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SEC Filings

8-K
ALTRIA GROUP, INC. filed this Form 8-K on 02/01/2018
Entire Document
 

 
 
 
 
 
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)
 
 
 
 
 
 
 
2017
 
2016
 
% Change
 
 
 
 
 
 
Net revenues
$
25,576

 
$
25,744

 
(0.7
)%
Cost of sales 1
7,543

 
7,746

 
 
Excise taxes on products 1
6,082

 
6,407

 
 
Gross profit
11,951

 
11,591

 
3.1
 %
Marketing, administration and research costs
2,114

 
2,407

 
 
Asset impairment and exit costs
33

 
174

 
 
Operating companies income
9,804

 
9,010

 
8.8
 %
Amortization of intangibles
21

 
21

 
 
General corporate expenses
227

 
222

 
 
Corporate asset impairment and exit costs

 
5

 
 
Operating income
9,556

 
8,762

 
9.1
 %
Interest and other debt expense, net
705

 
747

 
 
Loss on early extinguishment of debt

 
823

 
 
Earnings from equity investment in AB InBev/SABMiller
(532
)
 
(795
)
 
 
Gain on AB InBev/SABMiller business combination
(445
)
 
(13,865
)
 
 
Earnings before income taxes
9,828

 
21,852

 
(55.0
)%
(Benefit) provision for income taxes
(399
)
 
7,608

 
 
Net earnings
10,227

 
14,244

 
(28.2
)%
Net earnings attributable to noncontrolling interests
(5
)
 
(5
)
 
 
Net earnings attributable to Altria Group, Inc.
$
10,222

 
$
14,239

 
(28.2
)%
 
 
 
 
 
 
Per share data 2:
 
 
 
 
 
Basic and diluted earnings per share attributable to
Altria Group, Inc.
$
5.31

 
$
7.28

 
(27.1
)%
 
 
 
 
 
 
Weighted-average diluted shares outstanding
1,921

 
1,952

 
(1.6
)%
 
 
 
 
 
 
1  Cost of sales includes charges for resolution expenses related to state settlement agreements and FDA user fees. Supplemental information concerning those items and excise taxes on products sold is shown in Schedule 5.
 
 
 
 
 
 
2  Basic and diluted earnings per share attributable to Altria Group, Inc. 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.