Altria anticipates that its 2013 full-year effective tax rate on operations will be approximately 35.7%. A reconciliation between the reported effective tax rate and the effective tax rate on operations for the third quarter and first nine months of 2013 is shown in the table below.
|Table 3 - Altria’s 2013 Tax Rates|
|Third Quarter||Nine Months Ended September 30|
|Reported effective tax rate 1||34.1%||35.0%|
|Tax benefit from Mondelēz tax matters 2||0.7||0.3|
|Other tax benefits primarily due to the reversal of tax accruals no longer required||1.2||0.4|
|Effective tax rate on operations||36.0%||35.7%|
1 Reported effective tax rate is calculated as “Provision for income taxes” divided by “Earnings before income taxes” from Schedules 1 and 3.
2 This tax benefit is fully offset by changes to a corresponding payable to Mondelēz International, Inc. (Mondelēz), which is reflected in Schedules 1 and 3. Due to this offset, Mondelēz tax matters had no impact on Altria’s net earnings and reported and adjusted diluted EPS for the third quarter and first nine months of 2013.
SMOKEABLE PRODUCTSThe smokeable products segment grew adjusted OCI for the third quarter and first nine months of 2013 primarily through higher pricing. PM USA grew its total cigarette retail share versus both prior-year periods.
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