BAT Takes $31.5 Billion Charge on U.S. Cigarette Brands

British American Tobacco is booking a $31.5 billion charge to slash the value of its U.S. cigarette business, one of the biggest corporate write-offs in recent history.

The accounting charge, largely stemming from its 2017 takeover of the U.S. maker of Newport and Camel cigarettes, approaches the value erased by the failed merger of AOL and Time Warner. The media company took a $45.5 billion charge in 2003 a few years after its deal.