Investments in Equity Securities (Tables)

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investment

The carrying amount of Altria’s investments consisted of the following at December 31:

(in millions)	2021		2020
ABI	$	11,144	$	16,651
JUUL	1,705		1,705
Cronos (1)	632		1,173
Total	$	13,481	$	19,529

(1) Altria’s investment in Cronos at December 31, 2021 consisted of Altria’s equity method investment in Cronos ($617 million), the Cronos warrant ($14 million) and the Fixed-price Preemptive Rights ($1 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 Years Ended December 31,
(in millions)	2021		2020		2019
ABI (1)	$	5,564	$	223	$	(1,229)
Cronos (1)	415		(12)		(496)
(Income) losses from investments under equity method of accounting	5,979		211		(1,725)
JUUL	—		(100)		—
(Income) losses from equity investments	$	5,979	$	111	$	(1,725)

(1) Includes Altria’s share of amounts recorded by its investees and additional adjustments, if required, 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.

Investees’ summarized financial data for Altria’s equity investments was as follows:

	For Altria’s Year Ended December 31,
	2021 (1)				2020 (2)				2019 (3)
(in millions)	ABI		Other Investments		ABI		Other Investments		ABI		Other Investments
Net revenues	$	52,864	$	1,313	$	48,294	$	37	$	54,187	$	21
Gross profit	$	30,653	$	757	$	28,438	$	(31)	$	33,735	$	10
Earnings (losses) from continuing operations	$	7,434	$	(800)	$	4,265	$	99	$	10,530	$	1,117
Net earnings (losses)	$	7,434	$	(800)	$	4,266	$	98	$	10,530	$	1,117
Net earnings (losses) attributable to equity investments	$	5,780	$	(798)	$	3,323	$	100	$	9,189	$	1,117

	At September 30,
	2021 (1)				2020 (2)
(in millions)	ABI		Other Investments		ABI		Other Investments
Current assets	$	21,593	$	1,882	$	28,672	$	1,394
Long-term assets	$	190,082	$	1,049	$	185,106	$	525
Current liabilities	$	33,540	$	451	$	34,884	$	143
Long-term liabilities	$	105,973	$	2,277	$	117,400	$	12
Convertible Preferred Stock	$	—	$	715	$	—	$	—
Noncontrolling interests	$	11,356	$	(3)	$	8,459	$	(3)

(1) Reflects a one-quarter lag. Other Investments reflect summarized financial data of Cronos’s and JUUL’s results for Altria’s year ended December 31, 2021, which includes JUUL’s results for the period November 11, 2020 (the date of Share Conversion, defined below) through September 30, 2021.

(2) Reflects a one-quarter lag. Other Investments reflect summarized financial data of Cronos.

(3) Reflects a one-quarter lag. Other Investments reflect summarized financial data of Cronos’s results for Altria’s year ended December 31, 2019, which includes 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 Altria’s investment in JUUL, which is classified in Level 3 of the fair value hierarchy:

(in millions)	Investment Balance
Balance at December 31, 2019	$	—
Transfers into Level 3 fair value	1,605
Unrealized gains (losses) included in (income) losses from equity investments	100
Balance at December 31, 2020	1,705
Unrealized gains (losses) included in (income) losses from equity investments	—
Balance at December 31, 2021	$	1,705