Significant business acquisitions |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Business Combination [Abstract] | |
| Significant business acquisitions | (2) Significant business acquisitions Our long-held strategy is to acquire businesses that we believe possess consistent earning power, good returns on equity and able and honest management. Financial results attributable to business acquisitions are included in our Consolidated Financial Statements beginning on their respective acquisition dates. On January 2, 2026, Berkshire completed its acquisition of Occidental Petroleum Corporation’s (“Occidental”) chemicals business (“OxyChem”) pursuant to a definitive agreement as of October 1, 2025. Consideration paid to Occidental on January 2 was approximately $9.5 billion, which is subject to adjustment pursuant to the terms of the agreement. Also pursuant to the agreement, Occidental retained OxyChem’s legacy environmental liabilities. OxyChem is a global manufacturer of basic chemicals, with applications in water treatment, pharmaceuticals, healthcare, construction and other industries. Final determinations of the values of certain assets and liabilities of OxyChem are not completed due to the proximity of the acquisition date to the date of these Consolidated Financial Statements and the certain complexities inherent with the transaction. We preliminarily estimate the values of OxyChem assets and liabilities will approximate $10.8 billion and $1.3 billion, respectively, and that assets will primarily consist of property, plant and equipment, trade receivables, inventories, equity method investments and intangible assets. Goodwill is not expected to be material. We do not believe this acquisition will have a material impact on our Consolidated Financial Statements. Notes to Consolidated Financial Statements (2) Significant business acquisitions On January 31, 2023, we acquired a 41.4% interest in Pilot Travel Centers LLC (“Pilot”) for approximately $8.2 billion, increasing our ownership interest to 80%. Accordingly, we began consolidating Pilot’s financial statements in our Consolidated Financial Statements. Prior to that time, we accounted for our 38.6% interest in Pilot under the equity method of accounting. In applying the acquisition method of accounting, we remeasured our previously held 38.6% investment in Pilot to fair value as of the acquisition date. We recognized a pre-tax non-cash remeasurement gain of approximately $3.0 billion in 2023 as , representing the excess of the fair value of that interest over the carrying value under the equity method. |