Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Financial assets and liabilities measured at fair value on a recurring basis

Our financial assets and liabilities are summarized below, with fair values shown according to the fair value hierarchy (in millions). The carrying values of cash and cash equivalents, U.S. Treasury Bills, other receivables and accounts payable, accruals and other liabilities are considered to be reasonable estimates of or otherwise approximate the fair values.


	Carrying Value				Fair Value				Level 1				Level 2				Level 3
June 30, 2025
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations and agencies	$	3,857			$	3,857			$	3,823			$	34			$	—
Foreign governments		9,736				9,736				9,601				135				—
Corporate and other		1,491				1,491				—				1,015				476
Investments in equity securities		267,923				267,923				258,484				10				9,429
Investments in Kraft Heinz & Occidental common stock		24,866				19,538				19,538				—				—
Loans and finance receivables		28,722				28,744				—				396				28,348
Derivative contract assets (1)		197				197				29				152				16
Derivative contract liabilities (1)		218				218				11				105				102
Notes payable and other borrowings:
Insurance and other		45,040				40,319				—				40,284				35
Railroad, utilities and energy		81,980				75,387				—				75,387				—

December 31, 2024
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations and agencies	$	4,459			$	4,459			$	4,425			$	34			$	—
Foreign governments		9,362				9,362				9,199				163				—
Corporate and other		1,543				1,543				—				1,041				502
Investments in equity securities		271,588				271,588				261,910				10				9,668
Investments in Kraft Heinz & Occidental common stock		30,682				23,047				23,047				—				—
Loans and finance receivables		27,798				27,579				—				810				26,769
Derivative contract assets (1)		201				201				33				158				10
Derivative contract liabilities (1)		234				234				15				143				76
Notes payable and other borrowings:
Insurance and other		44,885				40,181				—				40,158				23
Railroad, utilities and energy		79,877				72,506				—				72,506				—

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(1) Assets are included in other assets, and liabilities are included in accounts payable, accruals and other liabilities.

Reconciliations of significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3)

Reconciliations of significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follow (in millions).


	Balance at January 1				Gains (losses) in earnings				Balance at June 30
Investments in equity securities:
2025	$	9,663			$	(240	)		$	9,423
2024		10,468				(114	)			10,354

Fair value assets and liabilities measured on recurring basis, unobservable inputs, additional information

Quantitative information as of June 30, 2025 for the significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follows (dollars in millions).


	Fair Value				Principal Valuation Techniques		Unobservable Inputs		Weighted Average
Investments in equity securities:
Preferred stock	$	8,635			Discounted cash flow		Expected duration		4 years
							Discounts for liquidity and subordination		325 bps
Common stock warrants		790			Warrant pricing model		Expected duration		5 years
							Volatility		42%