Berkshire and its subsidiaries hold investments in certain businesses that are accounted for pursuant to the equity method. Currently, the most significant of these are our investments in the common stock of The Kraft Heinz Company (“Kraft Heinz”) and Occidental. As of September 30, 2023, we owned 26.5% of the outstanding Kraft Heinz common stock and 25.3% of the outstanding Occidental common stock, which excludes the potential effect of the exercise of the Occidental common stock warrants.

Kraft Heinz manufactures and markets food and beverage products, including condiments and sauces, cheese and dairy, meals, meats, refreshment beverages, coffee and other grocery products. Occidental is an international energy company, whose activities include oil and natural gas exploration, development and production and chemicals manufacturing businesses. Occidental’s financial information is not available in time for concurrent reporting in our Consolidated Financial Statements. Therefore, we report the equity method effects for Occidental on a one-quarter lag.

The common stock of Kraft Heinz and Occidental are publicly traded. The fair values and our carrying values of these investments in addition to the carrying values of our other significant equity method investments are summarized as follows (in millions).


	Carrying Value				Fair Value
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Kraft Heinz	$	13,073	$	12,937	$	10,948	$	13,249
Occidental		13,987		11,484		14,541		12,242
Other		436		3,629
	$	27,496	$	28,050

We evaluated our investment in Kraft Heinz for other-than-temporary impairment as of September 30, 2023, and based on the prevailing facts and circumstances, concluded the recognition of an impairment charge in earnings was not required.

Our other significant equity method investments included our 50% interest in Berkadia Commercial Mortgage LLC (“Berkadia”), in which Jefferies Financial Group Inc. (“Jefferies”) owns the other 50% interest and PTC through January 31, 2023. Berkadia provides capital solutions, investment sales advisory and mortgage servicing for multifamily and commercial real estate. Berkadia’s commercial paper borrowing capacity (currently limited to $1.5 billion) is supported by a surety policy issued by a Berkshire insurance subsidiary. Jefferies is obligated to indemnify us for one-half of any losses incurred under the policy.

Beginning February 1, 2023, we ceased accounting for PTC under the equity method and began consolidating PTC for financial reporting purposes. Our investment in PTC under the equity method was $3.2 billion at December 31, 2022. Equity method earnings attributable to PTC were $105 million for the month ending January 31, 2023, $275 million for the third quarter of 2022 and $477 million for the first nine months of 2022.

The carrying values of our investments in Kraft Heinz and Berkadia approximate our share of the net equity of each of these entities. The carrying value of our investment in Occidental common stock exceeded our share of its shareholders’ equity as of June 30, 2023 by approximately $8.8 billion. Based upon the limited information available to us, we concluded the excess represents goodwill.

As previously indicated, we are reporting the equity method results for Occidental on a one-quarter lag. Thus, the earnings we recorded in 2023 related to Occidental’s earnings for the fourth quarter of 2022 and first six months of 2023. Our earnings and distributions received from equity method investments are summarized in the following table (in millions).


	Equity in Earnings								Distributions Received
	Third Quarter				First Nine Months				Third Quarter				First Nine Months
	2023		2022		2023		2022		2023		2022		2023		2022
Kraft Heinz	$	69	$	114	$	556	$	391	$	131	$	131	$	391	$	391
Occidental		169		—		773		—		40		—		101		—
Other		24		301		132		567		22		74		43		164
	$	262	$	415	$	1,461	$	958	$	193	$	205	$	535	$	555

Summarized consolidated financial information of Kraft Heinz follows (in millions).


	September 30, 2023		December 31, 2022
Assets	$	89,656	$	90,513
Liabilities		40,198		41,643


	Third Quarter				First Nine Months
	2023		2022		2023		2022
Sales	$	6,570	$	6,505	$	19,780	$	19,104
Net earnings attributable to Kraft Heinz common shareholders		262		432		2,098		1,473


	June 30, 2023		December 31, 2022
Assets	$	71,199	$	72,609
Liabilities		42,088		42,524


	Quarter ending June 30, 2023		Nine months ending June 30, 2023
Total revenues and other income	$	6,731	$	22,315
Net earnings attributable to Occidental common shareholders		605		3,315