XML 57 R37.htm IDEA: XBRL DOCUMENT v3.25.4
Investments in Equity Securities (Tables)
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investment
The carrying amount of our investments consisted of the following at December 31:
(in millions)20252024
ABI
$8,303 $7,880 
Cronos314 315 
Total
$8,617 $8,195 
(Income) losses from our current and former investments in equity securities consisted of the following:
For the Years Ended December 31,
(in millions)202520242023
ABI (1)
$(498)$(673)(2)$(539)
Cronos (1)
(12)21 46  
(Income) losses from investments under equity method of accounting(510)(652)(493)
JUUL— — 250 (3)
(Income) losses from investments in equity securities$(510)$(652)$(243)
(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 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 a non-cash, pre-tax loss on the disposition of our JUUL equity securities discussed below.
Investees’ summarized financial data for our equity method investments that we report using a one-quarter lag was as follows:
For the Twelve Months Ended September 30,
202520242023
(in millions)ABICronosABICronosABICronos
Net revenues$58,986 $132 $60,103 $111 $59,841 $87 
Gross profit$32,841 $57 $32,974 $17 $32,371 $9 
Earnings (losses) from continuing operations$8,134 $42 $8,108 $(48)$7,956 $(105)
Net earnings (losses)$8,134 $42 $8,108 $(49)$7,956 $(108)
Net earnings (losses) attributable to equity investments$6,411 $36 $6,501 $(47)$6,284 $(108)
At September 30,
20252024
(in millions)ABICronosABICronos
Current assets$23,034 $922 $22,525 $959 
Long-term assets$187,082 $256 $185,318 $225 
Current liabilities$35,025 $41 $31,182 $40 
Long-term liabilities$86,915 $5 $92,377 $13 
Noncontrolling interests
$10,675 $50 $10,831 $50 
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 consolidated statement of earnings:
(in millions)For the Year Ended December 31, 2024
Gain on partial sale of our investment$165 
Transaction costs(62)
Total pre-tax gain on ABI Transaction$103