XML 47 R36.htm IDEA: XBRL DOCUMENT v3.23.2
New accounting pronouncements (Tables)
6 Months Ended
Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]  
Summary of effects from adopting ASU 2018-12 on affected line items consolidated statement of earnings and comprehensive income

The effects of adopting ASU 2018-12 on our Consolidated Statements of Earnings and Comprehensive Income for the second quarter and first six months of 2022 follows in millions, except per share amounts.

 

Second Quarter

 

 

First Six Months

 

 

Previously reported

 

 

Increase (decrease)

 

 

As revised

 

 

Previously reported

 

 

Increase (decrease)

 

 

As revised

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance premiums earned

$

18,087

 

 

$

(6

)

 

$

18,081

 

 

$

35,579

 

 

$

(10

)

 

$

35,569

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life, annuity and health insurance benefits

 

1,282

 

 

 

(96

)

 

 

1,186

 

 

 

2,605

 

 

 

(82

)

 

 

2,523

 

Insurance underwriting expenses

 

2,461

 

 

 

(84

)

 

 

2,377

 

 

 

5,228

 

 

 

(247

)

 

 

4,981

 

Earnings (loss) before income taxes

 

(55,482

)

 

 

174

 

 

 

(55,308

)

 

 

(48,670

)

 

 

319

 

 

 

(48,351

)

Income tax expense (benefit)

 

(12,106

)

 

 

40

 

 

 

(12,066

)

 

 

(10,879

)

 

 

65

 

 

 

(10,814

)

Net earnings (loss)

 

(43,376

)

 

 

134

 

 

 

(43,242

)

 

 

(37,791

)

 

 

254

 

 

 

(37,537

)

Net earnings (loss) attributable to Berkshire Hathaway shareholders

$

(43,755

)

 

$

134

 

 

$

(43,621

)

 

$

(38,295

)

 

$

254

 

 

$

(38,041

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

(1,751

)

 

 

1

 

 

 

(1,750

)

 

 

(2,067

)

 

 

2

 

 

 

(2,065

)

Long-duration insurance contracts

 

 

 

 

2,147

 

 

 

2,147

 

 

 

 

 

 

4,566

 

 

 

4,566

 

Other comprehensive income, net

 

(1,776

)

 

 

2,148

 

 

 

372

 

 

 

(2,180

)

 

 

4,568

 

 

 

2,388

 

Comprehensive income attributable to Berkshire Hathaway shareholders

$

(45,502

)

 

$

2,282

 

 

$

(43,220

)

 

$

(40,443

)

 

$

4,822

 

 

$

(35,621

)

Net earnings (loss) per average equivalent Class A share

$

(29,754

)

 

$

91

 

 

$

(29,663

)

 

$

(26,005

)

 

$

173

 

 

$

(25,832

)

Net earnings (loss) per average equivalent Class B share

$

(19.84

)

 

$

0.06

 

 

$

(19.78

)

 

$

(17.34

)

 

$

0.12

 

 

$

(17.22

)

Summary of periodic payment annuity and life and health insurance benefits liabilities

A summary of the impacts of adopting ASU 2018-12 on our periodic payment annuity and life and health insurance benefits liabilities as of the January 1, 2021 transition date follows in millions.

Periodic payment
annuities

 

 

Life and health

 

 

Total

 

Balance at December 31, 2020, as previously reported

$

10,974

 

 

$

10,642

 

 

$

21,616

 

Reclassifications to other policyholder liabilities

 

(286

)

 

 

(929

)

 

 

(1,215

)

Balance at December 31, 2020 after reclassifications

 

10,688

 

 

 

9,713

 

 

 

20,401

 

Change in discount rate assumptions

 

6,553

 

 

 

1,447

 

 

 

8,000

 

Change in cash flow assumptions

 

(117

)

 

 

552

 

 

 

435

 

Balance as of January 1, 2021

$

17,124

 

 

$

11,712

 

 

$

28,836