v3.25.2
Equity method investments (Tables)
6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Summary of carrying value and fair value of investments

Our investments in Kraft Heinz, Occidental and Berkadia are summarized as follows (in millions).

 

Carrying Value

 

 

Fair Value

 

 

June 30,
2025

 

 

December 31,
2024

 

 

June 30,
2025

 

 

December 31,
2024

 

Kraft Heinz

$

8,408

 

 

$

13,395

 

 

$

8,408

 

 

$

9,994

 

Occidental

 

16,458

 

 

 

17,287

 

 

 

11,130

 

 

 

13,053

 

Berkadia

 

457

 

 

 

452

 

 

 

 

 

 

 

 

$

25,323

 

 

$

31,134

 

 

 

 

 

 

 

 

Summary of earnings and distributions received from equity method investments

Our equity in earnings and distributions received from equity method investments are as follows (in millions).

 

Equity in Earnings

 

 

Distributions Received

 

 

Second Quarter

 

 

First Six Months

 

 

Second Quarter

 

 

First Six Months

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Kraft Heinz*

$

(4,991

)

 

$

27

 

 

$

(4,796

)

 

$

242

 

 

$

130

 

 

$

130

 

 

$

260

 

 

$

260

 

Occidental*

 

216

 

 

 

200

 

 

 

134

 

 

 

463

 

 

 

64

 

 

 

55

 

 

 

120

 

 

 

96

 

Berkadia

 

30

 

 

 

25

 

 

 

43

 

 

 

40

 

 

 

29

 

 

 

14

 

 

 

38

 

 

 

18

 

 

$

(4,745

)

 

$

252

 

 

$

(4,619

)

 

$

745

 

 

$

223

 

 

$

199

 

 

$

418

 

 

$

374

 

——————

* We report our equity earnings in Occidental’s earnings on a one-quarter lag and, as indicated below, in the second quarter of 2025 we began reporting our equity earnings in Kraft Heinz’s earnings on a one-quarter lag.

Summarized unaudited financial information

Summarized financial information of Kraft Heinz follows (in millions).

 

March 29,
2025

 

 

December 28,
2024

 

Assets

$

90,274

 

 

$

88,287

 

Liabilities

 

40,669

 

 

 

38,962

 

 

 

Quarter Ended March 29, 2025

 

 

Quarter Ended June 29, 2024

 

 

Six Months Ended June 29, 2024

 

Sales

$

5,999

 

 

$

6,476

 

 

$

12,887

 

Net earnings attributable to common shareholders

 

712

 

 

 

102

 

 

 

903

 

Summarized financial information of Occidental follows (in millions).

 

March 31,
2025

 

 

September 30,
2024

 

Assets

$

84,967

 

 

$

85,803

 

Liabilities

 

49,862

 

 

 

50,869

 

 

 

Quarter Ended March 31,

 

 

Six Months Ended March 31,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Total revenues and other income

$

6,843

 

 

$

6,010

 

 

$

13,680

 

 

$

13,539

 

Net earnings attributable to common shareholders

 

766

 

 

 

718

 

 

 

469

 

 

 

1,747