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Assets Held for Sale | 9 Months Ended
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Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held for Sale | Assets Held for Sale On July 8, 2021, UST entered into a share purchase agreement pursuant to which it agreed to sell its subsidiary, IWS, which includes Ste. Michelle, to an entity controlled by investment funds managed by Sycamore Partners Management, L.P. in an all-cash transaction with a purchase price of approximately $1.2 billion and the assumption of certain liabilities of IWS and its subsidiaries (the “Ste. Michelle Transaction”). At September 30, 2021, the assets and liabilities associated with the Ste. Michelle Transaction were classified as assets held for sale and were measured at their fair value less costs to sell, resulting in a pre-tax charge of $41 million. A reserve (as shown below), representing the adjustment to record the assets and liabilities at their fair value less costs to sell, was included as a component of assets held for sale in Altria’s condensed consolidated balance sheets at September 30, 2021. Altria recorded an additional pre-tax charge of $10 million for disposition-related costs related to the Ste. Michelle Transaction. The total pre-tax charges of $51 million were included in the wine segment and recorded in marketing, administration and research costs in Altria’s condensed consolidated statements of earnings (losses) for the nine and three months ended September 30, 2021. On October 1, 2021, UST completed the sale of IWS and received approximately $1.2 billion in net cash proceeds. Altria expects to record additional adjustments related to the Ste. Michelle Transaction in the fourth quarter of 2021 and does not expect these adjustments to be material. The major classes of assets and liabilities of IWS classified as held for sale at September 30, 2021 were as follows:
(in millions) |  | September 30, 2021
Assets held for sale |  |
Cash and cash equivalents |  | $ | 36 |
Receivables |  | 108 |
Inventories |  | 715 |
Property, plant and equipment, net of accumulated depreciation |  | 407 |
Other intangible assets, net |  | 236 |
Other assets |  | 29 |
Total assets |  | 1,531 |
Reserve |  | (41) |
Total assets held for sale |  | 1,490 |
Liabilities held for sale |  |
Accounts payable |  | 114 |
Accrued liabilities |  | 83 |
Accrued pension costs |  | 49 |
Other liabilities |  | 49 |
Total liabilities held for sale |  | 295 |
Assets and liabilities held for sale, net |  | $ | 1,195 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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