Investments in Equity Securities Investments in Equity Securities (Tables)

3 Months Ended

Mar. 31, 2020

Investments [Abstract]

Investment

Altria’s investments consisted of the following:

	Carrying Amount
	March 31, 2020		December 31, 2019
	(in millions)
ABI	$	18,453	$	18,071
JUUL	4,205		4,205
Cronos (1)	1,203		1,305
Total	$	23,861	$	23,581

(1) March 31, 2020 includes Altria’s equity method investment in Cronos ($1,037 million), the Cronos warrant ($132 million) and the Fixed-price Preemptive Rights ($34 million) and December 31, 2019 includes Altria’s equity method investment in Cronos ($1,002 million), the Cronos warrant ($234 million) and the Fixed -price Preemptive Rights ($69 million), as discussed further below.

Equity Method Investments

Earnings from equity investments accounted for under the equity method of accounting consisted of the following:

	For the Three Months Ended March 31,
	2020		2019
	(in millions)
ABI	$	134	$	86
Cronos (1)	23		—
Total	$	157	$	86

(1) Represents Altria’s share of Cronos’s earnings, which includes the change in fair value of Cronos’s derivative financial instruments associated with the issuance of additional shares. As a result of the acquisition of Cronos in March 2019 and Altria reporting its share of Cronos’s results using a one-quarter lag, no equity earnings from Altria’s investment in Cronos were recorded for the three months ended March 31, 2019.