Inventory Disclosure
Adjustment to Inventory: Conversion from LIFO to FIFO
Adjusted Financial Ratios: LIFO vs. FIFO (Summary)
Adjusted Current Ratio
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Altria Group Inc., balance sheet: inventory

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Leaf tobacco	649)	704)	744)	844)	874)
Other raw materials	204)	186)	166)	200)	192)
Work in process	22)	24)	23)	502)	696)
Finished product	340)	266)	261)	420)	531)
Inventories	1,215)	1,180)	1,194)	1,966)	2,293)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Inventories	Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.	Altria Group Inc. inventories decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Adjusting LIFO Inventory to FIFO (Current) Cost

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Adjustment to Inventories
Inventories at LIFO (as reported)	1,215)	1,180)	1,194)	1,966)	2,293)
Add: Inventory LIFO reserve	700)	700)	600)	600)	600)
Inventories at FIFO (adjusted)	1,915)	1,880)	1,794)	2,566)	2,893)
Adjustment to Current Assets
Current assets (as reported)	5,585)	7,220)	6,083)	7,117)	4,824)
Add: Inventory LIFO reserve	700)	700)	600)	600)	600)
Current assets (adjusted)	6,285)	7,920)	6,683)	7,717)	5,424)
Adjustment to Total Assets
Total assets (as reported)	38,570)	36,954)	39,523)	47,414)	49,271)
Add: Inventory LIFO reserve	700)	700)	600)	600)	600)
Total assets (adjusted)	39,270)	37,654)	40,123)	48,014)	49,871)
Adjustment to Stockholders’ Equity (deficit) Attributable To Altria
Stockholders’ equity (deficit) attributable to Altria (as reported)	(3,540)	(3,973)	(1,606)	2,839)	6,222)
Add: Inventory LIFO reserve	700)	700)	600)	600)	600)
Stockholders’ equity (deficit) attributable to Altria (adjusted)	(2,840)	(3,273)	(1,006)	3,439)	6,822)
Adjustment to Net Earnings (losses) Attributable To Altria
Net earnings (losses) attributable to Altria (as reported)	8,130)	5,764)	2,475)	4,467)	(1,293)
Add: Increase (decrease) in inventory LIFO reserve	—)	100)	—)	—)	(100)
Net earnings (losses) attributable to Altria (adjusted)	8,130)	5,864)	2,475)	4,467)	(1,393)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Altria Group Inc. inventory value on Dec 31, 2023 would be $1,915) (in millions) if the FIFO inventory method was used instead of LIFO. Altria Group Inc. inventories, valued on a LIFO basis, on Dec 31, 2023 were $1,215). Altria Group Inc. inventories would have been $700) higher than reported on Dec 31, 2023 if the FIFO method had been used instead.

Altria Group Inc., Financial Data: Reported vs. Adjusted

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Altria Group Inc., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Current Ratio
Reported current ratio (LIFO)	0.49	0.84	0.71	0.79	0.59
Adjusted current ratio (FIFO)	0.56	0.92	0.78	0.85	0.66
Net Profit Margin
Reported net profit margin (LIFO)	33.21%	22.97%	9.51%	17.08%	-5.15%
Adjusted net profit margin (FIFO)	33.21%	23.37%	9.51%	17.08%	-5.55%
Total Asset Turnover
Reported total asset turnover (LIFO)	0.63	0.68	0.66	0.55	0.51
Adjusted total asset turnover (FIFO)	0.62	0.67	0.65	0.54	0.50
Financial Leverage
Reported financial leverage (LIFO)	—	—	—	16.70	7.92
Adjusted financial leverage (FIFO)	—	—	—	13.96	7.31
Return on Equity (ROE)
Reported ROE (LIFO)	—	—	—	157.34%	-20.78%
Adjusted ROE (FIFO)	—	—	—	129.89%	-20.42%
Return on Assets (ROA)
Reported ROA (LIFO)	21.08%	15.60%	6.26%	9.42%	-2.62%
Adjusted ROA (FIFO)	20.70%	15.57%	6.17%	9.30%	-2.79%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by current liabilities.	Altria Group Inc. adjusted current ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Altria Group Inc. adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Altria Group Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Altria Group Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Altria Group Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Current assets	5,585)	7,220)	6,083)	7,117)	4,824)
Current liabilities	11,319)	8,616)	8,579)	9,063)	8,174)
Liquidity Ratio
Current ratio¹	0.49	0.84	0.71	0.79	0.59
Adjusted: After Conversion from LIFO to FIFO
Selected Financial Data (US$ in millions)
Adjusted current assets	6,285)	7,920)	6,683)	7,717)	5,424)
Current liabilities	11,319)	8,616)	8,579)	9,063)	8,174)
Liquidity Ratio
Adjusted current ratio²	0.56	0.92	0.78	0.85	0.66

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Current ratio = Current assets ÷ Current liabilities
= 5,585 ÷ 11,319 = 0.49

² Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 6,285 ÷ 11,319 = 0.56

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Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by current liabilities.	Altria Group Inc. adjusted current ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings (losses) attributable to Altria	8,130)	5,764)	2,475)	4,467)	(1,293)
Net revenues	24,483)	25,096)	26,013)	26,153)	25,110)
Profitability Ratio
Net profit margin¹	33.21%	22.97%	9.51%	17.08%	-5.15%
Adjusted: After Conversion from LIFO to FIFO
Selected Financial Data (US$ in millions)
Adjusted net earnings (losses) attributable to Altria	8,130)	5,864)	2,475)	4,467)	(1,393)
Net revenues	24,483)	25,096)	26,013)	26,153)	25,110)
Profitability Ratio
Adjusted net profit margin²	33.21%	23.37%	9.51%	17.08%	-5.55%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Net profit margin = 100 × Net earnings (losses) attributable to Altria ÷ Net revenues
= 100 × 8,130 ÷ 24,483 = 33.21%

² Adjusted net profit margin = 100 × Adjusted net earnings (losses) attributable to Altria ÷ Net revenues
= 100 × 8,130 ÷ 24,483 = 33.21%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Altria Group Inc. adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net revenues	24,483)	25,096)	26,013)	26,153)	25,110)
Total assets	38,570)	36,954)	39,523)	47,414)	49,271)
Activity Ratio
Total asset turnover¹	0.63	0.68	0.66	0.55	0.51
Adjusted: After Conversion from LIFO to FIFO
Selected Financial Data (US$ in millions)
Net revenues	24,483)	25,096)	26,013)	26,153)	25,110)
Adjusted total assets	39,270)	37,654)	40,123)	48,014)	49,871)
Activity Ratio
Adjusted total asset turnover²	0.62	0.67	0.65	0.54	0.50

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Total asset turnover = Net revenues ÷ Total assets
= 24,483 ÷ 38,570 = 0.63

² Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= 24,483 ÷ 39,270 = 0.62

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Altria Group Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	38,570)	36,954)	39,523)	47,414)	49,271)
Stockholders’ equity (deficit) attributable to Altria	(3,540)	(3,973)	(1,606)	2,839)	6,222)
Solvency Ratio
Financial leverage¹	—	—	—	16.70	7.92
Adjusted: After Conversion from LIFO to FIFO
Selected Financial Data (US$ in millions)
Adjusted total assets	39,270)	37,654)	40,123)	48,014)	49,871)
Adjusted stockholders’ equity (deficit) attributable to Altria	(2,840)	(3,273)	(1,006)	3,439)	6,822)
Solvency Ratio
Adjusted financial leverage²	—	—	—	13.96	7.31

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity (deficit) attributable to Altria
= 38,570 ÷ -3,540 = —

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity (deficit) attributable to Altria
= 39,270 ÷ -2,840 = —

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings (losses) attributable to Altria	8,130)	5,764)	2,475)	4,467)	(1,293)
Stockholders’ equity (deficit) attributable to Altria	(3,540)	(3,973)	(1,606)	2,839)	6,222)
Profitability Ratio
ROE¹	—	—	—	157.34%	-20.78%
Adjusted: After Conversion from LIFO to FIFO
Selected Financial Data (US$ in millions)
Adjusted net earnings (losses) attributable to Altria	8,130)	5,864)	2,475)	4,467)	(1,393)
Adjusted stockholders’ equity (deficit) attributable to Altria	(2,840)	(3,273)	(1,006)	3,439)	6,822)
Profitability Ratio
Adjusted ROE²	—	—	—	129.89%	-20.42%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROE = 100 × Net earnings (losses) attributable to Altria ÷ Stockholders’ equity (deficit) attributable to Altria
= 100 × 8,130 ÷ -3,540 = —

² Adjusted ROE = 100 × Adjusted net earnings (losses) attributable to Altria ÷ Adjusted stockholders’ equity (deficit) attributable to Altria
= 100 × 8,130 ÷ -2,840 = —

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings (losses) attributable to Altria	8,130)	5,764)	2,475)	4,467)	(1,293)
Total assets	38,570)	36,954)	39,523)	47,414)	49,271)
Profitability Ratio
ROA¹	21.08%	15.60%	6.26%	9.42%	-2.62%
Adjusted: After Conversion from LIFO to FIFO
Selected Financial Data (US$ in millions)
Adjusted net earnings (losses) attributable to Altria	8,130)	5,864)	2,475)	4,467)	(1,393)
Adjusted total assets	39,270)	37,654)	40,123)	48,014)	49,871)
Profitability Ratio
Adjusted ROA²	20.70%	15.57%	6.17%	9.30%	-2.79%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROA = 100 × Net earnings (losses) attributable to Altria ÷ Total assets
= 100 × 8,130 ÷ 38,570 = 21.08%

² Adjusted ROA = 100 × Adjusted net earnings (losses) attributable to Altria ÷ Adjusted total assets
= 100 × 8,130 ÷ 39,270 = 20.70%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Altria Group Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Altria Group Inc. (NYSE:MO)

Analysis of Inventory

Inventory Disclosure

Adjustment to Inventory: Conversion from LIFO to FIFO

Altria Group Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: LIFO vs. FIFO (Summary)

Altria Group Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Current Ratio

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)