2019 Q3 Form 10-Q Financial Statement

#000076418019000070 Filed on July 30, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q4
Revenue $6.856B $6.619B $6.114B
YoY Change 0.28% 4.98% 0.21%
Cost Of Revenue $1.915B $1.874B $3.129B
YoY Change -5.99% 7.83% -2.25%
Gross Profit $3.497B $3.319B $2.922B
YoY Change 7.43% 5.67% 0.69%
Gross Profit Margin 51.01% 50.14% 47.79%
Selling, General & Admin $546.0M $530.0M $788.0M
YoY Change -19.71% -8.78% 31.11%
% of Gross Profit 15.61% 15.97% 26.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $57.00M $53.00M $59.00M
YoY Change -10.94% 3.92% 9.26%
% of Gross Profit 1.63% 1.6% 2.02%
Operating Expenses $546.0M $530.0M $788.0M
YoY Change -19.71% -8.78% 31.11%
Operating Profit $2.944B $2.717B $2.134B
YoY Change 15.13% 8.77% -7.26%
Interest Expense $46.00M $138.0M -$31.00M
YoY Change 53.33% 176.0% -255.0%
% of Operating Profit 1.56% 5.08% -1.45%
Other Income/Expense, Net $24.00M $15.00M -$3.000M
YoY Change 14.29% 66.67% -95.95%
Pretax Income -$2.128B $2.601B $1.710B
YoY Change -181.6% 1.72% -21.67%
Income Tax $474.0M $604.0M $423.0M
% Of Pretax Income 23.22% 24.74%
Net Earnings -$2.600B $1.996B $1.250B
YoY Change -233.81% 6.4% -74.83%
Net Earnings / Revenue -37.92% 30.16% 20.44%
Basic Earnings Per Share -$1.39 $1.07 $0.67
Diluted Earnings Per Share -$1.39 $1.07 $0.66
COMMON SHARES
Basic Shares Outstanding 1.868B shares 1.871B shares 1.879B shares
Diluted Shares Outstanding 1.868B shares 1.870B shares

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.604B $1.796B $1.333B
YoY Change -32.97% 25.59% 6.38%
Cash & Equivalents $1.604B $1.796B $1.333B
Short-Term Investments
Other Short-Term Assets $319.0M $210.0M $326.0M
YoY Change -24.76% -16.67% 23.95%
Inventory $2.188B $2.235B $2.331B
Prepaid Expenses
Receivables $165.0M $163.0M $142.0M
Other Receivables $15.00M $79.00M $167.0M
Total Short-Term Assets $4.291B $4.483B $4.299B
YoY Change -16.92% 8.52% -1.04%
LONG-TERM ASSETS
Property, Plant & Equipment $1.962B $1.917B $1.938B
YoY Change 3.75% 2.08% 1.25%
Goodwill $5.262B $5.196B $5.196B
YoY Change -0.85% -2.09% -2.09%
Intangibles $12.69B $12.33B $12.28B
YoY Change 2.45% -0.6% -0.98%
Long-Term Investments $26.93B $32.09B $30.50B
YoY Change 51.07% 76.55% 69.88%
Other Assets $1.364B $1.480B $1.251B
YoY Change 156.39% 250.71% -2.65%
Total Long-Term Assets $48.62B $53.02B $51.16B
YoY Change 25.35% 35.78% 31.66%
TOTAL ASSETS
Total Short-Term Assets $4.291B $4.483B $4.299B
Total Long-Term Assets $48.62B $53.02B $51.16B
Total Assets $52.91B $57.50B $55.46B
YoY Change 20.39% 33.18% 28.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $246.0M $224.0M $399.0M
YoY Change -14.88% 7.18% 6.68%
Accrued Expenses $4.614B $3.722B $5.443B
YoY Change -4.71% -6.72% 26.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $12.70B
YoY Change
Long-Term Debt Due $1.000B $2.144B $1.144B
YoY Change -50.17% 148.15% 32.41%
Total Short-Term Liabilities $7.662B $7.952B $21.19B
YoY Change -11.38% 24.48% 212.03%
LONG-TERM LIABILITIES
Long-Term Debt $26.90B $27.10B $11.90B
YoY Change 126.15% 107.86% -8.69%
Other Long-Term Liabilities $316.0M $364.0M $254.0M
YoY Change 52.66% 58.26% -10.25%
Total Long-Term Liabilities $27.22B $27.46B $12.15B
YoY Change 124.89% 107.0% -8.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.662B $7.952B $21.19B
Total Long-Term Liabilities $27.22B $27.46B $12.15B
Total Liabilities $42.24B $43.00B $40.63B
YoY Change 48.62% 57.26% 46.24%
SHAREHOLDERS EQUITY
Retained Earnings $39.91B $44.08B $43.96B
YoY Change -8.89% 1.64% 4.05%
Common Stock $6.895B $6.888B $6.896B
YoY Change 0.01% 0.07% 0.13%
Preferred Stock
YoY Change
Treasury Stock (at cost) $33.86B $33.86B $33.52B
YoY Change 2.07% 3.22% 5.21%
Treasury Stock Shares 937.8M shares 937.9M shares 931.9M shares
Shareholders Equity $10.55B $14.46B $14.79B
YoY Change
Total Liabilities & Shareholders Equity $52.91B $57.50B $55.46B
YoY Change 20.39% 33.18% 28.37%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q4
OPERATING ACTIVITIES
Net Income -$2.600B $1.996B $1.250B
YoY Change -233.81% 6.4% -74.83%
Depreciation, Depletion And Amortization $57.00M $53.00M $59.00M
YoY Change -10.94% 3.92% 9.26%
Cash From Operating Activities $2.882B $103.0M $1.825B
YoY Change 6.11% -90.11% 141.08%
INVESTING ACTIVITIES
Capital Expenditures -$81.00M -$41.00M -$106.0M
YoY Change 35.0% 7.89% 120.83%
Acquisitions
YoY Change
Other Investing Activities -$355.0M $15.00M -$12.75B
YoY Change -8975.0% -850.0% 5773.27%
Cash From Investing Activities -$436.0M -$26.00M -$12.85B
YoY Change 678.57% -35.0% 4749.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.637B -1.696B 9.967B
YoY Change 55.94% -4.02% -647.34%
NET CHANGE
Cash From Operating Activities 2.882B 103.0M 1.825B
Cash From Investing Activities -436.0M -26.00M -12.85B
Cash From Financing Activities -2.637B -1.696B 9.967B
Net Change In Cash -191.0M -1.619B -1.059B
YoY Change -119.71% 111.36% -20.32%
FREE CASH FLOW
Cash From Operating Activities $2.882B $103.0M $1.825B
Capital Expenditures -$81.00M -$41.00M -$106.0M
Free Cash Flow $2.963B $144.0M $1.931B
YoY Change 6.74% -86.65% 139.88%

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us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
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mo Investmentsin Consolidated Subsidiaries
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0 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Repayments Of Short Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
346000000 USD
us-gaap Payments Of Dividends Common Stock
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us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
0 USD
us-gaap Cash Dividends Paid To Parent Company By Consolidated Subsidiaries
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0 USD
us-gaap Proceeds From Payments For Other Financing Activities
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-131000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-13000000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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403000000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1433000000 USD
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1836000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3850000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
72000000 USD
mo Investmentsin Consolidated Subsidiaries
InvestmentsinConsolidatedSubsidiaries
0 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
9000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-81000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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PaymentsOfDividendsCommonStock
2585000000 USD
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ProceedsFromRepaymentsOfRelatedPartyDebt
0 USD
us-gaap Cash Dividends Paid To Parent Company By Consolidated Subsidiaries
CashDividendsPaidToParentCompanyByConsolidatedSubsidiaries
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-25000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3560000000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
209000000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1314000000 USD
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1523000000 USD
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
New Accounting Guidance Not Yet Adopted:<div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The following table provides a description of issued accounting guidance applicable to, but not yet adopted by, Altria:</span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"/></tr><tr><td style="width:18%;"/><td style="width:28%;"/><td style="width:29%;"/><td style="width:25%;"/></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;">Standards</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;">Description</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;">Effective Date for </span></div><div style="text-align:center;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;">Public Entity</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;">Effect on Financial Statements </span></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:9pt;"><span style="font-family:inherit;font-size:9pt;">ASU Nos. 2016-13; 2018-19; 2019-04; 2019-05 </span><span style="font-family:inherit;font-size:9pt;font-style:italic;">Measurement of Credit Losses on Financial Instruments</span><span style="font-family:inherit;font-size:9pt;color:#505050;"> </span><span style="font-family:inherit;font-size:9pt;font-style:italic;">(Topic 326)</span></div><div style="font-size:9pt;"><span style="font-family:inherit;font-size:9pt;"><br/></span></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;">The guidance replaces the current incurred loss impairment methodology for recognizing credit losses for financial assets with a methodology that reflects the entity’s current estimate of all expected credit losses and requires consideration of a broader range of reasonable and supportable information for estimating credit losses. </span></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;">The guidance is effective for annual reporting periods beginning after December 15, 2019, including interim periods within that reporting period. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period.</span></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:2px;text-align:left;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;">Altria’s adoption of this guidance is not expected to have a material impact on Altria’s consolidated financial statements.</span></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:2px;text-align:left;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;">ASU No. 2018-15 </span><span style="font-family:inherit;font-size:9pt;font-style:italic;">Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (Subtopic 350-40)</span></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;">The guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license).</span></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;">The guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period.</span></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:inherit;font-size:9pt;">Altria is in the process of evaluating the impact of this guidance on its consolidated financial statements and related disclosures.</span></div></td></tr></table></div><span style="font-family:inherit;font-size:10pt;"><br/></span></div>

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