<SEC-DOCUMENT>0000764180-18-000084.txt : 20181026
<SEC-HEADER>0000764180-18-000084.hdr.sgml : 20181026
<ACCEPTANCE-DATETIME>20180918110723
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000764180-18-000084
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180918

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALTRIA GROUP, INC.
		CENTRAL INDEX KEY:			0000764180
		STANDARD INDUSTRIAL CLASSIFICATION:	CIGARETTES [2111]
		IRS NUMBER:				133260245
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6601 WEST BROAD STREET
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23230
		BUSINESS PHONE:		(804) 274-2200

	MAIL ADDRESS:	
		STREET 1:		6601 WEST BROAD STREET
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23230

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALTRIA GROUP INC
		DATE OF NAME CHANGE:	20030127

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHILIP MORRIS COMPANIES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<div><a name="s0215C27D9D765707B25E4DEF6C6A4A85"></a></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;"><img src="altriamosaic2016a03.jpg" alt="altriamosaic2016a03.jpg" style="height:65px;width:172px;"></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">September 18, 2018</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">VIA EDGAR</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ms. Heather Clark</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ms. Melissa Raminpour</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Office of Transportation and Leisure</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">U.S. Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Division of Corporation Finance</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100 F. Street, N.E.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Washington, D.C. 20549</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Re:  Altria Group, Inc.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Form 10-K for Fiscal Year Ended December 31, 2017</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Form 8-K furnished July 26, 2018</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">File No. 001-08940</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dear Ms. Clark and Ms. Raminpour:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are transmitting Altria Group, Inc.&#8217;s (&#8220;Altria&#8221;) response to the letter from the staff of the Division of Corporation Finance (the &#8220;Staff&#8221;) of the U.S. Securities and Exchange Commission, dated September 7, 2018 (the &#8220;Comment Letter&#8221;), commenting on Altria&#8217;s Form 10-K for the fiscal year ended December 31, 2017 and Altria&#8217;s Form 8-K furnished on July 26, 2018 (the &#8220;Form 8-K&#8221;).</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Set forth below are Altria&#8217;s responses to the Comment Letter.  For ease of reference, we have reproduced the Staff&#8217;s comments in italics before each response.</font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Altria Group, Inc.</font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">6601 West Broad Street, Richmond, VA  23230</font></div></div><hr style="page-break-after:always"><div><a name="s6A6079E1561654818E568C00BD0948B3"></a></div><div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Ms. Heather Clark</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Ms. Melissa Raminpour</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">U.S. Securities and Exchange Commission</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">September 18, 2018</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Page </font><font style="font-family:inherit;font-size:8pt;">2</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Form 10-K for the Year Ended December 31, 2017</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Expense (Income), Net Excluded from Adjusted Diluted EPS, page 16</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">We note your discussion that adjusted diluted EPS for 2018 cannot be reconciled due to</font></div></td></tr></table><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">the highly variable nature of the forecast. However, we note from page 16 that you do</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">disclose all amounts excluded from adjusted diluted EPS for 2017. Given your</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">presentation of amounts excluded from adjusted diluted EPS, a non-GAAP measure,</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">please revise to incorporate all disclosures required by Item 10(e) of Regulation S-K with</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">regards to this measure for fiscal 2017 including a reconciliation to the most directly</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">comparable GAAP measure (diluted EPS).</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">RESPONSE:</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Altria acknowledges the Staff&#8217;s comment.  To the extent applicable in future filings, Altria will provide all disclosures required by Item 10(e) of Regulation S-K, including a reconciliation of any historical non-GAAP financial measure (e.g., adjusted diluted EPS) to the most directly comparable GAAP financial measure (e.g., diluted EPS).</font></div><div style="line-height:174%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">****</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Form 8-K furnished July 26, 2018</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Exhibit 99.1, page 1</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">.&#160;&#160;&#160;&#160;We note your first statement concerning adjusted diluted EPS growth in the second</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">quarter of 2018.  In accordance with Item 100(A)(1) of Regulation G, please revise to</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">balance your disclosure of growth in adjusted diluted EPS with the growth in the most</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">comparable GAAP number, diluted EPS.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">RESPONSE:</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Altria acknowledges the Staff&#8217;s comment; however, Altria believes Exhibit 99.1 to the Form 8-K presents the GAAP and non-GAAP EPS measures in a balanced manner that is consistent with Item 100(a)(1) of Regulation G.  In particular, the &#8220;Financial Performance&#8221; section on page 3 of Exhibit 99.1 sets forth for both the second quarter and first half of 2018, (i) the GAAP and non-GAAP EPS measures for the relevant period, (ii) the changes in the GAAP and non-GAAP EPS measures from the prior-year period and (iii) a discussion of the drivers of those period-to-period changes.  Moreover, Altria notes that it presents both the GAAP and non-GAAP EPS measures on page 1 of Exhibit 99.1 in the &#8220;Altria Headline Financials&#8221; table that appears below the statement in question.  On both page 3 and page 1 of Exhibit 99.1, the GAAP presentation precedes the non-GAAP presentation.  Altria also provides on page 3 of Exhibit 99.1 reconciliations of the GAAP EPS measure to the non-GAAP EPS measure.  </font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Altria understands that the reference in the Comment Letter to the &#8220;first statement concerning adjusted diluted EPS growth&#8221; focuses on the first sentence in the statement of Altria&#8217;s Chairman and Chief Executive Officer on quarterly performance.  While this statement references a non-GAAP financial measure, Altria believes that this statement only represents high-level, general commentary on Altria&#8217;s second quarter performance in relation to its 2018 adjusted diluted EPS guidance.  In fact, the statement provides important context for Altria&#8217;s modification to that guidance, which is also disclosed in Exhibit 99.1.  Altria reiterates its belief, as noted above, that it presents the GAAP and non-GAAP EPS measures in a balanced manner that is consistent with Item 100(a)(1) of Regulation G through both the detailed disclosure on page 3 of Exhibit 99.1 and the table on page 1 of Exhibit 99.1 that appears below the statement in question. </font></div><div><br></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Ms. Heather Clark</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Ms. Melissa Raminpour</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">U.S. Securities and Exchange Commission</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">September 18, 2018</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Page </font><font style="font-family:inherit;font-size:8pt;">3</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">****</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If there is any additional information that we might provide to assist the Staff&#8217;s review, please call me at (804) 484-8280.  Similarly, please let me know if you wish to discuss our responses.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:56%;"></td><td style="width:44%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Sincerely,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">/s/ WILLIAM F. GIFFORD, JR.</font></div><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">William F. Gifford, Jr.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vice Chairman and</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Chief Financial Officer</font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">cc:  Ivan S. Feldman</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Salvatore Mancuso</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">W. Hildebrandt Surgner, Jr.</font></div><div><br></div>	</body>
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# __9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
