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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-14905

 

BERKSHIRE HATHAWAY INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

47-0813844

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

 

3555 Farnam Street, Omaha, Nebraska 68131

(Address of principal executive office) (Zip Code)

(402) 346-1400

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbols

Name of each exchange on which registered

Class A Common Stock

Class B Common Stock

0.000% Senior Notes due 2025

1.125% Senior Notes due 2027

2.150% Senior Notes due 2028

1.500% Senior Notes due 2030

2.000% Senior Notes due 2034

1.625% Senior Notes due 2035

2.375% Senior Notes due 2039

0.500% Senior Notes due 2041

2.625% Senior Notes due 2059

BRK.A

BRK.B

BRK25

BRK27

BRK28

BRK30

BRK34

BRK35

BRK39

BRK41

BRK59

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No

Number of shares of common stock outstanding as of October 21, 2024:

Class A —

551,977

Class B —

1,328,446,516

 

 


 

BERKSHIRE HATHAWAY INC.

Page No.

 

 

Part I – Financial Information

 

 

 

Item 1. Financial Statements

 

Consolidated Balance Sheets—September 30, 2024 and December 31, 2023

2

Consolidated Statements of Earnings—Third Quarter and First Nine Months 2024 and 2023

4

Consolidated Statements of Comprehensive Income—Third Quarter and First Nine Months 2024 and 2023

5

Consolidated Statements of Changes in Shareholders’ Equity—Third Quarter and First Nine Months 2024 and 2023

6

Consolidated Statements of Cash Flows—First Nine Months 2024 and 2023

7

Notes to Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

50

Item 4.

Controls and Procedures

50

 

 

Part II – Other Information

50

 

 

 

Item 1.

Legal Proceedings

50

Item 1A.

Risk Factors

50

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities

51

Item 3.

Defaults Upon Senior Securities

51

Item 4.

Mine Safety Disclosures

51

Item 5.

Other Information

51

Item 6.

Exhibits

52

 

 

Signature

52

1


 

Part I Financial Information

Item 1. Financial Statements

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(dollars in millions)

 

 

September 30,
2024

 

 

December 31,
2023

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

Cash and cash equivalents*

$

32,287

 

 

$

33,672

 

Short-term investments in U.S. Treasury Bills

 

288,031

 

 

 

129,619

 

Investments in fixed maturity securities

 

16,042

 

 

 

23,758

 

Investments in equity securities

 

271,650

 

 

 

353,842

 

Equity method investments

 

30,133

 

 

 

29,066

 

Loans and finance receivables

 

27,106

 

 

 

24,681

 

Other receivables

 

45,458

 

 

 

44,174

 

Inventories

 

23,617

 

 

 

24,159

 

Property, plant and equipment

 

22,300

 

 

 

22,030

 

Equipment held for lease

 

17,796

 

 

 

16,947

 

Goodwill

 

50,946

 

 

 

50,868

 

Other intangible assets

 

28,797

 

 

 

29,327

 

Deferred charges - retroactive reinsurance

 

8,885

 

 

 

9,495

 

Other

 

20,959

 

 

 

19,568

 

 

884,007

 

 

 

811,206

 

Railroad, Utilities and Energy:

 

 

 

 

 

Cash and cash equivalents*

 

4,894

 

 

 

4,350

 

Receivables

 

6,588

 

 

 

7,086

 

Property, plant and equipment

 

182,176

 

 

 

177,616

 

Goodwill

 

33,662

 

 

 

33,758

 

Regulatory assets

 

5,452

 

 

 

5,565

 

Other

 

30,472

 

 

 

30,397

 

 

263,244

 

 

 

258,772

 

 

$

1,147,251

 

 

$

1,069,978

 

——————

* Includes U.S. Treasury Bills with maturities of three months or less when purchased of $3.6 billion at September 30, 2024 and $4.8 billion at December 31, 2023.

See accompanying Notes to Consolidated Financial Statements

2


 

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(dollars in millions)

 

 

September 30,
2024

 

 

December 31,
2023

 

 

(Unaudited)

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

Unpaid losses and loss adjustment expenses

$

115,836

 

 

$

111,082

 

Unpaid losses and loss adjustment expenses - retroactive reinsurance contracts

 

33,060

 

 

 

34,647

 

Unearned premiums

 

32,997

 

 

 

30,507

 

Life, annuity and health insurance benefits

 

18,612

 

 

 

20,213

 

Other policyholder liabilities

 

11,107

 

 

 

11,545

 

Accounts payable, accruals and other liabilities

 

34,724

 

 

 

32,402

 

Payable for purchases of U.S. Treasury Bills

 

14,868

 

 

 

 

Aircraft repurchase liabilities and unearned lease revenues

 

8,941

 

 

 

8,253

 

Notes payable and other borrowings

 

43,651

 

 

 

42,692

 

 

313,796

 

 

 

291,341

 

Railroad, Utilities and Energy:

 

 

 

 

 

Accounts payable, accruals and other liabilities

 

21,769

 

 

 

22,461

 

Regulatory liabilities

 

6,917

 

 

 

6,818

 

Notes payable and other borrowings

 

80,856

 

 

 

85,579

 

 

109,542

 

 

 

114,858

 

Income taxes, principally deferred

 

92,107

 

 

 

93,009

 

Total liabilities

 

515,445

 

 

 

499,208

 

Redeemable noncontrolling interests

 

 

 

 

3,261

 

Shareholders’ equity:

 

 

 

 

 

Common stock

 

8

 

 

 

8

 

Capital in excess of par value

 

35,478

 

 

 

34,480

 

Accumulated other comprehensive income

 

(3,692

)

 

 

(3,763

)

Retained earnings

 

676,524

 

 

 

607,350

 

Treasury stock, at cost

 

(79,249

)

 

 

(76,802

)

Berkshire Hathaway shareholders’ equity

 

629,069

 

 

 

561,273

 

Noncontrolling interests

 

2,737

 

 

 

6,236

 

Total shareholders’ equity

 

631,806

 

 

 

567,509

 

$

1,147,251

 

 

$

1,069,978

 

 

See accompanying Notes to Consolidated Financial Statements

3


 

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED STATEMENTS OF EARNINGS

(dollars in millions except per share amounts)

(Unaudited)

 

 

Third Quarter

 

First Nine Months

 

 

2024

 

2023

 

2024

 

2023

 

Revenues:

 

 

 

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

 

 

 

Insurance premiums earned

$

22,055

 

$

21,360

 

$

65,482

 

$

61,717

 

Sales and service revenues

 

38,863

 

 

39,456

 

 

115,227

 

 

116,970

 

Leasing revenues

 

2,315

 

 

2,104

 

 

6,845

 

 

6,227

 

Interest, dividend and other investment income

 

5,896

 

 

4,047

 

 

15,450

 

 

11,122

 

 

69,129

 

 

66,967

 

 

203,004

 

 

196,036

 

Railroad, Utilities and Energy:

 

 

 

 

 

 

 

 

Freight rail transportation revenues

 

5,885

 

 

5,828

 

 

17,242

 

 

17,637

 

Utility and energy operating revenues

 

16,598

 

 

19,033

 

 

52,336

 

 

53,543

 

Service revenues and other income

 

1,383

 

 

1,382

 

 

3,935

 

 

3,890

 

 

23,866

 

 

26,243

 

 

73,513

 

 

75,070

 

Total revenues

 

92,995

 

 

93,210

 

 

276,517

 

 

271,106

 

 

 

 

 

 

 

 

 

 

Investment gains (losses)

 

20,514

 

 

(29,778

)

 

46,247

 

 

38,041

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

 

 

 

Insurance losses and loss adjustment expenses

 

15,163

 

 

13,719

 

 

42,718

 

 

42,029

 

Life, annuity and health benefits

 

925

 

 

1,144

 

 

2,824

 

 

3,057

 

Insurance underwriting expenses

 

4,934

 

 

3,496

 

 

12,733

 

 

10,812

 

Cost of sales and services

 

30,323

 

 

31,049

 

 

90,109

 

 

91,989

 

Cost of leasing

 

1,774

 

 

1,489

 

 

5,204

 

 

4,423

 

Selling, general and administrative expenses

 

7,324

 

 

5,120

 

 

17,292

 

 

15,727

 

Interest expense

 

315

 

 

311

 

 

961

 

 

953

 

 

60,758

 

 

56,328

 

 

171,841

 

 

168,990

 

Railroad, Utilities and Energy:

 

 

 

 

 

 

 

 

Freight rail transportation expenses

 

3,855

 

 

4,038

 

 

11,705

 

 

12,213

 

Utility and energy cost of sales and other expenses

 

14,607

 

 

18,249

 

 

47,694

 

 

50,254

 

Other expenses

 

1,104

 

 

1,089

 

 

3,341

 

 

3,149

 

Interest expense

 

899

 

 

949

 

 

2,799

 

 

2,774

 

 

20,465

 

 

24,325

 

 

65,539

 

 

68,390

 

Total costs and expenses

 

81,223

 

 

80,653

 

 

237,380

 

 

237,380

 

Earnings (loss) before income taxes and equity method earnings

 

32,286

 

 

(17,221

)

 

85,384

 

 

71,767

 

Equity method earnings

 

222

 

 

262

 

 

967

 

 

1,461

 

Earnings (loss) before income taxes

 

32,508

 

 

(16,959

)

 

86,351

 

 

73,228

 

Income tax expense (benefit)

 

6,028

 

 

(4,392

)

 

16,541

 

 

13,839

 

Net earnings (loss)

 

26,480

 

 

(12,567

)

 

69,810

 

 

59,389

 

Earnings attributable to noncontrolling interests

 

229

 

 

200

 

 

509

 

 

740

 

Net earnings (loss) attributable to Berkshire Hathaway shareholders

$

26,251

 

$

(12,767

)

$

69,301

 

$

58,649

 

Net earnings (loss) per average equivalent Class A share

$

18,272

 

$

(8,824

)

$

48,205

 

$

40,422

 

Net earnings (loss) per average equivalent Class B share*

$

12.18

 

$

(5.88

)

$

32.14

 

$

26.95

 

Average equivalent Class A shares outstanding

 

1,436,706

 

 

1,446,925

 

 

1,437,619

 

 

1,450,934

 

Average equivalent Class B shares outstanding

 

2,155,058,383

 

 

2,170,387,690

 

 

2,156,427,917

 

 

2,176,400,554

 

——————

* Net earnings (loss) per average equivalent Class B share outstanding are equal to one-fifteen-hundredth of the equivalent Class A amount. See Note 19.

See accompanying Notes to Consolidated Financial Statements

4


 

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(dollars in millions)

(Unaudited)

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net earnings (loss)

 

$

26,480

 

 

$

(12,567

)

 

$

69,810

 

 

$

59,389

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on investments

 

 

134

 

 

 

11

 

 

 

109

 

 

 

217

 

Applicable income taxes

 

 

(31

)

 

 

(7

)

 

 

(28

)

 

 

(39

)

Foreign currency translation

 

 

900

 

 

 

(801

)

 

 

139

 

 

 

(169

)

Applicable income taxes

 

 

57

 

 

 

(7

)

 

 

49

 

 

 

(22

)

Long-duration insurance contract discount rate changes

 

 

(882

)

 

 

920

 

 

 

(23

)

 

 

1,040

 

Applicable income taxes

 

 

188

 

 

 

(204

)

 

 

13

 

 

 

(253

)

Defined benefit pension plans

 

 

(19

)

 

 

14

 

 

 

(18

)

 

 

66

 

Applicable income taxes

 

 

4

 

 

 

(1

)

 

 

3

 

 

 

(13

)

Other, net

 

 

(157

)

 

 

23

 

 

 

(170

)

 

 

(40

)

Other comprehensive income, net

 

 

194

 

 

 

(52

)

 

 

74

 

 

 

787

 

Comprehensive income

 

 

26,674

 

 

 

(12,619

)

 

 

69,884

 

 

 

60,176

 

Comprehensive income attributable to noncontrolling interests

 

 

260

 

 

 

180

 

 

 

512

 

 

 

747

 

Comprehensive income attributable to Berkshire Hathaway shareholders

 

$

26,414

 

 

$

(12,799

)

 

$

69,372

 

 

$

59,429

 

See accompanying Notes to Consolidated Financial Statements

5


 

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(dollars in millions)

(Unaudited)

 

 

 

Berkshire Hathaway shareholders’ equity

 

 

 

 

 

 

 

 

 

Common stock
and capital in
excess of par
value

 

 

Accumulated
other
comprehensive
income

 

 

Retained
earnings

 

 

Treasury
stock

 

 

Non-
controlling
interests

 

 

Total

 

For the third quarter and first nine months of 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

$

34,488

 

 

$

(3,763

)

 

$

607,350

 

 

$

(76,802

)

 

$

6,236

 

 

$

567,509

 

Net earnings

 

 

 

 

 

 

 

 

12,702

 

 

 

 

 

 

130

 

 

 

12,832

 

Adoption of ASU 2023-02

 

 

 

 

 

 

 

 

(127

)

 

 

 

 

 

 

 

 

(127

)

Other comprehensive income, net

 

 

 

 

 

(287

)

 

 

 

 

 

 

 

 

(23

)

 

 

(310

)

Acquisitions of common stock

 

 

 

 

 

 

 

 

 

 

 

(2,573

)

 

 

 

 

 

(2,573

)

Transactions with noncontrolling interests and other

 

 

502

 

 

 

 

 

 

 

 

 

 

 

 

(48

)

 

 

454

 

Balance at March 31, 2024

 

$

34,990

 

 

$

(4,050

)

 

$

619,925

 

 

$

(79,375

)

 

$

6,295

 

 

$

577,785

 

Net earnings

 

 

 

 

 

 

 

 

30,348

 

 

 

 

 

 

150

 

 

 

30,498

 

Other comprehensive income, net

 

 

 

 

 

195

 

 

 

 

 

 

 

 

 

(5

)

 

 

190

 

Acquisitions of common stock

 

 

 

 

 

 

 

 

 

 

 

(345

)

 

 

 

 

 

(345

)

Transactions with noncontrolling interests and other

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

(166

)

 

 

(157

)

Balance at June 30, 2024

 

$

34,999

 

 

$

(3,855

)

 

$

650,273

 

 

$

(79,720

)

 

$