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Fair value measurements (Tables)

9 Months Ended

Sep. 30, 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
September 30, 2025
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations    and agencies	$	4,626			$	4,626			$	4,592			$	34			$	—
Foreign governments		11,842				11,842				11,708				134				—
Corporate and other		1,475				1,475				—				1,008				467
Investments in equity securities		283,241				283,241				273,424				11				9,806
Investments in Kraft Heinz & Occidental common stock		25,073				20,998				20,998				—				—
Loans and finance receivables		29,327				28,912				—				396				28,516
Derivative contract assets (1)		184				184				28				142				14
Derivative contract liabilities (1)		142				142				12				85				45
Notes payable and other borrowings:
Insurance and other		45,617				41,048				—				41,015				33
Railroad, utilities and energy		81,626				76,115				—				76,115				—
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				—

——————

(1) Assets are included in other assets, and liabilities are included in accounts payable, accruals and other liabilities of railroad, utilities and energy.

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 September 30
Investments in equity securities:
2025	$	9,663			$	136			$	9,799
2024		10,468				(699	)			9,769

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

Quantitative information as of September 30, 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	$	8,780			Discounted cash flow		Expected duration		4 years
							Discounts for liquidity    and subordination		325 bps
Common stock warrants		1,019			Warrant pricing model		Expected duration		5 years
							Volatility		43%

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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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/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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