Investments in Equity Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments [Abstract]

Investment

The carrying amount of our investments consisted of the following:

(in millions)	March 31, 2023		December 31, 2022
ABI	$	9,211	$	8,975
JUUL	—		250
Cronos	348		375
Total	$	9,559	$	9,600

(Income) losses from investments in equity securities consisted of the following:

	For the Three Months Ended March 31,
(in millions)	2023			2022
ABI (1)	$	(205)		$	(200)
Cronos (1)	35			66
(Income) losses from investments under equity method of accounting	(170)			(134)
JUUL	250		(2)	100		(3)
(Income) losses from investments in equity securities	$	80		$	(34)

(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 United States generally accepted accounting principles (“GAAP”) and (ii) adjustments to our investment required under the equity method of accounting.

(2) Represents loss as a result of the disposition of our JUUL equity securities discussed below.

(3) Represents the estimated change in fair value. Prior to the disposition of our JUUL equity securities on March 3, 2023, we accounted for our investment in JUUL as an investment in an equity security measured at fair value.

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 was classified in Level 3 of the fair value hierarchy prior to the disposition of our JUUL equity securities discussed above:

(in millions)	Investment Balance
Balance at December 31, 2021	$	1,705
Unrealized losses (1)	(1,455)
Balance at December 31, 2022	250
Loss on disposition of JUUL equity securities (1)	(250)
Balance at March 31, 2023	$	—

(1) Included in (income) losses from investments in equity securities.