Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

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

Our significant 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
December 31, 2025
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations and agencies		$	3,849			$	3,849			$	3,815			$	34			$	—
Foreign governments			12,542				12,542				12,411				131				—
Corporate and other			1,425				1,425				—				983				442
Investments in equity securities			297,778				297,778				288,232				10				9,536
Investments in Kraft Heinz & Occidental common stock			19,528				18,791				18,791				—				—
Loans and finance receivables			29,836				30,532				—				294				30,238
Other assets			141				141				13				119				9
Other liabilities			188				188				13				119				56
Notes payable and other borrowings:
Insurance and other			45,763				40,924				—				40,892				32
Railroad, utilities and energy			83,318				76,803				—				76,803				—

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
Other assets			201				201				33				158				10
Other liabilities			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				—

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 our significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for each of the three years ending December 31, 2025 follow (in millions).


		Balance at the beginning of the year				Gains (losses) included in earnings				Dispositions and settlements				Balance at the end of the year
Investments in equity securities:
2025		$	9,663			$	(134	)		$	—			$	9,529
2024			10,468				(805	)			—				9,663
2023			12,169				(40	)			(1,661	)			10,468

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

Quantitative information as of December 31, 2025 for the significant assets 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		$	8,805			Discounted cash flow		Expected duration		4 years
								Discount for illiquidity and subordination		325 bps

Common stock warrants			724			Warrant pricing model		Expected duration		5 years
								Volatility		43%