Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2025

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
March 31, 2025
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations    and agencies	$	4,042	$	4,042	$	4,008	$	34	$	—
Foreign governments		9,452		9,452		9,330		122		—
Corporate and other		1,541		1,541		—		1,043		498
Investments in equity securities		263,735		263,735		253,939		10		9,786
Investments in Kraft Heinz & Occidental common stock		30,688		22,981		22,981		—		—
Loans and finance receivables		28,131		27,519		—		385		27,134
Derivative contract assets (1)		186		186		31		138		17
Derivative contract liabilities (1)		244		244		15		133		96
Notes payable and other borrowings:
Insurance and other		44,461		39,698		—		39,662		36
Railroad, utilities and energy		81,466		74,876		—		74,876		—
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		—

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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) follow (in millions).

	Balance at January 1		Gains (losses) in earnings		Balance at March 31
Investments in equity securities:
2025	$	9,663	$	117	$	9,780
2024		10,468		199		10,667

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

Quantitative information as of March 31, 2025 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	$	8,618	Discounted cash flow	Expected duration	5 years
				Discounts for liquidity    and subordination	325 bps
Common stock warrants		1,162	Warrant pricing model	Expected duration	6 years
				Volatility	42%