Investments in Equity Securities Investments in Equity Securities (Tables)

9 Months Ended

Sep. 30, 2020

Altria’s investments consisted of the following:


	Carrying Amount
	September 30, 2020		December 31, 2019
	(in millions)
ABI	$	16,716	$	18,071
JUUL	1,605		4,205
Cronos (1)	1,087		1,305
Total	$	19,408	$	23,581

(1) September 30, 2020 includes Altria’s equity method investment in Cronos ($986 million), the Cronos warrant ($86 million) and the Fixed-price Preemptive Rights ($15 million) and December 31, 2019 includes Altria’s equity method investment in Cronos ($1,002 million), the Cronos warrant ($234 million) and the Fixed -price Preemptive Rights ($69 million), as discussed further below.

Equity Method Investments

Earnings (losses) from equity investments accounted for under the equity method of accounting consisted of the following:


	For the Nine Months Ended September 30,				For the Three Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
ABI (1)	$	(306)	$	640	$	(418)	$	252
Cronos	—		226		(54)		81
Total	$	(306)	$	866	$	(472)	$	333

(1) At September 30, 2020 Altria recorded pre-tax losses associated with its share of ABI’s completion of the sale of its Australia subsidiary and ABI’s goodwill impairment charge associated with its Africa businesses. These amounts include Altria’s share of amounts recorded by ABI in its second quarter of 2020, as well as additional adjustments related to (i) conversion from international financial reporting standards to United States generally accepted accounting principles, and (ii) adjustments to Altria’s investment required under the equity method of accounting.