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Income Taxes | 9 Months Ended
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Sep. 30, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes: The income tax rate for the nine and three months ended September 30, 2019 was 74.1% and (22.3)%, respectively, versus 25.1% and 25.5% for the nine and three months ended September 30, 2018, respectively. The changes in the tax rates were due primarily to the following:
▪ | a full valuation allowance in 2019 attributable to the tax benefit associated with the impairment of JUUL equity securities as discussed below;
partially offset by:
• | tax benefits of $91 million recorded in 2019 for the reversal of tax accruals no longer required.
The impairment of JUUL equity securities generated a deferred tax asset of $1,040 million that if realized would be characterized as a capital loss. Altria considered all available positive and negative evidence in determining the valuation allowance, including the character of the loss, carryback and carryforward considerations, future reversals of existing temporary differences, and available tax planning strategies. Based on the weight of available evidence, it is more likely than not that the deferred tax asset will not be realized; therefore, Altria recorded a full valuation allowance of $1,040 million against this deferred tax asset. For a discussion regarding the impairment of JUUL equity securities, see Note 5. Investments in Equity Securities. Altria is subject to income taxation in many jurisdictions. Unrecognized tax benefits reflect the difference between tax positions taken or expected to be taken on income tax returns and the amounts recognized in the financial statements. Resolution of the related tax positions with the relevant tax authorities may take many years to complete, and such timing is not entirely within the control of Altria. At September 30, 2019, Altria’s total unrecognized tax benefits were $50 million. The amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate at September 30, 2019 was $43 million, along with $7 million affecting deferred taxes. It is reasonably possible that within the next 12 months certain examinations will be resolved, which could result in a decrease in unrecognized tax benefits of approximately $26 million. At December 31, 2018, Altria’s total unrecognized tax benefits were $85 million. The amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate at December 31, 2018 was $59 million, along with $26 million affecting deferred taxes.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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