sentiment from this filing is neutral.
Risk Factors
- Regulatory Environment [high — regulatory]: The company operates in a highly regulated industry with evolving laws and regulations concerning tobacco and nicotine products.
- Changing Consumer Preferences [high — market]: Shifts in consumer preferences towards reduced-risk products and away from traditional tobacco products pose a significant market risk.
- Litigation Risks [high — financial]: The company is subject to extensive litigation, which could result in substantial financial liabilities.
- Supply Chain and Manufacturing [medium — operational]: Disruptions in the supply chain or manufacturing processes could impact the availability and cost of products.
Key Dates
- 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
- 2024-04-25: Filing Date — Date the 10-Q was officially submitted to the SEC.
Filing Stats: 4,708 words · 19 min read · ~16 pages · Grade level 14.1 · Accepted 2024-04-25 07:12:36
Key Financial Figures
- $0.33 — ange on which registered Common Stock, $0.33 1/3 par value MO New York Stock Exchan
Filing Documents
- mo-20240331.htm (10-Q) — 1681KB
- exhibit101restrictedstock2.htm (EX-10.1) — 36KB
- exhibit102performancestock.htm (EX-10.2) — 40KB
- exhibit311q12024-quarter.htm (EX-31.1) — 11KB
- exhibit312q12024-quarter.htm (EX-31.2) — 11KB
- exhibit321q12024-quarter.htm (EX-32.1) — 4KB
- exhibit322q12024-quarter.htm (EX-32.2) — 5KB
- exhibit991q12024-quarter.htm (EX-99.1) — 48KB
- exhibit992q12024-quarter.htm (EX-99.2) — 8KB
- 0000764180-24-000057.txt ( ) — 9421KB
- mo-20240331.xsd (EX-101.SCH) — 81KB
- mo-20240331_cal.xml (EX-101.CAL) — 79KB
- mo-20240331_def.xml (EX-101.DEF) — 468KB
- mo-20240331_lab.xml (EX-101.LAB) — 773KB
- mo-20240331_pre.xml (EX-101.PRE) — 650KB
- mo-20240331_htm.xml (XML) — 1169KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 202 3 3 Condensed Consolidated Statements of Earnings for the Three Months Ended March 31, 202 4 and 202 3 5 Condensed Consolidated Statements of Comprehensive Earnings for the Three Months Ended March 31, 2024 and 202 3 6 Condensed Consolidated Statements of Stockholders' Equity (Deficit) for the Three Months Ended March 31, 2024 and 202 3 7 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31 , 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 10
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 32
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 60
Controls and Procedures
Item 4. Controls and Procedures 60
- OTHER INFORMATION
PART II - OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 60
Risk Factors
Item 1A. Risk Factors 61
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61
Other Information
Item 5. Other Information 61
Exhibits
Item 6. Exhibits 62 Signature Signature 63 2 Table of Contents
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements Altria Group, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in millions of dollars) (Unaudited) ______________________________ March 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 3,608 $ 3,686 Receivables 77 71 Inventories: Leaf tobacco 610 649 Other raw materials 199 204 Work in process 27 22 Finished product 405 340 1,241 1,215 Income taxes 173 496 Other current assets 99 117 Total current assets 5,198 5,585 Property, plant and equipment, at cost 4,515 4,582 Less accumulated depreciation 2,891 2,930 1,624 1,652 Goodwill 6,945 6,791 Other intangible assets, net 13,439 13,686 Investments in equity securities 8,396 10,011 Other assets 873 845 Total Assets $ 36,475 $ 38,570 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) ________________________________________________ March 31, 2024 December 31, 2023 Liabilities Current portion of long-term debt $ — $ 1,121 Accounts payable 504 582 Accrued liabilities: Marketing 720 716 Settlement charges 3,420 2,563 Other 1,901 1,902 Deferred gain from the sale of IQOS System commercialization rights 2,700 2,700 Dividends payable 1,690 1,735 Total current liabilities 10,935 11,319 Long-term debt 25,042 25,112 Deferred income taxes 2,699 2,799 Accrued pension costs 128 130 Accrued postretirement health care costs 1,079 1,079 Other liabilities 1,656 1,621 Total liabilities 41,539 42,060 Contingencies (Note 13) Stockholders' Equity (Deficit) Common stock, par value $0.33 1/3 per share ( 2,805,961,317 shares issued) 935 935 Additional paid-in capital 5,521 5,906 Earnings reinvested in the business 31,535 31,094 Accumulated other comprehensive losses ( 2,266 ) ( 2,673 ) Cost of repurchased stock ( 1,088,334,893 shares at