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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, 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 October 24, 2023:

Class A —

571,726

Class B —

1,308,414,093

 

 


 

BERKSHIRE HATHAWAY INC.

Page No.

 

 

Part I – Financial Information

 

 

 

Item 1. Financial Statements

 

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

2

Consolidated Statements of Earnings—Third Quarter and First Nine Months 2023 and 2022

4

Consolidated Statements of Comprehensive Income—Third Quarter and First Nine Months 2023 and 2022

5

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

6

Consolidated Statements of Cash Flows—First Nine 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

30

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

51

Item 4.

Controls and Procedures

51

 

 

Part II – Other Information

51

 

 

 

Item 1.

Legal Proceedings

51

Item 1A.

Risk Factors

51

Item 2.

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

52

Item 3.

Defaults Upon Senior Securities

52

Item 4.

Mine Safety Disclosures

52

Item 5.

Other Information

52

Item 6.

Exhibits

53

 

 

Signature

53

1


 

Part I Financial Information

Item 1. Financial Statements

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(dollars in millions)

 

 

September 30,
2023

 

 

December 31,
2022

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

Cash and cash equivalents*

$

25,573

 

 

$

32,260

 

Short-term investments in U.S. Treasury Bills

 

126,401

 

 

 

92,774

 

Investments in fixed maturity securities

 

22,435

 

 

 

25,128

 

Investments in equity securities

 

318,621

 

 

 

308,793

 

Equity method investments

 

27,496

 

 

 

28,050

 

Loans and finance receivables

 

24,009

 

 

 

23,208

 

Other receivables

 

45,878

 

 

 

43,490

 

Inventories

 

24,755

 

 

 

25,366

 

Property, plant and equipment

 

21,758

 

 

 

21,113

 

Equipment held for lease

 

16,284

 

 

 

15,584

 

Goodwill

 

50,939

 

 

 

51,522

 

Other intangible assets

 

29,495

 

 

 

29,187

 

Deferred charges - retroactive reinsurance

 

9,265

 

 

 

9,870

 

Other

 

19,674

 

 

 

19,657

 

 

762,583

 

 

 

726,002

 

Railroad, Utilities and Energy:

 

 

 

 

 

Cash and cash equivalents*

 

5,267

 

 

 

3,551

 

Receivables

 

6,848

 

 

 

4,795

 

Property, plant and equipment

 

173,456

 

 

 

160,268

 

Goodwill

 

34,713

 

 

 

26,597

 

Regulatory assets

 

5,694

 

 

 

5,062

 

Other

 

31,372

 

 

 

22,190

 

 

257,350

 

 

 

222,463

 

 

$

1,019,933

 

 

$

948,465

 

——————

* Includes U.S. Treasury Bills with maturities of three months or less when purchased of $3.6 billion at September 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)

 

 

September 30,
2023

 

 

December 31,
2022

 

 

(Unaudited)

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

Unpaid losses and loss adjustment expenses

$

109,824

 

 

$

107,472

 

Unpaid losses and loss adjustment expenses - retroactive reinsurance contracts

 

33,919

 

 

 

35,415

 

Unearned premiums

 

31,914

 

 

 

28,657

 

Life, annuity and health insurance benefits

 

18,556

 

 

 

19,753

 

Other policyholder liabilities

 

11,105

 

 

 

11,370

 

Accounts payable, accruals and other liabilities

 

32,259

 

 

 

33,201

 

Aircraft repurchase liabilities and unearned lease revenues

 

7,549

 

 

 

6,820

 

Notes payable and other borrowings

 

40,941

 

 

 

46,538

 

 

286,067

 

 

 

289,226

 

Railroad, Utilities and Energy:

 

 

 

 

 

Accounts payable, accruals and other liabilities

 

22,818

 

 

 

16,615

 

Regulatory liabilities

 

6,688

 

 

 

7,369

 

Notes payable and other borrowings

 

83,840

 

 

 

76,206

 

 

113,346

 

 

 

100,190

 

Income taxes, principally deferred

 

85,793

 

 

 

77,368

 

Total liabilities

 

485,206

 

 

 

466,784

 

Redeemable noncontrolling interests

 

3,230

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

Common stock

 

8

 

 

 

8

 

Capital in excess of par value

 

34,473

 

 

 

35,167

 

Accumulated other comprehensive income

 

(4,272

)

 

 

(5,052

)

Retained earnings

 

569,776

 

 

 

511,127

 

Treasury stock, at cost

 

(74,655

)

 

 

(67,826

)

Berkshire Hathaway shareholders’ equity

 

525,330

 

 

 

473,424

 

Noncontrolling interests

 

6,167

 

 

 

8,257

 

Total shareholders’ equity

 

531,497

 

 

 

481,681

 

$

1,019,933

 

 

$

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)

 

 

Third Quarter

 

First Nine Months

 

 

2023

 

2022

 

2023

 

2022

 

Revenues:

 

 

 

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

 

 

 

Insurance premiums earned

$

21,360

 

$

18,754

 

$

61,717

 

$

54,323

 

Sales and service revenues

 

39,456

 

 

39,597

 

 

116,970

 

 

117,679

 

Leasing revenues

 

2,104

 

 

1,959

 

 

6,227

 

 

5,518

 

Interest, dividend and other investment income

 

4,047

 

 

2,378

 

 

11,122

 

 

7,101

 

 

66,967

 

 

62,688

 

 

196,036

 

 

184,621

 

Railroad, Utilities and Energy:

 

 

 

 

 

 

 

 

Freight rail transportation revenues

 

5,828

 

 

6,663

 

 

17,637

 

 

19,219

 

Utility and energy operating revenues

 

19,033

 

 

6,090

 

 

53,543

 

 

15,843

 

Service revenues and other income

 

1,382

 

 

1,463

 

 

3,890

 

 

4,265

 

 

26,243

 

 

14,216

 

 

75,070

 

 

39,327

 

Total revenues

 

93,210

 

 

76,904

 

 

271,106

 

 

223,948

 

 

 

 

 

 

 

 

 

 

Investment and derivative contract gains (losses)

 

(29,778

)

 

(13,465

)

 

38,041

 

 

(82,362

)

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

Insurance and Other:

 

 

 

 

 

 

 

 

Insurance losses and loss adjustment expenses

 

13,719

 

 

16,005

 

 

42,029

 

 

42,957

 

Life, annuity and health insurance benefits

 

1,144

 

 

1,428

 

 

3,057

 

 

3,951

 

Insurance underwriting expenses

 

3,496

 

 

2,613

 

 

10,812

 

 

7,594

 

Cost of sales and services

 

31,049

 

 

31,292

 

 

91,989

 

 

92,710

 

Cost of leasing

 

1,489

 

 

1,418

 

 

4,423

 

 

4,148

 

Selling, general and administrative expenses

 

5,120

 

 

4,068

 

 

15,727

 

 

12,081

 

Interest expense

 

311

 

 

297

 

 

953

 

 

863

 

 

56,328

 

 

57,121

 

 

168,990

 

 

164,304

 

Railroad, Utilities and Energy:

 

 

 

 

 

 

 

 

Freight rail transportation expenses

 

4,038

 

 

4,581

 

 

12,213

 

 

12,766

 

Utilities and energy cost of sales and other expenses

 

18,249

 

 

4,295

 

 

50,254

 

 

11,730

 

Other expenses

 

1,089

 

 

1,320

 

 

3,149

 

 

4,003

 

Interest expense

 

949

 

 

795

 

 

2,774

 

 

2,350

 

 

24,325

 

 

10,991

 

 

68,390

 

 

30,849

 

Total costs and expenses

 

80,653

 

 

68,112

 

 

237,380

 

 

195,153

 

Earnings (loss) before income taxes and equity method earnings

 

(17,221

)

 

(4,673

)

 

71,767

 

 

(53,567

)

Equity method earnings

 

262

 

 

415

 

 

1,461

 

 

958

 

Earnings (loss) before income taxes

 

(16,959

)

 

(4,258

)

 

73,228

 

 

(52,609

)

Income tax expense (benefit)

 

(4,392

)

 

(1,560

)

 

13,839

 

 

(12,374

)

Net earnings (loss)

 

(12,567

)

 

(2,698

)

 

59,389

 

 

(40,235

)

Earnings attributable to noncontrolling interests

 

200

 

 

100

 

 

740

 

 

604

 

Net earnings (loss) attributable to Berkshire Hathaway shareholders

$

(12,767

)

$

(2,798

)

$

58,649

 

$

(40,839

)

Net earnings (loss) per average equivalent Class A share

$

(8,824

)

$

(1,907

)

$

40,422

 

$

(27,768

)

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

$

(5.88

)

$

(1.27

)

$

26.95

 

$

(18.51

)

Average equivalent Class A shares outstanding

 

1,446,925

 

 

1,466,946

 

 

1,450,934

 

 

1,470,714

 

Average equivalent Class B shares outstanding

 

2,170,387,690

 

 

2,200,419,462

 

 

2,176,400,554

 

 

2,206,070,294

 

——————

* 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)

 

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net earnings (loss)

 

$

(12,567

)

 

$

(2,698

)

 

$

59,389

 

 

$

(40,235

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on investments

 

 

11

 

 

 

(527

)

 

 

217

 

 

 

(974

)

Applicable income taxes

 

 

(7

)

 

 

113

 

 

 

(39

)

 

 

208

 

Foreign currency translation

 

 

(801

)

 

 

(1,727

)

 

 

(169

)

 

 

(3,792

)

Applicable income taxes

 

 

(7

)

 

 

(38

)

 

 

(22

)

 

 

14

 

Long-duration insurance contract discount rate changes

 

 

920

 

 

 

1,782

 

 

 

1,040

 

 

 

7,594

 

Applicable income taxes

 

 

(204

)

 

 

(380

)

 

 

(253

)

 

 

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