Analysis of Reportable Segments
Altria Group Inc. operates in 3 segments: Smokeable products; Oral tobacco products; and Wine.
Segment Profit Margin
Altria Group Inc., profit margin by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Smokeable products | 49.04% | 47.55% | 45.46% | 43.25% | 40.96% |
| Oral tobacco products | 64.57% | 63.26% | 63.61% | 67.82% | 66.75% |
| Wine | — | — | 4.25% | -58.63% | -0.44% |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Smokeable products | Smokeable products segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Oral tobacco products | Oral tobacco products segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. | |
| Wine |
Segment Profit Margin: Smokeable products
Altria Group Inc.; Smokeable products; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating companies income (loss) (OCI) | 10,670) | 10,688) | 10,394) | 9,985) | 9,009) |
| Net revenues | 21,756) | 22,476) | 22,866) | 23,089) | 21,996) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 49.04% | 47.55% | 45.46% | 43.25% | 40.96% |
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).
1 2023 Calculation
Segment profit margin = 100 × Operating companies income (loss) (OCI) ÷ Net revenues
= 100 × 10,670 ÷ 21,756 = 49.04%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Smokeable products | Smokeable products segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Oral tobacco products
Altria Group Inc.; Oral tobacco products; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating companies income (loss) (OCI) | 1,722) | 1,632) | 1,659) | 1,718) | 1,580) |
| Net revenues | 2,667) | 2,580) | 2,608) | 2,533) | 2,367) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 64.57% | 63.26% | 63.61% | 67.82% | 66.75% |
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).
1 2023 Calculation
Segment profit margin = 100 × Operating companies income (loss) (OCI) ÷ Net revenues
= 100 × 1,722 ÷ 2,667 = 64.57%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Oral tobacco products | Oral tobacco products segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Profit Margin: Wine
Altria Group Inc.; Wine; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating companies income (loss) (OCI) | —) | —) | 21) | (360) | (3) |
| Net revenues | —) | —) | 494) | 614) | 689) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | — | — | 4.25% | -58.63% | -0.44% |
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).
1 2023 Calculation
Segment profit margin = 100 × Operating companies income (loss) (OCI) ÷ Net revenues
= 100 × 0 ÷ 0 = —
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Wine |
Segment Capital Expenditures to Depreciation
Altria Group Inc., capital expenditures to depreciation by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Smokeable products | 1.05 | 0.78 | 0.60 | 0.60 | 0.69 |
| Oral tobacco products | 1.59 | 2.73 | 1.26 | 2.09 | 1.63 |
| Wine | — | — | 0.44 | 0.78 | 1.54 |
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).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Smokeable products | Smokeable products segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Oral tobacco products | Oral tobacco products segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. | |
| Wine |
Segment Capital Expenditures to Depreciation: Smokeable products
Altria Group Inc.; Smokeable products; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 77) | 68) | 48) | 49) | 61) |
| Depreciation expense | 73) | 87) | 80) | 81) | 88) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.05 | 0.78 | 0.60 | 0.60 | 0.69 |
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).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= 77 ÷ 73 = 1.05
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Smokeable products | Smokeable products segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Oral tobacco products
Altria Group Inc.; Oral tobacco products; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 59) | 90) | 43) | 67) | 44) |
| Depreciation expense | 37) | 33) | 34) | 32) | 27) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.59 | 2.73 | 1.26 | 2.09 | 1.63 |
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).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= 59 ÷ 37 = 1.59
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Oral tobacco products | Oral tobacco products segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Segment Capital Expenditures to Depreciation: Wine
Altria Group Inc.; Wine; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | —) | —) | 12) | 31) | 63) |
| Depreciation expense | —) | —) | 27) | 40) | 41) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | — | — | 0.44 | 0.78 | 1.54 |
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).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= 0 ÷ 0 = —
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Wine |
Net revenues
Altria Group Inc., net revenues by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Smokeable products | 21,756) | 22,476) | 22,866) | 23,089) | 21,996) |
| Oral tobacco products | 2,667) | 2,580) | 2,608) | 2,533) | 2,367) |
| Wine | —) | —) | 494) | 614) | 689) |
| All other | 60) | 40) | 45) | (83) | 58) |
| Total | 24,483) | 25,096) | 26,013) | 26,153) | 25,110) |
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).
Operating companies income (loss) (OCI)
Altria Group Inc., operating companies income (loss) (oci) by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Smokeable products | 10,670) | 10,688) | 10,394) | 9,985) | 9,009) |
| Oral tobacco products | 1,722) | 1,632) | 1,659) | 1,718) | 1,580) |
| Wine | —) | —) | 21) | (360) | (3) |
| All other | (74) | (36) | (97) | (172) | (16) |
| Amortization of intangibles | (128) | (73) | (72) | (72) | (44) |
| General corporate expenses | (643) | (292) | (345) | (227) | (199) |
| Corporate asset impairment and exit costs | —) | —) | —) | 1) | (1) |
| Total | 11,547) | 11,919) | 11,560) | 10,873) | 10,326) |
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).
Depreciation expense
Altria Group Inc., depreciation expense by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Smokeable products | 73) | 87) | 80) | 81) | 88) |
| Oral tobacco products | 37) | 33) | 34) | 32) | 27) |
| Wine | —) | —) | 27) | 40) | 41) |
| General corporate and other | 34) | 33) | 31) | 32) | 26) |
| Total | 144) | 153) | 172) | 185) | 182) |
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).
Capital expenditures
Altria Group Inc., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Smokeable products | 77) | 68) | 48) | 49) | 61) |
| Oral tobacco products | 59) | 90) | 43) | 67) | 44) |
| Wine | —) | —) | 12) | 31) | 63) |
| General corporate and other | 60) | 47) | 66) | 84) | 78) |
| Total | 196) | 205) | 169) | 231) | 246) |
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).