Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 24, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-08940 | |
Entity Registrant Name | Altria Group, Inc. | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 13-3260245 | |
Entity Address, Address Line One | 6601 West Broad Street, | |
Entity Address, City or Town | Richmond, | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 23230 | |
City Area Code | 804 | |
Local Phone Number | 274-2200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 1,858,397,202 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000764180 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock, $0.33 1/3 par value [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.33 1/3 par value | |
Trading Symbol | MO | |
Security Exchange Name | NYSE | |
1.000% Notes due 2023 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.000% Notes due 2023 | |
Trading Symbol | MO23A | |
Security Exchange Name | NYSE | |
1.700% Notes due 2025 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.700% Notes due 2025 | |
Trading Symbol | MO25 | |
Security Exchange Name | NYSE | |
2.200% Notes due 2027 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 2.200% Notes due 2027 | |
Trading Symbol | MO27 | |
Security Exchange Name | NYSE | |
3.125% Notes due 2031 [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 3.125% Notes due 2031 | |
Trading Symbol | MO31 | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 4,826 | $ 2,117 |
Receivables | 140 | 152 |
Inventories: | ||
Leaf tobacco | 768 | 874 |
Other raw materials | 194 | 192 |
Work in process | 433 | 696 |
Finished product | 519 | 531 |
Inventory, net | 1,914 | 2,293 |
Other current assets | 124 | 262 |
Total current assets | 7,004 | 4,824 |
Property, plant and equipment, at cost | 5,137 | 5,074 |
Less accumulated depreciation | 3,135 | 3,075 |
Property, plant and equipment, net | 2,002 | 1,999 |
Goodwill | 5,177 | 5,177 |
Other intangible assets, net | 12,650 | 12,687 |
Investments in equity securities | 22,319 | 23,581 |
Other assets | 1,048 | 1,003 |
Total Assets | 50,200 | 49,271 |
Liabilities | ||
Current portion of long-term debt | 1,500 | 1,000 |
Accounts payable | 273 | 325 |
Accrued liabilities: | ||
Marketing | 488 | 393 |
Taxes, except income taxes | 1,325 | 13 |
Settlement charges | 2,071 | 3,346 |
Other | 1,112 | 1,520 |
Income taxes | 1,066 | 12 |
Dividends payable | 1,565 | 1,565 |
Total current liabilities | 9,400 | 8,174 |
Long-term debt | 27,542 | 27,042 |
Deferred income taxes | 4,847 | 5,083 |
Accrued pension costs | 377 | 473 |
Accrued postretirement health care costs | 1,800 | 1,797 |
Other liabilities | 410 | 345 |
Total liabilities | 44,376 | 42,914 |
Contingencies (Note 12) | ||
Redeemable noncontrolling interest | 38 | 38 |
Stockholders’ Equity | ||
Common stock, par value $0.33 1/3 per share (2,805,961,317 shares issued) | 935 | 935 |
Additional paid-in capital | 5,964 | 5,970 |
Earnings reinvested in the business | 36,908 | 36,539 |
Accumulated other comprehensive losses | (3,774) | (2,864) |
Cost of repurchased stock (947,573,795 shares at June 30, 2020 and 947,979,763 shares at December 31, 2019) | (34,345) | (34,358) |
Total stockholders’ equity attributable to Altria | 5,688 | 6,222 |
Noncontrolling interests | 98 | 97 |
Total stockholders’ equity | 5,786 | 6,319 |
Total Liabilities and Stockholders’ Equity | $ 50,200 | $ 49,271 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $ 0.3333 | $ 0.3333 |
Common stock, shares issued (shares) | 2,805,961,317 | 2,805,961,317 |
Shares repurchased (shares) | 947,573,795 | 947,979,763 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Net revenues | $ 6,367 | $ 6,619 | $ 12,726 | $ 12,247 |
Cost of sales | 1,775 | 1,874 | 3,948 | 3,452 |
Excise taxes on products | 1,305 | 1,426 | 2,618 | 2,665 |
Gross profit | 3,287 | 3,319 | 6,160 | 6,130 |
Marketing, administration and research costs | 491 | 569 | 1,028 | 1,102 |
Asset impairment and exit costs | 0 | 33 | 0 | 73 |
Operating income | 2,796 | 2,717 | 5,132 | 4,955 |
Interest and other debt expense, net | 308 | 312 | 583 | 696 |
Net periodic benefit income, excluding service cost | (28) | (15) | (55) | (16) |
Earnings from equity investments | (9) | (447) | (166) | (533) |
(Gain) loss on Cronos-related financial instruments | (40) | 266 | 97 | 691 |
Earnings before income taxes | 2,565 | 2,601 | 4,673 | 4,117 |
Provision for income taxes | 627 | 604 | 1,185 | 999 |
Net earnings | 1,938 | 1,997 | 3,488 | 3,118 |
Net (earnings) losses attributable to noncontrolling interests | 5 | (1) | 7 | (2) |
Net earnings attributable to Altria | $ 1,943 | $ 1,996 | $ 3,495 | $ 3,116 |
Per share data: | ||||
Basic and diluted earnings per share attributable to Altria (in usd per share) | $ 1.04 | $ 1.07 | $ 1.88 | $ 1.66 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 1,938 | $ 1,997 | $ 3,488 | $ 3,118 |
Other comprehensive earnings (losses), net of deferred income taxes: | ||||
Benefit plans | 21 | 29 | 42 | 58 |
ABI | (1,211) | 31 | (913) | (168) |
Currency translation adjustments and other | (51) | 11 | (39) | 11 |
Other comprehensive earnings (losses), net of deferred income taxes | (1,241) | 71 | (910) | (99) |
Comprehensive earnings | 697 | 2,068 | 2,578 | 3,019 |
Comprehensive (earnings) losses attributable to noncontrolling interests | 5 | (1) | 7 | (2) |
Comprehensive earnings attributable to Altria | $ 702 | $ 2,067 | $ 2,585 | $ 3,017 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Earnings Reinvested in the Business [Member] | Accumulated Other Comprehensive Losses [Member] | Cost of Repurchased Stock [Member] | Non-controlling Interests [Member] | ||
Beginning balance at Dec. 31, 2018 | $ 14,789 | $ 935 | $ 5,961 | $ 43,962 | $ (2,547) | $ (33,524) | $ 2 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings (losses) | 3,116 | 3,116 | [1] | ||||||
Other comprehensive earnings (losses), net of deferred income taxes | (99) | (99) | |||||||
Stock award activity | 3 | (8) | 11 | ||||||
Cash dividends declared | (2,997) | (2,997) | |||||||
Repurchases of common stock | (346) | (346) | |||||||
Ending balance at Jun. 30, 2019 | 14,466 | 935 | 5,953 | 44,081 | (2,646) | (33,859) | 2 | ||
Beginning balance at Mar. 31, 2019 | 14,081 | 935 | 5,943 | 43,582 | (2,717) | (33,664) | 2 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings (losses) | [2] | 1,996 | 1,996 | ||||||
Other comprehensive earnings (losses), net of deferred income taxes | 71 | 71 | |||||||
Stock award activity | 10 | 10 | |||||||
Cash dividends declared | (1,497) | (1,497) | |||||||
Repurchases of common stock | (195) | (195) | |||||||
Ending balance at Jun. 30, 2019 | 14,466 | 935 | 5,953 | 44,081 | (2,646) | (33,859) | 2 | ||
Beginning balance at Dec. 31, 2019 | 6,319 | 935 | 5,970 | 36,539 | (2,864) | (34,358) | 97 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings (losses) | [1] | 3,487 | 3,495 | (8) | |||||
Other comprehensive earnings (losses), net of deferred income taxes | (910) | (910) | |||||||
Stock award activity | 7 | (6) | 13 | ||||||
Cash dividends declared | (3,126) | (3,126) | |||||||
Other | 9 | 9 | |||||||
Ending balance at Jun. 30, 2020 | 5,786 | 935 | 5,964 | 36,908 | (3,774) | (34,345) | 98 | ||
Beginning balance at Mar. 31, 2020 | 6,637 | 935 | 5,959 | 36,528 | (2,533) | (34,346) | 94 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings (losses) | [2] | 1,938 | 1,943 | (5) | |||||
Other comprehensive earnings (losses), net of deferred income taxes | (1,241) | (1,241) | |||||||
Stock award activity | 6 | 5 | 1 | ||||||
Cash dividends declared | (1,563) | (1,563) | |||||||
Other | 9 | 9 | |||||||
Ending balance at Jun. 30, 2020 | $ 5,786 | $ 935 | $ 5,964 | $ 36,908 | $ (3,774) | $ (34,345) | $ 98 | ||
[1] | Amounts attributable to noncontrolling interests for the six months ended June 30, 2020 and 2019 exclude net earnings of $1 million and $2 million , respectively, due to the redeemable noncontrolling interest related to Stag’s Leap Wine Cellars , which is reported in the mezzanine equity section on the condensed consolidated balance sheets. | ||||||||
[2] | Amounts attributable to noncontrolling interests for the three months ended June 30, 2019 exclude net earnings of $1 million due to the redeemable noncontrolling interest related to Stag’s Leap Wine Cellars , which is reported in the mezzanine equity section on the condensed consolidated balance sheets. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Net earnings attributable to noncontrolling interests | $ 1 | $ 1 | $ 2 |
Dividends declared (usd per share) | $ 0.80 | $ 1.68 | $ 1.60 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Provided by (Used in) Operating Activities | ||
Net earnings | $ 3,488 | $ 3,118 |
Adjustments to reconcile net earnings to operating cash flows: | ||
Depreciation and amortization | 130 | 106 |
Deferred income tax provision (benefit) | (4) | (52) |
Earnings from equity investments | (166) | (533) |
Dividends from ABI | 108 | 221 |
Loss on Cronos-related financial instruments | 97 | 691 |
Asset impairment and exit costs, net of cash paid | (41) | (1) |
Cash effects of changes: | ||
Receivables | 12 | (21) |
Inventories | 87 | 96 |
Accounts payable | (47) | (175) |
Income taxes | 1,049 | 94 |
Accrued liabilities and other current assets | 1,028 | 80 |
Accrued settlement charges | (1,275) | (1,435) |
Pension plan contributions | (11) | (14) |
Pension provisions and postretirement, net | (38) | (18) |
Other, net | (529) | (235) |
Net cash provided by (used in) operating activities | 4,946 | 2,392 |
Cash Provided by (Used in) Investing Activities | ||
Capital expenditures | (106) | (79) |
Investment in Cronos | 0 | (1,832) |
Other, net | 43 | (65) |
Net cash provided by (used in) investing activities | (63) | (1,976) |
Cash Provided by (Used in) Financing Activities | ||
Proceeds from short-term borrowings | 3,000 | 0 |
Repayment of short-term borrowings | (3,000) | (12,800) |
Long-term debt issued | 1,993 | 16,265 |
Long-term debt repaid | (1,000) | 0 |
Repurchases of common stock | 0 | (346) |
Dividends paid on common stock | (3,126) | (3,001) |
Other, net | (16) | (131) |
Net cash provided by (used in) financing activities | (2,149) | (13) |
Cash, cash equivalents and restricted cash: | ||
Increase (decrease) | 2,734 | 403 |
Balance at beginning of period | 2,160 | 1,433 |
Balance at end of period | 4,894 | 1,836 |
Cash, cash equivalents and restricted cash | $ 4,894 | $ 1,836 |
Background and Basis of Present
Background and Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and Basis of Presentation | Background and Basis of Presentation: Background When used in these notes, the term "Altria” refers to Altria Group, Inc. and its subsidiaries, unless otherwise specified or unless otherwise required. At June 30, 2020 , Altria Group, Inc.’s wholly-owned subsidiaries included Philip Morris USA Inc. (“PM USA”), which is engaged in the manufacture and sale of cigarettes in the United States; John Middleton Co. (“Middleton”), which is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco and is a wholly-owned subsidiary of PM USA; Sherman Group Holdings, LLC and its subsidiaries (“Nat Sherman”), which are engaged in the manufacture and sale of super premium cigarettes and the sale of premium cigars; UST LLC (“UST”), which through its wholly-owned subsidiaries, including U.S. Smokeless Tobacco Company LLC (“USSTC”) and Ste. Michelle Wine Estates Ltd. (“Ste. Michelle”), is engaged in the manufacture and sale of moist smokeless tobacco (“MST”) and snus products and wine; and Philip Morris Capital Corporation (“PMCC”), which maintains a portfolio of finance assets, substantially all of which are leveraged leases. In addition, Altria owned an 80% interest in Helix Innovations LLC (“Helix”), which is engaged in the manufacture and sale of oral nicotine pouches. Other Altria wholly-owned subsidiaries included Altria Group Distribution Company, which provides sales and distribution services to certain Altria operating subsidiaries, and Altria Client Services LLC, which provides various support services in areas such as legal, regulatory, consumer engagement, finance, human resources and external affairs to Altria and its subsidiaries. Altria’s access to the operating cash flows of its wholly-owned subsidiaries consists of cash received from the payment of dividends and distributions, and the payment of interest on intercompany loans by its subsidiaries. At June 30, 2020 , Altria’s significant wholly-owned subsidiaries were not limited by contractual obligations on their ability to pay cash dividends or make other distributions with respect to their equity interests. At June 30, 2020 , Altria had a 10.0% ownership in Anheuser-Busch InBev SA/NV (“ABI”), which Altria accounts for under the equity method of accounting using a one-quarter lag. Altria receives cash dividends on its interest in ABI and will continue to do so as long as ABI pays dividends. At June 30, 2020 , Altria had a 35% economic interest in JUUL Labs, Inc. (“JUUL”), which Altria accounts for as an investment in an equity security. JUUL is engaged in the manufacture and sale of e-vapor products globally and is the U.S. leader in e-vapor. During the third quarter of 2019, Helix acquired Burger Söhne Holding and its subsidiaries as well as certain affiliated companies (the “Burger Group”) that are engaged in the manufacture and sale of on! oral nicotine pouches. At closing, Altria indirectly owned an 80% interest in Helix, for which Altria paid $353 million in third quarter of 2019. The financial results of Helix are included in Altria’s condensed consolidated financial statements as part of its oral tobacco products segment (formerly smokeless products segment), with the 20% minority ownership interest in Helix (held by the former shareholders of the Burger Group) included as a noncontrolling interest. The final purchase price allocation, which is subject to post-closing adjustments, will be completed by the third quarter of 2020. At June 30, 2020 , Altria had a 45% ownership in Cronos Group Inc. (“Cronos”), a global cannabinoid company headquartered in Toronto, Canada, which Altria accounts for under the equity method of accounting using a one-quarter lag. For further discussion of Altria’s investments in equity securities, see Note 4 . Investments in Equity Securities . Dividends and Share Repurchases On July 27, 2020, Altria’s Board of Directors (the “Board of Directors”) declared a 2.4% increase in the quarterly dividend rate to $0.86 per share of Altria common stock versus the previous rate of $0.84 per share. The current annualized dividend rate is $3.44 . Future dividend payments remain subject to the discretion of the Board of Directors. In January 2018, Altria’s Board of Directors (the “Board of Directors”) authorized a $1.0 billion share repurchase program that it expanded to $2.0 billion in May 2018 (as expanded, the “January 2018 share repurchase program”). In June 2019, Altria completed the January 2018 share repurchase program, under which it purchased a total of 34.0 million shares of its common stock at an average price of $58.86 per share. In July 2019, the Board of Directors authorized a $1.0 billion share repurchase program (the “July 2019 share repurchase program”). In April 2020, the Board of Directors rescinded the $500 million remaining in this program to enhance Altria’s liquidity position amidst the COVID-19 pandemic. There were no share repurchases made under the July 2019 share repurchase program during the six months ended June 30, 2020. Altria’s 2019 share repurchase activity was as follows: (in millions, except per share data) For the Six Months Ended June 30, 2019 For the Three Months Ended June 30, 2019 Total number of shares repurchased 6.4 3.7 Aggregate cost of shares repurchased $ 346 $ 195 Average price per share of shares repurchased $ 54.36 $ 52.93 Basis of Presentation The interim condensed consolidated financial statements of Altria are unaudited. It is the opinion of Altria’s management that all adjustments necessary for a fair statement of the interim results presented have been reflected in the interim condensed consolidated financial statements. All such adjustments were of a normal recurring nature. Net revenues and net earnings for any interim period are not necessarily indicative of results that may be expected for the entire year. In the first quarter of 2020, Altria renamed its smokeless products segment as the oral tobacco products segment. These statements should be read in conjunction with Altria’s audited consolidated financial statements and related notes, which appear in Altria’s Annual Report on Form 10-K for the year ended December 31, 2019. During the second quarter of 2020, Altria began complying early, as permitted, with Regulation S-X Rules 13-01 and 13-02 regarding the financial disclosure requirements for registered debt securities with subsidiary guarantees. The new rules replace the previously required condensed consolidating financial information with summarized financial information of the issuer and the guarantor and, among other things, require expanded qualitative disclosures. Altria has elected to provide this information in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section in its Quarterly Report on Form 10-Q as permitted by the new rules. On January 1, 2020, Altria adopted Accounting Standards Update (“ASU”) No. 2016-13, Measurement of Credit Losses on Financial Instruments and all related ASU amendments (collectively “ASU No. 2016-13”). This 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. The adoption of ASU No. 2016-13 did not have a material impact on Altria’s condensed consolidated financial statements. Additionally, on January 1, 2020, Altria adopted ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU No. 2018-15”). This 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). The adoption of ASU No. 2018-15 did not have a material impact on Altria’s condensed consolidated financial statements. For a description of issued accounting guidance applicable to, but not yet adopted by, Altria, see Note 13 . New Accounting Guidance Not Yet Adopted . Certain immaterial prior year amounts have been reclassified to conform with the current year’s presentation. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | Revenues from Contracts with Customers: Altria disaggregates net revenues based on product type. For further discussion, see Note 9 . Segment Reporting . Altria’s businesses offer cash discounts to customers for prompt payment and calculate cash discounts as a percentage of the list price based on historical experience and agreed-upon payment terms. Altria’s businesses record an allowance for cash discounts, which is included as a contra-asset against receivables on Altria’s condensed consolidated balance sheets. Cash discounts at June 30, 2020 and December 31, 2019 were de minimis, and there were no differences between amounts recorded as an allowance for cash discounts and cash discounts subsequently given to customers. Altria’s businesses that receive payments in advance of product shipment record such payments as deferred revenue. These payments are included in other accrued liabilities on Altria’s condensed consolidated balance sheets until control of such products is obtained by the customer. Deferred revenue was $188 million and $362 million at June 30, 2020 and December 31, 2019 , respectively. When cash is received in advance of product shipment, Altria’s businesses satisfy their performance obligations within three days of receiving payment. At June 30, 2020 and December 31, 2019 , there were no differences between amounts recorded as deferred revenue and amounts subsequently recognized as revenue. Receivables, which primarily reflect sales of wine produced and/or distributed by Ste. Michelle, were $140 million and $152 million at June 30, 2020 and December 31, 2019 , respectively. At June 30, 2020 and December 31, 2019 , there were no expected differences between amounts recorded and subsequently received, and Altria’s businesses did not record an allowance for doubtful accounts against these receivables. Altria’s businesses record an allowance for returned goods, which is included in other accrued liabilities on Altria’s condensed consolidated balance sheets. While all of Altria’s tobacco operating companies sell tobacco products with dates relative to freshness as printed on product packaging, it is USSTC’s policy to accept authorized sales returns from its customers for products that have passed such dates due to the limited shelf life of USSTC’s MST and snus products. Altria’s businesses record estimated sales returns, which are based principally on historical volume and return rates, as a reduction to revenues. Actual sales returns will differ from estimated sales returns to the extent actual results differ from estimated assumptions. Altria’s businesses reflect differences between actual and estimated sales returns in the period in which the actual amounts become known. These differences, if any, have not had a material impact on Altria’s condensed consolidated financial statements. All returned goods are destroyed upon return and not included in inventory. Consequently, Altria’s businesses do not record an asset for their right to recover goods from customers upon return. Sales incentives include variable payments related to goods sold by Altria’s businesses. Altria’s businesses include estimates of variable consideration as a reduction to revenues upon shipment of goods to customers. The sales incentives that require significant estimates and judgments are as follows: Price promotion payments- Altria’s businesses make price promotion payments, substantially all of which are made to their retail partners, to incent the promotion of certain product offerings in select geographic areas. Wholesale and retail participation payments- Altria’s businesses make payments to their wholesale and retail partners to incent merchandising and sharing of sales data in accordance with each business’s trade agreements. These estimates primarily include estimated wholesale to retail sales volume and historical acceptance rates. Actual payments will differ from estimated payments to the extent actual results differ from estimated assumptions. Differences between actual and estimated payments are reflected in the period such information becomes available. These differences, if any, have not had a material impact on Altria’s condensed consolidated financial statements. |
Asset Impairment, Exit and Impl
Asset Impairment, Exit and Implementation Costs | 6 Months Ended |
Jun. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Asset Impairment, Exit and Implementation Costs | Asset Impairment, Exit and Implementation Costs: Pre-tax asset impairment, exit and implementation costs consisted of the following: For the Six Months Ended June 30, 2020 2019 Implementation Costs (1) Total Asset Impairment and Exit Costs Implementation Costs (2) Total (in millions) Smokeable products $ — $ — $ 50 $ 25 $ 75 Oral tobacco products — — 8 3 11 Wine 394 394 — — — All other — — 14 (7 ) 7 General corporate — — 1 — 1 Total 394 394 73 21 94 Plus amounts included in net periodic benefit income, excluding service cost (3) — — 12 — 12 Total $ 394 $ 394 $ 85 $ 21 $ 106 (1) Included in cost of sales in Altria’s condensed consolidated statements of earnings. (2) Included in cost of sales ( $2 million cost reversal) and marketing, administration and research costs ( $23 million ) in Altria’s condensed consolidated statement of earnings. (3) Represents curtailment costs. See Note 6 . Benefit Plans . For the Three Months Ended June 30, 2020 2019 Implementation Costs (1) Total Asset Impairment and Exit Costs Implementation Costs (2) Total (in millions) Smokeable products $ — $ — $ 14 $ 17 $ 31 Oral tobacco products — — — 2 2 Wine 2 2 — — — All other — — 19 (7 ) 12 Total $ 2 $ 2 $ 33 $ 12 $ 45 (1) Included in cost of sales in Altria’s condensed consolidated statements of earnings. (2) Included in cost of sales ( $2 million cost reversal) and marketing, administration and research costs ( $14 million ) in Altria’s condensed consolidated statement of earnings. Implementation costs for 2020 were related to Ste. Michelle’s strategic reset as discussed below. The 2019 pre-tax asset impairment, exit and implementation costs were related to the cost reduction program announced in December 2018, which was completed in 2019. The movement in the restructuring liabilities, substantially all of which were severance liabilities, related to the cost reduction program was as follows: (in millions) Balances at December 31, 2019 $ 67 Charges — Cash spent (41 ) Balances at June 30, 2020 $ 26 Wine Business Strategic Reset Evolving adult consumer preferences have posed strategic challenges for Ste. Michelle, which has seen slowing growth in the wine category and increased inventory levels in recent periods. Against a backdrop of product volume demand uncertainty and long-term non-cancelable grape purchase commitments, which have been further negatively impacted by government actions which restrict direct-to-consumer sales and on-premise sales, and economic uncertainty surrounding the COVID-19 pandemic, Ste. Michelle experienced additional increases in inventory levels that at March 31, 2020 significantly exceeded long-term forecasted demand. During the six and three months ended June 30, 2020, Ste. Michelle recorded pre-tax charges of $394 million and $2 million , respectively, which were included in cost of sales in Altria’s condensed consolidated statement of earnings. The charges consisted of the following: (i) write-off of inventory ( $292 million recorded in the first quarter of 2020) as Ste. Michelle no longer believes that the benefit of the blending and production plans for its inventory outweighs inventory carrying cost given the reduced product volume demand; (ii) estimated losses on future non-cancelable grape purchase commitments that Ste. Michelle believes no longer have a future economic benefit ( $100 million recorded in the first quarter of 2020); and (iii) inventory disposal costs and other charges ( $2 million recorded in the second quarter of 2020). The non-cancelable grape purchase commitments will continue to require cash payments as grape commitments are fulfilled over the next five years . Given such uncertainty in economic conditions and product volume demand, as well as long-term supply-side contractual challenges, Altria and Ste. Michelle undertook a review of the wine business. As a result, Altria and Ste. Michelle implemented a strategic reset in order to maximize Ste. Michelle’s profitability and achieve improved long-term cash-flow generation. This strategic reset includes: (i) an updated approach to forecasting demand; (ii) supply chain optimization; (iii) SKU rationalization to reduce the number of products and eliminate underperforming brands; and (iv) streamlining operations by reducing future capital expenditures, working capital requirements and ongoing operating costs. Ste. Michelle expects to record additional charges of approximately $25 million |
Investments in Equity Securitie
Investments in Equity Securities | 6 Months Ended |
Jun. 30, 2020 | |
Investments [Abstract] | |
Investments in Equity Securities | Investments in Equity Securities: Altria’s investments consisted of the following: Carrying Amount June 30, 2020 December 31, 2019 (in millions) ABI (1) $ 16,891 $ 18,071 JUUL 4,205 4,205 Cronos (2) 1,223 1,305 Total $ 22,319 $ 23,581 (1) Decrease in Altria’s investment in ABI at June 30, 2020 is due primarily to other comprehensive losses recorded in the second quarter of 2020 for Altria’s share of ABI’s first quarter of 2020 currency translation adjustments resulting from significant changes in foreign exchange rates in the countries in which ABI operates. For further discussion of Altria’s share of ABI’s other comprehensive losses, see Note 8 . Other Comprehensive Earnings/Losses . (2) June 30, 2020 includes Altria’s equity method investment in Cronos ( $1,017 million ), the Cronos warrant ( $166 million ) and the Fixed-price Preemptive Rights ( $40 million ) and December 31, 2019 includes Altria’s equity method investment in Cronos ( $1,002 million ), the Cronos warrant ( $234 million ) and the Fixed -price Preemptive Rights ( $69 million ), as discussed further below. Earnings (losses) from equity investments accounted for under the equity method of accounting consisted of the following: For the Six Months Ended June 30, For the Three Months Ended June 30, 2020 2019 2020 2019 (in millions) ABI $ 112 $ 388 $ (22 ) $ 302 Cronos 54 145 31 145 Total $ 166 $ 533 $ 9 $ 447 Altria reviews its equity investments accounted for under the equity method of accounting (ABI and Cronos) for impairment on a quarterly basis in connection with the preparation of its financial statements by comparing the fair value of each of its investments to its respective carrying value. If the carrying value of an investment exceeds its fair value and the loss in value is other than temporary, the investment is considered impaired and reduced to fair value, and the impairment is recognized in the period identified. Investment in ABI At June 30, 2020 , Altria had a 10.0% ownership in ABI, consisting of 185 million restricted shares of ABI (the “Restricted Shares”) and 12 million ordinary shares of ABI. Altria’s ownership percentage has decreased from 10.1% at March 31, 2020 due to the issuance of additional shares by ABI. Altria accounts for its investment in ABI under the equity method of accounting because Altria has the ability to exercise significant influence over the operating and financial policies of ABI, including having active representation on ABI’s board of directors and certain ABI board committees. Through this representation, Altria participates in ABI policy making processes. Altria reports its share of ABI’s results using a one-quarter lag because ABI’s results are not available in time for Altria to record them in the concurrent period. The fair value of Altria’s equity investment in ABI is based on (i) unadjusted quoted prices in active markets for ABI’s ordinary shares and was classified in Level 1 of the fair value hierarchy and (ii) observable inputs other than Level 1 prices, such as quoted prices for similar assets for the Restricted Shares, and was classified in Level 2 of the fair value hierarchy. Altria may, in certain instances, pledge or otherwise grant a security interest in all or part of its Restricted Shares. In the event the pledgee or security interest holder forecloses on the Restricted Shares, the relevant Restricted Shares will be automatically converted, one-for-one, into ordinary shares. Therefore, the fair value of each Restricted Share is based on the value of an ordinary share. The fair value of Altria’s equity investment in ABI at June 30, 2020 and December 31, 2019 was $9.7 billion (carrying value of $16.9 billion ) and $16.1 billion (carrying value of $18.1 billion ), respectively, which was less than its carrying value by approximately 42% and 11% , respectively. As recently as September 30, 2019, the fair value of Altria’s equity investment in ABI exceeded its carrying value. In October 2019, the fair value of Altria’s equity investment in ABI declined below its carrying value and has not recovered. Altria has evaluated the factors related to the fair value decline, including the recent impact on the fair value of ABI’s shares amidst the COVID-19 pandemic. The economic uncertainties of the COVID-19 pandemic have also impacted ABI’s business, as further indicated by a goodwill impairment charge recorded by ABI in its second quarter of 2020 related to its Africa businesses. Altria has also evaluated the duration and magnitude of the fair value decline at June 30, 2020, ABI’s financial condition and near-term prospects, and Altria’s intent and ability to hold its investment in ABI until recovery. Altria concluded, both at June 30, 2020 and December 31, 2019, that the decline in fair value of its investment in ABI below its carrying value was temporary and, therefore, no impairment was recorded. Investment in JUUL In December 2018, Altria made a minority investment in JUUL for $12.8 billion . In exchange for the investment, Altria received a 35% economic interest in JUUL through non-voting shares, which are convertible at Altria’s election into voting shares (“Share Conversion”), and for no additional payment, a security convertible into additional non-voting or voting shares, as applicable, upon settlement or exercise of certain JUUL convertible securities (the “JUUL Transaction”). During 2019, Altria recorded total pre-tax impairment charges of $ 8.6 billion related to its investment in JUUL resulting in a $4.2 billion carrying value of its investment in JUUL at December 31, 2019. Altria received a broad preemptive right to purchase JUUL shares, exercisable each quarter upon dilution, to maintain its ownership percentage and is subject to a standstill restriction under which it may not acquire additional JUUL shares above its 35% interest. Furthermore, Altria agreed not to sell or transfer any of its JUUL shares until December 20, 2024. On January 28, 2020, Altria and JUUL amended certain JUUL Transaction agreements and entered into a new cooperation agreement, which included the following provisions: ▪ Altria will continue to provide regulatory affairs support for JUUL’s pursuit of its pre-market tobacco applications (PMTA) and/or its modified risk tobacco products authorization (MRTP) and discontinued all other services as of March 31, 2020; ▪ Altria will have the option to be released from its non-compete obligation (i) in the event JUUL is prohibited by federal law from selling e-vapor products in the U.S. for a continuous period of at least 12 months (subject to tolling of this period in certain circumstances) or (ii) if the carrying value of Altria’s investment in JUUL is not more than 10% of its initial carrying value of $12.8 billion ; ▪ Altria and JUUL agreed that for a period of one year they will not pursue any litigation against each other in connection with any conduct that occurred prior to the date of such cooperation agreement, with statutes of limitation being tolled during the one-year period; ▪ with respect to certain litigation in which Altria and JUUL are both defendants against third-party plaintiffs, Altria will not pursue any claims against JUUL for indemnification or reimbursement except for any non-contractual claims for contribution or indemnity where a judgment has been entered against Altria and JUUL; and ▪ upon Share Conversion, JUUL will: ▪ restructure JUUL’s current seven -member board of directors to a nine -member board that will include independent board members. The new structure will include: (i) three independent directors ( one of whom will be designated by Altria and two of whom will be designated by JUUL stockholders other than Altria) unanimously certified as independent by a nominating committee, which will include at least one Altria designee, (ii) two directors designated by Altria, (iii) three directors designated by JUUL stockholders other than Altria, and (iv) the JUUL Chief Executive Officer; and ▪ create a Litigation Oversight Committee, which will include two Altria designated directors ( one of whom will chair the Litigation Oversight Committee) that will have oversight authority and review of litigation management for matters in which JUUL and Altria are co-defendants and have or reasonably could have a written joint defense agreement in effect between them. Subject to certain limitations, the Litigation Oversight Committee will recommend to JUUL changes to outside counsel and litigation strategy by majority vote, with disagreements by JUUL’s management being resolved by majority vote of JUUL’s board of directors. On April 1, 2020, the U.S. Federal Trade Commission (“FTC”) issued an administrative complaint challenging Altria’s investment in JUUL. The FTC has not sought to preliminarily enjoin Altria from converting its non-voting JUUL shares to voting shares. Altria has not converted its non-voting JUUL shares to voting shares and is considering whether to do so. For further discussion on the FTC litigation, see Note 12 . Contingencies - Antitrust Litigation . At June 30, 2020 and December 31, 2019 , Altria had a 35% economic interest in JUUL. Altria accounted for its investment in JUUL as an investment in an equity security as of June 30, 2020 . Since the JUUL shares do not have a readily determinable fair value, Altria has elected to measure its investment in JUUL at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. There have been no upward or downward adjustments to the carrying value of Altria’s investment in JUUL resulting from observable price changes in orderly transactions since the JUUL Transaction through June 30, 2020. Altria reviews its investment in JUUL for impairment by performing a qualitative assessment of impairment indicators on a quarterly basis in connection with the preparation of its financial statements. If this qualitative assessment indicates that Altria’s investment in JUUL may be impaired, a quantitative assessment is performed. If the quantitative assessment indicates the fair value of the investment is less than its carrying value, the investment is written down to its fair value. Altria performed its qualitative assessment of potential impairment indicators for its investment in JUUL, which included the consideration of potential impacts of COVID-19 on JUUL’s business and JUUL’s strategic realignment of its international business, as part of the preparation of its financial statements for the period ended June 30, 2020 . Altria’s assessment did not result in impairment at June 30, 2020 . The carrying value of Altria’s investment in JUUL was $4.2 billion at June 30, 2020 and December 31, 2019 . Investment in Cronos In March 2019, Altria completed its acquisition of: ▪ 149.8 million newly issued common shares of Cronos (“Acquired Common Shares”), which represented a 45% economic and voting interest; ▪ anti-dilution protections to purchase Cronos common shares, exercisable each quarter upon dilution, to maintain its ownership percentage. Certain of the anti-dilution protections provide Altria the ability to purchase additional Cronos common shares at a per share exercise price of Canadian dollar (“CAD”) $16.25 upon the occurrence of specified events (“Fixed-price Preemptive Rights”). Based on Altria’s assumptions as of June 30, 2020, Altria estimates the Fixed-price Preemptive Rights allows Altria to purchase up to an additional approximately 36 million common shares of Cronos; and ▪ a warrant providing Altria the ability to purchase up to an additional 10% of common shares of Cronos (approximately 78 million common shares at June 30, 2020) at a per share exercise price of CAD $19.00 , which expires on March 8, 2023. The total purchase price for the Acquired Common Shares, Fixed-price Preemptive Rights and warrant (collectively, “Investment in Cronos”) was CAD $2.4 billion (U.S. dollar (“USD”) $1.8 billion ). Upon full exercise of the Fixed-price Preemptive Rights, to the extent such rights become available, and the warrant, Altria would own a maximum of 55% of the outstanding common shares of Cronos. In accounting for the acquisition of these assets as of the date of closing, the Fixed-price Preemptive Rights and warrant were recorded at each of their fair values using Black-Scholes option-pricing models, based on the assumptions described in Note 5 . Financial Instruments . In addition, a deferred tax liability related to the Fixed-price Preemptive Rights and warrant was recorded. The residual of the purchase price was allocated to the Acquired Common Shares. Accordingly, the CAD $2.4 billion (USD $1.8 billion ) purchase price was recorded in USD as follows: ▪ $1.2 billion to the warrant; ▪ $0.5 billion to the Fixed-price Preemptive Rights; ▪ $0.4 billion to the Acquired Common Shares; and ▪ $0.3 billion to a deferred tax liability. If exercised in full, the exercise prices for the warrant and Fixed-price Preemptive Rights are approximately CAD $ 1.5 billion and CAD $0.6 billion (approximately USD $1.1 billion and $0.4 billion , respectively, based on the CAD to USD exchange rate on July 24, 2020). For a discussion of derivatives related to Altria’s investment in Cronos, including Altria’s accounting for changes in the fair value of these derivatives, see Note 5 . Financial Instruments . At June 30, 2020 , Altria had a 45% ownership in Cronos, which Altria accounts for under the equity method of accounting. Altria reports its share of Cronos’s results using a one-quarter lag because Cronos’s results are not available in time for Altria to record them in the concurrent period. Altria nominated four directors, including one director who is independent from Altria, who serve on Cronos’s seven -member board of directors. The fair value of Altria’s equity method investment in Cronos is based on unadjusted quoted prices in active markets for Cronos’s common shares and was classified in Level 1 of the fair value hierarchy. The fair value of Altria’s equity method investment in Cronos at June 30, 2020 and December 31, 2019 was $0.9 billion and $1.2 billion , respectively, compared with its carrying value of $1.0 billion at June 30, 2020 and December 31, 2019 . At June 30, 2020 , the fair value of Altria’s equity method investment in Cronos was less than its carrying value by approximately 7.0% . Based on Altria’s evaluation of the duration and magnitude of the fair value decline, Altria’s evaluation of Cronos’s financial condition (including its strong cash position) and near-term prospects and Altria’s intent and ability to hold its investment in Cronos until recovery, Altria concluded that the decline in fair value of its equity method investment in Cronos below its carrying value is temporary and, therefore, no |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial Instruments: Altria enters into derivative financial instruments to mitigate the potential impact of certain market risks, including foreign currency exchange rate risk. Altria uses various types of derivative financial instruments, including forward contracts, options and swaps. Altria does not enter into or hold derivative financial instruments for trading or speculative purposes. Altria’s investment in ABI, whose functional currency is the Euro, exposes Altria to foreign currency exchange risk on the carrying value of its investment. To manage this risk, Altria designates certain foreign exchange contracts, including cross-currency swap contracts and forward contracts (collectively, “foreign currency contracts”), and Euro denominated unsecured long-term notes (“foreign currency denominated debt”) as net investment hedges of Altria’s investment in ABI. At June 30, 2020 and December 31, 2019 , Altria had foreign currency contracts with aggregate notional amounts of $1,402 million and $2,246 million , respectively. At June 30, 2020 , Altria had foreign currency denominated debt with an aggregate fair value and carrying value of $5,000 million and $4,753 million , respectively. At December 31, 2019 , Altria had foreign currency denominated debt with an aggregate fair value and carrying value of $5,057 million and $4,741 million , respectively. Altria’s estimates of the fair values of its foreign currency contracts are determined using valuation models with significant inputs that are readily available in public markets, or can be derived from observable market transactions, and therefore are classified in Level 2 of the fair value hierarchy. An adjustment for credit risk and nonperformance risk is included in the fair values of foreign currency contracts. Altria’s estimate of the fair value of its total long-term debt is based on observable market information derived from a third-party pricing source and is classified in Level 2 of the fair value hierarchy. The aggregate fair value of Altria’s total long-term debt at June 30, 2020 and December 31, 2019 was $33.1 billion and $30.7 billion , respectively, as compared with its carrying value of $29.0 billion and $28.0 billion , respectively. Altria’s Fixed-price Preemptive Rights and warrant related to its investment in Cronos, which are further discussed in Note 4 . Investments in Equity Securities , are derivative financial instruments, which are required to be recorded at fair value. The fair values of the Fixed-price Preemptive Rights and Cronos warrant are estimated using Black-Scholes option-pricing models, adjusted for observable inputs (which are classified in Level 1 of the fair value hierarchy), including share price, and unobservable inputs, including probability factors and weighting of expected life, volatility levels and risk-free interest rates (which are classified in Level 3 of the fair value hierarchy) based on the following assumptions at: June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Fixed-price Preemptive Rights Cronos Warrant Share price (1) C$8.18 C$9.97 C$8.18 C$9.97 Expected life (2) 1.39 years 1.67 years 2.68 years 3.18 years Expected volatility (3) 91.31% 81.61% 91.31% 81.61% Risk-free interest rate (4)(5) 0.27% 1.71% 0.30% 1.69% Expected dividend yield (6) —% —% —% —% (1) Based on the closing market price for Cronos common stock on the Toronto Stock Exchange on the date indicated. (2) Based on the weighted-average expected life of the Fixed-price Preemptive Rights (with a range from approximately 0.25 year to 6 years at June 30, 2020 and December 31, 2019) and the March 8, 2023 expiration date of the Cronos warrant. (3) Based on a blend of historical volatility levels of the underlying equity security and peer companies. (4) Based on the implied yield currently available on Canadian Treasury zero coupon issues (with a range from approximately 0.20% to 0.37% at June 30, 2020 and 1.66% to 1.74% at December 31, 2019) weighted for the remaining expected life of the Fixed-price Preemptive Rights. (5) Based on the implied yield currently available on Canadian Treasury zero coupon issues and the expected life of the Cronos warrant. (6) Based on Cronos’s expected dividend payments. The following table provides a reconciliation of the beginning and ending balance of the Fixed-price Preemptive Rights and Cronos warrant, which are classified in Level 3 of the fair value hierarchy: (in millions) Balance at December 31, 2019 $ 303 Pre-tax earnings (losses) recognized in net earnings (97 ) Balance at June 30, 2020 $ 206 Altria elects to record the gross assets and liabilities of derivative financial instruments executed with the same counterparty on its condensed consolidated balance sheets. The fair values of Altria’s derivative financial instruments on a gross basis included on the condensed consolidated balance sheets were as follows: Fair Value of Assets Fair Value of Liabilities Balance Sheet Classification June 30, 2020 December 31, 2019 Balance Sheet Classification June 30, 2020 December 31, 2019 Derivatives designated as hedging instruments: (in millions) Foreign currency contracts Other current assets $ 20 $ 46 Other accrued liabilities $ 1 $ 7 Foreign currency contracts Other assets — — Other liabilities 5 21 Total $ 20 $ 46 $ 6 $ 28 Derivatives not designated as hedging instruments: Cronos warrant Investments in equity securities $ 166 $ 234 Fixed-price Preemptive Rights Investments in equity securities 40 69 Total $ 206 $ 303 Total derivatives $ 226 $ 349 $ 6 $ 28 Altria records in its condensed consolidated statements of earnings any changes in the fair values of the Fixed-price Preemptive Rights and Cronos warrant as gains or losses on Cronos-related financial instruments in the periods in which the changes occur. For the six and three months ended June 30, 2020 and 2019 , Altria recognized pre-tax unrealized gains/(losses), representing the changes in the fair values of the Fixed-price Preemptive Rights and Cronos warrant, as follows: For the Six Months Ended June 30, For the Three Months Ended June 30, 2020 2019 2020 2019 (in millions) Fixed-price Preemptive Rights $ (29 ) $ (212 ) $ 6 $ (80 ) Cronos warrant (68 ) (448 ) 34 (186 ) $ (97 ) $ (660 ) $ 40 $ (266 ) Additionally, in January and February 2019, Altria entered into derivative financial instruments in the form of forward contracts, which were settled in March 2019, to hedge Altria’s exposure to CAD to USD foreign currency exchange rate movements, in relation to the CAD $2.4 billion purchase price for the Cronos transaction. The aggregate notional amounts of the forward contracts were USD $1.8 billion (CAD $2.4 billion ). The forward contracts did not qualify for hedge accounting; therefore, in the first quarter of 2019, pre-tax losses of USD $31 million representing changes in the fair values of the forward contracts were recorded in loss on Cronos-related financial instruments in Altria’s condensed consolidated statement of earnings. Counterparties to Altria’s foreign currency contracts are domestic and international financial institutions. Altria is exposed to potential losses due to non-performance by these counterparties. Altria manages its credit risk by entering into transactions with counterparties with investment grade credit ratings, limiting the amount of exposure Altria has with each counterparty and monitoring the financial condition of each counterparty. The counterparty agreements contain provisions that require Altria to maintain an investment grade credit rating. In the event Altria’s credit rating falls below investment grade, counterparties to Altria’s foreign currency contracts can require Altria to post collateral. No collateral was received or posted related to derivative assets and liabilities at June 30, 2020 and December 31, 2019 . Net Investment Hedging The pre-tax effects of Altria’s net investment hedges on accumulated other comprehensive losses and the condensed consolidated statements of earnings were as follows: Gain (Loss) Recognized in Accumulated Other Comprehensive Losses Gain (Loss) Recognized in Net Earnings (1) Gain (Loss) Recognized in Accumulated Other Comprehensive Losses Gain (Loss) Recognized in Net Earnings (1) For the Six Months Ended June 30, For the Three Months Ended June 30, 2020 2019 2020 2019 2020 2019 2020 2019 (in millions) Foreign currency contracts $ 38 $ 13 $ 25 $ 16 $ (18 ) $ (10 ) $ 11 $ 7 Foreign currency denominated debt (9 ) (32 ) — — (86 ) (65 ) — — Total $ 29 $ (19 ) $ 25 $ 16 $ (104 ) $ (75 ) $ 11 $ 7 (1) Related to amounts excluded from effectiveness testing. The changes in the fair value of the foreign currency contracts and in the carrying value of the foreign currency denominated debt due to changes in the Euro to USD exchange rate were recognized in accumulated other comprehensive losses related to ABI. Gains on the foreign currency contracts arising from components excluded from effectiveness testing were recognized in interest and other debt expense, net in the condensed consolidated statements of earnings based on an amortization approach. |
Benefit Plans
Benefit Plans | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans: Components of Net Periodic Benefit (Income) Cost Net periodic benefit (income) cost consisted of the following: For the Six Months Ended June 30, For the Three Months Ended June 30, Pension Postretirement Pension Postretirement 2020 2019 2020 2019 2020 2019 2020 2019 (in millions) Service cost $ 37 $ 35 $ 8 $ 8 $ 18 $ 18 $ 4 $ 4 Interest cost 126 152 30 40 63 75 15 20 Expected return on plan assets (251 ) (288 ) (7 ) (7 ) (125 ) (143 ) (4 ) (3 ) Amortization: Net loss 53 80 7 6 26 38 4 3 Prior service cost (credit) 2 3 (15 ) (14 ) 1 2 (8 ) (7 ) Curtailment — 7 — 5 — — — — Net periodic benefit (income) cost $ (33 ) $ (11 ) $ 23 $ 38 $ (17 ) $ (10 ) $ 11 $ 17 Curtailment costs shown in the table above were related to the cost reduction program announced in December 2018, which was completed in 2019. Employer Contributions Altria makes contributions to the pension plans to the extent that the contributions are tax deductible and pays benefits that relate to plans for salaried employees that cannot be funded under Internal Revenue Service regulations. Altria made employer contributions of $11 million to its pension plans during the six months ended June 30, 2020 . Currently, Altria anticipates making additional employer contributions to its pension plans during the remainder of 2020 of up to approximately $35 million based on current tax law. Altria did no t make any employer contributions to its postretirement plans during the six months ended June 30, 2020 . Currently, Altria anticipates making employer contributions to its postretirement plans of up to approximately $60 million in 2020 . However, these estimates may be 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 assets, changes in interest rates or other considerations. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share: Basic and diluted earnings per share (“EPS”) were calculated using the following: For the Six Months Ended June 30, For the Three Months Ended June 30, 2020 2019 2020 2019 (in millions) Net earnings attributable to Altria $ 3,495 $ 3,116 $ 1,943 $ 1,996 Less: Distributed and undistributed earnings attributable to share-based awards (5 ) (4 ) (3 ) (2 ) Earnings for basic and diluted EPS $ 3,490 $ 3,112 $ 1,940 $ 1,994 Weighted-average shares for basic EPS 1,858 1,872 1,858 1,870 Plus: contingently issuable performance stock units 1 — 1 — Weighted-average shares for diluted EPS 1,859 1,872 1,859 1,870 |
Other Comprehensive Earnings_Lo
Other Comprehensive Earnings/Losses | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Other Comprehensive Earnings/Losses | Other Comprehensive Earnings/Losses: The following tables set forth the changes in each component of accumulated other comprehensive losses, net of deferred income taxes, attributable to Altria: For the Six Months Ended June 30, 2020 Benefit Plans ABI Currency Translation Adjustments and Other Accumulated Other Comprehensive Losses (in millions) Balances, December 31, 2019 $ (2,192 ) $ (693 ) $ 21 $ (2,864 ) Other comprehensive earnings (losses) before reclassifications — (1,140 ) (39 ) (1,179 ) Deferred income taxes — 238 — 238 Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes — (902 ) (39 ) (941 ) Amounts reclassified to net earnings 56 (15 ) — 41 Deferred income taxes (14 ) 4 — (10 ) Amounts reclassified to net earnings, net of deferred income taxes 42 (11 ) — 31 Other comprehensive earnings (losses), net of deferred income taxes 42 (913 ) (1) (39 ) (910 ) Balances, June 30, 2020 $ (2,150 ) $ (1,606 ) $ (18 ) $ (3,774 ) For the Three Months Ended June 30, 2020 Benefit Plans ABI Currency Translation Adjustments and Other Accumulated Other Comprehensive Losses (in millions) Balances, March 31, 2020 $ (2,171 ) $ (395 ) $ 33 $ (2,533 ) Other comprehensive earnings (losses) before reclassifications — (1,528 ) (51 ) (1,579 ) Deferred income taxes — 323 — 323 Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes — (1,205 ) (51 ) (1,256 ) Amounts reclassified to net earnings 28 (8 ) — 20 Deferred income taxes (7 ) 2 — (5 ) Amounts reclassified to net earnings, net of deferred income taxes 21 (6 ) — 15 Other comprehensive earnings (losses), net of deferred income taxes 21 (1,211 ) (1) (51 ) (1,241 ) Balances, June 30, 2020 $ (2,150 ) $ (1,606 ) $ (18 ) $ (3,774 ) For the Six Months Ended June 30, 2019 Benefit Plans ABI Currency Translation Adjustments and Other Accumulated Other Comprehensive Losses (in millions) Balances, December 31, 2018 $ (2,168 ) $ (374 ) $ (5 ) $ (2,547 ) Other comprehensive earnings (losses) before reclassifications — (182 ) 13 (169 ) Deferred income taxes — 39 (2 ) 37 Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes — (143 ) 11 (132 ) Amounts reclassified to net earnings 78 (31 ) — 47 Deferred income taxes (20 ) 6 — (14 ) Amounts reclassified to net earnings, net of deferred income taxes 58 (25 ) — 33 Other comprehensive earnings (losses), net of deferred income taxes 58 (168 ) (1) 11 (99 ) Balances, June 30, 2019 $ (2,110 ) $ (542 ) $ 6 $ (2,646 ) For the Three Months Ended June 30, 2019 Benefit Plans ABI Currency Translation Adjustments and Other Accumulated Other Comprehensive Losses (in millions) Balances, March 31, 2019 $ (2,139 ) $ (573 ) $ (5 ) $ (2,717 ) Other comprehensive earnings (losses) before reclassifications — 56 13 69 Deferred income taxes — (10 ) (2 ) (12 ) Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes — 46 11 57 Amounts reclassified to net earnings 39 (19 ) — 20 Deferred income taxes (10 ) 4 — (6 ) Amounts reclassified to net earnings, net of deferred income taxes 29 (15 ) — 14 Other comprehensive earnings (losses), net of deferred income taxes 29 31 (1) 11 71 Balances, June 30, 2019 $ (2,110 ) $ (542 ) $ 6 $ (2,646 ) (1) Primarily reflects Altria’s share of ABI’s currency translation adjustments and the impact of Altria’s designated net investment hedges. For further discussion of designated net investment hedges, see Note 5 . Financial Instruments. The following table sets forth pre-tax amounts by component, reclassified from accumulated other comprehensive losses to net earnings: For the Six Months Ended June 30, For the Three Months Ended June 30, 2020 2019 2020 2019 (in millions) Benefit Plans: (1) Net loss $ 69 $ 93 $ 35 $ 44 Prior service cost/credit (13 ) (15 ) (7 ) (5 ) 56 78 28 39 ABI (2) (15 ) (31 ) (8 ) (19 ) Pre-tax amounts reclassified from accumulated other comprehensive losses to net earnings $ 41 $ 47 $ 20 $ 20 (1) Amounts are included in net defined benefit plan costs. For further details, see Note 6 . Benefit Plans. (2) Amounts are included in earnings from equity investments. For further information, see Note 4 . Investments in Equity Securities. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting: In the first quarter of 2020, Altria renamed its smokeless products segment as the oral tobacco products segment. The products of Altria’s subsidiaries include smokeable tobacco products, consisting of combustible cigarettes manufactured and sold by PM USA and Nat Sherman, machine-made large cigars and pipe tobacco manufactured and sold by Middleton and premium cigars sold by Nat Sherman; oral tobacco products, consisting of MST and snus products manufactured and sold by USSTC and oral nicotine pouches manufactured and sold by Helix; and wine produced and/or distributed by Ste. Michelle. The products and services of these subsidiaries constitute Altria’s reportable segments of smokeable products, oral tobacco products (formerly smokeless products) and wine. The financial services and the innovative tobacco products businesses are included in all other. Altria’s chief operating decision maker (the “CODM”) reviews operating companies income (loss) (“OCI”) to evaluate the performance of, and allocate resources to, the segments. OCI for the segments is defined as operating income before general corporate expenses and amortization of intangibles. Interest and other debt expense, net, net periodic benefit income/cost, excluding service cost, and provision for income taxes are centrally managed at the corporate level and, accordingly, such items are not presented by segment since they are excluded from the measure of segment profitability reviewed by the CODM. Segment data were as follows: For the Six Months Ended June 30, For the Three Months Ended June 30, 2020 2019 2020 2019 (in millions) Net revenues: Smokeable products $ 11,209 $ 10,788 $ 5,603 $ 5,853 Oral tobacco products 1,261 1,142 660 602 Wine 277 316 131 165 All other (21 ) 1 (27 ) (1 ) Net revenues $ 12,726 $ 12,247 $ 6,367 $ 6,619 Earnings before income taxes: OCI: Smokeable products $ 4,820 $ 4,303 $ 2,450 $ 2,371 Oral tobacco products 861 778 447 420 Wine (366 ) 34 13 19 All other (56 ) (35 ) (51 ) (23 ) Amortization of intangibles (37 ) (16 ) (18 ) (8 ) General corporate expenses (90 ) (108 ) (45 ) (62 ) Corporate asset impairment and exit costs — (1 ) — — Operating income 5,132 4,955 2,796 2,717 Interest and other debt expense, net (583 ) (696 ) (308 ) (312 ) Net periodic benefit income, excluding service cost 55 16 28 15 Earnings from equity investments 166 533 9 447 Gain (loss) on Cronos-related financial instruments (97 ) (691 ) 40 (266 ) Earnings before income taxes $ 4,673 $ 4,117 $ 2,565 $ 2,601 The comparability of OCI for the reportable segments was affected by the following: Tobacco and Health Litigation Items - Pre-tax charges related to certain tobacco and health litigation items were recorded in Altria’s condensed consolidated statements of earnings as follows: For the Six Months Ended June 30, For the Three Months Ended June 30, 2020 2019 2020 2019 (in millions) Smokeable products segment $ 39 $ 40 $ 17 $ 25 Interest and other debt expense, net 3 5 1 3 Total $ 42 $ 45 $ 18 $ 28 The amounts shown in the table above for the smokeable products segment were recorded in marketing, administration and research costs. For further discussion, see Note 12 . Contingencies . COVID-19 Special Items - Net pre-tax charges of $50 million ( $41 million in the smokeable products segment and $9 million in the oral tobacco products segment) related to COVID-19 were recorded in Altria’s condensed consolidated statements of earnings for the six and three months ended June 30, 2020. The net charges, which were directly related to disruptions caused by or efforts to mitigate the impact of the COVID-19 pandemic, were recorded in costs of sales and included premium pay, personal protective equipment and health screenings, which were partially offset by certain employment tax credits. The COVID-19 special items do not include the inventory-related implementation costs associated with the wine business strategic reset. These implementation costs were due to increased inventory levels, which were further negatively impacted by government restrictions and economic uncertainty surrounding the COVID-19 pandemic. Asset Impairment, Exit and Implementation Costs - See Note 3 . Asset Impairment, Exit and Implementation Costs for a breakdown of these costs by segment. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt: Short-term Borrowings and Borrowing Arrangements At June 30, 2020 and December 31, 2019, Altria had no short-term borrowings. At June 30, 2020, Altria had a senior unsecured 5 -year revolving credit agreement, dated August 1, 2018 (as amended, the “Credit Agreement”), that provides for borrowings up to an aggregate principal amount of $3.0 billion . The Credit Agreement, which is used for general corporate purposes, expires on August 1, 2023 and includes an option, subject to certain conditions, for Altria to extend the Credit Agreement for two additional one -year periods. Pricing for interest and fees under the Credit Agreement may be modified in the event of a change in the rating of Altria’s long-term senior unsecured debt. Interest rates on borrowings under the Credit Agreement are expected to be based on the London Interbank Offered Rate (“LIBOR”), or a mutually agreed upon benchmark rate, plus a percentage based on the higher of the ratings of Altria’s long-term senior unsecured debt from Moody’s Investors Service, Inc. (“Moody’s”) and Standard & Poor’s Ratings Services (“Standard & Poor’s”). The applicable percentage based on Altria’s long-term senior unsecured debt ratings at June 30, 2020 for borrowings under the Credit Agreement was 1.0% . The Credit Agreement does not include any other rating triggers, or any provisions that could require the posting of collateral. In March 2020, due to the uncertainty at that time in the global capital markets, including the commercial paper markets, resulting from the COVID-19 pandemic, Altria elected to borrow the full $3.0 billion available under the Credit Agreement as a precautionary measure to increase its cash position and preserve financial flexibility. In June 2020, Altria repaid the full amount outstanding under the Credit Agreement. The Credit Agreement includes various covenants, one of which requires Altria to maintain a ratio of consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”) to Consolidated Interest Expense of not less than 4.0 to 1.0, calculated as of the end of the applicable quarter on a rolling four quarters basis. At June 30, 2020, the ratio of consolidated EBITDA to Consolidated Interest Expense, calculated in accordance with the Credit Agreement, was 9.1 to 1.0. At June 30, 2020, Altria was in compliance with its covenants in the Credit Agreement. The terms “Consolidated EBITDA” and “Consolidated Interest Expense,” each as defined in the Credit Agreement, include certain adjustments. Any commercial paper issued by Altria and borrowings under the Credit Agreement are guaranteed by PM USA. Long-term Debt In May 2020, Altria issued USD denominated long-term senior unsecured notes in the aggregate principal amount of $2.0 billion (collectively, the “Notes”). The net proceeds from the Notes were used for general corporate purposes, which included repayment of the outstanding balance of the Credit Agreement. The Notes contain the following terms: ▪ $0.750 billion at 2.350% , due 2025, interest payable semiannually beginning November 6, 2020; ▪ $0.750 billion at 3.400% , due 2030, interest payable semiannually beginning November 6, 2020; and ▪ $0.500 billion at 4.450% , due 2050, interest payable semiannually beginning November 6, 2020. The Notes are Altria’s senior unsecured obligations and rank equally in right of payment with all of Altria’s existing and future senior unsecured indebtedness. Upon the occurrence of both (i) a change of control of Altria and (ii) the Notes ceasing to be rated investment grade by each of Moody’s, Standard & Poor’s and Fitch Ratings Ltd. within a specified time period, Altria will be required to make an offer to purchase the Notes at a price equal to 101% of the aggregate principal amount of such Notes, plus accrued and unpaid interest to the date of repurchase as and to the extent set forth in the terms of the Notes. The obligations of Altria under the Notes are guaranteed by PM USA. During the first quarter of 2020, Altria repaid in full at maturity senior unsecured notes in the aggregate principal amount of $1.0 billion . At June 30, 2020 and December 31, 2019 , accrued interest on long-term debt of $393 million and $470 million , respectively, was included in other accrued liabilities on Altria’s condensed consolidated balance sheets. For a discussion of the fair value of Altria’s long-term debt and the designation of its Euro denominated senior unsecured notes as a net investment hedge of its investment in ABI, see Note 5 . Financial Instruments . |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes: The income tax rate of 25.4% for the six months ended June 30, 2020 increased 1.1 percentage points from the six months ended June 30, 2019. This increase was due primarily to the following: ▪ tax expense resulting from lower earnings on Altria’s equity investment in Cronos, which is taxed at a lower foreign tax rate; and ▪ net tax expense for adjustments resulting from amended returns and audit adjustments related to prior years. The income tax rate of 24.4% for the three months ended June 30, 2020 increased 1.2 percentage points from the three months ended June 30, 2019. This increase was due primarily to the following: ▪ tax expense resulting from lower earnings on Altria’s equity investment in Cronos, which is taxed at a lower foreign tax rate; and • net tax expense for adjustments resulting from amended returns and audit adjustments related to prior years; partially offset by: • net tax benefits related to Altria’s equity investment in Cronos, which included a valuation allowance release on a deferred tax asset. A reconciliation of the beginning and ending valuation allowances for the period ended June 30, 2020 was as follows: (in millions) 2020 Balance at beginning of year $ 2,324 Additions to valuation allowance charged to income tax expense 32 Reductions to valuation allowance credited to income tax benefit (141 ) Foreign currency translation 5 Balance at end of year $ 2,220 The current year addition to the valuation allowance was due primarily to a valuation allowance recorded for a deferred tax asset related to Altria’s equity investment in Cronos. The current year reduction to the valuation allowance was due primarily to the write-off of a deferred tax asset related to Altria’s equity investment in Cronos for which a valuation allowance had previously been established. Altria is subject to income taxation in many jurisdictions. Unrecognized tax benefits reflect the difference between tax positions taken or expected to be taken on income tax returns and the amounts recognized in the financial statements. Resolution of the related tax positions with the relevant tax authorities may take many years to complete, and such timing is not entirely within the control of Altria. At June 30, 2020 , Altria’s total unrecognized tax benefits were $66 million . The amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate at June 30, 2020 was $40 million , along with $26 million affecting deferred taxes. It is reasonably possible that within the next 12 months certain examinations will be resolved, which could result in a decrease in unrecognized tax benefits of approximately $3 million . At December 31, 2019 , Altria’s total unrecognized tax benefits were $64 million . The amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate at December 31, 2019 was $40 million , along with $24 million affecting deferred taxes. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Legal proceedings covering a wide range of matters are pending or threatened in various U.S. and foreign jurisdictions against Altria and its subsidiaries, including PM USA and USSTC, as well as their respective indemnitees and Altria’s investees. Various types of claims may be raised in these proceedings, including product liability, unfair trade practices, antitrust, tax, contraband shipments, patent infringement, employment matters, claims for contribution and claims of competitors, shareholders or distributors. Litigation is subject to uncertainty and it is possible that there could be adverse developments in pending or future cases. An unfavorable outcome or settlement of pending tobacco-related or other litigation could encourage the commencement of additional litigation. Damages claimed in some tobacco-related and other litigation are or can be significant and, in certain cases, have ranged in the billions of dollars. The variability in pleadings in multiple jurisdictions, together with the actual experience of management in litigating claims, demonstrate that the monetary relief that may be specified in a lawsuit bears little relevance to the ultimate outcome. In certain cases, plaintiffs claim that defendants’ liability is joint and several. In such cases, Altria or its subsidiaries may face the risk that one or more co-defendants decline or otherwise fail to participate in the bonding required for an appeal or to pay their proportionate or jury-allocated share of a judgment. As a result, Altria or its subsidiaries under certain circumstances may have to pay more than their proportionate share of any bonding- or judgment-related amounts. Furthermore, in those cases where plaintiffs are successful, Altria or its subsidiaries may also be required to pay interest and attorneys’ fees. Although PM USA has historically been able to obtain required bonds or relief from bonding requirements in order to prevent plaintiffs from seeking to collect judgments while adverse verdicts have been appealed, there remains a risk that such relief may not be obtainable in all cases. This risk has been substantially reduced given that 47 states and Puerto Rico limit the dollar amount of bonds or require no bond at all. As discussed below, however, tobacco litigation plaintiffs have challenged the constitutionality of Florida’s bond cap statute in several cases and plaintiffs may challenge state bond cap statutes in other jurisdictions as well. Such challenges may include the applicability of state bond caps in federal court. States, including Florida, may also seek to repeal or alter bond cap statutes through legislation. Although Altria cannot predict the outcome of such challenges, it is possible that the consolidated results of operations, cash flows or financial position of Altria, or one or more of its subsidiaries, could be materially affected in a particular fiscal quarter or fiscal year by an unfavorable outcome of one or more such challenges. Altria and its subsidiaries record provisions in the condensed consolidated financial statements for pending litigation when they determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. At the present time, while it is reasonably possible that an unfavorable outcome in a case may occur, except to the extent discussed elsewhere in this Note 12 . Contingencies : (i) management has concluded that it is not probable that a loss has been incurred in any of the pending cases; (ii) management is unable to estimate the possible loss or range of loss that could result from an unfavorable outcome in any of the pending cases; and (iii) accordingly, management has not provided any amounts in the condensed consolidated financial statements for unfavorable outcomes, if any. Litigation defense costs are expensed as incurred. Altria and its subsidiaries have achieved substantial success in managing litigation. Nevertheless, litigation is subject to uncertainty and significant challenges remain. It is possible that the consolidated results of operations, cash flows or financial position of Altria, or one or more of its subsidiaries, could be materially affected in a particular fiscal quarter or fiscal year by an unfavorable outcome or settlement of certain pending litigation. Altria and each of its subsidiaries named as a defendant believe, and each has been so advised by counsel handling the respective cases, that it has valid defenses to the litigation pending against it, as well as valid bases for appeal of adverse verdicts. Each of the companies has defended, and will continue to defend, vigorously against litigation challenges. However, Altria and its subsidiaries may enter into settlement discussions in particular cases if they believe it is in the best interests of Altria to do so. Overview of Altria and/or PM USA Tobacco-Related Litigation Types and Number of U.S. Cases Claims related to tobacco products generally fall within the following categories: (i) smoking and health cases alleging personal injury brought on behalf of individual plaintiffs; (ii) health care cost recovery cases brought by governmental (both domestic and foreign) plaintiffs seeking reimbursement for health care expenditures allegedly caused by cigarette smoking and/or disgorgement of profits; (iii) e-vapor cases alleging violation of the Racketeer Influenced and Corrupt Organizations Act (“RICO”), fraud, failure to warn, design defect, negligence and unfair trade practices; and (iv) other tobacco-related litigation described below. Plaintiffs’ theories of recovery and the defenses raised in tobacco-related litigation are discussed below. The table below lists the number of certain tobacco-related cases pending in the U.S. against PM USA and, in some instances, Altria as of July 24, 2020, July 26, 2019 and July 23, 2018: July 24, 2020 July 26, 2019 July 23, 2018 Individual Smoking and Health Cases (1) 116 90 97 Health Care Cost Recovery Actions (2) — 1 1 E-vapor Cases (3) 621 Other Tobacco-Related Cases (4) 4 4 6 (1) Includes 24 cases filed in Massachusetts and 49 non- Engle cases filed in Florida. Does not include individual smoking and health cases brought by or on behalf of plaintiffs in Florida state and federal courts following the decertification of the Engle case (these Engle progeny cases are discussed below in Smoking and Health Litigation - Engle Class Action ). Also does not include 1,471 cases brought by flight attendants seeking compensatory damages for personal injuries allegedly caused by exposure to environmental tobacco smoke (“ETS”). The flight attendants allege that they are members of an ETS smoking and health class action in Florida, which was settled in 1997 ( Broin ). The terms of the court-approved settlement in that case allowed class members to file individual lawsuits seeking compensatory damages, but prohibited them from seeking punitive damages. In March 2018, 923 of these cases were voluntarily dismissed without prejudice. (2) See Health Care Cost Recovery Litigation - Federal Government’s Lawsuit below. (3) Includes 25 class action lawsuits, 561 individual lawsuits, 24 state or local government lawsuits and 11 lawsuits filed by school districts relating to JUUL e-vapor products. JUUL is an additional named defendant in each of these lawsuits. (4) Includes two inactive smoking and health cases alleging personal injury or seeking court-supervised programs or ongoing medical monitoring and purporting to be brought on behalf of a class of individual plaintiffs, including one case in which the aggregated claims of a number of individual plaintiffs are to be tried in a single proceeding, and two inactive class action lawsuits alleging that use of the terms “Lights” and “Ultra Lights” constitute deceptive and unfair trade practices, common law or statutory fraud, unjust enrichment, breach of warranty or violations of RICO. International Tobacco-Related Cases As of July 24, 2020, PM USA is a named defendant in 10 health care cost recovery actions in Canada, eight of which also name Altria as a defendant. PM USA and Altria are also named defendants in seven smoking and health class actions filed in various Canadian provinces. See Guarantees and Other Similar Matters below for a discussion of the Distribution Agreement between Altria and Philip Morris International Inc. (“PMI”) that provides for indemnities for certain liabilities concerning tobacco products. Tobacco-Related Cases Set for Trial As of July 24, 2020, no Engle progeny cases or individual smoking and health cases against PM USA are set for trial through September 30, 2020. Cases against other companies in the tobacco industry may be scheduled for trial during this period. Trial dates are subject to change and some trials have been postponed due to the COVID-19 pandemic. Trial Results Since January 1999, excluding the Engle progeny cases (separately discussed below), verdicts have been returned in 69 tobacco-related cases in which PM USA was a defendant. Verdicts in favor of PM USA and other defendants were returned in 44 of the 69 cases. These 44 cases were tried in Alaska ( 1 ), California ( 7 ), Connecticut ( 1 ), Florida ( 10 ), Louisiana ( 1 ), Massachusetts ( 4 ), Mississippi ( 1 ), Missouri ( 4 ), New Hampshire ( 1 ), New Jersey ( 1 ), New York ( 5 ), Ohio ( 2 ), Pennsylvania ( 1 ), Rhode Island ( 1 ), Tennessee ( 2 ) and West Virginia ( 2 ). Of the 25 non- Engle progeny cases in which verdicts were returned in favor of plaintiffs, 20 have reached final resolution, and one case ( Gentile ) that was initially returned in favor of plaintiff was reversed post-trial and remains pending. See Smoking and Health Litigation - Engle Progeny Trial Results below for a discussion of verdicts in state and federal Engle progeny cases involving PM USA as of July 24, 2020. Judgments Paid and Provisions for Tobacco and Health Litigation Items (Including Engle Progeny Litigation) After exhausting all appeals in those cases resulting in adverse verdicts associated with tobacco-related litigation, since October 2004, PM USA has paid judgments and settlements (including related costs and fees) totaling approximately $753 million and interest totaling approximately $216 million as of June 30, 2020. These amounts include payments for Engle progeny judgments (and related costs and fees) totaling approximately $327 million and related interest totaling approximately $54 million . The changes in Altria’s accrued liability for tobacco and health litigation items, including related interest costs, for the periods specified below are as follows: For the Six Months Ended June 30, For the Three Months Ended June 30, (in millions) 2020 2019 2020 2019 Accrued liability for tobacco and health litigation items at beginning of period (1) $ 14 $ 112 $ 10 $ 20 Pre-tax charges for: Tobacco and health litigation 39 (2) 40 17 25 Related interest costs 3 5 1 3 Payments (1) (34 ) (3) (144 ) (6 ) (35 ) Accrued liability for tobacco and health litigation items at end of period (1) $ 22 $ 13 $ 22 $ 13 (1) Includes amounts related to the costs of implementing the corrective communications remedy related to the Federal Government’s Lawsuit discussed below. (2) Includes approximately $12 million related to pre-trial resolution of approximately 200 tobacco and health cases. (3) Includes approximately $12 million in payments related to above-mentioned pre-trial resolution of approximately 200 tobacco and health cases and $2 million for pre-trial resolution of other tobacco and health cases that was accrued in 2019 but not paid until 2020 . The accrued liability for tobacco and health litigation items, including related interest costs, was included in accrued liabilities on Altria’s condensed consolidated balance sheets. Pre-tax charges for tobacco and health litigation were included in marketing, administration and research costs on Altria’s condensed consolidated statements of earnings (losses). Pre-tax charges for related interest costs were included in interest and other debt expense, net on Altria’s condensed consolidated statements of earnings (losses). Security for Judgments To obtain stays of judgments pending appeal, PM USA has posted various forms of security. As of June 30, 2020, PM USA has posted appeal bonds totaling approximately $68 million , which have been collateralized with restricted cash that are included in assets on the condensed consolidated balance sheet. Smoking and Health Litigation Overview Plaintiffs’ allegations of liability in smoking and health cases are based on various theories of recovery, including negligence, gross negligence, strict liability, fraud, misrepresentation, design defect, failure to warn, nuisance, breach of express and implied warranties, breach of special duty, conspiracy, concert of action, violations of unfair trade practice laws and consumer protection statutes, and claims under the federal and state anti-racketeering statutes. Plaintiffs in the smoking and health cases seek various forms of relief, including compensatory and punitive damages, treble/multiple damages and other statutory damages and penalties, creation of medical monitoring and smoking cessation funds, disgorgement of profits, and injunctive and equitable relief. Defenses raised in these cases include lack of proximate cause, assumption of the risk, comparative fault and/or contributory negligence, statutes of limitations and preemption by the Federal Cigarette Labeling and Advertising Act. Non-Engle Progeny Litigation Summarized below are the non- Engle progeny smoking and health cases pending during 2020 in which a verdict was returned in favor of plaintiff and against PM USA. Charts listing certain verdicts for plaintiffs in the Engle progeny cases can be found in Smoking and Health Litigation - Engle Progeny Trial Results below. Principe : In February 2020, a jury in a Florida state court returned a verdict in favor of plaintiff and against PM USA, awarding approximately $11 million in compensatory damages. There was no claim for punitive damages. PM USA’s appeal is pending in the Third District Court of Appeal. Greene : In September 2019, a jury in a Massachusetts state court returned a verdict in favor of plaintiffs and against PM USA, awarding approximately $10 million in compensatory damages. In May 2020, the court ruled on plaintiffs’ remaining claim and trebled the compensatory damages award to approximately $30 million . PM USA plans to file post-trial motions. Laramie : In August 2019, a jury in a Massachusetts state court returned a verdict in favor of plaintiff, awarding $11 million in compensatory damages and $10 million in punitive damages. PM USA and plaintiff have appealed. Gentile : In October 2017, a jury in a Florida state court returned a verdict in favor of plaintiff, awarding approximately $7.1 million in compensatory damages and allocating 75% of the fault to PM USA (an amount of approximately $5.3 million ). PM USA appealed. In September 2019, the Florida Fourth District Court of Appeal reversed the judgment entered by the trial court, granted PM USA judgment on certain claims and remanded for a new trial on the remaining claims. Plaintiff has petitioned the Florida Supreme Court for further review. Federal Government’s Lawsuit : See Health Care Cost Recovery Litigation - Federal Government’s Lawsuit below for a discussion of the verdict and post-trial developments in the United States of America health care cost recovery case. Engle Class Action In July 2000, in the second phase of the Engle smoking and health class action in Florida, a jury returned a verdict assessing punitive damages totaling approximately $145 billion against various defendants, including $74 billion against PM USA. Following entry of judgment, PM USA appealed. In May 2003, the Florida Third District Court of Appeal reversed the judgment entered by the trial court and instructed the trial court to order the decertification of the class. Plaintiffs petitioned the Florida Supreme Court for further review. In July 2006, the Florida Supreme Court ordered that the punitive damages award be vacated, that the class approved by the trial court be decertified and that members of the decertified class could file individual actions against defendants within one year of issuance of the mandate. The court further declared the following Phase I findings are entitled to res judicata effect in such individual actions brought within one year of the issuance of the mandate: (i) that smoking causes various diseases; (ii) that nicotine in cigarettes is addictive; (iii) that defendants’ cigarettes were defective and unreasonably dangerous; (iv) that defendants concealed or omitted material information not otherwise known or available knowing that the material was false or misleading or failed to disclose a material fact concerning the health effects or addictive nature of smoking; (v) that defendants agreed to misrepresent information regarding the health effects or addictive nature of cigarettes with the intention of causing the public to rely on this information to their detriment; (vi) that defendants agreed to conceal or omit information regarding the health effects of cigarettes or their addictive nature with the intention that smokers would rely on the information to their detriment; (vii) that all defendants sold or supplied cigarettes that were defective; and (viii) that defendants were negligent. In August 2006, PM USA and plaintiffs sought rehearing from the Florida Supreme Court on parts of its July 2006 opinion. In December 2006, the Florida Supreme Court refused to revise its July 2006 ruling, except that it revised the set of Phase I findings entitled to res judicata effect by excluding finding (v) listed above (relating to agreement to misrepresent information), and added the finding that defendants sold or supplied cigarettes that, at the time of sale or supply, did not conform to the representations of fact made by defendants. In February 2008, the trial court decertified the class. Pending Engle Progeny Cases The deadline for filing Engle progeny cases expired in January 2008, at which point a total of approximately 9,300 federal and state claims were pending. As of July 24, 2020, approximately 1,400 state court cases were pending against PM USA or Altria asserting individual claims by or on behalf of approximately 1,800 state court plaintiffs. Because of a number of factors, including docketing delays, duplicated filings and overlapping dismissal orders, these numbers are estimates. While the Federal Engle Agreement (discussed below) resolved nearly all Engle progeny cases pending in federal court, as of July 24, 2020, four cases were pending against PM USA in federal court representing the cases excluded from that agreement. Engle Progeny Trial Results As of July 24, 2020, 134 federal and state Engle progeny cases involving PM USA have resulted in verdicts since the Florida Supreme Court Engle decision. Seventy-eight verdicts were returned in favor of plaintiffs and four verdicts ( Skolnick , Calloway , Oshinsky-Blacker and McCoy ) that were initially returned in favor of plaintiffs were reversed post-trial or on appeal and remain pending. Forty-eight verdicts were returned in favor of PM USA, of which 43 were state cases. In addition, there have been a number of mistrials, only some of which have resulted in new trials as of July 24, 2020. Four verdicts ( Pearson, D. Cohen , Collar and Chacon ) that were returned in favor of PM USA were subsequently reversed for new trials. Juries in two cases ( Reider and Banks ) returned zero damages verdicts in favor of PM USA . Juries in two other cases ( Weingart and Hancock ) returned verdicts against PM USA awarding no damages, but the trial court in each case decided to award plaintiffs damages. One case, Pollari, resulted in a verdict in favor of PM USA following a retrial of an initial verdict returned in favor of plaintiff. Appeals by plaintiff and defendants are pending. Three cases, Gloger, Rintoul ( Caprio ) and Duignan , resulted in verdicts in favor of plaintiffs following retrial of initial verdicts returned in favor of plaintiffs. Post-trial motions or appeals are pending. One case, Freeman , resulted in an appellate reversal of a jury verdict in favor of plaintiff, and a judgment in favor of PM USA. The charts below list the verdicts and post-trial developments in certain Engle progeny cases in which verdicts were returned in favor of plaintiffs. The first chart lists such cases that are pending as of July 24, 2020 where PM USA has recorded a provision in its consolidated financial statements because PM USA has determined that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated; the second chart lists other such cases that are pending as of July 24, 2020 but where PM USA has determined an unfavorable outcome is not probable and the amount of loss cannot be reasonably estimated; and the third chart lists other such cases that have concluded within the previous 12 months. Unless otherwise noted for a particular case, the jury’s award for compensatory damages will not be reduced by any finding of plaintiff’s comparative fault. Further, the damages noted reflect adjustments based on post-trial or appellate rulings. Currently Pending Engle Cases with Accrued Liabilities (rounded to nearest $ million) Plaintiff Verdict Date Defendant(s) Court Compensatory Damages (All Defendants) Punitive Damages (PM USA) Appeal Status Accrual (1) Berger ( Cote ) September 2014 PM USA Federal Court - Middle District of Florida $6 million $21 million The Eleventh Circuit Court of Appeals reinstated the punitive and compensatory damages awards and remanded the case to the district court. PM USA’s challenge to the punitive damages award was denied by the district court. PM USA’s appeal to the Eleventh Circuit Court of Appeals is pending. $6 million accrual in the fourth quarter of 2018 Santoro March 2017 PM USA, R.J. Reynolds and Liggett Group (2) Broward $2 million (<$1 million PM USA) <$1 million The Fourth District Court of Appeal affirmed the compensatory damages award and reinstated the punitive damages award. Defendants’ motion for rehearing was denied. PM USA plans to appeal. <$1 million accrual for compensatory damages award in the second quarter of 2020 (1) Accrual amounts include interest and associated costs, if applicable. For cases with multiple defendants, if any, accrual amounts reflect the portion of compensatory damages PM USA believes it will have to pay if the case is ultimately decided in plaintiff’s favor after taking into account any portion potentially payable by the other defendant(s). (2) References to “R.J. Reynolds,” “Lorillard” and “Liggett Group” are to R.J. Reynolds Tobacco Company, Lorillard Tobacco Company and Liggett Group, LLC, respectively. Other Currently Pending Engle Cases with Verdicts Against PM USA (rounded to nearest $ million) Plaintiff Verdict Date Defendant(s) Court Compensatory Damages (1) Punitive Damages Appeal Status Duignan February 2020 (2 ) PM USA and Pinellas $3 million $12 million Defendants’ post-trial motions pending. Cuddihee January 2020 PM USA Duval $3 million $0 Defendant’s post-trial motions denied. Defendant plans to appeal. Rintoul ( Caprio ) November 2019 (2) PM USA and R.J. Reynolds Broward $9 million ($5 million PM USA) $74 million Defendants’ post-trial motion pending. Gloger November 2019 (2) PM USA and R.J. Reynolds Miami-Dade $15 million ($5 million PM USA) $11 million Appeal by defendants to Third District Court of Appeal pending. McCall March 2019 PM USA Broward <$1 million (<$1 million PM USA) <$1 million New trial ordered on punitive damages. Neff March 2019 PM USA and R.J. Reynolds Broward $4 million $2 million Appeals by plaintiff and defendants to Fourth District Court of Appeal pending. Frogel March 2019 PM USA Palm Beach <$1 million (<$1 million PM USA) $0 Appeals by plaintiff and defendant to Fourth District Court of Appeal pending. Mahfuz February 2019 PM USA and R.J. Reynolds Broward $12 million $10 million Appeals by plaintiff and defendants to Fourth District Court of Appeal pending. Holliman February 2019 PM USA Miami-Dade $3 million $0 Defendant’s appeal to Third District Court of Appeal pending. Other Currently Pending Engle Cases with Verdicts Against PM USA (rounded to nearest $ million) Plaintiff Verdict Date Defendant(s) Court Compensatory Damages (1) Punitive Damages Appeal Status Chadwell September 2018 PM USA Miami-Dade $2 million $0 Third District Court of Appeal affirmed the compensatory damages award. PM USA petitioned Florida Supreme Court for review. Case stayed pending decision in Prentice. Kaplan July 2018 PM USA and R.J. Reynolds Broward $2 million $2 million Appeals by defendants and plaintiff to Fourth District Court of Appeal pending. R. Douglas November 2017 PM USA Duval <$1 million $0 Awaiting entry of final judgment by the trial court. Sommers April 2017 PM USA Miami-Dade $1 million $0 Third District Court of Appeal affirmed compensatory damages award and granted new trial on punitive damages. Defendant petitioned Florida Supreme Court for review. Cooper (Blackwood) September 2015 PM USA and R.J. Reynolds Broward $5 million $0 Fourth District Court of Appeal affirmed judgment and granted a new trial on punitive damages. D. Brown January 2015 PM USA Federal Court - Middle District of Florida $8 million $9 million Appeal by defendant to U.S. Court of Appeals for the Eleventh Circuit pending. Dean (Kerrivan) October 2014 PM USA and R.J. Reynolds Federal Court - Middle District of Florida $16 million $16 million U.S. Court of Appeals for the Eleventh Circuit affirmed the judgment. Defendants’ motion for rehearing pending. Harris July 2014 PM USA, Federal Court - Middle District of Florida $2 million (<$ 1 million PM USA) $0 Appeals by plaintiff and defendants to U.S. Court of Appeals for the Eleventh Circuit pending. (1) PM USA’s portion of the compensatory damages award is noted parenthetically where the court has ruled that comparative fault applies. (2) Plaintiff’s verdict following a retrial of an initial verdict in favor of plaintiff. Engle Cases Concluded Within Past 12 Months (1) (rounded to nearest $ million) Plaintiff Verdict Date Defendant(s) Court Accrual Date Payment Amount (if any) Payment Date Landi (2) June 2018 PM USA and R.J. Reynolds Broward Second quarter of 2020 $10 million July 2020 Theis (3) May 2018 PM USA and Sarasota First quarter of 2020 $17 million February 2020 Alvarez Del Real September 2019 PM USA Miami-Dade Fourth quarter of 2019 <$1 million October 2019 Zingaro May 2019 PM USA and Broward Third quarter of 2019 <$1 million October 2019 (1) In four cases in which PM USA paid the judgments more than a year ago, Naugle, Gore , M. Brown and Jordan , plaintiffs were awarded approximately $8 million , $2 million , $9 million and $4 million in fees and costs, respectively. PM USA has appealed in all of these cases. In another case concluded more than a year ago, Wallace , PM USA paid $2 million in fees and other costs in July 2020. (2) In June 2020, the Fourth District Court of Appeal affirmed the compensatory damages award. As a result, in the second quarter of 2020, PM USA recorded a pre-tax provision of approximately $10 million for the judgment plus interest and paid this amount in July 2020. (3) In February 2020, the Florida Second District Court of Appeal denied PM USA’s petition for review. As a result, in the first quarter of 2020, PM USA recorded a pre-tax provision of approximately $17 million for the judgment plus interest and paid this amount. Florida Bond Statute In June 2009, Florida amended its existing bond cap statute by adding a $200 million bond cap that applies to all state Engle progeny lawsuits in the aggregate and establishes individual bond caps for individual Engle progeny cases in amounts that vary depending on the number of judgments in effect at a given time. Plaintiffs have been unsuccessful in various challenges to the bond cap statute in Florida state court. No federal court has yet addressed the constitutionality of the bond cap statute or the applicability of the bond cap to Engle progeny cases tried in federal court. From time to time, legislation has been presented to the Florida legislature that would repeal the bond cap statute; however to date, no legislation repealing the statute has passed. Other Smoking and Health Class Actions Since the dismissal in May 1996 of a purported nationwide class action brought on behalf of allegedly addicted smokers, plaintiffs have filed numerous putative smoking and health class action suits in various state and federal courts. In general, these cases purport to be brought on behalf of residents of a particular state or states (although a few cases purport to be nationwide in scope) and raise addiction claims and, in many cases, claims of physical injury as well. Class certification has been denied or reversed by courts in 61 smoking and health class actions involving PM USA in Arkansas ( 1 ), California ( 1 ), Delaware ( 1 ), the District of Columbia ( 2 ), Florida ( 2 ), Illinois ( 3 ), Iowa ( 1 ), Kansas ( 1 ), Louisiana ( 1 ), Maryland ( 1 ), Michigan ( 1 ), Minnesota ( 1 ), Nevada ( 29 ), New Jersey ( 6 ), New York ( 2 ), Ohio ( 1 ), Oklahoma ( 1 ), Oregon ( 1 ), Pennsylvania ( 1 ), Puerto Rico ( 1 ), South Carolina ( 1 ), Texas ( 1 ) and Wisconsin ( 1 ). See Certain Other Tobacco-Related Litigation below for a discussion of “Lights” and “Ultra Lights” class action cases and medical monitoring class action cases pending against PM USA. As of July 24, 2020, PM USA and Altria are named as defendants, along with other cigarette manufacturers, in seven class actions filed in the Canadian provinces of Alberta, Manitoba, Nova Scotia, Saskatchewan, British Columbia and Ontario. In Saskatchewan, British Columbia ( two separate cases) and Ontario, plaintiffs seek class certification on behalf of individuals who suffer or have suffered from various diseases, including chronic obstructive pulmonary disease, emphysema, heart disease or cancer, after smoking defendants’ cigarettes. In the actions filed in Alberta, Manitoba and Nova Scotia, plaintiffs seek certification of classes of all individuals who smoked defendants’ cigarettes. In March 2019, all of these class actions were stayed as a result of three Canadian tobacco manufacturers (none of which is related to Altria or its subsidiaries) seeking protection under Canada’s Companies’ Creditors Arrangement Act (which is similar to Chapter 11 bankruptcy in the U.S.). The companies entered into these proceedings following a Canadian appellate court upholding two smoking and health class action verdicts against those companies totaling approximately CAD $13 billion . See Guarantees and Other Similar Matters below for a discussion of the Distribution Agreement between Altria and PMI, which provides for indemnities for certain liabilities concerning tobacco products. Health Care Cost Recovery Litigation Overview In the health care cost recovery litigation, governmental entities seek reimbursement of health care cost expenditures allegedly caused by tobacco products and, in some cases, of future expenditures and damages. Relief sought by some but not all plaintiffs includes punitive damages, multiple damages and other statutory damages and penalties, injunctions prohibiting alleged marketing and sales to minors, disclosure of research, disgorgement of profits, funding of anti-smoking programs, additional disclosure of nicotine yields, and payment of attorney and expert witness fees. Although there have been some decisions to the contrary, most judicial decisions in the U.S. have dismissed all or most health care cost recovery claims against cigarette manufacturers. Nine federal circuit courts of appeals and eight state appellate courts, relying primarily on grounds that plaintiffs’ claims were too remote, have ordered or affirmed dismissals of health care cost recovery actions. The United States Supreme Court has refused to consider plaintiffs’ appeals from the cases decided by five federal circuit courts of appeal. In addition to the cases brought in the U.S., health care cost recovery actions have also been brought against tobacco industry participants, including PM USA and Altria, in Canada ( 10 cases), and other entities have stated that they are considering filing such actions. Since the beginning of 2008, the Canadian Provinces of British Columbia, New Brunswick, Ontario, Newfoundland and Labrador, Quebec, Albert |
New Accounting Guidance Not Yet
New Accounting Guidance Not Yet Adopted | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Guidance Not Yet Adopted | New Accounting Guidance Not Yet Adopted: The following table provides a description of issued accounting guidance applicable to, but not yet adopted by, Altria: Standards Description Effective Date for Public Entity Effect on Financial Statements ASU 2019-12 Simplifying the Accounting for Income Taxes (Topic 740) The guidance removes certain exceptions for investments, intraperiod allocations and interim calculations, and adds guidance to reduce complexity in accounting for income taxes. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is permitted, including adoption in any interim period. Altria is in the process of evaluating the impact of this guidance on its consolidated financial statements and related disclosures. ASU 2020-01 Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 The guidance provides clarification of the interaction of rules for equity securities, the equity method of accounting, and forward contracts and purchase options on certain types of securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is permitted, including adoption in any interim period. Altria is in the process of evaluating the impact of this guidance on its consolidated financial statements and related disclosures. |
Background and Basis of Prese_2
Background and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements | During the second quarter of 2020, Altria began complying early, as permitted, with Regulation S-X Rules 13-01 and 13-02 regarding the financial disclosure requirements for registered debt securities with subsidiary guarantees. The new rules replace the previously required condensed consolidating financial information with summarized financial information of the issuer and the guarantor and, among other things, require expanded qualitative disclosures. Altria has elected to provide this information in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section in its Quarterly Report on Form 10-Q as permitted by the new rules. On January 1, 2020, Altria adopted Accounting Standards Update (“ASU”) No. 2016-13, Measurement of Credit Losses on Financial Instruments and all related ASU amendments (collectively “ASU No. 2016-13”). This 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. The adoption of ASU No. 2016-13 did not have a material impact on Altria’s condensed consolidated financial statements. Additionally, on January 1, 2020, Altria adopted ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU No. 2018-15”). This 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). The adoption of ASU No. 2018-15 did not have a material impact on Altria’s condensed consolidated financial statements. Standards Description Effective Date for Public Entity Effect on Financial Statements ASU 2019-12 Simplifying the Accounting for Income Taxes (Topic 740) The guidance removes certain exceptions for investments, intraperiod allocations and interim calculations, and adds guidance to reduce complexity in accounting for income taxes. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is permitted, including adoption in any interim period. Altria is in the process of evaluating the impact of this guidance on its consolidated financial statements and related disclosures. ASU 2020-01 Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 The guidance provides clarification of the interaction of rules for equity securities, the equity method of accounting, and forward contracts and purchase options on certain types of securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is permitted, including adoption in any interim period. Altria is in the process of evaluating the impact of this guidance on its consolidated financial statements and related disclosures. |
Equity Method Investments | Altria reviews its equity investments accounted for under the equity method of accounting (ABI and Cronos) for impairment on a quarterly basis in connection with the preparation of its financial statements by comparing the fair value of each of its investments to its respective carrying value. If the carrying value of an investment exceeds its fair value and the loss in value is other than temporary, the investment is considered impaired and reduced to fair value, and the impairment is recognized in the period identified. |
Equity Securities Without Readily Determinable Fair Value | Altria accounted for its investment in JUUL as an investment in an equity security as of June 30, 2020 . Since the JUUL shares do not have a readily determinable fair value, Altria has elected to measure its investment in JUUL at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. There have been no upward or downward adjustments to the carrying value of Altria’s investment in JUUL resulting from observable price changes in orderly transactions since the JUUL Transaction through June 30, 2020. Altria reviews its investment in JUUL for impairment by performing a qualitative assessment of impairment indicators on a quarterly basis in connection with the preparation of its financial statements. If this qualitative assessment indicates that Altria’s investment in JUUL may be impaired, a quantitative assessment is performed. If the quantitative assessment indicates the fair value of the investment is less than its carrying value, the investment is written down to its fair value. |
Background and Basis of Prese_3
Background and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Share Repurchase Activity | Altria’s 2019 share repurchase activity was as follows: (in millions, except per share data) For the Six Months Ended June 30, 2019 For the Three Months Ended June 30, 2019 Total number of shares repurchased 6.4 3.7 Aggregate cost of shares repurchased $ 346 $ 195 Average price per share of shares repurchased $ 54.36 $ 52.93 |
Asset Impairment, Exit and Im_2
Asset Impairment, Exit and Implementation Costs (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | Pre-tax asset impairment, exit and implementation costs consisted of the following: For the Six Months Ended June 30, 2020 2019 Implementation Costs (1) Total Asset Impairment and Exit Costs Implementation Costs (2) Total (in millions) Smokeable products $ — $ — $ 50 $ 25 $ 75 Oral tobacco products — — 8 3 11 Wine 394 394 — — — All other — — 14 (7 ) 7 General corporate — — 1 — 1 Total 394 394 73 21 94 Plus amounts included in net periodic benefit income, excluding service cost (3) — — 12 — 12 Total $ 394 $ 394 $ 85 $ 21 $ 106 (1) Included in cost of sales in Altria’s condensed consolidated statements of earnings. (2) Included in cost of sales ( $2 million cost reversal) and marketing, administration and research costs ( $23 million ) in Altria’s condensed consolidated statement of earnings. (3) Represents curtailment costs. See Note 6 . Benefit Plans . For the Three Months Ended June 30, 2020 2019 Implementation Costs (1) Total Asset Impairment and Exit Costs Implementation Costs (2) Total (in millions) Smokeable products $ — $ — $ 14 $ 17 $ 31 Oral tobacco products — — — 2 2 Wine 2 2 — — — All other — — 19 (7 ) 12 Total $ 2 $ 2 $ 33 $ 12 $ 45 (1) Included in cost of sales in Altria’s condensed consolidated statements of earnings. (2) Included in cost of sales ( $2 million cost reversal) and marketing, administration and research costs ( $14 million ) in Altria’s condensed consolidated statement of earnings. |
Schedule of Restructuring Reserve by Type of Cost | The movement in the restructuring liabilities, substantially all of which were severance liabilities, related to the cost reduction program was as follows: (in millions) Balances at December 31, 2019 $ 67 Charges — Cash spent (41 ) Balances at June 30, 2020 $ 26 |
Investments in Equity Securit_2
Investments in Equity Securities Investments in Equity Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments [Abstract] | |
Investment | Altria’s investments consisted of the following: Carrying Amount June 30, 2020 December 31, 2019 (in millions) ABI (1) $ 16,891 $ 18,071 JUUL 4,205 4,205 Cronos (2) 1,223 1,305 Total $ 22,319 $ 23,581 (1) Decrease in Altria’s investment in ABI at June 30, 2020 is due primarily to other comprehensive losses recorded in the second quarter of 2020 for Altria’s share of ABI’s first quarter of 2020 currency translation adjustments resulting from significant changes in foreign exchange rates in the countries in which ABI operates. For further discussion of Altria’s share of ABI’s other comprehensive losses, see Note 8 . Other Comprehensive Earnings/Losses . (2) June 30, 2020 includes Altria’s equity method investment in Cronos ( $1,017 million ), the Cronos warrant ( $166 million ) and the Fixed-price Preemptive Rights ( $40 million ) and December 31, 2019 includes Altria’s equity method investment in Cronos ( $1,002 million ), the Cronos warrant ( $234 million ) and the Fixed -price Preemptive Rights ( $69 million ), as discussed further below. |
Equity Method Investments | Earnings (losses) from equity investments accounted for under the equity method of accounting consisted of the following: For the Six Months Ended June 30, For the Three Months Ended June 30, 2020 2019 2020 2019 (in millions) ABI $ 112 $ 388 $ (22 ) $ 302 Cronos 54 145 31 145 Total $ 166 $ 533 $ 9 $ 447 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Measurement Inputs and Valuation Techniques | The fair values of the Fixed-price Preemptive Rights and Cronos warrant are estimated using Black-Scholes option-pricing models, adjusted for observable inputs (which are classified in Level 1 of the fair value hierarchy), including share price, and unobservable inputs, including probability factors and weighting of expected life, volatility levels and risk-free interest rates (which are classified in Level 3 of the fair value hierarchy) based on the following assumptions at: June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Fixed-price Preemptive Rights Cronos Warrant Share price (1) C$8.18 C$9.97 C$8.18 C$9.97 Expected life (2) 1.39 years 1.67 years 2.68 years 3.18 years Expected volatility (3) 91.31% 81.61% 91.31% 81.61% Risk-free interest rate (4)(5) 0.27% 1.71% 0.30% 1.69% Expected dividend yield (6) —% —% —% —% (1) Based on the closing market price for Cronos common stock on the Toronto Stock Exchange on the date indicated. (2) Based on the weighted-average expected life of the Fixed-price Preemptive Rights (with a range from approximately 0.25 year to 6 years at June 30, 2020 and December 31, 2019) and the March 8, 2023 expiration date of the Cronos warrant. (3) Based on a blend of historical volatility levels of the underlying equity security and peer companies. (4) Based on the implied yield currently available on Canadian Treasury zero coupon issues (with a range from approximately 0.20% to 0.37% at June 30, 2020 and 1.66% to 1.74% at December 31, 2019) weighted for the remaining expected life of the Fixed-price Preemptive Rights. (5) Based on the implied yield currently available on Canadian Treasury zero coupon issues and the expected life of the Cronos warrant. (6) Based on Cronos’s expected dividend payments. |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides a reconciliation of the beginning and ending balance of the Fixed-price Preemptive Rights and Cronos warrant, which are classified in Level 3 of the fair value hierarchy: (in millions) Balance at December 31, 2019 $ 303 Pre-tax earnings (losses) recognized in net earnings (97 ) Balance at June 30, 2020 $ 206 |
Schedule of Derivative Liabilities at Fair Value | The fair values of Altria’s derivative financial instruments on a gross basis included on the condensed consolidated balance sheets were as follows: Fair Value of Assets Fair Value of Liabilities Balance Sheet Classification June 30, 2020 December 31, 2019 Balance Sheet Classification June 30, 2020 December 31, 2019 Derivatives designated as hedging instruments: (in millions) Foreign currency contracts Other current assets $ 20 $ 46 Other accrued liabilities $ 1 $ 7 Foreign currency contracts Other assets — — Other liabilities 5 21 Total $ 20 $ 46 $ 6 $ 28 Derivatives not designated as hedging instruments: Cronos warrant Investments in equity securities $ 166 $ 234 Fixed-price Preemptive Rights Investments in equity securities 40 69 Total $ 206 $ 303 Total derivatives $ 226 $ 349 $ 6 $ 28 |
Pre-tax Effects of Net Investment Hedges on Accumulated Other Comprehensive Losses | The pre-tax effects of Altria’s net investment hedges on accumulated other comprehensive losses and the condensed consolidated statements of earnings were as follows: Gain (Loss) Recognized in Accumulated Other Comprehensive Losses Gain (Loss) Recognized in Net Earnings (1) Gain (Loss) Recognized in Accumulated Other Comprehensive Losses Gain (Loss) Recognized in Net Earnings (1) For the Six Months Ended June 30, For the Three Months Ended June 30, 2020 2019 2020 2019 2020 2019 2020 2019 (in millions) Foreign currency contracts $ 38 $ 13 $ 25 $ 16 $ (18 ) $ (10 ) $ 11 $ 7 Foreign currency denominated debt (9 ) (32 ) — — (86 ) (65 ) — — Total $ 29 $ (19 ) $ 25 $ 16 $ (104 ) $ (75 ) $ 11 $ 7 (1) Related to amounts excluded from effectiveness testing. six and three months ended June 30, 2020 and 2019 , Altria recognized pre-tax unrealized gains/(losses), representing the changes in the fair values of the Fixed-price Preemptive Rights and Cronos warrant, as follows: For the Six Months Ended June 30, For the Three Months Ended June 30, 2020 2019 2020 2019 (in millions) Fixed-price Preemptive Rights $ (29 ) $ (212 ) $ 6 $ (80 ) Cronos warrant (68 ) (448 ) 34 (186 ) $ (97 ) $ (660 ) $ 40 $ (266 ) |
Benefit Plans (Tables)
Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit (Income) Cost | Net periodic benefit (income) cost consisted of the following: For the Six Months Ended June 30, For the Three Months Ended June 30, Pension Postretirement Pension Postretirement 2020 2019 2020 2019 2020 2019 2020 2019 (in millions) Service cost $ 37 $ 35 $ 8 $ 8 $ 18 $ 18 $ 4 $ 4 Interest cost 126 152 30 40 63 75 15 20 Expected return on plan assets (251 ) (288 ) (7 ) (7 ) (125 ) (143 ) (4 ) (3 ) Amortization: Net loss 53 80 7 6 26 38 4 3 Prior service cost (credit) 2 3 (15 ) (14 ) 1 2 (8 ) (7 ) Curtailment — 7 — 5 — — — — Net periodic benefit (income) cost $ (33 ) $ (11 ) $ 23 $ 38 $ (17 ) $ (10 ) $ 11 $ 17 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Basic and diluted earnings per share (“EPS”) were calculated using the following: For the Six Months Ended June 30, For the Three Months Ended June 30, 2020 2019 2020 2019 (in millions) Net earnings attributable to Altria $ 3,495 $ 3,116 $ 1,943 $ 1,996 Less: Distributed and undistributed earnings attributable to share-based awards (5 ) (4 ) (3 ) (2 ) Earnings for basic and diluted EPS $ 3,490 $ 3,112 $ 1,940 $ 1,994 Weighted-average shares for basic EPS 1,858 1,872 1,858 1,870 Plus: contingently issuable performance stock units 1 — 1 — Weighted-average shares for diluted EPS 1,859 1,872 1,859 1,870 |
Other Comprehensive Earnings__2
Other Comprehensive Earnings/Losses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables set forth the changes in each component of accumulated other comprehensive losses, net of deferred income taxes, attributable to Altria: For the Six Months Ended June 30, 2020 Benefit Plans ABI Currency Translation Adjustments and Other Accumulated Other Comprehensive Losses (in millions) Balances, December 31, 2019 $ (2,192 ) $ (693 ) $ 21 $ (2,864 ) Other comprehensive earnings (losses) before reclassifications — (1,140 ) (39 ) (1,179 ) Deferred income taxes — 238 — 238 Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes — (902 ) (39 ) (941 ) Amounts reclassified to net earnings 56 (15 ) — 41 Deferred income taxes (14 ) 4 — (10 ) Amounts reclassified to net earnings, net of deferred income taxes 42 (11 ) — 31 Other comprehensive earnings (losses), net of deferred income taxes 42 (913 ) (1) (39 ) (910 ) Balances, June 30, 2020 $ (2,150 ) $ (1,606 ) $ (18 ) $ (3,774 ) For the Three Months Ended June 30, 2020 Benefit Plans ABI Currency Translation Adjustments and Other Accumulated Other Comprehensive Losses (in millions) Balances, March 31, 2020 $ (2,171 ) $ (395 ) $ 33 $ (2,533 ) Other comprehensive earnings (losses) before reclassifications — (1,528 ) (51 ) (1,579 ) Deferred income taxes — 323 — 323 Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes — (1,205 ) (51 ) (1,256 ) Amounts reclassified to net earnings 28 (8 ) — 20 Deferred income taxes (7 ) 2 — (5 ) Amounts reclassified to net earnings, net of deferred income taxes 21 (6 ) — 15 Other comprehensive earnings (losses), net of deferred income taxes 21 (1,211 ) (1) (51 ) (1,241 ) Balances, June 30, 2020 $ (2,150 ) $ (1,606 ) $ (18 ) $ (3,774 ) For the Six Months Ended June 30, 2019 Benefit Plans ABI Currency Translation Adjustments and Other Accumulated Other Comprehensive Losses (in millions) Balances, December 31, 2018 $ (2,168 ) $ (374 ) $ (5 ) $ (2,547 ) Other comprehensive earnings (losses) before reclassifications — (182 ) 13 (169 ) Deferred income taxes — 39 (2 ) 37 Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes — (143 ) 11 (132 ) Amounts reclassified to net earnings 78 (31 ) — 47 Deferred income taxes (20 ) 6 — (14 ) Amounts reclassified to net earnings, net of deferred income taxes 58 (25 ) — 33 Other comprehensive earnings (losses), net of deferred income taxes 58 (168 ) (1) 11 (99 ) Balances, June 30, 2019 $ (2,110 ) $ (542 ) $ 6 $ (2,646 ) For the Three Months Ended June 30, 2019 Benefit Plans ABI Currency Translation Adjustments and Other Accumulated Other Comprehensive Losses (in millions) Balances, March 31, 2019 $ (2,139 ) $ (573 ) $ (5 ) $ (2,717 ) Other comprehensive earnings (losses) before reclassifications — 56 13 69 Deferred income taxes — (10 ) (2 ) (12 ) Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes — 46 11 57 Amounts reclassified to net earnings 39 (19 ) — 20 Deferred income taxes (10 ) 4 — (6 ) Amounts reclassified to net earnings, net of deferred income taxes 29 (15 ) — 14 Other comprehensive earnings (losses), net of deferred income taxes 29 31 (1) 11 71 Balances, June 30, 2019 $ (2,110 ) $ (542 ) $ 6 $ (2,646 ) |
Reclassification out of Accumulated Other Comprehensive Income | The following table sets forth pre-tax amounts by component, reclassified from accumulated other comprehensive losses to net earnings: For the Six Months Ended June 30, For the Three Months Ended June 30, 2020 2019 2020 2019 (in millions) Benefit Plans: (1) Net loss $ 69 $ 93 $ 35 $ 44 Prior service cost/credit (13 ) (15 ) (7 ) (5 ) 56 78 28 39 ABI (2) (15 ) (31 ) (8 ) (19 ) Pre-tax amounts reclassified from accumulated other comprehensive losses to net earnings $ 41 $ 47 $ 20 $ 20 (1) Amounts are included in net defined benefit plan costs. For further details, see Note 6 . Benefit Plans. (2) Amounts are included in earnings from equity investments. For further information, see Note 4 . Investments in Equity Securities. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment data were as follows: For the Six Months Ended June 30, For the Three Months Ended June 30, 2020 2019 2020 2019 (in millions) Net revenues: Smokeable products $ 11,209 $ 10,788 $ 5,603 $ 5,853 Oral tobacco products 1,261 1,142 660 602 Wine 277 316 131 165 All other (21 ) 1 (27 ) (1 ) Net revenues $ 12,726 $ 12,247 $ 6,367 $ 6,619 Earnings before income taxes: OCI: Smokeable products $ 4,820 $ 4,303 $ 2,450 $ 2,371 Oral tobacco products 861 778 447 420 Wine (366 ) 34 13 19 All other (56 ) (35 ) (51 ) (23 ) Amortization of intangibles (37 ) (16 ) (18 ) (8 ) General corporate expenses (90 ) (108 ) (45 ) (62 ) Corporate asset impairment and exit costs — (1 ) — — Operating income 5,132 4,955 2,796 2,717 Interest and other debt expense, net (583 ) (696 ) (308 ) (312 ) Net periodic benefit income, excluding service cost 55 16 28 15 Earnings from equity investments 166 533 9 447 Gain (loss) on Cronos-related financial instruments (97 ) (691 ) 40 (266 ) Earnings before income taxes $ 4,673 $ 4,117 $ 2,565 $ 2,601 |
Schedule of Pre-tax Tobacco and Health Litigation Items | Tobacco and Health Litigation Items - Pre-tax charges related to certain tobacco and health litigation items were recorded in Altria’s condensed consolidated statements of earnings as follows: For the Six Months Ended June 30, For the Three Months Ended June 30, 2020 2019 2020 2019 (in millions) Smokeable products segment $ 39 $ 40 $ 17 $ 25 Interest and other debt expense, net 3 5 1 3 Total $ 42 $ 45 $ 18 $ 28 |
Income Taxes update (Tables)
Income Taxes update (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary of Valuation Allowance | A reconciliation of the beginning and ending valuation allowances for the period ended June 30, 2020 was as follows: (in millions) 2020 Balance at beginning of year $ 2,324 Additions to valuation allowance charged to income tax expense 32 Reductions to valuation allowance credited to income tax benefit (141 ) Foreign currency translation 5 Balance at end of year $ 2,220 |
Contingencies (Tables)
Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contingencies | Currently Pending Engle Cases with Accrued Liabilities (rounded to nearest $ million) Plaintiff Verdict Date Defendant(s) Court Compensatory Damages (All Defendants) Punitive Damages (PM USA) Appeal Status Accrual (1) Berger ( Cote ) September 2014 PM USA Federal Court - Middle District of Florida $6 million $21 million The Eleventh Circuit Court of Appeals reinstated the punitive and compensatory damages awards and remanded the case to the district court. PM USA’s challenge to the punitive damages award was denied by the district court. PM USA’s appeal to the Eleventh Circuit Court of Appeals is pending. $6 million accrual in the fourth quarter of 2018 Santoro March 2017 PM USA, R.J. Reynolds and Liggett Group (2) Broward $2 million (<$1 million PM USA) <$1 million The Fourth District Court of Appeal affirmed the compensatory damages award and reinstated the punitive damages award. Defendants’ motion for rehearing was denied. PM USA plans to appeal. <$1 million accrual for compensatory damages award in the second quarter of 2020 (1) Accrual amounts include interest and associated costs, if applicable. For cases with multiple defendants, if any, accrual amounts reflect the portion of compensatory damages PM USA believes it will have to pay if the case is ultimately decided in plaintiff’s favor after taking into account any portion potentially payable by the other defendant(s). (2) References to “R.J. Reynolds,” “Lorillard” and “Liggett Group” are to R.J. Reynolds Tobacco Company, Lorillard Tobacco Company and Liggett Group, LLC, respectively. Other Currently Pending Engle Cases with Verdicts Against PM USA (rounded to nearest $ million) Plaintiff Verdict Date Defendant(s) Court Compensatory Damages (1) Punitive Damages Appeal Status Duignan February 2020 (2 ) PM USA and Pinellas $3 million $12 million Defendants’ post-trial motions pending. Cuddihee January 2020 PM USA Duval $3 million $0 Defendant’s post-trial motions denied. Defendant plans to appeal. Rintoul ( Caprio ) November 2019 (2) PM USA and R.J. Reynolds Broward $9 million ($5 million PM USA) $74 million Defendants’ post-trial motion pending. Gloger November 2019 (2) PM USA and R.J. Reynolds Miami-Dade $15 million ($5 million PM USA) $11 million Appeal by defendants to Third District Court of Appeal pending. McCall March 2019 PM USA Broward <$1 million (<$1 million PM USA) <$1 million New trial ordered on punitive damages. Neff March 2019 PM USA and R.J. Reynolds Broward $4 million $2 million Appeals by plaintiff and defendants to Fourth District Court of Appeal pending. Frogel March 2019 PM USA Palm Beach <$1 million (<$1 million PM USA) $0 Appeals by plaintiff and defendant to Fourth District Court of Appeal pending. Mahfuz February 2019 PM USA and R.J. Reynolds Broward $12 million $10 million Appeals by plaintiff and defendants to Fourth District Court of Appeal pending. Holliman February 2019 PM USA Miami-Dade $3 million $0 Defendant’s appeal to Third District Court of Appeal pending. Other Currently Pending Engle Cases with Verdicts Against PM USA (rounded to nearest $ million) Plaintiff Verdict Date Defendant(s) Court Compensatory Damages (1) Punitive Damages Appeal Status Chadwell September 2018 PM USA Miami-Dade $2 million $0 Third District Court of Appeal affirmed the compensatory damages award. PM USA petitioned Florida Supreme Court for review. Case stayed pending decision in Prentice. Kaplan July 2018 PM USA and R.J. Reynolds Broward $2 million $2 million Appeals by defendants and plaintiff to Fourth District Court of Appeal pending. R. Douglas November 2017 PM USA Duval <$1 million $0 Awaiting entry of final judgment by the trial court. Sommers April 2017 PM USA Miami-Dade $1 million $0 Third District Court of Appeal affirmed compensatory damages award and granted new trial on punitive damages. Defendant petitioned Florida Supreme Court for review. Cooper (Blackwood) September 2015 PM USA and R.J. Reynolds Broward $5 million $0 Fourth District Court of Appeal affirmed judgment and granted a new trial on punitive damages. D. Brown January 2015 PM USA Federal Court - Middle District of Florida $8 million $9 million Appeal by defendant to U.S. Court of Appeals for the Eleventh Circuit pending. Dean (Kerrivan) October 2014 PM USA and R.J. Reynolds Federal Court - Middle District of Florida $16 million $16 million U.S. Court of Appeals for the Eleventh Circuit affirmed the judgment. Defendants’ motion for rehearing pending. Harris July 2014 PM USA, Federal Court - Middle District of Florida $2 million (<$ 1 million PM USA) $0 Appeals by plaintiff and defendants to U.S. Court of Appeals for the Eleventh Circuit pending. (1) PM USA’s portion of the compensatory damages award is noted parenthetically where the court has ruled that comparative fault applies. (2) Plaintiff’s verdict following a retrial of an initial verdict in favor of plaintiff. Engle Cases Concluded Within Past 12 Months (1) (rounded to nearest $ million) Plaintiff Verdict Date Defendant(s) Court Accrual Date Payment Amount (if any) Payment Date Landi (2) June 2018 PM USA and R.J. Reynolds Broward Second quarter of 2020 $10 million July 2020 Theis (3) May 2018 PM USA and Sarasota First quarter of 2020 $17 million February 2020 Alvarez Del Real September 2019 PM USA Miami-Dade Fourth quarter of 2019 <$1 million October 2019 Zingaro May 2019 PM USA and Broward Third quarter of 2019 <$1 million October 2019 (1) In four cases in which PM USA paid the judgments more than a year ago, Naugle, Gore , M. Brown and Jordan , plaintiffs were awarded approximately $8 million , $2 million , $9 million and $4 million in fees and costs, respectively. PM USA has appealed in all of these cases. In another case concluded more than a year ago, Wallace , PM USA paid $2 million in fees and other costs in July 2020. (2) In June 2020, the Fourth District Court of Appeal affirmed the compensatory damages award. As a result, in the second quarter of 2020, PM USA recorded a pre-tax provision of approximately $10 million for the judgment plus interest and paid this amount in July 2020. (3) In February 2020, the Florida Second District Court of Appeal denied PM USA’s petition for review. As a result, in the first quarter of 2020, PM USA recorded a pre-tax provision of approximately $17 million for the judgment plus interest and paid this amount. The table below lists the number of certain tobacco-related cases pending in the U.S. against PM USA and, in some instances, Altria as of July 24, 2020, July 26, 2019 and July 23, 2018: July 24, 2020 July 26, 2019 July 23, 2018 Individual Smoking and Health Cases (1) 116 90 97 Health Care Cost Recovery Actions (2) — 1 1 E-vapor Cases (3) 621 Other Tobacco-Related Cases (4) 4 4 6 (1) Includes 24 cases filed in Massachusetts and 49 non- Engle cases filed in Florida. Does not include individual smoking and health cases brought by or on behalf of plaintiffs in Florida state and federal courts following the decertification of the Engle case (these Engle progeny cases are discussed below in Smoking and Health Litigation - Engle Class Action ). Also does not include 1,471 cases brought by flight attendants seeking compensatory damages for personal injuries allegedly caused by exposure to environmental tobacco smoke (“ETS”). The flight attendants allege that they are members of an ETS smoking and health class action in Florida, which was settled in 1997 ( Broin ). The terms of the court-approved settlement in that case allowed class members to file individual lawsuits seeking compensatory damages, but prohibited them from seeking punitive damages. In March 2018, 923 of these cases were voluntarily dismissed without prejudice. (2) See Health Care Cost Recovery Litigation - Federal Government’s Lawsuit below. (3) Includes 25 class action lawsuits, 561 individual lawsuits, 24 state or local government lawsuits and 11 lawsuits filed by school districts relating to JUUL e-vapor products. JUUL is an additional named defendant in each of these lawsuits. (4) Includes two inactive smoking and health cases alleging personal injury or seeking court-supervised programs or ongoing medical monitoring and purporting to be brought on behalf of a class of individual plaintiffs, including one case in which the aggregated claims of a number of individual plaintiffs are to be tried in a single proceeding, and two inactive class action lawsuits alleging that use of the terms “Lights” and “Ultra Lights” constitute deceptive and unfair trade practices, common law or statutory fraud, unjust enrichment, breach of warranty or violations of RICO. The changes in Altria’s accrued liability for tobacco and health litigation items, including related interest costs, for the periods specified below are as follows: For the Six Months Ended June 30, For the Three Months Ended June 30, (in millions) 2020 2019 2020 2019 Accrued liability for tobacco and health litigation items at beginning of period (1) $ 14 $ 112 $ 10 $ 20 Pre-tax charges for: Tobacco and health litigation 39 (2) 40 17 25 Related interest costs 3 5 1 3 Payments (1) (34 ) (3) (144 ) (6 ) (35 ) Accrued liability for tobacco and health litigation items at end of period (1) $ 22 $ 13 $ 22 $ 13 (1) Includes amounts related to the costs of implementing the corrective communications remedy related to the Federal Government’s Lawsuit discussed below. (2) Includes approximately $12 million related to pre-trial resolution of approximately 200 tobacco and health cases. (3) Includes approximately $12 million in payments related to above-mentioned pre-trial resolution of approximately 200 tobacco and health cases and $2 million for pre-trial resolution of other tobacco and health cases that was accrued in 2019 but not paid until 2020 . |
New Accounting Guidance Not Y_2
New Accounting Guidance Not Yet Adopted (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Guidance Not Yet Adopted | The following table provides a description of issued accounting guidance applicable to, but not yet adopted by, Altria: Standards Description Effective Date for Public Entity Effect on Financial Statements ASU 2019-12 Simplifying the Accounting for Income Taxes (Topic 740) The guidance removes certain exceptions for investments, intraperiod allocations and interim calculations, and adds guidance to reduce complexity in accounting for income taxes. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is permitted, including adoption in any interim period. Altria is in the process of evaluating the impact of this guidance on its consolidated financial statements and related disclosures. ASU 2020-01 Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 The guidance provides clarification of the interaction of rules for equity securities, the equity method of accounting, and forward contracts and purchase options on certain types of securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is permitted, including adoption in any interim period. Altria is in the process of evaluating the impact of this guidance on its consolidated financial statements and related disclosures. |
Background and Basis of Prese_4
Background and Basis of Presentation (Narrative) (Details) - USD ($) | Jul. 27, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2019 | Apr. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jul. 31, 2019 | Mar. 31, 2019 | May 31, 2018 | Jan. 31, 2018 |
Equity, Class of Treasury Stock [Line Items] | ||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.84 | $ 0.80 | $ 1.68 | $ 1.60 | ||||||||||
Common stock, dividend rate, annual (in usd per share) | $ 3.44 | $ 3.44 | ||||||||||||
ABI [Member] | ||||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||||
Equity method investment, ownership percentage | 10.00% | 10.00% | 10.10% | |||||||||||
JUUL [Member] | ||||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||||
Equity securities, ownership percentage | 35.00% | 35.00% | 35.00% | 35.00% | ||||||||||
Cronos [Member] | ||||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||||
Equity method investment, ownership percentage | 45.00% | 45.00% | 45.00% | |||||||||||
January 2018 Share Repurchase Program [Member] | ||||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||||
Planned share repurchase program | $ 2,000,000,000 | $ 1,000,000,000 | ||||||||||||
Repurchase of common stock (shares) | 3,700,000 | 6,400,000 | 34,000,000 | |||||||||||
Average price of repurchased shares, per share (usd per share) | $ 52.93 | $ 54.36 | $ 58.86 | |||||||||||
July 2019 Share Repurchase Program [Member] | ||||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||||
Planned share repurchase program | $ 1,000,000,000 | |||||||||||||
Repurchase of common stock (shares) | 0 | |||||||||||||
Stock repurchase program, remaining authorized repurchase amount | $ 500,000,000 | |||||||||||||
Helix Innovations LLC [Member] | ||||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||||
Noncontrolling interest, ownership percentage by parent | 80.00% | |||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 20.00% | 20.00% | ||||||||||||
Business combination, consideration transferred | $ 353,000,000 | |||||||||||||
Subsequent Event [Member] | ||||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||||
Common stock, dividend rate, percentage increase | 2.40% | |||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.86 |
Background and Basis of Prese_5
Background and Basis of Presentation (Share Repurchase Table) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 18 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | |
Equity, Class of Treasury Stock [Line Items] | |||
Aggregate cost of shares repurchased | $ 195 | $ 346 | |
January 2018 Share Repurchase Program [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Total number of shares repurchased (shares) | 3.7 | 6.4 | 34 |
Aggregate cost of shares repurchased | $ 195 | $ 346 | |
Average price per share of shares repurchased (usd per share) | $ 52.93 | $ 54.36 | $ 58.86 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Allowance for sales discounts, goods | $ 0 | $ 0 |
Deferred revenue | $ 188 | 362 |
Expected period for satisfaction of performance obligation | three days | |
Receivables | $ 140 | $ 152 |
Asset Impairment, Exit and Im_3
Asset Impairment, Exit and Implementation Costs (Pre-tax Asset Impairment, Exit and Implementation Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Total, Implementation Costs | $ 394 | $ 21 | ||
Plus amounts included in net period benefit income, excluding service cost, Implementation Costs | 0 | 0 | ||
Implementation Costs | $ 2 | $ 12 | 394 | 21 |
Total restructuring | 394 | 94 | ||
Plus amounts included in net periodic benefit income, excluding service cost, Total | 0 | 12 | ||
Restructuring Charges | 2 | 45 | 394 | 106 |
Total, Asset Impairment and Exit Costs | 0 | 33 | 0 | 73 |
Plus amounts included in net periodic benefit income, excluding service cost, Asset Impairment and Exit Costs | 12 | |||
Asset Impairment and Exit Costs | 33 | 85 | ||
Operating Segments [Member] | Smokeable Products Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total, Implementation Costs | 0 | 17 | 0 | 25 |
Total restructuring | 0 | 31 | 0 | 75 |
Total, Asset Impairment and Exit Costs | 14 | 50 | ||
Operating Segments [Member] | Oral Tobacco Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total, Implementation Costs | 0 | 2 | 0 | 3 |
Total restructuring | 0 | 2 | 0 | 11 |
Total, Asset Impairment and Exit Costs | 0 | 8 | ||
Operating Segments [Member] | Wine Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total, Implementation Costs | 2 | 0 | 394 | 0 |
Total restructuring | 2 | 0 | 394 | 0 |
Total, Asset Impairment and Exit Costs | 0 | 0 | ||
Operating Segments [Member] | All Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total, Implementation Costs | 0 | (7) | 0 | (7) |
Total restructuring | 0 | 12 | 0 | 7 |
Total, Asset Impairment and Exit Costs | 19 | 14 | ||
Corporate, Non-Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total, Implementation Costs | 0 | 0 | ||
Total restructuring | 0 | 1 | ||
Total, Asset Impairment and Exit Costs | 1 | |||
Asset Impairment and Exit Costs | $ 0 | 0 | $ 0 | 1 |
Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total, Implementation Costs | (2) | (2) | ||
Marketing Administration And Research Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total, Implementation Costs | $ 14 | $ 23 |
Asset Impairment, Exit and Im_4
Asset Impairment, Exit and Implementation Costs (Movement in Restructuring Liabilities) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning of period | $ 67 |
Charges | 0 |
Cash spent | (41) |
Restructuring reserve, end of period | $ 26 |
Asset Impairment, Exit and Im_5
Asset Impairment, Exit and Implementation Costs (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 2 | $ 45 | $ 394 | $ 106 | ||
Wine Business Strategic Reset [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 2 | $ 394 | ||||
Inventory Write-Off [Member] | Wine Business Strategic Reset [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 292 | |||||
Purchase Commitment [Member] | Wine Business Strategic Reset [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 100 | |||||
Fulfillment term | 5 years | |||||
Inventory Disposal Costs and Other [Member] | Wine Business Strategic Reset [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 2 | |||||
Forecast [Member] | Wine Business Strategic Reset [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 25 |
Investments in Equity Securit_3
Investments in Equity Securities (Summary of Investments) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Investments [Line Items] | ||
Investments | $ 22,319 | $ 23,581 |
ABI [Member] | ||
Investments [Line Items] | ||
Investments in equity securities | 16,891 | 18,071 |
JUUL [Member] | ||
Investments [Line Items] | ||
Equity securities without readily determinable fair value, amount | 4,205 | 4,205 |
Cronos [Member] | ||
Investments [Line Items] | ||
Investments in equity securities | 1,223 | 1,305 |
Equity Contract, Warrant [Member] | Cronos [Member] | ||
Investments [Line Items] | ||
Derivative asset, fair value, gross asset | 166 | 234 |
Equity Contract, Preemptive Rights [Member] | Cronos [Member] | ||
Investments [Line Items] | ||
Derivative asset, fair value, gross asset | 40 | 69 |
Common Stock [Member] | Cronos [Member] | ||
Investments [Line Items] | ||
Investments in equity securities | $ 1,017 | $ 1,002 |
Investments in Equity Securit_4
Investments in Equity Securities (Earnings in Equity Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from equity investments | $ 9 | $ 447 | $ 166 | $ 533 |
ABI [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from equity investments | (22) | 302 | 112 | 388 |
Cronos Group Inc. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Earnings from equity investments | $ 31 | $ 145 | $ 54 | $ 145 |
Investments in Equity Securit_5
Investments in Equity Securities (Investment in ABI Narrative) (Details) - ABI [Member] - USD ($) shares in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 10.00% | 10.10% | |
Number of restricted shares owned (in shares) | 185 | ||
Number of ordinary shares owned (in shares) | 12 | ||
Investments in equity securities | $ 16,891,000,000 | $ 18,071,000,000 | |
Difference between carrying amount and fair value, percentage (approximately) | 42.00% | 11.00% | |
Equity method investment, impairment | $ 0 | $ 0 | |
Fair Value, Inputs, Level 1 [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Fair value of equity investment | $ 9,700,000,000 | $ 16,100,000,000 |
Investments in Equity Securit_6
Investments in Equity Securities (Investment in JUUL Narrative) (Details) - JUUL [Member] | Jan. 28, 2020director | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2020USD ($)director | Apr. 30, 2020 |
Schedule of Equity Method Investments [Line Items] | |||||
Payments to acquire equity securities | $ | $ 12,800,000,000 | ||||
Equity securities, ownership percentage | 35.00% | 35.00% | 35.00% | ||
Equity securities without readily determinable fair value, impairment loss, annual amount | $ | $ 8,600,000,000 | ||||
Equity securities without readily determinable fair value, amount | $ | $ 4,205,000,000 | $ 4,205,000,000 | |||
Equity securities without readily determinable fair value, non-compete release trigger period | 12 months | ||||
Equity securities without readily determinable fair value, non-compete release trigger percentage of investment carrying value | 10.00% | ||||
Equity securities without readily determinable fair value, quantitative assessment adjustment, annual amount | $ | $ 12,800,000,000 | ||||
Equity securities without readily determinable fair value, no litigation period | 1 year | ||||
Equity securities without readily determinable fair value, number of board members | 7 | ||||
Equity securities without readily determinable fair value, number of board members upon share conversion | 9 | ||||
Equity securities without readily determinable fair value, number of independent board members upon share conversion | 3 | ||||
Equity securities without readily determinable fair value, number of board members appointed by investor upon share conversion | 1 | ||||
Equity securities without readily determinable fair value, number of board members appointed by investee stockholders upon share conversion | 2 | ||||
Equity securities without readily determinable fair value, number of investor nominating committee designees upon share conversion | 1 | ||||
Equity securities without readily determinable fair value, number of directors designated by investor upon share conversion | 2 | ||||
Equity securities without readily determinable fair value, number of nominating committee directors designated by investee upon share conversion | 3 | ||||
Equity securities without readily determinable fair value, number of oversight committee directors designated by investor upon share conversion | 2 | ||||
Equity securities without readily determinable fair value, number of oversight committee chair directors designated by investor upon share conversion | 1 | ||||
Equity securities without readily determinable fair value, upward price adjustment, cumulative amount | $ | $ 0 |
Investments in Equity Securit_7
Investments in Equity Securities (Investment in Cronos Narrative) (Details) - Cronos Group Inc. [Member] $ / shares in Units, shares in Millions, $ in Billions | Mar. 31, 2019USD ($)shares | Mar. 31, 2019CAD ($) | Jun. 30, 2020USD ($)directorboard_membershares | Jun. 30, 2020CAD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019$ / shares |
Investments [Line Items] | ||||||
Number of ordinary shares owned (approximately) (in shares) | shares | 149.8 | |||||
Ownership percentage (approximately) | 45.00% | 45.00% | ||||
Equity method investments, purchase price | $ 1,800,000,000 | $ 2.4 | ||||
Equity method investment, warrant exercised, ownership percentage (approximately) | 55.00% | 55.00% | ||||
Payments to acquire equity method investments | $ 400,000,000 | |||||
Payments for deferred tax liability | 300,000,000 | |||||
Number of directors nominated | director | 4 | |||||
Equity method investment, number of independent directors nominated | director | 1 | |||||
Number of members on the Board of Directors | board_member | 7 | |||||
Equity method investments | $ 1,223,000,000 | $ 1,305,000,000 | ||||
Equity method investment, difference between carrying amount and fair value, percentage (approximately) | (7.00%) | (7.00%) | ||||
Equity Contract, Preemptive Rights [Member] | ||||||
Investments [Line Items] | ||||||
Equity method investment, shares purchased, (CAD per share) | $ / shares | $ 16.25 | |||||
Equity method investment, number of shares eligible for purchase (approximately) (in shares) | shares | 36 | |||||
Payments for derivative instrument, investing activities | $ 500,000,000 | |||||
Equity method investment, aggregate exercise price | $ 400,000,000 | $ 0.6 | ||||
Equity Contract, Warrant [Member] | ||||||
Investments [Line Items] | ||||||
Equity method investment, shares purchased, (CAD per share) | $ / shares | $ 19 | |||||
Equity method investment, number of shares eligible for purchase (approximately) (in shares) | shares | 78 | |||||
Equity method investment, percentage of shares eligible for purchase | 10.00% | |||||
Payments for derivative instrument, investing activities | $ 1,200,000,000 | |||||
Equity method investment, aggregate exercise price | $ 1,100,000,000 | $ 1.5 | ||||
Common Stock [Member] | ||||||
Investments [Line Items] | ||||||
Equity method investments | 1,017,000,000 | 1,002,000,000 | ||||
Equity method investment, impairment | 0 | |||||
Fair Value, Inputs, Level 1 [Member] | ||||||
Investments [Line Items] | ||||||
Fair value of equity investment | $ 900,000,000 | $ 1,200,000,000 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) $ in Millions, $ in Billions | Mar. 31, 2019USD ($) | Mar. 31, 2019CAD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019CAD ($) |
Derivative [Line Items] | |||||||||
(Gain) loss on Cronos-related financial instruments | $ (40) | $ 266 | $ 97 | $ 691 | |||||
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative asset, notional amount | $ 1,800 | $ 1,800 | $ 2.4 | ||||||
(Gain) loss on Cronos-related financial instruments | $ 31 | ||||||||
Cronos Group Inc. [Member] | |||||||||
Derivative [Line Items] | |||||||||
Equity method investments, purchase price | $ 1,800 | $ 2.4 | |||||||
Foreign Currency Denominated Debt [Member] | |||||||||
Derivative [Line Items] | |||||||||
Debt instrument, fair value disclosure | 5,000 | 5,000 | $ 5,057 | ||||||
Long-term debt | 4,753 | 4,753 | 4,741 | ||||||
Net Investment Hedging [Member] | Foreign currency contracts [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative, notional amount | 1,402 | 1,402 | 2,246 | ||||||
Reported Value Measurement [Member] | |||||||||
Derivative [Line Items] | |||||||||
Long-term debt, fair value | 29,000 | 29,000 | 28,000 | ||||||
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |||||||||
Derivative [Line Items] | |||||||||
Long-term debt, fair value | $ 33,100 | $ 33,100 | $ 30,700 |
Financial Instruments (Fair Val
Financial Instruments (Fair Value Using Black-Scholes Option-Pricing Model) (Details) | Jun. 30, 2020year | Dec. 31, 2019year |
Share price [Member] | Fixed-price Preemptive Rights [Member] | ||
Derivative [Line Items] | ||
Derivative asset, measurement input | 8.18 | 9.97 |
Share price [Member] | Cronos Warrant [Member] | ||
Derivative [Line Items] | ||
Derivative asset, measurement input | 8.18 | 9.97 |
Expected Life [Member] | Fixed-price Preemptive Rights [Member] | ||
Derivative [Line Items] | ||
Derivative asset, measurement input | 1.39 | 1.67 |
Expected Life [Member] | Cronos Warrant [Member] | ||
Derivative [Line Items] | ||
Derivative asset, measurement input | 2.68 | 3.18 |
Expected Volatility [Member] | Fixed-price Preemptive Rights [Member] | ||
Derivative [Line Items] | ||
Derivative asset, measurement input | 0.9131 | 0.8161 |
Expected Volatility [Member] | Cronos Warrant [Member] | ||
Derivative [Line Items] | ||
Derivative asset, measurement input | 0.9131 | 0.8161 |
Risk Free Interest Rate [Member] | Fixed-price Preemptive Rights [Member] | ||
Derivative [Line Items] | ||
Derivative asset, measurement input | 0.0027 | 0.0171 |
Risk Free Interest Rate [Member] | Fixed-price Preemptive Rights [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative asset, measurement input | 0.0020 | 0.0166 |
Risk Free Interest Rate [Member] | Fixed-price Preemptive Rights [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative asset, measurement input | 0.0037 | 0.0174 |
Risk Free Interest Rate [Member] | Cronos Warrant [Member] | ||
Derivative [Line Items] | ||
Derivative asset, measurement input | 0.0030 | 0.0169 |
Expected Dividend Yield [Member] | Fixed-price Preemptive Rights [Member] | ||
Derivative [Line Items] | ||
Derivative asset, measurement input | 0 | 0 |
Expected Dividend Yield [Member] | Cronos Warrant [Member] | ||
Derivative [Line Items] | ||
Derivative asset, measurement input | 0 | 0 |
Weighted Average Expected Term [Member] | Fixed-price Preemptive Rights [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative asset, measurement input | 0.25 | |
Weighted Average Expected Term [Member] | Fixed-price Preemptive Rights [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative asset, measurement input | 6 |
Financial Instruments (Beginnin
Financial Instruments (Beginning and Ending Balances of Fixed-price Preemptive Rights and Warrants) (Details) - Fair Value, Inputs, Level 3 [Member] - Equity Contract [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Balance at begging of period | $ 303 |
Pre-tax earnings (losses) recognized in net earnings | (97) |
Balance at end of period | $ 206 |
Financial Instruments (Fair V_2
Financial Instruments (Fair Value Derivative Financial Instruments) (Details) - Net Investment Hedging [Member] - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Fair Value of Assets | $ 226 | $ 349 |
Fair Value of Liabilities | 6 | 28 |
Foreign currency contracts [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Assets | 20 | 46 |
Fair Value of Liabilities | 6 | 28 |
Foreign currency contracts [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Assets | 20 | 46 |
Foreign currency contracts [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Assets | 0 | 0 |
Foreign currency contracts [Member] | Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Liabilities | 1 | 7 |
Foreign currency contracts [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Liabilities | 5 | 21 |
Equity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Assets | 206 | 303 |
Cronos Warrant [Member] | Not Designated as Hedging Instrument [Member] | Investments In Equity Securities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Assets | 166 | 234 |
Fixed-price Preemptive Rights [Member] | Not Designated as Hedging Instrument [Member] | Investments In Equity Securities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Assets | $ 40 | $ 69 |
Financial Instruments (Pre-tax
Financial Instruments (Pre-tax Unrealized Gains (Losses)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative [Line Items] | ||||
Unrealized gain (loss) on derivatives | $ 40 | $ (266) | $ (97) | $ (660) |
Fixed-price Preemptive Rights [Member] | ||||
Derivative [Line Items] | ||||
Unrealized gain (loss) on derivatives | 6 | (80) | (29) | (212) |
Cronos Warrant [Member] | ||||
Derivative [Line Items] | ||||
Unrealized gain (loss) on derivatives | $ 34 | $ (186) | $ (68) | $ (448) |
Financial Instruments (Effects
Financial Instruments (Effects of Net Investment Hedges on Accumulated Other Comprehensive Losses) (Details) - Net Investment Hedging [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Accumulated Other Comprehensive Losses | $ (104) | $ (75) | $ 29 | $ (19) |
Gain (Loss) Recognized in Net Earnings | 11 | 7 | 25 | 16 |
Foreign currency contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Accumulated Other Comprehensive Losses | (18) | (10) | 38 | 13 |
Gain (Loss) Recognized in Net Earnings | 11 | 7 | 25 | 16 |
Foreign currency denominated debt [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Accumulated Other Comprehensive Losses | (86) | (65) | (9) | (32) |
Gain (Loss) Recognized in Net Earnings | $ 0 | $ 0 | $ 0 | $ 0 |
Benefit Plans (Schedule Of Comp
Benefit Plans (Schedule Of Components Of Net Periodic Benefit Cost (Income)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Pension [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 18 | $ 18 | $ 37 | $ 35 |
Interest cost | 63 | 75 | 126 | 152 |
Expected return on plan assets | (125) | (143) | (251) | (288) |
Amortization: | ||||
Net loss | 26 | 38 | 53 | 80 |
Prior service cost (credit) | 1 | 2 | 2 | 3 |
Curtailment | 0 | 0 | 0 | 7 |
Net periodic benefit (income) cost | (17) | (10) | (33) | (11) |
Postretirement [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 4 | 4 | 8 | 8 |
Interest cost | 15 | 20 | 30 | 40 |
Expected return on plan assets | (4) | (3) | (7) | (7) |
Amortization: | ||||
Net loss | 4 | 3 | 7 | 6 |
Prior service cost (credit) | (8) | (7) | (15) | (14) |
Curtailment | 0 | 0 | 0 | 5 |
Net periodic benefit (income) cost | $ 11 | $ 17 | $ 23 | $ 38 |
Benefit Plans (Narrative) (Deta
Benefit Plans (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Pension [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, plan assets, contributions by employer | $ 11,000,000 |
Pension [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Anticipated additional employer contributions | 35,000,000 |
Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, plan assets, contributions by employer | 0 |
Postretirement [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Anticipated additional employer contributions | $ 60,000,000 |
Earnings Per Share (Basic and D
Earnings Per Share (Basic and Diluted Earnings Per Share) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net earnings attributable to Altria | $ 1,943 | $ 1,996 | $ 3,495 | $ 3,116 |
Less: Distributed and undistributed earnings attributable to share-based awards | (3) | (2) | (5) | (4) |
Earnings for basic and diluted EPS | $ 1,940 | $ 1,994 | $ 3,490 | $ 3,112 |
Weighted-average shares for basic and diluted EPS (in shares) | 1,858 | 1,870 | 1,858 | 1,872 |
Plus: contingently issuable performance stock units (in shares) | 1 | 0 | 1 | 0 |
Weighted-average shares for diluted EPS (in shares) | 1,859 | 1,870 | 1,859 | 1,872 |
Other Comprehensive Earnings__3
Other Comprehensive Earnings/Losses (Changes in Each Component of Accumulated Other Comprehensive Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning balance | $ 6,637 | $ 14,081 | $ 6,319 | $ 14,789 |
Other comprehensive earnings (losses), net of deferred income taxes | (1,241) | 71 | (910) | (99) |
Ending balance | 5,786 | 14,466 | 5,786 | 14,466 |
Accumulated Other Comprehensive Losses [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning balance | (2,533) | (2,717) | (2,864) | (2,547) |
Other comprehensive earnings (losses) before reclassifications | (1,579) | 69 | (1,179) | (169) |
Deferred income taxes | 323 | (12) | 238 | 37 |
Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes | (1,256) | 57 | (941) | (132) |
Amounts reclassified to net earnings | 20 | 20 | 41 | 47 |
Deferred income taxes | (5) | (6) | (10) | (14) |
Amounts reclassified to net earnings, net of deferred income taxes | 15 | 14 | 31 | 33 |
Other comprehensive earnings (losses), net of deferred income taxes | (1,241) | 71 | (910) | (99) |
Ending balance | (3,774) | (2,646) | (3,774) | (2,646) |
Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning balance | (2,171) | (2,139) | (2,192) | (2,168) |
Other comprehensive earnings (losses) before reclassifications | 0 | 0 | 0 | 0 |
Deferred income taxes | 0 | 0 | 0 | 0 |
Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes | 0 | 0 | 0 | 0 |
Amounts reclassified to net earnings | 28 | 39 | 56 | 78 |
Deferred income taxes | (7) | (10) | (14) | (20) |
Amounts reclassified to net earnings, net of deferred income taxes | 21 | 29 | 42 | 58 |
Other comprehensive earnings (losses), net of deferred income taxes | 21 | 29 | 42 | 58 |
Ending balance | (2,150) | (2,110) | (2,150) | (2,110) |
ABI [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning balance | (395) | (573) | (693) | (374) |
Other comprehensive earnings (losses) before reclassifications | (1,528) | 56 | (1,140) | (182) |
Deferred income taxes | 323 | (10) | 238 | 39 |
Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes | (1,205) | 46 | (902) | (143) |
Amounts reclassified to net earnings | (8) | (19) | (15) | (31) |
Deferred income taxes | 2 | 4 | 4 | 6 |
Amounts reclassified to net earnings, net of deferred income taxes | (6) | (15) | (11) | (25) |
Other comprehensive earnings (losses), net of deferred income taxes | (1,211) | 31 | (913) | (168) |
Ending balance | (1,606) | (542) | (1,606) | (542) |
Currency Translation Adjustments and Other [Member] | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning balance | 33 | (5) | 21 | (5) |
Other comprehensive earnings (losses) before reclassifications | (51) | 13 | (39) | 13 |
Deferred income taxes | 0 | (2) | 0 | (2) |
Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes | (51) | 11 | (39) | 11 |
Amounts reclassified to net earnings | 0 | 0 | 0 | 0 |
Deferred income taxes | 0 | 0 | 0 | 0 |
Amounts reclassified to net earnings, net of deferred income taxes | 0 | 0 | 0 | 0 |
Other comprehensive earnings (losses), net of deferred income taxes | (51) | 11 | (39) | 11 |
Ending balance | $ (18) | $ 6 | $ (18) | $ 6 |
Other Comprehensive Earnings__4
Other Comprehensive Earnings/Losses (Reclassifications) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net periodic benefit income, excluding service cost | $ (28) | $ (15) | $ (55) | $ (16) |
Earnings from equity investments | 9 | 447 | 166 | 533 |
Pre-tax amounts reclassified from accumulated other comprehensive losses to net earnings | (1,938) | (1,997) | (3,488) | (3,118) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Earnings from equity investments | 8 | 19 | 15 | 31 |
Pre-tax amounts reclassified from accumulated other comprehensive losses to net earnings | 20 | 20 | 41 | 47 |
Benefit Plans [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net periodic benefit income, excluding service cost | 28 | 39 | 56 | 78 |
Net loss [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net periodic benefit income, excluding service cost | 35 | 44 | 69 | 93 |
Prior service cost/credit [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net periodic benefit income, excluding service cost | $ (7) | $ (5) | $ (13) | $ (15) |
Segment Reporting (Segment Data
Segment Reporting (Segment Data Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 6,367 | $ 6,619 | $ 12,726 | $ 12,247 |
Corporate asset impairment and exit costs | (33) | (85) | ||
Operating income | 2,796 | 2,717 | 5,132 | 4,955 |
Interest and other debt expense, net | (308) | (312) | (583) | (696) |
Net periodic benefit income, excluding service cost | 28 | 15 | 55 | 16 |
Earnings from equity investments | 9 | 447 | 166 | 533 |
Gain (loss) on Cronos-related financial instruments | 40 | (266) | (97) | (691) |
Earnings before income taxes | 2,565 | 2,601 | 4,673 | 4,117 |
Smokeable Products Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 5,603 | 5,853 | 11,209 | 10,788 |
OCI | 2,450 | 2,371 | 4,820 | 4,303 |
Oral Tobacco Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 660 | 602 | 1,261 | 1,142 |
OCI | 447 | 420 | 861 | 778 |
Wine Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 131 | 165 | 277 | 316 |
OCI | 13 | 19 | (366) | 34 |
All Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | (27) | (1) | (21) | 1 |
OCI | (51) | (23) | (56) | (35) |
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Amortization of intangibles | (18) | (8) | (37) | (16) |
General corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
General corporate expenses | (45) | (62) | (90) | (108) |
Corporate asset impairment and exit costs | $ 0 | $ 0 | $ 0 | $ (1) |
Segment Reporting (Schedule of
Segment Reporting (Schedule of Tobacco and Health Litigation Items) (Details) - PM USA [Member] - Tobacco and Health Litigation Cases [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Schedule of Pre-tax Tobacco and Health Litigation Charges [Line Items] | ||||
Provision related to litigation recorded | $ 18 | $ 28 | $ 42 | $ 45 |
Operating Segments [Member] | Smokeable Products Segment [Member] | ||||
Schedule of Pre-tax Tobacco and Health Litigation Charges [Line Items] | ||||
Provision related to litigation recorded | 17 | 25 | 39 | 40 |
Segment Reconciling Items [Member] | ||||
Schedule of Pre-tax Tobacco and Health Litigation Charges [Line Items] | ||||
Provision related to litigation recorded | $ 1 | $ 3 | $ 3 | $ 5 |
Segment Reporting (Schedule o_2
Segment Reporting (Schedule of COVID-19 Related Items (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Schedule Of Pre-tax COVID-19 Charges [Line Items] | ||||
Cost of sales | $ 1,775 | $ 1,874 | $ 3,948 | $ 3,452 |
COVID-19 [Member] | ||||
Schedule Of Pre-tax COVID-19 Charges [Line Items] | ||||
Cost of sales | 50 | 50 | ||
COVID-19 [Member] | Smokeable Products Segment [Member] | ||||
Schedule Of Pre-tax COVID-19 Charges [Line Items] | ||||
Cost of sales | 41 | 41 | ||
COVID-19 [Member] | Oral Tobacco Segment [Member] | ||||
Schedule Of Pre-tax COVID-19 Charges [Line Items] | ||||
Cost of sales | $ 9 | $ 9 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Aug. 01, 2018USD ($)Extension | May 31, 2020USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |||||||
Face amount | $ 0 | $ 0 | |||||
Debt instrument, covenant, consolidated EBITDA to interest expense ratio, minimum | 4 | ||||||
Debt instrument, consolidated EBITDA to interest expense ratio | 9.1 | ||||||
Long-term debt repaid | $ 1,000,000,000 | $ 0 | |||||
Accrued interest on long-term debt | $ 393,000,000 | $ 470,000,000 | |||||
Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt repaid | $ 1,000,000,000 | ||||||
Senior Notes [Member] | USD Denominated Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Face amount | $ 2,000,000,000 | ||||||
Senior Notes [Member] | USD Denominated Notes Due 2025 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Face amount | $ 750,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 2.35% | ||||||
Senior Notes [Member] | USD Denominated Notes Due 2030 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Face amount | $ 750,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 3.40% | ||||||
Senior Notes [Member] | USD Denominated Notes Due 2050 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Face amount | $ 500,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 4.45% | ||||||
Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility Due August 2023 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Face amount | $ 3,000,000,000 | ||||||
Debt instrument, term | 5 years | ||||||
Debt instrument, number of extensions | Extension | 2 | ||||||
Debt instrument, extension term | 1 year | ||||||
Short-term borrowings | $ 3,000,000,000 | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility Due August 2023 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 1.00% | ||||||
Debt Instrument, Redemption, Period One [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, redemption price, percentage | 101.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income tax rate | 24.40% | 25.40% | |
Income tax rate, change in enacted tax rate, percent | 1.20% | 1.10% | |
Valuation Allowance Rollforward [Roll Forward] | |||
Balance at beginning of year | $ 2,324 | ||
Additions to valuation allowance charged to income tax expense | 32 | ||
Reductions to valuation allowance credited to income tax benefit | (141) | ||
Foreign currency translation | 5 | ||
Balance at end of year | $ 2,220 | 2,220 | |
Unrecognized tax benefits | 66 | 66 | $ 64 |
Unrecognized tax benefits that would impact the effective tax rate | 40 | 40 | 40 |
Possible decrease in unrecognized tax benefits | 3 | 3 | |
Unrecognized tax benefits that would impact deferred taxes | $ 26 | $ 26 | $ 24 |
Contingencies (General Informat
Contingencies (General Information) (Details) | Jun. 30, 2020state |
Commitments and Contingencies Disclosure [Abstract] | |
Number of states that cap bond or require no bond | 47 |
Contingencies (Schedule of Pend
Contingencies (Schedule of Pending Cases) (Details) | Jul. 24, 2020case | Mar. 31, 2018case | Jul. 24, 2020state | Jul. 24, 2020claim | Jul. 24, 2020lawsuit | Jul. 26, 2019case | Jul. 23, 2018case |
Individual Smoking and Health Cases [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of cases pending | 90 | 97 | |||||
ETS Smoking and Health Case, Flight Attendants [Member] | Pending Litigation [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of claims dismissed | 923 | ||||||
Health Care Cost Recovery Actions [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of cases pending | 1 | 1 | |||||
E-vapor Litigation [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of cases pending | |||||||
Other Tabacco-Related Cases [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of cases pending | 4 | 6 | |||||
Subsequent Event [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency, class action lawsuit | lawsuit | 14 | ||||||
Subsequent Event [Member] | Individual Smoking and Health Cases [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of cases pending | 116 | ||||||
Subsequent Event [Member] | Individual Smoking and Health Cases [Member] | Pending Litigation [Member] | Massachusetts [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of cases pending | 24 | ||||||
Subsequent Event [Member] | Individual Smoking and Health Cases [Member] | Pending Litigation [Member] | Florida [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of cases pending | 49 | ||||||
Subsequent Event [Member] | ETS Smoking and Health Case, Flight Attendants [Member] | Pending Litigation [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of cases | 1,471 | ||||||
Subsequent Event [Member] | Health Care Cost Recovery Actions [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of cases pending | 0 | ||||||
Subsequent Event [Member] | E-vapor Litigation [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of cases pending | 621 | ||||||
Loss contingency, class action lawsuit | lawsuit | 25 | ||||||
Number of cases set for trial | claim | 0 | ||||||
Subsequent Event [Member] | E-vapor Litigation [Member] | Pending Individual Lawsuits [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of cases pending | claim | 561 | ||||||
Subsequent Event [Member] | E-vapor Litigation [Member] | Pending Lawsuits Filed By State Or Local Governments [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of cases pending | 24 | 14 | |||||
Subsequent Event [Member] | E-vapor Litigation [Member] | Pending Lawsuit Filed By School District [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of cases pending | claim | 11 | ||||||
Subsequent Event [Member] | Other Tabacco-Related Cases [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of cases pending | 4 | ||||||
Loss contingency, number of inactive cases | 2 | ||||||
Loss contingency, number of cases tried in a single proceeding | 1 | ||||||
Loss contingency, number of inactive class action lawsuits | 2 |
Contingencies (Overview of Altr
Contingencies (Overview of Altria and/or PM USA Tobacco-Related Litigation Narrative) (Details) - case | Jul. 24, 2020 | Jul. 24, 2020 | Jul. 26, 2019 | Jul. 23, 2018 |
Health Care Cost Recovery Actions [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of cases pending | 1 | 1 | ||
Individual Smoking and Health Cases [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of cases pending | 90 | 97 | ||
Subsequent Event [Member] | Health Care Cost Recovery Actions [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of cases pending | 0 | 0 | ||
Subsequent Event [Member] | Individual Smoking and Health Cases [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of cases pending | 116 | 116 | ||
Subsequent Event [Member] | PM USA [Member] | Health Care Cost Recovery Actions [Member] | Canada [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of cases pending | 10 | 10 | ||
Subsequent Event [Member] | PM USA [Member] | Engle Progeny Cases [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of cases set for trial | 0 | 0 | ||
Number of verdicts returned | 134 | |||
Number of favorable verdicts | 48 | |||
Number of unfavorable verdicts | 78 | |||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of verdicts returned | 69 | |||
Number of favorable verdicts | 44 | |||
Number of unfavorable verdicts | 25 | |||
Number of claims resolved | 20 | |||
Number of verdicts reversed | 1 | |||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Alaska [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of favorable verdicts | 1 | |||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | California [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of favorable verdicts | 7 | |||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Connecticut [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of favorable verdicts | 1 | |||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Florida [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of favorable verdicts | 10 | |||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Louisiana [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of favorable verdicts | 1 | |||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Massachusetts [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of favorable verdicts | 4 | |||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Mississippi [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of favorable verdicts | 1 | |||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Missouri [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of favorable verdicts | 4 | |||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | New Hampshire [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of favorable verdicts | 1 | |||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | New Jersey [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of favorable verdicts | 1 | |||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | New York [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of favorable verdicts | 5 | |||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Ohio [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of favorable verdicts | 2 | |||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Pennsylvania [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of favorable verdicts | 1 | |||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Rhode Island [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of favorable verdicts | 1 | |||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | Tennessee [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of favorable verdicts | 2 | |||
Subsequent Event [Member] | PM USA [Member] | Non Engle Progeny Cases [Member] | West Virginia [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of favorable verdicts | 2 | |||
Subsequent Event [Member] | Philip Morris USA and Altria Group [Member] | Health Care Cost Recovery Actions [Member] | Canada [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of cases pending | 8 | 8 | ||
Subsequent Event [Member] | Philip Morris USA and Altria Group [Member] | Smoking and Health Class Actions and Aggregated Claims Litigation [Member] | Canada [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of cases pending | 7 | 7 |
Contingencies (Judgments Paid a
Contingencies (Judgments Paid and Provisions for Tobacco and Health Litigation) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 189 Months Ended | ||
Jun. 30, 2020USD ($)case | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)case | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)case | |
Loss Contingency Accrual [Roll Forward] | |||||
Accrued liability for tobacco and health litigation items at beginning of period | $ 10 | $ 20 | $ 14 | $ 112 | |
Payments | (6) | (35) | (34) | (144) | |
Accrued liability for tobacco and health litigation items at end of period | 22 | 13 | 22 | 13 | $ 22 |
Pre-Trial Resolution [Member] | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Payments | (12) | ||||
Accrued liability for tobacco and health litigation items at end of period | 2 | 2 | 2 | ||
Interest Expense Related to Litigation [Member] | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Provision related to litigation recorded | 1 | 3 | 3 | 5 | |
Assets [Member] | Pending Litigation [Member] | PM USA [Member] | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Security posted for appeal of judgments | $ 68 | 68 | 68 | ||
Tobacco and Health Judgment [Member] | |||||
Loss Contingencies [Line Items] | |||||
Judgments paid (approximately) | 753 | ||||
Litigation settlement interest expense (income) | $ 216 | ||||
Tobacco and Health Judgment [Member] | Pre-Trial Resolution [Member] | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Provision related to litigation recorded | $ 12 | ||||
Loss contingency, number of pre-trial resolution cases | case | 200 | 200 | 200 | ||
Tobacco and Health Judgment [Member] | Litigation Cases Results [Member] | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Provision related to litigation recorded | $ 17 | $ 25 | $ 39 | $ 40 | |
Engle Progeny Cases [Member] | |||||
Loss Contingencies [Line Items] | |||||
Judgments paid (approximately) | $ 327 | ||||
Litigation settlement interest expense (income) | $ 54 |
Contingencies (Non-Engle Progen
Contingencies (Non-Engle Progeny Litigation) (Details) - USD ($) | May 31, 2020 | Feb. 29, 2020 | Sep. 30, 2019 | Aug. 31, 2019 | Oct. 31, 2017 |
Non-Engle Progeny Smoking And Health Case, Principe [Member] | |||||
Loss Contingencies [Line Items] | |||||
Compensatory damages awarded | $ 11,000,000 | ||||
Punitive damages awarded | $ 0 | ||||
Non-Engle Progeny Smoking and Health Case, Greene [Member] | |||||
Loss Contingencies [Line Items] | |||||
Compensatory damages awarded | $ 30,000,000 | $ 10,000,000 | |||
Non-Engle Progeny Smoking and Health Case, Laramie [Member] | |||||
Loss Contingencies [Line Items] | |||||
Compensatory damages awarded | $ 11,000,000 | ||||
Punitive damages awarded | $ 10,000,000 | ||||
Non-Engle Progeny Smoking and Health Case, Gentile [Member] | |||||
Loss Contingencies [Line Items] | |||||
Compensatory damages awarded | $ 7,100,000 | ||||
Non-Engle Progeny Smoking and Health Case, Gentile [Member] | PM USA [Member] | |||||
Loss Contingencies [Line Items] | |||||
Compensatory damages awarded | $ 5,300,000 | ||||
Compensatory damages award, allocation percentage | 75.00% |
Contingencies (Engle Class Acti
Contingencies (Engle Class Action And Engle Progeny Trial Results) (Details) | Jul. 24, 2020USD ($)caseplantiff | Jul. 31, 2006 | Jan. 31, 2008case | Jul. 31, 2000USD ($) |
Engle Progeny Cases [Member] | ||||
Loss Contingencies [Line Items] | ||||
Punitive damages awarded | $ | $ 145,000,000,000 | |||
Engle Progeny Cases [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Punitive damages awarded | $ | $ 74,000,000,000 | |||
Loss contingency, period for decertified class members to file individual actions against defendants | 1 year | |||
Engle Progeny Cases, State [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of cases pending | 9,300 | |||
Subsequent Event [Member] | Engle Progeny Cases [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of verdicts returned | 134 | |||
Number of unfavorable verdicts | 78 | |||
Number of claims with unfavorable verdicts pending/reversed | 4 | |||
Number of favorable verdicts | 48 | |||
Subsequent Event [Member] | Engle Progeny Cases, State [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of cases pending | 1,400 | |||
Number of plaintiffs | plantiff | 1,800 | |||
Subsequent Event [Member] | Engle Progeny Cases, State [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of favorable verdicts | 43 | |||
Subsequent Event [Member] | Engle Progeny Cases, Federal [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of cases pending | 4 | |||
Subsequent Event [Member] | Engle Progeny Cases, D Cohen, Collar, Chacon [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of verdicts reversed | 4 | |||
Subsequent Event [Member] | Engle Progeny Cases, Reider and Banks [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Zero damages verdicts | 2 | |||
Damages awarded, value | $ | $ 0 | |||
Subsequent Event [Member] | Engle Progeny Cases, Weingart and Hancock [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Damages awarded, value | $ | $ 0 | |||
Zero damages verdict modified | 2 | |||
Subsequent Event [Member] | Engle Progeny Cases, Pollari [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of favorable verdicts | 1 | |||
Subsequent Event [Member] | Engle Progeny Cases, Gloger, Rintoul and Duignam [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of favorable verdicts | 3 | |||
Subsequent Event [Member] | Engle Progeny Cases, Freeman [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of favorable verdicts | 1 |
Contingencies (Engle Progeny Ca
Contingencies (Engle Progeny Cases Trial Results - Pending and Concluded) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2020USD ($)case | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2020USD ($)case | Feb. 29, 2020USD ($) | Jan. 31, 2020USD ($) | Nov. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Feb. 28, 2019USD ($) | Sep. 30, 2018USD ($) | Jul. 31, 2018USD ($) | Nov. 30, 2017USD ($) | Apr. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Sep. 30, 2015USD ($) | Jan. 31, 2015USD ($) | Oct. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jul. 31, 2014USD ($) | |
PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Pre-tax charges (gain) included in net earning | $ 10 | $ 17 | ||||||||||||||||||||
Engle Progeny Cases, Berger [Member] | Pending Litigation [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | $ 6 | |||||||||||||||||||||
Provision related to litigation recorded | $ 6 | |||||||||||||||||||||
Engle Progeny Cases, Berger [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Punitive damages awarded | $ 21 | |||||||||||||||||||||
Engle Progeny Cases, Santoro [Member] | Pending Litigation [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | $ 2 | |||||||||||||||||||||
Provision related to litigation recorded | 1 | |||||||||||||||||||||
Engle Progeny Cases, Santoro [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | 1 | |||||||||||||||||||||
Punitive damages awarded | $ 1 | |||||||||||||||||||||
Engle Progeny Cases, Duignan [Member] | Pending Litigation [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | $ 3 | |||||||||||||||||||||
Engle Progeny Cases, Duignan [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Punitive damages awarded | $ 12 | |||||||||||||||||||||
Engle Progeny Cases, Cuddihee [Member] | Pending Litigation [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | $ 3 | |||||||||||||||||||||
Engle Progeny Cases, Cuddihee [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Punitive damages awarded | $ 0 | |||||||||||||||||||||
Engle Progeny Cases, Rintoul [Member] | Pending Litigation [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | $ 9 | |||||||||||||||||||||
Engle Progeny Cases, Rintoul [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | 5 | |||||||||||||||||||||
Punitive damages awarded | 74 | |||||||||||||||||||||
Engle Progeny Cases, Gloger [Member] | Pending Litigation [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | 15 | |||||||||||||||||||||
Engle Progeny Cases, Gloger [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | 5 | |||||||||||||||||||||
Punitive damages awarded | $ 11 | |||||||||||||||||||||
Engle Progeny Cases, McCall [Member] | Pending Litigation [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | $ 1 | |||||||||||||||||||||
Engle Progeny Cases, McCall [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | 1 | |||||||||||||||||||||
Punitive damages awarded | 1 | |||||||||||||||||||||
Engle Progeny Cases, Neff [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | 4 | |||||||||||||||||||||
Punitive damages awarded | 2 | |||||||||||||||||||||
Engle Progeny Cases, Frogel [Member] | Pending Litigation [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | 1 | |||||||||||||||||||||
Engle Progeny Cases, Frogel [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | 1 | |||||||||||||||||||||
Punitive damages awarded | $ 0 | |||||||||||||||||||||
Engle Progeny Cases, Mahfuz [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | $ 12 | |||||||||||||||||||||
Punitive damages awarded | 10 | |||||||||||||||||||||
Engle Progeny Cases, Holliman [Member] | Pending Litigation [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | 3 | |||||||||||||||||||||
Engle Progeny Cases, Holliman [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Punitive damages awarded | $ 0 | |||||||||||||||||||||
Engle Progeny Cases, Chadwell [Member] | Pending Litigation [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | $ 2 | |||||||||||||||||||||
Engle Progeny Cases, Chadwell [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Punitive damages awarded | $ 0 | |||||||||||||||||||||
Engle Progeny Cases, Kaplan [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | $ 2 | |||||||||||||||||||||
Punitive damages awarded | $ 2 | |||||||||||||||||||||
Engle Progeny Cases, R. Douglas [Member] | Pending Litigation [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | $ 1 | |||||||||||||||||||||
Engle Progeny Cases, R. Douglas [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Punitive damages awarded | $ 0 | |||||||||||||||||||||
Engle Progeny Cases, Sommers [Member] | Pending Litigation [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | $ 1 | |||||||||||||||||||||
Engle Progeny Cases, Sommers [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Punitive damages awarded | $ 0 | |||||||||||||||||||||
Engle Progeny Cases, Cooper [Member] | Pending Litigation [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | $ 5 | |||||||||||||||||||||
Engle Progeny Cases, Cooper [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | 1 | |||||||||||||||||||||
Punitive damages awarded | $ 0 | |||||||||||||||||||||
Engle Progeny Cases, D. Brown [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | $ 8 | |||||||||||||||||||||
Punitive damages awarded | $ 9 | |||||||||||||||||||||
Engle Progeny Cases, Dean (Kerrivan) [Member] | Pending Litigation [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | $ 16 | |||||||||||||||||||||
Engle Progeny Cases, Dean (Kerrivan) [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Punitive damages awarded | $ 16 | |||||||||||||||||||||
Engle Progeny Cases, Harris [Member] | Pending Litigation [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | $ 2 | |||||||||||||||||||||
Engle Progeny Cases, Harris [Member] | Pending Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Compensatory damages awarded | 1 | |||||||||||||||||||||
Punitive damages awarded | $ 0 | |||||||||||||||||||||
Engle Progeny Cases, Landi [Member] | Settled Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Damages awarded, value | $ 10 | |||||||||||||||||||||
Engle Progeny Cases, Theis [Member] | Settled Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Damages awarded, value | $ 17 | |||||||||||||||||||||
Engle Progeny Cases, Alvarez del Real [Member] | Settled Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Damages awarded, value | $ 1 | |||||||||||||||||||||
Engle Progeny Cases, Zingaro [Member] | Settled Litigation [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Damages awarded, value | $ 1 | |||||||||||||||||||||
Engle Progeny Cases, Naugle, Gore, M. Brown, Jordan [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Loss Contingency, Number Of Cases With Payments A Year Or More Ago | case | 4 | 4 | ||||||||||||||||||||
Engle Progeny Cases, Naugle [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Damages awarded, value | $ 8 | |||||||||||||||||||||
Engle Progeny Cases, Gore [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Damages awarded, value | $ 2 | |||||||||||||||||||||
Engle Progeny Cases, M. Brown [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Damages awarded, value | $ 9 | |||||||||||||||||||||
Engle Progeny Cases, Jordan [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Damages awarded, value | 4 | |||||||||||||||||||||
Engle Progeny Cases, Wallace [Member] | PM USA [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||
Damages awarded, value | $ 2 |
Contingencies (Florida Bond Sta
Contingencies (Florida Bond Statute) (Details) | Jun. 30, 2009USD ($) |
Florida [Member] | Engle Progeny Cases, State [Member] | |
Loss Contingencies [Line Items] | |
Maximum bond for all defendants | $ 200,000,000 |
Contingencies (Other Smoking an
Contingencies (Other Smoking and Health Class Actions) (Details) - Smoking and Health Class Actions and Aggregated Claims Litigation [Member] $ in Billions | 1 Months Ended | 290 Months Ended | ||
Mar. 31, 2019CAD ($)manufacture | Jun. 30, 2020case | Jul. 24, 2020case | Jun. 30, 2019rulingmanufacture | |
PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 61 | |||
Arkansas [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 1 | |||
California [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 1 | |||
Delaware [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 1 | |||
District of Columbia [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 2 | |||
Florida [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 2 | |||
Illinois [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 3 | |||
Iowa [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 1 | |||
Kansas [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 1 | |||
Louisiana [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 1 | |||
Maryland [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 1 | |||
Michigan [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 1 | |||
Minnesota [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 1 | |||
Nevada [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 29 | |||
New Jersey [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 6 | |||
New York [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 2 | |||
Ohio [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 1 | |||
Oklahoma [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 1 | |||
Oregon [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 1 | |||
Pennsylvania [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 1 | |||
Puerto Rico [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 1 | |||
South Carolina [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 1 | |||
Texas [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 1 | |||
Wisconsin [Member] | PM USA [Member] | ||||
Loss Contingencies [Line Items] | ||||
Class not certified | 1 | |||
Canada [Member] | Canadian Tobacco Manufacturers [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of manufacturers | manufacture | 3 | 3 | ||
Number of verdicts upheld | ruling | 2 | |||
Amount awarded to other party | $ | $ 13 | |||
Subsequent Event [Member] | Canada [Member] | Philip Morris USA and Altria Group [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of cases pending | 7 | |||
Subsequent Event [Member] | British Columbia and Saskatchewan [Member] | Philip Morris USA and Altria Group [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of cases pending | 2 |
Contingencies (Health Care Cost
Contingencies (Health Care Cost Recovery Litigation) (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Nov. 30, 1998USD ($)state | Jun. 30, 2020USD ($)case | Jun. 30, 2019USD ($)manufacture | Jun. 30, 2020USD ($)case | Jul. 26, 2019case | Mar. 31, 2019manufacture | Jul. 23, 2018case | |
Health Care Cost Recovery Actions [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of cases pending | case | 1 | 1 | |||||
Number of states with settled litigation | state | 46 | ||||||
State settlement agreements annual payments | $ 9,400,000,000 | ||||||
State settlement agreements attorney fees annual cap | $ 500,000,000 | ||||||
Litigation settlement | $ 1,000,000,000 | $ 1,200,000,000 | $ 2,100,000,000 | ||||
Threatened Litigation [Member] | Canada [Member] | Health Care Cost Recovery Actions [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of cases pending | case | 10 | 10 | |||||
Canadian Tobacco Manufacturers [Member] | Canada [Member] | Smoking and Health Class Actions and Aggregated Claims Litigation [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of manufacturers | manufacture | 3 | 3 |
Contingencies (NPM Adjustment D
Contingencies (NPM Adjustment Disputes - Settlement with 20 States and Territories and Settlement with New York) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Apr. 30, 2020USD ($) | Apr. 30, 2019USD ($) | Apr. 30, 2018USD ($) | Oct. 31, 2017USD ($)state | Sep. 30, 2013USD ($)state | Nov. 30, 1998state | Jun. 30, 2020USD ($)state | Mar. 31, 2019USD ($) | Mar. 31, 2018state | Jun. 30, 2020USD ($)stateclaim | Dec. 31, 2018USD ($)settlement_development | Dec. 31, 2017USD ($) | |
Health Care Cost Recovery Actions [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of states with settled litigation | state | 46 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, reduction to cost of sales | $ 52 | $ 209 | $ 39 | |||||||||
Loss contingency, credits to offset payments | $ 43 | |||||||||||
Loss contingency, settlement agreement, payment period | 9 years | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions [Member] | Settled Litigation [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, number of states with settled litigation including New York, subsequent expansion | state | 36 | |||||||||||
Settlement agreements, number | claim | 2 | |||||||||||
Number of states with settled litigation | state | 37 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2003-2015 NPM Adjustments [Member] | Settled Litigation [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, number of states with settled litigation including New York, subsequent expansion | state | 26 | |||||||||||
Proceeds from legal settlements | $ 740 | |||||||||||
Loss contingency, number of settlement developments | settlement_development | 2 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2004-2017 [Member] | Settled Litigation [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, number of additional states added | state | 10 | 10 | ||||||||||
Payments received from litigation settlement | $ 47 | $ 121 | $ 68 | $ 248 | ||||||||
Loss contingency, number of additional states extended with settled litigation | state | 9 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2003 NPM Adjustment [Member] | Settled Litigation [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Number of states with settled litigation | state | 2 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2003 NPM Adjustment [Member] | Pending Litigation [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, number of states | state | 15 | |||||||||||
Number of states without defense | state | 6 | |||||||||||
Loss contingency, number of disputes outstanding | state | 2 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2003 NPM Adjustment [Member] | Pending Litigation [Member] | Cost of Sales [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, reduction to cost of sales | $ 74 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2004 NPM Adjustment [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimate of possible gain | $ 388 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2005 NPM Adjustment [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimate of possible gain | 181 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2006 NPM Adjustment [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimate of possible gain | 154 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2007 NPM Adjustment [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimate of possible gain | 185 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2008 NPM Adjustment [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimate of possible gain | 250 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2009 NPM Adjustment [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimate of possible gain | 211 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2010 NPM Adjustment [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimate of possible gain | 218 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2011 NPM Adjustment [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimate of possible gain | 166 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2012 NPM Adjustment [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimate of possible gain | 214 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2013 NPM Adjustment [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimate of possible gain | 224 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2014 NPM Adjustment [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimate of possible gain | 258 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2015 NPM Adjustments [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimate of possible gain | 313 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2016 NPM Adjustments [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimate of possible gain | 305 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2017 NPM Adjustments [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimate of possible gain | 297 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2018 NPM Adjustments [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimate of possible gain | 340 | |||||||||||
PM USA [Member] | Health Care Cost Recovery Actions, 2019 NPM Adjustments [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimate of possible gain | 441 | |||||||||||
New York [Member] | PM USA [Member] | Health Care Cost Recovery Actions, Transition Years 2004-2018 [Member] | Settled Litigation [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Proceeds from legal settlements | $ 317 | |||||||||||
Maryland, Missouri, New Mexico and Pennsylvania [Member] | PM USA [Member] | Health Care Cost Recovery Actions, 2003 NPM Adjustment [Member] | Pending Litigation [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss contingency, number of states remaining | state | 4 |
Contingencies (Other Disputes U
Contingencies (Other Disputes Under the State Settlement Agreements) (Details) $ in Millions | 1 Months Ended |
Aug. 31, 2018USD ($) | |
PM USA [Member] | Other Disputes Under the State Settlement Agreements [Member] | |
Loss Contingencies [Line Items] | |
Amount ordered to be paid from other party | $ 9.8 |
Contingencies (Federal Governme
Contingencies (Federal Government's Lawsuit) (Details) - Federal Governments Lawsuit [Member] - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Aug. 31, 2006 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | ||
Disclosure period | 10 years | |
Implementation of Corrective Communications [Member] | ||
Loss Contingencies [Line Items] | ||
Provision related to litigation recorded | $ 36 |
Contingencies (E-vapor Product
Contingencies (E-vapor Product Litigation) (Details) - E-vapor Litigation [Member] | Jul. 24, 2020case | Jul. 24, 2020state | Jul. 24, 2020claim | Jul. 26, 2019case | Jul. 23, 2018case |
Loss Contingencies [Line Items] | |||||
Number of cases pending | case | |||||
Subsequent Event [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases pending | case | 621 | ||||
Number of cases set for trial | 0 | ||||
Class Action Lawsuit [Member] | Subsequent Event [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases pending | 25 | ||||
Pending Individual Lawsuits [Member] | Subsequent Event [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases pending | 561 | ||||
Pending Lawsuits Filed By State Or Local Governments [Member] | Subsequent Event [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases pending | 24 | 14 | |||
Pending Lawsuit Filed By School District [Member] | Subsequent Event [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases pending | 11 |
Contingencies (Lights_Ultra Lig
Contingencies (Lights/Ultra Lights Cases) (Details) - Subsequent Event [Member] | Jul. 24, 2020casecourt |
Lights [Member] | |
Loss Contingencies [Line Items] | |
Claims not certified, number | case | 23 |
Number of cases pending | court | 2 |
Lights [Member] | PM USA [Member] | |
Loss Contingencies [Line Items] | |
Number of state courts | court | 21 |
Lights Ultra Lights Class Actions [Member] | |
Loss Contingencies [Line Items] | |
Number of cases pending | case | 2 |
Contingencies (UST Litigations
Contingencies (UST Litigations Narrative) (Details) | Jul. 24, 2020claim |
Pending Individual Lawsuits [Member] | Subsequent Event [Member] | UST Litigation [Member] | |
Loss Contingencies [Line Items] | |
Claims filed, number | 1 |
Contingencies (Antitrust Litiga
Contingencies (Antitrust Litigation and Shareholder Class Actions) (Details) | 3 Months Ended | |||
Dec. 31, 2019shareholder | Jul. 24, 2020lawsuit | Jun. 30, 2020 | Apr. 30, 2020 | |
Loss Contingencies [Line Items] | ||||
Loss contingency, number of shareholders filing class action lawsuits | shareholder | 2 | |||
JUUL [Member] | ||||
Loss Contingencies [Line Items] | ||||
Equity securities, ownership percentage | 35.00% | 35.00% | 35.00% | |
Subsequent Event [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, class action lawsuit | lawsuit | 14 |
Contingencies (Guarantees and O
Contingencies (Guarantees and Other Similar Matters Narrative) (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Loss Contingencies [Line Items] | ||
Contingent liability related to performance surety bonds | $ 25,000,000 | |
Redeemable noncontrolling interest | 38,000,000 | $ 38,000,000 |
Letter of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Credit line available under the agreement | 50,000,000 | |
Revolving Credit Facility [Member] | Credit Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Credit line available under the agreement | $ 3,000,000,000 |
Uncategorized Items - a2020form
Label | Element | Value | [1] |
Restricted Cash, Current | us-gaap_RestrictedCashCurrent | $ 0 | |
Restricted Cash, Current | us-gaap_RestrictedCashCurrent | 11,000,000 | |
Restricted Cash, Noncurrent | us-gaap_RestrictedCashNoncurrent | 43,000,000 | |
Restricted Cash, Noncurrent | us-gaap_RestrictedCashNoncurrent | $ 57,000,000 | |
[1] | Restricted cash consisted of cash deposits collateralizing appeal bonds posted by PM USA to obtain stays of judgments pending appeals. See Note 12 . Contingencies . |