8-KOther EventsExhibits & Filings

ALTRIA GROUP, INC. 8-K Report, Corporate Update (Jun 5, 2008)

Filed June 5, 2008For Securities:MO

Summary

Altria Group, Inc. (MO) has filed a Form 8-K to revise certain previously disclosed financial information in its Annual Report on Form 10-K for the year ended December 31, 2007. These revisions are primarily to reflect the spin-off of Philip Morris International Inc. (PMI) which was completed on March 28, 2008. As a result, PMI's operations are now classified as discontinued operations, and Altria's reportable segments have been revised to exclude PMI and include the acquisition of John Middleton Co. from December 2007. The company is providing updated Consolidated Financial Statements, Financial Statement Schedule, Ratios of Earnings to Fixed Charges, and Selected Financial Data. Management's Discussion and Analysis of Financial Condition and Results of Operations has also been updated in relevant sections. Importantly, these revisions do not impact Altria's Consolidated Balance Sheets, Statements of Earnings, Statements of Stockholders' Equity, or Statements of Cash Flows.

Key Highlights

  • 1Revision of 2007 Form 10-K financial disclosures to reflect the spin-off of Philip Morris International (PMI).
  • 2PMI operations are now classified as discontinued operations.
  • 3Altria's reportable segments have been revised to exclude PMI and include the John Middleton Co. acquisition.
  • 4Updated Consolidated Financial Statements and related notes for the period ending December 31, 2007.
  • 5Revised Financial Statement Schedule (Valuation and Qualifying Accounts) and Ratios of Earnings to Fixed Charges.
  • 6Updated Selected Financial Data (Five-Year Review) and relevant portions of Management's Discussion and Analysis.
  • 7Key balance sheet and cash flow statements remain unaffected by these segment reporting changes.

Frequently Asked Questions

Altria is filing this 8-K to correct and update certain financial information previously reported in its 2007 Form 10-K. The primary reason for the revisions is to accurately reflect the spin-off of Philip Morris International (PMI) and the subsequent reclassification of PMI's operations as discontinued.

The revisions impact the Consolidated Financial Statements and Notes, the Financial Statement Schedule – Valuation and Qualifying Accounts, the Ratios of Earnings to Fixed Charges, the Selected Financial Data – Five-Year Review, and portions of Management’s Discussion and Analysis of Financial Condition and Results of Operations.

No, the company explicitly states that these revisions do not affect Altria's Consolidated Balance Sheets, Consolidated Statements of Earnings, Consolidated Statements of Stockholders' Equity, or Consolidated Statements of Cash Flows. The changes are primarily related to segment reporting and the proper accounting treatment of discontinued operations.

The spin-off of Philip Morris International Inc. (PMI) to Altria stockholders was completed on March 28, 2008.