Altria Group Inc. (MO)

Inventory Accounting Policy

Inventories are stated at the lower of cost or market. The last-in, first-out ("LIFO") method is used to cost substantially all tobacco inventories. The cost of the remaining inventories is determined using the first-in, first-out and average cost methods. It is a generally recognized industry practice to classify leaf tobacco and wine inventories as current assets although part of such inventory, because of the duration of the curing and aging process, ordinarily would not be utilized within one year.

Source: Altria Group Inc., Annual Report

Inventory Disclosure

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Altria Group Inc., Statement of Financial Position, Inventory

USD $ in millions

		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Leaf tobacco
	Other raw materials
	Work in process
	Finished product
	Inventories

Source: Based on data from Altria Group Inc. Annual Reports

Item	Description	The company
Leaf tobacco	Carrying amount as of the balance sheet date of unprocessed items to be consumed in the manufacturing or production process. Also includes purchased parts that will be used as components of a finished product.	Altria Group Inc.'s leaf tobacco declined from 2009 to 2010 and from 2010 to 2011.
Work in process	Carrying amount as of the balance sheet date of merchandise or goods which are partially completed, are generally comprised of raw materials, labor and factory overhead costs, and which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing.	Altria Group Inc.'s work in process increased from 2009 to 2010 and from 2010 to 2011.
Finished product	Carrying amount as of the balance sheet date of merchandise or goods held by the company that are readily available for sale.	Altria Group Inc.'s finished product increased from 2009 to 2010 but then declined significantly from 2010 to 2011.
Inventories	Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).	Altria Group Inc.'s inventories declined from 2009 to 2010 and from 2010 to 2011.

Adjustment to Inventory: from LIFO to FIFO

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Adjusting LIFO Inventory to FIFO (Current) Cost

USD $ in millions

		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Adjustment to Inventories
	Inventories at LIFO (as reported)
	Add: LIFO reserve, ending balance
	Inventories at FIFO (adjusted)
	Adjustment to Current Assets
	Current assets (as reported)
	Add: LIFO reserve, ending balance
	Current assets (adjusted)
	Adjustment to Total Assets
	Total assets (as reported)
	Add: LIFO reserve, ending balance
	Total assets (adjusted)
	Adjustment to Stockholders’ Equity Attributable To Altria Group, Inc.
	Stockholders’ equity attributable to Altria Group, Inc. (as reported)
	Add: LIFO reserve, ending balance
	Stockholders’ equity attributable to Altria Group, Inc. (adjusted)
	Adjustment to Net Earnings Attributable To Altria Group, Inc.
	Net earnings attributable to Altria Group, Inc. (as reported)
	Add: Increase (decrease) in LIFO reserve, ending balance
	Net earnings attributable to Altria Group, Inc. (adjusted)

Altria Group Inc.'s inventory value on Dec 31, 2011 would be $2,379 (in millions) if the FIFO inventory method was used instead of LIFO. Altria Group Inc.'s inventories, valued on a LIFO basis, on Dec 31, 2011 were $1,779 . Altria Group Inc.'s inventories would have been $600 higher than reported on Dec 31, 2011 if the FIFO method had been used instead.

Adjusted Ratios: LIFO vs. FIFO (Summary)

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Altria Group Inc., adjusted ratios

	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
Current Ratio
Reported current ratio (LIFO)
Adjusted current ratio (FIFO)
Net Profit Margin
Reported net profit margin (LIFO)	%	%	%	%	%
Adjusted net profit margin (FIFO)	%	%	%	%	%
Total Asset Turnover
Reported total asset turnover (LIFO)
Adjusted total asset turnover (FIFO)
Financial Leverage
Reported financial leverage (LIFO)
Adjusted financial leverage (FIFO)
Return on Equity (ROE)
Reported ROE (LIFO)	%	%	%	%	%
Adjusted ROE (FIFO)	%	%	%	%	%
Return on Assets (ROA)
Reported ROA (LIFO)	%	%	%	%	%
Adjusted ROA (FIFO)	%	%	%	%	%

Ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by current liabilities.	Altria Group Inc.'s adjusted current ratio improved from 2009 to 2010 and from 2010 to 2011.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Altria Group Inc.'s adjusted net profit margin improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Altria Group Inc.'s adjusted total asset turnover improved from 2009 to 2010 but then slightly deteriorated from 2010 to 2011 not reaching 2009 level.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Altria Group Inc.'s adjusted financial leverage declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders' equity.	Altria Group Inc.'s adjusted ROE deteriorated from 2009 to 2010 but then improved from 2010 to 2011 exceeding 2009 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Altria Group Inc.'s adjusted ROA improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.

Adjusted Current Ratio

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		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	As Reported
	Current assets (USD $ in millions)
	Current liabilities (USD $ in millions)

	Current ratio¹
	Adjusted: from LIFO to FIFO
	Adjusted current assets (USD $ in millions)
	Current liabilities (USD $ in millions)

	Adjusted current ratio²

2011 Calculations

¹ Current ratio = Current assets ÷ Current liabilities
= ÷ =

² Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= ÷ =

Ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by current liabilities.	Altria Group Inc.'s adjusted current ratio improved from 2009 to 2010 and from 2010 to 2011.

Adjusted Net Profit Margin

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	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
As Reported
Net earnings attributable to Altria Group, Inc. (USD $ in millions)
Net revenues (USD $ in millions)

Net profit margin¹	%	%	%	%	%
Adjusted: from LIFO to FIFO
Adjusted net earnings attributable to Altria Group, Inc. (USD $ in millions)
Net revenues (USD $ in millions)

Adjusted net profit margin²	%	%	%	%	%

2011 Calculations

¹ Net profit margin = 100 × Net earnings attributable to Altria Group, Inc. ÷ Net revenues
= 100 × ÷ = %

² Adjusted net profit margin = 100 × Adjusted net earnings attributable to Altria Group, Inc. ÷ Net revenues
= 100 × ÷ = %

Ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Altria Group Inc.'s adjusted net profit margin improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.

Adjusted Total Asset Turnover

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		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	As Reported
	Net revenues (USD $ in millions)
	Total assets (USD $ in millions)

	Total asset turnover¹
	Adjusted: from LIFO to FIFO
	Net revenues (USD $ in millions)
	Adjusted total assets (USD $ in millions)

	Adjusted total asset turnover²

2011 Calculations

¹ Total asset turnover = Net revenues ÷ Total assets
= ÷ =

² Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= ÷ =

Ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Altria Group Inc.'s adjusted total asset turnover improved from 2009 to 2010 but then slightly deteriorated from 2010 to 2011 not reaching 2009 level.

Adjusted Financial Leverage

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		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	As Reported
	Total assets (USD $ in millions)
	Stockholders’ equity attributable to Altria Group, Inc. (USD $ in millions)

	Financial leverage¹
	Adjusted: from LIFO to FIFO
	Adjusted total assets (USD $ in millions)
	Adjusted stockholders’ equity attributable to Altria Group, Inc. (USD $ in millions)

	Adjusted financial leverage²

2011 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity attributable to Altria Group, Inc.
= ÷ =

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity attributable to Altria Group, Inc.
= ÷ =

Ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Altria Group Inc.'s adjusted financial leverage declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.

Adjusted Return On Equity (ROE)

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	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
As Reported
Net earnings attributable to Altria Group, Inc. (USD $ in millions)
Stockholders’ equity attributable to Altria Group, Inc. (USD $ in millions)

ROE¹	%	%	%	%	%
Adjusted: from LIFO to FIFO
Adjusted net earnings attributable to Altria Group, Inc. (USD $ in millions)
Adjusted stockholders’ equity attributable to Altria Group, Inc. (USD $ in millions)

Adjusted ROE²	%	%	%	%	%

2011 Calculations

¹ ROE = 100 × Net earnings attributable to Altria Group, Inc. ÷ Stockholders’ equity attributable to Altria Group, Inc.
= 100 × ÷ = %

² Adjusted ROE = 100 × Adjusted net earnings attributable to Altria Group, Inc. ÷ Adjusted stockholders’ equity attributable to Altria Group, Inc.
= 100 × ÷ = %

Ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders' equity.	Altria Group Inc.'s adjusted ROE deteriorated from 2009 to 2010 but then improved from 2010 to 2011 exceeding 2009 level.

Adjusted Return On Assets (ROA)

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	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
As Reported
Net earnings attributable to Altria Group, Inc. (USD $ in millions)
Total assets (USD $ in millions)

ROA¹	%	%	%	%	%
Adjusted: from LIFO to FIFO
Adjusted net earnings attributable to Altria Group, Inc. (USD $ in millions)
Adjusted total assets (USD $ in millions)

Adjusted ROA²	%	%	%	%	%

2011 Calculations

¹ ROA = 100 × Net earnings attributable to Altria Group, Inc. ÷ Total assets
= 100 × ÷ = %

² Adjusted ROA = 100 × Adjusted net earnings attributable to Altria Group, Inc. ÷ Adjusted total assets
= 100 × ÷ = %

Ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Altria Group Inc.'s adjusted ROA improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.

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Altria Group Inc. (MO) | Analysis of Inventory

Inventory Accounting Policy

Inventory Disclosure

Adjustment to Inventory: from LIFO to FIFO

Adjusted 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)

In order to obtain free access to...

...this page

...the analysis of Altria Group(data of only one company could be available for free)

Altria Group Inc. (MO) | Analysis of Inventory

Inventory Accounting Policy

Inventory Disclosure

Adjustment to Inventory: from LIFO to FIFO

Adjusted 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)

...the analysis of Altria Group
(data of only one company could be available for free)