Equity method investments (Tables)

9 Months Ended

Sep. 30, 2022

Equity Method Investments And Joint Ventures [Abstract]

Summary of carrying value and fair value of investments

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

Summary of earnings and distributions received from equity method investments

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

Summarized unaudited financial information of Kraft Heinz

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

Summarized consolidated financial information of Occidental follows (in millions).

	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	)