Berkshire and its subsidiaries hold investments in certain businesses that are accounted for pursuant to the equity method. Currently, the most significant of these are our investments in the common stock of The Kraft Heinz Company (“Kraft Heinz”) and, as of August 4, 2022, Occidental. We own 26.5% of Kraft Heinz common stock and we own 20.9% of Occidental common stock, which excludes the potential effect of the exercise of Occidental common stock warrants. See Note 4.

Kraft Heinz manufactures and markets food and beverage products, including condiments and sauces, cheese and dairy, meals, meats, refreshment beverages, coffee and other grocery products. Occidental is an international energy company, including oil and natural gas exploration, development and production, and chemicals manufacturing businesses. Occidental’s midstream businesses purchase, market, gather, process, transport and store various oil, natural gas, carbon dioxide and other products. We anticipate Occidental’s financial information will not be available in time for concurrent reporting in our consolidated financial statements. Therefore, we will report the equity method effects for Occidental on a one-quarter lag. Our earnings in the fourth quarter of 2022 will include our equity method share of Occidental's third quarter earnings.

The common stock of Kraft Heinz and Occidental are publicly traded. The fair values and carrying values of these two investments in addition to the carrying values of our other significant equity method investments are summarized as follows (in millions). We evaluated our investment in Kraft Heinz for impairment as of September 30, 2022. Based on the prevailing facts and circumstances, we concluded recognition of an impairment loss in earnings was not required.


	Carrying Value				Fair Value
	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
Kraft Heinz	$	12,769	$	13,112	$	10,853	$	11,683
Occidental		11,180		—		11,943		—
Other		4,765		4,263
	$	28,714	$	17,375

Our earnings and distributions received from equity method investments are summarized in the table below (in millions).


	Equity in Earnings								Distributions Received
	Third Quarter				First Nine Months				Third Quarter				First Nine Months
	2022		2021		2022		2021		2022		2021		2022		2021
Kraft Heinz	$	114	$	194	$	391	$	337	$	131	$	131	$	391	$	391
Occidental		—		—		—		—		—		—		—		—
Other		327		183		657		438		94		55		231		1,037
	$	441	$	377	$	1,048	$	775	$	225	$	186	$	622	$	1,428

As previously indicated, we will report the equity method effects for Occidental on a one-quarter lag. Our equity method share of Occidental's earnings will be reported in our earnings beginning in the fourth quarter of 2022. Distributions from other investees in the first nine months of 2021 included a special distribution of $849 million from Pilot Travel Centers (“Pilot”).

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


	September 24, 2022		December 25, 2021
Assets	$	89,992	$	93,394
Liabilities		41,649		43,942


	Third Quarter				First Nine Months
	2022		2021		2022		2021
Sales	$	6,505	$	6,324	$	19,104	$	19,333
Net earnings attributable to Kraft Heinz common shareholders		432		733		1,473		1,269


	June 30, 2022		December 31, 2021
Assets	$	74,221	$	75,036
Liabilities		46,391		54,709


	Second Quarter					First Six Months
	2022		2021			2022		2021
Total revenues and other income	$	10,735	$	6,010		$	19,268	$	11,489
Net earnings (loss) attributable to Occidental common shareholders		3,555		(97	)		8,231		(443	)

Other investments that we account for pursuant to the equity method include Berkadia Commercial Mortgage LLC (“Berkadia”), Pilot, Electric Transmission Texas, LLC (“ETT”) and Iroquois Gas Transmission System L.P. (“Iroquois”). Additional information concerning these investments follows.

We own a 50% interest in Berkadia, with Jefferies Financial Group Inc. (“Jefferies”) owning the other 50% interest. Berkadia provides capital solutions, investment sales advisory and mortgage servicing for multifamily and commercial real estate. Berkadia’s commercial paper borrowing capacity (currently limited to $1.5 billion) is supported by a surety policy issued by a Berkshire insurance subsidiary. Jefferies is obligated to indemnify us for one-half of any losses incurred under the policy. Berkshire Hathaway Energy (“BHE”) subsidiaries own 50% noncontrolling interests in ETT, an owner and operator of electric transmission assets in Texas, and Iroquois, an owner and operator of natural gas pipeline assets in New York and Connecticut.

We own a 38.6% interest in Pilot, headquartered in Knoxville, Tennessee. Pilot operates travel centers in North America through more than 800 retail locations across 44 U.S. states and six Canadian provinces and is a leading supplier of fuel to third parties. We have an agreement to acquire an additional 41.4% interest in Pilot in the first quarter of 2023 for a value to be determined, based upon Pilot's adjusted earnings in 2022 and its net debt at December 31, 2022. As a result, Berkshire will become the majority owner of Pilot at that time.