Investments in Equity Securities (Tables)

9 Months Ended

Sep. 30, 2023

Investments [Abstract]

Investment

The carrying amount of our current and former investments consisted of the following:

(in millions)	September 30, 2023		December 31, 2022
ABI	$	9,563	$	8,975
Cronos	344		375
JUUL	—		250
Total	$	9,907	$	9,600

(Income) losses from our current and former investments in equity securities consisted of the following:

	For the Nine Months Ended September 30,						For the Three Months Ended September 30,
(in millions)	2023			2022			2023		2022
ABI (1)	$	(401)		$	2,155		$	(61)	$	2,367
Cronos (1)	46			197			3		11
(Income) losses from investments under equity method of accounting	(355)			2,352			(58)		2,378
JUUL	250		(2)	1,355		(3)	—		100		(3)
(Income) losses from investments in equity securities	$	(105)		$	3,707		$	(58)	$	2,478

(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 investments 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 former investment in JUUL as an investment in an equity security measured at fair value.