Fair value measurements (Tables)

12 Months Ended

Dec. 31, 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		Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2024
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations and    agencies	$	4,459	$	4,459	$	4,425	$	34	$	—
Foreign governments		9,362		9,362		9,199		163		—
Corporate and other		1,543		1,543		—		1,041		502
Investments in equity securities		271,588		271,588		261,910		10		9,668
Investments in Kraft Heinz & Occidental common     stock		30,682		23,047		23,047		—		—
Loans and finance receivables		27,798		27,579		—		810		26,769
Derivative contract assets (1)		201		201		33		158		10
Derivative contract liabilities (1)		234		234		15		143		76
Notes payable and other borrowings:
Insurance and other		44,885		40,181		—		40,158		23
Railroad, utilities and energy		79,877		72,506		—		72,506		—
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 and other		1,684		1,684		—		1,095		589
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		48,468		44,981		—		44,950		31
Railroad, utilities and energy		79,803		75,239		—		75,239		—

(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 each of the three years ending December 31, 2024 follow (in millions).

	Balance at the beginning of the year		Gains (losses) included in earnings			Acquisitions, dispositions and settlements			Balance at the end of the year
Investments in equity securities:
2024	$	10,468	$	(805	)	$	—		$	9,663
2023		12,169		(40	)		(1,661	)		10,468
2022		11,480		689			—			12,169

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

Quantitative information as of December 31, 2024 for the significant assets 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	$	8,429	Discounted cash flow	Expected duration	5 years
				Discount for illiquidity and subordination	372 bps
Common stock warrants		1,234	Warrant pricing model	Expected duration	6 years
				Volatility	42%