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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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☒ |
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
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☐ |
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)
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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:
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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.
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Large accelerated filer |
☒ |
Accelerated filer |
☐ |
Non-accelerated filer |
☐ |
Smaller reporting company |
☐ |
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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:
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Class A — |
551,977 |
Class B — |
1,328,446,516 |
BERKSHIRE HATHAWAY INC.
Part I Financial Information
Item 1. Financial Statements
BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(dollars in millions)
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September 30, 2024 |
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December 31, 2023 |
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(Unaudited) |
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ASSETS |
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Insurance and Other: |
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Cash and cash equivalents* |
$ |
32,287 |
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$ |
33,672 |
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Short-term investments in U.S. Treasury Bills |
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288,031 |
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129,619 |
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Investments in fixed maturity securities |
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16,042 |
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23,758 |
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Investments in equity securities |
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271,650 |
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353,842 |
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Equity method investments |
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30,133 |
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29,066 |
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Loans and finance receivables |
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27,106 |
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24,681 |
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Other receivables |
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45,458 |
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44,174 |
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Inventories |
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23,617 |
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24,159 |
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Property, plant and equipment |
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22,300 |
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22,030 |
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Equipment held for lease |
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17,796 |
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|
|
16,947 |
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Goodwill |
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50,946 |
|
|
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50,868 |
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Other intangible assets |
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28,797 |
|
|
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29,327 |
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Deferred charges - retroactive reinsurance |
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8,885 |
|
|
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9,495 |
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Other |
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20,959 |
|
|
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19,568 |
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|
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884,007 |
|
|
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811,206 |
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Railroad, Utilities and Energy: |
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|
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Cash and cash equivalents* |
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4,894 |
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|
|
4,350 |
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Receivables |
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6,588 |
|
|
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7,086 |
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Property, plant and equipment |
|
182,176 |
|
|
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177,616 |
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Goodwill |
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33,662 |
|
|
|
33,758 |
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Regulatory assets |
|
5,452 |
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|
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5,565 |
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Other |
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30,472 |
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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
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
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
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
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 |
) |
|
$ |
|