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Investments in Equity Securities (Tables) | 12 Months Ended
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Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Investment | The carrying amount of our investments consisted of the following at December 31:
(in millions) |  | 2022 |  | 2021
ABI |  | $ | 8,975 |  |  | $ | 11,144 |
JUUL |  | 250 |  |  | 1,705 |
Cronos (1) |  | 375 |  |  | 632 |
Total |  | $ | 9,600 |  |  | $ | 13,481 |
(1) Our investment in Cronos at December 31, 2021 consisted of our equity method investment in Cronos of $617 million and also included the Cronos warrant and the Fixed-price Preemptive Rights (collectively, “Investment in Cronos”), which were measured at fair value. We irrevocably abandoned the Cronos warrant on December 15, 2022, and the Fixed-price Preemptive Rights had no value at December 31, 2022. See below for further discussion. (Income) losses from investments in equity securities consisted of the following:
| For the Years Ended December 31,
(in millions) | 2022 |  | 2021 |  | 2020
ABI (1) | $ | 1,973 |  |  | $ | 5,564 |  |  | $ | 223 |
Cronos (1) | 213 |  |  | 415 |  |  | (12) |
(Income) losses from investments under equity method of accounting | 2,186 |  |  | 5,979 |  |  | 211 |
JUUL (2) | 1,455 |  |  | — |  |  | (100) |
(Income) losses from investments in equity securities | $ | 3,641 |  |  | $ | 5,979 |  |  | $ | 111 |
(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. (2) Investment in JUUL is accounted for as an investment in an equity security measured at fair value. See below for further discussion. Investees’ summarized financial data for our equity method investments was as follows:
| For Altria’s Year Ended December 31,
| 2022 (1) |  | 2021 (1) |  | 2020 (1)
(in millions) | ABI |  | Other Investments |  | ABI |  | Other Investments |  | ABI |  | Other Investments
Net revenues | $ | 57,267 |  |  | $ | 947 |  |  | $ | 52,864 |  |  | $ | 1,313 |  |  | $ | 48,294 |  |  | $ | 37 |
Gross profit | $ | 31,588 |  |  | $ | 525 |  |  | $ | 30,653 |  |  | $ | 757 |  |  | $ | 28,438 |  |  | $ | (31) |
Earnings (losses) from continuing operations | $ | 7,879 |  |  | $ | (521) |  |  | $ | 7,434 |  |  | $ | (800) |  |  | $ | 4,265 |  |  | $ | 99 |
Net earnings (losses) | $ | 7,879 |  |  | $ | (521) |  |  | $ | 7,434 |  |  | $ | (800) |  |  | $ | 4,266 |  |  | $ | 98 |
Net earnings (losses) attributable to equity investments | $ | 5,838 |  |  | $ | (520) |  |  | $ | 5,780 |  |  | $ | (798) |  |  | $ | 3,323 |  |  | $ | 100 |
| At September 30,
| 2022 (1) |  | 2021 (1)
(in millions) | ABI |  | Other Investments |  | ABI |  | Other Investments
Current assets | $ | 24,164 |  |  | $ | 963 |  |  | $ | 21,593 |  |  | $ | 1,882 |
Long-term assets | $ | 182,087 |  |  | $ | 274 |  |  | $ | 190,082 |  |  | $ | 1,049 |
Current liabilities | $ | 32,649 |  |  | $ | 38 |  |  | $ | 33,540 |  |  | $ | 451 |
Long-term liabilities | $ | 96,497 |  |  | $ | 8 |  |  | $ | 105,973 |  |  | $ | 2,277 |
Convertible Preferred Stock | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 715 |
Noncontrolling interests | $ | 11,778 |  |  | $ | (3) |  |  | $ | 11,356 |  |  | $ | (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 investment in JUUL as an equity method investment under the fair value option.
Equity Method Investments | We recorded non-cash, pre-tax unrealized losses, representing these changes, as follows:
| For the Years Ended December 31,
(in millions) | 2022 |  | 2021 |  | 2020
Fixed-price Preemptive Rights | $ | 1 |  |  | $ | 23 |  |  | $ | 45 |
Cronos warrant | 14 |  |  | 125 |  |  | 95 |
Total | $ | 15 |  |  | $ | 148 |  |  | $ | 140 |
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:
(in millions) |  | Investment Balance
Balance at December 31, 2020 |  | $ | 1,705 |
Unrealized gains (losses) included in (income) losses from investments in equity securities |  | — |
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 |

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