Investments in Equity Securities (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investment

The carrying amount of our current and former investments consisted of the following at December 31:

(in millions)	2023		2022
ABI	$	9,676	$	8,975
Cronos	335		375
JUUL	—		250
Total	$	10,011	$	9,600

(Income) losses from our current and former investments in equity securities consisted of the following:

	For the Years Ended December 31,
(in millions)	2023			2022			2021
ABI (1)	$	(539)		$	1,973		$	5,564
Cronos (1)	46			213			415
(Income) losses from investments under equity method of accounting	(493)			2,186			5,979
JUUL	250		(2)	1,455		(3)	—
(Income) losses from investments in equity securities	$	(243)		$	3,641		$	5,979

(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 investments 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 former investment in JUUL as an investment in an equity security measured at fair value.

Investees’ summarized financial data for our equity method investments was as follows:

	For Altria’s Year Ended December 31,
	2023 (1)				2022 (1)				2021 (1)
(in millions)	ABI		Other Investments		ABI		Other Investments		ABI		Other Investments
Net revenues	$	59,841	$	87	$	57,267	$	947	$	52,864	$	1,313
Gross profit	$	32,371	$	9	$	31,588	$	525	$	30,653	$	757
Earnings (losses) from continuing operations	$	7,956	$	(105)	$	7,879	$	(521)	$	7,434	$	(800)
Net earnings (losses)	$	7,956	$	(108)	$	7,879	$	(521)	$	7,434	$	(800)
Net earnings (losses) attributable to equity investments	$	6,284	$	(108)	$	5,838	$	(520)	$	5,780	$	(798)

	At September 30,
	2023 (1)				2022 (1)
(in millions)	ABI		Other Investments		ABI		Other Investments
Current assets	$	22,835	$	918	$	24,164	$	963
Long-term assets	$	188,003	$	232	$	182,087	$	274
Current liabilities	$	35,407	$	31	$	32,649	$	38
Long-term liabilities	$	91,791	$	3	$	96,497	$	8
Noncontrolling interests	$	11,231	$	(3)	$	11,778	$	(3)

(1) Reflects a one-quarter lag. Other Investments reflect summarized financial data of Cronos, as well as JUUL’s financial data for the periods during which we accounted for our former investment in JUUL as an equity method investment under the fair value option.

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

The following table provides a reconciliation of the beginning and ending balance of our former investment in JUUL, which was classified in Level 3 of the fair value hierarchy prior to the disposition of our JUUL equity securities:

(in millions)	Investment Balance
Balance at December 31, 2021	$	1,705
Unrealized gains (losses) included in (income) losses from investments in equity securities	(1,455)
Balance at December 31, 2022	250
Non-cash, pre-tax (loss) on disposition included in (income) losses from investments in equity securities	(250)
Balance at December 31, 2023	$	—