The market has already marked down the JUUL investment in the share price. I'm not sure the accounting treatment will make much difference.
I agree the accounting treatment is largely irrelevant. But whatever the current market value of JUUL is, is also largely irrelevant to MO.
For better or worse, MO has sunk $12.8 billion for 35% of JUUL. What the market thinks it is worth today, or how MO has to account for it doesn't change that. What matters is how much profit JUUL eventually makes which can flow to MO over time. Right now, doesn't look very good to ever earn a good return on that $12.8 billion; but then again, we have no access to JUUL's financials. Maybe that will change now with the new management. But even so, it will likely take several years to know the outcome.