Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
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: goodwill and intangible assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Goodwill	6,791)	5,177)	5,177)	5,177)	5,177)
Indefinite-lived intangible assets	11,443)	11,443)	11,443)	11,676)	11,676)
Definite-lived intangible assets, gross carrying amount	2,841)	1,411)	1,260)	1,275)	1,275)
Accumulated amortization	(598)	(470)	(397)	(336)	(264)
Definite-lived intangible assets, net	2,243)	941)	863)	939)	1,011)
Other intangible assets, net	13,686)	12,384)	12,306)	12,615)	12,687)
Goodwill and other intangible assets, net	20,477)	17,561)	17,483)	17,792)	17,864)

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
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
Other intangible assets, net	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Altria Group Inc. other intangible assets, net increased from 2021 to 2022 and from 2022 to 2023.
Goodwill and other intangible assets, net	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Altria Group Inc. goodwill and other intangible assets, net increased from 2021 to 2022 and from 2022 to 2023.

Altria Group Inc., adjustments to financial statements

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported)	38,570)	36,954)	39,523)	47,414)	49,271)
Less: Goodwill	6,791)	5,177)	5,177)	5,177)	5,177)
Total assets (adjusted)	31,779)	31,777)	34,346)	42,237)	44,094)
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)
Less: Goodwill	6,791)	5,177)	5,177)	5,177)	5,177)
Stockholders’ equity (deficit) attributable to Altria (adjusted)	(10,331)	(9,150)	(6,783)	(2,338)	1,045)
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: Goodwill impairment	—)	—)	—)	—)	74)
Net earnings (losses) attributable to Altria (adjusted)	8,130)	5,764)	2,475)	4,467)	(1,219)

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., 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
Net Profit Margin
Reported net profit margin	33.21%	22.97%	9.51%	17.08%	-5.15%
Adjusted net profit margin	33.21%	22.97%	9.51%	17.08%	-4.85%
Total Asset Turnover
Reported total asset turnover	0.63	0.68	0.66	0.55	0.51
Adjusted total asset turnover	0.77	0.79	0.76	0.62	0.57
Financial Leverage
Reported financial leverage	—	—	—	16.70	7.92
Adjusted financial leverage	—	—	—	—	42.20
Return on Equity (ROE)
Reported ROE	—	—	—	157.34%	-20.78%
Adjusted ROE	—	—	—	—	-116.65%
Return on Assets (ROA)
Reported ROA	21.08%	15.60%	6.26%	9.42%	-2.62%
Adjusted ROA	25.58%	18.14%	7.21%	10.58%	-2.76%

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 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 slightly deteriorated from 2022 to 2023 not reaching 2021 level.
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)
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 for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net earnings (losses) attributable to Altria	8,130)	5,764)	2,475)	4,467)	(1,219)
Net revenues	24,483)	25,096)	26,013)	26,153)	25,110)
Profitability Ratio
Adjusted net profit margin²	33.21%	22.97%	9.51%	17.08%	-4.85%

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 for Goodwill
Selected Financial Data (US$ in millions)
Net revenues	24,483)	25,096)	26,013)	26,153)	25,110)
Adjusted total assets	31,779)	31,777)	34,346)	42,237)	44,094)
Activity Ratio
Adjusted total asset turnover²	0.77	0.79	0.76	0.62	0.57

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 ÷ 31,779 = 0.77

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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 slightly deteriorated from 2022 to 2023 not reaching 2021 level.

	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 for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	31,779)	31,777)	34,346)	42,237)	44,094)
Adjusted stockholders’ equity (deficit) attributable to Altria	(10,331)	(9,150)	(6,783)	(2,338)	1,045)
Solvency Ratio
Adjusted financial leverage²	—	—	—	—	42.20

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
= 31,779 ÷ -10,331 = —

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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 for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net earnings (losses) attributable to Altria	8,130)	5,764)	2,475)	4,467)	(1,219)
Adjusted stockholders’ equity (deficit) attributable to Altria	(10,331)	(9,150)	(6,783)	(2,338)	1,045)
Profitability Ratio
Adjusted ROE²	—	—	—	—	-116.65%

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 ÷ -10,331 = —

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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 for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net earnings (losses) attributable to Altria	8,130)	5,764)	2,475)	4,467)	(1,219)
Adjusted total assets	31,779)	31,777)	34,346)	42,237)	44,094)
Profitability Ratio
Adjusted ROA²	25.58%	18.14%	7.21%	10.58%	-2.76%

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 ÷ 31,779 = 25.58%

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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 Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

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

Adjusted Financial Ratios: Removal of Goodwill (Summary)

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

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)