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Altria Group

Step 1.
On the home page, refer to “Quick Links” at the far left. Go to the link for “Annual Reports.”

Step 2.
Select the desired year from the list. (We selected the 2002 fiscal year in HTML format.)

Step 3.
Select “Financial Review” from the list.

Step 4.
Select “Consolidated Statement of Earnings,” which reveals the following (in $ mil):

Step 6.
Select “Consolidated Statement of Cash Flows” and look for an item concerning the sale of fixed assets. None was found, so there are no core earnings adjustments for capital gains.

Step 7.
Go back to the previous screen.

Step 8.
Select “Notes to Consolidated Financial Statement.”

Step 9.
Move through the notes by using the arrow pointing to the right. This Web site is difficult to navigate, as there is no index of notes, so you need to go through pages individually.

Step 10.
Stop at Note 11, “Stock Plans.” There are no core earnings adjustments, explained by the notation “companies apply the intrinsic value-based methodology…no compensation expense has been recognized.”

Step 11.
Stop at Note 14, “Segment Reporting.” This summarizes income from each segment, including Miller Beer. We want to exclude this from each year because it is a discontinued operation. The information reveals the following (in $ mil):

Step 12.
Stop at Note 15, “Benefit Plans.” This note reveals the following (in $ mil):

Step 13.
Compute core earnings (in $ mil):


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