Berkshire Hathaway 2013 Annual Report Download - page 56

Notes to Consolidated Financial Statements (Continued)
(18) Fair value measurements
Our financial assets and liabilities are summarized below as of December 31, 2013 and December 31, 2012 with fair values
shown according to the fair value hierarchy (in millions). The carrying values of cash and cash equivalents, accounts receivable
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, 2013
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations and
agencies ................................ $ 2,658 $ 2,658 $ 2,184 $ 473 $ 1
States, municipalities and political subdivisions . . . 2,345 2,345 — 2,345 —
Foreign governments ........................ 11,073 11,073 7,467 3,606 —
Corporate bonds ............................ 11,237 11,254 — 10,187 1,067
Mortgage-backed securities ................... 2,040 2,040 — 2,040 —
Investments in equity securities .................... 117,505 117,505 117,438 60 7
Investment in Heinz Holding Preferred Stock ......... 7,710 7,971 — — 7,971
Other investments ............................... 17,951 17,951 — — 17,951
Loans and finance receivables ..................... 12,826 12,002 — 454 11,548
Derivative contract assets (1) ....................... 87 87 3 15 69
Derivative contract liabilities:
Railroad, utilities and energy (1) ................ 208 208 1 198 9
Finance and financial products:
Equity index put options .................. 4,667 4,667 — — 4,667
Credit default .......................... 648 648 — — 648
Notes payable and other borrowings:
Insurance and other ......................... 12,902 13,147 — 13,147 —
Railroad, utilities and energy .................. 46,655 49,879 — 49,879 —
Finance and financial products ................. 12,667 13,013 — 12,354 659
December 31, 2012
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations and
agencies ................................ $ 2,775 $ 2,775 $ 1,225 $ 1,549 $ 1
States, municipalities and political subdivisions . . . 2,913 2,913 — 2,912 1
Foreign governments ........................ 11,355 11,355 4,571 6,784 —
Corporate bonds ............................ 17,920 18,795 — 12,011 6,784
Mortgage-backed securities ................... 2,587 2,587 — 2,587 —
Investments in equity securities .................... 88,346 88,346 87,563 64 719
Other investments ............................... 15,066 15,066 — — 15,066
Loans and finance receivables ..................... 12,809 11,991 — 304 11,687
Derivative contract assets (1) ....................... 220 220 1 128 91
Derivative contract liabilities:
Railroad, utilities and energy (1) ................ 234 234 10 217 7
Finance and financial products:
Equity index put options .................. 7,502 7,502 — — 7,502
Credit default .......................... 429 429 — — 429
Notes payable and other borrowings:
Insurance and other ......................... 13,535 14,284 — 14,284 —
Railroad, utilities and energy .................. 36,156 42,074 — 42,074 —
Finance and financial products ................. 13,045 14,005 — 13,194 811
(1) Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities.
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