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Investments in Equity Securities (Tables)
 3 Months Ended
Mar. 31, 2022
Investments [Abstract]  
Investment
The carrying amount of our investments consisted of the following:
(in millions)March 31, 2022December 31, 2021
ABI$11,318 $11,144 
JUUL
1,605 1,705 
Cronos (1)
556 632 
Total
$13,479 $13,481 
(1) Our investment in Cronos at March 31, 2022 and December 31, 2021 consisted of our equity method investment in Cronos of $551 million and $617 million, respectively, and also included the Cronos warrant and the Fixed-price Preemptive Rights, which are measured at fair value (collectively, “Investment in Cronos”). 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 Three Months Ended March 31,
(in millions)20222021
ABI (1)
$(200)$(318)
Cronos (1)
66 67 
(Income) losses from investments under equity method of accounting(134)(251)
JUUL100 200 
(Income) losses from equity investments$(34)$(51)
(1) Includes our share of amounts recorded by our investees and additional adjustments, if required, related to (i) the conversion from international financial reporting standards to GAAP and (ii) adjustments to our investment required under the equity method of accounting.
We recorded non-cash, pre-tax unrealized (gains) losses, representing the changes in the fair values of the Fixed-price Preemptive Rights and Cronos warrant, as follows:
For the Three Months Ended March 31,
(in millions)20222021
Fixed-price Preemptive Rights$— $(14)
Cronos warrant10 (96)
Total$10 $(110)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table provides a reconciliation of the beginning and ending balance of our 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 December 31, 2021$1,705 
Unrealized gains (losses) included in (income) losses from equity investments(100)
Balance at March 31, 2022
$1,605