2019 Q4 Form 10-Q Financial Statement

#000076418019000083 Filed on October 31, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $6.007B $6.856B $6.837B
YoY Change -1.75% 0.28% 1.6%
Cost Of Revenue $2.920B $1.915B $2.037B
YoY Change -6.68% -5.99% 4.35%
Gross Profit $3.084B $3.497B $3.255B
YoY Change 5.54% 7.43% 2.65%
Gross Profit Margin 51.34% 51.01% 47.61%
Selling, General & Admin $543.0M $546.0M $680.0M
YoY Change -31.09% -19.71% 18.47%
% of Gross Profit 17.61% 15.61% 20.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $63.00M $57.00M $64.00M
YoY Change 6.78% -10.94% 25.49%
% of Gross Profit 2.04% 1.63% 1.97%
Operating Expenses $543.0M $546.0M $680.0M
YoY Change -31.09% -19.71% 18.47%
Operating Profit $2.541B $2.944B $2.557B
YoY Change 19.07% 15.13% -1.24%
Interest Expense $559.0M $46.00M $30.00M
YoY Change -1903.23% 53.33% 1400.0%
% of Operating Profit 22.0% 1.56% 1.17%
Other Income/Expense, Net $14.00M $24.00M $21.00M
YoY Change -566.67% 14.29% 16.67%
Pretax Income -$1.223B -$2.128B $2.608B
YoY Change -171.52% -181.6% -1.36%
Income Tax $451.0M $474.0M $664.0M
% Of Pretax Income 25.46%
Net Earnings -$1.809B -$2.600B $1.943B
YoY Change -244.72% -233.81% 4.13%
Net Earnings / Revenue -30.11% -37.92% 28.42%
Basic Earnings Per Share -$0.97 -$1.39 $1.03
Diluted Earnings Per Share -$1.00 -$1.39 $1.03
COMMON SHARES
Basic Shares Outstanding 1.868B shares 1.868B shares 1.885B shares
Diluted Shares Outstanding 1.868B shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.117B $1.604B $2.393B
YoY Change 58.81% -32.97% -7.32%
Cash & Equivalents $2.117B $1.604B $2.393B
Short-Term Investments
Other Short-Term Assets $262.0M $319.0M $424.0M
YoY Change -19.63% -24.76% -3.42%
Inventory $2.293B $2.188B $2.077B
Prepaid Expenses
Receivables $152.0M $165.0M $187.0M
Other Receivables $116.0M $15.00M $84.00M
Total Short-Term Assets $4.824B $4.291B $5.165B
YoY Change 12.21% -16.92% 0.17%
LONG-TERM ASSETS
Property, Plant & Equipment $1.999B $1.962B $1.891B
YoY Change 3.15% 3.75% -0.84%
Goodwill $5.177B $5.262B $5.307B
YoY Change -0.37% -0.85% 0.0%
Intangibles $12.69B $12.69B $12.39B
YoY Change 3.32% 2.45% 1.55%
Long-Term Investments $23.28B $26.93B $17.83B
YoY Change -23.67% 51.07% -2.13%
Other Assets $1.003B $1.364B $532.0M
YoY Change -19.82% 156.39% 10.83%
Total Long-Term Assets $44.45B $48.62B $38.79B
YoY Change -13.12% 25.35% -0.55%
TOTAL ASSETS
Total Short-Term Assets $4.824B $4.291B $5.165B
Total Long-Term Assets $44.45B $48.62B $38.79B
Total Assets $49.27B $52.91B $43.95B
YoY Change -11.16% 20.39% -0.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $325.0M $246.0M $289.0M
YoY Change -18.55% -14.88% 7.04%
Accrued Expenses $4.922B $4.614B $4.842B
YoY Change -9.57% -4.71% -5.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $1.000B $1.000B $2.007B
YoY Change -12.59% -50.17%
Total Short-Term Liabilities $8.174B $7.662B $8.646B
YoY Change -61.43% -11.38% 29.78%
LONG-TERM LIABILITIES
Long-Term Debt $27.04B $26.90B $11.90B
YoY Change 127.28% 126.15% -14.36%
Other Long-Term Liabilities $345.0M $316.0M $207.0M
YoY Change 35.83% 52.66% -44.35%
Total Long-Term Liabilities $27.39B $27.22B $12.10B
YoY Change 125.37% 124.89% -15.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.174B $7.662B $8.646B
Total Long-Term Liabilities $27.39B $27.22B $12.10B
Total Liabilities $42.91B $42.24B $28.42B
YoY Change 5.62% 48.62% -11.06%
SHAREHOLDERS EQUITY
Retained Earnings $36.54B $39.91B $43.81B
YoY Change -16.89% -8.89% 13.66%
Common Stock $6.905B $6.895B $6.894B
YoY Change 0.13% 0.01% 0.28%
Preferred Stock
YoY Change
Treasury Stock (at cost) $34.36B $33.86B $33.17B
YoY Change 2.49% 2.07% 5.96%
Treasury Stock Shares 948.0M shares 937.8M shares 925.9M shares
Shareholders Equity $6.222B $10.55B $15.49B
YoY Change
Total Liabilities & Shareholders Equity $49.27B $52.91B $43.95B
YoY Change -11.16% 20.39% -0.47%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$1.809B -$2.600B $1.943B
YoY Change -244.72% -233.81% 4.13%
Depreciation, Depletion And Amortization $63.00M $57.00M $64.00M
YoY Change 6.78% -10.94% 25.49%
Cash From Operating Activities $2.563B $2.882B $2.716B
YoY Change 40.44% 6.11% 23.68%
INVESTING ACTIVITIES
Capital Expenditures -$86.00M -$81.00M -$60.00M
YoY Change -18.87% 35.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $100.0M -$355.0M $4.000M
YoY Change -100.78% -8975.0% -96.15%
Cash From Investing Activities $14.00M -$436.0M -$56.00M
YoY Change -100.11% 678.57% -227.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.062B -2.637B -1.691B
YoY Change -120.69% 55.94% -12.56%
NET CHANGE
Cash From Operating Activities 2.563B 2.882B 2.716B
Cash From Investing Activities 14.00M -436.0M -56.00M
Cash From Financing Activities -2.062B -2.637B -1.691B
Net Change In Cash 515.0M -191.0M 969.0M
YoY Change -148.63% -119.71% 216.67%
FREE CASH FLOW
Cash From Operating Activities $2.563B $2.882B $2.716B
Capital Expenditures -$86.00M -$81.00M -$60.00M
Free Cash Flow $2.649B $2.963B $2.776B
YoY Change 37.18% 6.74% 23.05%

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CY2018Q3 mo Nonmonetary Transaction Gain Losson Transfer Derivative Instrumentsand Divestitures
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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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="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></table></div><span style="font-family:inherit;font-size:10pt;"><br/></span></div>

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