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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 June 30, 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 July 26, 2023:

Class A —

575,320

Class B —

1,308,070,268

 

 


 

BERKSHIRE HATHAWAY INC.

Page No.

 

 

Part I – Financial Information

 

 

 

Item 1. Financial Statements

 

Consolidated Balance Sheets—June 30, 2023 and December 31, 2022

2

Consolidated Statements of Earnings—Second Quarter and First Six Months 2023 and 2022

4

Consolidated Statements of Comprehensive Income—Second Quarter and First Six Months 2023 and 2022

5

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

6

Consolidated Statements of Cash Flows—First Six Months 2023 and 2022

7

Notes to Consolidated Financial Statements

8

Item 2.

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

31

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

52

Item 4.

Controls and Procedures

52

 

 

Part II – Other Information

52

 

 

 

Item 1.

Legal Proceedings

52

Item 1A.

Risk Factors

52

Item 2.

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

53

Item 3.

Defaults Upon Senior Securities

53

Item 4.

Mine Safety Disclosures

53

Item 5.

Other Information

53

Item 6.

Exhibits

54

 

 

Signature

54

1


 

Part I Financial Information

Item 1. Financial Statements

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(dollars in millions)

 

 

June 30,
2023

 

 

December 31,
2022

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

Cash and cash equivalents*

$

44,611

 

 

$

32,260

 

Short-term investments in U.S. Treasury Bills

 

97,322

 

 

 

92,774

 

Investments in fixed maturity securities

 

22,353

 

 

 

25,128

 

Investments in equity securities

 

353,409

 

 

 

308,793

 

Equity method investments

 

27,493

 

 

 

28,050

 

Loans and finance receivables

 

23,530

 

 

 

23,208

 

Other receivables

 

45,590

 

 

 

43,490

 

Inventories

 

25,295

 

 

 

25,366

 

Property, plant and equipment

 

21,413

 

 

 

21,113

 

Equipment held for lease

 

16,028

 

 

 

15,584

 

Goodwill

 

50,982

 

 

 

51,522

 

Other intangible assets

 

29,819

 

 

 

29,187

 

Deferred charges - retroactive reinsurance

 

9,454

 

 

 

9,870

 

Other

 

19,917

 

 

 

19,657

 

 

787,216

 

 

 

726,002

 

Railroad, Utilities and Energy:

 

 

 

 

 

Cash and cash equivalents*

 

5,444

 

 

 

3,551

 

Receivables

 

6,067

 

 

 

4,795

 

Property, plant and equipment

 

171,747

 

 

 

160,268

 

Goodwill

 

34,871

 

 

 

26,597

 

Regulatory assets

 

5,452

 

 

 

5,062

 

Other

 

30,776

 

 

 

22,190

 

 

254,357

 

 

 

222,463

 

 

$

1,041,573

 

 

$

948,465

 

——————

* Includes U.S. Treasury Bills with maturities of three months or less when purchased of $24.5 billion at June 30, 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)

 

 

June 30,
2023

 

 

December 31,
2022

 

 

(Unaudited)

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

Unpaid losses and loss adjustment expenses

$

109,030

 

 

$

107,472

 

Unpaid losses and loss adjustment expenses - retroactive reinsurance contracts

 

34,421

 

 

 

35,415

 

Unearned premiums

 

31,173

 

 

 

28,657

 

Life, annuity and health insurance benefits

 

19,635

 

 

 

19,753

 

Other policyholder liabilities

 

10,868

 

 

 

11,370

 

Accounts payable, accruals and other liabilities

 

31,999

 

 

 

33,201

 

Aircraft repurchase liabilities and unearned lease revenues

 

7,375

 

 

 

6,820

 

Notes payable and other borrowings

 

41,389

 

 

 

46,538

 

 

285,890

 

 

 

289,226

 

Railroad, Utilities and Energy:

 

 

 

 

 

Accounts payable, accruals and other liabilities

 

20,234

 

 

 

16,615

 

Regulatory liabilities

 

6,719

 

 

 

7,369

 

Notes payable and other borrowings

 

83,958

 

 

 

76,206

 

 

110,911

 

 

 

100,190

 

Income taxes, principally deferred

 

93,011

 

 

 

77,368

 

Total liabilities

 

489,812

 

 

 

466,784

 

Redeemable noncontrolling interests

 

3,210

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

Common stock

 

8

 

 

 

8

 

Capital in excess of par value

 

35,140

 

 

 

35,167

 

Accumulated other comprehensive income

 

(4,240

)

 

 

(5,052

)

Retained earnings

 

582,543

 

 

 

511,127

 

Treasury stock, at cost

 

(73,568

)

 

 

(67,826

)

Berkshire Hathaway shareholders’ equity

 

539,883

 

 

 

473,424

 

Noncontrolling interests

 

8,668

 

 

 

8,257

 

Total shareholders’ equity

 

548,551

 

 

 

481,681

 

$

1,041,573

 

 

$

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)

 

 

Second Quarter

 

First Six Months

 

 

2023

 

2022

 

2023

 

2022

 

Revenues:

 

 

 

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

 

 

 

Insurance premiums earned

$

20,561

 

$

18,081

 

$

40,357

 

$

35,569

 

Sales and service revenues

 

39,126

 

 

40,220

 

 

77,514

 

 

78,082

 

Leasing revenues

 

2,079

 

 

1,887

 

 

4,123

 

 

3,559

 

Interest, dividend and other investment income

 

3,846

 

 

2,861

 

 

7,075

 

 

4,723

 

 

65,612

 

 

63,049

 

 

129,069

 

 

121,933

 

Railroad, Utilities and Energy:

 

 

 

 

 

 

 

 

Freight rail transportation revenues

 

5,808

 

 

6,612

 

 

11,809

 

 

12,556

 

Utility and energy operating revenues

 

19,593

 

 

4,935

 

 

34,510

 

 

9,753

 

Service revenues and other income

 

1,490

 

 

1,605

 

 

2,508

 

 

2,802

 

 

26,891

 

 

13,152

 

 

48,827

 

 

25,111

 

Total revenues

 

92,503

 

 

76,201

 

 

177,896

 

 

147,044

 

 

 

 

 

 

 

 

 

 

Investment and derivative contract gains (losses)

 

33,061

 

 

(66,919

)

 

67,819

 

 

(68,897

)

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

 

 

 

Insurance losses and loss adjustment expenses

 

14,089

 

 

13,620

 

 

28,310

 

 

26,952

 

Life, annuity and health insurance benefits

 

1,128

 

 

1,186

 

 

1,913

 

 

2,523

 

Insurance underwriting expenses

 

3,729

 

 

2,377

 

 

7,316

 

 

4,981

 

Cost of sales and services

 

30,621

 

 

31,633

 

 

60,940

 

 

61,418

 

Cost of leasing

 

1,457

 

 

1,498

 

 

2,934

 

 

2,730

 

Selling, general and administrative expenses

 

5,005

 

 

3,762

 

 

10,607

 

 

8,013

 

Interest expense

 

314

 

 

302

 

 

642

 

 

566

 

 

56,343

 

 

54,378

 

 

112,662

 

 

107,183

 

Railroad, Utilities and Energy:

 

 

 

 

 

 

 

 

Freight rail transportation expenses

 

4,014

 

 

4,260

 

 

8,175

 

 

8,185

 

Utilities and energy cost of sales and other expenses

 

18,159

 

 

3,844

 

 

32,005

 

 

7,435

 

Other expenses

 

1,189

 

 

1,527

 

 

2,060

 

 

2,683

 

Interest expense

 

935

 

 

785

 

 

1,825

 

 

1,555

 

 

24,297

 

 

10,416

 

 

44,065

 

 

19,858

 

Total costs and expenses

 

80,640

 

 

64,794

 

 

156,727

 

 

127,041

 

Earnings (loss) before income taxes and equity method earnings

 

44,924

 

 

(55,512

)

 

88,988

 

 

(48,894

)

Equity method earnings

 

511

 

 

204

 

 

1,199

 

 

543

 

Earnings (loss) before income taxes

 

45,435

 

 

(55,308

)

 

90,187

 

 

(48,351

)

Income tax expense (benefit)

 

9,236

 

 

(12,066

)

 

18,231

 

 

(10,814

)

Net earnings (loss)

 

36,199

 

 

(43,242

)

 

71,956

 

 

(37,537

)

Earnings attributable to noncontrolling interests

 

287

 

 

379

 

 

540

 

 

504

 

Net earnings (loss) attributable to Berkshire Hathaway shareholders

$

35,912

 

$

(43,621

)

$

71,416

 

$

(38,041

)

Net earnings (loss) per average equivalent Class A share

$

24,775

 

$

(29,663

)

$

49,152

 

$

(25,832

)

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

$

16.52

 

$

(19.78

)

$

32.77

 

$

(17.22

)

Average equivalent Class A shares outstanding

 

1,449,542

 

 

1,470,577

 

 

1,452,971

 

 

1,472,628

 

Average equivalent Class B shares outstanding

 

2,174,313,670

 

 

2,205,865,262

 

 

2,179,456,816

 

 

2,208,942,539

 

——————

* 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)