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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2024
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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 0.000% 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 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 |
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 19, 2024:
|
|
Class A — |
562,539 |
Class B — |
1,311,384,883 |
BERKSHIRE HATHAWAY INC.
Part I Financial Information
Item 1. Financial Statements
BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(dollars in millions)
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
Insurance and Other: |
|
|
|
|
|
Cash and cash equivalents* |
$ |
28,891 |
|
|
$ |
33,672 |
|
Short-term investments in U.S. Treasury Bills |
|
153,444 |
|
|
|
129,619 |
|
Investments in fixed maturity securities |
|
17,167 |
|
|
|
23,758 |
|
Investments in equity securities |
|
335,864 |
|
|
|
353,842 |
|
Equity method investments |
|
29,585 |
|
|
|
29,066 |
|
Loans and finance receivables |
|
25,435 |
|
|
|
24,681 |
|
Other receivables |
|
46,772 |
|
|
|
44,174 |
|
Inventories |
|
23,670 |
|
|
|
24,159 |
|
Property, plant and equipment |
|
22,058 |
|
|
|
22,030 |
|
Equipment held for lease |
|
17,154 |
|
|
|
16,947 |
|
Goodwill |
|
50,813 |
|
|
|
50,868 |
|
Other intangible assets |
|
29,045 |
|
|
|
29,327 |
|
Deferred charges - retroactive reinsurance |
|
9,318 |
|
|
|
9,495 |
|
Other |
|
20,398 |
|
|
|
19,568 |
|
|
|
809,614 |
|
|
|
811,206 |
|
Railroad, Utilities and Energy: |
|
|
|
|
|
Cash and cash equivalents* |
|
6,658 |
|
|
|
4,350 |
|
Receivables |
|
6,063 |
|
|
|
7,086 |
|
Property, plant and equipment |
|
178,288 |
|
|
|
177,616 |
|
Goodwill |
|
33,736 |
|
|
|
33,758 |
|
Regulatory assets |
|
5,570 |
|
|
|
5,565 |
|
Other |
|
30,106 |
|
|
|
30,397 |
|
|
|
260,421 |
|
|
|
258,772 |
|
|
$ |
1,070,035 |
|
|
$ |
1,069,978 |
|
——————
* Includes U.S. Treasury Bills with maturities of three months or less when purchased of $4.0 billion at March 31, 2024 and $4.8 billion at December 31, 2023.
See accompanying Notes to Consolidated Financial Statements
BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(dollars in millions)
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
(Unaudited) |
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
Insurance and Other: |
|
|
|
|
|
Unpaid losses and loss adjustment expenses |
$ |
111,482 |
|
|
$ |
111,082 |
|
Unpaid losses and loss adjustment expenses - retroactive reinsurance contracts |
|
34,245 |
|
|
|
34,647 |
|
Unearned premiums |
|
31,975 |
|
|
|
30,507 |
|
Life, annuity and health insurance benefits |
|
17,987 |
|
|
|
20,213 |
|
Other policyholder liabilities |
|
10,662 |
|
|
|
11,545 |
|
Accounts payable, accruals and other liabilities |
|
31,583 |
|
|
|
32,402 |
|
Aircraft repurchase liabilities and unearned lease revenues |
|
8,375 |
|
|
|
8,253 |
|
Notes payable and other borrowings |
|
40,723 |
|
|
|
42,692 |
|
|
|
287,032 |
|
|
|
291,341 |
|
Railroad, Utilities and Energy: |
|
|
|
|
|
Accounts payable, accruals and other liabilities |
|
20,649 |
|
|
|
22,461 |
|
Regulatory liabilities |
|
6,887 |
|
|
|
6,818 |
|
Notes payable and other borrowings |
|
82,031 |
|
|
|
85,579 |
|
|
|
109,567 |
|
|
|
114,858 |
|
Income taxes, principally deferred |
|
95,651 |
|
|
|
93,009 |
|
Total liabilities |
|
492,250 |
|
|
|
499,208 |
|
Redeemable noncontrolling interests |
|
— |
|
|
|
3,261 |
|
Shareholders’ equity: |
|
|
|
|
|
Common stock |
|
8 |
|
|
|
8 |
|
Capital in excess of par value |
|
34,982 |
|
|
|
34,480 |
|
Accumulated other comprehensive income |
|
(4,050 |
) |
|
|
(3,763 |
) |
Retained earnings |
|
619,925 |
|
|
|
607,350 |
|
Treasury stock, at cost |
|
(79,375 |
) |
|
|
(76,802 |
) |
Berkshire Hathaway shareholders’ equity |
|
571,490 |
|
|
|
561,273 |
|
Noncontrolling interests |
|
6,295 |
|
|
|
6,236 |
|
Total shareholders’ equity |
|
577,785 |
|
|
|
567,509 |
|
|
$ |
1,070,035 |
|
|
$ |
1,069,978 |
|
See accompanying Notes to Consolidated Financial Statements
BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS
(dollars in millions except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
First Quarter |
|
|
|
|
2024 |
|
2023 |
|
Revenues: |
|
|
|
|
|
|
Insurance and Other: |
|
|
|
|
|
|
Insurance premiums earned |
|
|
$ |
21,474 |
|
$ |
19,796 |
|
Sales and service revenues |
|
|
|
37,472 |
|
|
38,388 |
|
Leasing revenues |
|
|
|
2,222 |
|
|
2,044 |
|
Interest, dividend and other investment income |
|
|
|
4,305 |
|
|
3,229 |
|
|
|
|
|
65,473 |
|
|
63,457 |
|
Railroad, Utilities and Energy: |
|
|
|
|
|
|
Freight rail transportation revenues |
|
|
|
5,637 |
|
|
6,001 |
|
Utility and energy operating revenues |
|
|
|
17,690 |
|
|
14,917 |
|
Service revenues and other income |
|
|
|
1,069 |
|
|
1,018 |
|
|
|
|
|
24,396 |
|
|
21,936 |
|
Total revenues |
|
|
|
89,869 |
|
|
85,393 |
|
|
|
|
|
|
|
|
Investment gains (losses) |
|
|
|
1,876 |
|
|
34,758 |
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
Insurance and Other: |
|
|
|
|
|
|
Insurance losses and loss adjustment expenses |
|
|
|
13,448 |
|
|
14,221 |
|
Life, annuity and health benefits |
|
|
|
945 |
|
|
785 |
|
Insurance underwriting expenses |
|
|
|
3,753 |
|
|
3,587 |
|
Cost of sales and services |
|
|
|
29,395 |
|
|
30,319 |
|
Cost of leasing |
|
|
|
1,691 |
|
|
1,477 |
|
Selling, general and administrative expenses |
|
|
|
4,773 |
|
|
5,602 |
|
Interest expense |
|
|
|
316 |
|
|
328 |
|
|
|
|
|
54,321 |
|
|
56,319 |
|
Railroad, Utilities and Energy: |
|
|
|
|
|
|
Freight rail transportation expenses |
|
|
|
3,938 |
|
|
4,161 |
|
Utilities and energy cost of sales and other expenses |
|
|
|
16,268 |
|
|
13,846 |
|
Other expenses |
|
|
|
1,005 |
|
|
871 |
|
Interest expense |
|
|
|
1,000 |
|
|
890 |
|
|
|
|
|
22,211 |
|
|
19,768 |
|
Total costs and expenses |
|
|
|
76,532 |
|
|
76,087 |
|
Earnings before income taxes and equity method earnings |
|
|
|
15,213 |
|
|
44,064 |
|
Equity method earnings |
|
|
|
493 |
|
|
688 |
|
Earnings before income taxes |
|
|
|
15,706 |
|
|
44,752 |
|
Income tax expense |
|
|
|
2,874 |
|
|
8,995 |
|
Net earnings |
|
|
|
12,832 |
|
|
35,757 |
|
Earnings attributable to noncontrolling interests |
|
|
|
130 |
|
|
253 |
|
Net earnings attributable to Berkshire Hathaway shareholders |
|
|
$ |
12,702 |
|
$ |
35,504 |
|
Net earnings per average equivalent Class A share |
|
|
$ |
8,825 |
|
$ |
24,377 |
|
Net earnings per average equivalent Class B share* |
|
|
$ |
5.88 |
|
$ |
16.25 |
|
Average equivalent Class A shares outstanding |
|
|
|
1,439,370 |
|
|
1,456,438 |
|
Average equivalent Class B shares outstanding |
|
|
|
2,159,055,134 |
|
|
2,184,657,109 |
|
——————
* 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
BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(dollars in millions)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter |
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
Net earnings |
|
|
|
|
|
$ |
12,832 |
|
|
$ |
35,757 |
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
Unrealized gains (losses) on investments |
|
|
|
|
|
|
(35 |
) |
|
|
247 |
|
Applicable income taxes |
|
|
|
|
|
|
6 |
|
|
|
(53 |
) |
Foreign currency translation |
|
|
|
|
|
|
(539 |
) |
|
|
249 |
|
Applicable income taxes |
|
|
|
|
|
|
— |
|
|
|
6 |
|
Long-duration insurance contract discount rate changes |
|
|
|
|
|
|
351 |
|
|
|
(367 |
) |
Applicable income taxes |
|
|
|
|
|
|
(67 |
) |
|
|
76 |
|
Defined benefit pension plans |
|
|
|
|
|
|
6 |
|
|
|
50 |
|
Applicable income taxes |
|
|
|
|
|
|
(2 |
) |
|
|
(6 |
) |
Other, net |
|
|
|
|
|
|
(30 |
) |
|
|
(120 |
) |
Other comprehensive income, net |
|
|
|
|
|
|
(310 |
) |
|
|
82 |
|
Comprehensive income |
|
|
|
|
|
|
12,522 |
|
|
|
35,839 |
|
Comprehensive income attributable to noncontrolling interests |
|
|
|
|
|
|
107 |
|
|
|
259 |
|
Comprehensive income attributable to Berkshire Hathaway shareholders |
|
|
|
|
|
$ |
12,415 |
|
|
$ |
35,580 |
|
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 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2023 |
|
$ |
34,488 |
|
|
$ |
(3,763 |
) |
|
$ |
607,350 |
|
|
$ |
(76,802 |
) |
|
$ |
6,236 |
|
|
$ |
567,509 |
|
Net earnings |
|
|
— |
|
|
|
— |
|
|
|
12,702 |
|
|
|
— |
|
|
|
130 |
|
|
|
12,832 |
|
Adoption of ASU 2023-02 |
|
|
— |
|
|
|
— |
|
|
|
(127 |
) |
|
|
— |
|
|
|
— |
|
|
|
(127 |
) |
Other comprehensive income, net |
|
|
— |
|
|
|
(287 |
) |
|
|
— |
|
|
|
— |
|
|
|
(23 |
) |
|
|
(310 |
) |
Acquisitions of common stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,573 |
) |
|
|
— |
|
|
|
(2,573 |
) |
Transactions with noncontrolling interests and other |
|
|
502 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(48 |
) |
|
|
454 |
|
Balance at March 31, 2024 |
|
$ |
34,990 |
|
|
$ |
(4,050 |
) |
|
$ |
619,925 |
|
|
$ |
(79,375 |
) |
|
$ |
6,295 |
|
|
$ |
577,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the first quarter of 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2022 |
|
$ |
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 |
|
Acquisitions of common stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,439 |
) |
|
|
— |
|
|
|
(4,439 |
) |
Transactions with noncontrolling interests and other |
|
|
(11 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7 |
|
|
|
(4 |
) |
Balance at March 31, 2023 |
|
$ |
35,164 |
|
|
$ |
(4,976 |
) |
|
$ |
546,631 |
|
|
$ |
(72,265 |
) |
|
$ |
8,523 |
|
|
$ |
513,077 |
|
See accompanying Notes to Consolidated Financial Statements
BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
First Quarter |
|
|
|
2024 |
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net earnings |
|
$ |
12,832 |
|
|
$ |
35,757 |
|
Adjustments to reconcile net earnings (loss) to operating cash flows: |
|
|
|
|
|
|
Investment (gains) losses |
|
|
(1,876 |
) |
|
|
(34,758 |
) |
Depreciation and amortization |
|
|
3,168 |
|
|
|
3,051 |
|
Other |
|
|
(2,863 |
) |
|
|
(1,293 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Unpaid losses and loss adjustment expenses |
|
|
117 |
|
|
|
22 |
|
Deferred charges - retroactive reinsurance |
|
|
177 |
|
|
|
172 |
|
Unearned premiums |
|
|
1,494 |
|
|
|
1,686 |
|
Receivables and originated loans |
|
|
469 |
|
|
|
(922 |
) |
Inventories |
|
|
516 |
|
|
|
(15 |
) |
Other assets |
|
|
(415 |
) |
|
|
(987 |
) |
Other liabilities |
|
|
(5,486 |
) |
|
|
(2,649 |
) |
Income taxes |
|
|
2,433 |
|
|
|
8,629 |
|
Net cash flows from operating activities |
|
|
10,566 |
|
|
|
8,693 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
Purchases of equity securities |
|
|
(2,691 |
) |
|
|
(2,873 |
) |
Sales of equity securities |
|
|
19,972 |
|
|
|
13,283 |
|
Purchases of U.S. Treasury Bills and fixed maturity securities |
|
|
(103,167 |
) |
|
|
(45,515 |
) |
Sales of U.S. Treasury Bills and fixed maturity securities |
|
|
7,452 |
|
|
|
12,982 |
|
Redemptions and maturities of U.S. Treasury Bills and fixed maturity securities |
|
|
80,114 |
|
|
|
25,364 |
|
Acquisitions of businesses, net of cash acquired |
|
|
(327 |
) |
|
|
(7,629 |
) |
Purchases of property, plant and equipment and equipment held for lease |
|
|
(4,393 |
) |
|
|
(3,713 |
) |
Other |
|
|
(163 |
) |
|
|
182 |
|
Net cash flows from investing activities |
|
|
(3,203 |
) |
|
|
(7,919 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
Proceeds from borrowings of insurance and other businesses |
|
|
— |
|
|
|
— |
|
Repayments of borrowings of insurance and other businesses |
|
|
(1,142 |
) |
|
|
(4,946 |
) |
Proceeds from borrowings of railroad, utilities and energy businesses |
|
|
5,084 |
|
|
|
— |
|
Repayments of borrowings of railroad, utilities and energy businesses |
|
|
(5,906 |
) |
|
|
(1,244 |
) |
Changes in short-term borrowings, net |
|
|
(2,612 |
) |
|
|
1,098 |
|
Acquisitions of treasury stock |
|
|
(2,562 |
) |
|
|
(4,450 |
) |
Other, principally transactions with noncontrolling interests |
|
|
(2,664 |
) |
|
|
(380 |
) |
Net cash flows from financing activities |
|
|
(9,802 |
) |
|
|
(9,922 |
) |
Effects of foreign currency exchange rate changes |
|
|
(44 |
) |
|
|
47 |
|
Increase (decrease) in cash and cash equivalents and restricted cash |
|
|
(2,483 |
) |
|
|
(9,101 |
) |
Cash and cash equivalents and restricted cash at the beginning of the year* |
|
|
38,643 |
|
|
|
36,399 |
|
Cash and cash equivalents and restricted cash at the end of the first quarter* |
|
$ |
36,160 |
|
|
$ |
27,298 |
|
*Cash and cash equivalents and restricted cash are comprised of: |
|
|
|
|
|
|
Beginning of the year— |
|
|
|
|
|
|
Insurance and Other |
|
$ |
33,672 |
|
|
$ |
32,260 |
|
Railroad, Utilities and Energy |
|
|
4,350 |
|
|
|
3,551 |
|
Restricted cash included in other assets |
|
|
621 |
|
|
|
588 |
|
|
|
$ |
38,643 |
|
|
$ |
36,399 |
|
End of the first quarter— |
|
|
|
|
|
|
Insurance and Other |
|
$ |
28,891 |
|
|
$ |
23,805 |
|
Railroad, Utilities and Energy |
|
|
6,658 |
|
|
|
2,942 |
|
Restricted cash included in other assets |
|
|
611 |
|
|
|
551 |
|
|
|
$ |
36,160 |
|
|
$ |
27,298 |
|
See accompanying Notes to Consolidated Financial Statements
BERKSHIRE HATHAWAY INC.
and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
Note 1. General
The accompanying unaudited Consolidated Financial Statements include the accounts of Berkshire Hathaway Inc. (“Berkshire” or “Company”) consolidated with the accounts of all its subsidiaries and affiliates in which Berkshire holds controlling financial interests as of the financial statement date. In these notes, the terms “us,” “we” or “our” refer to Berkshire and its consolidated subsidiaries. Reference is made to Berkshire’s most recently issued Annual Report on Form 10-K (“Annual Report”), which includes information necessary or useful to understanding Berkshire’s businesses and financial statement presentations. Our significant accounting policies and practices were presented as Note 1 to the Consolidated Financial Statements included in the Annual Report.
Financial information in this Quarterly Report reflects all adjustments that are, in the opinion of management, necessary to a fair statement of results for the interim periods in accordance with accounting principles generally accepted in the United States (“GAAP”). For several reasons, our results for interim periods are not normally indicative of results to be expected for the year. The timing and magnitude of catastrophe losses incurred by insurance subsidiaries and the estimation error inherent to the process of determining liabilities for unpaid losses of insurance subsidiaries can be more significant to results of interim periods than to results for a full year. Given the size of our equity security investment portfolio, changes in market prices and the related changes in unrealized gains and losses on equity securities will produce significant volatility in our interim and annual earnings. In addition, gains and losses from the periodic revaluation of certain assets and liabilities denominated in foreign currencies and asset impairment charges may cause significant variations in periodic net earnings.
Significant estimates are used in the preparation of our Consolidated Financial Statements, including those associated with evaluations of certain long-lived assets, goodwill and other intangible assets for impairment, expected credit losses on amounts owed to us and the estimations of certain losses assumed under insurance and reinsurance contracts. These estimates may be subject to significant adjustments in future periods due to ongoing macroeconomic and geopolitical events, as well as changes in industry or company-specific factors or events.
Note 2. New accounting pronouncements
In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-02, “Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method” (“ASU 2023-02”). ASU 2023-02 permits reporting entities to elect to account for tax equity investments from which the income tax credits are received using the proportional amortization method at the program level if certain conditions are met. We elected to apply the proportional accounting method to eligible affordable housing tax credit investments using the modified retrospective method. We recorded a charge to retained earnings of $127 million, representing the cumulative effect of applying the proportional method to these investments as of January 1, 2024.
In November 2023, the FASB issued Accounting Standards Update 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires disclosures of significant expenses by segment and interim disclosure of items that were previously required only on an annual basis. ASU 2023-07 is to be applied on a retrospective basis and is effective for our 2024 annual Consolidated Financial Statements and interim periods beginning in 2025.
In December 2023, the FASB issued Accounting Standards Update 2023-09, “Improvements to Income Tax Disclosures” (“ASU 2023-09”), which provides for additional income tax rate reconciliation and income taxes paid disclosures. ASU 2023-09 may be adopted on a prospective or retrospective basis and is effective for fiscal years beginning after December 15, 2024, with early adoption permitted.
On March 6, 2024, the U.S. Securities Exchange Commission (“SEC”) issued Release No. 33-11275 and No. 34-99678 “The Enhancement and Standardization of Climate-Related Disclosures for Investors” (“Climate Disclosure Rules”). Among its provisions, the Climate Disclosure Rules will require certain disclosures related to severe weather events and other natural conditions, and other disclosures about climate-related risks that materially impacted or are reasonably likely to materially impact the business strategy, results of operations or financial condition of the registrant. The Climate Disclosure Rules are currently effective for large-accelerated SEC filers in annual reports for years beginning on or after January 1, 2025. However, on April 4, 2024, the SEC stayed implementation of the Climate Disclosure Rules, pending the completion of judicial review.
We are evaluating the impacts ASUs 2023-07 and 2023-09 and the Climate Disclosure Rules will have on disclosures in our Consolidated Financial Statements.
Notes to Consolidated Financial Statements
Note 3. Significant business acquisitions
Our long-held acquisition strategy is to acquire businesses that have consistent earning power, good returns on equity and able and honest management. Financial results attributable to business acquisitions are included in our Consolidated Financial Statements beginning on their respective acquisition dates.
On January 31, 2023, we acquired an additional 41.4% interest in Pilot Travel Centers, LLC (“Pilot”) for approximately $8.2 billion. The acquisition increased our interest to 80%, representing a controlling interest in Pilot for financial reporting purposes as of that date. Accordingly, we began consolidating Pilot’s financial statements in our Consolidated Financial Statements on February 1, 2023. Prior to that date, we accounted for our 38.6% interest in Pilot under the equity method.
Pilot operates more than 650 travel center and 75 fuel-only locations across 44 U.S. states and five Canadian provinces, primarily under the names Pilot or Flying J, as well as large wholesale fuel and fuel marketing businesses in the U.S. Pilot also sells diesel fuel at other locations in the U.S. and Canada through various arrangements with third party travel centers and operates a water disposal business in the oil fields sector. Since Pilot’s most significant business activities involve purchasing and selling fuel (energy) on a wholesale and retail basis, and other energy-related businesses, we include Pilot within the railroad, utilities and energy sections of our Consolidated Balance Sheets and Consolidated Statements of Earnings.
In applying the acquisition method of accounting, we remeasured our previously held 38.6% investment in Pilot to fair value as of the acquisition date. We recognized a one-time, non-cash remeasurement gain of approximately $3.0 billion in the first quarter of 2023, representing the excess of the fair value of that interest over the carrying value under the equity method.
In January 2024, we acquired the remaining noncontrolling interests in Pilot for $2.6 billion, increasing our ownership of Pilot to 100%. The acquisition of a noncontrolling interest represents an equity transaction and we recorded an increase of $517 million to capital in excess of par for the excess of the carrying value of the noncontrolling interest acquired over the consideration paid, net of deferred income tax liabilities arising from the transaction.
A summary of the values of Pilot’s assets acquired, liabilities assumed and redeemable noncontrolling interests as of January 31, 2023 follows (in millions).
|
|
|
|
|
|
|
|
Assets acquired |
|
|
Liabilities assumed and noncontrolling interests |
|
Property, plant and equipment |
$ |
8,015 |
|
Notes payable |
$ |
5,876 |
|
Goodwill* |
|
6,605 |
|
Other liabilities |
|
4,918 |
|
Other intangible assets |
|
6,853 |
|
|
|
|
Other assets |
|
7,047 |
|
Liabilities assumed |
|
10,794 |
|
|
|
|
Noncontrolling interests, predominantly redeemable |
|
3,361 |
|