Altria Group Inc., balance sheet: debt

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Current portion of long-term debt	1,121)	1,556)	1,105)	1,500)	1,000)
Long-term debt, excluding current portion	25,112)	25,124)	26,939)	27,971)	27,042)
Total long-term debt, including current portion (carrying amount)	26,233)	26,680)	28,044)	29,471)	28,042)

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).

The analysis of the debt data over the five-year period reveals several noteworthy trends in the company's debt structure, particularly regarding the current portion of long-term debt, the non-current portion, and the total long-term debt.

Current Portion of Long-Term Debt: From 2019 to 2023, the current portion of long-term debt exhibits a somewhat fluctuating pattern. It increased significantly from 1,000 million USD in 2019 to 1,500 million USD in 2020, then dropped to 1,105 million USD in 2021. This was followed by another rise to 1,556 million USD in 2022, before decreasing again to 1,121 million USD in 2023. Overall, the values oscillate around the 1,100 to 1,500 million USD range without establishing a clear upward or downward trend.
Long-Term Debt Excluding Current Portion: The long-term debt excluding the current portion demonstrates a general declining trend over the period. Starting at 27,042 million USD in 2019, it rose slightly to 27,971 million USD in 2020 but then experienced a steady decline each subsequent year to 26,939 million USD in 2021, 25,124 million USD in 2022, and 25,112 million USD in 2023. The reduction from the peak value in 2020 to 2023 signifies a gradual repayment or reduction of long-term obligations.
Total Long-Term Debt Including Current Portion: The total long-term debt, which includes both current and non-current portions, follows a similar declining trend to the non-current portion. It peaked at 29,471 million USD in 2020, then steadily decreased to 28,044 million USD in 2021, 26,680 million USD in 2022, and finally reached 26,233 million USD in 2023. This consistent reduction suggests an overall deleveraging trend over the last three years, despite the fluctuations observed in the current portion.

In summary, while the current portion of long-term debt shows variability with no clear directional trend, both the non-current portion and total long-term debt indicate a steady, gradual decline following a slight increase in 2020. This pattern may imply an effort towards debt reduction or restructuring in recent years.

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	Dec 31, 2023
Selected Financial Data (US$ in millions)
Total long-term debt, including current portion (fair value)	24,373)
Financial Ratio
Debt, fair value to carrying amount ratio	0.93

Based on: 10-K (reporting date: 2023-12-31).

Weighted-average interest rate on debt: 4.25%

Interest rate	Debt amount¹	Interest rate × Debt amount
4.50%	22,888)	1,030)
7.75%	42)	3)
2.50%	3,303)	83)
Total	26,233)	1,116)
4.25%

Based on: 10-K (reporting date: 2023-12-31).

¹ US$ in millions

² Weighted-average interest rate = 100 × 1,116 ÷ 26,233 = 4.25%

Altria Group Inc. (NYSE:MO)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt