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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, 2023

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

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

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

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 25, 2023:

Class A —

585,848

Class B —

1,295,970,861

 

 


 

BERKSHIRE HATHAWAY INC.

Page No.

 

 

Part I – Financial Information

 

 

 

Item 1. Financial Statements

 

Consolidated Balance Sheets—March 31, 2023 and December 31, 2022

2

Consolidated Statements of Earnings—First Quarter 2023 and 2022

4

Consolidated Statements of Comprehensive Income—First Quarter 2023 and 2022

5

Consolidated Statements of Changes in Shareholders’ Equity—First Quarter 2023 and 2022

5

Consolidated Statements of Cash Flows—First Quarter 2023 and 2022

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

47

Item 4.

Controls and Procedures

47

 

 

Part II – Other Information

47

 

 

 

Item 1.

Legal Proceedings

47

Item 1A.

Risk Factors

47

Item 2.

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

48

Item 3.

Defaults Upon Senior Securities

48

Item 4.

Mine Safety Disclosures

48

Item 5.

Other Information

48

Item 6.

Exhibits

50

 

 

Signature

50

1


 

Part I Financial Information

Item 1. Financial Statements

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(dollars in millions)

 

 

March 31,
2023

 

 

December 31,
2022

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

Cash and cash equivalents*

$

23,805

 

 

$

32,260

 

Short-term investments in U.S. Treasury Bills

 

103,869

 

 

 

92,774

 

Investments in fixed maturity securities

 

22,566

 

 

 

25,128

 

Investments in equity securities

 

328,161

 

 

 

308,793

 

Equity method investments

 

26,403

 

 

 

28,050

 

Loans and finance receivables

 

23,144

 

 

 

23,208

 

Other receivables

 

45,674

 

 

 

43,490

 

Inventories

 

25,499

 

 

 

25,366

 

Property, plant and equipment

 

21,208

 

 

 

21,113

 

Equipment held for lease

 

15,674

 

 

 

15,584

 

Goodwill

 

50,997

 

 

 

51,522

 

Other intangible assets

 

30,001

 

 

 

29,187

 

Deferred charges - retroactive reinsurance

 

9,699

 

 

 

9,870

 

Other

 

19,729

 

 

 

19,657

 

 

746,429

 

 

 

726,002

 

Railroad, Utilities and Energy:

 

 

 

 

 

Cash and cash equivalents*

 

2,942

 

 

 

3,551

 

Receivables

 

6,814

 

 

 

4,795

 

Property, plant and equipment

 

168,973

 

 

 

160,268

 

Goodwill

 

32,505

 

 

 

26,597

 

Regulatory assets

 

5,557

 

 

 

5,062

 

Other

 

33,852

 

 

 

22,190

 

 

250,643

 

 

 

222,463

 

 

$

997,072

 

 

$

948,465

 

——————

* Includes U.S. Treasury Bills with maturities of three months or less when purchased of $3.6 billion at March 31, 2023 and $2.6 billion at December 31, 2022.

See accompanying Notes to Consolidated Financial Statements

2


 

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(dollars in millions)

 

 

March 31,
2023

 

 

December 31,
2022

 

 

(Unaudited)

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

Unpaid losses and loss adjustment expenses

$

107,957

 

 

$

107,472

 

Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts

 

35,063

 

 

 

35,415

 

Unearned premiums

 

30,359

 

 

 

28,657

 

Life, annuity and health insurance benefits

 

19,937

 

 

 

19,753

 

Other policyholder liabilities

 

11,231

 

 

 

11,370

 

Accounts payable, accruals and other liabilities

 

32,842

 

 

 

33,201

 

Aircraft repurchase liabilities and unearned lease revenues

 

7,052

 

 

 

6,820

 

Notes payable and other borrowings

 

41,436

 

 

 

46,538

 

 

285,877

 

 

 

289,226

 

Railroad, Utilities and Energy:

 

 

 

 

 

Accounts payable, accruals and other liabilities

 

19,683

 

 

 

16,615

 

Regulatory liabilities

 

6,858

 

 

 

7,369

 

Notes payable and other borrowings

 

82,188

 

 

 

76,206

 

 

108,729

 

 

 

100,190

 

Income taxes, principally deferred

 

86,206

 

 

 

77,368

 

Total liabilities

 

480,812

 

 

 

466,784

 

Redeemable noncontrolling interests

 

3,183

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

Common stock

 

8

 

 

 

8

 

Capital in excess of par value

 

35,156

 

 

 

35,167

 

Accumulated other comprehensive income

 

(4,976

)

 

 

(5,052

)

Retained earnings

 

546,631

 

 

 

511,127

 

Treasury stock, at cost

 

(72,265

)

 

 

(67,826

)

Berkshire Hathaway shareholders’ equity

 

504,554

 

 

 

473,424

 

Noncontrolling interests

 

8,523

 

 

 

8,257

 

Total shareholders’ equity

 

513,077

 

 

 

481,681

 

$

997,072

 

 

$

948,465

 

 

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

 

 

 

 

2023

 

2022

 

Revenues:

 

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

 

Insurance premiums earned

 

 

$

19,796

 

$

17,488

 

Sales and service revenues

 

 

 

38,388

 

 

37,862

 

Leasing revenues

 

 

 

2,044

 

 

1,672

 

Interest, dividend and other investment income

 

 

 

3,229

 

 

1,862

 

 

 

 

63,457

 

 

58,884

 

Railroad, Utilities and Energy:

 

 

 

 

 

 

Freight rail transportation revenues

 

 

 

6,001

 

 

5,944

 

Utility and energy operating revenues

 

 

 

14,917

 

 

4,818

 

Service revenues and other income

 

 

 

1,018

 

 

1,197

 

 

 

 

21,936

 

 

11,959

 

Total revenues

 

 

 

85,393

 

 

70,843

 

 

 

 

 

 

 

 

Investment and derivative contract gains (losses)

 

 

 

34,758

 

 

(1,978

)

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

 

Insurance losses and loss adjustment expenses

 

 

 

14,221

 

 

13,332

 

Life, annuity and health insurance benefits

 

 

 

785

 

 

1,337

 

Insurance underwriting expenses

 

 

 

3,587

 

 

2,604

 

Cost of sales and services

 

 

 

30,319

 

 

29,785

 

Cost of leasing

 

 

 

1,477

 

 

1,232

 

Selling, general and administrative expenses

 

 

 

5,602

 

 

4,251

 

Interest expense

 

 

 

328

 

 

264

 

 

 

 

56,319

 

 

52,805

 

Railroad, Utilities and Energy:

 

 

 

 

 

 

Freight rail transportation expenses

 

 

 

4,161

 

 

3,925

 

Utilities and energy cost of sales and other expenses

 

 

 

13,846

 

 

3,591

 

Other expenses

 

 

 

871

 

 

1,156

 

Interest expense

 

 

 

890

 

 

770

 

 

 

 

19,768

 

 

9,442

 

Total costs and expenses

 

 

 

76,087

 

 

62,247

 

Earnings before income taxes and equity method earnings

 

 

 

44,064

 

 

6,618

 

Equity method earnings

 

 

 

688

 

 

339

 

Earnings before income taxes

 

 

 

44,752

 

 

6,957

 

Income tax expense

 

 

 

8,995

 

 

1,252

 

Net earnings

 

 

 

35,757

 

 

5,705

 

Earnings attributable to noncontrolling interests

 

 

 

253

 

 

125

 

Net earnings attributable to Berkshire Hathaway shareholders

 

 

$

35,504

 

$

5,580

 

Net earnings per average equivalent Class A share

 

 

$

24,377

 

$

3,784

 

Net earnings per average equivalent Class B share*

 

 

$

16.25

 

$

2.52

 

Average equivalent Class A shares outstanding

 

 

 

1,456,438

 

 

1,474,703

 

Average equivalent Class B shares outstanding

 

 

 

2,184,657,109

 

 

2,212,054,009

 

——————

* Class B shares are economically equivalent to one-fifteen-hundredth of a Class A share. Accordingly, net earnings per average equivalent Class B share outstanding is 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

 

 

 

 

 

 

 

2023

 

 

2022

 

Net earnings

 

 

 

 

 

$

35,757

 

 

$

5,705

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on investments

 

 

 

 

 

 

247

 

 

 

(236

)

Applicable income taxes

 

 

 

 

 

 

(53

)

 

 

51

 

Foreign currency translation

 

 

 

 

 

 

249

 

 

 

(315

)

Applicable income taxes

 

 

 

 

 

 

6

 

 

 

(11

)

Long duration insurance contract discount rate changes

 

 

 

 

 

 

(367

)

 

 

3,078

 

Applicable income taxes

 

 

 

 

 

 

76

 

 

 

(659

)

Defined benefit pension plans

 

 

 

 

 

 

50

 

 

 

26

 

Applicable income taxes

 

 

 

 

 

 

(6

)

 

 

(5

)

Other, net

 

 

 

 

 

 

(120

)

 

 

87

 

Other comprehensive income, net

 

 

 

 

 

 

82

 

 

 

2,016

 

Comprehensive income

 

 

 

 

 

 

35,839

 

 

 

7,721

 

Comprehensive income attributable to noncontrolling interests

 

 

 

 

 

 

259

 

 

 

122

 

Comprehensive income attributable to Berkshire Hathaway shareholders

 

 

 

 

 

$

35,580

 

 

$

7,599

 

 

 

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 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022 as previously reported

 

$

35,175

 

 

$

(6,591

)

 

$

511,602

 

 

$

(67,826

)

 

$

8,257

 

 

$

480,617

 

Adoption of ASU 2018-12

 

 

 

 

 

1,539

 

 

 

(475

)

 

 

 

 

 

 

 

 

1,064

 

Balance at December 31, 2022 as revised

 

 

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