British American Tobacco to Write Down $31.5 Billion on U.S. 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 Newports and Camels, falls short of the value erased by the failed merger of AOL and Time Warner.