Fair value measurements (Tables)

9 Months Ended

Sep. 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
September 30, 2024
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations    and agencies	$	4,516	$	4,516	$	4,481	$	35	$	—
Foreign governments		9,904		9,904		9,708		196		—
Corporate bonds		1,394		1,394		—		850		544
Other		228		228		—		228		—
Investments in equity securities		271,650		271,650		261,865		10		9,775
Investments in Kraft Heinz & Occidental common stock		29,680		24,583		24,583		—		—
Loans and finance receivables		27,106		26,645		—		867		25,778
Derivative contract assets (1)		292		292		34		241		17
Derivative contract liabilities (1)		246		246		2		160		84
Notes payable and other borrowings:
Insurance and other		43,651		40,325		—		40,301		24
Railroad, utilities and energy		80,856		77,510		—		77,510		—
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 nine months ended September 30, 2024 and 2023 follow (in millions).

	Balance at January 1		Gains (losses) in earnings			Acquisitions (dispositions)			Balance at September 30
Investments in equity securities:
2024	$	10,468	$	(699	)	$	—		$	9,769
2023		12,169		190			(1,661	)		10,698

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

Quantitative information as of September 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	$	8,587	Discounted cash flow	Expected duration	5 years
				Discounts for liquidity    and subordination	372 bps
Common stock warrants		1,182	Warrant pricing model	Expected duration	5 years
				Volatility	42%