Investments in Equity Securities (Tables)

3 Months Ended

Mar. 31, 2024

The carrying amount of our investments consisted of the following:


(in millions)	March 31, 2024		December 31, 2023
ABI	$	8,070	$	9,676
Cronos	326		335

Total	$	8,396	$	10,011

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


	For the Three Months Ended March 31,
(in millions)	2024			2023
ABI (1)	$	(313)	(2)	$	(205)
Cronos (1)	18			35
(Income) losses from investments under equity method of accounting	(295)			(170)
JUUL	—			250		(3)
(Income) losses from investments in equity securities	$	(295)		$	80

(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) Includes $165 million of the total pre-tax gain on the ABI Transaction discussed below.

(3) Represents loss as a result of the disposition of our JUUL equity securities discussed below.

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 condensed consolidated statement of earnings:


(in millions)	For the Three Months Ended March 31, 2024
Gain on partial sale of our investment	$	165
Transaction costs	(62)
Total pre-tax gain on ABI Transaction	$	103