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Investments in Equity Securities (Tables)
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investment
The carrying amount of our investments consisted of the following at December 31:
(in millions)20242023
ABI
$7,880 $9,676 
Cronos315 335 
Total
$8,195 $10,011 
(Income) losses from our current and former investments in equity securities consisted of the following:
For the Years Ended December 31,
(in millions)202420232022
ABI (1)
$(673)(2)$(539)$1,973 
Cronos (1)
21 46 228  
(Income) losses from investments under equity method of accounting(652)(493)2,201 
JUUL— 250 (3)1,455 (4)
(Income) losses from investments in equity securities$(652)$(243)$3,656 
(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) Includes $165 million of the total pre-tax gain on the ABI Transaction discussed below.
(3) Represents the loss as a result of the disposition of our JUUL equity securities discussed below.
(4) Represents the estimated change in fair value. Prior to the disposition of our JUUL equity securities in March 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,
2024 (1)
2023 (1)
2022 (1)
(in millions)ABIOther InvestmentsABIOther InvestmentsABIOther Investments
Net revenues$60,103 $111 $59,841 $87 $57,267 $947 
Gross profit$32,974 $17 $32,371 $9 $31,588 $525 
Earnings (losses) from continuing operations$8,108 $(48)$7,956 $(105)$7,879 $(521)
Net earnings (losses)$8,108 $(49)$7,956 $(108)$7,879 $(521)
Net earnings (losses) attributable to equity investments$6,501 $(47)$6,284 $(108)$5,838 $(520)
(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.
At September 30,
2024 (2)
2023 (2)
(in millions)ABIOther InvestmentsABIOther Investments
Current assets$22,525 $959 $22,835 $918 
Long-term assets$185,318 $225 $188,003 $232 
Current liabilities$31,182 $40 $35,407 $31 
Long-term liabilities$92,377 $13 $91,791 $3 
Noncontrolling interests
$10,831 $50 $11,231 $(3)
(2) Reflects a one-quarter lag. Other Investments reflect summarized financial data of Cronos.
Schedule of Sale of Stock by Subsidiary or Equity Method Investee Disclosure
As a result of the ABI Transaction, we recorded the following pre-tax amounts in our consolidated statement of earnings:
(in millions)For the Year Ended December 31, 2024
Gain on partial sale of our investment$165 
Transaction costs(62)
Total pre-tax gain on ABI Transaction$103 
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, 2022$250 
Non-cash, pre-tax (loss) on disposition included in (income) losses from investments in equity securities(250)
Balance at December 31, 2023$—