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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 March 31, 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 April 19, 2024:

Class A —

562,539

Class B —

1,311,384,883

 

 


 

BERKSHIRE HATHAWAY INC.

Page No.

 

 

Part I – Financial Information

 

 

 

Item 1. Financial Statements

 

Consolidated Balance Sheets—March 31, 2024 and December 31, 2023

2

Consolidated Statements of Earnings—First Quarter 2024 and 2023

4

Consolidated Statements of Comprehensive Income—First Quarter 2024 and 2023

5

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

5

Consolidated Statements of Cash Flows—First Quarter 2024 and 2023

6

Notes to Consolidated Financial Statements

7

Item 2.

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

28

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

46

Item 4.

Controls and Procedures

46

 

 

Part II – Other Information

46

 

 

 

Item 1.

Legal Proceedings

46

Item 1A.

Risk Factors

46

Item 2.

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

47

Item 3.

Defaults Upon Senior Securities

47

Item 4.

Mine Safety Disclosures

47

Item 5.

Other Information

47

Item 6.

Exhibits

48

 

 

Signature

48

1


 

Part I Financial Information

Item 1. Financial Statements

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(dollars in millions)

 

 

March 31,
2024

 

 

December 31,
2023

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

Cash and cash equivalents*

$

28,891

 

 

$

33,672

 

Short-term investments in U.S. Treasury Bills

 

153,444

 

 

 

129,619

 

Investments in fixed maturity securities

 

17,167

 

 

 

23,758

 

Investments in equity securities

 

335,864

 

 

 

353,842

 

Equity method investments

 

29,585

 

 

 

29,066

 

Loans and finance receivables

 

25,435

 

 

 

24,681

 

Other receivables

 

46,772

 

 

 

44,174

 

Inventories

 

23,670

 

 

 

24,159

 

Property, plant and equipment

 

22,058

 

 

 

22,030

 

Equipment held for lease

 

17,154

 

 

 

16,947

 

Goodwill

 

50,813

 

 

 

50,868

 

Other intangible assets

 

29,045

 

 

 

29,327

 

Deferred charges - retroactive reinsurance

 

9,318

 

 

 

9,495

 

Other

 

20,398

 

 

 

19,568

 

 

809,614

 

 

 

811,206

 

Railroad, Utilities and Energy:

 

 

 

 

 

Cash and cash equivalents*

 

6,658

 

 

 

4,350

 

Receivables

 

6,063

 

 

 

7,086

 

Property, plant and equipment

 

178,288

 

 

 

177,616

 

Goodwill

 

33,736

 

 

 

33,758

 

Regulatory assets

 

5,570

 

 

 

5,565

 

Other

 

30,106

 

 

 

30,397

 

 

260,421

 

 

 

258,772

 

 

$

1,070,035

 

 

$

1,069,978

 

——————

* Includes U.S. Treasury Bills with maturities of three months or less when purchased of $4.0 billion at March 31, 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)

 

 

March 31,
2024

 

 

December 31,
2023

 

 

(Unaudited)

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

Unpaid losses and loss adjustment expenses

$

111,482

 

 

$

111,082

 

Unpaid losses and loss adjustment expenses - retroactive reinsurance contracts

 

34,245

 

 

 

34,647

 

Unearned premiums

 

31,975

 

 

 

30,507

 

Life, annuity and health insurance benefits

 

17,987

 

 

 

20,213

 

Other policyholder liabilities

 

10,662

 

 

 

11,545

 

Accounts payable, accruals and other liabilities

 

31,583

 

 

 

32,402

 

Aircraft repurchase liabilities and unearned lease revenues

 

8,375

 

 

 

8,253

 

Notes payable and other borrowings

 

40,723

 

 

 

42,692

 

 

287,032

 

 

 

291,341

 

Railroad, Utilities and Energy:

 

 

 

 

 

Accounts payable, accruals and other liabilities

 

20,649

 

 

 

22,461

 

Regulatory liabilities

 

6,887

 

 

 

6,818

 

Notes payable and other borrowings

 

82,031

 

 

 

85,579

 

 

109,567

 

 

 

114,858

 

Income taxes, principally deferred

 

95,651

 

 

 

93,009

 

Total liabilities

 

492,250

 

 

 

499,208

 

Redeemable noncontrolling interests

 

 

 

 

3,261

 

Shareholders’ equity:

 

 

 

 

 

Common stock

 

8

 

 

 

8

 

Capital in excess of par value

 

34,982

 

 

 

34,480

 

Accumulated other comprehensive income

 

(4,050

)

 

 

(3,763

)

Retained earnings

 

619,925

 

 

 

607,350

 

Treasury stock, at cost

 

(79,375

)

 

 

(76,802

)

Berkshire Hathaway shareholders’ equity

 

571,490

 

 

 

561,273

 

Noncontrolling interests

 

6,295

 

 

 

6,236

 

Total shareholders’ equity

 

577,785

 

 

 

567,509

 

$

1,070,035

 

 

$

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)

 

 

 

First Quarter

 

 

 

 

2024

 

2023

 

Revenues:

 

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

 

Insurance premiums earned

 

 

$

21,474

 

$

19,796

 

Sales and service revenues

 

 

 

37,472

 

 

38,388

 

Leasing revenues

 

 

 

2,222

 

 

2,044

 

Interest, dividend and other investment income

 

 

 

4,305

 

 

3,229

 

 

 

 

65,473

 

 

63,457

 

Railroad, Utilities and Energy:

 

 

 

 

 

 

Freight rail transportation revenues

 

 

 

5,637

 

 

6,001

 

Utility and energy operating revenues

 

 

 

17,690

 

 

14,917

 

Service revenues and other income

 

 

 

1,069

 

 

1,018

 

 

 

 

24,396

 

 

21,936

 

Total revenues

 

 

 

89,869

 

 

85,393

 

 

 

 

 

 

 

 

Investment gains (losses)

 

 

 

1,876

 

 

34,758

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

 

Insurance losses and loss adjustment expenses

 

 

 

13,448

 

 

14,221

 

Life, annuity and health benefits

 

 

 

945

 

 

785

 

Insurance underwriting expenses

 

 

 

3,753

 

 

3,587

 

Cost of sales and services

 

 

 

29,395

 

 

30,319

 

Cost of leasing

 

 

 

1,691

 

 

1,477

 

Selling, general and administrative expenses

 

 

 

4,773

 

 

5,602

 

Interest expense

 

 

 

316

 

 

328

 

 

 

 

54,321

 

 

56,319

 

Railroad, Utilities and Energy:

 

 

 

 

 

 

Freight rail transportation expenses

 

 

 

3,938

 

 

4,161

 

Utilities and energy cost of sales and other expenses

 

 

 

16,268

 

 

13,846

 

Other expenses

 

 

 

1,005

 

 

871

 

Interest expense

 

 

 

1,000

 

 

890

 

 

 

 

22,211

 

 

19,768

 

Total costs and expenses

 

 

 

76,532

 

 

76,087

 

Earnings before income taxes and equity method earnings

 

 

 

15,213

 

 

44,064

 

Equity method earnings

 

 

 

493

 

 

688

 

Earnings before income taxes

 

 

 

15,706

 

 

44,752

 

Income tax expense

 

 

 

2,874

 

 

8,995

 

Net earnings

 

 

 

12,832

 

 

35,757

 

Earnings attributable to noncontrolling interests

 

 

 

130

 

 

253

 

Net earnings attributable to Berkshire Hathaway shareholders

 

 

$

12,702

 

$

35,504

 

Net earnings per average equivalent Class A share

 

 

$

8,825

 

$

24,377

 

Net earnings per average equivalent Class B share*

 

 

$

5.88

 

$

16.25

 

Average equivalent Class A shares outstanding

 

 

 

1,439,370

 

 

1,456,438

 

Average equivalent Class B shares outstanding

 

 

 

2,159,055,134

 

 

2,184,657,109

 

——————

* Net earnings 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)

 

 

 

 

 

 

First Quarter

 

 

 

 

 

 

 

2024

 

 

2023

 

Net earnings

 

 

 

 

 

$

12,832

 

 

$

35,757

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on investments

 

 

 

 

 

 

(35

)

 

 

247

 

Applicable income taxes

 

 

 

 

 

 

6

 

 

 

(53

)

Foreign currency translation

 

 

 

 

 

 

(539

)

 

 

249

 

Applicable income taxes

 

 

 

 

 

 

 

 

 

6

 

Long-duration insurance contract discount rate changes

 

 

 

 

 

 

351

 

 

 

(367

)

Applicable income taxes

 

 

 

 

 

 

(67

)

 

 

76

 

Defined benefit pension plans

 

 

 

 

 

 

6

 

 

 

50

 

Applicable income taxes

 

 

 

 

 

 

(2

)

 

 

(6

)

Other, net

 

 

 

 

 

 

(30

)

 

 

(120

)

Other comprehensive income, net

 

 

 

 

 

 

(310

)

 

 

82

 

Comprehensive income

 

 

 

 

 

 

12,522

 

 

 

35,839

 

Comprehensive income attributable to noncontrolling interests

 

 

 

 

 

 

107

 

 

 

259

 

Comprehensive income attributable to Berkshire Hathaway shareholders

 

 

 

 

 

$

12,415

 

 

$

35,580

 

 

 

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 first quarter 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the first quarter of 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

$

35,175

 

 

$

(5,052

)

 

$

511,127

 

 

$

(67,826

)

 

$

8,257

 

 

$

481,681

 

Net earnings

 

 

 

 

 

 

 

 

35,504

 

 

 

 

 

 

253

 

 

 

35,757

 

Other comprehensive income, net

 

 

 

 

 

76

 

 

 

 

 

 

 

 

 

6

 

 

 

82

 

Acquisitions of common stock

 

 

 

 

 

 

 

 

 

 

 

(4,439

)

 

 

 

 

 

(4,439

)

Transactions with noncontrolling interests and other

 

 

(11

)

 

 

 

 

 

 

 

 

 

 

 

7

 

 

 

(4

)

Balance at March 31, 2023

 

$

35,164

 

 

$

(4,976

)

 

$

546,631

 

 

$

(72,265

)

 

$

8,523

 

 

$

513,077

 

See accompanying Notes to Consolidated Financial Statements

5


 

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in millions)

(Unaudited)

 

 

 

First Quarter

 

 

 

2024

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

 

 

Net earnings

 

$

12,832

 

 

$

35,757

 

Adjustments to reconcile net earnings (loss) to operating cash flows:

 

 

 

 

 

 

Investment (gains) losses

 

 

(1,876

)

 

 

(34,758

)

Depreciation and amortization

 

 

3,168

 

 

 

3,051

 

Other

 

 

(2,863

)

 

 

(1,293

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Unpaid losses and loss adjustment expenses

 

 

117

 

 

 

22

 

Deferred charges - retroactive reinsurance

 

 

177

 

 

 

172

 

Unearned premiums

 

 

1,494

 

 

 

1,686

 

Receivables and originated loans

 

 

469

 

 

 

(922

)

Inventories

 

 

516

 

 

 

(15

)

Other assets

 

 

(415

)

 

 

(987

)

Other liabilities

 

 

(5,486

)

 

 

(2,649

)

Income taxes

 

 

2,433

 

 

 

8,629

 

Net cash flows from operating activities

 

 

10,566

 

 

 

8,693

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of equity securities

 

 

(2,691

)

 

 

(2,873

)

Sales of equity securities

 

 

19,972

 

 

 

13,283

 

Purchases of U.S. Treasury Bills and fixed maturity securities

 

 

(103,167

)

 

 

(45,515

)

Sales of U.S. Treasury Bills and fixed maturity securities

 

 

7,452

 

 

 

12,982

 

Redemptions and maturities of U.S. Treasury Bills and fixed maturity securities

 

 

80,114

 

 

 

25,364

 

Acquisitions of businesses, net of cash acquired

 

 

(327

)

 

 

(7,629

)

Purchases of property, plant and equipment and equipment held for lease

 

 

(4,393

)

 

 

(3,713

)

Other

 

 

(163

)

 

 

182

 

Net cash flows from investing activities

 

 

(3,203

)

 

 

(7,919

)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from borrowings of insurance and other businesses

 

 

 

 

 

 

Repayments of borrowings of insurance and other businesses

 

 

(1,142

)

 

 

(4,946

)

Proceeds from borrowings of railroad, utilities and energy businesses

 

 

5,084

 

 

 

 

Repayments of borrowings of railroad, utilities and energy businesses

 

 

(5,906

)

 

 

(1,244

)

Changes in short-term borrowings, net

 

 

(2,612

)

 

 

1,098

 

Acquisitions of treasury stock

 

 

(2,562

)

 

 

(4,450

)

Other, principally transactions with noncontrolling interests

 

 

(2,664

)

 

 

(380

)

Net cash flows from financing activities

 

 

(9,802

)

 

 

(9,922

)

Effects of foreign currency exchange rate changes

 

 

(44

)

 

 

47

 

Increase (decrease) in cash and cash equivalents and restricted cash

 

 

(2,483

)

 

 

(9,101

)

Cash and cash equivalents and restricted cash at the beginning of the year*

 

 

38,643

 

 

 

36,399

 

Cash and cash equivalents and restricted cash at the end of the first quarter*

 

$

36,160

 

 

$

27,298

 

*Cash and cash equivalents and restricted cash are comprised of:

 

 

 

 

 

 

Beginning of the year—

 

 

 

 

 

 

Insurance and Other

 

$

33,672

 

 

$

32,260

 

Railroad, Utilities and Energy

 

 

4,350

 

 

 

3,551

 

Restricted cash included in other assets

 

 

621

 

 

 

588

 

 

$

38,643

 

 

$

36,399

 

End of the first quarter—

 

 

 

 

 

 

Insurance and Other

 

$

28,891

 

 

$

23,805

 

Railroad, Utilities and Energy

 

 

6,658

 

 

 

2,942

 

Restricted cash included in other assets

 

 

611

 

 

 

551

 

 

$

36,160

 

 

$

27,298

 

 

See accompanying Notes to Consolidated Financial Statements

6


 

BERKSHIRE HATHAWAY INC.

and Subsidiaries

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

Note 1. General

The accompanying unaudited Consolidated Financial Statements include the accounts of Berkshire Hathaway Inc. (“Berkshire” or “Company”) consolidated with the accounts of all its subsidiaries and affiliates in which Berkshire holds controlling financial interests as of the financial statement date. In these notes, the terms “us,” “we” or “our” refer to Berkshire and its consolidated subsidiaries. Reference is made to Berkshire’s most recently issued Annual Report on Form 10-K (“Annual Report”), which includes information necessary or useful to understanding Berkshire’s businesses and financial statement presentations. Our significant accounting policies and practices were presented as Note 1 to the Consolidated Financial Statements included in the Annual Report.

Financial information in this Quarterly Report reflects all adjustments that are, in the opinion of management, necessary to a fair statement of results for the interim periods in accordance with accounting principles generally accepted in the United States (“GAAP”). For several reasons, our results for interim periods are not normally indicative of results to be expected for the year. The timing and magnitude of catastrophe losses incurred by insurance subsidiaries and the estimation error inherent to the process of determining liabilities for unpaid losses of insurance subsidiaries can be more significant to results of interim periods than to results for a full year. Given the size of our equity security investment portfolio, changes in market prices and the related changes in unrealized gains and losses on equity securities will produce significant volatility in our interim and annual earnings. In addition, gains and losses from the periodic revaluation of certain assets and liabilities denominated in foreign currencies and asset impairment charges may cause significant variations in periodic net earnings.

Significant estimates are used in the preparation of our Consolidated Financial Statements, including those associated with evaluations of certain long-lived assets, goodwill and other intangible assets for impairment, expected credit losses on amounts owed to us and the estimations of certain losses assumed under insurance and reinsurance contracts. These estimates may be subject to significant adjustments in future periods due to ongoing macroeconomic and geopolitical events, as well as changes in industry or company-specific factors or events.

Note 2. New accounting pronouncements

In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-02, “Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method” (“ASU 2023-02”). ASU 2023-02 permits reporting entities to elect to account for tax equity investments from which the income tax credits are received using the proportional amortization method at the program level if certain conditions are met. We elected to apply the proportional accounting method to eligible affordable housing tax credit investments using the modified retrospective method. We recorded a charge to retained earnings of $127 million, representing the cumulative effect of applying the proportional method to these investments as of January 1, 2024.

In November 2023, the FASB issued Accounting Standards Update 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires disclosures of significant expenses by segment and interim disclosure of items that were previously required only on an annual basis. ASU 2023-07 is to be applied on a retrospective basis and is effective for our 2024 annual Consolidated Financial Statements and interim periods beginning in 2025.

In December 2023, the FASB issued Accounting Standards Update 2023-09, “Improvements to Income Tax Disclosures” (“ASU 2023-09”), which provides for additional income tax rate reconciliation and income taxes paid disclosures. ASU 2023-09 may be adopted on a prospective or retrospective basis and is effective for fiscal years beginning after December 15, 2024, with early adoption permitted.

On March 6, 2024, the U.S. Securities Exchange Commission (“SEC”) issued Release No. 33-11275 and No. 34-99678 “The Enhancement and Standardization of Climate-Related Disclosures for Investors” (“Climate Disclosure Rules”). Among its provisions, the Climate Disclosure Rules will require certain disclosures related to severe weather events and other natural conditions, and other disclosures about climate-related risks that materially impacted or are reasonably likely to materially impact the business strategy, results of operations or financial condition of the registrant. The Climate Disclosure Rules are currently effective for large-accelerated SEC filers in annual reports for years beginning on or after January 1, 2025. However, on April 4, 2024, the SEC stayed implementation of the Climate Disclosure Rules, pending the completion of judicial review.

We are evaluating the impacts ASUs 2023-07 and 2023-09 and the Climate Disclosure Rules will have on disclosures in our Consolidated Financial Statements.

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Notes to Consolidated Financial Statements

Note 3. Significant business acquisitions

Our long-held acquisition strategy is to acquire businesses that have consistent earning power, good returns on equity and able and honest management. Financial results attributable to business acquisitions are included in our Consolidated Financial Statements beginning on their respective acquisition dates.

On January 31, 2023, we acquired an additional 41.4% interest in Pilot Travel Centers, LLC (“Pilot”) for approximately $8.2 billion. The acquisition increased our interest to 80%, representing a controlling interest in Pilot for financial reporting purposes as of that date. Accordingly, we began consolidating Pilot’s financial statements in our Consolidated Financial Statements on February 1, 2023. Prior to that date, we accounted for our