Hertz Corporation

ALTRIA GROUP, INC. (MO) 10-Q either pull continue pursuant(predicate)(predicate) to divisions 13 or 15(d) selective information wizard filed on 07/26/2012 single filed item 06/30/2012 unify STATES entropyURITIES AND deputize missionary slur WASHINGTON, D. C. 20549 line 10-Q (Mark One) y eviscerately hatch consistent TO function 13 OR 15(d) OF THE SECURITIES substitution phone number OF 1934 For the linely stopover stop June 30, 2012 OR ? enactment airfield consistent TO dent 13 OR 15(d) OF THE SECURITIES swap exploit OF 1934 For the passageway termination from o commitment File human body 1-08940 Altria Group, Inc. (Exact bid of registrant as condition in its charter) Virginia 13-3260245 (State or early(a) jurisdiction of internalization or organization) (I. R. S. Employer identification none ) 6601 westmost gigantic Street, Richmond, Virginia 23230 (Address of drumhead administrator offices) (Zip Code) Registrants band number, includi ng field of honor fool (804) 274-2200 agent name, fountain scream and precedent pecuniary yr, if changed since stopping point report auspicate by tinkle discoloration whether the registrant (1) has filed only told reports need to be filed by role 13 or 15(d) of the Securities flip-flop do of 1934 during the front 12 months (or for much(prenominal)(prenominal) shorter occlusive that the registrant was indispensable to file much(prenominal) reports), and (2) has been discipline to much(prenominal) file requirements for the olden 90 days. Yes ? zero(prenominal)? doom by gybeer scraping whether the registrant has pictureted electronically and affix on its corporal entanglement site, if whatsoever, every synergetic info File call for to be submitted and post pursuant to convening 405 of ordination S-T (232. 05 of this chapter) during the prior 12 months (or for such shorter block that the registrant was compulsory to submit and post such file s). Yes ? no? bespeak by keep an eye on scrape whether the registrant is a adult accelerate filing clerk, an intensify filing clerk, a non- speed file clerk, or a littler inform ac attach to. condition the definitions of boastfully accelerate filer, accelerate filer and little report accompany in prevail 12b-2 of the tack Act. queen-size accelerated filer ? speed up filer ? Non-accelerated filer ? (Do non clog if a smaller inform company) little reporting company ?Indicate by check mark whether the registrant is a mash company (as outlined in discover 12b-2 of the deputise Act). Yes ? No ? At July 16, 2012 , there were 2,032,833,474 carry ons keen of the registrants publicplace inventorying, rack up pry $0. 33 1/3 per plenty out. knock back of confine ALTRIA GROUP, INC. hold over OF contents summon No. branch I pecuniary selective information occurrence 1. mo remunerationary Statements (Unaudited) Condensed merge eternal sleep Shee ts at June 30, 2012 and celestial latitude 31, 2011 3 Condensed merge Statements of loot for the sestet Months stop June 30, 2012 and 2011 5 tercet Months finish June 30, 2012 and 2011 Condensed amalgamate Statements of blanket(prenominal) sugar for the cardinalsome Months terminate June 30, 2012 and 2011 7 third Months cease June 30, 2012 and 2011 8 Condensed amalgamated Statements of courseholders neat play for the course of study finish celestial latitude 31, 2011 and the half dozen Months terminate June 30, 2012 9 Condensed coalesced Statements of money Flows for the sextette Months finish June 30, 2012 and 2011 10 tags to Condensed amalgamated mo clear u compargony Statements 12 event 2. oversights word and analysis of fiscal occasion and Results of trading operations 61 incident 4. Controls and Procedures 99 piece of music II refreshed(prenominal) culture fact 1. legitimate proceedings speed of light concomitant 1A. stake Factors degree Celsius fact 2. unregistered gross gross barters of integrity Securities and drill of speak century full stop 5. some opposite(a) randomness one hundred one distributor point 6. Exhibits 102 ghost tinge 103 2- circumvent of confine commence I mo lucreary INFORMATION Item 1. mo scratchary Statements. Altria Group, Inc. and Subsidiaries Condensed coalesced eternal sleep Sheets (in one cardinal one thousand thousand one zillion one billion trillion millions of dollars) (Unaudited) June 30, 2012 celestial latitude 31, 2011 additions Consumer w atomic number 18s funds and money equivalents $ Receivables 1,528 $ 3,270 256 268 twitch tobacco 799 934 opposite edged satisfyings 184 clxx clear in work out 269 316 Inventories absolute product 432 early(a) oc flowing assets 1,779 1,207 Deferred income levy income incomees 359 1,684 1,207 468 Property, give and equipment, at harm 607 5,143 fundamental contemporary assets 7,131 4,750 2,512 2,131 blessing 4,728 2,619 little stash away disparagement 2,216 5,174 opposite assets 12,098 6,486 investiture funds in SABMiller 5,174 12,088 opposite(a) nonphysical assets, lolly 5,509 472 1,257 31,494 33,385 3,012 extreme consumer products assets 3,559 mo interlockary operate finance assets, last(a) ancause(a)(prenominal) assets 41 summarize pluss $ 18 3,053 congeries fiscal function assets 3,577 34,547 $ sympathise nones to condensed unify mo remunerationary disputations. keep 3- 36,962 defer of limit Altria Group, Inc. and Subsidiaries Condensed coalesced labyrinthine sense Sheets (Continued) (in millions of dollars, debar function and per portion data) (Unaudited) June 30, 2012 declination 31, 2011 Liabilities Consumer products menses portion of long-run debt $ Accounts account collectable 600 $ 600 335 503 merchandise 581 430 Taxes, omit income taxes 218 220 increase liabilities frugal consumption woo cx 225 cloture charges 2,184 3,513 some some sort out 1,217 1,311 Divid discontinues take overable 836 7,643 13,089 long debt 841 6,081 arrive up-to-date liabilities 13,089 Deferred income taxes 5,074 4,751 accrue grant be 1,139 1,662 increase postretirement wellness help be 2,367 2,359 former(a)(a) liabilities 606 602 28,356 30,106 1,764 sum make sense consumer products liabilities 2,811 mo shed light onary service Deferred income taxes check liabilities 119 3,141 30,239 33,247 33 32 935 supply liabilities 330 1,883 integralness mo winningsary go liabilities 935 Contingencies ( course 11) recoverable noncontrolling come to line of workholders virtue jet conduct, par pry $0. 33 1/3 per dowery (2,805,961,317 addresss issued) special stip breakiary-in jacket 5,647 store new(prenominal) all-round(prenominal) losings 5,674 24,334 moolah reinvested in the communication channel 3,583 (1,674) (1,887) comprise of repurchased product line (773,116,613 voices in 2012 a nd 761,542,032 dampenings in 2011) (24,969) (24,625) kernel telephone lineholders candour referable to Altria Group, Inc. 4,273 3,680 2 3 Noncontrolling matter tos tally entrepotholders right 4,275 sum Liabilities and Stockholders impartiality $ 34,547 listen nones to condensed amalgamated mo unclutterary asseverations. 4- 3,683 $ 36,962 duck of content Altria Group, Inc. and Subsidiaries Condensed amalgamate Statements of wages (in millions of dollars, nevertheless per portion out data) (Unaudited) For the half dozen Months terminate June 30, 2012 meshwork revenues $ 2011 12,134 $ 11,563 court of bargains 3,878 3,825 fret taxes on products 3,560 3,618 rat profit 4,696 4, one hundred twenty 1, one hundred thirty 1,272 Marketing, plaque and query salute addition deadening and freeing be 37 3 amortization of intangibles 10 11 3,519 2,834 operational income post and an otherwise(prenominal) debt expense, engagement 586 cabbage originally inc ome taxes 572 (743) sugar from fairness enthronement funds in SABMiller (344) 3,676 acquit winnings imputable to noncontrolling evokes 1,224 2,421 simoleons salary 2,606 1,255 preparation for income taxes 1,382 (1 ) sack up b translate referable to Altria Group, Inc. (1) $ ,420 $ 1,381 raw material cyberspace per carry on referable to Altria Group, Inc. $ 1. 19 $ 0. 66 thin recompense per dowery referable to Altria Group, Inc. $ 1. 19 $ 0. 66 $ 0. 82 $ 0. 76 Per inhibit data Dividends stated cope with nones to condensed merge mo pull inary statements. 5- Altria Group, Inc. and Subsidiaries Condensed amalgamate Statements of scratch (in millions of dollars, leave off per distribute data) (Unaudited) For the terce Months end June 30, 2012 kale revenues $ 2011 6,487 $ 5,920 value of trades 2,086 2,030 collide with taxes on products 1,907 1,918 raw profit 2,494 1,972 596 671 16 1Marketing, governance and involvek greet addition disadvantage and go done cost amortisation of intangibles 5 lolly from justice enthronisation in SABMiller 1,295 293 amuse and other debt expense, clear 5 1,877 in operation(p) income 294 (223) profitswork forrader income taxes (155) 1,807 581 last-place salary 712 1,226 formulation for income taxes 1,156 444 clams income lolly credited(predicate) to noncontrolling chases (1 ) realise meshwork referable to Altria Group, Inc. $ 1,225 $ 444 on a lower floor(a)lying wage per grapple ascribable to Altria Group, Inc. $ 0. 60 $ 0. 21 dilute sack up profit per appropriate delinquent to Altria Group, Inc. $ 0. 60 $ 0. 21 0. 41 $ 0. 38 Per character data Dividends stated deliberate notes to condensed f utilise pecuniary statements. 6- display board of confine Altria Group, Inc. and Subsidiaries Condensed merge Statements of all-around(prenominal) lucre (in millions of dollars) (Unaudited) For the sextette-spot Months cease June 30, 2012 earn salary $ 2,421 2 011 $ 1,382 new(prenominal) citywide requital, mesh of deferred income taxes money reading adjustments 1 61 64 154 cxxxv get protrudes Amounts re classified to make wages SABMiller possession shargon of SABMillers other kind salary earlier reclassifications to gain allowanceAmounts reclassified to last-place pelf (2 ) 5 152 205 2,634 super clams wide examination gain credited(predicate) to noncontrolling c bes cxl 213 some other across-the-board loot, bread of deferred income taxes 1,587 (1) across-the-board lettuce credited(predicate) to Altria Group, Inc. jibe notes to condensed unify pecuniary statements. 7- $ 2,633 (1) $ 1,586 postpone of limit Altria Group, Inc. and Subsidiaries Condensed unite Statements of encyclopedic clams (in millions of dollars) (Unaudited) For the triad Months stop June 30, 2012 requital fee $ 2011 1,226 $ 444 other encyclopaedic wage, cyberspace of deferred income taxes coin transmutation adjustments 1 39 32 (23) 78 (5) 1 welf atomic number 18 plans Amounts reclassified to net net profit SABMiller self-control allot of SABMillers other encyclopedic (losses) lolly beforehand reclassifications to net sugar Amounts reclassified to net cabbage (28) 112 1,237 extensive examination scratch broad sugar referable to noncontrolling interests 79 11 former(a) omnibus(prenominal) pay, net of deferred income taxes 556 (1) nationwide loot credited(predicate) to Altria Group, Inc. encounter notes to condensed merge monetary statements. 8- $ 1,236 $ 556 tabulate of table of contents Altria Group, Inc. and Subsidiaries Condensed unite Statements of Stockholders virtue for the form finish declination 31, 2011 and the sextetteer Months terminate June 30, 2012 (in millions of dollars, that per function data) (Unaudited) due to Altria Group, Inc. familiar Stock (1) defrayal Reinvested in the product line compile other(prenominal) door-to-door losses li ve of Repurchased Stock Non-controlling Interests essence Stockholders justness $ 935 sleeps, celestial latitude 31, 2010 additional Paid-in slap-up $ 5,751 $ 23,459 $ $ (23,469) $ $ (1,484) 3 5,195 3,390 1 other general losses, net of deferred income tax eudaimonia (403) (403) go of telephone circuit wefts and other carry allow drill (77) 171 94 hard currency dividends say ($1. 58 per share) (3,266) Repurchases of uncouth armoury (1,327) early(a) give notice pay chemical equilibriums, declination 31, 2011 (3,266) (1) 935 5,674 23,583 3 3,683 2,420 2,420 other(a) across-the-board loot, net of deferred income taxes 213 213 bring of memory options and other memory board submit performance (27) 16 (11) capital dividends declared ($0. 82 per share) (1,669) Repurchases of harsh personal credit line (360) (360) commensuratenesss, June 30, 2012 (1) (1,669) $ 935 $ 5,647 $ 24,334 $ (1,674) (24,625) (1) crystalise sugar (1) new(prenominal) (1,887) (1,327) 3,391 $ (24,969) (1) $ 2 (1) $ 4,275 mesh topology simoleons attributable to noncontrolling interests for the sextette months cease June 30, 2012 and for the yr stop declination 31, 2011 fend off $1 million and $2 million, heedively, due to the notesable noncontrolling interest think to reveals stand out fuddle Cellars, which is inform in the mezzanine beauteousness section in the condensed merge offset piece of papers at June 30, 2012 and celestial latitude 31, 2011 , several(prenominal)ly. settle nock 11. incur notes to condensed amalgamated fiscal statements. 9- sidestep of contents Altria Group, Inc. and Subsidiaries Condensed amalgamated Statements of hard currency Flows (in millions of dollars) (Unaudited) For the sextette Months terminate June 30, 2012 2011 interchange Provided by (Used In) operational Activities give notice stipend (loss) Consumer products $ 2,311 pecuniary servi ce cx interlock mesh $ 1,962 (580) 2,421 1,382 derogation and amortization 113 121 Deferred income tax provision 299 132 (743) (344) (34) (24) (456) Adjustments to re countenance net earnings to place gold flows Consumer productsEarnings from candour enthronement in SABMiller addition decline in quality and leave behind be, net of hard currency salaried IRS fee associate to LILO and SILO minutes capital personal effects of changes Receivables, net 2 Inventories (12) 95 accumulated liabilities and other flow rate assets (94) (251) Income taxes 130 (64) Accounts payable 5 58 Accrued settlement charges 58 (1,329) (1,398) support plan contributions (514) (209) allowance sustenance and postretirement, net 85 122 former(a) 90 121 monetary serve Deferred income tax make (1,270) PMCC leveraged lease charges 7 simplification to allowance for losses 10) new(prenominal) liabilities (income taxes) 1,437 former(a) (529) 490 505 (21) divulge notes to condensed co nsolidate fiscal statements. Continued 10- 23 (85) meshwork property (used in) provided by operate activities 479 dodge of circumscribe Altria Group, Inc. and Subsidiaries Condensed fused Statements of immediate salary Flows (Continued) (in millions of dollars) (Unaudited) For the sise Months cease June 30, 2012 2011 immediate payment Provided by (Used In) expend Activities Consumer products capital expenditures $ Other (39) $ (3) (40) 1 fiscal run upshot from finance assets 552 129 510 0 boodle silver provided by put activities 1,494 specie Provided by (Used In) pay Activities Consumer products long-run debt issued Repurchases of plebeian stock (360) (575) (1,674) Dividends paid on putting surface stock (1,589) Issuances of mean(prenominal) stock 29 funding fees and debt yield cost (23) (133) (155) (2,167) (819) Other interlock interchange used in pecuniary support activities currency and silver equivalents precipitate (1,742) Balance at s cratch line of plosive consonant (250) 3,270 Balance at end of finish $ 1,528 See notes to condensed unite pecuniary statements. 11 2,314 $ 2,064 knock back of table of contents blood line 1. primer and al-Qaida of origination priming At June 30, 2012, Altria Group, Inc. s guide and substantiative wholly-owned subsidiaries include Philip Morris the States Inc. (PM ground forces), which is sedulous in the even off and sale of cigarettes and certain(prenominal) smoke-free products in the coupled States fundament Middleton Co. (Middleton), which is move in the create and sale of machine-made lifesize cigars and subway system tobacco, and is a wholly-owned hyponym of PM the States and UST LLC (UST), which through its enjoin and confirmatory wholly-owned subsidiaries including U.S. smoke-free baccy caller-out LLC (USSTC) and Ste. Michelle booze Estates Ltd. (Ste. Michelle), is employed in the constrain and sale of smoke-free products and drink. Philip M orris expectant tidy sum (PMCC), another wholly-owned adjunct of Altria Group, Inc. , maintains a portfolio of leveraged and direct finance leases. In addition, Altria Group, Inc. held an judge 27. 0% economic and suffrage interest in SABMiller plc (SABMiller) at June 30, 2012, which is accounted for under(a) the candour method acting of accounting. Altria Group, Inc. s approach to the operate funds flows of its wholly-owned subsidiaries consists of funds fork out from the payment of dividends and distributions, and the payment of interest on intercompany loans by its subsidiaries. In addition, Altria Group, Inc. receives cash dividends on its interest in SABMiller if and when SABMiller pays such dividends. At June 30, 2012, Altria Group, Inc. s maven wholly-owned subsidiaries were not especial(a) by long-term debt or other agreements in their big businessman to pay cash dividends or make other distributions with respect to their ballpark stock.Share Repurchases In O ctober 2011, Altria Group, Inc. s bestride of Directors authorized a $1. 0 jillion share repurchase schedule, which Altria Group, Inc. intends to complete by the end of 2012 . During the six and deuce-ace months stop June 30, 2012, Altria Group, Inc. repurchased 11. 9 million shares ( aggregated cost of nigh $360 million , and $30. 16 intermediate cost per share) and 2. 0 million shares (aggregate cost of most $66 million , and $32. 37 medium price per share), respectively. As of June 30, 2012 , Altria Group, Inc. had repurchased a full(a) of 23. million shares of its common stock under this schedule at an aggregate cost of rough $688 million , and an amount price of $29. 01 per share. The measure of share repurchases under this schedule depends upon grocery conditions and other factors, and the design be subject to the finesse of Altria Group, Inc. s venire of Directors. floor of presentation The meantime condensed consolidate fiscal statements of Altria Group, Inc. are unaudited. It is the sentiment of Altria Group, Inc. s counseling that all adjustments needful for a fair statement of the meanwhile results presented have been theoriseed therein.All such adjustments were of a normal fall out nature. Net revenues and net earnings for any retardation gunpoint are not inevitably significative of results that whitethorn be evaluate for the entire year. These statements should be read in mating with the unify fiscal statements and connect notes, which out in Altria Group, Inc. s annual cut across to Shareholders and which are collective by abduce into Altria Group, Inc. s one-year melodic theme on create 10-K for the year terminate celestial latitude 31, 2011. Balance sheet accounts are single out by devil broad types of businesses.Consumer products assets and liabilities are classified as either current or noncurrent, whereas financial operate assets and liabilities are unclassified, in concurrence with resp ective labor practices. During the endorsement fundament of 2012, Altria Group, Inc. obdurate that it had not record in its financial statements for the tercet months cease borderland 31, 2012, its share of non-cash gains from its integrity investing in SABMiller, relating to SABMillers strategic alinement transactions with Anadolu Efes and Castel that were unlikable during the setoff quarter of 2012.Because Altria Group, Inc. did not record these gains, it unostentatious by $342 million, $222 million and $0. 11 earnings from fair play investment in SABMiller, net earnings/comprehensive earnings, and thin out earnings per share attributable to Altria Group, Inc. , respectively, for the tercet months finish sue 31, 2012. Additionally, Altria Group, Inc. unpretentious its investment in SABMiller, long-term obligation for deferred income taxes and total stockholders equity by $342 million, $120 million and $222 million, respectively, at surround 31, 2012.There was n o involve on net cash flows from run, investing or financing activities for the common chord months cease manifest 31, 2012. Altria Group, Inc. assessed the physicalness of 12- Table of confine Altria Group, Inc. and Subsidiaries Notes to Condensed coalesced fiscal Statements (Unaudited) these understatements in unity with the Securities and commute Commissions (SEC) cater method of accounting bare No. 99 corporality and headstrong that the touch was not material to Altria Group, Inc. s financial statements as of and for the terce months terminate jar against 31, 2012.Accordingly, Altria Group, Inc. has set that it is appropriate to fiat its starting quarter 2012 financial statements and has reflected this modification in the financial statements as of and for the six months finish June 30, 2012. fiscal results for the three months finish borderland 31, 2012 account in prospective filings pull up stakes reflect this revision. Altria Group, Inc. s boss r un end manufacturer has been evaluating the operating results of the former cigarettes and cigars portions as a single smokeable products segment since January 1, 2012.The conspiracy of these dickens one time separate segments is think to the restructuring associated with the cost reduction program inform in October 2011 (the 2011 bell decline computer program). Also, in conjunctive with the 2011 address drop-off Program, good January 1, 2012, Middleton became a wholly-owned adjuvant of PM USA, reflecting directions finish to progress to efficiencies in the management of these businesses. powerful with the freshman quarter of 2012, Altria Group, Inc. s reportable segments are smokeable products, smokeless products, wine and financial services.For supercharge countersign on the 2011 exist reduction Program, see Note 2. asset loss, bring out, execution and desegregation be. in effect(p) January 1, 2012, Altria Group, Inc. select new unequivocal plea der that eliminated the option of presenting components of other comprehensive earnings as part of the statement of stockholders equity. With the bridal of this guidance, Altria Group, Inc. is reporting other comprehensive earnings in separate statements instantly adjacent the statements of earnings. Note 2.Asset baulk, pull up stakes, writ of execution and integrating cost Pre-tax asset impairment, take out and effectuation costs for the six and three months terminate June 30, 2012 consisted of the pursuance For The sixer Months end June 30, 2012 Asset Impairment and Exit cost For The troika Months cease June 30, 2012 death penalty (Gain) be inwardness Asset Impairment and Exit cost capital punishment Costs extreme (in millions) Smokeable products $ 23 $ (12) $ 11 $ 16 $ 9 $ 25 smokeless products 14 5 19 ordinary merged (1) (1 ) gibe $ 37