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Investments in Equity Securities (Tables)

9 Months Ended

Sep. 30, 2021

The carrying amount of Altria’s investments consisted of the following:


(in millions)	September 30, 2021		December 31, 2020
ABI	$	11,237	$	16,651
JUUL	1,705		1,705
Cronos (1)	932		1,173
Total	$	13,874	$	19,529

(1) Atria’s investment in Cronos at September 30, 2021 consisted of Altria’s equity method investment in Cronos ($897 million), the Cronos warrant ($32 million) and the Fixed-price Preemptive Rights ($3 million), (collectively, “Investment in Cronos”). The Investment in Cronos at December 31, 2020 consisted of Altria’s equity method investment in Cronos ($1,010 million), the Cronos warrant ($139 million) and the Fixed-price Preemptive Rights ($24 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 consisted of the following:


	For the Nine Months Ended September 30,				For the Three Months Ended September 30,
(in millions)	2021		2020		2021		2020
ABI (1)	$	(5,644)	$	(306)	$	(6,036)	$	(418)
Cronos	(145)		—		21		(54)
Income (losses) from investments under equity method of accounting	(5,789)		(306)		$	(6,015)	$	(472)
JUUL	—		—		100		—
Income (losses) from equity investments	$	(5,789)	$	(306)	$	(5,915)	$	(472)

(1) For the nine and three months ended September 30, 2021, Altria recorded a non-cash, pre-tax impairment charge of $6,157 million related to its equity investment in ABI. See below for further discussion.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the beginning and ending balance of Altria’s investment in JUUL, which is classified in Level 3 of the fair value hierarchy:


	Investment
(in millions)	Balance
Balance at December 31, 2020	$	1,705
Unrealized gains (losses) included in income (losses) from equity investments	—
Balance at September 30, 2021	$	1,705