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SEC Filings

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

Altria Group, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
_________________________


deductible and pays benefits that relate to plans for salaried employees that cannot be funded under IRS regulations. Currently, Altria Group, Inc. anticipates making employer contributions to its pension plans of up to approximately $60 million in 2018 based on current tax law. However, this estimate is subject to change as a result of changes in tax and other benefit laws, as well as asset performance significantly above or below
 
the assumed long-term rate of return on pension plan assets, or changes in interest rates. In December 2017, Altria Group, Inc. made a contribution of $270 million to its postretirement plans. Currently, Altria Group, Inc. anticipates making employer contributions to its postretirement plans of up to approximately $70 million in 2018. However, this estimate is subject to change as a result of changes in tax and other benefit laws, as well as asset performance significantly above or below the assumed long-
term rate of return on postretirement plan assets.

Estimated future benefit payments at December 31, 2017 were as follows:
(in millions)
Pension

 
Postretirement

2018
$
480

 
$
142

2019
451

 
140

2020
456

 
138

2021
459

 
136

2022
463

 
133

2023-2027
2,372

 
620

Comprehensive Earnings/Losses
The amounts recorded in accumulated other comprehensive losses at December 31, 2017 consisted of the following:
(in millions)
Pension

 
Post-
retirement

 
Post-
employment

 
Total

Net loss
$
(2,493
)
 
$
(612
)
 
$
(93
)
 
$
(3,198
)
Prior service (cost) credit
(15
)
 
195

 

 
180

Deferred income taxes
979

 
166

 
34

 
1,179

Amounts recorded in accumulated other comprehensive losses
$
(1,529
)
 
$
(251
)
 
$
(59
)
 
$
(1,839
)
The amounts recorded in accumulated other comprehensive losses at December 31, 2016 consisted of the following:
(in millions)
Pension

 
Post-
retirement

 
Post-
employment

 
Total

Net loss
$
(2,857
)
 
$
(581
)
 
$
(99
)
 
$
(3,537
)
Prior service (cost) credit
(19
)
 
195

 

 
176

Deferred income taxes
1,124

 
153

 
36

 
1,313

Amounts recorded in accumulated other comprehensive losses
$
(1,752
)
 
$
(233
)
 
$
(63
)
 
$
(2,048
)
The movements in other comprehensive earnings/losses during the year ended December 31, 2017 were as follows:
(in millions)
Pension

 
Post-
retirement

 
Post-
employment

 
Total

Amounts reclassified to net earnings as components of net periodic benefit cost:
 
 
 
 
 
 
 
Amortization:
 
 
 
 
 
 
 
Net loss
$
197

 
$
25

 
$
17

 
$
239

Prior service cost/credit
4

 
(38
)
 

 
(34
)
Other expense:
 
 
 
 
 
 
 
Net loss
86

 

 

 
86

Deferred income taxes
(113
)
 
6

 
(6
)
 
(113
)
 
174

 
(7
)
 
11

 
178

Other movements during the year:
 
 
 
 
 
 
 
Net loss
81

 
(56
)
 
(11
)
 
14

Prior service cost/credit

 
38

 

 
38

Deferred income taxes
(32
)
 
7

 
4

 
(21
)
 
49

 
(11
)
 
(7
)
 
31

Total movements in other comprehensive earnings/losses
$
223

 
$
(18
)
 
$
4

 
$
209



31