Item 6. Selected Financial Data.

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Item 6. Selected Financial Data.

(in millions of dollars, except per share and employee data)



	2016			2015			2014			2013			2012
Summary of Operations:
Net revenues	$	25,744		$	25,434		$	24,522		$	24,466		$	24,618
Cost of sales	7,746			7,740			7,785			7,206			7,937
Excise taxes on products	6,407			6,580			6,577			6,803			7,118
Operating income	8,762			8,361			7,620			8,084			7,253
Interest and other debt expense, net	747			817			808			1,049			1,126
Earnings from equity investment in SABMiller	795			757			1,006			991			1,224
Gain on AB InBev/SABMiller business combination	13,865			5			—			—			—
Earnings before income taxes (1)	21,852			8,078			7,774			6,942			6,477
Pre-tax profit margin (1)	84.9		%	31.8		%	31.7		%	28.4		%	26.3		%
Provision for income taxes (1)	7,608			2,835			2,704			2,407			2,294
Net earnings (1)	14,244			5,243			5,070			4,535			4,183
Net earnings attributable to Altria Group, Inc. (1)	14,239			5,241			5,070			4,535			4,180
Basic and Diluted EPS — net earnings attributable to Altria Group, Inc. (1)	7.28			2.67			2.56			2.26			2.06
Dividends declared per share	2.35			2.17			2.00			1.84			1.70
Weighted average shares (millions) — Basic and Diluted	1,952			1,961			1,978			1,999			2,024
Capital expenditures	189			229			163			131			124
Depreciation	183			204			188			192			205
Property, plant and equipment, net	1,958			1,982			1,983			2,028			2,102
Inventories	2,051			2,031			2,040			1,879			1,746
Total assets (1)(2)	45,932			31,459			33,440			33,858			34,252
Long-term debt (2)	13,881			12,843			13,610			13,907			12,346
Total debt (2)	13,881			12,847			14,610			14,432			13,805
Total stockholders’ equity (1)	12,773			2,873			3,010			4,118			3,170
Common dividends declared as a % of Basic and Diluted EPS (1)	32.3		%	81.3		%	78.1		%	81.4		%	82.5		%
Book value per common share outstanding (1)	6.57			1.47			1.53			2.07			1.58
Market price per common share — high/low	70.15-56.15			61.74-47.31			51.67-33.80			38.58-31.85			36.29-28.00
Closing price per common share at year end	67.62			58.21			49.27			38.39			31.44
Price/earnings ratio at year end — Basic and Diluted (1)	9			22			19			17			15
Number of common shares outstanding at year end (millions)	1,943			1,960			1,971			1,993			2,010
Approximate number of employees	8,300			8,800			9,000			9,000			9,100

(1) Certain 2016 amounts include the impact of the Gain on AB InBev/SABMiller business combination. For further information, see Note 7 in Item 8.

(2) Certain prior-years’ amounts have been reclassified to conform with the current-year’s presentation due to the adoptions of certain accounting standards updates. For further information, see Note 1 in Item 8.

The Selected Financial Data should be read in conjunction with Item 7 and Item 8.

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