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Investments in Equity Securities (Tables)

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Altria’s investments at December 31, 2019 and 2018 consisted of the following:



	Carrying Amount
(in millions)	December 31, 2019		December 31, 2018
ABI	$	18,071	$	17,696
JUUL	4,205		12,800
Cronos⁽¹⁾	1,305		—
Total	$	23,581	$	30,496

⁽¹⁾Includes investment in Acquired Common Shares ($1,002 million), the Cronos warrant ($234 million) and the Fixed-price Preemptive Rights ($69 million) as discussed further below.

Equity Method Investments

Summary financial data of ABI is as follows:



	For Altria’s Year Ended December 31,
(in millions)	2019 ⁽¹⁾		2018⁽¹⁾		2017 ⁽¹⁾
Net revenues	$	54,187	$	55,500	$	56,004
Gross profit	$	33,735	$	34,986	$	34,376
Earnings from continuing operations	$	10,530	$	9,020	$	6,769
Net earnings	$	10,530	$	9,020	$	6,845
Net earnings attributable to ABI	$	9,189	$	7,641	$	5,473



	At September 30,
(in millions)	2019 ⁽¹⁾		2018⁽¹⁾
Current assets	$	27,353	$	20,289
Long-term assets	$	199,591	$	207,921
Current liabilities	$	36,819	$	32,019
Long-term liabilities	$	119,025	$	130,812
Noncontrolling interests	$	8,765	$	7,251

⁽¹⁾ Reflects the one-quarter lag.

Earnings from equity investments accounted for under the equity method of accounting for the years ended December 31, 2019, 2018 and 2017 consisted of the following:



(in millions)	2019		2018		2017
ABI	$	1,229	$	890	$	532
Cronos⁽¹⁾	496		—		—
Total	$	1,725	$	890	$	532

⁽¹⁾Represents Altria’s share of Cronos’s earnings, substantially all of which relate to the change in fair value of Cronos’s derivative financial instruments associated with the issuance of additional shares.

Summary financial data of Cronos is as follows:



	For Altria’s Year Ended December 31,
(in millions)	2019 ⁽¹⁾
Net revenues	$	21
Gross profit	$	10
Net earnings⁽²⁾	$	1,117



(in millions)	At September 30, 2019 ⁽¹⁾
Current assets	$	1,575
Long-term assets	$	511
Current liabilities	$	457
Long-term liabilities	$	7
Noncontrolling interests	$	—

⁽¹⁾ Reflecting the one-quarter lag: (i) summary financial data of Cronos’s results for Altria’s year ended December 31, 2019 include Cronos’s results for the period March 8, 2019 through September 30, 2019, and (ii) summary financial data of Cronos’s financial position is disclosed at September 30, 2019.

⁽²⁾ Substantially all of Cronos’s net earnings related to changes in fair value of Cronos’s derivative financial instruments associated with the issuance of additional shares.