Item 6. Selected Financial Data.

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Item 6. Selected Financial Data.

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



	2017			2016			2015			2014			2013
Summary of Operations:
Net revenues	$	25,576		$	25,744		$	25,434		$	24,522		$	24,466
Cost of sales	7,543			7,746			7,740			7,785			7,206
Excise taxes on products	6,082			6,407			6,580			6,577			6,803
Operating income	9,556			8,762			8,361			7,620			8,084
Interest and other debt expense, net	705			747			817			808			1,049
Earnings from equity investment in AB InBev/SABMiller	532			795			757			1,006			991
Gain on AB InBev/SABMiller business combination	445			13,865			5			—			—
Earnings before income taxes (2)	9,828			21,852			8,078			7,774			6,942
Pre-tax profit margin (2)	38.4		%	84.9		%	31.8		%	31.7		%	28.4		%
(Benefit) provision for income taxes (1)(2)	(399		)	7,608			2,835			2,704			2,407
Net earnings (1)(2)	10,227			14,244			5,243			5,070			4,535
Net earnings attributable to Altria Group, Inc. (1)(2)	10,222			14,239			5,241			5,070			4,535
Basic and Diluted EPS — net earnings attributable to Altria Group, Inc. (1)(2)	5.31			7.28			2.67			2.56			2.26
Dividends declared per share	2.54			2.35			2.17			2.00			1.84
Weighted average shares (millions) — Basic and Diluted	1,921			1,952			1,961			1,978			1,999
Capital expenditures	199			189			229			163			131
Depreciation	188			183			204			188			192
Property, plant and equipment, net	1,914			1,958			1,982			1,983			2,028
Inventories	2,225			2,051			2,031			2,040			1,879
Total assets (2)	43,202			45,932			31,459			33,440			33,858
Long-term debt	13,030			13,881			12,843			13,610			13,907
Total debt	13,894			13,881			12,847			14,610			14,432
Total stockholders’ equity (1)(2)	15,380			12,773			2,873			3,010			4,118
Common dividends declared as a % of Basic and Diluted EPS (1)(2)	47.8		%	32.3		%	81.3		%	78.1		%	81.4		%
Book value per common share outstanding (1)(2)	8.09			6.57			1.47			1.53			2.07
Market price per common share — high/low	77.79-60.01			70.15-56.15			61.74-47.31			51.67-33.80			38.58-31.85
Closing price per common share at year end	71.41			67.62			58.21			49.27			38.39
Price/earnings ratio at year end — Basic and Diluted (1)(2)	13			9			22			19			17
Number of common shares outstanding at year end (millions)	1,901			1,943			1,960			1,971			1,993
Approximate number of employees	8,300			8,300			8,800			9,000			9,000

(1) Certain 2017 amounts include the impact of the enactment of the Tax Reform Act (as defined in Item 7). For further discussion, see Note 14 in Item 8.

(2) Certain 2016 amounts include the impact of the gain on AB InBev/SABMiller business combination. For further information, see Note 6 in Item 8.

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

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