Altria Group, Inc., has over 12 pages dedicated to describing contingent liabilities in the notes to recent

Question:

Altria Group, Inc., has over 12 pages dedicated to describing contingent liabilities in the notes to recent financial statements. These pages include extensive descriptions of multiple contingent liabilities. Use the Internet to research Altria Group, Inc., at www.altria.com.

a. What are the major business units of Altria Group?

b. Based on your understanding of this company, why would Altria Group require 11 pages of contingency disclosure?

Contingent liabilities
A contingent liability is an obligation of business related to an uncertain future event. The business must record it in its financial statements if the amount can be reliably estimated and it is probable that amount will be paid by business as a...