Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016 and December 31, 2015 with fair values shown according to the fair value hierarchy (in millions). The carrying values of cash and cash equivalents, U.S. Treasury Bills, receivables and accounts payable, accruals and other liabilities are considered to be reasonable estimates of their fair values.

	Carrying Value		Fair Value		Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2016
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations and agencies	$	4,527	$	4,527	$	3,099	$	1,428	$	—
States, municipalities and political subdivisions		1,216		1,216		—		1,216		—
Foreign governments		9,001		9,001		7,237		1,764		—
Corporate bonds		7,604		7,604		—		7,540		64
Mortgage-backed securities		1,117		1,117		—		1,117		—
Investments in equity securities		122,032		122,032		122,031		—		1
Investment in Kraft Heinz common stock		15,345		28,418		28,418		—		—
Other investments		17,256		17,256		—		—		17,256
Loans and finance receivables		13,300		13,717		—		13		13,704
Derivative contract assets (1)		142		142		5		43		94
Derivative contract liabilities:
Railroad, utilities and energy (1)		145		145		3		114		28
Equity index put options		2,890		2,890		—		—		2,890
Notes payable and other borrowings:
Insurance and other		27,175		27,712		—		27,712		—
Railroad, utilities and energy		59,085		65,774		—		65,774		—
Finance and financial products		15,384		15,825		—		15,469		356
December 31, 2015
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations and agencies	$	3,427	$	3,427	$	2,485	$	942	$	—
States, municipalities and political subdivisions		1,764		1,764		—		1,764		—
Foreign governments		11,468		11,468		9,188		2,280		—
Corporate bonds		7,926		7,926		—		7,826		100
Mortgage-backed securities		1,442		1,442		—		1,442		—
Investments in equity securities		112,137		112,137		112,101		35		1
Investment in Kraft Heinz common stock		15,714		23,679		23,679		—		—
Investment in Kraft Heinz Preferred Stock		7,710		8,363		—		—		8,363
Other investments		21,402		21,402		—		—		21,402
Loans and finance receivables		12,772		13,112		—		16		13,096
Derivative contract assets (1)		103		103		—		5		98
Derivative contract liabilities:
Railroad, utilities and energy (1)		237		237		13		177		47
Finance and financial products:
Equity index put options		3,552		3,552		—		—		3,552
Credit default		284		284		—		—		284
Notes payable and other borrowings:
Insurance and other		14,599		14,773		—		14,773		—
Railroad, utilities and energy		57,739		62,471		—		62,471		—
Finance and financial products		11,951		12,363		—		11,887		476

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

Reconciliations of assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3)

Reconciliations of 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, 2016 follow (in millions).

	Investments in fixed maturity securities			Investments in equity securities and other investments			Net derivative contract liabilities
Balance December 31, 2013	$	372		$	17,958		$	(5,255	)
Gains (losses) included in:
Earnings		—			—			524
Other comprehensive income		13			1,373			—
Regulatory assets and liabilities		—			—			5
Acquisitions		—			3,000			1
Dispositions and settlements		(2	)		—			1
Transfers into/out of Level 3		(375	)		(335	)		(35	)
Balance December 31, 2014		8			21,996			(4,759	)
Gains (losses) included in:
Earnings		—			—			1,080
Other comprehensive income		(2	)		(593	)		(7	)
Regulatory assets and liabilities		—			—			(19	)
Acquisitions		101			—			—
Dispositions and settlements		(7	)		—			(83	)
Transfers into/out of Level 3		—			—			3
Balance December 31, 2015		100			21,403			(3,785	)
Gains (losses) included in:
Earnings		—			3,593			880
Other comprehensive income		(4	)		876			(2	)
Regulatory assets and liabilities		—			—			(11	)
Acquisitions		10			—			—
Dispositions and settlements		(41	)		(8,615	)		(101	)
Transfers into/out of Level 3		(1	)		—			195
Balance December 31, 2016	$	64		$	17,257		$	(2,824	)

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

Quantitative information as of December 31, 2016, with respect to assets and liabilities 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
Other investments:
Preferred stocks	$	7,659		Discounted cash flow		Expected duration		7 years
						Discount for transferability restrictions and subordination		145 basis points
Common stock warrants		9,597		Warrant pricing model		Discount for transferability and hedging restrictions		5%
Derivative liabilities:
Equity index put options		2,890		Option pricing model		Volatility		20%