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Investments in Equity Securities (Tables)
12 Months Ended
Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Investment
Altria’s investments at December 31, 2020 and 2019 consisted of the following:
Carrying Amount
(in millions)December 31, 2020December 31, 2019
ABI
$16,651 $18,071 
JUUL
1,705 4,205 
Cronos (1)
1,173 1,305 
Total
$19,529 $23,581 
(1) December 31, 2020 included Altria’s equity method investment in Cronos ($1,010 million), the Cronos warrant ($139 million) and the Fixed-price Preemptive Rights ($24 million), (collectively, “Investment in Cronos”). The Investment in Cronos at December 31, 2019 included Altria’s equity method investment in Cronos ($1,002 million), the Cronos warrant ($234 million) and the Fixed-price Preemptive Rights ($69 million). See below for further discussion.
Equity Method Investments
Income (losses) from equity investments accounted for under the equity method of accounting and fair value option for the years ended December 31, 2020, 2019 and 2018 consisted of the following:
(in millions)202020192018
ABI (1)
$(223)$1,229 $890 
Cronos12 496 — 
Income (losses) from investments under equity method of accounting(211)1,725 890 
JUUL 100 — — 
Income (losses) from equity investments$(111)$1,725 $890 
(1) During 2020, ABI amounts recorded by Altria included pre-tax losses associated with its share of ABI’s (i) mark-to-market losses on certain ABI financial instruments associated with its share commitments, (ii) completion of the sale of its Australia subsidiary and (iii) goodwill impairment charge associated with its Africa businesses. These amounts included Altria’s share of amounts recorded by ABI, and may also include additional adjustments related to (i) conversion from international financial reporting standards to GAAP and (ii) adjustments to Altria’s investment required under the equity method of accounting.
Summary financial data of ABI is as follows:
For Altria’s Year Ended December 31,
(in millions)
2020 (1)
2019 (1)
2018 (1)
Net revenues$48,294 $54,187 $55,500 
Gross profit$28,438 $33,735 $34,986 
Earnings from continuing operations$4,265 $10,530 $9,020 
Net earnings$4,266 $10,530 $9,020 
Net earnings attributable to ABI$3,323 $9,189 $7,641 
At September 30,
(in millions)
2020 (1)
2019 (1)
Current assets$28,672 $27,353 
Long-term assets$185,106 $199,591 
Current liabilities$34,884 $36,819 
Long-term liabilities$117,400 $119,025 
Noncontrolling interests
$8,459 $8,765 
(1) Reflects the one-quarter lag.
Summary financial data of Cronos is as follows:
For Altria’s Year Ended December 31,
(in millions)
2020 (1)
2019 (1)
Net revenues$37 $21 
Gross profit$(31)$10 
Earnings from continuing operations$99 $1,117 
Net earnings$98 $1,117 
Net earnings attributable to Cronos$100 $1,117 
At September 30,
(in millions)
2020 (1)
2019 (1)
Current assets$1,394 $1,575 
Long-term assets$525 $511 
Current liabilities$143 $457 
Long-term liabilities$12 $
Noncontrolling interests
$(3)$— 
(1) Reflects the one-quarter lag. 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.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table provides a reconciliation of the beginning and ending balance of the JUUL investment, which is classified in Level 3 of the fair value hierarchy:
(in millions)
Balance at December 31, 2019$ 
Transfers into Level 3 fair value1,605 
Unrealized gains included with income / (losses) from equity investments100 
Balance at December 31, 2020$1,705