Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Altria Group Inc., consolidated balance sheet: liabilities and stockholders’ equity

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)
Accounts payable	582)	552)	449)	380)	325)
Marketing	716)	599)	664)	523)	393)
Settlement charges	2,563)	2,925)	3,349)	3,564)	3,346)
Other	1,902)	1,299)	1,365)	1,494)	1,545)
Accrued liabilities	5,181)	4,823)	5,378)	5,581)	5,284)
Deferred gain from the sale of IQOS System commercialization rights	2,700)	—)	—)	—)	—)
Dividends payable	1,735)	1,685)	1,647)	1,602)	1,565)
Current liabilities	11,319)	8,616)	8,579)	9,063)	8,174)
Long-term debt, excluding current portion	25,112)	25,124)	26,939)	27,971)	27,042)
Deferred income taxes	2,799)	2,897)	3,692)	4,532)	5,083)
Accrued pension costs	130)	133)	200)	551)	473)
Accrued postretirement health care costs	1,079)	1,083)	1,436)	1,951)	1,797)
Deferred gain from the sale of IQOS System commercialization rights	—)	2,700)	—)	—)	—)
Other liabilities	1,621)	324)	283)	381)	345)
Non-current liabilities	30,741)	32,261)	32,550)	35,386)	34,740)
Total liabilities	42,060)	40,877)	41,129)	44,449)	42,914)
Redeemable noncontrolling interest	—)	—)	—)	40)	38)
Common stock, par value $0.33 1/3 per share	935)	935)	935)	935)	935)
Additional paid-in capital	5,906)	5,887)	5,857)	5,910)	5,970)
Earnings reinvested in the business	31,094)	29,792)	30,664)	34,679)	36,539)
Accumulated other comprehensive losses	(2,673)	(2,771)	(3,056)	(4,341)	(2,864)
Cost of repurchased stock	(38,802)	(37,816)	(36,006)	(34,344)	(34,358)
Stockholders’ equity (deficit) attributable to Altria	(3,540)	(3,973)	(1,606)	2,839)	6,222)
Noncontrolling interests	50)	50)	—)	86)	97)
Total stockholders’ equity (deficit)	(3,490)	(3,923)	(1,606)	2,925)	6,319)
Total liabilities and stockholders’ equity (deficit)	38,570)	36,954)	39,523)	47,414)	49,271)

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).

Current Portion of Long-Term Debt: The current portion of long-term debt exhibited volatility, rising from 1000 million USD in 2019 to a peak of 1556 million USD in 2022, before declining to 1121 million USD in 2023.
Accounts Payable: Accounts payable consistently increased over the period, from 325 million USD in 2019 to 582 million USD in 2023, indicating rising short-term obligations to suppliers.
Marketing Expenses: Marketing expenditures showed a general upward trend, increasing from 393 million USD in 2019 to 716 million USD in 2023, despite a dip in 2022.
Settlement Charges: Settlement charges decreased steadily over the years, falling from 3346 million USD in 2019 to 2563 million USD in 2023, suggesting reduced settlement-related costs.
Other Expenses: The 'Other' category of expenses displayed fluctuations, decreasing from 1545 million USD in 2019 to 1299 million USD in 2022, then sharply increasing to 1902 million USD in 2023.
Accrued Liabilities: Accrued liabilities increased modestly from 5284 million USD in 2019 to a peak of 5581 million USD in 2020 before declining to 4823 million USD in 2022 and slightly rising again to 5181 million USD in 2023.
Deferred Gain from Sale of IQOS Rights: This item appeared only in 2023 at 2700 million USD, indicating a recognition of deferred income related to commercialization rights in that year.
Dividends Payable: Dividends payable gradually increased each year, from 1565 million USD in 2019 to 1735 million USD in 2023, reflecting ongoing shareholder distributions.
Current Liabilities: Current liabilities fluctuated, rising from 8174 million USD in 2019 to 9063 million USD in 2020, declining somewhat thereafter, then sharply increasing to 11319 million USD in 2023, signaling a rise in short-term obligations in the most recent year.
Long-Term Debt, Excluding Current Portion: Long-term debt decreased over time from 27042 million USD in 2019 to 25112 million USD in 2023, indicating a reduction in longer-term borrowing.
Deferred Income Taxes: Deferred income taxes steadily declined from 5083 million USD in 2019 to 2799 million USD in 2023, suggesting lower deferred tax liabilities.
Accrued Pension Costs: Accrued pension costs decreased significantly from 473 million USD in 2019 to 130 million USD in 2023, reflecting a reduction in pension-related liabilities.
Accrued Postretirement Health Care Costs: These costs declined from 1797 million USD in 2019 to 1079 million USD in 2023, showing a downward trend in postretirement healthcare obligations.
Other Liabilities: Other liabilities remained relatively low before a pronounced increase in 2023 to 1621 million USD from 324 million USD in 2022, indicating an emerging or reclassified liability.
Non-Current Liabilities: Non-current liabilities decreased from 34740 million USD in 2019 to 30741 million USD in 2023, consistent with the reduction in long-term debt and other obligations.
Total Liabilities: Total liabilities peaked at 44449 million USD in 2020, decreased steadily to 40877 million USD in 2022, then increased again to 42060 million USD in 2023, reflecting fluctuating liability levels but relatively stable overall amounts.
Redeemable Noncontrolling Interest: This item was reported only in 2019 and 2020 with minor amounts and was discontinued thereafter.
Common Stock: Common stock remained constant at 935 million USD throughout the period, indicating no changes in common stock issuance or repurchase affecting par value.
Additional Paid-In Capital: Additional paid-in capital slightly decreased from 5970 million USD in 2019 to 5857 million USD in 2021, followed by minor increases to 5906 million USD in 2023, showing stability in equity capital contributions.
Earnings Reinvested in the Business: This balance declined from 36539 million USD in 2019 to a low of 29792 million USD in 2022 before rebounding to 31094 million USD in 2023, indicative of fluctuations in retained earnings and reinvested profits.
Accumulated Other Comprehensive Losses: The company experienced significant comprehensive losses, worsening from -2864 million USD in 2019 to a nadir of -4341 million USD in 2020, followed by improvement to -2673 million USD in 2023.
Cost of Repurchased Stock: The cost of repurchased stock consistently increased in magnitude from -34358 million USD in 2019 to -38802 million USD in 2023, reflecting ongoing share repurchase activity reducing equity.
Stockholders’ Equity Attributable to Altria: Equity declined sharply over the years, turning negative from 2839 million USD in 2020 to -3540 million USD in 2023, signaling increasing deficits and potential solvency concerns.
Noncontrolling Interests: Noncontrolling interests were minor and inconsistent, reported sporadically and showing negligible impact on overall equity.
Total Stockholders’ Equity (Deficit): Total equity moved from a positive 6319 million USD in 2019 to a deficit position of -3490 million USD in 2023, highlighting a weakening equity base.
Total Liabilities and Stockholders’ Equity (Deficit): Total capitalization decreased from 49271 million USD in 2019 to 36954 million USD in 2022 before a slight recovery to 38570 million USD in 2023, reflecting changes in both liabilities and equity balances over the period.

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Altria Group Inc. (NYSE:MO)

Balance Sheet: Liabilities and Stockholders’ Equity