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 Occidental. As of June 30, 2024, we owned 26.9% of the outstanding Kraft Heinz common stock and 28.8% of the outstanding Occidental common stock, which excludes the potential effect of the exercise of the Occidental common stock warrants.

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, whose activities include oil and natural gas exploration, development and production and chemicals manufacturing businesses. Occidental’s financial information is not available in time for concurrent reporting in our Consolidated Financial Statements. Therefore, we report the equity method effects for Occidental on a one-quarter lag.

Kraft Heinz and Occidental common stocks are publicly traded. The fair values and our carrying values of these investments are included in the following table (in millions).


	Carrying Value				Fair Value
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Kraft Heinz	$	13,161	$	13,230	$	10,486	$	12,035
Occidental		16,455		15,410		16,090		14,552
Other		449		426
	$	30,065	$	29,066

As of June 30, 2024, the excess of the carrying values over the fair values of our investments in Kraft Heinz and Occidental was 20% and 2%, respectively, of the carrying values of each investment. We evaluated these investments for other-than-temporary impairment as of June 30, 2024. We considered our ability and intent to hold the investment until the fair value exceeds carrying value, the magnitude and duration of the decline in fair value, the operating results of the company, as well as other factors. Based on the prevailing facts and circumstances, we concluded the recognition of an impairment charge in earnings was not required.

We also own a 50% interest in Berkadia Commercial Mortgage LLC (“Berkadia”), which is accounted for under the equity method and is included in other in the preceding table. Jefferies Financial Group Inc. (“Jefferies”) owns the other 50% interest. Berkadia engages in mortgage banking, investment sales and servicing of commercial/multi-family real estate loans. 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.

As of June 30, 2024, the carrying values of our investments in Kraft Heinz and Berkadia approximated our share of shareowners’ equity of each of these entities. The carrying value of our investment in Occidental common stock exceeded our share of its shareholders’ equity as of March 31, 2024 by approximately $10 billion. Based upon the limited information available to us, we concluded the excess represents goodwill.

Our earnings and distributions received from equity method investments are summarized in the following table (in millions). As previously described, on February 1, 2023, we ceased accounting for Pilot under the equity method. Equity method earnings attributable to Pilot were $105 million for the month ending January 31, 2023. The earnings we recorded in the first six months of 2024 and 2023 for Occidental represented our share of its earnings for the six months ending March 31, 2024 and 2023, respectively.


	Equity in Earnings								Distributions Received
	Second Quarter				First Six Months				Second Quarter				First Six Months
	2024		2023		2024		2023		2024		2023		2024		2023
Kraft Heinz	$	27	$	265	$	242	$	487	$	130	$	130	$	260	$	260
Occidental		200		234		463		604		55		36		96		61
Other		25		12		40		108		14		21		18		21
	$	252	$	511	$	745	$	1,199	$	199	$	187	$	374	$	342

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


	June 29, 2024		December 30, 2023
Assets	$	88,797	$	90,339
Liabilities		39,766		40,617


	Second Quarter				First Six Months
	2024		2023		2024		2023
Sales	$	6,476	$	6,721	$	12,887	$	13,210
Net earnings attributable to Kraft Heinz common shareholders		102		1,000		903		1,836


	March 31, 2024		September 30, 2023
Assets	$	74,277	$	71,287
Liabilities		43,310		42,515


	Quarter ending March 31,				Six months ending March 31,
	2024		2023		2024		2023
Total revenues and other income	$	6,010	$	7,258	$	13,539	$	15,584
Net earnings attributable to Occidental common shareholders		718		983		1,747		2,710