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Investments in Equity Securities Investments in Equity Securities (Tables)

3 Months Ended

Mar. 31, 2021

Investments [Abstract]

Investment

Altria’s investments consisted of the following:

						Carrying Amount
(in millions)						March 31, 2021						December 31, 2020
ABI						$	17,390					$	16,651
JUUL						1,505						1,705
Cronos (1)						1,238						1,173
Total						$	20,133					$	19,529

(1) March 31, 2021 included Altria’s equity method investment in Cronos ($965 million), the Cronos warrant ($235 million) and the Fixed-price Preemptive Rights ($38 million), (collectively, “Investment in Cronos”). The Investment in Cronos at December 31, 2020 included 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 Three Months Ended March 31,
(in millions)			2021						2020
ABI			$	318					$	134
Cronos			(67)						23
Income (losses) from investments under equity method of accounting			251						157
JUUL			(200)						—
Income (losses) from equity investments			$	51					$	157

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

The following table provides a reconciliation of the beginning and ending balance of the JUUL investment, 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						(200)
Balance at March 31, 2021						$	1,505

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