Berkshire and its subsidiaries hold investments in certain businesses that are accounted for pursuant to the equity method. The most significant of these are our investments in the common stock of The Kraft Heinz Company (“Kraft Heinz”) and Occidental. We began acquiring common stock of Occidental in 2022 and our aggregate voting interest in Occidental common stock exceeded 20% on August 4, 2022. We adopted the equity method as of that date. As of December 31, 2024, we owned 27.2% of the Kraft Heinz outstanding common stock and 28.2% of the outstanding Occidental common stock which excludes the potential effect of the exercise of Occidental’s outstanding 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.

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 commercial/multi-family real estate loans. Berkadia’s commercial paper borrowing capacity (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 carrying values of these investments are included in the following table (in millions).


	Carrying Value				Fair Value
	December 31,				December 31,
	2024		2023		2024		2023
Kraft Heinz	$	13,395	$	13,230	$	9,994	$	12,035
Occidental		17,287		15,410		13,053		14,552
Other		452		426
	$	31,134	$	29,066

Kraft Heinz and Occidental common stocks are publicly traded. As of December 31, 2024, the excess of our carrying value over the fair value of each of these investments based on their respective market prices was approximately 25% of the carrying value. We evaluated these investments for other-than-temporary impairment as of December 31, 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 December 31, 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 September 30, 2024 by approximately $9.9 billion. Based upon the limited information available to us, we concluded the excess represents goodwill.

As described in Note 2, 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. 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. Our earnings and distributions received from equity method investments are summarized in the following table (in millions).


	Equity in Earnings						Distributions Received
	Year ended December 31,						Year ended December 31,
	2024		2023		2022		2024		2023		2022
Kraft Heinz	$	745	$	758	$	628	$	521	$	521	$	521
Occidental		1,005		1,077		323		207		142		24
Other		91		138		912		65		58		284
	$	1,841	$	1,973	$	1,863	$	793	$	721	$	829

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


	December 28, 2024		December 30, 2023
Assets	$	88,287	$	90,339
Liabilities		38,962		40,617


	Year ended
	December 28, 2024		December 30, 2023		December 31, 2022
Sales	$	25,846	$	26,640	$	26,485
Net earnings attributable to common shareholders		2,744		2,855		2,363

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


	September 30, 2024		September 30, 2023
Assets	$	85,803	$	71,287
Liabilities		50,869		42,515


	Twelve months ending September 30,
	2024		2023
Total revenues and other income	$	27,572	$	29,715
Net earnings attributable to common shareholders		3,703		4,471