Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

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

Our 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
June 30, 2024
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations    and agencies	$	4,763	$	4,763	$	4,729	$	34	$	—
Foreign governments		10,419		10,419		10,197		222		—
Corporate bonds		1,386		1,386		—		841		545
Other		234		234		—		234		—
Investments in equity securities		284,871		284,871		274,502		10		10,359
Investments in Kraft Heinz & Occidental common stock		29,616		26,576		26,576		—		—
Loans and finance receivables		26,085		25,555		—		824		24,731
Derivative contract assets (1)		241		241		39		184		18
Derivative contract liabilities (1)		281		281		2		138		141
Notes payable and other borrowings:
Insurance and other		41,940		37,204		—		37,179		25
Railroad, utilities and energy		81,688		74,069		—		74,069		—
December 31, 2023
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations    and agencies	$	10,269	$	10,269	$	10,234	$	35	$	—
Foreign governments		11,805		11,805		11,559		246		—
Corporate bonds		1,449		1,449		—		860		589
Other		235		235		—		235		—
Investments in equity securities		353,842		353,842		343,358		10		10,474
Investments in Kraft Heinz & Occidental common stock		28,640		26,587		26,587		—		—
Loans and finance receivables		24,681		24,190		—		892		23,298
Derivative contract assets (1)		334		334		39		282		13
Derivative contract liabilities (1)		213		213		7		111		95
Notes payable and other borrowings:
Insurance and other		42,692		39,184		—		39,153		31
Railroad, utilities and energy		85,579		81,036		—		81,036		—

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(1)Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities.

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 significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the six months ended June 30, 2024 and 2023 follow (in millions).

	Balance at January 1		Gains (losses) in earnings			Acquisitions (dispositions)			Balance at June 30
Investments in equity securities:
2024	$	10,468	$	(114	)	$	—		$	10,354
2023		12,169		(86	)		(1,286	)		10,797

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

Quantitative information as of June 30, 2024 for the significant assets and liabilities 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	$	8,441	Discounted cash flow	Expected duration	5 years
				Discounts for liquidity    and subordination	372 bps
Common stock warrants		1,913	Warrant pricing model	Expected duration	5 years
				Volatility	41%