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Analysis of Revenues

Difficulty: Advanced

Revenue Recognition Accounting Policy

Altria Group, Inc.’s businesses recognize revenues, net of sales incentives and sales returns, and including shipping and handling charges billed to customers, upon shipment of goods when title and risk of loss pass to customers. Payments received in advance of revenue recognition are deferred and recorded in other accrued liabilities until revenue is recognized. Altria Group, Inc.’s businesses also include excise taxes billed to customers in net revenues. Shipping and handling costs are classified as part of cost of sales.

Source: 10-K (filing date: 2018-02-27).

Revenues as Reported

Altria Group Inc., Income Statement, Revenues

USD $ in millions

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12 months ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Smokeable products 22,636  22,851  22,792  21,939  21,868 
Smokeless products 2,155  2,051  1,879  1,809  1,778 
Wine 698  746  692  643  609 
All other 87  96  71  131  211 
Net revenues 25,576  25,744  25,434  24,522  24,466 

Based on: 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25), 10-K (filing date: 2014-02-26).

Item Description The company
Net revenues Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Altria Group Inc.’s net revenues increased from 2015 to 2016 but then slightly declined from 2016 to 2017 not reaching 2015 level.