Professor and Class,Contingent Liabilities can include such things as warranties of company products, guarantee of another party’s loans, or lawsuits filed against a company.In our web field trip this week, we were asked to visit the financial statements of Altria Group and find its notes on contingencies. After doing so, we were asked to answer the following questions.1)What are the major business units of Altria Group?Altria Group is a group of companies responsible for creating our countries tobacco products. Members of their group of company’s include PM USA and PMI companies. The products are produced for such companies as Phillip Morris, US Smokeless Tobacco Company, and John Middleton. They not only produce products, operate and do business in the USA, but other countries as well such as Brazil, Italy, Costa Rica, Australia, Greece, Argentina, Chile, and Scotland.2)Why do you think the Altria Group Annual report has so much discussion of contingencies?
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