Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Financial assets and liabilities measured at fair value on a recurring basis

Our financial assets and liabilities are summarized below as of December 31, 2022 and December 31, 2021, 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		Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2022
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations and    agencies	$	9,802	$	9,802	$	9,733	$	69	$	—
Foreign governments		10,327		10,327		9,854		473		—
Corporate bonds		2,195		2,195		—		1,546		649
Other		2,804		2,804		—		2,804		—
Investments in equity securities		308,793		308,793		296,610		9		12,174
Investments in Kraft Heinz & Occidental common stock		24,421		25,491		25,491		—		—
Loans and finance receivables		23,208		23,428		—		1,513		21,915
Derivative contract assets (1)		589		589		56		474		59
Derivative contract liabilities (1)		242		242		8		122		112
Notes payable and other borrowings:
Insurance and other		46,538		41,961		—		41,061		900
Railroad, utilities and energy		76,206		67,651		—		67,651		—
December 31, 2021
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations and    agencies	$	3,303	$	3,303	$	3,261	$	42	$	—
Foreign governments		10,994		10,994		10,286		708		—
Corporate bonds		1,774		1,774		—		1,774		—
Other		363		363		—		363		—
Investments in equity securities		350,719		350,719		339,225		8		11,486
Investment in Kraft Heinz common stock		13,112		11,683		11,683		—		—
Loans and finance receivables		20,751		22,174		—		2,178		19,996
Derivative contract assets (1)		329		329		6		230		93
Derivative contract liabilities (1)		376		376		2		150		224
Notes payable and other borrowings:
Insurance and other		39,272		42,339		—		42,292		47
Railroad, utilities and energy		74,990		87,065		—		87,065		—

(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 each of the three years ending December 31, 2022 follow (in millions).

	Balance at beginning of year			Gains (losses) included in earnings			Acquisitions, dispositions and settlements		Transfers out of Level 3			Balance at December 31,
Investments in equity securities:
2022	$	11,480		$	689		$	—	$	—		$	12,169
2021		8,978			1,902			1,100		(500	)		11,480
2020		10,405			(1,426	)		—		(1	)		8,978
Equity index put option contract liabilities:
2021		(1,065	)		966			—		99			—
2020		(968	)		(159	)		62		—			(1,065	)

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

Quantitative information as of December 31, 2022 for the significant assets measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follows (in millions).

	Fair Value		Principal Valuation Techniques	Unobservable Inputs	Weighted Average
Investments in equity securities:
Preferred stock	$	9,964	Discounted cash flow	Expected duration	6 years
				Discount for transferability restrictions and subordination	372 bps
Common stock warrants		2,205	Warrant pricing model	Expected duration	6 years
				Volatility	39%