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 September 30, 2024, we owned 26.9% of the outstanding Kraft Heinz common stock and 28.2% 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.

We also own a 50% interest in Berkadia Commercial Mortgage LLC (“Berkadia”), which is included in other in the following 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.

The fair values and our carrying values of these investments are included in the following table (in millions).


	Carrying Value				Fair Value
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Kraft Heinz	$	13,008	$	13,230	$	11,426	$	12,035
Occidental		16,672		15,410		13,157		14,552
Other		453		426
	$	30,133	$	29,066

As of September 30, 2024, the excess of the carrying values over the fair values of our investments in Kraft Heinz and Occidental was 12% and 21%, respectively, of the carrying values of each investment. We evaluated these investments for other-than-temporary impairment as of September 30, 2024. For each investment, 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.

As of September 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 common shareholders’ equity as of June 30, 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 described in Note 3, we ceased accounting for Pilot under the equity method as of February 1, 2023. Equity method earnings attributable to Pilot were $105 million for the month ending January 31, 2023 and are reported in other in the following table. The earnings we recorded in the first nine months of 2024 and 2023 for Occidental represented our share of its earnings for the nine months ending June 30, 2024 and 2023, respectively.


	Equity in Earnings									Distributions Received
	Third Quarter					First Nine Months				Third Quarter				First Nine Months
	2024			2023		2024		2023		2024		2023		2024		2023
Kraft Heinz	$	(78	)	$	69	$	164	$	556	$	131	$	131	$	391	$	391
Occidental		277			169		740		773		55		40		151		101
Other		23			24		63		132		19		22		37		43
	$	222		$	262	$	967	$	1,461	$	205	$	193	$	579	$	535

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


	September 28, 2024		December 30, 2023
Assets	$	88,566	$	90,339
Liabilities		40,097		40,617


	Third Quarter					First Nine Months
	2024			2023		2024		2023
Sales	$	6,383		$	6,570	$	19,270	$	19,780
Net earnings attributable to common shareholders		(290	)		262		613		2,098


	June 30, 2024		September 30, 2023
Assets	$	76,216	$	71,287
Liabilities		43,957		42,515


	Quarter ending June 30,				Nine months ending June 30,
	2024		2023		2024		2023
Total revenues and other income	$	6,879	$	6,731	$	20,418	$	22,315
Net earnings attributable to common shareholders		992		605		2,739		3,315