Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Altria Group Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Analysis of Revenues
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Altria Group Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Short-term borrowings
- The percentage of short-term borrowings in relation to total liabilities and stockholders’ equity is sparsely reported but shows a value of 5.7% in June 2020 and declines slightly to 5.38% as of March 2024, suggesting limited reliance on this form of financing in recent quarters.
- Current portion of long-term debt
- The proportion fluctuates moderately over the quarters, starting at 3.62% in March 2019, peaking around 7.17% in June 2022, and moving back to approximately 4.64% by September 2024. This indicates some variability in near-term debt obligations.
- Accounts payable
- This item shows a generally increasing trend, rising from 0.35% in March 2019 to around 1.49% in September 2024, with some fluctuations. The increase implies a growing amount of short-term operational liabilities.
- Marketing
- Marketing expenses as a percentage of total liabilities and stockholders’ equity trends upward from 0.83% in March 2019 to 2.39% in September 2024, indicating increased investment in marketing efforts over the periods.
- Settlement charges
- Settlement charges exhibit volatility, with peaks around 10.51% in March 2022 and troughs near 3.84% in June 2024. The cyclical pattern may reflect episodic or irregular settlement-related costs.
- Other liabilities
- Other liabilities show a gradual increase from 2.38% in March 2019 to a peak around 5.53% in June 2024 before falling back to 3.59% in September 2024, signifying occasional changes in miscellaneous liabilities.
- Accrued liabilities
- Accrued liabilities also experience fluctuations, moving up from 10.58% in March 2019 to 16.56% in March 2024, with odd dips. This suggests variations in expenses incurred but not yet paid.
- Dividends payable
- Dividends payable steadily increase over the period, from 2.53% in March 2019 to 5.09% in September 2024, evidencing growing commitments to shareholder distributions.
- Current liabilities
- Current liabilities fluctuate substantially but show an overall rising tendency, notably from 17.08% in March 2019 to levels around 23.4% by mid-2024, peaking at 31.4% in June 2023, indicating variations in short-term obligations.
- Long-term debt, excluding current portion
- Long-term debt consistently represents a significant portion of liabilities and equity, increasing from 45.62% in March 2019 to around 68.98% by September 2024, reflecting increased use of long-term leverage.
- Deferred income taxes
- This item remains relatively stable, hovering near 9-10%, suggesting consistent deferred tax liabilities.
- Accrued pension and postretirement healthcare costs
- Both accrued pension costs and accrued postretirement healthcare costs remain low and stable with minor fluctuations, implying steady long-term benefit obligations.
- Other liabilities (excluding ‘Other’)
- Other liabilities rise notably from under 1% in early periods to values near 4.67% by 2024, indicating increased miscellaneous long-term liabilities.
- Non-current liabilities
- Non-current liabilities consistently make up a growing share of total liabilities and equity, moving from approximately 59% in early 2019 to over 86% by late 2024, highlighting a shift toward long-term financing and obligations.
- Total liabilities
- Total liabilities steadily increase as a percentage of the aggregate, climbing from 76.16% in March 2019 to near 110% in recent quarters, which reflects increasing leverage relative to stockholders’ equity.
- Redeemable noncontrolling interest
- This component remains negligible throughout the period, generally below 0.1%.
- Common stock and additional paid-in capital
- Common stock increases modestly from 1.58% to approximately 2.74%, while additional paid-in capital shows a steady increase from 10.03% to around 17.24%, indicating moderate growth in contributed capital.
- Earnings reinvested in the business
- The percentage of earnings reinvested in the business fluctuates but exhibits an overall upward trend from 73.58% in 2019 to surpassing 100% by September 2024. This suggests increasing retained earnings, which may offset other equity declines.
- Accumulated other comprehensive losses
- Accumulated other comprehensive losses remain negative throughout but show some volatility, generally around -4.5% to -7.6%, reflecting ongoing unrealized losses affecting equity.
- Cost of repurchased stock
- The cost of repurchased stock expands notably from -56.83% to over -122%, indicating substantial and increasing buyback activity over the years, which reduces equity.
- Stockholders’ equity
- Stockholders’ equity shows a marked decline from a positive 23.77% in March 2019 to negative territory after 2021, reaching below -10% in recent quarters. This significant erosion of equity is associated with increased liabilities and aggressive stock repurchases.
- Total stockholders’ equity (deficit)
- The total stockholders’ equity follows the same negative trend, reflecting a deficit that intensifies over the years, suggesting financial strain or strategic capital restructuring.
- Summary
- Overall, the data reveals a pattern of increasing leverage, driven by rising long-term debt and non-current liabilities, combined with a declining equity base that turns negative. Concurrently, marketing and dividend obligations increase, while significant stock repurchases reduce equity. The company exhibits heightened short-term liabilities and fluctuating settlement charges, with deferred tax liabilities and pension obligations remaining stable. These trends indicate a growing reliance on debt financing and a challenging equity situation over the analyzed periods.