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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, 2022

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

0.750% Senior Notes due 2023

0.625% Senior Notes due 2023

1.300% Senior Notes due 2024

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

BRK23

BRK23A

BRK24

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

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 26, 2022:

Class A —

596,826

Class B —

1,301,981,370

 

 


 

BERKSHIRE HATHAWAY INC.

 

 

Page No.

 

 

Part I – Financial Information

2

 

 

Item 1. Financial Statements

2

 

Consolidated Balance Sheets—September 30, 2022 and December 31, 2021

2-3

 

Consolidated Statements of Earnings—Third Quarter and First Nine Months 2022 and 2021

4

 

Consolidated Statements of Comprehensive Income—Third Quarter and First Nine Months 2022 and 2021

5

 

Consolidated Statements of Changes in Shareholders’ Equity—Third Quarter and First Nine Months 2022 and 2021

6

 

Consolidated Statements of Cash Flows—First Nine Months 2022 and 2021

7

 

Notes to Consolidated Financial Statements

8-25

Item 2.

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

26-45

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

45

Item 4.

Controls and Procedures

45

 

 

Part II – Other Information

45

 

 

 

Item 1.

Legal Proceedings

45

Item 1A.

Risk Factors

45

Item 2.

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

46

Item 3.

Defaults Upon Senior Securities

46

Item 4.

Mine Safety Disclosures

46

Item 5.

Other Information

46

Item 6.

Exhibits

47

 

 

Signature

47

 

1


 

Part I Financial Information

Item 1. Financial Statements

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(dollars in millions)

 

 

September 30,
2022

 

 

December 31,
2021

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

Cash and cash equivalents*

$

28,869

 

 

$

85,319

 

Short-term investments in U.S. Treasury Bills

 

76,332

 

 

 

58,535

 

Investments in fixed maturity securities

 

18,602

 

 

 

16,434

 

Investments in equity securities

 

306,167

 

 

 

350,719

 

Equity method investments

 

28,714

 

 

 

17,375

 

Loans and finance receivables

 

22,094

 

 

 

20,751

 

Other receivables

 

40,383

 

 

 

35,388

 

Inventories

 

25,102

 

 

 

20,954

 

Property, plant and equipment

 

20,378

 

 

 

20,834

 

Equipment held for lease

 

15,139

 

 

 

14,918

 

Goodwill

 

46,822

 

 

 

47,117

 

Other intangible assets

 

27,738

 

 

 

28,486

 

Deferred charges - retroactive reinsurance

 

9,990

 

 

 

10,639

 

Other

 

16,753

 

 

 

15,854

 

 

 

683,083

 

 

 

743,323

 

Railroad, Utilities and Energy:

 

 

 

 

 

Cash and cash equivalents*

 

3,757

 

 

 

2,865

 

Receivables

 

4,985

 

 

 

4,177

 

Property, plant and equipment

 

157,472

 

 

 

155,530

 

Goodwill

 

26,513

 

 

 

26,758

 

Regulatory assets

 

4,750

 

 

 

3,963

 

Other

 

21,736

 

 

 

22,168

 

 

 

219,213

 

 

 

215,461

 

 

$

902,296

 

 

$

958,784

 

* Includes U.S. Treasury Bills with maturities of three months or less when purchased of $1.9 billion at September 30, 2022 and $61.7 billion at December 31, 2021.

See accompanying Notes to Consolidated Financial Statements

2


 

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(dollars in millions)

 

 

September 30,
2022

 

 

December 31,
2021

 

 

(Unaudited)

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

Unpaid losses and loss adjustment expenses

$

91,642

 

 

$

86,664

 

Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts

 

36,666

 

 

 

38,256

 

Unearned premiums

 

26,878

 

 

 

23,512

 

Life, annuity and health insurance benefits

 

22,305

 

 

 

22,452

 

Other policyholder liabilities

 

9,051

 

 

 

9,330

 

Accounts payable, accruals and other liabilities

 

31,100

 

 

 

30,376

 

Aircraft repurchase liabilities and unearned lease revenues

 

6,165

 

 

 

5,849

 

Notes payable and other borrowings

 

41,535

 

 

 

39,272

 

 

 

265,342

 

 

 

255,711

 

Railroad, Utilities and Energy:

 

 

 

 

 

Accounts payable, accruals and other liabilities

 

16,871

 

 

 

15,696

 

Regulatory liabilities

 

7,220

 

 

 

7,214

 

Notes payable and other borrowings

 

74,961

 

 

 

74,990

 

 

 

99,052

 

 

 

97,900

 

Income taxes, principally deferred

 

74,155

 

 

 

90,243

 

Total liabilities

 

438,549

 

 

 

443,854

 

Shareholders’ equity:

 

 

 

 

 

Common stock

 

8

 

 

 

8

 

Capital in excess of par value

 

35,190

 

 

 

35,592

 

Accumulated other comprehensive income

 

(8,234

)

 

 

(4,027

)

Retained earnings

 

493,438

 

 

 

534,421

 

Treasury stock, at cost

 

(64,972

)

 

 

(59,795

)

Berkshire Hathaway shareholders’ equity

 

455,430

 

 

 

506,199

 

Noncontrolling interests

 

8,317

 

 

 

8,731

 

Total shareholders’ equity

 

463,747

 

 

 

514,930

 

 

$

902,296

 

 

$

958,784

 

 

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

 

 

2022

 

2021

 

2022

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

 

 

 

Insurance premiums earned

$

18,810

 

$

17,727

 

$

54,389

 

$

51,314

 

Sales and service revenues

 

39,597

 

 

36,722

 

 

117,679

 

 

107,163

 

Leasing revenues

 

1,959

 

 

1,565

 

 

5,518

 

 

4,336

 

Interest, dividend and other investment income

 

2,378

 

 

1,795

 

 

7,101

 

 

5,544

 

 

 

62,744

 

 

57,809

 

 

184,687

 

 

168,357

 

Railroad, Utilities and Energy:

 

 

 

 

 

 

 

 

Freight rail transportation revenues

 

6,663

 

 

5,761

 

 

19,219

 

 

16,917

 

Energy operating revenues

 

6,090

 

 

5,225

 

 

15,843

 

 

14,375

 

Service revenues and other income

 

1,437

 

 

1,788

 

 

4,175

 

 

4,647

 

 

 

14,190

 

 

12,774

 

 

39,237

 

 

35,939

 

Total revenues

 

76,934

 

 

70,583

 

 

223,924

 

 

204,296

 

 

 

 

 

 

 

 

 

 

Investment and derivative contract gains (losses)

 

(13,465

)

 

4,921

 

 

(82,362

)

 

38,015

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

 

 

 

Insurance losses and loss adjustment expenses

 

16,005

 

 

13,939

 

 

42,957

 

 

37,078

 

Life, annuity and health insurance benefits

 

1,450

 

 

1,568

 

 

4,055

 

 

4,507

 

Insurance underwriting expenses

 

2,506

 

 

3,239

 

 

7,734

 

 

9,318

 

Cost of sales and services

 

31,292

 

 

28,984

 

 

92,710

 

 

84,275

 

Cost of leasing

 

1,418

 

 

1,116

 

 

4,148

 

 

2,980

 

Selling, general and administrative expenses

 

4,068

 

 

4,889

 

 

12,081

 

 

13,844

 

Interest expense

 

297

 

 

286

 

 

863

 

 

860

 

 

 

57,036

 

 

54,021

 

 

164,548

 

 

152,862

 

Railroad, Utilities and Energy:

 

 

 

 

 

 

 

 

Freight rail transportation expenses

 

4,581

 

 

3,527

 

 

12,766

 

 

10,625

 

Utilities and energy cost of sales and other expenses

 

4,295

 

 

3,497

 

 

11,730

 

 

10,306

 

Other expenses

 

1,320

 

 

1,582

 

 

4,003

 

 

4,238

 

Interest expense

 

795

 

 

770

 

 

2,350

 

 

2,322

 

 

 

10,991

 

 

9,376

 

 

30,849

 

 

27,491

 

Total costs and expenses

 

68,027

 

 

63,397

 

 

195,397

 

 

180,353

 

Earnings (loss) before income taxes and equity method earnings

 

(4,558

)

 

12,107

 

 

(53,835

)

 

61,958

 

Equity method earnings

 

441

 

 

377

 

 

1,048

 

 

775

 

Earnings (loss) before income taxes

 

(4,117

)

 

12,484

 

 

(52,787

)

 

62,733

 

Income tax expense (benefit)

 

(1,529

)

 

1,840

 

 

(12,408

)

 

11,824

 

Net earnings (loss)

 

(2,588

)

 

10,644

 

 

(40,379

)

 

50,909

 

Earnings attributable to noncontrolling interests

 

100

 

 

300

 

 

604

 

 

760

 

Net earnings (loss) attributable to Berkshire Hathaway shareholders

$

(2,688

)

$

10,344

 

$

(40,983

)

$

50,149

 

Net earnings (loss) per average equivalent Class A share

$

(1,832

)

$

6,882

 

$

(27,866

)

$

33,025

 

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

$

(1.22

)

$

4.59

 

$

(18.58

)

$

22.02

 

Average equivalent Class A shares outstanding

 

1,466,946

 

 

1,503,013

 

 

1,470,714

 

 

1,518,513

 

Average equivalent Class B shares outstanding

 

2,200,419,462

 

 

2,254,518,838

 

 

2,206,070,294

 

 

2,277,769,582

 

* Class B shares are economically equivalent to one-fifteen-hundredth of a Class A share. Accordingly, net earnings (loss) per average equivalent Class B share outstanding is equal to one-fifteen-hundredth of the equivalent Class A amount. See Note 17.

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

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net earnings (loss)

 

$

(2,588

)

 

$