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 March 31, 2024, we owned 26.8% of the outstanding Kraft Heinz common stock and 28.2% of the outstanding Occidental common stock, which excluded 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.

Kraft Heinz and Occidental common stocks are publicly traded. The fair values and our carrying values of these investments are included in the following table (in millions).


	Carrying Value				Fair Value
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Kraft Heinz	$	13,274	$	13,230	$	12,009	$	12,035
Occidental		15,873		15,410		16,119		14,552
Other		438		426
	$	29,585	$	29,066

As of March 31, 2024, the excess of our carrying value over the fair value of our investment in Kraft Heinz was 9.5% of the carrying value. We evaluated this investment for other-than-temporary impairment as of March 31, 2024, and based on the prevailing facts and circumstances, concluded the recognition of an impairment charge in earnings was not required.

We also own a 50% interest in Berkadia Commercial Mortgage LLC (“Berkadia”), which is accounted for under the equity method and is included in other in the preceding table. Jefferies Financial Group Inc. (“Jefferies”) owns the other 50% interest. Berkadia engages in mortgage banking, investment sales and servicing of commercial/multi-family real estate loans. 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.

As of March 31, 2024, the carrying values of our investments in Kraft Heinz and Berkadia approximated our share of shareowners’ 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 December 31, 2023 by approximately $9.7 billion. Based upon the limited information available to us, we concluded the excess represents goodwill.

Our earnings and distributions received from equity method investments are summarized in the following table (in millions). As previously described, on February 1, 2023, we ceased accounting for Pilot under the equity method. Equity method earnings attributable to Pilot were $105 million for the month ending January 31, 2023. The earnings we recorded in the first quarter of 2024 and 2023 for Occidental represented our share of its earnings for the fourth quarter of 2023 and 2022, respectively.


	Equity in Earnings				Distributions Received
	First Quarter				First Quarter
	2024		2023		2024		2023
Kraft Heinz	$	215	$	222	$	130	$	130
Occidental		263		370		41		25
Other		15		96		4		—
	$	493	$	688	$	175	$	155

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


	March 30, 2024		December 30, 2023
Assets	$	90,309	$	90,339
Liabilities		40,621		40,617


	First Quarter
	2024		2023
Sales	$	6,411	$	6,489
Net earnings attributable to Kraft Heinz common shareholders		801		836


	December 31, 2023		September 30, 2023
Assets	$	74,008	$	71,287
Liabilities		43,659		42,515


	Quarter ending December 31, 2023		Quarter ending December 31, 2022
Total revenues and other income	$	7,529	$	8,326
Net earnings attributable to Occidental common shareholders		1,029		1,727