Investments in Equity Securities (Tables)

3 Months Ended

Mar. 31, 2025

The carrying amount of our investments consisted of the following:


(in millions)	March 31, 2025		December 31, 2024
ABI	$	7,798	$	7,880
Cronos	307		315

Total	$	8,105	$	8,195

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


	For the Three Months Ended March 31,
(in millions)	2025		2024
ABI (1)	$	(125)	$	(313)	(2)
Cronos (1)	(18)		18
(Income) losses from investments in equity securities	$	(143)	$	(295)

(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.

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