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Fair value measurements (Tables) | 3 Months Ended
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Mar. 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 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury, U.S. government corporations and agencies |  | $ | 4,503 |  |  | $ | 4,503 |  |  | $ | 4,469 |  |  | $ | 34 |  |  | $ | — |
Foreign governments |  |  | 10,997 |  |  |  | 10,997 |  |  |  | 10,748 |  |  |  | 249 |  |  |  | — |
Corporate bonds |  |  | 1,429 |  |  |  | 1,429 |  |  |  | — |  |  |  | 851 |  |  |  | 578 |
Other |  |  | 238 |  |  |  | 238 |  |  |  | — |  |  |  | 238 |  |  |  | — |
Investments in equity securities |  |  | 335,864 |  |  |  | 335,864 |  |  |  | 325,182 |  |  |  | 10 |  |  |  | 10,672 |
Investments in Kraft Heinz & Occidental common stock |  |  | 29,147 |  |  |  | 28,128 |  |  |  | 28,128 |  |  |  | — |  |  |  | — |
Loans and finance receivables |  |  | 25,435 |  |  |  | 24,981 |  |  |  | — |  |  |  | 898 |  |  |  | 24,083 |
Derivative contract asset s (1) |  |  | 238 |  |  |  | 238 |  |  |  | 38 |  |  |  | 183 |  |  |  | 17 |
Derivative contract liabilities (1) |  |  | 295 |  |  |  | 295 |  |  |  | 4 |  |  |  | 150 |  |  |  | 141 |
Notes payable and other borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance and other |  |  | 40,723 |  |  |  | 36,693 |  |  |  | — |  |  |  | 36,668 |  |  |  | 25 |
Railroad, utilities and energy |  |  | 82,031 |  |  |  | 75,921 |  |  |  | — |  |  |  | 75,921 |  |  |  | — |
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 liabiliti es (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 |  |  |  | — |
—————— (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 three months ended March 31, 2024 and 2023 follow (in millions).
| Balance at January 1 |  |  | Gains (losses) in earnings |  |  | Acquisitions (dispositions) |  |  | Transfers out of Level 3 |  |  | Balance at March 31 |
Investments in equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
2024 | $ | 10,468 |  |  | $ | 199 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,667 |
2023 |  | 12,169 |  |  |  | (54 | ) |  |  | (521 | ) |  |  | — |  |  |  | 11,594 |
Fair value assets and liabilities measured on recurring basis, unobservable inputs, additional information | Quantitative information as of March 31, 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 |  | $ | 8,609 |  |  | Discounted cash flow |  | Expected duration |  | 6 years
|  |  |  |  |  |  | Discounts for liquidity and subordination |  | 372 bps
Common stock warrants |  |  | 2,058 |  |  | Warrant pricing model |  | Expected duration |  | 6 years
|  |  |  |  |  |  | Volatility |  | 41%

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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