Quarterly Financial Data (Unaudited) |
Quarterly Financial Data (Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | 2020 Quarters | (in millions, except per share data) | 1st | | 2nd | | 3rd | | 4th | Net revenues | $ | 6,359 | | | $ | 6,367 | | | $ | 7,123 | | | $ | 6,304 | | Gross profit | $ | 2,873 | | | $ | 3,287 | | | $ | 3,717 | | | $ | 3,146 | | Net earnings (losses) | $ | 1,550 | | | $ | 1,938 | | | $ | (956) | | | $ | 1,922 | | Net earnings (losses) attributable to Altria | $ | 1,552 | | | $ | 1,943 | | | $ | (952) | | | $ | 1,924 | | Per share data: | | | | | | | | | | | | | | | | Basic and diluted earnings (losses) per share attributable to Altria | $ | 0.83 | | | $ | 1.04 | | | $ | (0.51) | | | $ | 1.03 | | | | | | | | | | | 2019 Quarters | (in millions, except per share data) | 1st | | 2nd | | 3rd | | 4th | Net revenues | $ | 5,628 | | | $ | 6,619 | | | $ | 6,856 | | | $ | 6,007 | | Gross profit | $ | 2,811 | | | $ | 3,319 | | | $ | 3,497 | | | $ | 3,084 | | Net earnings (losses) | $ | 1,121 | | | $ | 1,997 | | | $ | (2,602) | | | $ | (1,814) | | Net earnings (losses) attributable to Altria | $ | 1,120 | | | $ | 1,996 | | | $ | (2,600) | | | $ | (1,809) | | Per share data: | | | | | | | | Basic earnings (losses) per share attributable to Altria | $ | 0.60 | | | $ | 1.07 | | | $ | (1.39) | | | $ | (0.97) | | Diluted earnings (losses) per share attributable to Altria | $ | 0.60 | | | $ | 1.07 | | | $ | (1.39) | | | $ | (1.00) | |
During 2020 and 2019, the following pre-tax (gains) or charges were included in net earnings attributable to Altria: | | | | | | | | | | | | | | | | | | | | | | | | | 2020 Quarters | (in millions) | 1st | | 2nd | | 3rd | | 4th | Impairment of JUUL equity securities | $ | — | | | $ | — | | | $ | 2,600 | | | $ | — | | JUUL changes in fair value | — | | | — | | | — | | | (100) | | Tobacco and health litigation items, including accrued interest | 24 | | | 18 | | | 34 | | | 7 | | Asset impairment, exit, implementation and acquisition-related costs | 395 | | | 8 | | | 12 | | | 16 | | ABI-related special items | 56 | | | 120 | | | 513 | | | 74 | | Cronos-related special items | 89 | | | (88) | | | 143 | | | (93) | | PMCC residual value adjustments | — | | | 34 | | | — | | | 91 | | COVID-19 special items | — | | | 50 | | | — | | | — | | | $ | 564 | | | $ | 142 | | | $ | 3,302 | | | $ | (5) | | | | | | | | | | | 2019 Quarters | (in millions) | 1st | | 2nd | | 3rd | | 4th | Impairment of JUUL equity securities | $ | — | | | $ | — | | | $ | 4,500 | | | $ | 4,100 | | Tobacco and health litigation items, including accrued interest | 17 | | | 28 | | | 3 | | | 29 | | Asset impairment, exit, implementation and acquisition-related costs | 159 | | | 45 | | | 11 | | | 116 | | ABI-related special items (1) | 163 | | | (129) | | | (23) | | | (394) | | Cronos-related special items | 425 | | | 119 | | | 549 | | | (165) | | | $ | 764 | | | $ | 63 | | | $ | 5,040 | | | $ | 3,686 | |
(1) Prior period amounts have been recast to conform with current period presentation for certain ABI mark-to-market adjustments.
As discussed in Note 14. Income Taxes, Altria has recognized income tax benefits and charges in the consolidated statements of earnings (losses) during 2020 and 2019 as a result of various tax events.
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