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Investments in Equity Securities (Tables) | 3 Months Ended
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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.

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -URI https://asc.fasb.org/topic&trid=2197064 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 321 -URI https://asc.fasb.org/topic&trid=75115024 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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