Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2026

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, 2026
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations and agencies	$	3,880			$	3,880			$	3,847			$	33			$	—
Foreign governments		12,391				12,391				12,268				123				—
Corporate and other		1,398				1,398				—				964				434
Investments in equity securities		288,034				288,034				277,285				10				10,739
Investments in Kraft Heinz & Occidental common stock		19,497				24,545				24,545				—				—
Loans and finance receivables		30,101				29,655				—				223				29,432
Other assets		193				193				13				168				12
Other liabilities		365				365				15				281				69
Notes payable and other borrowings:
Insurance and other		42,835				37,441				—				37,418				23
Railroad, utilities and energy		86,051				78,118				—				78,118				—

December 31, 2025
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations and agencies	$	3,849			$	3,849			$	3,815			$	34			$	—
Foreign governments		12,542				12,542				12,411				131				—
Corporate and other		1,425				1,425				—				983				442
Investments in equity securities		297,778				297,778				288,232				10				9,536
Investments in Kraft Heinz & Occidental common stock		19,528				18,791				18,791				—				—
Loans and finance receivables		29,836				30,532				—				294				30,238
Other assets		141				141				13				119				9
Other liabilities		188				188				13				119				56
Notes payable and other borrowings:
Insurance and other		45,763				40,924				—				40,892				32
Railroad, utilities and energy		83,318				76,803				—				76,803				—

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 the beginning of the year				Gains (losses) in earnings				Balance at March 31
Investments in equity securities:
2026	$	9,529			$	1,203			$	10,732
2025		9,663				117				9,780

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

Quantitative information as of March 31, 2026 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	$	8,825			Discounted cash flow		Expected duration		4 years
							Discounts for liquidity and subordination		325 bps
Common stock warrants		1,907			Warrant pricing model		Expected duration		5 years
							Volatility		43%