Equity method investments (Tables)

3 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Summary of carrying value and fair value of investments

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

	Carrying Value				Fair Value
	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
Kraft Heinz	$	13,523	$	13,395	$	9,903	$	9,994
Occidental		17,165		17,287		13,078		13,053
Berkadia		456		452
	$	31,144	$	31,134

Summary of earnings and distributions received from equity method investments

Our earnings and distributions received from equity method investments are summarized in the following table (in millions). The earnings we recorded in the first quarter of 2025 and 2024 for Occidental represented our share of its earnings for the quarter ended December 31, 2024 and 2023, respectively.

	Equity in Earnings					Distributions Received
	First Quarter					First Quarter
	2025			2024		2025		2024
Kraft Heinz	$	195		$	215	$	130	$	130
Occidental		(82	)		263		56		41
Berkadia		13			15		9		4
	$	126		$	493	$	195	$	175

Summarized unaudited financial information

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

	March 29, 2025		December 28, 2024
Assets	$	90,274	$	88,287
Liabilities		40,669		38,962

	First Quarter
	2025		2024
Sales	$	5,999	$	6,411
Net earnings attributable to common shareholders		712		801

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

	December 31, 2024		September 30, 2024
Assets	$	85,445	$	85,803
Liabilities		50,965		50,869

	Quarter ended December 31,
	2024			2023
Total revenues and other income	$	6,837		$	7,529
Net earnings (loss) attributable to common shareholders		(297	)		1,029