Berkshire Hathaway 2015 Annual Report Download - page 64

Notes to Consolidated Financial Statements (Continued)
(18) Fair value measurements
Our financial assets and liabilities are summarized below as of December 31, 2015 and December 31, 2014 with fair values
shown according to the fair value hierarchy (in millions). The carrying values of cash and cash equivalents, 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, 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 .................... 111,822 111,822 111,786 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 ............................... 21,717 21,717 315 — 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
December 31, 2014
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations and
agencies ................................. $ 2,930 $ 2,930 $ 2,264 $ 666 $ —
States, municipalities and political subdivisions . . . 1,912 1,912 — 1,912 —
Foreign governments ........................ 12,270 12,270 7,981 4,289 —
Corporate bonds ............................ 8,771 8,771 — 8,763 8
Mortgage-backed securities ................... 1,753 1,753 — 1,753 —
Investments in equity securities .................... 117,470 117,470 117,424 45 1
Investment in Kraft Heinz Preferred Stock ........... 7,710 8,416 — — 8,416
Other investments ............................... 22,324 22,324 329 — 21,995
Loans and finance receivables ..................... 12,566 12,891 — 33 12,858
Derivative contract assets (1) ....................... 108 108 1 13 94
Derivative contract liabilities:
Railroad, utilities and energy (1) ................ 230 230 18 169 43
Finance and financial products:
Equity index put options .................. 4,560 4,560 — — 4,560
Credit default .......................... 250 250 — — 250
Notes payable and other borrowings:
Insurance and other .......................... 11,854 12,484 — 12,484 —
Railroad, utilities and energy .................. 55,306 62,802 — 62,802 —
Finance and financial products ................. 12,730 13,417 — 12,846 571
(1) Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities.
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