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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                    
Commission File Number 1-08940
Altria Group, Inc.
(Exact name of registrant as specified in its charter)
Virginia   13-3260245
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer
Identification No.)
6601 West Broad Street, Richmond, Virginia 23230
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code (804) 274-2200 
 Former name, former address and former fiscal year, if changed since last report
Securities registered pursuant to Section 12(b) of the Act:
               Title of each class               
Trading Symbols Name of each exchange on which registered
Common Stock, $0.33 1/3 par value
MO New York Stock Exchange
1.000% Notes due 2023
MO23A New York Stock Exchange
1.700% Notes due 2025
MO25 New York Stock Exchange
2.200% Notes due 2027
MO27 New York Stock Exchange
3.125% Notes due 2031
MO31 New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes   þ     No   ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes   þ    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer   þ Accelerated filer
Non-accelerated filer   Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes    No   þ
At October 21, 2021, there were 1,836,988,822 shares outstanding of the registrant’s common stock, par value $0.33 1/3 per share.




ALTRIA GROUP, INC.
TABLE OF CONTENTS
 
    Page No.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
3
5
6
7
8
9
Item 2.
Item 3.
Item 4.
PART II - OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.
Signature

2

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Altria Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions of dollars)
(Unaudited)
______________________________
 
September 30, 2021 December 31, 2020
Assets
Cash and cash equivalents $ 2,957  $ 4,945 
Receivables 36  137 
Inventories:
Leaf tobacco 644  844 
Other raw materials 159  200 
Work in process 30  502 
Finished product 300  420 
1,133  1,966 
Assets held for sale 1,490  — 
Other current assets 404  69 
Total current assets 6,020  7,117 
Property, plant and equipment, at cost 4,418  5,150 
Less accumulated depreciation 2,900  3,138 
1,518  2,012 
Goodwill 5,177  5,177 
Other intangible assets, net 12,326  12,615 
Investments in equity securities ($1,740 million and $1,868 million at September 30, 2021 and December 31, 2020, respectively, measured at fair value)
13,874  19,529 
Other assets 649  964 
Total Assets $ 39,564  $ 47,414 
 
See notes to condensed consolidated financial statements.
3

Altria Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Continued)
(in millions of dollars, except share and per share data)
(Unaudited)
________________________________________________
 
September 30, 2021 December 31, 2020
Liabilities
Current portion of long-term debt $ 1,105  $ 1,500 
Accounts payable 266  380 
Accrued liabilities:
Marketing 680  523 
Settlement charges 2,996  3,564 
Other 1,109  1,494 
Dividends payable 1,661  1,602 
Liabilities held for sale 295  — 
Total current liabilities 8,112  9,063 
Long-term debt 27,022  27,971 
Deferred income taxes 3,557  4,532 
Accrued pension costs 280  551 
Accrued postretirement health care costs 1,512  1,951 
Other liabilities 307  381 
Total liabilities 40,790  44,449 
Contingencies (Note 12)
Redeemable noncontrolling interest 39  40 
Stockholders’ (Deficit) Equity
Common stock, par value $0.33 1/3 per share
(2,805,961,317 shares issued)
935  935 
Additional paid-in capital 5,846  5,910 
Earnings reinvested in the business 30,685  34,679 
Accumulated other comprehensive losses (3,430) (4,341)
Cost of repurchased stock
(967,321,022 shares at September 30, 2021 and
947,542,152 shares at December 31, 2020)
(35,303) (34,344)
Total stockholders’ (deficit) equity attributable to Altria (1,267) 2,839 
Noncontrolling interests 2  86 
Total stockholders’ (deficit) equity (1,265) 2,925 
Total Liabilities and Stockholders’ (Deficit) Equity $ 39,564  $ 47,414 
See notes to condensed consolidated financial statements.

4

Altria Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings (Losses)
(in millions of dollars, except per share data)
(Unaudited)
_____________________________________ 
For the Nine Months Ended September 30, For the Three Months Ended September 30,
2021 2020 2021 2020
Net revenues $ 19,758  $ 19,849  $ 6,786  $ 7,123 
Cost of sales 5,348  5,909  1,858  1,961 
Excise taxes on products 3,733  4,063  1,255  1,445 
Gross profit 10,677  9,877  3,673  3,717 
Marketing, administration and research costs 1,850  1,585  722  557 
Operating income 8,827  8,292  2,951  3,160 
Interest and other debt expense, net 869  893  266  310 
Loss on early extinguishment of debt 649  —    — 
Net periodic benefit income, excluding service cost (152) (58) (63) (3)
(Income) losses from equity investments 5,789  306  5,915  472 
Impairment of JUUL equity securities   2,600    2,600 
(Gain) loss on Cronos-related financial instruments 128  202  135  105 
Earnings (losses) before income taxes 1,544  4,349  (3,302) (324)
Provision (benefit) for income taxes 693  1,817  (582) 632 
Net earnings (losses) 851  2,532  (2,720) (956)
Net (earnings) losses attributable to noncontrolling interests   11  (2)
Net earnings (losses) attributable to Altria $ 851  $ 2,543  $ (2,722) $ (952)
Per share data:
Basic earnings (losses) per share attributable to Altria $ 0.46  $ 1.37  $ (1.48) $ (0.51)
Diluted earnings (losses) per share attributable to Altria $ 0.46  $ 1.36  $ (1.48) $ (0.51)
See notes to condensed consolidated financial statements.

5

Altria Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Earnings (Losses)
(in millions of dollars)
(Unaudited)
_____________________
For the Nine Months Ended September 30, For the Three Months Ended September 30,
2021 2020 2021 2020
Net earnings (losses) $ 851  $ 2,532  $ (2,720) $ (956)
Other comprehensive earnings (losses), net of deferred income taxes:
Benefit plans 383  27  6  (15)
ABI 495  (928) 161  (15)
Currency translation adjustments and other 33  (16) 5  23 
Other comprehensive earnings (losses), net of deferred
income taxes
911  (917) 172  (7)
Comprehensive earnings (losses) 1,762  1,615  (2,548) (963)
Comprehensive (earnings) losses attributable to noncontrolling interests   11  (2)
Comprehensive earnings (losses) attributable to Altria $ 1,762  $ 1,626  $ (2,550) $ (959)
See notes to condensed consolidated financial statements.
6

Altria Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Stockholders’ (Deficit) Equity
for the Nine Months Ended September 30, 2021 and 2020
(in millions of dollars, except per share data)
(Unaudited)
_______________________________________
 
  Attributable to Altria    
  Common
Stock
Additional
Paid-in
Capital
Earnings
Reinvested
in the
Business
Accumulated
Other
Comprehensive
Losses
Cost of
Repurchased
Stock
Non-
controlling
Interests
Total
Stockholders’
(Deficit) Equity
Balances, December 31, 2020 $ 935  $ 5,910  $ 34,679  $ (4,341) $ (34,344) $ 86  $ 2,925 
Net earnings (losses) (1)
    851      (4) 847 
Other comprehensive earnings (losses), net of deferred income taxes
      911      911 
Stock award activity   13      13    26 
Cash dividends declared ($2.62 per share)
    (4,845)       (4,845)
Repurchases of common stock         (972)   (972)
Other (2)
  (77)       (80) (157)
Balances, September 30, 2021 $ 935  $ 5,846  $ 30,685  $ (3,430) $ (35,303) $ 2  $ (1,265)


  Attributable to Altria    
  Common
Stock
Additional
Paid-in
Capital
Earnings
Reinvested
in the
Business
Accumulated
Other
Comprehensive
Losses
Cost of
Repurchased
Stock
Non-
controlling
Interests
Total
Stockholders’
(Deficit) Equity
Balances, December 31, 2019 $ 935  $ 5,970  $ 36,539  $ (2,864) $ (34,358) $ 97  $ 6,319 
Net earnings (losses) (1)
—  —  2,543  —  —  (13) 2,530 
Other comprehensive earnings (losses), net of deferred income taxes
—  —  —  (917) —  —  (917)
Stock award activity
—  —  —  14  —  17 
Cash dividends declared ($2.54 per share)
—  —  (4,726) —  —  —  (4,726)
Other —  —  —  —  — 
Balances, September 30, 2020 $ 935  $ 5,973  $ 34,356  $ (3,781) $ (34,344) $ 93  $ 3,232 

(1)Amounts attributable to noncontrolling interests for the nine months ended September 30, 2021 and 2020 exclude net earnings of $4 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) Represents the purchase of the remaining noncontrolling interests in Helix. For additional information, see Note 1. Background and Basis of Presentation.


See notes to condensed consolidated financial statements.


7

Altria Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Stockholders’ (Deficit) Equity
for the Three Months Ended September 30, 2021 and 2020
(in millions of dollars, except per share data)
(Unaudited)
_______________________________________ 

  Attributable to Altria    
  Common
Stock
Additional
Paid-in
Capital
Earnings
Reinvested
in the
Business
Accumulated
Other
Comprehensive
Losses
Cost of
Repurchased
Stock
Non-
controlling
Interests
Total
Stockholders’
(Deficit) Equity
Balances, June 30, 2021 $ 935  $ 5,840  $ 35,065  $ (3,602) $ (34,981) $ $ 3,259 
Net earnings (losses) (1)
    (2,722)       (2,722)
Other comprehensive earnings (losses), net of deferred income taxes
      172      172 
Stock award activity
  6          6 
Cash dividends declared $0.90 per share)
    (1,658)   —    (1,658)
Repurchases of common stock         (322)   (322)
Balances, September 30, 2021
$ 935  $ 5,846  $ 30,685  $ (3,430) $ (35,303) $ 2  $ (1,265)


  Attributable to Altria    
  Common
Stock
Additional
Paid-in
Capital
Earnings
Reinvested
in the
Business
Accumulated
Other
Comprehensive
Losses
Cost of
Repurchased
Stock
Non-
controlling
Interests
Total
Stockholders’
(Deficit) Equity
Balances, June 30, 2020 $ 935  $ 5,964  $ 36,908  $ (3,774) $ (34,345) $ 98  $ 5,786 
Net earnings (losses) (1)
—  —  (952) —  —  (5) (957)
Other comprehensive earnings (losses), net of deferred income taxes
—  —  —  (7) —  —  (7)
Stock award activity
—  —  —  —  10 
Cash dividends declared ($0.86 per share)
—  —  (1,600) —  —  —  (1,600)
Balances, September 30, 2020 $ 935  $ 5,973  $ 34,356  $ (3,781) $ (34,344) $ 93  $ 3,232 

(1) Amounts attributable to noncontrolling interests for the three months ended September 30, 2021 and 2020 exclude net earnings of $2 million and $1 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.

See notes to condensed consolidated financial statements.


8

Altria Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in millions of dollars)
(Unaudited)
_____________________
For the Nine Months Ended September 30, 2021 2020
Cash Provided by (Used in) Operating Activities
Net earnings (losses) $ 851  $ 2,532 
Adjustments to reconcile net earnings (losses) to operating cash flows:
Depreciation and amortization 190  192 
Deferred income tax provision (benefit) (1,180) (111)
(Income) losses from equity investments 5,789  306 
Dividends from ABI 119  108 
(Gain) loss on Cronos-related financial instruments 128  202 
Impairment of JUUL equity securities   2,600 
Loss on early extinguishment of debt 649  — 
Cash effects of changes:
Receivables (7)
Inventories 118  136 
Accounts payable 3  24 
Income taxes (200) — 
Accrued liabilities and other current assets (104) (504)
Accrued settlement charges (568) (140)
Pension plan contributions (23) (16)
Pension provisions and postretirement, net (127) (35)
Other, net (1)
104  549 
Net cash provided by (used in) operating activities 5,742  5,844 
Cash Provided by (Used in) Investing Activities
Capital expenditures (102) (162)
Other, net 60  55 
Net cash provided by (used in) investing activities $ (42) $ (107)
(1) 2020 primarily reflects inventory-related amounts associated with the wine business strategic reset. For further discussion, see Note 9. Segment Reporting.

See notes to condensed consolidated financial statements.

9

Altria Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Continued)
(in millions of dollars)
(Unaudited)
_____________________
For the Nine Months Ended September 30, 2021 2020
Cash Provided by (Used in) Financing Activities
Proceeds from short-term borrowings $   $ 3,000 
Repayment of short-term borrowings   (3,000)
Long-term debt issued 5,472  1,993 
Long-term debt repaid (6,542) (1,000)
Repurchases of common stock (972) — 
Dividends paid on common stock (4,787) (4,690)
Premiums and fees related to early extinguishment of debt (623) — 
Other, net (216) (16)
Net cash provided by (used in) financing activities (7,668) (3,713)
Cash, cash equivalents and restricted cash:
Increase (decrease) (1,968) 2,024 
Balance at beginning of period 5,006  2,160 
Balance at end of period $ 3,038  $ 4,184 
The following table provides a reconciliation of cash, cash equivalents and restricted cash to the amounts reported on Altria’s condensed consolidated balance sheets:
At September 30, 2021 At December 31, 2020
Cash and cash equivalents $ 2,957  $ 4,945 
Restricted cash included in other current assets (1)
 
Restricted cash included in other assets (1)
45  60 
Cash included in assets held for sale (2)
36  — 
Cash, cash equivalents and restricted cash $ 3,038  $ 5,006 
(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.
(2) Cash included in assets held for sale at September 30, 2021 is related to the Ste. Michelle Transaction. For further discussion, see Note 3. Assets Held for Sale.

See notes to condensed consolidated financial statements.
10


Altria Group, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1. Background and Basis of Presentation
When used in these notes, the term Altria,” refers to Altria Group, Inc. and its subsidiaries, unless the context requires otherwise.
Background: At September 30, 2021, Altria’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; 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 products (“MST”), snus products and wine; Helix Innovations LLC (“Helix”), which operates in the United States and Canada, and Helix Innovations GmbH and its subsidiaries (“Helix ROW”), which operate internationally in the rest-of-world, are engaged in the manufacture and sale of on! oral nicotine pouches; and Philip Morris Capital Corporation (“PMCC”), which maintains a portfolio of finance assets, substantially all of which are leveraged leases.
On July 8, 2021, UST entered into a share purchase agreement pursuant to which it agreed to sell its subsidiary, International Wine & Spirits Ltd. (“IWS”), which includes Ste. Michelle. The sale was completed on October 1, 2021. At September 30, 2021, the assets and liabilities associated with the pending sale of IWS were classified as assets held for sale on Altria’s condensed consolidated balance sheet. For further discussion, see Note 3. Assets Held for Sale.
Altria owns 100% of the global on! business as a result of transactions in December 2020 and April 2021 to purchase the remaining 20% interest in (i) Helix ROW and (ii) Helix, respectively. The total purchase price of the December 2020 and April 2021 transactions was approximately $250 million.
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 September 30, 2021, Altria’s significant wholly owned subsidiaries were not limited by contractual obligations in their ability to pay cash dividends or make other distributions with respect to their equity interests.
At September 30, 2021, Altria’s investments in equity securities consisted of Anheuser-Busch InBev SA/NV (“ABI”), Cronos Group Inc. (“Cronos”) and JUUL Labs, Inc. (“JUUL”). Altria accounts for its investments in ABI and Cronos under the equity method of accounting using a one-quarter lag. Altria accounts for its equity investment in JUUL under the fair value option.
For further discussion of Altria’s investments in equity securities, see Note 4. Investments in Equity Securities.
Dividends and Share Repurchases: In August 2021, Altria’s Board of Directors (the “Board of Directors” or “Board”) approved a 4.7% increase in the quarterly dividend rate to $0.90 per share of Altria common stock versus the previous rate of $0.86 per share. The current annualized dividend rate is $3.60. Future dividend payments remain subject to the discretion of the Board.
In July 2019, the Board of Directors authorized a $1.0 billion share repurchase program. In April 2020, the Board rescinded the $500 million remaining in this program as part of Altria’s efforts to enhance its liquidity position in response to the COVID-19 pandemic. Altria did not repurchase any shares in 2020.
In January 2021, the Board authorized a new $2.0 billion share repurchase program, of which $1,028 million was remaining at September 30, 2021. In October 2021, the Board authorized a $1.5 billion expansion of this program to $3.5 billion. The timing of share repurchases under this program depends upon marketplace conditions and other factors, and the program remains subject to the discretion of the Board.
Altria’s share repurchase activity for the nine and three months ended September 30, 2021 was as follows:
(in millions, except per share data) For the Nine Months Ended September 30, 2021 For the Three Months Ended September 30, 2021
Total number of shares repurchased
20.2  6.7 
Aggregate cost of shares repurchased
$ 972  $ 322 
Average price per share of shares repurchased
$ 48.17  $ 48.35 
11

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.
Certain immaterial prior year amounts have been reclassified to conform with the current year’s presentation.
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, 2020 (the “2020 Form 10-K”).
On January 1, 2021, Altria adopted Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU No. 2019-12”). This guidance removes certain exceptions for investments, intraperiod allocations and interim calculations, and adds guidance to reduce complexity in accounting for income taxes. The adoption of ASU No. 2019-12 did not have a material impact on Altria’s condensed consolidated financial statements.
Additionally, on January 1, 2021, Altria adopted ASU No. 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (“ASU No. 2020-01”). This 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 adoption of ASU No. 2020-01 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.

Note 2. Revenues from Contracts with Customers
Altria disaggregates net revenues based on product type. For further discussion, see Note 9. Segment Reporting.
In 2020, a majority of Altria’s businesses offered cash discounts to customers for prompt payment and calculated cash discounts as a percentage of the list price based on historical experience and agreed-upon payment terms. Beginning in the first quarter of 2021 for USSTC and the third quarter of 2021 for PM USA, cash discounts were calculated as a flat rate per unit, based on agreed-upon payment terms. Altria’s businesses record receivables net of the cash discounts on Altria’s condensed consolidated balance sheets.
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 $260 million and $301 million at September 30, 2021 and December 31, 2020, respectively. When cash is received in advance of product shipment, Altria’s businesses satisfy their performance obligations within three days of receiving payment. At September 30, 2021 and December 31, 2020, there were no differences between amounts recorded as deferred revenue and amounts subsequently recognized as revenue.
Receivables were $144 million (including $108 million in assets held for sale) and $137 million at September 30, 2021 and December 31, 2020, respectively. At September 30, 2021 and December 31, 2020, 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.
12

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.

Note 3. Assets Held for Sale
On July 8, 2021, UST entered into a share purchase agreement pursuant to which it agreed to sell its subsidiary, IWS, which includes Ste. Michelle, to an entity controlled by investment funds managed by Sycamore Partners Management, L.P. in an all-cash transaction with a purchase price of approximately $1.2 billion and the assumption of certain liabilities of IWS and its subsidiaries (the “Ste. Michelle Transaction”).
At September 30, 2021, the assets and liabilities associated with the Ste. Michelle Transaction were classified as assets held for sale and were measured at their fair value less costs to sell, resulting in a pre-tax charge of $41 million. A reserve (as shown below), representing the adjustment to record the assets and liabilities at their fair value less costs to sell, was included as a component of assets held for sale in Altria’s condensed consolidated balance sheets at September 30, 2021. Altria recorded an additional pre-tax charge of $10 million for disposition-related costs related to the Ste. Michelle Transaction. The total pre-tax charges of $51 million were included in the wine segment and recorded in marketing, administration and research costs in Altria’s condensed consolidated statements of earnings (losses) for the nine and three months ended September 30, 2021.
On October 1, 2021, UST completed the sale of IWS and received approximately $1.2 billion in net cash proceeds. Altria expects to record additional adjustments related to the Ste. Michelle Transaction in the fourth quarter of 2021 and does not expect these adjustments to be material.
The major classes of assets and liabilities of IWS classified as held for sale at September 30, 2021 were as follows:
(in millions) September 30, 2021
Assets held for sale
Cash and cash equivalents $ 36 
Receivables 108 
Inventories 715 
Property, plant and equipment, net of accumulated depreciation 407 
Other intangible assets, net 236 
Other assets 29 
Total assets 1,531 
Reserve (41)
Total assets held for sale 1,490 
Liabilities held for sale
Accounts payable 114 
Accrued liabilities 83 
Accrued pension costs 49 
Other liabilities 49 
Total liabilities held for sale 295 
Assets and liabilities held for sale, net $ 1,195 

13

Note 4. Investments in Equity Securities
The carrying amount of Altria’s investments consisted of the following:
(in millions) September 30, 2021 December 31, 2020
ABI $ 11,237  $ 16,651 
JUUL
1,705  1,705 
Cronos (1)
932  1,173 
Total
$ 13,874  $ 19,529 
(1) Atria’s investment in Cronos at September 30, 2021 consisted of Altria’s equity method investment in Cronos ($897 million), the Cronos warrant ($32 million) and the Fixed-price Preemptive Rights ($3 million), (collectively, “Investment in Cronos”). The Investment in Cronos at December 31, 2020 consisted of Altria’s equity method investment in Cronos ($1,010 million), the Cronos warrant ($139 million) and the Fixed-price Preemptive Rights ($24 million). See below for further discussion.
Income (losses) from equity investments accounted for under the equity method of accounting and fair value option consisted of the following:
For the Nine Months Ended September 30, For the Three Months Ended September 30,
(in millions) 2021 2020 2021 2020
ABI (1)
$ (5,644) $ (306) $ (6,036) $ (418)
Cronos (145) —  21  (54)
Income (losses) from investments under equity method of accounting (5,789) (306) $ (6,015) $ (472)
JUUL   —  100  — 
Income (losses) from equity investments $ (5,789) $ (306) $ (5,915) $ (472)
(1) For the nine and three months ended September 30, 2021, Altria recorded a non-cash, pre-tax impairment charge of $6,157 million related to its equity investment in ABI. See below for further discussion.
Investment in ABI
At September 30, 2021, Altria had an approximate 10% ownership interest in ABI, consisting of 185 million restricted shares of ABI (the “Restricted Shares”) and 12 million ordinary shares of ABI. The Restricted Shares:
are unlisted and not admitted to trading on any stock exchange;
are convertible by Altria into ordinary shares of ABI on a one-for-one basis;
rank equally with ordinary shares of ABI with regards to dividends and voting rights; and
have director nomination rights with respect to ABI.
The Restricted Shares were subject to a five-year lock-up period that ended October 10, 2021. As of this filing, Altria has not elected to convert its Restricted Shares into ordinary shares of 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 can convert its Restricted Shares to ordinary shares at its discretion. Therefore, the fair value of each Restricted Share is based on the value of an ordinary share.
In October 2019, the fair value of Altria’s equity investment in ABI declined below its carrying value and has not recovered. At December 31, 2020, the fair value of Altria’s equity investment in ABI was $13.8 billion (carrying value of $16.7 billion), which was less than its carrying value by approximately 17%. In preparing its financial statements for the period ended December 31, 2020, Altria evaluated the factors related to the fair value decline, including the impact on the fair value of ABI’s shares during the COVID-19 pandemic, which has negatively impacted ABI’s business. Altria evaluated the duration and magnitude of the fair value decline, ABI’s financial condition and near-term prospects and Altria’s intent and ability to hold its
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investment in ABI until recovery. Altria concluded that the decline in fair value of its investment in ABI at December 31, 2020 below its carrying value was temporary and, therefore, no impairment was recorded at that time.
Following the consideration of the same factors, Altria, in preparing its financial statements for the period ended September 30, 2021, concluded that the decline in fair value of its investment in ABI at September 30, 2021 was other than temporary. As a result, Altria recorded a non-cash, pre-tax impairment charge of $6.2 billion for the nine and three months ended September 30, 2021, which was recorded to income (losses) from equity investments in its condensed consolidated statements of earnings (losses). This impairment charge reflects the difference between the fair value of Altria’s investment in ABI using ABI’s share price at September 30, 2021 and the carrying value of Altria’s equity investment in ABI at September 30, 2021. Altria continues to have confidence in ABI’s (i) long-term strategies, (ii) premium global brands, (iii) experienced management team and (iv) capability to successfully navigate its near-term challenges. Altria further expects that the impacts related to the COVID-19 pandemic that have negatively impacted ABI’s global business are transitory, but now also anticipates that the full recovery to carrying value will take longer than previously expected. This is evidenced by the resumption of declines in fair value during the third quarter of 2021, following positive share price momentum during the first half of 2021. At September 30, 2021, prior to recording the impairment charge, the fair value of Altria’s investment in ABI was below the carrying value by approximately 35%, which represents an additional 18% reduction in ABI’s share price since December 31, 2020. After recording the impairment charge, the fair value and carrying value of Altria’s equity investment in ABI at September 30, 2021 were $11.2 billion.
At September 30, 2021, the carrying value of Altria’s equity investment in ABI exceeded its share of ABI’s net assets attributable to equity holders of ABI by approximately $5.1 billion. Substantially all of this difference is comprised of goodwill and other indefinite-lived intangible assets (consisting primarily of trademarks).
Investment in JUUL
In December 2018, Altria made an investment in JUUL and received a 35% economic interest in JUUL through non-voting shares, which were convertible at Altria’s election into voting shares (“Share Conversion”), and a security convertible into additional non-voting or voting shares, as applicable, upon settlement or exercise of certain JUUL convertible securities (the “JUUL Transaction”).
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 April 1, 2020, the U.S. Federal Trade Commission (“FTC”) issued an administrative complaint challenging Altria’s investment in JUUL. For further discussion, see Note 12. Contingencies - Antitrust Litigation.
In November 2020, Altria exercised its rights to convert its non-voting JUUL shares into voting shares. Altria does not currently intend to exercise its additional governance rights obtained upon Share Conversion, including the right to elect directors to JUUL’s board or to vote its JUUL shares other than as a passive investor, pending the outcome of the FTC administrative complaint. At September 30, 2021, Altria had a 35% ownership interest in JUUL, consisting of 42 million voting shares.
Following Share Conversion in the fourth quarter of 2020, Altria elected to account for its equity method investment in JUUL under the fair value option. Under this option, Altria’s condensed consolidated statements of earnings (losses) include any cash dividends received from its investment in JUUL and any changes in the estimated fair value of its investment, which is calculated quarterly. Altria believes the fair value option provides quarterly transparency to investors as to the fair market value of Altria’s investment in JUUL, given the changes and volatility in the e-vapor category since Altria’s initial investment, as well as the lack of publicly available information regarding JUUL’s business or a market-derived valuation.
The following table provides a reconciliation of the beginning and ending balance of Altria’s investment in JUUL, which is classified in Level 3 of the fair value hierarchy:
Investment
(in millions) Balance
Balance at December 31, 2020 $ 1,705 
Unrealized gains (losses) included in income (losses) from equity investments  
Balance at September 30, 2021 $ 1,705 
For the three months ended September 30, 2021, Altria recorded a non-cash, pre-tax unrealized gain of $100 million, as a result of changes in the estimated fair value of its investment in JUUL. At September 30, 2021, the estimated fair value of Altria’s JUUL investment was $1.7 billion, unchanged from its December 31, 2020 estimated fair value. There were no material
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changes to the significant assumptions used in the valuations, as described below, during the nine and three months ended September 30, 2021.
Prior to Share Conversion, Altria accounted for its investment in JUUL as an investment in an equity security. Since the JUUL shares do not have a readily determinable fair value, Altria 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 were 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 the date of Share Conversion. In addition, prior to Share Conversion, Altria reviewed 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 indicated that Altria’s investment in JUUL may be impaired, a quantitative assessment was performed. If the quantitative assessment indicated the estimated fair value of the investment was less than its carrying value, the investment was written down to its fair value.
In September 2020, JUUL announced a strategic update, which included its plans for a significant global workforce reduction, its evaluation of its resource allocation and the possibility of exiting various international markets. As part of the preparation of Altria’s financial statements for the period ended September 30, 2020, Altria performed a qualitative assessment of impairment indicators for its investment in JUUL and determined that JUUL’s strategic update was an indicator of impairment at September 30, 2020, given the significant deterioration in JUUL’s business prospects.
Given the existence of this impairment indicator, Altria performed a quantitative valuation of its investment in JUUL during the third quarter of 2020 and recorded a non-cash, pre-tax charge of $2.6 billion for the nine and three months ended September 30, 2020, reported as impairment of JUUL equity securities in its condensed consolidated statements of earnings (losses). The impairment charge was driven by Altria’s projections of lower JUUL revenues over time due to lower pricing assumptions and delays in JUUL achieving previously forecasted operating margin performance. These drivers were the result of (i) JUUL’s revised international expansion plans and (ii) the evolving U.S. e-vapor category and associated competitive dynamics.
Altria uses an income approach to estimate the fair value of its investment in JUUL. The income approach reflects the discounting of future cash flows for the U.S. and international markets at a rate of return that incorporates the risk-free rate for the use of those funds, the expected rate of inflation and the risks associated with realizing future cash flows. Future cash flows were based on a range of scenarios that consider various potential regulatory and market outcomes.
In determining the estimated fair value of its investment in JUUL, as of September 30, 2021 and December 31, 2020, Altria made various judgments, estimates and assumptions, the most significant of which were sales volume, operating margins, discount rates and perpetual growth rates. All significant inputs used in the valuation are classified in Level 3 of the fair value hierarchy. Additionally, in determining these significant assumptions, Altria made judgments regarding the (i) likelihood and extent of various potential regulatory actions and the continued adverse public perception impacting the e-vapor category and specifically JUUL, (ii) risk created by the number and types of legal cases pending against JUUL and (iii) expectations for the future state of the e-vapor category, including competitive dynamics.
Investment in Cronos
At September 30, 2021, Altria had a 41.9% ownership interest in Cronos, consisting of 156.6 million shares, which Altria accounts for under the equity method of accounting. Altria’s ownership percentage decreased from 43.5% at December 31, 2020 due to the issuance of additional shares by Cronos. 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.
As part of its Investment in Cronos, at September 30, 2021, Altria owned:
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 September 30, 2021, Altria estimates the Fixed-price Preemptive Rights allows Altria to purchase up to an additional approximately 14 million common shares of Cronos; and
a warrant providing Altria the ability to purchase an additional approximate 10% of common shares of Cronos (approximately 83 million common shares at September 30, 2021) at a per share exercise price of CAD $19.00, which expires on March 8, 2023.
If exercised in full, the exercise prices for the warrant and Fixed-price Preemptive Rights are approximately CAD $1.6 billion and CAD $0.2 billion, respectively (approximately USD $1.3 billion and $0.2 billion, respectively, based on the CAD to USD exchange rate on October 25, 2021). At September 30, 2021, upon full exercise of the Fixed-price Preemptive Rights, to the
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extent such rights become available, and the warrant, Altria would own approximately 53% of the outstanding common shares of Cronos.
For a discussion of derivatives related to the Investment in Cronos, including Altria’s accounting for changes in the fair value of these derivatives, see Note 5. Financial Instruments.
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. In September 2021, the fair value of Altria’s equity method investment in Cronos declined below its carrying value. At September 30, 2021, the fair value of Altria’s equity method investment in Cronos was less than its carrying value by $14 million or approximately 2%. The fair value of Altria’s equity method investment in Cronos exceeded its carrying value by $77 million or approximately 8% at December 31, 2020. Based on Altria’s evaluation of the duration and magnitude of the fair value decline at September 30, 2021, Altria concluded that the decline in fair value of its equity method investment in Cronos below its carrying value is temporary and, therefore, no impairment was recorded.

Note 5. 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.
In May 2021, all outstanding foreign currency contracts matured. When Altria has foreign currency contracts in effect, counterparties are domestic and international financial institutions. Under these contracts, 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 December 31, 2020.
The following table provides (i) the aggregate notional amounts of foreign currency contracts and (ii) the aggregate carrying value and fair value of foreign currency denominated debt:
(in millions) September 30, 2021 December 31, 2020
Foreign currency contracts (notional amounts) $   $ 1,066 
Foreign currency denominated debt
Carrying value 4,905  5,171 
Fair value 5,288  5,687 
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 non-performance risk is included in the fair values of foreign currency contracts.
The following table provides the aggregate carrying value and fair value of Altria’s total long-term debt:
(in millions) September 30, 2021 December 31, 2020
Carrying value $ 28,127  $ 29,471 
Fair value 31,037  34,682 
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 Fixed-price Preemptive Rights and Cronos warrant, 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
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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:
Fixed-price Preemptive Rights Cronos Warrant
September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020
Share price (1)
C$7.15 C$8.84 C$7.15 C$8.84
Expected life (2)
0.81 year 1.05 years 1.43 years 2.18 years
Expected volatility (3)
67.32% 80.68% 67.32% 80.68%
Risk-free interest rate (4)(5)
0.24% 0.13% 0.39% 0.21%
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 4.00 years at September 30, 2021 and 0.25 year to 5 years at December 31, 2020) and the March 8, 2023 expiration date of the Cronos warrant.
(3) Based on a blend of historical volatility of the underlying equity security and implied volatility from traded options on the underlying equity security at September 30, 2021. Based on a blend of historical volatility levels of the underlying equity security and peer companies at December 31, 2020.
(4) Based on the implied yield currently available on Canadian Treasury zero coupon issues (with a range from approximately 0.12% to 0.89% at September 30, 2021 and 0.06% to 0.39% at December 31, 2020) 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 (losses) (140)
Balance at December 31, 2020 163 
Pre-tax earnings (losses) recognized in net earnings (losses) (128)
Balance at September 30, 2021 $ 35 
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
(in millions)
Balance Sheet Classification September 30, 2021 December 31, 2020 Balance Sheet Classification September 30, 2021 December 31, 2020
Derivatives designated as hedging instruments:
    Foreign currency contracts
Other current assets
$   $ — 
Other accrued liabilities
$   $ 87 
    Foreign currency contracts
Other assets
  — 
Other liabilities
  — 
Total
$   $ —  $   $ 87 
Derivatives not designated as hedging instruments:
Cronos warrant
Investments in equity securities
$ 32  $ 139 
Fixed-price Preemptive Rights
Investments in equity securities
3  24 
Total
$ 35  $ 163 
Total derivatives
$ 35  $ 163  $   $ 87 
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Altria records in its condensed consolidated statements of earnings (losses) 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 nine and three months ended September 30, 2021 and 2020, Altria recorded non-cash, 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 Nine Months Ended September 30, For the Three Months Ended September 30,
(in millions) 2021 2020 2021 2020
Fixed-price Preemptive Rights $ (21) $ (54) $ (17) $ (25)
Cronos warrant (107) (148) (118) (80)
Total $ (128) $ (202) $ (135) $ (105)
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 (losses) were as follows:
Gain (Loss) Recognized in Accumulated Other Comprehensive Losses Gain (Loss) Recognized in
Net Earnings (Losses)
Gain (Loss) Recognized in Accumulated Other Comprehensive Losses Gain (Loss) Recognized in
Net Earnings (Losses)
For the Nine Months Ended September 30, For the Three Months Ended September 30,
(in millions) 2021 2020 2021 2020 2021 2020 2021 2020
Foreign currency contracts $ 16  $ (28) $ 7  $ 33  $   $ (66) $   $
Foreign currency denominated debt 270  (215)   —  118  (206)   — 
Total $ 286  $ (243) $ 7  $ 33  $ 118  $ (272) $   $
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 (losses) based on an amortization approach.

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Note 6. Benefit Plans
Components of Net Periodic Benefit (Income) Cost
Net periodic benefit (income) cost consisted of the following:
Pension Postretirement Pension Postretirement
For the Nine Months Ended
September 30,
For the Three Months Ended
September 30,
 (in millions) 2021 2020 2021 2020 2021 2020 2021 2020
Service cost $ 51  $ 55  $ 15  $ 13  $ 17  $ 18  $ 5  $
Interest cost 139  188  29  44  46  62  8  14 
Expected return on plan assets
(393) (376) (10) (11) (131) (125) (2) (4)
Amortization:
Net loss 99  108  16  33  55  2  — 
Prior service cost (credit)
3  (35) (22) 1  (20) (7)
Net periodic benefit
(income) cost
$ (101) $ (21) $ 15  $ 31  $ (34) $ 12  $ (7) $
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 $23 million to its pension plans and did not make any contributions to its postretirement plans during the nine months ended September 30, 2021. Currently, Altria anticipates making additional employer contributions to its pension plans of up to approximately $5 million and no additional contributions to its postretirement plans for the remainder of 2021. However, the foregoing estimates of 2021 contributions to the pension and postretirement plans are subject to change as a result of changes in tax and other benefit laws, changes in interest rates, as well as asset performance significantly above or below the assumed long-term rate of return for each respective plan.
During the second quarter of 2021, Altria announced several amendments to its salaried retiree healthcare plans, primarily changing its post-age 65 coverage to a private medicare marketplace. These amendments triggered a plan remeasurement as of May 31, 2021 and resulted in Altria recording a reduction of $432 million to its accrued postretirement health care costs liability and a corresponding reduction to its accumulated other comprehensive losses on its condensed consolidated balance sheet. Ongoing amortization has been adjusted to reflect these changes as of June 1, 2021 and is reflected in the amounts shown above.

Note 7. Earnings (Losses) per Share
Basic and diluted earnings (losses) per share (“EPS”) were calculated using the following:
For the Nine Months Ended September 30, For the Three Months Ended September 30,
(in millions) 2021 2020 2021 2020
Net earnings (losses) attributable to Altria $ 851  $ 2,543  $ (2,722) $ (952)
Less: Distributed and undistributed earnings attributable to share-based awards
(8) (6) (2) (1)
Earnings (losses) for basic and diluted EPS $ 843  $ 2,537  $ (2,724) $ (953)
Weighted-average shares for basic EPS 1,849  1,858  1,842  1,858 
Plus: contingently issuable performance stock units   — 
Weighted-average shares for diluted EPS 1,849  1,859  1,842  1,859 

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Note 8. 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 Nine Months Ended September 30, 2021
(in millions) Benefit Plans ABI Currency
Translation
Adjustments and Other
Accumulated
Other
Comprehensive
Losses
Balances, December 31, 2020 $ (2,420) $ (1,938) $ 17  $ (4,341)
Other comprehensive earnings (losses) before reclassifications
432 
(1)
685  35  1,152 
Deferred income taxes (118) (151)   (269)
Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes
314  534  35  883 
Amounts reclassified to net earnings (losses) 92  (49) (2) 41 
Deferred income taxes (23) 10    (13)
Amounts reclassified to net earnings (losses), net of deferred income taxes 69  (39) (2) 28 
Other comprehensive earnings (losses), net of deferred income taxes
383  495 
(2)
33  911 
Balances, September 30, 2021 $ (2,037) $ (1,443) $ 50  $ (3,430)

For the Three Months Ended September 30, 2021
(in millions) Benefit Plans ABI Currency
Translation
Adjustments and Other
Accumulated
Other
Comprehensive
Losses
Balances, June 30, 2021 $ (2,043) $ (1,604) $ 45  $ (3,602)
Other comprehensive earnings (losses) before reclassifications
 

215  6  221 
Deferred income taxes (9) (48)   (57)
Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes
(9) 167  6  164 
Amounts reclassified to net earnings (losses) 20  (7) (1) 12 
Deferred income taxes (5) 1    (4)
Amounts reclassified to net earnings (losses), net of deferred income taxes 15  (6) (1) 8 
Other comprehensive earnings (losses), net of deferred income taxes
6  161 
(2)
5  172 
Balances, September 30, 2021 $ (2,037) $ (1,443) $ 50  $ (3,430)

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For the Nine Months Ended September 30, 2020
(in millions) Benefit Plans ABI Currency
Translation
Adjustments and Other
Accumulated
Other
Comprehensive
Losses
Balances, December 31, 2019 $ (2,192) $ (693) $ 21  $ (2,864)
Other comprehensive earnings (losses) before reclassifications
(75) (1,211) (16) (1,302)
Deferred income taxes 19  260  —  279 
Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes
(56) (951) (16) (1,023)
Amounts reclassified to net earnings (losses) 111  29  —  140 
Deferred income taxes (28) (6) —  (34)
Amounts reclassified to net earnings (losses), net of deferred income taxes 83  23  —  106 
Other comprehensive earnings (losses), net of deferred income taxes
27  (928)
(2)
(16) (917)
Balances, September 30, 2020 $ (2,165) $ (1,621) $ $ (3,781)


For the Three Months Ended September 30, 2020
(in millions) Benefit Plans ABI Currency
Translation
Adjustments and Other
Accumulated
Other
Comprehensive
Losses
Balances, June 30, 2020 $ (2,150) $ (1,606) $ (18) $ (3,774)
Other comprehensive earnings (losses) before reclassifications
(75) (71) 23  (123)
Deferred income taxes 19  22  —  41 
Other comprehensive earnings (losses) before reclassifications, net of deferred income taxes
(56) (49) 23  (82)
Amounts reclassified to net earnings (losses) 55  44  —  99 
Deferred income taxes (14) (10) —  (24)
Amounts reclassified to net earnings (losses), net of deferred income taxes 41  34  —  75 
Other comprehensive earnings (losses), net of deferred income taxes
(15) (15)
(2)
23  (7)
Balances, September 30, 2020 $ (2,165) $ (1,621) $ $ (3,781)
(1) Reflects the remeasurement impact of salaried retiree healthcare plan amendments. For further discussion, see Note 6. Benefit Plans.
(2) 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.

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The following table sets forth pre-tax amounts by component, reclassified from accumulated other comprehensive losses to net earnings (losses):
For the Nine Months Ended September 30, For the Three Months Ended September 30,
(in millions) 2021 2020 2021 2020
Benefit Plans: (1)
Net loss $ 124  $ 129  $ 39  $ 60 
Prior service cost/credit (32) (18) (19) (5)
92  111  20  55 
ABI (2)
(49) 29  (7) 44 
Currency Translation Adjustments and Other (2)
(2) —  (1) — 
Pre-tax amounts reclassified from accumulated other comprehensive losses to net earnings (losses) $ 41  $ 140  $ 12  $ 99 
(1) Amounts are included in net defined benefit plan costs. For further information related to defined benefit plans, see Note 6. Benefit Plans.
(2) Amounts are included in (income) losses from equity investments. For further information related to equity investments, see Note 4. Investments in Equity Securities.

Note 9. Segment Reporting
The products of Altria’s subsidiaries include smokeable tobacco products, consisting of combustible cigarettes manufactured and sold by PM USA, and machine-made large cigars and pipe tobacco manufactured and sold by Middleton; 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 and wine. The financial services and the innovative tobacco products businesses, which include the heated tobacco business and Helix ROW, 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, along with net periodic benefit income/cost, excluding service cost, and provision (benefit) 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.
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Segment data were as follows:
For the Nine Months Ended September 30, For the Three Months Ended September 30,
(in millions) 2021 2020 2021 2020
Net revenues:
Smokeable products $ 17,275  $ 17,522  $ 5,975  $ 6,313 
Oral tobacco products 1,945  1,901  626  640 
Wine 494  434  177  157 
All other 44  (8) 8  13 
Net revenues $ 19,758  $ 19,849  $ 6,786  $ 7,123 
Earnings (losses) before income taxes:
OCI:
Smokeable products $ 7,901  $ 7,609  $ 2,753  $ 2,789 
Oral tobacco products 1,269  1,297  405  436 
Wine 21  (347) (24) 19 
All other (56) (63) (30) (7)
Amortization of intangibles (53) (54) (18) (17)
General corporate expenses (255) (150) (135) (60)
Operating income 8,827  8,292  2,951  3,160 
Interest and other debt expense, net (869) (893) (266) (310)
Loss on early extinguishment of debt (649) —    — 
Net periodic benefit income, excluding
service cost
152  58  63 
Income (losses) from equity investments (5,789) (306) (5,915) (472)
Impairment of JUUL equity securities   (2,600)   (2,600)
Gain (loss) on Cronos-related financial instruments (128) (202) (135) (105)
Earnings (losses) before income taxes $ 1,544  $ 4,349  $ (3,302) $ (324)
The comparability of OCI for the reportable segments was affected by the following:
Non-Participating Manufacturer (“NPM”) Adjustment Items: Pre-tax (income) for NPM adjustment items was recorded to Altria’s condensed consolidated statements of earnings (losses) as follows:
For the Nine Months Ended September 30, For the Three Months Ended September 30,
(in millions) 2021 2021
Smokeable products segment $ (53) $ (21)
Interest and other debt expense, net (23) (23)
Total $ (76) $ (44)
NPM adjustment items result from the resolutions of certain disputes with states and territories related to the NPM adjustment provision under the 1998 Master Settlement Agreement (such dispute resolutions are referred to as “NPM Adjustment Items” and are more fully described in Health Care Cost Recovery Litigation in Note 12. Contingencies). The amounts shown in the table above for the smokeable products segment were recorded as reductions to cost of sales, which increased OCI in the smokeable products segment.
24

Tobacco and Health and Certain Other Litigation Items: Pre-tax charges related to tobacco and health and certain other litigation items were recorded in Altria’s condensed consolidated statements of earnings (losses) as follows:
For the Nine Months Ended September 30, For the Three Months Ended September 30,
(in millions) 2021 2020 2021 2020
Smokeable products segment $ 72  $ 73  $ 29  $ 34 
General corporate 70  —  70  — 
Interest and other debt expense, net 6  6  — 
Total