Recent Accounting Guidance Not Yet Adopted

3 Months Ended

Mar. 31, 2015

Recent Accounting Guidance Not Yet Adopted [Abstract]

Description of New Accounting Pronouncements Not yet Adopted [Text Block]

Recent Accounting Guidance Not Yet Adopted:

In May 2014, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance for recognizing revenue from contracts with customers. The objective of this guidance is to establish principles for reporting information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. For Altria Group, Inc., the new guidance will be effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. Altria Group, Inc. is in the process of evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

On April 7, 2015, the FASB issued authoritative guidance to simplify the presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, rather than as a deferred charge (i.e., an asset). For Altria Group, Inc., the new guidance will be effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. The guidance requires all prior period balance sheets to be adjusted retrospectively and early adoption is permitted. Altria Group, Inc. will adopt the new guidance by the first quarter of 2016. At March 31, 2015 and December 31, 2014, Altria Group, Inc. had $79 million and $83 million, respectively, of debt issuance costs included in other assets on the condensed consolidated balance sheets.