ALTRIA GROUP, INC. | 2013 | FY | 3


Investment in SABMiller
At December 31, 2013, Altria Group, Inc. held approximately 26.8% of the economic and voting interest of SABMiller. Altria Group, Inc. accounts for its investment in SABMiller under the equity method of accounting.
Pre-tax earnings from Altria Group, Inc.’s equity investment in SABMiller consisted of the following:
 
For the Years Ended December 31,
(in millions)
2013

 
2012

 
2011

Equity earnings
$
906

 
$
1,181

 
$
703

Gains resulting from issuances of common stock by SABMiller
85

 
43

 
27

 
$
991

 
$
1,224

 
$
730


Altria Group, Inc.’s equity earnings for the year ended December 31, 2012 included its share of pre-tax non-cash gains of $342 million resulting from SABMiller’s strategic alliance transactions with Anadolu Efes and Castel.
Summary financial data of SABMiller is as follows:
 
At December 31,
(in millions)
2013

 
2012

Current assets
$
5,833

 
$
5,742

Long-term assets
$
48,460

 
$
51,733

Current liabilities
$
8,177

 
$
8,944

Long-term liabilities
$
20,315

 
$
22,000

Noncontrolling interests
$
1,202

 
$
1,105


 
For the Years Ended December 31,
(in millions)
2013

 
2012

 
2011

Net revenues
$
22,684

 
$
23,449

 
$
20,780

Operating profit
$
4,201

 
$
5,243

 
$
3,603

Net earnings
$
3,375

 
$
4,362

 
$
2,596

The fair value of Altria Group, Inc.’s equity investment in SABMiller is based on unadjusted quoted prices in active markets and is classified in Level 1 of the fair value hierarchy. The fair value of Altria Group, Inc.’s equity investment in SABMiller at December 31, 2013 and 2012, was $22.1 billion and $19.8 billion, respectively, as compared with its carrying value of $6.5 billion and $6.6 billion, respectively.
At December 31, 2013, Altria Group, Inc.’s earnings reinvested in the business on its consolidated balance sheet included approximately $2.7 billion of undistributed earnings from its equity investment in SABMiller.

us-gaap:EquityMethodInvestmentsDisclosureTextBlock