10-Q

FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

(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, 2022

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 0.750% Senior Notes due 2023 0.625% Senior Notes due 2023 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 BRK23 BRK23A 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 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 20, 2022:

Class A —	613,707
Class B —	1,285,751,332

BERKSHIRE HATHAWAY INC.

		Page No.
Part I – Financial Information
Item 1.  Financial Statements
	Consolidated Balance Sheets—March 31, 2022 and December 31, 2021	2-3
	Consolidated Statements of Earnings—First Quarter 2022 and 2021	4
	Consolidated Statements of Comprehensive Income—First Quarter 2022 and 2021	5
	Consolidated Statements of Changes in Shareholders’ Equity—First Quarter 2022 and 2021	5
	Consolidated Statements of Cash Flows—First Quarter 2022 and 2021	6
	Notes to Consolidated Financial Statements	7-22
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23-41
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	41
Part II – Other Information
Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities	42
Item 3.	Defaults Upon Senior Securities	42
Item 4.	Mine Safety Disclosures	42
Item 5.	Other Information	42
Item 6.	Exhibits	43
Signature		43

1

Part I Financial Information

Item 1. Financial Statements

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(dollars in millions)

	March 31, 2022		December 31, 2021
	(Unaudited)
ASSETS
Insurance and Other:
Cash and cash equivalents*	$	35,542	$	85,319
Short-term investments in U.S. Treasury Bills		67,145		58,535
Investments in fixed maturity securities		21,718		16,434
Investments in equity securities		390,538		350,719
Equity method investments		17,596		17,375
Loans and finance receivables		21,265		20,751
Other receivables		38,963		35,388
Inventories		22,572		20,954
Property, plant and equipment		20,707		20,834
Equipment held for lease		15,038		14,918
Goodwill		47,064		47,117
Other intangible assets		28,211		28,486
Deferred charges - retroactive reinsurance		10,424		10,639
Other		16,303		15,854
		753,086		743,323
Railroad, Utilities and Energy:
Cash and cash equivalents*		3,571		2,865
Receivables		4,092		4,177
Property, plant and equipment		156,015		155,530
Goodwill		26,758		26,758
Regulatory assets		4,086		3,963
Other		21,898		22,168
		216,420		215,461
	$	969,506	$	958,784

* Includes U.S. Treasury Bills with maturities of three months or less when purchased of $7.3 billion at March 31, 2022 and $61.7 billion at December 31, 2021.

See accompanying Notes to Consolidated Financial Statements

2

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(dollars in millions)

	March 31, 2022			December 31, 2021
	(Unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Insurance and Other:
Unpaid losses and loss adjustment expenses	$	87,667		$	86,664
Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts		37,702			38,256
Unearned premiums		25,368			23,512
Life, annuity and health insurance benefits		22,673			22,452
Other policyholder liabilities		9,347			9,330
Accounts payable, accruals and other liabilities		30,929			30,376
Aircraft repurchase liabilities and unearned lease revenues		5,782			5,849
Notes payable and other borrowings		44,890			39,272
		264,358			255,711
Railroad, Utilities and Energy:
Accounts payable, accruals and other liabilities		15,076			15,696
Regulatory liabilities		7,322			7,214
Notes payable and other borrowings		74,771			74,990
		97,169			97,900
Income taxes, principally deferred		91,114			90,243
Total liabilities		452,641			443,854
Shareholders’ equity:
Common stock		8			8
Capital in excess of par value		35,586			35,592
Accumulated other comprehensive income		(4,428	)		(4,027	)
Retained earnings		539,881			534,421
Treasury stock, at cost		(62,906	)		(59,795	)
Berkshire Hathaway shareholders’ equity		508,141			506,199
Noncontrolling interests		8,724			8,731
Total shareholders’ equity		516,865			514,930
	$	969,506		$	958,784

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
	2022			2021
Revenues:
Insurance and Other:
Insurance premiums earned	$	17,492		$	16,424
Sales and service revenues		37,862			33,698
Leasing revenues		1,672			1,324
Interest, dividend and other investment income		1,862			1,851
		58,888			53,297
Railroad, Utilities and Energy:
Freight rail transportation revenues		5,944			5,378
Energy operating revenues		4,818			4,848
Service revenues and other income		1,160			1,076
		11,922			11,302
Total revenues		70,810			64,599
Investment and derivative contract gains (losses)		(1,978	)		5,700
Costs and expenses:
Insurance and Other:
Insurance losses and loss adjustment expenses		13,332			10,964
Life, annuity and health insurance benefits		1,323			1,480
Insurance underwriting expenses		2,767			3,014
Cost of sales and services		29,785			26,530
Cost of leasing		1,232			882
Selling, general and administrative expenses		4,251			3,910
Interest expense		264			276
		52,954			47,056
Railroad, Utilities and Energy:
Freight rail transportation expenses		3,925			3,510
Utilities and energy cost of sales and other expenses		3,591			3,589
Other expenses		1,156			1,093
Interest expense		770			774
		9,442			8,966
Total costs and expenses		62,396			56,022
Earnings before income taxes and equity method earnings		6,436			14,277
Equity method earnings		376			251
Earnings before income taxes		6,812			14,528
Income tax expense		1,227			2,688
Net earnings		5,585			11,840
Earnings attributable to noncontrolling interests		125			129
Net earnings attributable to Berkshire Hathaway shareholders	$	5,460		$	11,711
Net earnings per average equivalent Class A share	$	3,702		$	7,638
Net earnings per average equivalent Class B share*	$	2.47		$	5.09
Average equivalent Class A shares outstanding		1,474,703			1,533,284
Average equivalent Class B shares outstanding		2,212,054,009			2,299,925,502

* 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 17.

See accompanying Notes to Consolidated Financial Statements

4

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(dollars in millions)

(Unaudited)

	First Quarter
	2022			2021
Net earnings	$	5,585		$	11,840
Other comprehensive income:
Unrealized appreciation of investments		(236	)		(87	)
Applicable income taxes		51			20
Foreign currency translation		(316	)		(285	)
Applicable income taxes		(11	)		(3	)
Defined benefit pension plans		26			61
Applicable income taxes		(5	)		(20	)
Other, net		87			(6	)
Other comprehensive income, net		(404	)		(320	)
Comprehensive income		5,181			11,520
Comprehensive income attributable to noncontrolling interests		122			136
Comprehensive income attributable to Berkshire Hathaway shareholders	$	5,059		$	11,384

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 2022
Balance at December 31, 2021	$	35,600		$	(4,027	)	$	534,421	$	(59,795	)	$	8,731		$	514,930
Net earnings		—			—			5,460		—			125			5,585
Other comprehensive income, net		—			(401	)		—		—			(3	)		(404	)
Acquisition of common stock		—			—			—		(3,111	)		—			(3,111	)
Transactions with noncontrolling interests		(6	)		—			—		—			(129	)		(135	)
Balance at March 31, 2022	$	35,594		$	(4,428	)	$	539,881	$	(62,906	)	$	8,724		$	516,865
For the first quarter of 2021
Balance at December 31, 2020	$	35,634		$	(4,243	)	$	444,626	$	(32,853	)	$	8,172		$	451,336
Net earnings		—			—			11,711		—			129			11,840
Other comprehensive income, net		—			(327	)		—		—			7			(320	)
Acquisition of common stock		—			—			—		(6,565	)		—			(6,565	)
Transactions with noncontrolling interests		4			—			—		—			(119	)		(115	)
Balance at March 31, 2021	$	35,638		$	(4,570	)	$	456,337	$	(39,418	)	$	8,189		$	456,176

See accompanying Notes to Consolidated Financial Statements

5

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in millions)

(Unaudited)

	First Quarter
	2022			2021
Cash flows from operating activities:
Net earnings	$	5,585		$	11,840
Adjustments to reconcile net earnings to operating cash flows:
Investment (gains) losses		1,735			(5,211	)
Depreciation and amortization		2,703			2,673
Other		(961	)		(225	)
Changes in operating assets and liabilities:
Unpaid losses and loss adjustment expenses		558			961
Deferred charges - retroactive reinsurance		215			252
Unearned premiums		1,912			2,390
Receivables and originated loans		(3,469	)		(3,440	)
Other assets		(2,168	)		(397	)
Other liabilities		(85	)		(1,861	)
Income taxes		804			2,324
Net cash flows from operating activities		6,829			9,306
Cash flows from investing activities:
Purchases of equity securities		(51,119	)		(2,572	)
Sales of equity securities		9,724			6,451
Purchases of U.S. Treasury Bills and fixed maturity securities		(58,746	)		(32,313	)
Sales of U.S. Treasury Bills and fixed maturity securities		37,795			4,090
Redemptions and maturities of U.S. Treasury Bills and fixed maturity securities		6,571			37,559
Purchases of loans and finance receivables		(12	)		(11	)
Collections of loans and finance receivables		73			109
Acquisitions of businesses, net of cash acquired		(34	)		(47	)
Purchases of property, plant and equipment and equipment held for lease		(3,090	)		(2,519	)
Other		272			449
Net cash flows from investing activities		(58,566	)		11,196
Cash flows from financing activities:
Proceeds from borrowings of insurance and other businesses		6,977			1,442
Repayments of borrowings of insurance and other businesses		(614	)		(2,425	)
Proceeds from borrowings of railroad, utilities and energy businesses		405			—
Repayments of borrowings of railroad, utilities and energy businesses		(395	)		(883	)
Changes in short term borrowings, net		(183	)		229
Acquisition of treasury stock		(3,180	)		(6,580	)
Other		(367	)		(132	)
Net cash flows from financing activities		2,643			(8,349	)
Effects of foreign currency exchange rate changes		50			(61	)
Increase (decrease) in cash and cash equivalents and restricted cash		(49,044	)		12,092
Cash and cash equivalents and restricted cash at beginning of year*		88,706			48,396
Cash and cash equivalents and restricted cash at end of first quarter*	$	39,662		$	60,488
*Cash and cash equivalents and restricted cash are comprised of:
Beginning of year—
Insurance and Other	$	85,319		$	44,714
Railroad, Utilities and Energy		2,865			3,276
Restricted cash included in other assets		522			406
	$	88,706		$	48,396
End of first quarter—
Insurance and Other	$	35,542		$	56,826
Railroad, Utilities and Energy		3,571			3,228
Restricted cash included in other assets		549			434
	$	39,662		$	60,488

See accompanying Notes to Consolidated Financial Statements

6

BERKSHIRE HATHAWAY INC.

and Subsidiaries

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2022

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 (consisting only of normal recurring 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 a number of 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, changes in the fair values of certain derivative contract liabilities, gains and losses from the periodic revaluation of certain assets and liabilities denominated in foreign currencies and the magnitude of asset impairment charges may cause significant variations in periodic net earnings.

The COVID-19 pandemic continues to affect most of our operating businesses. Significant government and private sector actions have been taken since 2020 and likely will continue to be taken intended to control the spread and mitigate the economic effects of the virus. Actions in the latter part of 2021 and early 2022 included temporary business closures or restrictions of business activities in various parts of the world in response to the emergence of variants of the virus. Notwithstanding these efforts, significant disruptions of supply chains and higher costs have persisted in 2022. Further, the development of geopolitical conflicts in 2022 have contributed to disruptions of supply chains, resulting in cost increases for commodities, goods, and services in many parts of the world. The economic effects from these events over longer terms cannot be reasonably estimated at this time. Accordingly, significant estimates used in the preparation of our 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, may be subject to significant adjustments in future periods.

Note 2. New accounting pronouncements

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-12 “Targeted Improvements to the Accounting for Long-Duration Contracts” (“ASU 2018-12”). ASU 2018-12 requires reassessment of cash flow assumptions at least annually and revision of discount rate assumptions each reporting period in valuing policyholder liabilities and related deferred acquisition costs of long-duration contracts. The effects from changes in cash flow assumptions are reflected in earnings and the effects from changes in discount rate assumptions are reflected in other comprehensive income. Currently, the cash flow and discount rate assumptions are set at the contract inception date and not subsequently changed, except under limited circumstances. ASU 2018-12 is to be applied retrospectively to the earliest period presented in the financial statements, will require new disclosures and is effective for fiscal years beginning after December 15, 2022, with early adoption permitted.

We currently intend to adopt ASU 2018-12 as of January 1, 2023 using the modified retrospective method, which provides that revised cash flow and discount rate assumptions as of January 1, 2021 (the transition date) be applied to contracts then in-force, with liabilities then remeasured as provided under the standard. The cumulative effects from discount rate assumption changes as of the transition date will be recorded in accumulated other comprehensive income and the cumulative effect from cash flow assumption changes will be recorded in retained earnings. While we have not finalized our assessment of the impact of the adoption as of the transition date, we currently believe that the changes in discount rate assumptions will have a greater effect on our recorded liabilities than changes in cash flow assumptions. We also preliminarily estimate that the changes in discount rate assumptions as of the transition date will increase our life, health and annuity benefit liabilities from the amounts previously reported due to the historically low interest rate environment at that time. However, the ultimate impact of adopting ASU 2018-12 will be based on the discount rate and cash flow assumptions determined as of the January 1, 2023 adoption date. We, therefore, continue to evaluate the effect this standard will have on our Consolidated Financial Statements.

7

Notes to Consolidated Financial Statements (Continued)

Note 3. Investments in fixed maturity securities

Investments in fixed maturity securities as of March 31, 2022 and December 31, 2021 are summarized by type below (in millions).

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
March 31, 2022
U.S. Treasury, U.S. government corporations and agencies	$	8,793	$	12	$	(97	)	$	8,708
Foreign governments		11,116		26		(62	)		11,080
Corporate bonds		1,268		324		(2	)		1,590
Other		308		34		(2	)		340
	$	21,485	$	396	$	(163	)	$	21,718
December 31, 2021
U.S. Treasury, U.S. government corporations and agencies	$	3,286	$	22	$	(5	)	$	3,303
Foreign governments		10,998		29		(33	)		10,994
Corporate bonds		1,363		412		(1	)		1,774
Other		317		47		(1	)		363
	$	15,964	$	510	$	(40	)	$	16,434

Investments in foreign governments include securities issued by national and provincial government entities as well as instruments that are unconditionally guaranteed by such entities. As of March 31, 2022, approximately 94% of our foreign government holdings were rated AA or higher by at least one of the major rating agencies. The amortized cost and estimated fair value of fixed maturity securities at March 31, 2022 are summarized below by contractual maturity dates. Amounts are in millions. Actual maturities may differ from contractual maturities due to prepayment rights held by issuers.

	Due in one year or less		Due after one year through five years		Due after five years through ten years		Due after ten years		Mortgage- backed securities		Total
Amortized cost	$	10,272	$	10,456	$	443	$	92	$	222	$	21,485
Fair value		10,250		10,370		734		112		252		21,718

Note 4. Investments in equity securities

Investments in equity securities as of March 31, 2022 and December 31, 2021 are summarized as follows (in millions).

	Cost Basis		Net Unrealized Gains		Fair Value
March 31, 2022*
Banks, insurance and finance	$	36,472	$	61,657	$	98,129
Consumer products		40,932		153,536		194,468
Commercial, industrial and other		68,132		29,809		97,941
	$	145,536	$	245,002	$	390,538

* Approximately 66% of the aggregate fair value was concentrated in four companies (American Express Company – $28.4 billion; Apple Inc. – $159.1 billion; Bank of America Corporation – $42.6 billion and Chevron Corporation – $25.9 billion).

	Cost Basis		Net Unrealized Gains		Fair Value
December 31, 2021*
Banks, insurance and finance	$	26,822	$	62,236	$	89,058
Consumer products		36,076		154,945		191,021
Commercial, industrial and other		41,707		28,933		70,640
	$	104,605	$	246,114	$	350,719

* Approximately 73% of the aggregate fair value was concentrated in four companies (American Express Company – $24.8 billion; Apple Inc. – $161.2 billion; Bank of America Corporation – $46.0 billion and The Coca-Cola Company – $23.7 billion).

8

Notes to Consolidated Financial Statements (Continued)

Note 4. Investments in equity securities (Continued)

Our equity security investments also include Occidental Corporation (“Occidental”) Cumulative Perpetual Preferred Stock with an aggregate liquidation value of $10 billion and warrants to purchase up to 83.86 million shares of Occidental common stock at an exercise price of $59.62 per share. The preferred stock accrues dividends at 8% per annum and is redeemable at the option of Occidental commencing in 2029 at a redemption price equal to 105% of the liquidation preference, plus any accumulated and unpaid dividends and is mandatorily redeemable under specified events. Dividends on the preferred stock are payable in cash or, at Occidental’s option, in shares of Occidental common stock. The warrants are exercisable in whole or in part until one year after the redemption of the preferred stock.

Note 5. Equity method investments

Berkshire and its subsidiaries hold investments in certain businesses that are accounted for pursuant to the equity method. Currently, the most significant of these is our investment in the common stock of The Kraft Heinz Company (“Kraft Heinz”). Kraft Heinz manufactures and markets food and beverage products, including condiments and sauces, cheese and dairy, meals, meats, refreshment beverages, coffee and other grocery products. Berkshire currently owns 26.6% of the outstanding shares of Kraft Heinz common stock.

We recorded equity method earnings from our investment in Kraft Heinz of $206 million in the first quarter of 2022 and $150 million in 2021. We received dividends on the common stock of $130 million in the first quarter of both 2022 and 2021, which were recorded as reductions to the carrying value of our investment.

Shares of Kraft Heinz common stock are publicly-traded and the fair value of our investment was approximately $12.8 billion at March 31, 2022 and $11.7 billion at December 31, 2021. The carrying value of our investment was approximately $13.2 billion at March 31, 2022 and $13.1 billion at December 31, 2021. As of March 31, 2022, the carrying value of our investment exceeded the fair value based on the quoted market price by 3% of the carrying value. We evaluated our investment in Kraft Heinz for impairment. Based on the prevailing facts and circumstances, we concluded recognition of an impairment loss in earnings was not required as of March 31, 2022.

Summarized consolidated financial information of Kraft Heinz follows (in millions).

	March 26, 2022		December 25, 2021
Assets	$	93,864	$	93,394
Liabilities		44,020		43,942

	First Quarter
	2022		2021
Sales	$	6,045	$	6,394
Net earnings attributable to Kraft Heinz common shareholders		776		563

Other investments that we account for pursuant to the equity method include Berkadia Commercial Mortgage LLC (“Berkadia”), Pilot Travel Centers LLC (“Pilot”), Electric Transmission Texas, LLC (“ETT”) and Iroquois Gas Transmission System L.P. (“Iroquois”). The aggregate carrying value of these investments was approximately $4.4 billion as of March 31, 2022 and $4.3 billion as of December 31, 2021. We recorded equity method earnings in the first quarter of $170 million in 2022 and $101 million in 2021, and we received aggregate distributions in the first quarter of $28 million in 2022 and $896 million in 2021. Additional information concerning these investments follows.

We own a 50% interest in Berkadia, with Jefferies Financial Group Inc. (“Jefferies”) owning the other 50% interest. Berkadia provides capital solutions, investment sales advisory and mortgage servicing for multifamily and commercial real estate. A source of funding for Berkadia’s operations is through commercial paper, which was $1.47 billion at March 31, 2022 and is limited to $1.5 billion. Berkadia’s commercial paper is supported by a surety policy issued by a Berkshire insurance subsidiary. Jefferies is obligated to indemnify us for one-half of any losses incurred under the policy. Berkshire Hathaway Energy (“BHE”) subsidiaries own a 50% noncontrolling interest in ETT, an owner and operator of electric transmission assets in Texas and a 50% noncontrolling interest in Iroquois, which owns and operates a natural gas pipeline located in New York and Connecticut.

9

Notes to Consolidated Financial Statements (Continued)

Note 5. Equity method investments (Continued)

We own a 38.6% interest in Pilot, headquartered in Knoxville, Tennessee. Pilot operates travel centers in North America through more than 800 retail locations across 44 U.S. states and six Canadian provinces and through wholesale distribution. The Haslam family currently owns a 50.1% interest in Pilot and a third party owns the remaining 11.3% interest. We have an agreement to acquire an additional 41.4% interest in Pilot in 2023, with the Haslam family retaining a 20% interest. As a result, Berkshire will become the majority owner of Pilot in 2023.

Note 6. Investment and derivative contract gains/losses

Investment and derivative contract gains/losses in the first quarter of 2022 and 2021 are summarized as follows (in millions).

	First Quarter
	2022			2021
Investment gains (losses):
Equity securities:
Change in unrealized investment gains (losses) during the period on    securities held at the end of the period	$	(1,775	)	$	4,630
Investment gains (losses) on securities sold during the period		89			430
		(1,686	)		5,060
Fixed maturity securities:
Gross realized gains		6			20
Gross realized losses		(49	)		(1	)
Other		(6	)		132
Investment gains (losses)		(1,735	)		5,211
Derivative contract gains (losses)		(243	)		489
	$	(1,978	)	$	5,700

Equity securities gains and losses include unrealized gains and losses from changes in fair values during the period on equity securities we still own, as well as gains and losses on securities we sold during the period. As reflected in the Consolidated Statements of Cash Flows, we received proceeds from sales of equity securities of approximately $9.7 billion in the first three months of 2022 and $6.5 billion in the first three months of 2021. In the preceding table, investment gains and losses on equity securities sold during the period represent the difference between the sales proceeds and the fair value of the equity securities sold at the beginning of the applicable period or, if later, the purchase date. Our taxable gains/losses on equity securities sold are generally the difference between the proceeds from sales and original cost. Taxable losses in the first quarter of 2022 were $739 million and taxable gains in 2021 were $1.8 billion.

Our derivative contract gains and losses derive from equity index put option contracts written prior to March 2008 on four major equity indexes. As of March 31, 2022, we had six open contracts, which had an aggregate fair value liability of $121 million and an aggregate notional value of $2.6 billion.  

10

Notes to Consolidated Financial Statements (Continued)

Note 7. Loans and finance receivables

Loans and finance receivables are summarized as follows (in millions).

	March 31, 2022			December 31, 2021
Loans and finance receivables before allowances and discounts	$	22,596		$	22,065
Allowances for credit losses		(781	)		(765	)
Unamortized acquisition discounts and points		(550	)		(549	)
	$	21,265		$	20,751

Loans and finance receivables are principally manufactured home loans, and to a lesser extent, commercial loans and site-built home loans. Reconciliations of the allowance for credit losses on loans and finance receivables for the first quarter of 2022 and 2021 follow (in millions).

	First Quarter
	2022			2021
Balance at beginning of year	$	765		$	712
Provision for credit losses		22			27
Charge-offs, net of recoveries		(6	)		(14	)
Balance at March 31	$	781		$	725

As of March 31, 2022, approximately 99% of home loan balances were evaluated collectively for impairment. As of March 31, 2022, we considered approximately 98% of the loan balances to be current as to payment status. A summary of performing and non-performing home loans before discounts and allowances by year of loan origination as of March 31, 2022 follows (in millions).

	Origination Year
	2022		2021		2020		2019		2018		Prior		Total
Performing	$	2,038	$	3,918	$	3,065	$	2,169	$	1,642	$	7,789	$	20,621
Non-performing		2		3		8		8		6		46		73
	$	2,040	$	3,921	$	3,073	$	2,177	$	1,648	$	7,835	$	20,694

We are also party to commercial loan agreements with Seritage Growth Properties (“Seritage”) and Lee Enterprises, Inc, (“Lee”), in which loan balances aggregated $1.9 billion at March 31, 2022 and December 31, 2021. The Seritage loan is pursuant to a $2.0 billion term loan facility and the outstanding loan is secured by mortgages on its real estate properties. The loan agreement with Seritage, as amended, allows optional loan prepayments without penalty and further provides Seritage with the option to extend the maturity of the loan to July 31, 2025, if the outstanding principal has been reduced to $800 million by the original expiration date of July 31, 2023. The loan to Lee matures in 2045. The Lee loan agreement provides for mandatory principal prepayments under certain conditions and optional prepayments at par. We are the sole lender to each of these entities and each of these loans is current as to payment status.

Note 8. Other receivables

Other receivables are comprised of the following (in millions).

	March 31, 2022			December 31, 2021
Insurance and other:
Insurance premiums receivable	$	16,305		$	15,050
Reinsurance recoverables		4,880			4,900
Trade receivables		14,333			12,971
Other		4,122			3,146
Allowances for credit losses		(677	)		(679	)
	$	38,963		$	35,388
Railroad, utilities and energy:
Trade receivables	$	3,645		$	3,678
Other		596			650
Allowances for credit losses		(149	)		(151	)
	$	4,092		$	4,177

11

Notes to Consolidated Financial Statements (Continued)

Note 8. Other receivables (Continued)

Provisions for credit losses in the first three months with respect to receivables summarized above were $92 million in 2022 and $18 million in 2021. Charge-offs, net of recoveries, in the first three months were $95 million in 2022 and $28 million in 2021.

Note 9. Inventories

Inventories are comprised of the following (in millions).

	March 31, 2022		December 31, 2021
Raw materials	$	6,180	$	5,743
Work in process and other		3,537		3,192
Finished manufactured goods		5,031		4,530
Goods acquired for resale		7,824		7,489
	$	22,572	$	20,954

Note 10. Property, plant and equipment

A summary of property, plant and equipment of our insurance and other businesses follows (in millions).

	March 31, 2022			December 31, 2021
Land, buildings and improvements	$	14,049		$	14,070
Machinery and equipment		26,166			26,063
Furniture, fixtures and other		4,772			4,640
		44,987			44,773
Accumulated depreciation		(24,280	)		(23,939	)
	$	20,707		$	20,834

A summary of property, plant and equipment of railroad and utilities and energy businesses follows (in millions). The utility generation, transmission and distribution systems and interstate natural gas pipeline assets are owned by regulated public utility and natural gas pipeline subsidiaries.

	March 31, 2022			December 31, 2021
Railroad:
Land, track structure and other roadway	$	65,256		$	65,843
Locomotives, freight cars and other equipment		15,910			13,822
Construction in progress		1,101			1,027
		82,267			80,692
Accumulated depreciation		(16,535	)		(14,978	)
		65,732			65,714
Utilities and energy:
Utility generation, transmission and distribution systems		90,560			90,223
Interstate natural gas pipeline assets		17,526			17,423
Independent power plants and other assets		13,986			13,695
Construction in progress		4,605			4,196
		126,677			125,537
Accumulated depreciation		(36,394	)		(35,721	)
		90,283			89,816
	$	156,015		$	155,530

Depreciation expense for the first quarter of 2022 and 2021 is summarized below (in millions).

	First Quarter
	2022		2021
Insurance and other	$	564	$	576
Railroad, utilities and energy		1,542		1,496
	$	2,106	$	2,072

12

Notes to Consolidated Financial Statements (Continued)

Note 11. Equipment held for lease

Equipment held for lease includes railcars, aircraft, over-the-road trailers, intermodal tank containers, cranes, storage units and furniture. Equipment held for lease is summarized below (in millions).

	March 31, 2022			December 31, 2021
Railcars	$	9,532		$	9,448
Aircraft		9,439			9,234
Other		5,196			5,053
		24,167			23,735
Accumulated depreciation		(9,129	)		(8,817	)
	$	15,038		$	14,918

Depreciation expense for equipment held for lease in the first quarter was $294 million in 2022 and $282 million in 2021. Fixed and variable operating lease revenues for the first quarter of 2022 and 2021 are summarized below (in millions).

	First Quarter
	2022		2021
Fixed lease revenue	$	1,188	$	1,062
Variable lease revenue		484		262
	$	1,672	$	1,324

Note 12. Goodwill and other intangible assets

Reconciliations of the changes in the carrying value of goodwill for the first quarter of 2022 and for the year ended December 31, 2021 follow (in millions).

	March 31, 2022			December 31, 2021
Balance at beginning of year	$	73,875		$	73,734
Business acquisitions		5			353
Other, including foreign currency translation		(58	)		(212	)
Balance at end of period*	$	73,822		$	73,875

* Net of accumulated goodwill impairments of $11.0 billion as of March 31, 2022 and December 31, 2021.

The gross carrying amounts and related accumulated amortization of other intangible assets are summarized as follows (in millions).

	March 31, 2022						December 31, 2021
	Gross carrying amount		Accumulated amortization		Net carrying value		Gross carrying amount		Accumulated amortization		Net carrying value
Insurance and other:
Customer relationships	$	27,323	$	6,616	$	20,707	$	27,335	$	6,450	$	20,885
Trademarks and trade names		5,171		807		4,364		5,176		802		4,374
Patents and technology		4,818		3,547		1,271		4,763		3,484		1,279
Other		3,326		1,457		1,869		3,390		1,442		1,948
	$	40,638	$	12,427	$	28,211	$	40,664	$	12,178	$	28,486
Railroad, utilities and energy:
Customer relationships	$	678	$	404	$	274	$	678	$	396	$	282
Trademarks, trade names and other		1,015		157		858		1,015		146		869
	$	1,693	$	561	$	1,132	$	1,693	$	542	$	1,151

13

Notes to Consolidated Financial Statements (Continued)

Note 12. Goodwill and other intangible assets (Continued)

Intangible asset amortization expense in the first quarter was $303 million in 2022 and $319 million in 2021. Intangible assets with indefinite lives were $18.5 billion as of March 31, 2022 and December 31, 2021 and primarily related to certain customer relationships and trademarks and trade names.

Note 13. Unpaid losses and loss adjustment expenses

Our liabilities for unpaid losses and loss adjustment expenses (also referred to as “claim liabilities”) under property and casualty insurance and reinsurance contracts are based upon estimates of the ultimate claim costs associated with claim occurrences as of the balance sheet date and include estimates for incurred-but-not-reported (“IBNR”) claims. A reconciliation of the changes in claim liabilities, excluding liabilities under retroactive reinsurance contracts (see Note 14), for each of the three-month periods ending March 31, 2022 and 2021 follows (in millions).

	2022			2021
Balances at beginning of year:
Gross liabilities	$	86,664		$	79,854
Reinsurance recoverable on unpaid losses		(2,960	)		(2,912	)
Net liabilities		83,704			76,942
Incurred losses and loss adjustment expenses:
Current accident year		13,375			11,363
Prior accident years		(251	)		(646	)
Total		13,124			10,717
Paid losses and loss adjustment expenses:
Current accident year		(3,908	)		(3,214	)
Prior accident years		(8,091	)		(6,454	)
Total		(11,999	)		(9,668	)
Foreign currency effect		(106	)		(94	)
Balances at March 31:
Net liabilities		84,723			77,897
Reinsurance recoverable on unpaid losses		2,944			3,064
Gross liabilities	$	87,667		$	80,961

Incurred losses and loss adjustment expenses shown in the preceding table were recorded in earnings and related to insured events occurring in the current year (“current accident year”) and events occurring in all prior years (“prior accident years”). Incurred and paid losses and loss adjustment expenses are net of reinsurance recoveries. We recorded net reductions of estimated ultimate liabilities for prior accident years of $251 million in the first quarter of 2022 and $646 million in 2021, which produced corresponding reductions in incurred losses and loss adjustment expenses in those periods. These reductions, as percentages of the net liabilities at the beginning of each year, were 0.3% in 2022 and 0.8% in 2021.

Estimated ultimate liabilities for prior accident years from primary insurance were reduced by $114 million in the first quarter of 2022 and $699 million in 2021. The reductions in 2022 derived primarily from private passenger automobile, medical professional liability and workers’ compensation claims, partly offset by increases in ultimate liabilities for other casualty claims. The decrease in incurred losses for prior accident years in 2021 was primarily due to reductions in private passenger automobile estimates, and to a lesser extent in medical professional liability and workers’ compensation estimates. Estimated ultimate liabilities for prior years related to property and casualty reinsurance decreased $137 million in the first quarter of 2022 and increased $53 million in 2021. 

14

Notes to Consolidated Financial Statements (Continued)

Note 14. Retroactive reinsurance contracts

Retroactive reinsurance policies provide indemnification of losses and loss adjustment expenses of short-duration insurance contracts with respect to underlying loss events that occurred prior to the contract inception date. Claims payments may commence immediately after the contract date or, when applicable, after a contractual retention amount has been reached. Reconciliations of the changes in estimated liabilities for retroactive reinsurance unpaid losses and loss adjustment expenses (“claim liabilities”) and related deferred charges for each of the three-month periods ending March 31, 2022 and 2021 follow (in millions).

	2022						2021
	Unpaid losses and loss adjustment expenses			Deferred charges - retroactive reinsurance			Unpaid losses and loss adjustment expenses			Deferred charges - retroactive reinsurance
Balances at beginning of year	$	38,256		$	(10,639	)	$	40,966		$	(12,441	)
Incurred losses and loss adjustment expenses:
Current year contracts		—			—			—			—
Prior years’ contracts		(7	)		215			(5	)		252
Total		(7	)		215			(5	)		252
Paid losses and loss adjustment expenses		(547	)		—			(276	)		—
Balances at March 31	$	37,702		$	(10,424	)	$	40,685		$	(12,189	)
Incurred losses and loss adjustment expenses, net of deferred charges	$	208					$	247

In the preceding table, classifications of incurred losses and loss adjustment expenses are based on the inception dates of the contracts, which reflect when our exposure to losses began. Incurred losses and loss adjustment expenses in the first quarter for prior years’ contracts were $208 million in 2022 and $247 million in 2021 and included recurring amortization of deferred charges and the effect of changes in the timing and amount of expected future loss payments. Currently, our largest retroactive reinsurance contract is between our subsidiary, National Indemnity Company, and certain subsidiaries of American International Group, Inc. (collectively, “AIG”). Our estimated claim liabilities with regard to the AIG contract were approximately $15.4 billion at March 31, 2022 and $15.8 billion at December 31, 2021. Deferred charges related to the AIG contract were $4.34 billion at March 31, 2022 and $4.45 billion at December 31, 2021.

Note 15. Notes payable and other borrowings

Notes payable and other borrowings are summarized below (in millions). The weighted average interest rates and maturity date ranges shown in the following tables are based on borrowings as of March 31, 2022.

	Weighted Average Interest Rate			March 31, 2022		December 31, 2021
Insurance and other:
Berkshire Hathaway Inc. (“Berkshire”):
U.S. Dollar denominated due 2023-2047		3.3	%	$	6,222	$	6,820
Euro denominated due 2023-2041		1.0	%		7,586		7,792
Japanese Yen denominated due 2023-2060		0.6	%		7,479		6,797
Berkshire Hathaway Finance Corporation (“BHFC”):
U.S. Dollar denominated due 2022-2052		3.6	%		15,235		10,758
Great Britain Pound denominated due 2039-2059		2.5	%		2,258		2,325
Euro denominated due 2030-2034		1.8	%		1,378		—
Other subsidiary borrowings due 2022-2045		4.1	%		4,426		4,438
Subsidiary short-term borrowings		3.2	%		306		342
				$	44,890	$	39,272

15

Notes to Consolidated Financial Statements (Continued)

Note 15. Notes payable and other borrowings (Continued)

In January 2022, Berkshire repaid $600 million of maturing senior notes and issued ¥128.5 billion (approximately $1.1 billion) of senior notes with maturity dates ranging from 2027 to 2052 and a weighted average interest rate of 0.5%. Borrowings of BHFC, a wholly owned finance subsidiary of Berkshire, consist of senior unsecured notes used to fund manufactured housing loans originated or acquired and equipment held for lease of certain subsidiaries. BHFC borrowings are fully and unconditionally guaranteed by Berkshire. In March 2022, BHFC issued $4.5 billion of senior notes with maturity dates ranging from 2027 to 2052 with a weighted average interest rate of 3.4% and €1.25 billion (approximately $1.4 billion) of senior notes maturing in 2030 and 2034 with a weighted average interest rate of 1.8%.

The carrying values of Berkshire and BHFC non-U.S. Dollar denominated senior notes (€8.15 billion, £1.75 billion and ¥914 billion par at March 31, 2022) reflect the applicable exchange rates as of each balance sheet date. The effects of changes in foreign currency exchange rates during the period are recorded in earnings as a component of selling, general and administrative expenses. Changes in the exchange rates resulted in pre-tax gains of $716 million in the first quarter of 2022 and $720 million in the first quarter of 2021.

Berkshire also guarantees debt of other subsidiaries, aggregating approximately $3.8 billion at March 31, 2022. Generally, Berkshire’s guarantee of a subsidiary’s debt obligation is an absolute, unconditional and irrevocable guarantee for the full and prompt payment when due of all payment obligations.

	Weighted Average Interest Rate			March 31, 2022		December 31, 2021
Railroad, utilities and energy:
Berkshire Hathaway Energy Company (“BHE”) and subsidiaries:
BHE senior unsecured debt due 2023-2051		4.3	%	$	13,003	$	13,003
Subsidiary and other debt due 2022-2064		4.1	%		36,901		36,759
Short-term borrowings		1.6	%		1,849		2,009
Burlington Northern Santa Fe ("BNSF") and subsidiaries due 2022-2097		4.5	%		23,018		23,219
				$	74,771	$	74,990

BHE subsidiary debt represents amounts issued pursuant to separate financing agreements. Substantially all of the assets of certain BHE subsidiaries are, or may be, pledged or encumbered to support or otherwise secure such debt. These borrowing arrangements generally contain various covenants, which pertain to leverage ratios, interest coverage ratios and/or debt service coverage ratios. In April 2022, BHE issued $1.0 billion of 4.6% senior notes due in 2053 and a subsidiary issued £350 million of 3.25% bonds due in 2052.

BNSF’s borrowings are primarily senior unsecured debentures. As of March 31, 2022, BNSF, BHE and their subsidiaries were in compliance with all applicable debt covenants. Berkshire does not guarantee any debt, borrowings or lines of credit of BNSF, BHE or their subsidiaries.

Our subsidiaries have unused lines of credit and commercial paper capacity to support short-term borrowing programs and provide additional liquidity. Unused lines of credit were approximately $10.4 billion at March 31, 2022, which included approximately $8.8 billion related to BHE and its subsidiaries.

16

Notes to Consolidated Financial Statements (Continued)

Note 16. Fair value measurements

Our financial assets and liabilities are summarized below as of March 31, 2022 and December 31, 2021, with fair values shown according to the fair value hierarchy (in millions). The carrying values of cash and cash equivalents, U.S. Treasury Bills, other receivables and accounts payable, accruals and other liabilities are considered to be reasonable estimates of their fair values.

	Carrying Value		Fair Value		Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2022
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations    and agencies	$	8,708	$	8,708	$	8,669	$	39	$	—
Foreign governments		11,080		11,080		10,543		537		—
Corporate bonds		1,590		1,590		—		1,590		—
Other		340		340		—		340		—
Investments in equity securities		390,538		390,538		378,190		7		12,341
Investment in Kraft Heinz common stock		13,191		12,819		12,819		—		—
Loans and finance receivables		21,265		22,584		—		2,135		20,449
Derivative contract assets (1)		636		636		24		528		84
Derivative contract liabilities (1)		454		454		1		143		310
Notes payable and other borrowings:
Insurance and other		44,890		45,145		—		45,101		44
Railroad, utilities and energy		74,771		79,234		—		79,234		—
December 31, 2021
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations    and agencies	$	3,303	$	3,303	$	3,261	$	42	$	—
Foreign governments		10,994		10,994		10,286		708		—
Corporate bonds		1,774		1,774		—		1,774		—
Other		363		363		—		363		—
Investments in equity securities		350,719		350,719		339,225		8		11,486
Investment in Kraft Heinz common stock		13,112		11,683		11,683		—		—
Loans and finance receivables		20,751		22,174		—		2,178		19,996
Derivative contract assets (1)		329		329		6		230		93
Derivative contract liabilities (1)		376		376		2		150		224
Notes payable and other borrowings:
Insurance and other		39,272		42,339		—		42,292		47
Railroad, utilities and energy		74,990		87,065		—		87,065		—

⁽¹⁾ Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities.

17

Notes to Consolidated Financial Statements (Continued)

Note 16. Fair value measurements (Continued)

The fair values of substantially all of our financial instruments were measured using market or income approaches. The hierarchy for measuring fair value consists of Levels 1 through 3, which are described below.

Level 1 – Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets.

Level 2 – Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar assets or liabilities exchanged in active or inactive markets; quoted prices for identical assets or liabilities exchanged in inactive markets; other inputs that may be considered in fair value determinations of the assets or liabilities, such as interest rates and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Pricing evaluations generally reflect discounted expected future cash flows, which incorporate yield curves for instruments with similar characteristics, such as credit ratings, estimated durations and yields for other instruments of the issuer or entities in the same industry sector.

Level 3 – Inputs include unobservable inputs used in the measurement of assets and liabilities. Management is required to use its own assumptions regarding unobservable inputs because there is little, if any, market activity in the assets or liabilities and it may be unable to corroborate the related observable inputs. Unobservable inputs require management to make certain projections and assumptions about the information that would be used by market participants in valuing assets or liabilities.

Reconciliations of significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the three months ended March 31, 2022 and 2021 follow (in millions).

	Balance at beginning of year			Gains included in earnings		Acquisitions, dispositions and settlements			Transfers out of Level 3		Balance at March 31
Investments in equity securities:
2022	$	11,480		$	855	$	—		$	—	$	12,335
2021		8,978			823		600			—		10,401
Equity index put option contract liabilities:
2021		(1,065	)		489		(1	)		—		(577	)

Quantitative information as of March 31, 2022 with respect to significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follows (dollars in millions).

	Fair Value		Principal Valuation Techniques	Unobservable Inputs	Weighted Average
Investments in equity securities:
Preferred stock	$	10,497	Discounted cash flow	Expected duration	7 years
				Discount for transferability    restrictions and subordination	372 bps
Common stock warrants		1,838	Warrant pricing model	Expected duration	7 years
				Volatility	38%

Investments in equity securities in the preceding table include our investments in certain preferred stocks and common stock warrants that do not have readily determinable market values as defined under GAAP. These investments are subject to contractual restrictions on transferability and may contain provisions that prevent us from economically hedging our investments. We applied discounted cash flow techniques in valuing the preferred stock and we made assumptions regarding the expected duration of the investment and the effects of subordination in liquidation. In valuing the common stock warrants, we used a warrant valuation model. While most of the inputs to the model are observable, we made assumptions regarding the expected duration and volatility of the warrants.

18

Notes to Consolidated Financial Statements (Continued)

Note 17. Common stock

Changes in Berkshire’s issued, treasury and outstanding common stock during the first quarter of 2022 are shown in the table below. In addition to our common stock, 1,000,000 shares of preferred stock are authorized, but none are issued.

	Class A, $5 Par Value (1,650,000 shares authorized)									Class B, $0.0033 Par Value (3,225,000,000 shares authorized)
	Issued			Treasury			Outstanding			Issued		Treasury			Outstanding
Balances at December 31, 2021		665,901			(48,788	)		617,113			1,488,292,852		(197,818,349	)		1,290,474,503
Conversions of Class A common stock to Class B common stock		(1,148	)		—			(1,148	)		1,722,000		—			1,722,000
Treasury stock acquired		—			(2,005	)		(2,005	)		—		(6,824,671	)		(6,824,671	)
Balances at March 31, 2022		664,753			(50,793	)		613,960			1,490,014,852		(204,643,020	)		1,285,371,832

Each Class A common share is entitled to one vote per share. Class B common stock possesses dividend and distribution rights equal to one-fifteen-hundredth (1/1,500) of such rights of Class A common stock. Each Class B common share possesses voting rights equal to one-ten-thousandth (1/10,000) of the voting rights of a Class A share. Unless otherwise required under Delaware General Corporation Law, Class A and Class B common shares vote as a single class. Each share of Class A common stock is convertible, at the option of the holder, into 1,500 shares of Class B common stock. Class B common stock is not convertible into Class A common stock. On an equivalent Class A common stock basis, there were 1,470,875 shares outstanding as of March 31, 2022 and 1,477,429 shares outstanding as of December 31, 2021.

Since we have two classes of common stock, we provide earnings per share data on the Consolidated Statements of Earnings for average equivalent Class A shares outstanding and average equivalent Class B shares outstanding. Class B shares are economically equivalent to one-fifteen-hundredth (1/1,500) of a Class A share. Average equivalent Class A shares outstanding represents average Class A shares outstanding plus one-fifteen-hundredth (1/1,500) of the average Class B shares outstanding. Average equivalent Class B shares outstanding represents average Class B shares outstanding plus 1,500 times the average Class A shares outstanding.

Berkshire’s common stock repurchase program permits Berkshire to repurchase its Class A and Class B shares any time that Warren Buffett, Berkshire’s Chairman of the Board and Chief Executive Officer, and Charlie Munger, Vice Chairman of the Board, believe that the repurchase price is below Berkshire’s intrinsic value, conservatively determined. The program continues to allow share repurchases in the open market or through privately negotiated transactions and does not specify a maximum number of shares to be repurchased. However, repurchases will not be made if they would reduce the total value of Berkshire’s consolidated cash, cash equivalents and U.S. Treasury Bills holdings below $30 billion. The repurchase program does not obligate Berkshire to repurchase any specific dollar amount or number of Class A or Class B shares and there is no expiration date to the program.

Note 18. Income taxes

Our consolidated effective income tax rates were 18.0% in the first quarter 2022 and 18.5% in the first quarter of 2021. Our effective income tax rate normally reflects recurring benefits from dividends-received deductions applicable to investments in equity securities and production tax credits related to wind-powered electricity generation placed in service in the U.S. Our periodic effective income tax rate will also vary due to the changes in mix of pre-tax earnings, the magnitude of gains or losses with respect to our investments in equity securities, the amount of non-deductible goodwill impairment charges and other expenses and the underlying income tax rates applicable in the various taxing jurisdictions.

19

Notes to Consolidated Financial Statements (Continued)

Note 19. Accumulated other comprehensive income

A summary of the net changes in after-tax accumulated other comprehensive income attributable to Berkshire Hathaway shareholders for the three months ending March 31, 2022 and 2021 follows (in millions).

	Unrealized appreciation of fixed maturity securities, net			Foreign currency translation			Defined benefit pension plans			Other			Accumulated other comprehensive income
First quarter of 2022
Balance at beginning of year	$	369		$	(4,092	)	$	(347	)	$	43		$	(4,027	)
Other comprehensive income, net		(186	)		(315	)		20			80			(401	)
Balance at end of period	$	183		$	(4,407	)	$	(327	)	$	123		$	(4,428	)
First quarter of 2021
Balance at beginning of year	$	536		$	(3,082	)	$	(1,645	)	$	(52	)	$	(4,243	)
Other comprehensive income, net		(67	)		(297	)		40			(3	)		(327	)
Balance at end of period	$	469		$	(3,379	)	$	(1,605	)	$	(55	)	$	(4,570	)

Note 20. Supplemental cash flow information

A summary of supplemental cash flow information is presented in the following table (in millions).

	First Quarter
	2022		2021
Cash paid during the period for:
Income taxes	$	336	$	256
Interest:
Insurance and other		365		400
Railroad, utilities and energy		708		740

Note 21. Contingencies and commitments

We are parties in a variety of legal actions that routinely arise out of the normal course of business, including legal actions seeking to establish liability directly through insurance contracts or indirectly through reinsurance contracts issued by Berkshire subsidiaries. Plaintiffs occasionally seek punitive or exemplary damages. We do not believe that such normal and routine litigation will have a material effect on our financial condition or results of operations. Berkshire and certain of its subsidiaries are also involved in other kinds of legal actions, some of which assert or may assert claims or seek to impose fines and penalties. We believe that any liability that may arise as a result of other pending legal actions will not have a material effect on our consolidated financial condition or results of operations.

On March 21, 2022, Berkshire and Alleghany Corporation (“Alleghany”) entered into an agreement whereby Berkshire will acquire all of Alleghany’s outstanding common stock for cash of approximately $11.6 billion. The acquisition of Alleghany is expected to close in the fourth quarter of 2022 and is subject to approval by Alleghany shareholders and the receipt of various regulatory approvals. Alleghany owns property and casualty reinsurance and insurance businesses as well as a diverse portfolio of non-financial businesses.

20

Notes to Consolidated Financial Statements (Continued)

Note 22. Revenues from contracts with customers

We recognize revenue when a good or service is transferred to a customer. A good or service is transferred when or as the customer obtains control of that good or service. Revenues are based on the consideration we expect to receive in connection with our promises to deliver goods and services to our customers. The following tables summarize customer contract revenues disaggregated by reportable segment and the source of the revenue for the first quarter of 2022 and 2021 (in millions). Other revenues, which are not considered to be revenues from contracts with customers under GAAP, are primarily insurance premiums earned, interest, dividend and other investment income and leasing revenues.

	Manufacturing		McLane		Service and Retailing		BNSF		Berkshire Hathaway Energy		Insurance, Corporate and other		Total
Three months ending March 31, 2022
Manufactured products:
Industrial and commercial products	$	5,932	$	—	$	49	$	—	$	—	$	—	$	5,981
Building products		5,419		—		—		—		—		—		5,419
Consumer products		5,093		—		—		—		—		—		5,093
Grocery and convenience store distribution		—		7,706		—		—		—		—		7,706
Food and beverage distribution		—		4,562		—		—		—		—		4,562
Auto sales		—		—		2,527		—		—		—		2,527
Other retail and wholesale distribution		722		—		4,175		—		—		—		4,897
Service		264		214		1,006		5,931		1,112		—		8,527
Electricity and natural gas		—		—		—		—		4,714		—		4,714
Total		17,430		12,482		7,757		5,931		5,826		—		49,426
Other revenues		955		32		1,334		13		152		18,898		21,384
	$	18,385	$	12,514	$	9,091	$	5,944	$	5,978	$	18,898	$	70,810
Three months ending March 31, 2021
Manufactured products:
Industrial and commercial products	$	5,363	$	—	$	50	$	—	$	—	$	—	$	5,413
Building products		4,399		—		—		—		—		—		4,399
Consumer products		4,163		—		—		—		—		—		4,163
Grocery and convenience store distribution		—		7,442		—		—		—		—		7,442
Food and beverage distribution		—		4,004		—		—		—		—		4,004
Auto sales		—		—		2,312		—		—		—		2,312
Other retail and wholesale distribution		703		—		3,656		—		—		—		4,359
Service		329		151		934		5,365		1,040		—		7,819
Electricity and natural gas		—		—		—		—		4,712		—		4,712
Total		14,957		11,597		6,952		5,365		5,752		—		44,623
Other revenues		923		25		991		13		172		17,852		19,976
	$	15,880	$	11,622	$	7,943	$	5,378	$	5,924	$	17,852	$	64,599

A summary of the transaction price allocated to the significant unsatisfied remaining performance obligations relating to contracts with expected durations in excess of one year as of March 31, 2022 and the timing of when the performance obligations are expected to be satisfied follows (in millions).

	Less than 12 months		Greater than 12 months		Total
Electricity and natural gas	$	2,878	$	22,103	$	24,981
Other sales and service contracts		1,494		2,423		3,917

21

Notes to Consolidated Financial Statements (Continued)

Note 23. Business segment data

Our operating businesses include a large and diverse group of insurance, manufacturing, service and retailing businesses. We organize our reportable business segments in a manner that reflects how management views those business activities. Certain businesses are grouped together for segment reporting based upon similar products or product lines and marketing, selling and distribution characteristics, even though those business units are operated under separate local management. Revenues and earnings before income taxes by segment for the first quarter of 2022 and 2021 were as follows (in millions).

	First Quarter
	2022			2021
Revenues of Operating Businesses
Insurance:
Underwriting:
GEICO	$	9,554		$	8,923
Berkshire Hathaway Primary Group		3,118			2,654
Berkshire Hathaway Reinsurance Group		4,820			4,847
Investment income		1,364			1,414
Total insurance		18,856			17,838
BNSF		5,968			5,401
BHE		5,983			5,924
Manufacturing		18,421			15,913
McLane		12,515			11,622
Service and retailing		9,115			7,958
		70,858			64,656
Reconciliation of segments to consolidated amount
Corporate, eliminations and other		(48	)		(57	)
	$	70,810		$	64,599

	First Quarter
	2022			2021
Earnings Before Income Taxes of Operating Businesses
Insurance:
Underwriting:
GEICO	$	(178	)	$	1,023
Berkshire Hathaway Primary Group		92			206
Berkshire Hathaway Reinsurance Group		156			(263	)
Investment income		1,361			1,412
Total insurance		1,431			2,378
BNSF		1,809			1,659
BHE		676			683
Manufacturing		2,824			2,436
McLane		82			103
Service and retailing		1,135			938
		7,957			8,197
Reconciliation of segments to consolidated amount
Investment and derivative gains (losses)		(1,978	)		5,700
Interest expense, not allocated to segments		(104	)		(114	)
Equity method investments		376			251
Corporate, eliminations and other		561			494
	$	6,812		$	14,528

22

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Results of Operations

Net earnings attributable to Berkshire Hathaway shareholders are disaggregated in the table that follows. Amounts are after deducting income taxes and exclude earnings attributable to noncontrolling interests (in millions).

	First Quarter
	2022			2021
Insurance – underwriting	$	47		$	764
Insurance – investment income		1,170			1,208
Railroad		1,371			1,251
Utilities and energy		750			703
Manufacturing, service and retailing		3,025			2,619
Investment and derivative contract gains (losses)		(1,580	)		4,693
Other		677			473
Net earnings attributable to Berkshire Hathaway shareholders	$	5,460		$	11,711

Through our subsidiaries, we engage in numerous diverse business activities. We manage our operating businesses on an unusually decentralized basis. There are few centralized or integrated business functions. Our senior corporate management team participates in and is ultimately responsible for significant capital allocation decisions, investment activities and the selection of the Chief Executive to head each of the operating businesses. The business segment data (Note 23 to the accompanying Consolidated Financial Statements) should be read in conjunction with this discussion.

The COVID-19 pandemic continues to affect most of our operating businesses. Significant government and private sector actions have been taken since 2020 and likely will continue to be taken to control the spread and mitigate the economic effects of the virus. Actions in the latter part of 2021 and early 2022 included periodic temporary business closures or restrictions of business activities in various parts of the world in response to the emergence of variants of the virus. Notwithstanding these efforts, significant disruptions of supply chains and higher costs have persisted. Further, the development of geopolitical conflicts in 2022 have contributed to the disruptions of supply chains, resulting in cost increases for goods and services in many parts of the world. We cannot reliably predict future economic effects of these events on our businesses or when our operations will normalize. Nor can we reliably predict how these events will alter the future consumption patterns of consumers and businesses we serve.

Insurance underwriting produced after-tax earnings of $47 million in the first quarter of 2022 versus $764 million in 2021. Underwriting earnings in the first quarter of 2022 were negatively impacted by ongoing increases in claims severities at GEICO. Underwriting earnings in 2021 reflected the effects of the premium reductions from the GEICO Giveback program and the favorable impact of lower claims frequencies for private passenger automobile coverages, which were partially offset by higher claims severities. After-tax earnings from insurance investment income decreased 3.1% in the first quarter of 2022 compared to 2021, attributable to lower dividend income.

After-tax earnings of our railroad business increased 9.6% in the first quarter of 2022 compared to 2021. The increase reflected higher revenue per car/unit, partly offset by lower overall freight volumes and higher average fuel costs. After-tax earnings of our utilities and energy business increased 6.7% in the first quarter of 2022 compared to 2021. The increase reflected higher earnings from the regulated utilities businesses, including increased production tax credits for renewable energy, and from higher earnings from tax equity investments, partly offset by lower earnings from the natural gas pipelines and real estate brokerage businesses. After-tax earnings from our manufacturing, service and retailing businesses increased 15.5% in the first quarter of 2022 versus 2021. While customer demand for products and services was relatively good in the first quarter of 2022, we continue to experience the effects of higher materials, freight, labor and other input costs attributable to ongoing disruptions in global supply chains.

Investment and derivative contract gains and losses in 2022 and 2021 predominantly derived from our investments in equity securities and includes unrealized gains and losses from market price changes. We believe that investment and derivative gains/losses, whether realized from dispositions or unrealized from changes in market prices of equity securities, are generally meaningless in understanding our reported quarterly or annual results or evaluating the economic performance of our businesses. These gains and losses have caused and will continue to cause significant volatility in our periodic earnings.

23

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Insurance—Underwriting

Our management views our insurance businesses as possessing two distinct activities – underwriting and investing. Underwriting decisions are the responsibility of the unit managers, while investing decisions are the responsibility of Berkshire’s Chairman and CEO, Warren E. Buffett, and Berkshire’s corporate investment managers. Accordingly, we evaluate performance of underwriting operations without any allocation of investment income or investment gains and losses. We consider investment income as an integral component of our aggregate insurance operating results. However, we consider investment gains and losses, whether realized or unrealized, as non-operating. We believe that such gains and losses are not meaningful in understanding the quarterly or annual operating results of our insurance businesses.

The timing and magnitude of catastrophe losses can produce significant volatility in our periodic underwriting results, particularly with respect to our reinsurance businesses. Generally, we consider incurred losses exceeding $100 million from a current year catastrophic event to be significant. Significant catastrophe events in the first quarters included floods in Australia in 2022 and Winter Storm Uri in 2021.

Changes in estimates for unpaid losses and loss adjustment expenses, including amounts established for occurrences in prior years, can also significantly affect our periodic underwriting results. Unpaid loss estimates, including estimates under retroactive reinsurance contracts, were approximately $125 billion as of March 31, 2022. Our periodic underwriting results may also include significant foreign currency transaction gains and losses arising from the changes in the valuation of non-U.S. Dollar denominated liabilities of our U.S. based insurance subsidiaries due to foreign currency exchange rate fluctuations.

Underwriting results of certain of our commercial insurance and reinsurance businesses have been affected by estimated losses and costs associated with the COVID-19 pandemic, including incremental provisions for claims. The effects of the pandemic on future periods may be affected by judicial rulings and regulatory and legislative actions pertaining to insurance coverage and claims and by its effects on general economic activity, which we cannot reasonably estimate at this time.

We provide primary insurance and reinsurance products covering property and casualty risks, as well as life and health risks. Our insurance and reinsurance businesses are GEICO, Berkshire Hathaway Primary Group and Berkshire Hathaway Reinsurance Group. Underwriting results of our insurance businesses are summarized below (dollars in millions).

	First Quarter
	2022			2021
Pre-tax underwriting earnings (loss):
GEICO	$	(178	)	$	1,023
Berkshire Hathaway Primary Group		92			206
Berkshire Hathaway Reinsurance Group		156			(263	)
Pre-tax underwriting earnings		70			966
Income taxes and noncontrolling interests		23			202
Net underwriting earnings	$	47		$	764
Effective income tax rate		34.4	%		20.9	%

GEICO

GEICO writes private passenger automobile insurance, offering coverages to insureds in all 50 states and the District of Columbia. GEICO markets its policies mainly by direct response methods where most customers apply for coverage directly to the company via the Internet or over the telephone. A summary of GEICO’s underwriting results follows (dollars in millions).

	First Quarter
	2022					2021
	Amount			%		Amount		%
Premiums written	$	10,265				$	10,006
Premiums earned	$	9,554			100.0	$	8,923		100.0
Losses and loss adjustment expenses		8,544			89.4		6,463		72.4
Underwriting expenses		1,188			12.5		1,437		16.1
Total losses and expenses		9,732			101.9		7,900		88.5
Pre-tax underwriting earnings (loss)	$	(178	)			$	1,023

24

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Insurance—Underwriting (Continued)

GEICO (Continued)

GEICO’s pre-tax underwriting loss in the first quarter of 2022 reflected increased claims severity, primarily due to significant cost inflation in automobile markets, which accelerated in the second half of 2021. Increases in used car prices are producing increased claims severities on total losses and shortages of car parts are contributing to increased claims severity on partial losses. In addition, injury claims severities continue to trend higher than general inflation rates.

Premiums written in the first quarter of 2022 increased $259 million (2.6%) compared to 2021. The increase was primarily attributable to an increase in average premiums per auto policy due to rate increases, as average policies in-force were relatively unchanged. Premiums earned in the first quarter of 2022 increased $631 million (7.1%) compared to 2021. Premiums earned in 2021 included a reduction of approximately $400 million attributable to the remaining impact of the GEICO Giveback program that provided a 15% premium credit to new and renewing voluntary auto and motorcycle policies written between April 8, 2020 and October 7, 2020.

Losses and loss adjustment expenses in the first quarter of 2022 increased $2.1 billion (32.2%) compared to 2021. GEICO’s ratio of losses and loss adjustment expenses to premiums earned in the first quarter of 2022 was 89.4%, an increase of 17.0 percentage points compared to 2021, which reflected increases in claims frequencies and severities.

Claims frequencies in the first quarter of 2022 were higher for all coverages, including property damage (ten to eleven percent range), collision (fifteen to sixteen percent range), bodily injury (twelve to thirteen percent range) and personal injury (fourteen to fifteen percent range). Average claims severities in the first quarter of 2022 were higher for property damage coverage (six to seven percent range), collision coverage (twenty to twenty-two percent range) and bodily injury coverage (nine to eleven percent range). GEICO’s losses and loss adjustment expenses in the first quarter included reductions in the ultimate claim loss estimates for prior years’ loss events of $92 million in 2022 and $521 million in 2021. The reduction in estimates for prior years’ events in 2022 reflected decreases for bodily and personal injury coverages and increases for collision and property damage coverages.

Underwriting expenses in the first quarter of 2022 were $1.2 billion, a decrease of $249 million (17.3%) compared to 2021, reflecting lower employee-related and advertising expenses. GEICO’s expense ratio (underwriting expense to premiums earned) in the first quarter of 2022 was 12.5% compared to 16.1% in 2021, attributable to both the decrease in expenses as well as the increase in earned premiums.

Berkshire Hathaway Primary Group

The Berkshire Hathaway Primary Group (“BH Primary”) provides a variety of commercial insurance solutions, including healthcare professional liability, workers’ compensation, automobile, general liability, property and specialty coverages for small, medium and large clients. BH Primary’s larger insurers include Berkshire Hathaway Specialty Insurance (“BH Specialty”), Berkshire Hathaway Homestate Companies (“BHHC”), MedPro Group, Berkshire Hathaway GUARD Insurance Companies (“GUARD”), National Indemnity Company (“NICO Primary”) and U.S. Liability Insurance Company (“USLI”). A summary of BH Primary underwriting results follows (dollars in millions).

	First Quarter
	2022				2021
	Amount		%		Amount		%
Premiums written	$	3,392			$	2,908
Premiums earned	$	3,118		100.0	$	2,654		100.0
Losses and loss adjustment expenses		2,274		72.9		1,849		69.7
Underwriting expenses		752		24.1		599		22.5
Total losses and expenses		3,026		97.0		2,448		92.2
Pre-tax underwriting earnings	$	92			$	206

Premiums written increased $484 million (16.6%) in the first quarter of 2022 compared to 2021, reflecting increases at nearly all of our larger insurance units, including BH Specialty (28%), BHHC (12%) and USLI (17%). The increases were across multiple coverages and occurred in several markets.

25

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Insurance—Underwriting (Continued)

Berkshire Hathaway Primary Group (Continued)

BH Primary’s loss ratio was 72.9% in the first quarter of 2022, an increase of 3.2 percentage points compared to 2021. Losses and loss adjustment expenses attributable to significant catastrophe events were $75 million in the first quarter of 2022 and $150 million in 2021. Losses and loss adjustment expenses were reduced $22 million in the first quarter of 2022 and $178 million in 2021 for net reductions in estimated ultimate liabilities for prior years’ loss events. BH Primary insurers also write significant levels of workers’ compensation, commercial and professional liability insurance and the related claim costs may be subject to high severity and long claim-tails. We could experience significant increases in claims liabilities in the future attributable to higher-than-expected claim settlements, adverse litigation outcomes or judicial rulings and other factors not currently anticipated.

Underwriting expenses in the first quarter of 2022 increased $153 million (25.5%) compared to 2021. Our expense ratio also increased 1.6 percentage points compared to 2021. These increases reflected costs associated with new business development and changes in business mix.

Berkshire Hathaway Reinsurance Group

The Berkshire Hathaway Reinsurance Group (“BHRG”) offers excess-of-loss and quota-share reinsurance coverages on property and casualty risks to insurers and reinsurers worldwide through several subsidiaries, led by National Indemnity Company (“NICO”), General Reinsurance Corporation and General Reinsurance AG. We also write life and health reinsurance coverages through General Re Life Corporation, General Reinsurance AG and Berkshire Hathaway Life Insurance Company of Nebraska (“BHLN”). We periodically assume property and casualty risks under retroactive reinsurance contracts written through NICO. In addition, we write periodic payment annuity contracts through BHLN.

Generally, we strive to generate underwriting profits. However, time-value-of-money concepts are important elements in establishing prices for retroactive reinsurance and periodic payment annuity businesses due to the expected long durations of the claim liabilities. We expect to incur pre-tax underwriting losses from such businesses, primarily through deferred charge amortization and discount accretion charges. We receive premiums at the inception of these contracts, which are then available for investment. A summary of BHRG’s premiums and pre-tax underwriting results follows (dollars in millions).

	First Quarter
	Premiums earned				Pre-tax underwriting earnings (loss)
	2022		2021		2022			2021
Property/casualty	$	3,399	$	3,394	$	405		$	166
Life/health		1,248		1,305		(12	)		(172	)
Retroactive reinsurance		—		—		(190	)		(242	)
Periodic payment annuity		169		144		(103	)		(136	)
Variable annuity		4		4		56			121
	$	4,820	$	4,847	$	156		$	(263	)

Property/casualty

A summary of property/casualty reinsurance underwriting results follows (dollars in millions).

	First Quarter
	2022				2021
	Amount		%		Amount		%
Premiums written	$	4,386			$	4,383
Premiums earned	$	3,399		100.0	$	3,394		100.0
Losses and loss adjustment expenses		2,307		67.9		2,407		70.9
Underwriting expenses		687		20.2		821		24.2
Total losses and expenses		2,994		88.1		3,228		95.1
Pre-tax underwriting earnings	$	405			$	166

26

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Insurance—Underwriting (Continued)

Berkshire Hathaway Reinsurance Group (Continued)

Property/casualty (Continued)

Premiums written in the first quarter of 2022 were relatively unchanged from 2021, reflecting a modest net increase from volumes and rates, offset by unfavorable foreign currency translation effects. Losses and loss adjustment expenses decreased $100 million (4.2%) and the loss ratio declined 3.0 percentage points in the first quarter of 2022 compared to 2021. Losses incurred arising from significant catastrophe events in the first quarter of 2022 were $315 million, which were partially offset by reductions in estimated ultimate liabilities for losses occurring in prior years of $137 million. Losses incurred in the first quarter of 2021 included $310 million from significant catastrophe events and an increase in estimated ultimate liabilities for losses occurring in prior years of $53 million. Underwriting expenses are primarily commissions and brokerage costs. The expense ratio decreased 4.0 percentage points in the first quarter of 2022 compared to 2021, attributable to changes in business mix and foreign currency effects.

Life/health

A summary of our life/health reinsurance underwriting results follows (dollars in millions).

	First Quarter
	2022					2021
	Amount			%		Amount			%
Premiums written	$	1,243				$	1,301
Premiums earned	$	1,248			100.0	$	1,305			100.0
Life and health insurance benefits		1,051			84.2		1,251			95.9
Underwriting expenses		209			16.8		226			17.3
Total benefits and expenses		1,260			101.0		1,477			113.2
Pre-tax underwriting earnings (loss)	$	(12	)			$	(172	)

Life/health premiums written decreased $58 million (4.5%) in the first quarter of 2022 compared to 2021, primarily due to lower volumes in the Asia Pacific and North America regions and from unfavorable foreign currency translation effects. Life and health benefits in the first quarter of 2022 declined $200 million (16.0%) compared to 2021, attributable to lower mortality. Underwriting results in 2021 were affected by significant, pandemic-related increases in mortality in the U.S., South Africa and Latin America, which were partially offset by lower underwriting expenses, due mainly to lower average commission rates in the international life business.

Retroactive reinsurance

Pre-tax underwriting losses in each period derived from the amortization of deferred charges and changes in the estimated timing and amounts of future claim payments. Underwriting results also include foreign currency exchange gains and losses from the effects of changes in foreign currency exchange rates on non-U.S. Dollar denominated liabilities of our U.S. subsidiaries. Foreign currency exchange gains and losses in the first quarter of 2022 and 2021 were insignificant. Pre-tax underwriting losses in the first quarter before foreign currency exchange effects were $195 million in 2022 and $243 million in 2021.

Unpaid losses assumed under retroactive reinsurance contracts were $37.7 billion at March 31, 2022, declining $554 million since December 31, 2021, primarily due to loss payments. Unamortized deferred charges related to retroactive reinsurance contracts were $10.4 billion at March 31, 2022, a decline of $215 million since December 31, 2021, primarily attributable to periodic amortization. Deferred charge amortization will be included in underwriting earnings over the expected remaining claims settlement periods.

Periodic payment annuity

Periodic payment annuity premiums earned increased $25 million (17.4%) in the first quarter of 2022 compared to 2021. Periodic payment annuity business is both price and demand sensitive and the supply of available business is affected by the timing of underlying legal claim settlements. Our volumes written may change rapidly due to changes in prices, which are affected by prevailing interest rates, the perceived risks and durations associated with the expected annuity payments, as well as the level of competition.

27

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Insurance—Underwriting (Continued)

Berkshire Hathaway Reinsurance Group (Continued)

Periodic payment annuity (Continued)

Periodic payment annuity contracts normally produce pre-tax underwriting losses deriving from the recurring discount accretion of annuity liabilities. Underwriting results also include gains or losses from the effects of changes in mortality and interest rates and from foreign currency exchange rate changes on non-U.S. Dollar denominated liabilities of our U.S. subsidiaries. Pre-tax underwriting results in the first quarter included foreign currency gains of $44 million in 2022 and losses of $10 million in 2021.

Excluding foreign currency exchange gains/losses, pre-tax underwriting losses in the first quarter were $147 million in 2022 compared to $126 million in 2021. The increase in pre-tax losses reflected the effects of new business and lower mortality. Discounted annuity liabilities were $15.3 billion at March 31, 2022 and had a weighted average discount rate of approximately 3.9%.

Variable annuity

Variable annuity guarantee reinsurance contracts produced pre-tax earnings in the first quarter of $56 million in 2022 and $121 million in 2021. The results from these contracts are affected by changes in securities markets, interest rates and foreign currency exchange rates, which can be volatile, and from the periodic amortization of expected profit margins. Underwriting earnings in each period were primarily attributable to the net effects of interest rate changes and in 2022 were partly offset by unfavorable changes in securities markets.

Insurance—Investment Income

A summary of net investment income attributable to our insurance operations follows (dollars in millions).

	First Quarter						Percentage
	2022			2021			Change
Interest and other investment income	$	164		$	159			3.1	%
Dividend income		1,197			1,253			(4.5	)
Pre-tax net investment income		1,361			1,412			(3.6	)
Income taxes and noncontrolling interests		191			204
Net investment income	$	1,170		$	1,208
Effective income tax rate		14.1	%		14.4	%

Interest and other investment income increased 3.1% in the first quarter of 2022 compared to 2021. We continue to hold substantial balances of cash, cash equivalents and short-term U.S. Treasury Bills. While exceptionally low interest rates prevailed in recent years, rates began to increase in the first quarter of 2022. The effects of such increases are expected to be reflected in our earnings as maturing investments are replaced by new investments. We continue to believe that maintaining ample liquidity is paramount and we insist on safety over yield with respect to short-term investments.

Dividend income in the first quarter of 2022 decreased 4.5% compared to 2021. Dividend income may vary from period to period due to changes in the investment portfolio and the frequency and timing of dividends from certain investees. Dividend income in the first quarter included $16 million in 2022 and $38 million in 2021 from investments in preferred stock of Berkshire Hathaway Energy. Such amounts are deducted from earnings of the utilities and energy segment.

Invested assets of our insurance businesses derive from shareholder capital and from net liabilities under insurance and reinsurance contracts or “float.” The major components of float are unpaid losses and loss adjustment expenses, including liabilities under retroactive reinsurance contracts, life, annuity and health benefit liabilities, unearned premiums and other liabilities due to policyholders, which are reduced by insurance premiums receivable, reinsurance receivables, deferred charges assumed under retroactive reinsurance contracts and deferred policy acquisition costs. Float approximated $148 billion at March 31, 2022 and $147 billion at December 31, 2021. Our combined insurance operations generated pre-tax underwriting earnings in the first quarter of 2022 and 2021, and consequently, the average cost of float for each period was negative.

28

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Insurance—Investment Income (Continued)

A summary of cash and investments held in our insurance businesses as of March 31, 2022 and December 31, 2021 follows (in millions).

	March 31, 2022		December 31, 2021
Cash, cash equivalents and U.S. Treasury Bills	$	57,427	$	90,688
Equity securities		376,501		334,907
Fixed maturity securities		21,672		16,386
Other		4,227		4,296
	$	459,827	$	446,277

Fixed maturity securities as of March 31, 2022 were as follows (in millions).

	Amortized Cost		Unrealized Gains (Losses)			Carrying Value
U.S. Treasury, U.S. government corporations and agencies	$	8,785	$	(85	)	$	8,700
Foreign governments		11,115		(36	)		11,079
Corporate bonds		1,256		322			1,578
Other		282		33			315
	$	21,438	$	234		$	21,672

U.S. government obligations are rated AA+ or Aaa by the major rating agencies. Approximately 94% of all foreign government obligations were rated AA or higher by at least one of the major rating agencies. Foreign government securities include obligations issued or unconditionally guaranteed by national or provincial government entities.

Railroad

Burlington Northern Santa Fe, LLC (“BNSF”) operates one of the largest railroad systems in North America, with over 32,500 route miles of track in 28 states. BNSF also operates in three Canadian provinces. BNSF classifies its major business groups by type of product shipped including consumer products, industrial products, agricultural products and coal. A summary of BNSF’s earnings follows (dollars in millions).

	First Quarter
	2022			2021
Railroad operating revenues	$	5,777		$	5,221
Railroad operating expenses:
Compensation and benefits		1,224			1,164
Fuel		861			550
Purchased services		499			505
Depreciation and amortization		624			616
Equipment rents, materials and other		526			491
Total		3,734			3,326
Railroad operating earnings		2,043			1,895
Other revenues (expenses):
Other revenues		191			180
Other expenses, net		(170	)		(158	)
Interest expense		(255	)		(258	)
Pre-tax earnings		1,809			1,659
Income taxes		438			408
Net earnings	$	1,371		$	1,251
Effective income tax rate		24.2	%		24.6	%

29

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Railroad (Continued)

The following table summarizes BNSF’s railroad freight volumes by business group (cars/units in thousands).

	Cars/Units
	First Quarter				Percentage
	2022		2021		Change
Consumer products		1,275		1,393		(8.5	)%
Industrial products		404		399		1.3
Agricultural products		305		318		(4.1	)
Coal		385		339		13.6
		2,369		2,449		(3.3	)

Railroad operating revenues increased 10.6% in the first quarter of 2022 compared to 2021 primarily due to a 13.8% increase in average revenue per car/unit resulting from higher fuel surcharge revenue driven by higher fuel prices, along with increased rates per car/unit, partially offset by a 3.3% decrease in unit volume. Pre-tax earnings were $1.8 billion in the first quarter of 2022, an increase of 9.0% compared to 2021.

Operating revenues from consumer products were $2.1 billion in the first quarter of 2022, an increase of 10.3% from 2021. The increase reflected higher average revenue per car/unit, partially offset by lower volumes of 8.5%. The volume decrease was mainly from lower international intermodal shipments resulting from supply chain challenges and lower automotive shipments due to production impacts from a global microchip shortage, partially offset by an increase in domestic intermodal volumes.

Operating revenues from industrial products were $1.3 billion in the first quarter of 2022, an increase of 5.8% from 2021. Volumes increased 1.3% in the first quarter along with higher average revenue per car/unit. The volume increase was primarily due to improvement in the U.S. industrial economy.

Operating revenues from agricultural products were $1.4 billion in the first quarter of 2022, an increase of 3.7% compared to 2021, reflecting higher average revenue per car/unit, partially offset by decreased volumes of 4.1%. The volume decrease was primarily due to lower grain exports, partially offset by higher volumes of ethanol and related commodities.

Operating revenues from coal were $889 million in the first quarter of 2022, an increase of 29.6% from 2021, attributable to higher volumes of 13.6%, as well as from higher average revenue per car/unit. The volume increase in 2022 derived from increased electricity generation, higher natural gas prices and improved export demand.

Railroad operating expenses were $3.7 billion in the first quarter of 2022, an increase of $408 million (12.3%) compared to 2021, primarily due to increased compensation and benefits and fuel expenses. Our ratio of railroad operating expenses to railroad operating revenues in the first quarter of 2022 increased 0.9 percentage points to 64.6% versus 2021.

Compensation and benefits expenses increased $60 million (5.2%) in the first quarter of 2022 compared to 2021, primarily due to wage inflation, health and welfare costs and lower productivity. Fuel expenses increased $311 million (56.5%) in the first quarter of 2022 compared to 2021, primarily due to higher average fuel prices. Equipment rents, materials and other expenses increased $35 million (7.1%) in the first quarter of 2022 compared to 2021, primarily due to increased general inflation and higher casualty costs.

30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Utilities and Energy

We currently own 91.1% ownership interest in Berkshire Hathaway Energy Company (“BHE”), which operates a global energy business. BHE’s domestic regulated utility interests include PacifiCorp, MidAmerican Energy Company (“MEC”) and NV Energy. BHE subsidiaries also operate two regulated electricity distribution businesses referred to as Northern Powergrid in Great Britain. BHE’s natural gas pipelines consist of five domestic regulated interstate natural gas pipeline systems and a 25% interest in a liquefied natural gas export, import and storage facility (“LNG interest”), which BHE operates and consolidates for financial reporting purposes. Other energy businesses include a regulated electricity transmission-only business in Alberta, Canada (“AltaLink, L.P.”) and a diversified portfolio of mostly renewable independent power projects and investments. BHE also operates a residential real estate brokerage business and a large network of residential real estate brokerage franchises in the United States.

The rates our regulated businesses charge customers for energy and services are largely based on the costs of business operations, including income taxes and a return on capital, and are subject to regulatory approval. To the extent such costs are not allowed in the approved rates, operating results will be adversely affected. A summary of BHE’s net earnings follows (dollars in millions).

	First Quarter
	2022			2021
Revenues:
Energy operating revenue	$	4,823		$	4,849
Real estate operating revenue		1,207			1,232
Other income (loss)		(47	)		(157	)
Total revenue		5,983			5,924
Costs and expense:
Energy cost of sales		1,460			1,569
Energy operating expense		2,153			2,036
Real estate operating costs and expense		1,179			1,120
Interest expense		515			516
Total costs and expense		5,307			5,241
Pre-tax earnings		676			683
Income tax expense (benefit)*		(283	)		(232	)
Net earnings after income taxes		959			915
Noncontrolling interests of BHE subsidiaries		109			106
Net earnings attributable to BHE		850			809
Noncontrolling interests and preferred stock dividends		100			106
Net earnings attributable to Berkshire Hathaway shareholders	$	750		$	703
Effective income tax rate		(41.9	)%		(34.0	)%

* Includes significant production tax credits from wind-powered electricity generation.

The discussion of BHE’s operating results that follows is based on after-tax earnings, reflecting how the energy businesses are managed and evaluated. A summary of net earnings attributable to BHE follows (dollars in millions).

	First Quarter						Percentage
	2022			2021			Change
PacifiCorp	$	130		$	169			(23.1	)%
MidAmerican Energy Company		241			144			67.4
NV Energy		29			34			(14.7	)
Northern Powergrid		111			104			6.7
Natural gas pipelines		309			383			(19.3	)
Other energy businesses		173			62			179.0
Real estate brokerage		21			84			(75.0	)
Corporate interest and other		(164	)		(171	)		(4.1	)
	$	850		$	809			5.1

31

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Utilities and Energy (Continued)

PacifiCorp operates a regulated electric utility in portions of several Western states, including Utah, Oregon and Wyoming. After-tax earnings decreased $39 million in the first quarter of 2022 as compared to 2021. The decrease reflected higher operating expenses, partially offset by higher utility margin (operating revenue less cost of sales). The increase in operating expenses reflected incremental costs from additional assets placed in-service as well as higher thermal plant maintenance costs.

PacifiCorp’s utility margin was $832 million in the first quarter of 2022, an increase of $14 million from 2021. The increase reflected higher retail revenue from increases in customer volumes and favorable price impacts, and higher wholesale and other revenue, partially offset by higher purchased power and thermal generation costs. Retail customer volumes increased 1.9% in the first quarter of 2022 as compared to 2021, primarily due to an increase in the average number of customers, the favorable impact of weather and higher customer usage.

MEC operates a regulated electric and natural gas utility primarily in Iowa and Illinois. After-tax earnings increased $97 million in the first quarter of 2022 compared to 2021. The increase reflected higher electric utility margin and increased income tax benefits, partly offset by higher operating expenses. The increase in operating expenses included incremental costs associated with additional wind-powered generating facilities placed in-service. The income tax benefit increase was mainly due to higher production tax credits recognized on new wind-powered generating facilities placed in-service and the impacts of ratemaking.

MEC’s electric utility margin was $483 million in the first quarter of 2022, an increase of 23% versus 2021. The increase was attributable to higher operating revenue from favorable retail and wholesale customer volumes and lower purchased power costs. Electric retail customer volumes increased 5.6% in the first quarter of 2022 as compared to 2021, primarily due to an increase in the average number of customers, higher customer usage and the favorable impact of weather.

NV Energy operates regulated electric and natural gas utilities in Nevada. After-tax earnings decreased $5 million in the first quarter of 2022 compared to 2021. The decrease reflected higher operating expenses from increased plant operations and maintenance expenses and a higher comparative accrual for earnings sharing.

NV Energy’s electric utility margin was $306 million in the first quarter of 2022, relatively unchanged compared to 2021. Electric retail customer volumes increased 4.0% in the first quarter of 2022 compared to 2021, primarily due to an increase in the average number of customers and higher customer usage, partially offset by the unfavorable impact of weather.

Northern Powergrid’s after-tax earnings increased $7 million in the first quarter of 2022 as compared to 2021. The increase reflected the impacts of higher distribution revenue, mainly from increased tariff rates, partially offset by unfavorable foreign currency exchange rate movements in 2022.

Natural gas pipelines’ after-tax earnings decreased $74 million in the first quarter of 2022 compared to 2021. The decrease was largely due to higher margins on natural gas sales and higher transportation revenue in the first quarter of 2021 due to an increase in demand as a result of the February 2021 winter storms.

Other energy businesses’ after-tax earnings increased $111 million in the first quarter of 2022 compared to 2021. The increase in earnings was primarily due to improved wind tax equity investment earnings of $118 million. The increase in wind tax equity investment earnings was primarily due to losses on pre-existing tax equity investments in the first quarter of 2021 due to the February 2021 winter storms, as well as from increased income tax benefits from projects reaching commercial operation over the past twelve months.

Real estate brokerage after-tax earnings decreased $63 million in the first quarter of 2022 compared to 2021. The decrease in earnings was primarily attributable to lower earnings from mortgage services due to a decrease in funded volume and in refinancing activity, and to a lesser extent lower earnings from brokerage and settlement services from a decrease in closed units at existing companies.

32

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Manufacturing, Service and Retailing

A summary of revenues and earnings of our manufacturing, service and retailing businesses follows (dollars in millions).

	First Quarter						Percentage
	2022			2021			Change
Revenues
Manufacturing	$	18,421		$	15,913			15.8	%
Service and retailing		21,630			19,580			10.5
	$	40,051		$	35,493
Pre-tax earnings
Manufacturing	$	2,824		$	2,436			15.9	%
Service and retailing		1,217			1,041			16.9
		4,041			3,477
Income taxes and noncontrolling interests		1,016			858
Net earnings*	$	3,025		$	2,619
Effective income tax rate		24.6	%		24.2	%
Pre-tax earnings as a percentage of revenues		10.1	%		9.8	%

* Excludes certain acquisition accounting expenses, which primarily related to the amortization of identifiable intangible assets recorded in connection with our business acquisitions. The after-tax acquisition accounting expenses excluded from earnings were $161 million in the first quarter of 2022 and $180 million in the first quarter of 2021. These expenses are included in “Other” in the summary of earnings on page 23 and in the “Other” earnings section on page 38.

Manufacturing

Our manufacturing group includes a variety of industrial, building and consumer products businesses. A summary of revenues and pre-tax earnings of these operations follows (dollars in millions).

	First Quarter
	2022			2021
Revenues
Industrial products	$	7,475		$	6,672
Building products		6,712			5,628
Consumer products		4,234			3,613
	$	18,421		$	15,913
Pre-tax earnings
Industrial products	$	1,216		$	1,142
Building products		1,144			770
Consumer products		464			524
	$	2,824		$	2,436
Pre-tax earnings as a percentage of revenues
Industrial products		16.3	%		17.1	%
Building products		17.0	%		13.7	%
Consumer products		11.0	%		14.5	%

Industrial products

The industrial products group includes metal products for aerospace, power and general industrial markets (Precision Castparts Corp. (“PCC”)), specialty chemicals (The Lubrizol Corporation (“Lubrizol”)), metal cutting tools/systems (IMC International Metalworking Companies (“IMC”)) and Marmon, which consists of more than 100 autonomous manufacturing and service businesses, internally aggregated into eleven groups, and includes leasing for the rail, intermodal tank container and mobile crane industries. The industrial products group also includes equipment and systems for the livestock and agricultural industries (CTB International) and a variety of industrial products for diverse markets (Scott Fetzer and LiquidPower Specialty Products).

33

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Manufacturing, Service and Retailing (Continued)

Industrial products (Continued)

Revenues of the industrial products group in the first quarter of 2022 increased $803 million (12.0%) compared to 2021 while pre-tax earnings increased $74 million (6.5%). Pre-tax earnings as a percentage of revenues for the group were 16.3% for the first quarter of 2022, a decrease of 0.8 percentage points compared to 2021.

PCC’s revenues were $1.8 billion in the first quarter of 2022, an increase of 12.7% over the first quarter of 2021. PCC derives significant revenues and earnings from sales of aerospace products. The revenue increase in 2022 reflected higher aerospace product revenues and relatively unchanged revenues from power and other industrial products. While commercial air travel continues to increase in both the U.S. and international markets, traffic remains below pre-COVID-19 pandemic levels, especially for international routes. Long-term industry forecasts continue to show growth and strong demand for air travel. However, further recovery likely will continue to be uneven, attributable in part to travel restrictions imposed from time-to-time to control the spread of variants of the virus. Commercial aircraft delivery rates by original equipment manufacturers appear to be increasing, most notably for narrow-body aircraft, although Boeing’s growth is constrained by the lack of certification of the Boeing 737 MAX in China. In addition, the pause in deliveries of the Boeing 787 due to production quality issues further impacts aerospace growth.

PCC’s pre-tax earnings increased $16 million in the first quarter of 2022 compared to 2021, reflecting the impact of increased revenues, partially offset by a $13 million reduction in pension plan income. The improvement in operating results also reflects the continual actions taken by management to improve operations and to prepare for more normalized demand for PCC’s products. We do not currently expect PCC’s aerospace revenues or earnings will increase significantly in the near term, primarily due to the expected lag in recovery of PCC’s manufacturing levels as a result of inventory levels within the supply chain for Boeing, and the potential for delays with the certification of the Boeing 737 MAX in China and the resumption of Boeing 787 production.

Lubrizol’s revenues were approximately $1.65 billion in the first quarter of 2022, a decrease of 2.5% compared to 2021. The decrease reflects lower sales volumes, partially offset by higher average selling prices. Sales volumes in the first quarter of 2022 were restricted by raw material supply constraints and unplanned temporary maintenance shutdowns, which limited Lubrizol’s production capabilities. The increase in average selling prices was due to escalating prices for raw materials, including oil feedstocks, as well as for utilities, packaging, shipping and freight costs.

Lubrizol’s pre-tax earnings decreased 39.8% in the first quarter of 2022 compared to 2021. Earnings in 2022 were negatively impacted by rising raw material costs and lower sales volumes and higher expenses arising from the unplanned temporary shutdowns. Earnings in the first quarter of 2021 were negatively impacted by the weather-related temporary shutdown of Additives facilities in the U.S., which resulted in various incremental and non-recurring operating costs and lost sales margins.

Marmon’s revenues were $2.6 billion in the first quarter of 2022, an increase of 26.2% compared to 2021, with nearly all business groups generating meaningful revenue increases. In particular, aggregate revenues in the first quarter of 2022 from the Electrical, Metal Services and Transportation groups increased 39% compared to 2021, attributable to higher average metals prices and sales volumes. These groups contributed over half of Marmon’s revenue increase.

Marmon’s pre-tax earnings increased 43.8% in the first quarter of 2022 compared to 2021, reflecting higher earnings from most business groups, partially offset by lower earnings from the Rail & Leasing and Medical groups. The Electrical, Transportation and Plumbing & Refrigeration groups generated the largest increases in earnings in the first quarter of 2022, primarily due to higher sales volumes and improved operating margins.

IMC’s revenues were $960 million in the first quarter of 2022, an increase of 8.5% compared to 2021. Revenues in the first quarter of 2022 reflected increased sales in most geographic regions, partially offset by unfavorable foreign currency translation effects. IMC’s pre-tax earnings increased 8.3% in the first quarter of 2022 compared to the first quarter of 2021, attributable to higher customer demand, partially offset by higher raw material costs and other operating expenses and unfavorable foreign currency translation effects.

Building products

The building products group includes manufactured and site-built home construction and related lending and financial services (Clayton Homes), flooring (Shaw), insulation, roofing and engineered products (Johns Manville), bricks and masonry products (Acme Building Brands), paint and coatings (Benjamin Moore) and residential and commercial construction and engineering products and systems (MiTek).

34

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Manufacturing, Service and Retailing (Continued)

Building products (Continued)

Revenues of the building products group increased $1.1 billion (19.3%) in the first quarter of 2022 and pre-tax earnings increased $374 million (48.6%) compared to 2021. Residential housing construction demand in the U.S. continued to be relatively strong in the first quarter of 2022. We continue to be negatively affected by persistent supply chain disruptions, which limited our sales and contributed to production delays in some areas and contributed to significant cost increases for many raw materials and other inputs, including energy, freight and labor. These effects necessitated sales price increases. In the first quarter of 2022, interest rates in the U.S. increased significantly compared to the previous low-rate environment. Significant increases in mortgage interest rates will likely slow demand for new housing construction, which could adversely impact our businesses.

Clayton Homes’ revenues increased 21.3% to approximately $2.8 billion in the first quarter of 2022 compared to 2021. Revenues from home sales increased $470 million (26.6%), primarily due to higher average selling prices and changes in sales mix. New home unit sales increased 4.3% in the first quarter of 2022, reflecting higher factory-built manufactured home unit and essentially unchanged site-built home unit sales. Financial services revenues, which include mortgage origination and services, insurance and interest income from lending activities, increased 3.8% in the first quarter of 2022 compared to 2021. Loan balances, net of allowances for credit losses, were approximately $19.4 billion as of March 31, 2022, an increase of approximately $600 million from December 31, 2021.

Pre-tax earnings of Clayton Homes increased $94 million (24.0%) in the first quarter of 2022 compared to 2021. Earnings in 2022 reflected higher home sales, gross margins and net interest income and relatively low credit losses, partially offset by the impact of rising manufacturing and supply chain costs.

Aggregate revenues of our other building products businesses were approximately $3.9 billion in the first quarter of 2022, an increase of $592 million (17.8%) versus 2021. The increase was primarily due to higher average selling prices driven by higher input and transportation costs, and to a lesser extent, from higher unit volumes and product mix changes for paint and coatings and commercial flooring, and strength in residential and retail insulation, commercial roofing systems and engineered products. These volume increases were partially offset by lower residential flooring products volumes.

Pre-tax earnings of our other building products businesses increased $280 million (73.9%) in the first quarter of 2022 compared to the first quarter of 2021. Earnings as a percentage of revenues in the first quarter of 2022 increased 5.4 percentage points versus 2021. Earnings in 2022 benefitted from a pre-tax gain of $94 million from a business divestiture. The increase in earnings in 2022 also reflected the impact of severe winter storms in the first quarter of 2021, which reduced sales and produced incremental production and other operating costs. Customer demand was generally strong in 2022. However, earnings were negatively impacted from the lack of availability of certain materials and other product inputs from supply chain disruptions.

Consumer products

The consumer products group includes leisure vehicles (Forest River), several apparel and footwear operations (including Fruit of the Loom, Garan, Fechheimer, H.H. Brown Shoe Group and Brooks Sports) and high-performance batteries (Duracell). This group also includes custom picture framing products (Larson-Juhl) and jewelry products (Richline).

Consumer products revenues increased approximately $621 million (17.2%) in the first quarter of 2022 compared to 2021. Revenues from Forest River increased 40.1% in the first quarter of 2022 compared to 2021, driven by higher average selling prices and a 6.5% increase in unit sales. Revenues of our other consumer products businesses in 2022 were generally lower than the first quarter of 2021, including a 3.5% decrease from apparel and footwear, as well as lower revenues from Duracell. These decreases reflected lower sales volumes, partly attributable to reduced inventory availability arising from production slowdowns in Asia, inbound freight delays and shortages of certain raw materials, partly offset by higher average selling prices.

Pre-tax earnings of our consumer products group declined $60 million (11.5%) in the first quarter of 2022 versus 2021 and pre-tax earnings as a percentage of revenues decreased 3.5 percentage points in 2022 compared to 2021. The decline in earnings reflected lower earnings from the apparel and footwear businesses and Duracell, partially offset by higher earnings from Forest River. Aggregate earnings from Duracell and the apparel and footwear businesses declined about 50% in the first quarter of 2022 compared to 2021. These declines were attributable to significant increases in raw material, freight, labor and other operating costs and the impact of reduced sales volumes.

35

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Manufacturing, Service and Retailing (Continued)

Service and retailing

A summary of revenues and pre-tax earnings of our service and retailing businesses follows (dollars in millions).

	First Quarter
	2022			2021
Revenues
Service	$	4,523		$	3,605
Retailing		4,592			4,353
McLane		12,515			11,622
	$	21,630		$	19,580
Pre-tax earnings
Service	$	724		$	590
Retailing		411			348
McLane		82			103
	$	1,217		$	1,041
Pre-tax earnings as a percentage of revenues
Service		16.0	%		16.4	%
Retailing		9.0	%		8.0	%
McLane		0.7	%		0.9	%

Service

Our service group consists of several businesses. The largest of these businesses are NetJets and FlightSafety (aviation services), which offer shared ownership programs for general aviation aircraft and high technology training products and services to operators of aircraft, and TTI, a distributor of electronics components. Our other service businesses franchise and service a network of quick service restaurants (Dairy Queen), lease transportation equipment (XTRA) and furniture (CORT), provide third party logistics services that primarily serve the petroleum and chemical industries (Charter Brokerage), distribute electronic news, multimedia and regulatory filings (Business Wire) and operate a television station in Miami, Florida (WPLG).

Service group revenues increased $918 million (25.5%) in the first quarter of 2022 compared to 2021. Revenues from TTI increased 28.9% in the first quarter of 2022 versus the first quarter of 2021, reflecting strong demand in nearly all significant markets. Revenues from aviation services (NetJets and FlightSafety) increased 23.5% in the first quarter of 2022 compared to 2021, reflecting increased training hours (38%), customer flight hours (36%) and fuel surcharges due to significant increases in fuel prices, partially offset by the effects from changes in sales mix.

Pre-tax earnings of the service group increased $134 million (22.7%) in the first quarter of 2022 compared to 2021. Pre-tax earnings as a percentage of revenues decreased 0.4 percentage points in the first quarter of 2022 compared to 2021. The earnings increase reflected increases from TTI, partially offset by lower earnings from aviation services. The earnings increase from TTI was primarily attributable to the increase in sales and improved operating cost leverage. The earnings decrease from aviation services was attributable to higher subcontracted flight, equipment maintenance and other operating costs, which more than offset the increase in revenues.

Retailing

Our largest retailing business is Berkshire Hathaway Automotive, Inc. (“BHA”), representing 65% of our combined retailing revenue in the first quarter of 2022. BHA consists of over 80 auto dealerships that sell new and pre-owned automobiles and offer repair services and related products. BHA also operates two insurance businesses, two auto auctions and an automotive fluid maintenance products distributor. Our retailing businesses also include four home furnishings retailing businesses (Nebraska Furniture Mart, R.C. Willey, Star Furniture and Jordan’s), which sell furniture, appliances, flooring and electronics. The home furnishings group represented 20% of the combined retailing revenues in the first quarter of 2022.

Other retailing businesses include three jewelry retailing businesses (Borsheims, Helzberg and Ben Bridge), See’s Candies (confectionary products), Pampered Chef (high quality kitchen tools), Oriental Trading Company (party supplies, school supplies and toys and novelties) and Detlev Louis Motorrad (“Louis”), a retailer of motorcycle accessories based in Germany.

36

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Manufacturing, Service and Retailing (Continued)

Retailing (Continued)

Retailing group revenues increased approximately $239 million (5.5%) in the first quarter of 2022 compared to 2021. BHA’s revenues in the first quarter of 2022 increased 9.5% over the first quarter of 2021, with vehicle sales, service and repair, and finance and service contract revenues each increasing versus 2021. The increase in vehicle sales was primarily attributable to higher average vehicle transaction prices, partly offset by lower unit sales. Unit sales continue to be constrained by low new vehicle production by original equipment manufacturers, attributable to the ongoing global computer chip shortages and other supply chain disruptions. Home furnishings group revenues increased 1.6% in the first quarter of 2022 compared to 2021, attributable to higher average selling prices and lower transaction volumes.

Retailing group pre-tax earnings increased $63 million (18.1%) in the first quarter of 2022 compared to 2021. BHA’s pre-tax earnings increased 27.4% in the first quarter of 2022 compared to 2021, primarily due to increases in vehicle sales margins and finance and service contract earnings per vehicle sold, lower floorplan interest expense and from operating cost control efforts. Pre-tax earnings from BHA’s dealership operations increased 41.5% in the first quarter of 2022 compared to 2021. Aggregate pre-tax earnings for the remainder of our retailing group increased $18 million in the first quarter of 2022 compared to 2021, primarily due to higher earnings from the jewelry retailers, partly offset by lower earnings from the furniture retailers and Pampered Chef.

McLane Company

McLane operates a wholesale distribution business that provides grocery and non-food consumer products to retailers and convenience stores (“grocery”) and to restaurants (“foodservice”). McLane also operates businesses that are wholesale distributors of distilled spirits, wine and beer (“beverage”). The grocery and foodservice businesses generate high sales and very low profit margins. These businesses have several significant customers, including Walmart, 7-Eleven, Yum! Brands and others. Grocery sales comprised 62% of McLane’s consolidated sales in the first quarter of 2022, with foodservice representing most of the remainder. A curtailment of purchasing by any of its significant customers could have an adverse impact on periodic revenues and earnings.

Revenues increased $893 million (7.7%) in the first quarter of 2022 compared to 2021, reflecting increases of 3.6% from the grocery business and 15.9% from the foodservice business. Pre-tax earnings decreased $21 million (20.4%) in the first quarter of 2022 compared to 2021, which was primarily attributable to higher personnel costs and fuel expense, partly offset by a slight increase in the average gross sales margin rate. McLane’s grocery and food service operating results continue to be adversely affected by upstream supply chain constraints, including the effects of labor and truck driver shortages, higher inventory costs and disruptions in inventory availability. These upstream supply chain effects, together with the personnel shortages that we have been experiencing, adversely affected our customer service levels and reduced our operating efficiencies. The increase in fuel expense was primarily attributable to significant increases in petroleum prices. We expect the current difficult operating environment to continue through 2022.

Investment and Derivative Contract Gains/Losses

A summary of investment and derivative contract gains/losses follows (dollars in millions).

	First Quarter
	2022			2021
Investment gains (losses)	$	(1,735	)	$	5,211
Derivative contract gains (losses)		(243	)		489
Gains (losses) before income taxes and noncontrolling interests		(1,978	)		5,700
Income taxes and noncontrolling interests		(398	)		1,007
Net earnings (loss)	$	(1,580	)	$	4,693
Effective income tax rate		16.0	%		18.8	%

Investment gains/losses

Unrealized gains and losses arising from changes in market prices of investments in equity securities are included in our reported earnings, which significantly increases the volatility of our periodic net earnings due to the magnitude of our equity securities portfolio and the inherent volatility of equity securities prices. Pre-tax investment gains/losses in the first quarter included net unrealized losses of $1.8 billion in 2022 and net unrealized gains of $4.6 billion in 2021 on securities we held at the end of the applicable period. Taxable investment gains/losses on equity securities sold in the first quarter, which is generally the difference between sales proceeds and the original cost basis of the securities sold, were losses of $739 million in 2022 and gains of $1.8 billion in 2021.

37

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Investment and Derivative Contract Gains/Losses (Continued)

Investment gains/losses (Continued)

We believe that investment gains/losses, whether realized from sales or unrealized from changes in market prices, are often meaningless in terms of understanding our reported consolidated earnings or evaluating our periodic economic performance. We continue to believe the investment gains/losses recorded in earnings in any given period has little analytical or predictive value.

Derivative contract gains/losses

Derivative contract gains/losses include the changes in fair value of our equity index put option contract liabilities, which relate to contracts that were originated before March of 2008. As of March 31, 2022, the vast majority of these contracts have expired. The gains and losses from the changes in the fair values of these liabilities are recorded in earnings and can be significant due to the volatility of market prices in the related equity securities markets. As of March 31, 2022, the intrinsic value of our remaining equity index put option contracts was $84 million and our recorded liability at fair value was $121 million. Our ultimate payment obligations, if any, under these contracts will be determined as of the contract expiration dates based on the intrinsic value as defined in the contracts.

Other

A summary of after-tax other earnings/losses follows (in millions).

	First Quarter
	2022			2021
Equity method earnings	$	307		$	214
Acquisition accounting expenses		(161	)		(180	)
Corporate interest expense, before foreign currency effects		(70	)		(80	)
Foreign currency exchange rate gains (losses) on Berkshire    and BHFC non-U.S. Dollar senior notes		522			525
Other Berkshire corporate		79			(6	)
	$	677		$	473

After-tax equity method earnings include our proportionate share of earnings attributable to our investments in Kraft Heinz, Pilot, Berkadia, Electric Transmission of Texas and Iroquois Gas Transmission Systems. Earnings in the first quarter of 2022 increased $93 million versus 2021, primarily due to higher earnings attributable to Kraft Heinz and Pilot.

After-tax acquisition accounting expenses include charges arising from the application of the acquisition method in connection with certain of Berkshire’s past business acquisitions. Such charges arise primarily from the amortization of intangible assets recorded in connection with those business acquisitions

Foreign currency exchange rate gains and losses pertain to Berkshire’s Euro and Japanese Yen denominated debt and BHFC’s Euro and Great Britain Pound denominated debt. Changes in foreign currency exchange rates produce unrealized gains and losses from the periodic revaluation of these liabilities into U.S. Dollars. The gains and losses recorded in any given period can be significant due to the magnitude of the borrowings and the inherent volatility in foreign currency exchange rates. Berkshire corporate items consist primarily of Berkshire parent company investment income and corporate expenses, other intercompany interest income where the interest expense is included in earnings of the operating businesses and unallocated income taxes.

Financial Condition

Our consolidated balance sheet continues to reflect very significant liquidity and a very strong capital base. Consolidated shareholders’ equity attributable to Berkshire shareholders at March 31, 2022 was $508.1 billion, an increase of $1.9 billion since December 31, 2021. Net earnings attributable to Berkshire shareholders was $5.5 billion in the first quarter of 2022, which included after-tax losses on our investments of $1.4 billion. Investment gains and losses from changes in the market prices of our investments in equity securities will produce significant volatility in our earnings.

Berkshire’s common stock repurchase program, as amended, permits Berkshire to repurchase its Class A and Class B shares at prices below Berkshire’s intrinsic value, as conservatively determined by Warren Buffett, Berkshire’s Chairman of the Board and Chief Executive Officer, and Charlie Munger, Vice Chairman of the Board. The program does not specify a maximum number of shares to be repurchased and does not require any specified repurchase amount. The program is expected to continue indefinitely. We will not repurchase our stock if it reduces the total amount of Berkshire’s consolidated cash, cash equivalents and U.S. Treasury Bills holdings below $30 billion. Financial strength and redundant liquidity will always be of paramount importance at Berkshire. Berkshire paid $3.2 billion in the first quarter of 2022 to repurchase shares of its Class A and B common stock.

38

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Financial Condition (Continued)

At March 31, 2022, our insurance and other businesses held cash, cash equivalents and U.S. Treasury Bills of $102.7 billion, which included $74.1 billion in U.S. Treasury Bills. Investments in equity and fixed maturity securities (excluding our investment in Kraft Heinz) were $412.3 billion. During the first quarter of 2022, we paid cash of $51.1 billion to acquire equities securities and we received proceeds of $9.7 billion from sales of equity securities.

Our consolidated borrowings at March 31, 2022 were $119.7 billion, of which over 95% were by the Berkshire parent company, BHFC, BNSF and BHE and its subsidiaries. In the first quarter of 2022, Berkshire and certain of its subsidiaries issued term debt of approximately $7.4 billion in the aggregate.

Berkshire parent company outstanding debt outstanding at March 31, 2022 was $21.3 billion, a decrease of $122 million since December 31, 2021. In January 2022, Berkshire repaid $600 million of maturing senior notes and issued ¥128.5 billion (approximately $1.1 billion) of senior notes with maturity dates ranging from 2027 to 2052 and a weighted average interest rate of 0.5%. Berkshire’s borrowings decreased $650 million in the first quarter of 2022 from changes in foreign currency exchange rates on its non-U.S. Dollar denominated debt. Aggregate maturities of Berkshire parent company debt over the next twelve months approximates $3.9 billion, all of which is in the first quarter of 2023.

Berkshire’s insurance and other subsidiary outstanding borrowings were $23.6 billion at March 31, 2022, which included senior note borrowings of BHFC, a wholly-owned financing subsidiary, of approximately $18.9 billion. BHFC’s borrowings are used to fund a portion of loans originated and acquired by Clayton Homes and equipment held for lease by our railcar leasing business. In March 2022, BHFC issued $4.5 billion of senior notes with maturity dates ranging from 2027 to 2052 and a weighted average interest rate of 3.4% and issued €1.25 billion of senior notes maturing in 2030 and 2034 with a weighted average interest rate of 1.8%. Aggregate maturities of BHFC debt in the second quarter of 2022 are $775 million. Berkshire guarantees BHFC’s senior notes for the full and timely payment of principal and interest.

BNSF’s outstanding debt was $23.0 billion as of March 31, 2022, a decrease of $201 million from December 31, 2021. Outstanding borrowings of BHE and its subsidiaries were $51.8 billion at March 31, 2022, substantially unchanged from December 31, 2021. In April 2022, BHE issued $1.0 billion of 4.6% senior notes due in 2053 and a subsidiary issued £350 million of 3.25% notes due in 2052. Aggregate debt maturities for BHE and BNSF over the next twelve months approximate $2.6 billion. Berkshire does not guarantee the repayment of debt issued by BNSF, BHE or any of their subsidiaries and is not committed to provide capital to support BNSF, BHE or any of their subsidiaries.

In the first quarter of 2022, our diverse group of businesses generated net operating cash flows of approximately $6.8 billion. Our consolidated capital expenditures for property, plant and equipment and equipment held for lease were $3.1 billion in the first quarter of 2022, which included capital expenditures by our railroad, utilities and energy businesses (BNSF and BHE) of $2.2 billion. BNSF and BHE maintain very large investments in capital assets (property, plant and equipment) and will regularly make significant capital expenditures in the normal course of business. We forecast additional capital expenditures of approximately $9.4 billion over the remainder of 2022.

Contractual Obligations

We are party to other contracts associated with ongoing business activities, which will result in cash payments to counterparties in future periods. Certain obligations are included in our Consolidated Balance Sheets, such as operating lease liabilities and shared aircraft repurchase liabilities of NetJets.

We are also obligated to pay claims arising from property and casualty insurance companies. Such liabilities, including amounts from retroactive reinsurance, were approximately $125 billion at March 31, 2022. However, the timing and amount of the payments under insurance and reinsurance contracts are contingent upon the outcome of future events. Actual payments will likely vary, perhaps materially, from any forecasted payments, as well as from the liabilities currently recorded in our Consolidated Balance Sheet. We anticipate that these payments will be funded by operating cash flows.

Other obligations pertaining to the acquisition of goods or services in the future, such as certain purchase obligations, are not currently reflected in the Consolidated Financial Statements and will be recognized in future periods as the goods are delivered or services are provided. As of March 31, 2022, the largest categories of our long-term contractual obligations primarily related to fuel, capacity, transmission and maintenance contracts and capital expenditure commitments of BHE and BNSF and aircraft purchase commitments of NetJets.

39

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Contractual Obligations (Continued)

On March 21, 2022, we agreed to acquire all of the outstanding shares of Alleghany Corporation (“Alleghany”) common stock for cash consideration of approximately $11.6 billion, subject to Alleghany shareholder approval and receipt of various regulatory approvals. We currently anticipate this acquisition will close in the fourth quarter of 2022. We also have an agreement to acquire an additional 41.4% of Pilot in 2023 and agreements to acquire certain non-controlling interests of consolidated subsidiaries, which are described in Note 26 to the Consolidated Financial Statements included in Item 8 of Berkshire’s Annual Report on Form 10-K for the year ended December 31, 2021.

Except as otherwise disclosed in this Quarterly Report, our contractual obligations as of March 31, 2022 were, in the aggregate, not materially different from those disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in Berkshire’s Annual Report on Form 10-K for the year ended December 31, 2021.

Critical Accounting Policies

Certain accounting policies require us to make estimates and judgments that affect the amounts reflected in the Consolidated Financial Statements. Such estimates and judgments necessarily involve varying, and possibly significant, degrees of uncertainty. Accordingly, certain amounts recorded in the financial statements will likely be adjusted in the future based on new available information and changes in other facts and circumstances. Reference is made to “Critical Accounting Policies” discussed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in Berkshire’s Annual Report on Form 10-K for the year ended December 31, 2021.

Our Consolidated Balance Sheet as of March 31, 2022 includes estimated liabilities of $125.4 billion for unpaid losses and loss adjustment expenses from property and casualty insurance and reinsurance contracts. Due to the inherent uncertainties in the processes of establishing these liabilities, the actual ultimate claim amounts will likely differ from the currently recorded amounts. A very small percentage change in estimates of this magnitude can result in a material effect on periodic earnings. The effects from changes in these estimates are recorded as a component of insurance losses and loss adjustment expenses in the period of the change.

Our Consolidated Balance Sheet as of March 31, 2022 included goodwill of acquired businesses of $73.8 billion and indefinite-lived intangible assets of $18.5 billion. We evaluate these assets for impairment at least annually and we conducted our most recent annual review during the fourth quarter of 2021. In connection with the annual goodwill impairment review conducted in the fourth quarter of 2021, the estimated fair values of five reporting units did not exceed our carrying values by at least 20%. The most significant of these reporting units was Precision Castparts Corp. (“PCC”). The estimated fair value of PCC was approximately $34.5 billion, exceeding our carrying value of approximately $31.1 billion by 10.7%. Our carrying value of PCC included goodwill of approximately $7.5 billion. For the four other reporting units, our aggregate estimated fair value was approximately $2.5 billion, which exceeded our aggregate carrying value of approximately $2.3 billion by 9.2%. Our carrying value of these units included goodwill of approximately $1.2 billion.

Goodwill and indefinite-lived intangible asset impairment reviews include determining the estimated fair values of our reporting units and assets. The key assumptions and inputs used in such determinations may include forecasting revenues and expenses, cash flows and capital expenditures, as well as an appropriate discount rate and other inputs. Significant judgment by management is required in estimating the fair value of a reporting unit and in performing impairment tests. Due to the inherent subjectivity and uncertainty in forecasting future cash flows and earnings over long periods of time, actual results may vary materially from the forecasts.

As of March 31, 2022, we concluded it is more likely than not that goodwill recorded in our Consolidated Balance Sheet was not impaired. The long-term adverse effects of the COVID-19 pandemic on certain of our reporting units may prove to be worse than we currently anticipate, and we may need to record goodwill or indefinite-lived intangible asset impairment charges in future periods. Making estimates of the fair value of reporting units and judgments on goodwill impairments at this time are and will likely be significantly affected by assumptions on the severity, duration or long-term effects of the pandemic on a reporting unit’s business, which we cannot reliably predict. Consequently, any fair value estimates in such instances can be subject to wide variations.

Information concerning new accounting pronouncements is included in Note 2 to the accompanying Consolidated Financial Statements.

40

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of Berkshire officials during presentations about Berkshire or its subsidiaries are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, or which include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates” or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects and possible future Berkshire actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and assumptions about Berkshire and its subsidiaries, economic and market factors and the industries in which we do business, among other things. These statements are not guarantees of future performance and we have no specific intention to update these statements.

Actual events and results may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors. The principal risk factors that could cause our actual performance and future events and actions to differ materially from such forward-looking statements include, but are not limited to, changes in market prices of our investments in fixed maturity and equity securities; losses realized from derivative contracts; the occurrence of one or more catastrophic events, such as an earthquake, hurricane, act of terrorism or cyber-attack that causes losses insured by our insurance subsidiaries and/or losses to our business operations; the frequency and severity of epidemics, pandemics or other outbreaks, including COVID-19, that negatively affect our operating results and restrict our access to borrowed funds through the capital markets at reasonable rates; the adverse impacts from geopolitical events; changes in laws or regulations affecting our insurance, railroad, utilities and energy and finance subsidiaries; changes in federal income tax laws; and changes in general economic and market factors that affect the prices of securities or the industries in which we do business.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Reference is made to Berkshire’s most recently issued Annual Report and in particular the “Market Risk Disclosures” included in “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” As of March 31, 2022, there were no material changes in the market risks described in Berkshire’s Annual Report on Form 10-K for the year ended December 31, 2021.

Item 4. Controls and Procedures

As of the end of the period covered by this Quarterly Report on Form 10-Q, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Chairman (Chief Executive Officer) and the Senior Vice President (Chief Financial Officer), of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rule 13a-15. Based upon that evaluation, the Chairman (Chief Executive Officer) and the Senior Vice President (Chief Financial Officer) concluded that the Company’s disclosure controls and procedures are effective in timely alerting them to material information relating to the Company (including its consolidated subsidiaries) required to be included in the Company’s periodic SEC filings. During the quarter, there have been no significant changes in the Company’s internal control over financial reporting or in other factors that could significantly affect internal control over financial reporting.

Part II Other Information

Item 1. Legal Proceedings

Berkshire and its subsidiaries are parties in a variety of legal actions that routinely arise out of the normal course of business, including legal actions seeking to establish liability directly through insurance contracts or indirectly through reinsurance contracts issued by Berkshire subsidiaries. Plaintiffs occasionally seek punitive or exemplary damages. We do not believe that such normal and routine litigation will have a material effect on our consolidated financial condition or results of operations. Berkshire and certain of its subsidiaries are also involved in other kinds of legal actions, some of which assert or may assert claims or seek to impose fines and penalties. We believe that any liability that may arise as a result of other pending legal actions will not have a material effect on our consolidated financial condition or results of operations.

Item 1A. Risk Factors

Our significant business risks are described in Item 1A to Form 10-K for the year ended December 31, 2021, to which reference is made herein. The risks and uncertainties we describe are not the only ones facing us. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business or operations. Any adverse effect on our business, financial condition or operating results could result in a decline in the value of our securities and the loss of all or part of your investment.

41

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities

Berkshire’s common stock repurchase program permits Berkshire to repurchase its Class A and Class B shares any time that Warren Buffett, Berkshire’s Chairman of the Board and Chief Executive Officer, and Charlie Munger, Vice Chairman of the Board, believe that the repurchase price is below Berkshire’s intrinsic value, conservatively determined. Repurchases may be in the open market or through privately negotiated transactions. Information with respect to Berkshire’s Class A and Class B common stock repurchased during the first quarter of 2022 follows.

Period	Total number of shares purchased		Average price paid per share		Total number of shares purchased as part of publicly announced program		Maximum number or value of shares that yet may be repurchased under the program
January
Class A common stock		625	$	455,959.81		625	*
Class B common stock		73,987	$	299.82		73,987	*
February
Class A common stock		1,048	$	474,398.80		1,048	*
Class B common stock		3,168,329	$	312.14		3,168,329	*
March
Class A common stock		332	$	485,015.95		332	*
Class B common stock		3,582,355	$	322.88		3,582,355	*

* The program does not specify a maximum number of shares to be repurchased or obligate Berkshire to repurchase any specific dollar amount or number of Class A or Class B shares and there is no expiration date to the repurchase program. Berkshire will not repurchase its common stock if the repurchases reduce the total value of Berkshire’s consolidated cash, cash equivalents and U.S. Treasury Bills holdings to less than $30 billion.

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

Information regarding the Company’s mine safety violations and other legal matters disclosed in accordance with Section 1503(a) of the Dodd-Frank Reform Act is included in Exhibit 95 to this Form 10-Q.

Item 5. Other Information

None

42

Item 6. Exhibits

	a. Exhibits
3(i)	Restated Certificate of Incorporation Incorporated by reference to Exhibit 3(i) to Form 10-K filed on March 2, 2015.
3(ii)	By-Laws Incorporated by reference to Exhibit 3(ii) to Form 8-K filed on August 4, 2016.
31.1	Rule 13a-14(a)/15d-14(a) Certifications
31.2	Rule 13a-14(a)/15d-14(a) Certifications
32.1	Section 1350 Certifications
32.2	Section 1350 Certifications
95	Mine Safety Disclosures
101	The following financial information from Berkshire Hathaway Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, formatted in iXBRL (Inline Extensible Business Reporting Language) includes: (i) the Cover Page (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Earnings, (iv) the Consolidated Statements of Comprehensive Income, (v) the Consolidated Statements of Changes in Shareholders’ Equity, (vi) the Consolidated Statements of Cash Flows, and (vii) the Notes to Consolidated Financial Statements, tagged in summary and detail.
104	Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101)

SIGNATURE

Pursuant to the requirement of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

	BERKSHIRE HATHAWAY INC.
	(Registrant)
Date: April 30, 2022	/S/ MARC D. HAMBURG
	(Signature)
	Marc D. Hamburg,
	Senior Vice President and
	Principal Financial Officer

43

EX-31.1

EXHIBIT 31.1

Quarter ended March 31, 2022

Rule 13a-14(a)/15d-14(a) Certifications

CERTIFICATIONS

I, Warren E. Buffett, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Berkshire Hathaway Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 30, 2022

/s/ WARREN E. BUFFETT

Chairman—Principal Executive Officer

EX-31.2

EXHIBIT 31.2

Quarter ended March 31, 2022

Rule 13a-14(a)/15d-14(a) Certifications

CERTIFICATIONS

I, Marc D. Hamburg, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Berkshire Hathaway Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 30, 2022

/s/ MARC D. HAMBURG

Senior Vice President—Principal Financial Officer

EX-32.1

EXHIBIT 32.1

Section 1350 Certifications

Quarter ended March 31, 2022

I, Warren E. Buffett, Chairman and Chief Executive Officer of Berkshire Hathaway Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:

(1) the Quarterly Report on Form 10-Q of the Company for the period ended March 31, 2022 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: April 30, 2022

/s/ WARREN E. BUFFETT

Warren E. Buffett

Chairman and Chief Executive Officer

EX-32.2

EXHIBIT 32.2

Section 1350 Certifications

Quarter ended March 31, 2022

I, Marc D. Hamburg, Senior Vice President and Chief Financial Officer of Berkshire Hathaway Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:

(1) the Quarterly Report on Form 10-Q of the Company for the period ended March 31, 2022 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: April 30, 2022

/s/ MARC D. HAMBURG

Marc D. Hamburg

Senior Vice President and Chief Financial Officer

EX-95

EXHIBIT 95

MINE SAFETY VIOLATIONS AND OTHER LEGAL MATTER DISCLOSURES

PURSUANT TO SECTION 1503(a) OF THE DODD-FRANK WALL STREET

REFORM AND CONSUMER PROTECTION ACT

PacifiCorp and its subsidiaries operate coal mines and coal processing facilities and Acme Brick and its affiliates operate clay, shale and limestone excavation facilities (collectively, the “mining facilities”) that are regulated by the Federal Mine Safety and Health Administration (“MSHA”) under the Federal Mine Safety and Health Act of 1977 (the “Mine Safety Act”). MSHA inspects mining facilities on a regular basis. The total number of reportable Mine Safety Act citations, orders, assessments and legal actions for the three months ended March 31, 2022 are summarized in the table below and are subject to contest and appeal. The severity and assessment of penalties may be reduced or, in some cases, dismissed through the contest and appeal process. Amounts are reported regardless of whether PacifiCorp or Acme has challenged or appealed the matter. Mines that are closed or idled that had no reportable events occurring at those locations during the three months ended March 31, 2022 are not included in the information below. PacifiCorp and Acme have not received any notice of a pattern, or notice of the potential to have a pattern, of violations of mandatory health or safety standards that are of such nature as could have significantly and substantially contributed to the cause and effect of coal or other mine health or safety hazards under Section 104(e) of the Mine Safety Act during the three months ended March 31, 2022.

	Mine Safety Act														Legal Actions
Mining Facilities	Section 104 Significant and Substantial Citations(1)		Section 104(b) Orders(2)		Section 104(d) Citations/ Orders(3)		Section 110(b)(2) Violations(4)		Section 107(a) Imminent Danger Orders(5)		Total Value of Proposed MSHA Assessments (in thousands)		Total Number of Mining Related Fatalities		Pending as of Last Day of Period(6)		Instituted During Period		Resolved During Period
Coal:
Bridger (surface)		—		—		—		—		—	$	—		—		—		—		1
Bridger (underground)		—		—		—		—		—		—		—		1		1		1
Wyodak Coal Crushing     Facility		—		—		—		—		—		—		—		—		—		—
Clay, shale and limestone:
Malvern		—		—		—		—		—		—		—		—		—		—
Jonesboro		—		—		—		—		—		—		—		—		—		—
Oklahoma City		—		—		—		—		—		—		—		—		—		—
Tulsa		—		—		—		—		—		—		—		—		—		—
Bennett		—		—		—		—		—		—		—		—		—		—
Denton		—		—		—		—		—		—		—		—		—		—
Elgin		—		—		—		—		—		—		—		—		—		—
Sealy		—		—		—		—		—		—		—		—		—		—
Texas Clay		—		—		—		—		—		—		—		—		—		—
Leeds		—		—		—		—		—		—		—		—		—		—
Montgomery		—		—		—		—		—		—		—		—		—		—
Cordova		—		—		—		—		—		—		—		—		—		—

⁽¹⁾ Citations for alleged violations of mandatory health and safety standards that could significantly or substantially contribute to the cause and effect of a safety or health hazard under Section 104 of the Mine Safety Act.

⁽²⁾ For alleged failures to totally abate the subject matter of a Mine Safety Act Section 104(a) citation within the period specified in the citation.

⁽³⁾ For alleged unwarrantable failures (i.e., aggravated conduct constituting more than ordinary negligence) to comply with a mandatory health or safety standard.

⁽⁴⁾ For alleged flagrant violations (i.e., reckless or repeated failure to make reasonable efforts to eliminate a known violation of a mandatory health or safety standard that substantially and proximately caused, or reasonably could have been expected to cause, death or serious bodily injury).

⁽⁵⁾ For the existence of any condition or practice in a coal or other mine which could reasonably be expected to cause death or serious physical harm before such condition or practice can be abated.

⁽⁶⁾ Amounts include one contest of proposed penalties under Subpart C of the Federal Mine Safety and Health Review Commission’s procedural rules. The pending legal actions are not exclusive to citations, notices, orders and penalties assessed by MSHA during the reporting period.

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 20, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity File Number	001-14905
Entity Tax Identification Number	47-0813844
Entity Address, Address Line One	3555 Farnam Street
Entity Address, City or Town	Omaha
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68131
City Area Code	402
Local Phone Number	346-1400
Entity Registrant Name	BERKSHIRE HATHAWAY INC
Entity Central Index Key	0001067983
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		613,707
Security 12b Title	Class A Common Stock
Trading Symbol	BRK.A
Security Exchange Name	NYSE
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,285,751,332
Security 12b Title	Class B Common Stock
Trading Symbol	BRK.B
Security Exchange Name	NYSE
M 0.750 Senior Notes Due 2023 [Member]
Document Information [Line Items]
Security 12b Title	0.750% Senior Notes due 2023
Trading Symbol	BRK23
Security Exchange Name	NYSE
M 0.625 Senior Notes Due 2023 [Member]
Document Information [Line Items]
Security 12b Title	0.625% Senior Notes due 2023
Trading Symbol	BRK23A
Security Exchange Name	NYSE
M 1.300 Senior Notes Due 2024 [Member]
Document Information [Line Items]
Security 12b Title	1.300% Senior Notes due 2024
Trading Symbol	BRK24
Security Exchange Name	NYSE
M 0.000 Senior Notes Due 2025 [Member]
Document Information [Line Items]
Security 12b Title	0.000% Senior Notes due 2025
Trading Symbol	BRK25
Security Exchange Name	NYSE
M 1.125 Senior Notes Due 2027 [Member]
Document Information [Line Items]
Security 12b Title	1.125% Senior Notes due 2027
Trading Symbol	BRK27
Security Exchange Name	NYSE
M 2.150 Senior Notes Due 2028 [Member]
Document Information [Line Items]
Security 12b Title	2.150% Senior Notes due 2028
Trading Symbol	BRK28
Security Exchange Name	NYSE
M 1.500 Senior Notes Due 2030 [Member]
Document Information [Line Items]
Security 12b Title	1.500% Senior Notes due 2030
Trading Symbol	BRK30
Security Exchange Name	NYSE
M 2.000 Senior Notes Due 2034 [Member]
Document Information [Line Items]
Security 12b Title	2.000% Senior Notes due 2034
Trading Symbol	BRK34
Security Exchange Name	NYSE
M 1.625 Senior Notes Due 2035 [Member]
Document Information [Line Items]
Security 12b Title	1.625% Senior Notes due 2035
Trading Symbol	BRK35
Security Exchange Name	NYSE
M 2.375 Senior Notes Due 2039 [Member]
Document Information [Line Items]
Security 12b Title	2.375% Senior Notes due 2039
Trading Symbol	BRK39
Security Exchange Name	NYSE
M 0.500 Senior Notes Due 2041 [Member]
Document Information [Line Items]
Security 12b Title	0.500% Senior Notes due 2041
Trading Symbol	BRK41
Security Exchange Name	NYSE
M 2.625 Senior Notes Due 2059 [Member]
Document Information [Line Items]
Security 12b Title	2.625% Senior Notes due 2059
Trading Symbol	BRK59
Security Exchange Name	NYSE

XML

Consolidated Balance Sheets € in Millions, £ in Millions, $ in Millions, ¥ in Billions		Mar. 31, 2022 USD ($)		Dec. 31, 2021 USD ($)
ASSETS
Investments in fixed maturity securities		$ 21,718		$ 16,434
Investments in equity securities		390,538	[1]	350,719	[2]
Loans and finance receivables		21,265		20,751
Inventories		22,572		20,954
Equipment held for lease		15,038		14,918
Goodwill	[3]	73,822		73,875
Total assets		969,506		958,784
LIABILITIES
Income taxes, principally deferred		91,114		90,243
Total liabilities		452,641		443,854
Shareholders’ equity:
Common stock		8		8
Capital in excess of par value		35,586		35,592
Accumulated other comprehensive income		(4,428)		(4,027)
Retained earnings		539,881		534,421
Treasury stock, at cost		(62,906)		(59,795)
Berkshire Hathaway shareholders’ equity		508,141		506,199
Noncontrolling interests		8,724		8,731
Total shareholders’ equity		516,865		514,930
Total liabilities and shareholders' equity		969,506		958,784
Insurance and Other [Member]
ASSETS
Cash and cash equivalents	[4]	35,542		85,319
Short-term investments in U.S. Treasury Bills		67,145		58,535
Investments in fixed maturity securities		21,718		16,434
Investments in equity securities		390,538		350,719
Equity method investments		17,596		17,375
Loans and finance receivables		21,265		20,751
Other receivables		38,963		35,388
Inventories		22,572		20,954
Property, plant and equipment		20,707		20,834
Equipment held for lease		15,038		14,918
Goodwill		47,064		47,117
Other intangible assets		28,211		28,486
Deferred charges - retroactive reinsurance		10,424		10,639
Other		16,303		15,854
Total assets		753,086		743,323
LIABILITIES
Unpaid losses and loss adjustment expenses		87,667		86,664
Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts		37,702		38,256
Unearned premiums		25,368		23,512
Life, annuity and health insurance benefits		22,673		22,452
Other policyholder liabilities		9,347		9,330
Accounts payable, accruals and other liabilities		30,929		30,376
Aircraft repurchase liabilities and unearned lease revenues		5,782		5,849
Notes payable and other borrowings		44,890		39,272
Total liabilities		264,358		255,711
Railroad, Utilities and Energy [Member]
ASSETS
Cash and cash equivalents	[4]	3,571		2,865
Receivables		4,092		4,177
Property, plant and equipment		156,015		155,530
Goodwill		26,758		26,758
Regulatory assets		4,086		3,963
Other intangible assets		1,132		1,151
Other		21,898		22,168
Total assets		216,420		215,461
LIABILITIES
Accounts payable, accruals and other liabilities		15,076		15,696
Regulatory liabilities		7,322		7,214
Notes payable and other borrowings		74,771		74,990
Total liabilities		$ 97,169		$ 97,900

[1] Approximately 66% of the aggregate fair value was concentrated in four companies (American Express Company – $28.4 billion; Apple Inc. – $159.1 billion; Bank of America Corporation – $42.6 billion and Chevron Corporation – $25.9 billion).

[2] Approximately 73% of the aggregate fair value was concentrated in four companies (American Express Company – $24.8 billion; Apple Inc. – $161.2 billion; Bank of America Corporation – $46.0 billion and The Coca-Cola Company – $23.7 billion).

[3] Net of accumulated goodwill impairments of $11.0 billion as of March 31, 2022 and December 31, 2021.

[4] Includes U.S. Treasury Bills with maturities of three months or less when purchased of $7.3 billion at March 31, 2022 and $61.7 billion at December 31, 2021.

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Billions	Mar. 31, 2022	Dec. 31, 2021
U.S. Treasury Bills [Member]
Cash equivalents	$ 7.3	$ 61.7

XML

Consolidated Statements of Earnings - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Revenues:
Leasing revenues		$ 1,672	$ 1,324
Total revenues		70,810	64,599
Investment and derivative contract gains (losses)		(1,978)	5,700
Costs and expenses:
Total costs and expenses		62,396	56,022
Earnings before income taxes and equity method earnings		6,436	14,277
Equity method earnings		376	251
Earnings before income taxes		6,812	14,528
Income tax expense		1,227	2,688
Net earnings		5,585	11,840
Earnings attributable to noncontrolling interests		125	129
Net earnings attributable to Berkshire Hathaway shareholders		$ 5,460	$ 11,711
Equivalent Class A [Member]
Earnings per share:
Net earnings per average equivalent share		$ 3,702	$ 7,638
Average equivalent shares outstanding		1,474,703	1,533,284
Equivalent Class B [Member]
Earnings per share:
Net earnings per average equivalent share	[1]	$ 2.47	$ 5.09
Average equivalent shares outstanding		2,212,054,009	2,299,925,502
Insurance and Other [Member]
Revenues:
Insurance premiums earned		$ 17,492	$ 16,424
Sales and service revenues		37,862	33,698
Leasing revenues		1,672	1,324
Interest, dividend and other investment income		1,862	1,851
Total revenues		58,888	53,297
Costs and expenses:
Insurance losses and loss adjustment expenses		13,332	10,964
Life, annuity and health insurance benefits		1,323	1,480
Insurance underwriting expenses		2,767	3,014
Cost of sales and services		29,785	26,530
Cost of leasing		1,232	882
Selling, general and administrative expenses		4,251	3,910
Interest expense		264	276
Total costs and expenses		52,954	47,056
Railroad, Utilities and Energy [Member]
Revenues:
Freight rail transportation revenues		5,944	5,378
Energy operating revenues		4,818	4,848
Service revenues and other income		1,160	1,076
Total revenues		11,922	11,302
Costs and expenses:
Freight rail transportation expenses		3,925	3,510
Utilities and energy cost of sales and other expenses		3,591	3,589
Other expenses		1,156	1,093
Interest expense		770	774
Total costs and expenses		$ 9,442	$ 8,966

[1] 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 17.

XML

Consolidated Statements of Earnings (Parenthetical)	Mar. 31, 2022
Income Statement [Abstract]
Economic equivalent of Class B share to Class A share	0.0667%

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net earnings	$ 5,585	$ 11,840
Other comprehensive income:
Unrealized appreciation of investments	(236)	(87)
Applicable income taxes	51	20
Foreign currency translation	(316)	(285)
Applicable income taxes	(11)	(3)
Defined benefit pension plans	26	61
Applicable income taxes	(5)	(20)
Other, net	87	(6)
Other comprehensive income, net	(404)	(320)
Comprehensive income	5,181	11,520
Comprehensive income attributable to noncontrolling interests	122	136
Comprehensive income attributable to Berkshire Hathaway shareholders	$ 5,059	$ 11,384

XML

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions	Total	Common stock and capital in excess of par value	Accumulated other comprehensive income	Retained earnings	Treasury Stock	Noncontrolling interests
Beginning Balance at Dec. 31, 2020	$ 451,336	$ 35,634	$ (4,243)	$ 444,626	$ (32,853)	$ 8,172
Net earnings	11,840			11,711		129
Other comprehensive income, net	(320)		(327)			7
Acquisition of common stock	(6,565)				(6,565)
Transactions with noncontrolling interests	(115)	4				(119)
Ending Balance at Mar. 31, 2021	456,176	35,638	(4,570)	456,337	(39,418)	8,189
Beginning Balance at Dec. 31, 2021	514,930	35,600	(4,027)	534,421	(59,795)	8,731
Net earnings	5,585			5,460		125
Other comprehensive income, net	(404)		(401)			(3)
Acquisition of common stock	(3,111)				(3,111)
Transactions with noncontrolling interests	(135)	(6)				(129)
Ending Balance at Mar. 31, 2022	$ 516,865	$ 35,594	$ (4,428)	$ 539,881	$ (62,906)	$ 8,724

XML

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022		Mar. 31, 2021
Cash flows from operating activities:
Net earnings	$ 5,585		$ 11,840
Adjustments to reconcile net earnings to operating cash flows:
Investment (gains) losses	1,735		(5,211)
Depreciation and amortization	2,703		2,673
Other	(961)		(225)
Changes in operating assets and liabilities:
Unpaid losses and loss adjustment expenses	558		961
Deferred charges - retroactive reinsurance	215		252
Unearned premiums	1,912		2,390
Receivables and originated loans	(3,469)		(3,440)
Other assets	(2,168)		(397)
Other liabilities	(85)		(1,861)
Income taxes	804		2,324
Net cash flows from operating activities	6,829		9,306
Cash flows from investing activities:
Purchases of equity securities	(51,119)		(2,572)
Sales of equity securities	9,724		6,451
Purchases of U.S. Treasury Bills and fixed maturity securities	(58,746)		(32,313)
Sales of U.S. Treasury Bills and fixed maturity securities	37,795		4,090
Redemptions and maturities of U.S. Treasury Bills and fixed maturity securities	6,571		37,559
Purchases of loans and finance receivables	(12)		(11)
Collections of loans and finance receivables	73		109
Acquisitions of businesses, net of cash acquired	(34)		(47)
Purchases of property, plant and equipment and equipment held for lease	(3,090)		(2,519)
Other	272		449
Net cash flows from investing activities	(58,566)		11,196
Cash flows from financing activities:
Changes in short term borrowings, net	(183)		229
Acquisition of treasury stock	(3,180)		(6,580)
Other	(367)		(132)
Net cash flows from financing activities	2,643		(8,349)
Effects of foreign currency exchange rate changes	50		(61)
Increase (decrease) in cash and cash equivalents and restricted cash	(49,044)		12,092
Cash and cash equivalents and restricted cash at beginning of year*	88,706		48,396
Cash and cash equivalents and restricted cash at end of first quarter*	39,662		60,488
Restricted cash, included in other assets at beginning of year	522		406
Restricted cash, included in other assets at end of first quarter	$ 549		$ 434
Restricted Cash and Cash Equivalents, Asset, Statement of Financial Position [Extensible List]	Other		Other
Insurance and Other [Member]
Cash flows from financing activities:
Proceeds from borrowings	$ 6,977		$ 1,442
Repayments of borrowings	(614)		(2,425)
Cash and cash equivalents at beginning of year	85,319	[1]	44,714
Cash and cash equivalents at end of first quarter	35,542	[1]	56,826
Railroad, Utilities and Energy [Member]
Cash flows from financing activities:
Proceeds from borrowings	405
Repayments of borrowings	(395)		(883)
Cash and cash equivalents at beginning of year	2,865	[1]	3,276
Cash and cash equivalents at end of first quarter	$ 3,571	[1]	$ 3,228

[1] Includes U.S. Treasury Bills with maturities of three months or less when purchased of $7.3 billion at March 31, 2022 and $61.7 billion at December 31, 2021.

XML

General

3 Months Ended

Mar. 31, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

General

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 (consisting only of normal recurring 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 a number of 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, changes in the fair values of certain derivative contract liabilities, gains and losses from the periodic revaluation of certain assets and liabilities denominated in foreign currencies and the magnitude of asset impairment charges may cause significant variations in periodic net earnings.

The COVID-19 pandemic continues to affect most of our operating businesses. Significant government and private sector actions have been taken since 2020 and likely will continue to be taken intended to control the spread and mitigate the economic effects of the virus. Actions in the latter part of 2021 and early 2022 included temporary business closures or restrictions of business activities in various parts of the world in response to the emergence of variants of the virus. Notwithstanding these efforts, significant disruptions of supply chains and higher costs have persisted in 2022. Further, the development of geopolitical conflicts in 2022 have contributed to disruptions of supply chains, resulting in cost increases for commodities, goods, and services in many parts of the world. The economic effects from these events over longer terms cannot be reasonably estimated at this time. Accordingly, significant estimates used in the preparation of our 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, may be subject to significant adjustments in future periods.

XML

New accounting pronouncements

3 Months Ended

Mar. 31, 2022

Accounting Changes And Error Corrections [Abstract]

New accounting pronouncements

Note 2. New accounting pronouncements

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-12 “Targeted Improvements to the Accounting for Long-Duration Contracts” (“ASU 2018-12”). ASU 2018-12 requires reassessment of cash flow assumptions at least annually and revision of discount rate assumptions each reporting period in valuing policyholder liabilities and related deferred acquisition costs of long-duration contracts. The effects from changes in cash flow assumptions are reflected in earnings and the effects from changes in discount rate assumptions are reflected in other comprehensive income. Currently, the cash flow and discount rate assumptions are set at the contract inception date and not subsequently changed, except under limited circumstances. ASU 2018-12 is to be applied retrospectively to the earliest period presented in the financial statements, will require new disclosures and is effective for fiscal years beginning after December 15, 2022, with early adoption permitted.

We currently intend to adopt ASU 2018-12 as of January 1, 2023 using the modified retrospective method, which provides that revised cash flow and discount rate assumptions as of January 1, 2021 (the transition date) be applied to contracts then in-force, with liabilities then remeasured as provided under the standard. The cumulative effects from discount rate assumption changes as of the transition date will be recorded in accumulated other comprehensive income and the cumulative effect from cash flow assumption changes will be recorded in retained earnings. While we have not finalized our assessment of the impact of the adoption as of the transition date, we currently believe that the changes in discount rate assumptions will have a greater effect on our recorded liabilities than changes in cash flow assumptions. We also preliminarily estimate that the changes in discount rate assumptions as of the transition date will increase our life, health and annuity benefit liabilities from the amounts previously reported due to the historically low interest rate environment at that time. However, the ultimate impact of adopting ASU 2018-12 will be based on the discount rate and cash flow assumptions determined as of the January 1, 2023 adoption date. We, therefore, continue to evaluate the effect this standard will have on our Consolidated Financial Statements.

XML

Investments in fixed maturity securities

3 Months Ended

Mar. 31, 2022

Investments Debt And Equity Securities [Abstract]

Investments in fixed maturity securities

Notes to Consolidated Financial Statements (Continued)

Note 3. Investments in fixed maturity securities

Investments in fixed maturity securities as of March 31, 2022 and December 31, 2021 are summarized by type below (in millions).

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
March 31, 2022
U.S. Treasury, U.S. government corporations and agencies	$	8,793	$	12	$	(97	)	$	8,708
Foreign governments		11,116		26		(62	)		11,080
Corporate bonds		1,268		324		(2	)		1,590
Other		308		34		(2	)		340
	$	21,485	$	396	$	(163	)	$	21,718
December 31, 2021
U.S. Treasury, U.S. government corporations and agencies	$	3,286	$	22	$	(5	)	$	3,303
Foreign governments		10,998		29		(33	)		10,994
Corporate bonds		1,363		412		(1	)		1,774
Other		317		47		(1	)		363
	$	15,964	$	510	$	(40	)	$	16,434

Investments in foreign governments include securities issued by national and provincial government entities as well as instruments that are unconditionally guaranteed by such entities. As of March 31, 2022, approximately 94% of our foreign government holdings were rated AA or higher by at least one of the major rating agencies. The amortized cost and estimated fair value of fixed maturity securities at March 31, 2022 are summarized below by contractual maturity dates. Amounts are in millions. Actual maturities may differ from contractual maturities due to prepayment rights held by issuers.

	Due in one year or less		Due after one year through five years		Due after five years through ten years		Due after ten years		Mortgage- backed securities		Total
Amortized cost	$	10,272	$	10,456	$	443	$	92	$	222	$	21,485
Fair value		10,250		10,370		734		112		252		21,718

XML

Investments in equity securities

3 Months Ended

Mar. 31, 2022

Investments Debt And Equity Securities [Abstract]

Investments in equity securities

Note 4. Investments in equity securities

Investments in equity securities as of March 31, 2022 and December 31, 2021 are summarized as follows (in millions).

	Cost Basis		Net Unrealized Gains		Fair Value
March 31, 2022*
Banks, insurance and finance	$	36,472	$	61,657	$	98,129
Consumer products		40,932		153,536		194,468
Commercial, industrial and other		68,132		29,809		97,941
	$	145,536	$	245,002	$	390,538

* Approximately 66% of the aggregate fair value was concentrated in four companies (American Express Company – $28.4 billion; Apple Inc. – $159.1 billion; Bank of America Corporation – $42.6 billion and Chevron Corporation – $25.9 billion).

	Cost Basis		Net Unrealized Gains		Fair Value
December 31, 2021*
Banks, insurance and finance	$	26,822	$	62,236	$	89,058
Consumer products		36,076		154,945		191,021
Commercial, industrial and other		41,707		28,933		70,640
	$	104,605	$	246,114	$	350,719

* Approximately 73% of the aggregate fair value was concentrated in four companies (American Express Company – $24.8 billion; Apple Inc. – $161.2 billion; Bank of America Corporation – $46.0 billion and The Coca-Cola Company – $23.7 billion).

Notes to Consolidated Financial Statements (Continued)

Note 4. Investments in equity securities (Continued)

Our equity security investments also include Occidental Corporation (“Occidental”) Cumulative Perpetual Preferred Stock with an aggregate liquidation value of $10 billion and warrants to purchase up to 83.86 million shares of Occidental common stock at an exercise price of $59.62 per share. The preferred stock accrues dividends at 8% per annum and is redeemable at the option of Occidental commencing in 2029 at a redemption price equal to 105% of the liquidation preference, plus any accumulated and unpaid dividends and is mandatorily redeemable under specified events. Dividends on the preferred stock are payable in cash or, at Occidental’s option, in shares of Occidental common stock. The warrants are exercisable in whole or in part until one year after the redemption of the preferred stock.

XML

Equity method investments

3 Months Ended

Mar. 31, 2022

Equity Method Investments And Joint Ventures [Abstract]

Equity method investments

Note 5. Equity method investments

Berkshire and its subsidiaries hold investments in certain businesses that are accounted for pursuant to the equity method. Currently, the most significant of these is our investment in the common stock of The Kraft Heinz Company (“Kraft Heinz”). Kraft Heinz manufactures and markets food and beverage products, including condiments and sauces, cheese and dairy, meals, meats, refreshment beverages, coffee and other grocery products. Berkshire currently owns 26.6% of the outstanding shares of Kraft Heinz common stock.

We recorded equity method earnings from our investment in Kraft Heinz of $206 million in the first quarter of 2022 and $150 million in 2021. We received dividends on the common stock of $130 million in the first quarter of both 2022 and 2021, which were recorded as reductions to the carrying value of our investment.

Shares of Kraft Heinz common stock are publicly-traded and the fair value of our investment was approximately $12.8 billion at March 31, 2022 and $11.7 billion at December 31, 2021. The carrying value of our investment was approximately $13.2 billion at March 31, 2022 and $13.1 billion at December 31, 2021. As of March 31, 2022, the carrying value of our investment exceeded the fair value based on the quoted market price by 3% of the carrying value. We evaluated our investment in Kraft Heinz for impairment. Based on the prevailing facts and circumstances, we concluded recognition of an impairment loss in earnings was not required as of March 31, 2022.

Summarized consolidated financial information of Kraft Heinz follows (in millions).

	March 26, 2022		December 25, 2021
Assets	$	93,864	$	93,394
Liabilities		44,020		43,942

	First Quarter
	2022		2021
Sales	$	6,045	$	6,394
Net earnings attributable to Kraft Heinz common shareholders		776		563

Other investments that we account for pursuant to the equity method include Berkadia Commercial Mortgage LLC (“Berkadia”), Pilot Travel Centers LLC (“Pilot”), Electric Transmission Texas, LLC (“ETT”) and Iroquois Gas Transmission System L.P. (“Iroquois”). The aggregate carrying value of these investments was approximately $4.4 billion as of March 31, 2022 and $4.3 billion as of December 31, 2021. We recorded equity method earnings in the first quarter of $170 million in 2022 and $101 million in 2021, and we received aggregate distributions in the first quarter of $28 million in 2022 and $896 million in 2021. Additional information concerning these investments follows.

We own a 50% interest in Berkadia, with Jefferies Financial Group Inc. (“Jefferies”) owning the other 50% interest. Berkadia provides capital solutions, investment sales advisory and mortgage servicing for multifamily and commercial real estate. A source of funding for Berkadia’s operations is through commercial paper, which was $1.47 billion at March 31, 2022 and is limited to $1.5 billion. Berkadia’s commercial paper is supported by a surety policy issued by a Berkshire insurance subsidiary. Jefferies is obligated to indemnify us for one-half of any losses incurred under the policy. Berkshire Hathaway Energy (“BHE”) subsidiaries own a 50% noncontrolling interest in ETT, an owner and operator of electric transmission assets in Texas and a 50% noncontrolling interest in Iroquois, which owns and operates a natural gas pipeline located in New York and Connecticut.

Notes to Consolidated Financial Statements (Continued)

Note 5. Equity method investments (Continued)

We own a 38.6% interest in Pilot, headquartered in Knoxville, Tennessee. Pilot operates travel centers in North America through more than 800 retail locations across 44 U.S. states and six Canadian provinces and through wholesale distribution. The Haslam family currently owns a 50.1% interest in Pilot and a third party owns the remaining 11.3% interest. We have an agreement to acquire an additional 41.4% interest in Pilot in 2023, with the Haslam family retaining a 20% interest. As a result, Berkshire will become the majority owner of Pilot in 2023.

XML

Investment and derivative contract gains/losses

3 Months Ended

Mar. 31, 2022

Investments Debt And Equity Securities [Abstract]

Investment and derivative contract gains/losses

Note 6. Investment and derivative contract gains/losses

Investment and derivative contract gains/losses in the first quarter of 2022 and 2021 are summarized as follows (in millions).

	First Quarter
	2022			2021
Investment gains (losses):
Equity securities:
Change in unrealized investment gains (losses) during the period on    securities held at the end of the period	$	(1,775	)	$	4,630
Investment gains (losses) on securities sold during the period		89			430
		(1,686	)		5,060
Fixed maturity securities:
Gross realized gains		6			20
Gross realized losses		(49	)		(1	)
Other		(6	)		132
Investment gains (losses)		(1,735	)		5,211
Derivative contract gains (losses)		(243	)		489
	$	(1,978	)	$	5,700

Equity securities gains and losses include unrealized gains and losses from changes in fair values during the period on equity securities we still own, as well as gains and losses on securities we sold during the period. As reflected in the Consolidated Statements of Cash Flows, we received proceeds from sales of equity securities of approximately $9.7 billion in the first three months of 2022 and $6.5 billion in the first three months of 2021. In the preceding table, investment gains and losses on equity securities sold during the period represent the difference between the sales proceeds and the fair value of the equity securities sold at the beginning of the applicable period or, if later, the purchase date. Our taxable gains/losses on equity securities sold are generally the difference between the proceeds from sales and original cost. Taxable losses in the first quarter of 2022 were $739 million and taxable gains in 2021 were $1.8 billion.

Our derivative contract gains and losses derive from equity index put option contracts written prior to March 2008 on four major equity indexes. As of March 31, 2022, we had six open contracts, which had an aggregate fair value liability of $121 million and an aggregate notional value of $2.6 billion.  

XML

Loans and finance receivables

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Loans and finance receivables

Notes to Consolidated Financial Statements (Continued)

Note 7. Loans and finance receivables

Loans and finance receivables are summarized as follows (in millions).

	March 31, 2022			December 31, 2021
Loans and finance receivables before allowances and discounts	$	22,596		$	22,065
Allowances for credit losses		(781	)		(765	)
Unamortized acquisition discounts and points		(550	)		(549	)
	$	21,265		$	20,751

Loans and finance receivables are principally manufactured home loans, and to a lesser extent, commercial loans and site-built home loans. Reconciliations of the allowance for credit losses on loans and finance receivables for the first quarter of 2022 and 2021 follow (in millions).

	First Quarter
	2022			2021
Balance at beginning of year	$	765		$	712
Provision for credit losses		22			27
Charge-offs, net of recoveries		(6	)		(14	)
Balance at March 31	$	781		$	725

As of March 31, 2022, approximately 99% of home loan balances were evaluated collectively for impairment. As of March 31, 2022, we considered approximately 98% of the loan balances to be current as to payment status. A summary of performing and non-performing home loans before discounts and allowances by year of loan origination as of March 31, 2022 follows (in millions).

	Origination Year
	2022		2021		2020		2019		2018		Prior		Total
Performing	$	2,038	$	3,918	$	3,065	$	2,169	$	1,642	$	7,789	$	20,621
Non-performing		2		3		8		8		6		46		73
	$	2,040	$	3,921	$	3,073	$	2,177	$	1,648	$	7,835	$	20,694

We are also party to commercial loan agreements with Seritage Growth Properties (“Seritage”) and Lee Enterprises, Inc, (“Lee”), in which loan balances aggregated $1.9 billion at March 31, 2022 and December 31, 2021. The Seritage loan is pursuant to a $2.0 billion term loan facility and the outstanding loan is secured by mortgages on its real estate properties. The loan agreement with Seritage, as amended, allows optional loan prepayments without penalty and further provides Seritage with the option to extend the maturity of the loan to July 31, 2025, if the outstanding principal has been reduced to $800 million by the original expiration date of July 31, 2023. The loan to Lee matures in 2045. The Lee loan agreement provides for mandatory principal prepayments under certain conditions and optional prepayments at par. We are the sole lender to each of these entities and each of these loans is current as to payment status.

XML

Other receivables

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Other receivables

Note 8. Other receivables

Other receivables are comprised of the following (in millions).

	March 31, 2022			December 31, 2021
Insurance and other:
Insurance premiums receivable	$	16,305		$	15,050
Reinsurance recoverables		4,880			4,900
Trade receivables		14,333			12,971
Other		4,122			3,146
Allowances for credit losses		(677	)		(679	)
	$	38,963		$	35,388
Railroad, utilities and energy:
Trade receivables	$	3,645		$	3,678
Other		596			650
Allowances for credit losses		(149	)		(151	)
	$	4,092		$	4,177

Notes to Consolidated Financial Statements (Continued)

Note 8. Other receivables (Continued)

Provisions for credit losses in the first three months with respect to receivables summarized above were $92 million in 2022 and $18 million in 2021. Charge-offs, net of recoveries, in the first three months were $95 million in 2022 and $28 million in 2021.

XML

Inventories

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Inventories

Note 9. Inventories

Inventories are comprised of the following (in millions).

	March 31, 2022		December 31, 2021
Raw materials	$	6,180	$	5,743
Work in process and other		3,537		3,192
Finished manufactured goods		5,031		4,530
Goods acquired for resale		7,824		7,489
	$	22,572	$	20,954

XML

Property, plant and equipment including equipment held for lease

3 Months Ended

Mar. 31, 2022

Property, plant and equipment including equipment held for lease

Note 10. Property, plant and equipment

A summary of property, plant and equipment of our insurance and other businesses follows (in millions).

	March 31, 2022			December 31, 2021
Land, buildings and improvements	$	14,049		$	14,070
Machinery and equipment		26,166			26,063
Furniture, fixtures and other		4,772			4,640
		44,987			44,773
Accumulated depreciation		(24,280	)		(23,939	)
	$	20,707		$	20,834

A summary of property, plant and equipment of railroad and utilities and energy businesses follows (in millions). The utility generation, transmission and distribution systems and interstate natural gas pipeline assets are owned by regulated public utility and natural gas pipeline subsidiaries.

	March 31, 2022			December 31, 2021
Railroad:
Land, track structure and other roadway	$	65,256		$	65,843
Locomotives, freight cars and other equipment		15,910			13,822
Construction in progress		1,101			1,027
		82,267			80,692
Accumulated depreciation		(16,535	)		(14,978	)
		65,732			65,714
Utilities and energy:
Utility generation, transmission and distribution systems		90,560			90,223
Interstate natural gas pipeline assets		17,526			17,423
Independent power plants and other assets		13,986			13,695
Construction in progress		4,605			4,196
		126,677			125,537
Accumulated depreciation		(36,394	)		(35,721	)
		90,283			89,816
	$	156,015		$	155,530

Depreciation expense for the first quarter of 2022 and 2021 is summarized below (in millions).

	First Quarter
	2022		2021
Insurance and other	$	564	$	576
Railroad, utilities and energy		1,542		1,496
	$	2,106	$	2,072

Equipment held for lease [Member]

Property, plant and equipment including equipment held for lease

Notes to Consolidated Financial Statements (Continued)

Note 11. Equipment held for lease

Equipment held for lease includes railcars, aircraft, over-the-road trailers, intermodal tank containers, cranes, storage units and furniture. Equipment held for lease is summarized below (in millions).

	March 31, 2022			December 31, 2021
Railcars	$	9,532		$	9,448
Aircraft		9,439			9,234
Other		5,196			5,053
		24,167			23,735
Accumulated depreciation		(9,129	)		(8,817	)
	$	15,038		$	14,918

Depreciation expense for equipment held for lease in the first quarter was $294 million in 2022 and $282 million in 2021. Fixed and variable operating lease revenues for the first quarter of 2022 and 2021 are summarized below (in millions).

	First Quarter
	2022		2021
Fixed lease revenue	$	1,188	$	1,062
Variable lease revenue		484		262
	$	1,672	$	1,324

XML

Goodwill and other intangible assets

3 Months Ended

Mar. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets

Note 12. Goodwill and other intangible assets

Reconciliations of the changes in the carrying value of goodwill for the first quarter of 2022 and for the year ended December 31, 2021 follow (in millions).

	March 31, 2022			December 31, 2021
Balance at beginning of year	$	73,875		$	73,734
Business acquisitions		5			353
Other, including foreign currency translation		(58	)		(212	)
Balance at end of period*	$	73,822		$	73,875

* Net of accumulated goodwill impairments of $11.0 billion as of March 31, 2022 and December 31, 2021.

The gross carrying amounts and related accumulated amortization of other intangible assets are summarized as follows (in millions).

	March 31, 2022						December 31, 2021
	Gross carrying amount		Accumulated amortization		Net carrying value		Gross carrying amount		Accumulated amortization		Net carrying value
Insurance and other:
Customer relationships	$	27,323	$	6,616	$	20,707	$	27,335	$	6,450	$	20,885
Trademarks and trade names		5,171		807		4,364		5,176		802		4,374
Patents and technology		4,818		3,547		1,271		4,763		3,484		1,279
Other		3,326		1,457		1,869		3,390		1,442		1,948
	$	40,638	$	12,427	$	28,211	$	40,664	$	12,178	$	28,486
Railroad, utilities and energy:
Customer relationships	$	678	$	404	$	274	$	678	$	396	$	282
Trademarks, trade names and other		1,015		157		858		1,015		146		869
	$	1,693	$	561	$	1,132	$	1,693	$	542	$	1,151

Notes to Consolidated Financial Statements (Continued)

Note 12. Goodwill and other intangible assets (Continued)

Intangible asset amortization expense in the first quarter was $303 million in 2022 and $319 million in 2021. Intangible assets with indefinite lives were $18.5 billion as of March 31, 2022 and December 31, 2021 and primarily related to certain customer relationships and trademarks and trade names.

XML

Unpaid losses and loss adjustment expenses

3 Months Ended

Mar. 31, 2022

Insurance [Abstract]

Unpaid losses and loss adjustment expenses

Note 13. Unpaid losses and loss adjustment expenses

Our liabilities for unpaid losses and loss adjustment expenses (also referred to as “claim liabilities”) under property and casualty insurance and reinsurance contracts are based upon estimates of the ultimate claim costs associated with claim occurrences as of the balance sheet date and include estimates for incurred-but-not-reported (“IBNR”) claims. A reconciliation of the changes in claim liabilities, excluding liabilities under retroactive reinsurance contracts (see Note 14), for each of the three-month periods ending March 31, 2022 and 2021 follows (in millions).

	2022			2021
Balances at beginning of year:
Gross liabilities	$	86,664		$	79,854
Reinsurance recoverable on unpaid losses		(2,960	)		(2,912	)
Net liabilities		83,704			76,942
Incurred losses and loss adjustment expenses:
Current accident year		13,375			11,363
Prior accident years		(251	)		(646	)
Total		13,124			10,717
Paid losses and loss adjustment expenses:
Current accident year		(3,908	)		(3,214	)
Prior accident years		(8,091	)		(6,454	)
Total		(11,999	)		(9,668	)
Foreign currency effect		(106	)		(94	)
Balances at March 31:
Net liabilities		84,723			77,897
Reinsurance recoverable on unpaid losses		2,944			3,064
Gross liabilities	$	87,667		$	80,961

Incurred losses and loss adjustment expenses shown in the preceding table were recorded in earnings and related to insured events occurring in the current year (“current accident year”) and events occurring in all prior years (“prior accident years”). Incurred and paid losses and loss adjustment expenses are net of reinsurance recoveries. We recorded net reductions of estimated ultimate liabilities for prior accident years of $251 million in the first quarter of 2022 and $646 million in 2021, which produced corresponding reductions in incurred losses and loss adjustment expenses in those periods. These reductions, as percentages of the net liabilities at the beginning of each year, were 0.3% in 2022 and 0.8% in 2021.

Estimated ultimate liabilities for prior accident years from primary insurance were reduced by $114 million in the first quarter of 2022 and $699 million in 2021. The reductions in 2022 derived primarily from private passenger automobile, medical professional liability and workers’ compensation claims, partly offset by increases in ultimate liabilities for other casualty claims. The decrease in incurred losses for prior accident years in 2021 was primarily due to reductions in private passenger automobile estimates, and to a lesser extent in medical professional liability and workers’ compensation estimates. Estimated ultimate liabilities for prior years related to property and casualty reinsurance decreased $137 million in the first quarter of 2022 and increased $53 million in 2021. 

XML

Retroactive reinsurance contracts

3 Months Ended

Mar. 31, 2022

Insurance [Abstract]

Retroactive reinsurance contracts

Notes to Consolidated Financial Statements (Continued)

Note 14. Retroactive reinsurance contracts

Retroactive reinsurance policies provide indemnification of losses and loss adjustment expenses of short-duration insurance contracts with respect to underlying loss events that occurred prior to the contract inception date. Claims payments may commence immediately after the contract date or, when applicable, after a contractual retention amount has been reached. Reconciliations of the changes in estimated liabilities for retroactive reinsurance unpaid losses and loss adjustment expenses (“claim liabilities”) and related deferred charges for each of the three-month periods ending March 31, 2022 and 2021 follow (in millions).

	2022						2021
	Unpaid losses and loss adjustment expenses			Deferred charges - retroactive reinsurance			Unpaid losses and loss adjustment expenses			Deferred charges - retroactive reinsurance
Balances at beginning of year	$	38,256		$	(10,639	)	$	40,966		$	(12,441	)
Incurred losses and loss adjustment expenses:
Current year contracts		—			—			—			—
Prior years’ contracts		(7	)		215			(5	)		252
Total		(7	)		215			(5	)		252
Paid losses and loss adjustment expenses		(547	)		—			(276	)		—
Balances at March 31	$	37,702		$	(10,424	)	$	40,685		$	(12,189	)
Incurred losses and loss adjustment expenses, net of deferred charges	$	208					$	247

In the preceding table, classifications of incurred losses and loss adjustment expenses are based on the inception dates of the contracts, which reflect when our exposure to losses began. Incurred losses and loss adjustment expenses in the first quarter for prior years’ contracts were $208 million in 2022 and $247 million in 2021 and included recurring amortization of deferred charges and the effect of changes in the timing and amount of expected future loss payments. Currently, our largest retroactive reinsurance contract is between our subsidiary, National Indemnity Company, and certain subsidiaries of American International Group, Inc. (collectively, “AIG”). Our estimated claim liabilities with regard to the AIG contract were approximately $15.4 billion at March 31, 2022 and $15.8 billion at December 31, 2021. Deferred charges related to the AIG contract were $4.34 billion at March 31, 2022 and $4.45 billion at December 31, 2021.

XML

Notes payable and other borrowings

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Notes payable and other borrowings

Note 15. Notes payable and other borrowings

Notes payable and other borrowings are summarized below (in millions). The weighted average interest rates and maturity date ranges shown in the following tables are based on borrowings as of March 31, 2022.

	Weighted Average Interest Rate			March 31, 2022		December 31, 2021
Insurance and other:
Berkshire Hathaway Inc. (“Berkshire”):
U.S. Dollar denominated due 2023-2047		3.3	%	$	6,222	$	6,820
Euro denominated due 2023-2041		1.0	%		7,586		7,792
Japanese Yen denominated due 2023-2060		0.6	%		7,479		6,797
Berkshire Hathaway Finance Corporation (“BHFC”):
U.S. Dollar denominated due 2022-2052		3.6	%		15,235		10,758
Great Britain Pound denominated due 2039-2059		2.5	%		2,258		2,325
Euro denominated due 2030-2034		1.8	%		1,378		—
Other subsidiary borrowings due 2022-2045		4.1	%		4,426		4,438
Subsidiary short-term borrowings		3.2	%		306		342
				$	44,890	$	39,272

Notes to Consolidated Financial Statements (Continued)

Note 15. Notes payable and other borrowings (Continued)

In January 2022, Berkshire repaid $600 million of maturing senior notes and issued ¥128.5 billion (approximately $1.1 billion) of senior notes with maturity dates ranging from 2027 to 2052 and a weighted average interest rate of 0.5%. Borrowings of BHFC, a wholly owned finance subsidiary of Berkshire, consist of senior unsecured notes used to fund manufactured housing loans originated or acquired and equipment held for lease of certain subsidiaries. BHFC borrowings are fully and unconditionally guaranteed by Berkshire. In March 2022, BHFC issued $4.5 billion of senior notes with maturity dates ranging from 2027 to 2052 with a weighted average interest rate of 3.4% and €1.25 billion (approximately $1.4 billion) of senior notes maturing in 2030 and 2034 with a weighted average interest rate of 1.8%.

The carrying values of Berkshire and BHFC non-U.S. Dollar denominated senior notes (€8.15 billion, £1.75 billion and ¥914 billion par at March 31, 2022) reflect the applicable exchange rates as of each balance sheet date. The effects of changes in foreign currency exchange rates during the period are recorded in earnings as a component of selling, general and administrative expenses. Changes in the exchange rates resulted in pre-tax gains of $716 million in the first quarter of 2022 and $720 million in the first quarter of 2021.

Berkshire also guarantees debt of other subsidiaries, aggregating approximately $3.8 billion at March 31, 2022. Generally, Berkshire’s guarantee of a subsidiary’s debt obligation is an absolute, unconditional and irrevocable guarantee for the full and prompt payment when due of all payment obligations.

	Weighted Average Interest Rate			March 31, 2022		December 31, 2021
Railroad, utilities and energy:
Berkshire Hathaway Energy Company (“BHE”) and subsidiaries:
BHE senior unsecured debt due 2023-2051		4.3	%	$	13,003	$	13,003
Subsidiary and other debt due 2022-2064		4.1	%		36,901		36,759
Short-term borrowings		1.6	%		1,849		2,009
Burlington Northern Santa Fe ("BNSF") and subsidiaries due 2022-2097		4.5	%		23,018		23,219
				$	74,771	$	74,990

BHE subsidiary debt represents amounts issued pursuant to separate financing agreements. Substantially all of the assets of certain BHE subsidiaries are, or may be, pledged or encumbered to support or otherwise secure such debt. These borrowing arrangements generally contain various covenants, which pertain to leverage ratios, interest coverage ratios and/or debt service coverage ratios. In April 2022, BHE issued $1.0 billion of 4.6% senior notes due in 2053 and a subsidiary issued £350 million of 3.25% bonds due in 2052.

BNSF’s borrowings are primarily senior unsecured debentures. As of March 31, 2022, BNSF, BHE and their subsidiaries were in compliance with all applicable debt covenants. Berkshire does not guarantee any debt, borrowings or lines of credit of BNSF, BHE or their subsidiaries.

Our subsidiaries have unused lines of credit and commercial paper capacity to support short-term borrowing programs and provide additional liquidity. Unused lines of credit were approximately $10.4 billion at March 31, 2022, which included approximately $8.8 billion related to BHE and its subsidiaries.

XML

Fair value measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair value measurements

Notes to Consolidated Financial Statements (Continued)

Note 16. Fair value measurements

Our financial assets and liabilities are summarized below as of March 31, 2022 and December 31, 2021, with fair values shown according to the fair value hierarchy (in millions). The carrying values of cash and cash equivalents, U.S. Treasury Bills, other receivables and accounts payable, accruals and other liabilities are considered to be reasonable estimates of their fair values.

	Carrying Value		Fair Value		Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2022
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations    and agencies	$	8,708	$	8,708	$	8,669	$	39	$	—
Foreign governments		11,080		11,080		10,543		537		—
Corporate bonds		1,590		1,590		—		1,590		—
Other		340		340		—		340		—
Investments in equity securities		390,538		390,538		378,190		7		12,341
Investment in Kraft Heinz common stock		13,191		12,819		12,819		—		—
Loans and finance receivables		21,265		22,584		—		2,135		20,449
Derivative contract assets (1)		636		636		24		528		84
Derivative contract liabilities (1)		454		454		1		143		310
Notes payable and other borrowings:
Insurance and other		44,890		45,145		—		45,101		44
Railroad, utilities and energy		74,771		79,234		—		79,234		—
December 31, 2021
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations    and agencies	$	3,303	$	3,303	$	3,261	$	42	$	—
Foreign governments		10,994		10,994		10,286		708		—
Corporate bonds		1,774		1,774		—		1,774		—
Other		363		363		—		363		—
Investments in equity securities		350,719		350,719		339,225		8		11,486
Investment in Kraft Heinz common stock		13,112		11,683		11,683		—		—
Loans and finance receivables		20,751		22,174		—		2,178		19,996
Derivative contract assets (1)		329		329		6		230		93
Derivative contract liabilities (1)		376		376		2		150		224
Notes payable and other borrowings:
Insurance and other		39,272		42,339		—		42,292		47
Railroad, utilities and energy		74,990		87,065		—		87,065		—

^{(1) Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities.}

Notes to Consolidated Financial Statements (Continued)

Note 16. Fair value measurements (Continued)

The fair values of substantially all of our financial instruments were measured using market or income approaches. The hierarchy for measuring fair value consists of Levels 1 through 3, which are described below.

Level 1 – Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets.

Level 2 – Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar assets or liabilities exchanged in active or inactive markets; quoted prices for identical assets or liabilities exchanged in inactive markets; other inputs that may be considered in fair value determinations of the assets or liabilities, such as interest rates and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Pricing evaluations generally reflect discounted expected future cash flows, which incorporate yield curves for instruments with similar characteristics, such as credit ratings, estimated durations and yields for other instruments of the issuer or entities in the same industry sector.

Level 3 – Inputs include unobservable inputs used in the measurement of assets and liabilities. Management is required to use its own assumptions regarding unobservable inputs because there is little, if any, market activity in the assets or liabilities and it may be unable to corroborate the related observable inputs. Unobservable inputs require management to make certain projections and assumptions about the information that would be used by market participants in valuing assets or liabilities.

Reconciliations of significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the three months ended March 31, 2022 and 2021 follow (in millions).

	Balance at beginning of year			Gains included in earnings		Acquisitions, dispositions and settlements			Transfers out of Level 3		Balance at March 31
Investments in equity securities:
2022	$	11,480		$	855	$	—		$	—	$	12,335
2021		8,978			823		600			—		10,401
Equity index put option contract liabilities:
2021		(1,065	)		489		(1	)		—		(577	)

Quantitative information as of March 31, 2022 with respect to significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follows (dollars in millions).

	Fair Value		Principal Valuation Techniques	Unobservable Inputs	Weighted Average
Investments in equity securities:
Preferred stock	$	10,497	Discounted cash flow	Expected duration	7 years
				Discount for transferability    restrictions and subordination	372 bps
Common stock warrants		1,838	Warrant pricing model	Expected duration	7 years
				Volatility	38%

Investments in equity securities in the preceding table include our investments in certain preferred stocks and common stock warrants that do not have readily determinable market values as defined under GAAP. These investments are subject to contractual restrictions on transferability and may contain provisions that prevent us from economically hedging our investments. We applied discounted cash flow techniques in valuing the preferred stock and we made assumptions regarding the expected duration of the investment and the effects of subordination in liquidation. In valuing the common stock warrants, we used a warrant valuation model. While most of the inputs to the model are observable, we made assumptions regarding the expected duration and volatility of the warrants.

XML

Common stock

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Common stock

Notes to Consolidated Financial Statements (Continued)

Note 17. Common stock

Changes in Berkshire’s issued, treasury and outstanding common stock during the first quarter of 2022 are shown in the table below. In addition to our common stock, 1,000,000 shares of preferred stock are authorized, but none are issued.

	Class A, $5 Par Value (1,650,000 shares authorized)									Class B, $0.0033 Par Value (3,225,000,000 shares authorized)
	Issued			Treasury			Outstanding			Issued		Treasury			Outstanding
Balances at December 31, 2021		665,901			(48,788	)		617,113			1,488,292,852		(197,818,349	)		1,290,474,503
Conversions of Class A common stock to Class B common stock		(1,148	)		—			(1,148	)		1,722,000		—			1,722,000
Treasury stock acquired		—			(2,005	)		(2,005	)		—		(6,824,671	)		(6,824,671	)
Balances at March 31, 2022		664,753			(50,793	)		613,960			1,490,014,852		(204,643,020	)		1,285,371,832

Each Class A common share is entitled to one vote per share. Class B common stock possesses dividend and distribution rights equal to one-fifteen-hundredth (1/1,500) of such rights of Class A common stock. Each Class B common share possesses voting rights equal to one-ten-thousandth (1/10,000) of the voting rights of a Class A share. Unless otherwise required under Delaware General Corporation Law, Class A and Class B common shares vote as a single class. Each share of Class A common stock is convertible, at the option of the holder, into 1,500 shares of Class B common stock. Class B common stock is not convertible into Class A common stock. On an equivalent Class A common stock basis, there were 1,470,875 shares outstanding as of March 31, 2022 and 1,477,429 shares outstanding as of December 31, 2021.

Since we have two classes of common stock, we provide earnings per share data on the Consolidated Statements of Earnings for average equivalent Class A shares outstanding and average equivalent Class B shares outstanding. Class B shares are economically equivalent to one-fifteen-hundredth (1/1,500) of a Class A share. Average equivalent Class A shares outstanding represents average Class A shares outstanding plus one-fifteen-hundredth (1/1,500) of the average Class B shares outstanding. Average equivalent Class B shares outstanding represents average Class B shares outstanding plus 1,500 times the average Class A shares outstanding.

Berkshire’s common stock repurchase program permits Berkshire to repurchase its Class A and Class B shares any time that Warren Buffett, Berkshire’s Chairman of the Board and Chief Executive Officer, and Charlie Munger, Vice Chairman of the Board, believe that the repurchase price is below Berkshire’s intrinsic value, conservatively determined. The program continues to allow share repurchases in the open market or through privately negotiated transactions and does not specify a maximum number of shares to be repurchased. However, repurchases will not be made if they would reduce the total value of Berkshire’s consolidated cash, cash equivalents and U.S. Treasury Bills holdings below $30 billion. The repurchase program does not obligate Berkshire to repurchase any specific dollar amount or number of Class A or Class B shares and there is no expiration date to the program.

XML

Income taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income taxes

Note 18. Income taxes

Our consolidated effective income tax rates were 18.0% in the first quarter 2022 and 18.5% in the first quarter of 2021. Our effective income tax rate normally reflects recurring benefits from dividends-received deductions applicable to investments in equity securities and production tax credits related to wind-powered electricity generation placed in service in the U.S. Our periodic effective income tax rate will also vary due to the changes in mix of pre-tax earnings, the magnitude of gains or losses with respect to our investments in equity securities, the amount of non-deductible goodwill impairment charges and other expenses and the underlying income tax rates applicable in the various taxing jurisdictions.

XML

Accumulated other comprehensive income

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Accumulated other comprehensive income

Notes to Consolidated Financial Statements (Continued)

Note 19. Accumulated other comprehensive income

A summary of the net changes in after-tax accumulated other comprehensive income attributable to Berkshire Hathaway shareholders for the three months ending March 31, 2022 and 2021 follows (in millions).

	Unrealized appreciation of fixed maturity securities, net			Foreign currency translation			Defined benefit pension plans			Other			Accumulated other comprehensive income
First quarter of 2022
Balance at beginning of year	$	369		$	(4,092	)	$	(347	)	$	43		$	(4,027	)
Other comprehensive income, net		(186	)		(315	)		20			80			(401	)
Balance at end of period	$	183		$	(4,407	)	$	(327	)	$	123		$	(4,428	)
First quarter of 2021
Balance at beginning of year	$	536		$	(3,082	)	$	(1,645	)	$	(52	)	$	(4,243	)
Other comprehensive income, net		(67	)		(297	)		40			(3	)		(327	)
Balance at end of period	$	469		$	(3,379	)	$	(1,605	)	$	(55	)	$	(4,570	)

XML

Supplemental cash flow information

3 Months Ended

Mar. 31, 2022

Supplemental Cash Flow Elements [Abstract]

Supplemental cash flow information

Note 20. Supplemental cash flow information

A summary of supplemental cash flow information is presented in the following table (in millions).

	First Quarter
	2022		2021
Cash paid during the period for:
Income taxes	$	336	$	256
Interest:
Insurance and other		365		400
Railroad, utilities and energy		708		740

XML

Contingencies and Commitments

3 Months Ended

Mar. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Contingencies and Commitments

Note 21. Contingencies and commitments

We are parties in a variety of legal actions that routinely arise out of the normal course of business, including legal actions seeking to establish liability directly through insurance contracts or indirectly through reinsurance contracts issued by Berkshire subsidiaries. Plaintiffs occasionally seek punitive or exemplary damages. We do not believe that such normal and routine litigation will have a material effect on our financial condition or results of operations. Berkshire and certain of its subsidiaries are also involved in other kinds of legal actions, some of which assert or may assert claims or seek to impose fines and penalties. We believe that any liability that may arise as a result of other pending legal actions will not have a material effect on our consolidated financial condition or results of operations.

On March 21, 2022, Berkshire and Alleghany Corporation (“Alleghany”) entered into an agreement whereby Berkshire will acquire all of Alleghany’s outstanding common stock for cash of approximately $11.6 billion. The acquisition of Alleghany is expected to close in the fourth quarter of 2022 and is subject to approval by Alleghany shareholders and the receipt of various regulatory approvals. Alleghany owns property and casualty reinsurance and insurance businesses as well as a diverse portfolio of non-financial businesses.

XML

Revenues from contracts with customers

3 Months Ended

Mar. 31, 2022

Revenue From Contract With Customer [Abstract]

Revenues from contracts with customers

Notes to Consolidated Financial Statements (Continued)

Note 22. Revenues from contracts with customers

We recognize revenue when a good or service is transferred to a customer. A good or service is transferred when or as the customer obtains control of that good or service. Revenues are based on the consideration we expect to receive in connection with our promises to deliver goods and services to our customers. The following tables summarize customer contract revenues disaggregated by reportable segment and the source of the revenue for the first quarter of 2022 and 2021 (in millions). Other revenues, which are not considered to be revenues from contracts with customers under GAAP, are primarily insurance premiums earned, interest, dividend and other investment income and leasing revenues.

	Manufacturing		McLane		Service and Retailing		BNSF		Berkshire Hathaway Energy		Insurance, Corporate and other		Total
Three months ending March 31, 2022
Manufactured products:
Industrial and commercial products	$	5,932	$	—	$	49	$	—	$	—	$	—	$	5,981
Building products		5,419		—		—		—		—		—		5,419
Consumer products		5,093		—		—		—		—		—		5,093
Grocery and convenience store distribution		—		7,706		—		—		—		—		7,706
Food and beverage distribution		—		4,562		—		—		—		—		4,562
Auto sales		—		—		2,527		—		—		—		2,527
Other retail and wholesale distribution		722		—		4,175		—		—		—		4,897
Service		264		214		1,006		5,931		1,112		—		8,527
Electricity and natural gas		—		—		—		—		4,714		—		4,714
Total		17,430		12,482		7,757		5,931		5,826		—		49,426
Other revenues		955		32		1,334		13		152		18,898		21,384
	$	18,385	$	12,514	$	9,091	$	5,944	$	5,978	$	18,898	$	70,810
Three months ending March 31, 2021
Manufactured products:
Industrial and commercial products	$	5,363	$	—	$	50	$	—	$	—	$	—	$	5,413
Building products		4,399		—		—		—		—		—		4,399
Consumer products		4,163		—		—		—		—		—		4,163
Grocery and convenience store distribution		—		7,442		—		—		—		—		7,442
Food and beverage distribution		—		4,004		—		—		—		—		4,004
Auto sales		—		—		2,312		—		—		—		2,312
Other retail and wholesale distribution		703		—		3,656		—		—		—		4,359
Service		329		151		934		5,365		1,040		—		7,819
Electricity and natural gas		—		—		—		—		4,712		—		4,712
Total		14,957		11,597		6,952		5,365		5,752		—		44,623
Other revenues		923		25		991		13		172		17,852		19,976
	$	15,880	$	11,622	$	7,943	$	5,378	$	5,924	$	17,852	$	64,599

A summary of the transaction price allocated to the significant unsatisfied remaining performance obligations relating to contracts with expected durations in excess of one year as of March 31, 2022 and the timing of when the performance obligations are expected to be satisfied follows (in millions).

	Less than 12 months		Greater than 12 months		Total
Electricity and natural gas	$	2,878	$	22,103	$	24,981
Other sales and service contracts		1,494		2,423		3,917

XML

Business segment data

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Business segment data

Note 23. Business segment data

Our operating businesses include a large and diverse group of insurance, manufacturing, service and retailing businesses. We organize our reportable business segments in a manner that reflects how management views those business activities. Certain businesses are grouped together for segment reporting based upon similar products or product lines and marketing, selling and distribution characteristics, even though those business units are operated under separate local management. Revenues and earnings before income taxes by segment for the first quarter of 2022 and 2021 were as follows (in millions).

	First Quarter
	2022			2021
Revenues of Operating Businesses
Insurance:
Underwriting:
GEICO	$	9,554		$	8,923
Berkshire Hathaway Primary Group		3,118			2,654
Berkshire Hathaway Reinsurance Group		4,820			4,847
Investment income		1,364			1,414
Total insurance		18,856			17,838
BNSF		5,968			5,401
BHE		5,983			5,924
Manufacturing		18,421			15,913
McLane		12,515			11,622
Service and retailing		9,115			7,958
		70,858			64,656
Reconciliation of segments to consolidated amount
Corporate, eliminations and other		(48	)		(57	)
	$	70,810		$	64,599

	First Quarter
	2022			2021
Earnings Before Income Taxes of Operating Businesses
Insurance:
Underwriting:
GEICO	$	(178	)	$	1,023
Berkshire Hathaway Primary Group		92			206
Berkshire Hathaway Reinsurance Group		156			(263	)
Investment income		1,361			1,412
Total insurance		1,431			2,378
BNSF		1,809			1,659
BHE		676			683
Manufacturing		2,824			2,436
McLane		82			103
Service and retailing		1,135			938
		7,957			8,197
Reconciliation of segments to consolidated amount
Investment and derivative gains (losses)		(1,978	)		5,700
Interest expense, not allocated to segments		(104	)		(114	)
Equity method investments		376			251
Corporate, eliminations and other		561			494
	$	6,812		$	14,528

XML

New accounting pronouncements (Policies)

3 Months Ended

Mar. 31, 2022

Accounting Changes And Error Corrections [Abstract]

New accounting pronouncements

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-12 “Targeted Improvements to the Accounting for Long-Duration Contracts” (“ASU 2018-12”). ASU 2018-12 requires reassessment of cash flow assumptions at least annually and revision of discount rate assumptions each reporting period in valuing policyholder liabilities and related deferred acquisition costs of long-duration contracts. The effects from changes in cash flow assumptions are reflected in earnings and the effects from changes in discount rate assumptions are reflected in other comprehensive income. Currently, the cash flow and discount rate assumptions are set at the contract inception date and not subsequently changed, except under limited circumstances. ASU 2018-12 is to be applied retrospectively to the earliest period presented in the financial statements, will require new disclosures and is effective for fiscal years beginning after December 15, 2022, with early adoption permitted.

We currently intend to adopt ASU 2018-12 as of January 1, 2023 using the modified retrospective method, which provides that revised cash flow and discount rate assumptions as of January 1, 2021 (the transition date) be applied to contracts then in-force, with liabilities then remeasured as provided under the standard. The cumulative effects from discount rate assumption changes as of the transition date will be recorded in accumulated other comprehensive income and the cumulative effect from cash flow assumption changes will be recorded in retained earnings. While we have not finalized our assessment of the impact of the adoption as of the transition date, we currently believe that the changes in discount rate assumptions will have a greater effect on our recorded liabilities than changes in cash flow assumptions. We also preliminarily estimate that the changes in discount rate assumptions as of the transition date will increase our life, health and annuity benefit liabilities from the amounts previously reported due to the historically low interest rate environment at that time. However, the ultimate impact of adopting ASU 2018-12 will be based on the discount rate and cash flow assumptions determined as of the January 1, 2023 adoption date. We, therefore, continue to evaluate the effect this standard will have on our Consolidated Financial Statements.

XML

Investments in fixed maturity securities (Tables)

3 Months Ended

Mar. 31, 2022

Investments Debt And Equity Securities [Abstract]

Schedule of investments in securities with fixed maturities

Investments in fixed maturity securities as of March 31, 2022 and December 31, 2021 are summarized by type below (in millions).

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
March 31, 2022
U.S. Treasury, U.S. government corporations and agencies	$	8,793	$	12	$	(97	)	$	8,708
Foreign governments		11,116		26		(62	)		11,080
Corporate bonds		1,268		324		(2	)		1,590
Other		308		34		(2	)		340
	$	21,485	$	396	$	(163	)	$	21,718
December 31, 2021
U.S. Treasury, U.S. government corporations and agencies	$	3,286	$	22	$	(5	)	$	3,303
Foreign governments		10,998		29		(33	)		10,994
Corporate bonds		1,363		412		(1	)		1,774
Other		317		47		(1	)		363
	$	15,964	$	510	$	(40	)	$	16,434

Schedule of amortized cost and estimated fair value of securities with fixed maturities

The amortized cost and estimated fair value of fixed maturity securities at March 31, 2022 are summarized below by contractual maturity dates. Amounts are in millions. Actual maturities may differ from contractual maturities due to prepayment rights held by issuers.

	Due in one year or less		Due after one year through five years		Due after five years through ten years		Due after ten years		Mortgage- backed securities		Total
Amortized cost	$	10,272	$	10,456	$	443	$	92	$	222	$	21,485
Fair value		10,250		10,370		734		112		252		21,718

XML

Investments in equity securities (Tables)

3 Months Ended

Mar. 31, 2022

Investments Debt And Equity Securities [Abstract]

Schedule of investments in equity securities

Investments in equity securities as of March 31, 2022 and December 31, 2021 are summarized as follows (in millions).

	Cost Basis		Net Unrealized Gains		Fair Value
March 31, 2022*
Banks, insurance and finance	$	36,472	$	61,657	$	98,129
Consumer products		40,932		153,536		194,468
Commercial, industrial and other		68,132		29,809		97,941
	$	145,536	$	245,002	$	390,538

* Approximately 66% of the aggregate fair value was concentrated in four companies (American Express Company – $28.4 billion; Apple Inc. – $159.1 billion; Bank of America Corporation – $42.6 billion and Chevron Corporation – $25.9 billion).

	Cost Basis		Net Unrealized Gains		Fair Value
December 31, 2021*
Banks, insurance and finance	$	26,822	$	62,236	$	89,058
Consumer products		36,076		154,945		191,021
Commercial, industrial and other		41,707		28,933		70,640
	$	104,605	$	246,114	$	350,719

* Approximately 73% of the aggregate fair value was concentrated in four companies (American Express Company – $24.8 billion; Apple Inc. – $161.2 billion; Bank of America Corporation – $46.0 billion and The Coca-Cola Company – $23.7 billion).

XML

Equity method investments (Tables)

3 Months Ended

Mar. 31, 2022

Equity Method Investments And Joint Ventures [Abstract]

Summarized unaudited financial information of Kraft Heinz

Summarized consolidated financial information of Kraft Heinz follows (in millions).

	March 26, 2022		December 25, 2021
Assets	$	93,864	$	93,394
Liabilities		44,020		43,942

	First Quarter
	2022		2021
Sales	$	6,045	$	6,394
Net earnings attributable to Kraft Heinz common shareholders		776		563

XML

Investment and derivative contract gains/losses (Tables)

3 Months Ended

Mar. 31, 2022

Investments Debt And Equity Securities [Abstract]

Summary of investment and derivative gains and losses

Investment and derivative contract gains/losses in the first quarter of 2022 and 2021 are summarized as follows (in millions).

	First Quarter
	2022			2021
Investment gains (losses):
Equity securities:
Change in unrealized investment gains (losses) during the period on    securities held at the end of the period	$	(1,775	)	$	4,630
Investment gains (losses) on securities sold during the period		89			430
		(1,686	)		5,060
Fixed maturity securities:
Gross realized gains		6			20
Gross realized losses		(49	)		(1	)
Other		(6	)		132
Investment gains (losses)		(1,735	)		5,211
Derivative contract gains (losses)		(243	)		489
	$	(1,978	)	$	5,700

XML

Loans and finance receivables (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of receivables

Other receivables are comprised of the following (in millions).

	March 31, 2022			December 31, 2021
Insurance and other:
Insurance premiums receivable	$	16,305		$	15,050
Reinsurance recoverables		4,880			4,900
Trade receivables		14,333			12,971
Other		4,122			3,146
Allowances for credit losses		(677	)		(679	)
	$	38,963		$	35,388
Railroad, utilities and energy:
Trade receivables	$	3,645		$	3,678
Other		596			650
Allowances for credit losses		(149	)		(151	)
	$	4,092		$	4,177

Loans and Finance Receivables [Member]

Schedule of receivables

Loans and finance receivables are summarized as follows (in millions).

	March 31, 2022			December 31, 2021
Loans and finance receivables before allowances and discounts	$	22,596		$	22,065
Allowances for credit losses		(781	)		(765	)
Unamortized acquisition discounts and points		(550	)		(549	)
	$	21,265		$	20,751

Schedule of reconciliation of allowance for credit losses on loans and finance receivables

Loans and finance receivables are principally manufactured home loans, and to a lesser extent, commercial loans and site-built home loans. Reconciliations of the allowance for credit losses on loans and finance receivables for the first quarter of 2022 and 2021 follow (in millions).

	First Quarter
	2022			2021
Balance at beginning of year	$	765		$	712
Provision for credit losses		22			27
Charge-offs, net of recoveries		(6	)		(14	)
Balance at March 31	$	781		$	725

Manufactured Housing Loan Balances [Member]

Summary of performing and non-performing home loans before discounts and allowances by year of loan origination

A summary of performing and non-performing home loans before discounts and allowances by year of loan origination as of March 31, 2022 follows (in millions).

	Origination Year
	2022		2021		2020		2019		2018		Prior		Total
Performing	$	2,038	$	3,918	$	3,065	$	2,169	$	1,642	$	7,789	$	20,621
Non-performing		2		3		8		8		6		46		73
	$	2,040	$	3,921	$	3,073	$	2,177	$	1,648	$	7,835	$	20,694

XML

Other receivables (Tables)

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Schedule of receivables

Other receivables are comprised of the following (in millions).

	March 31, 2022			December 31, 2021
Insurance and other:
Insurance premiums receivable	$	16,305		$	15,050
Reinsurance recoverables		4,880			4,900
Trade receivables		14,333			12,971
Other		4,122			3,146
Allowances for credit losses		(677	)		(679	)
	$	38,963		$	35,388
Railroad, utilities and energy:
Trade receivables	$	3,645		$	3,678
Other		596			650
Allowances for credit losses		(149	)		(151	)
	$	4,092		$	4,177

XML

Inventories (Tables)

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Schedule of inventories

Inventories are comprised of the following (in millions).

	March 31, 2022		December 31, 2021
Raw materials	$	6,180	$	5,743
Work in process and other		3,537		3,192
Finished manufactured goods		5,031		4,530
Goods acquired for resale		7,824		7,489
	$	22,572	$	20,954

XML

Property, plant and equipment including equipment held for lease (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of depreciation expense

Depreciation expense for the first quarter of 2022 and 2021 is summarized below (in millions).

	First Quarter
	2022		2021
Insurance and other	$	564	$	576
Railroad, utilities and energy		1,542		1,496
	$	2,106	$	2,072

Insurance and Other [Member]

Schedule of property, plant and equipment

A summary of property, plant and equipment of our insurance and other businesses follows (in millions).

	March 31, 2022			December 31, 2021
Land, buildings and improvements	$	14,049		$	14,070
Machinery and equipment		26,166			26,063
Furniture, fixtures and other		4,772			4,640
		44,987			44,773
Accumulated depreciation		(24,280	)		(23,939	)
	$	20,707		$	20,834

Railroad, Utilities and Energy [Member]

Schedule of property, plant and equipment

A summary of property, plant and equipment of railroad and utilities and energy businesses follows (in millions). The utility generation, transmission and distribution systems and interstate natural gas pipeline assets are owned by regulated public utility and natural gas pipeline subsidiaries.

	March 31, 2022			December 31, 2021
Railroad:
Land, track structure and other roadway	$	65,256		$	65,843
Locomotives, freight cars and other equipment		15,910			13,822
Construction in progress		1,101			1,027
		82,267			80,692
Accumulated depreciation		(16,535	)		(14,978	)
		65,732			65,714
Utilities and energy:
Utility generation, transmission and distribution systems		90,560			90,223
Interstate natural gas pipeline assets		17,526			17,423
Independent power plants and other assets		13,986			13,695
Construction in progress		4,605			4,196
		126,677			125,537
Accumulated depreciation		(36,394	)		(35,721	)
		90,283			89,816
	$	156,015		$	155,530

XML

Equipment held for lease (Tables)

3 Months Ended

Mar. 31, 2022

Property Plant And Equipment [Abstract]

Summary of equipment held for lease

Equipment held for lease includes railcars, aircraft, over-the-road trailers, intermodal tank containers, cranes, storage units and furniture. Equipment held for lease is summarized below (in millions).

	March 31, 2022			December 31, 2021
Railcars	$	9,532		$	9,448
Aircraft		9,439			9,234
Other		5,196			5,053
		24,167			23,735
Accumulated depreciation		(9,129	)		(8,817	)
	$	15,038		$	14,918

Summary of fixed and variable operating lease revenues

Fixed and variable operating lease revenues for the first quarter of 2022 and 2021 are summarized below (in millions).

	First Quarter
	2022		2021
Fixed lease revenue	$	1,188	$	1,062
Variable lease revenue		484		262
	$	1,672	$	1,324

XML

Goodwill and other intangible assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Reconciliation of the change in goodwill

Reconciliations of the changes in the carrying value of goodwill for the first quarter of 2022 and for the year ended December 31, 2021 follow (in millions).

	March 31, 2022			December 31, 2021
Balance at beginning of year	$	73,875		$	73,734
Business acquisitions		5			353
Other, including foreign currency translation		(58	)		(212	)
Balance at end of period*	$	73,822		$	73,875

* Net of accumulated goodwill impairments of $11.0 billion as of March 31, 2022 and December 31, 2021.

Schedule of intangible assets

The gross carrying amounts and related accumulated amortization of other intangible assets are summarized as follows (in millions).

	March 31, 2022						December 31, 2021
	Gross carrying amount		Accumulated amortization		Net carrying value		Gross carrying amount		Accumulated amortization		Net carrying value
Insurance and other:
Customer relationships	$	27,323	$	6,616	$	20,707	$	27,335	$	6,450	$	20,885
Trademarks and trade names		5,171		807		4,364		5,176		802		4,374
Patents and technology		4,818		3,547		1,271		4,763		3,484		1,279
Other		3,326		1,457		1,869		3,390		1,442		1,948
	$	40,638	$	12,427	$	28,211	$	40,664	$	12,178	$	28,486
Railroad, utilities and energy:
Customer relationships	$	678	$	404	$	274	$	678	$	396	$	282
Trademarks, trade names and other		1,015		157		858		1,015		146		869
	$	1,693	$	561	$	1,132	$	1,693	$	542	$	1,151

XML

Unpaid losses and loss adjustment expenses (Tables)

3 Months Ended

Mar. 31, 2022

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

A reconciliation of the changes in claim liabilities, excluding liabilities under retroactive reinsurance contracts (see Note 14), for each of the three-month periods ending March 31, 2022 and 2021 follows (in millions).

	2022			2021
Balances at beginning of year:
Gross liabilities	$	86,664		$	79,854
Reinsurance recoverable on unpaid losses		(2,960	)		(2,912	)
Net liabilities		83,704			76,942
Incurred losses and loss adjustment expenses:
Current accident year		13,375			11,363
Prior accident years		(251	)		(646	)
Total		13,124			10,717
Paid losses and loss adjustment expenses:
Current accident year		(3,908	)		(3,214	)
Prior accident years		(8,091	)		(6,454	)
Total		(11,999	)		(9,668	)
Foreign currency effect		(106	)		(94	)
Balances at March 31:
Net liabilities		84,723			77,897
Reinsurance recoverable on unpaid losses		2,944			3,064
Gross liabilities	$	87,667		$	80,961

XML

Retroactive reinsurance contracts (Tables)

3 Months Ended

Mar. 31, 2022

Insurance [Abstract]

Reconciliation of changes in retroactive reinsurance claim liabilities and deferred charges

Reconciliations of the changes in estimated liabilities for retroactive reinsurance unpaid losses and loss adjustment expenses (“claim liabilities”) and related deferred charges for each of the three-month periods ending March 31, 2022 and 2021 follow (in millions).

	2022						2021
	Unpaid losses and loss adjustment expenses			Deferred charges - retroactive reinsurance			Unpaid losses and loss adjustment expenses			Deferred charges - retroactive reinsurance
Balances at beginning of year	$	38,256		$	(10,639	)	$	40,966		$	(12,441	)
Incurred losses and loss adjustment expenses:
Current year contracts		—			—			—			—
Prior years’ contracts		(7	)		215			(5	)		252
Total		(7	)		215			(5	)		252
Paid losses and loss adjustment expenses		(547	)		—			(276	)		—
Balances at March 31	$	37,702		$	(10,424	)	$	40,685		$	(12,189	)
Incurred losses and loss adjustment expenses, net of deferred charges	$	208					$	247

XML

Notes payable and other borrowings (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of short and long term outstanding debt disclosure

Notes payable and other borrowings are summarized below (in millions). The weighted average interest rates and maturity date ranges shown in the following tables are based on borrowings as of March 31, 2022.

	Weighted Average Interest Rate			March 31, 2022		December 31, 2021
Insurance and other:
Berkshire Hathaway Inc. (“Berkshire”):
U.S. Dollar denominated due 2023-2047		3.3	%	$	6,222	$	6,820
Euro denominated due 2023-2041		1.0	%		7,586		7,792
Japanese Yen denominated due 2023-2060		0.6	%		7,479		6,797
Berkshire Hathaway Finance Corporation (“BHFC”):
U.S. Dollar denominated due 2022-2052		3.6	%		15,235		10,758
Great Britain Pound denominated due 2039-2059		2.5	%		2,258		2,325
Euro denominated due 2030-2034		1.8	%		1,378		—
Other subsidiary borrowings due 2022-2045		4.1	%		4,426		4,438
Subsidiary short-term borrowings		3.2	%		306		342
				$	44,890	$	39,272

Railroad, Utilities and Energy [Member]

Schedule of short and long term outstanding debt disclosure

	Weighted Average Interest Rate			March 31, 2022		December 31, 2021
Railroad, utilities and energy:
Berkshire Hathaway Energy Company (“BHE”) and subsidiaries:
BHE senior unsecured debt due 2023-2051		4.3	%	$	13,003	$	13,003
Subsidiary and other debt due 2022-2064		4.1	%		36,901		36,759
Short-term borrowings		1.6	%		1,849		2,009
Burlington Northern Santa Fe ("BNSF") and subsidiaries due 2022-2097		4.5	%		23,018		23,219
				$	74,771	$	74,990

XML

Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Financial assets and liabilities measured at fair value on a recurring basis

Our financial assets and liabilities are summarized below as of March 31, 2022 and December 31, 2021, with fair values shown according to the fair value hierarchy (in millions). The carrying values of cash and cash equivalents, U.S. Treasury Bills, other receivables and accounts payable, accruals and other liabilities are considered to be reasonable estimates of their fair values.

	Carrying Value		Fair Value		Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2022
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations    and agencies	$	8,708	$	8,708	$	8,669	$	39	$	—
Foreign governments		11,080		11,080		10,543		537		—
Corporate bonds		1,590		1,590		—		1,590		—
Other		340		340		—		340		—
Investments in equity securities		390,538		390,538		378,190		7		12,341
Investment in Kraft Heinz common stock		13,191		12,819		12,819		—		—
Loans and finance receivables		21,265		22,584		—		2,135		20,449
Derivative contract assets (1)		636		636		24		528		84
Derivative contract liabilities (1)		454		454		1		143		310
Notes payable and other borrowings:
Insurance and other		44,890		45,145		—		45,101		44
Railroad, utilities and energy		74,771		79,234		—		79,234		—
December 31, 2021
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations    and agencies	$	3,303	$	3,303	$	3,261	$	42	$	—
Foreign governments		10,994		10,994		10,286		708		—
Corporate bonds		1,774		1,774		—		1,774		—
Other		363		363		—		363		—
Investments in equity securities		350,719		350,719		339,225		8		11,486
Investment in Kraft Heinz common stock		13,112		11,683		11,683		—		—
Loans and finance receivables		20,751		22,174		—		2,178		19,996
Derivative contract assets (1)		329		329		6		230		93
Derivative contract liabilities (1)		376		376		2		150		224
Notes payable and other borrowings:
Insurance and other		39,272		42,339		—		42,292		47
Railroad, utilities and energy		74,990		87,065		—		87,065		—

^{(1) Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities.}

Reconciliations of significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3)

Reconciliations of significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the three months ended March 31, 2022 and 2021 follow (in millions).

	Balance at beginning of year			Gains included in earnings		Acquisitions, dispositions and settlements			Transfers out of Level 3		Balance at March 31
Investments in equity securities:
2022	$	11,480		$	855	$	—		$	—	$	12,335
2021		8,978			823		600			—		10,401
Equity index put option contract liabilities:
2021		(1,065	)		489		(1	)		—		(577	)

Fair value assets and liabilities measured on recurring basis, unobservable inputs, additional information

Quantitative information as of March 31, 2022 with respect to significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follows (dollars in millions).

	Fair Value		Principal Valuation Techniques	Unobservable Inputs	Weighted Average
Investments in equity securities:
Preferred stock	$	10,497	Discounted cash flow	Expected duration	7 years
				Discount for transferability    restrictions and subordination	372 bps
Common stock warrants		1,838	Warrant pricing model	Expected duration	7 years
				Volatility	38%

XML

Common stock (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Changes in issued, treasury and outstanding Berkshire common stock

Changes in Berkshire’s issued, treasury and outstanding common stock during the first quarter of 2022 are shown in the table below. In addition to our common stock, 1,000,000 shares of preferred stock are authorized, but none are issued.

	Class A, $5 Par Value (1,650,000 shares authorized)									Class B, $0.0033 Par Value (3,225,000,000 shares authorized)
	Issued			Treasury			Outstanding			Issued		Treasury			Outstanding
Balances at December 31, 2021		665,901			(48,788	)		617,113			1,488,292,852		(197,818,349	)		1,290,474,503
Conversions of Class A common stock to Class B common stock		(1,148	)		—			(1,148	)		1,722,000		—			1,722,000
Treasury stock acquired		—			(2,005	)		(2,005	)		—		(6,824,671	)		(6,824,671	)
Balances at March 31, 2022		664,753			(50,793	)		613,960			1,490,014,852		(204,643,020	)		1,285,371,832

XML

Accumulated other comprehensive income (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of accumulated other comprehensive income

A summary of the net changes in after-tax accumulated other comprehensive income attributable to Berkshire Hathaway shareholders for the three months ending March 31, 2022 and 2021 follows (in millions).

	Unrealized appreciation of fixed maturity securities, net			Foreign currency translation			Defined benefit pension plans			Other			Accumulated other comprehensive income
First quarter of 2022
Balance at beginning of year	$	369		$	(4,092	)	$	(347	)	$	43		$	(4,027	)
Other comprehensive income, net		(186	)		(315	)		20			80			(401	)
Balance at end of period	$	183		$	(4,407	)	$	(327	)	$	123		$	(4,428	)
First quarter of 2021
Balance at beginning of year	$	536		$	(3,082	)	$	(1,645	)	$	(52	)	$	(4,243	)
Other comprehensive income, net		(67	)		(297	)		40			(3	)		(327	)
Balance at end of period	$	469		$	(3,379	)	$	(1,605	)	$	(55	)	$	(4,570	)

XML

Supplemental cash flow information (Tables)

3 Months Ended

Mar. 31, 2022

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental cash flow information

A summary of supplemental cash flow information is presented in the following table (in millions).

	First Quarter
	2022		2021
Cash paid during the period for:
Income taxes	$	336	$	256
Interest:
Insurance and other		365		400
Railroad, utilities and energy		708		740

XML

Revenues from contracts with customers (Tables)

3 Months Ended

Mar. 31, 2022

Revenue From Contract With Customer [Abstract]

Revenue from contracts with customers disaggregated by reportable segment and source of revenue

The following tables summarize customer contract revenues disaggregated by reportable segment and the source of the revenue for the first quarter of 2022 and 2021 (in millions). Other revenues, which are not considered to be revenues from contracts with customers under GAAP, are primarily insurance premiums earned, interest, dividend and other investment income and leasing revenues.

	Manufacturing		McLane		Service and Retailing		BNSF		Berkshire Hathaway Energy		Insurance, Corporate and other		Total
Three months ending March 31, 2022
Manufactured products:
Industrial and commercial products	$	5,932	$	—	$	49	$	—	$	—	$	—	$	5,981
Building products		5,419		—		—		—		—		—		5,419
Consumer products		5,093		—		—		—		—		—		5,093
Grocery and convenience store distribution		—		7,706		—		—		—		—		7,706
Food and beverage distribution		—		4,562		—		—		—		—		4,562
Auto sales		—		—		2,527		—		—		—		2,527
Other retail and wholesale distribution		722		—		4,175		—		—		—		4,897
Service		264		214		1,006		5,931		1,112		—		8,527
Electricity and natural gas		—		—		—		—		4,714		—		4,714
Total		17,430		12,482		7,757		5,931		5,826		—		49,426
Other revenues		955		32		1,334		13		152		18,898		21,384
	$	18,385	$	12,514	$	9,091	$	5,944	$	5,978	$	18,898	$	70,810
Three months ending March 31, 2021
Manufactured products:
Industrial and commercial products	$	5,363	$	—	$	50	$	—	$	—	$	—	$	5,413
Building products		4,399		—		—		—		—		—		4,399
Consumer products		4,163		—		—		—		—		—		4,163
Grocery and convenience store distribution		—		7,442		—		—		—		—		7,442
Food and beverage distribution		—		4,004		—		—		—		—		4,004
Auto sales		—		—		2,312		—		—		—		2,312
Other retail and wholesale distribution		703		—		3,656		—		—		—		4,359
Service		329		151		934		5,365		1,040		—		7,819
Electricity and natural gas		—		—		—		—		4,712		—		4,712
Total		14,957		11,597		6,952		5,365		5,752		—		44,623
Other revenues		923		25		991		13		172		17,852		19,976
	$	15,880	$	11,622	$	7,943	$	5,378	$	5,924	$	17,852	$	64,599

Transaction price allocated to significant unsatisfied remaining performance obligations and timing of when performance obligations expected to be satisfied

A summary of the transaction price allocated to the significant unsatisfied remaining performance obligations relating to contracts with expected durations in excess of one year as of March 31, 2022 and the timing of when the performance obligations are expected to be satisfied follows (in millions).

	Less than 12 months		Greater than 12 months		Total
Electricity and natural gas	$	2,878	$	22,103	$	24,981
Other sales and service contracts		1,494		2,423		3,917

XML

Business segment data (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of revenues and earnings or loss before income taxes by segment

Our operating businesses include a large and diverse group of insurance, manufacturing, service and retailing businesses. We organize our reportable business segments in a manner that reflects how management views those business activities. Certain businesses are grouped together for segment reporting based upon similar products or product lines and marketing, selling and distribution characteristics, even though those business units are operated under separate local management. Revenues and earnings before income taxes by segment for the first quarter of 2022 and 2021 were as follows (in millions).

	First Quarter
	2022			2021
Revenues of Operating Businesses
Insurance:
Underwriting:
GEICO	$	9,554		$	8,923
Berkshire Hathaway Primary Group		3,118			2,654
Berkshire Hathaway Reinsurance Group		4,820			4,847
Investment income		1,364			1,414
Total insurance		18,856			17,838
BNSF		5,968			5,401
BHE		5,983			5,924
Manufacturing		18,421			15,913
McLane		12,515			11,622
Service and retailing		9,115			7,958
		70,858			64,656
Reconciliation of segments to consolidated amount
Corporate, eliminations and other		(48	)		(57	)
	$	70,810		$	64,599

	First Quarter
	2022			2021
Earnings Before Income Taxes of Operating Businesses
Insurance:
Underwriting:
GEICO	$	(178	)	$	1,023
Berkshire Hathaway Primary Group		92			206
Berkshire Hathaway Reinsurance Group		156			(263	)
Investment income		1,361			1,412
Total insurance		1,431			2,378
BNSF		1,809			1,659
BHE		676			683
Manufacturing		2,824			2,436
McLane		82			103
Service and retailing		1,135			938
		7,957			8,197
Reconciliation of segments to consolidated amount
Investment and derivative gains (losses)		(1,978	)		5,700
Interest expense, not allocated to segments		(104	)		(114	)
Equity method investments		376			251
Corporate, eliminations and other		561			494
	$	6,812		$	14,528

XML

Investments in fixed maturity securities (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Summary of Investment Holdings [Line Items]
Amortized cost of fixed maturity securities	$ 21,485	$ 15,964
Unrealized gains on fixed maturity securities	396	510
Unrealized losses on fixed maturity securities	(163)	(40)
Fair value of fixed maturity securities	21,718	16,434
U.S. Treasury, U.S. government corporations and agencies [Member]
Summary of Investment Holdings [Line Items]
Amortized cost of fixed maturity securities	8,793	3,286
Unrealized gains on fixed maturity securities	12	22
Unrealized losses on fixed maturity securities	(97)	(5)
Fair value of fixed maturity securities	8,708	3,303
Foreign governments [Member]
Summary of Investment Holdings [Line Items]
Amortized cost of fixed maturity securities	11,116	10,998
Unrealized gains on fixed maturity securities	26	29
Unrealized losses on fixed maturity securities	(62)	(33)
Fair value of fixed maturity securities	11,080	10,994
Corporate bonds [Member]
Summary of Investment Holdings [Line Items]
Amortized cost of fixed maturity securities	1,268	1,363
Unrealized gains on fixed maturity securities	324	412
Unrealized losses on fixed maturity securities	(2)	(1)
Fair value of fixed maturity securities	1,590	1,774
Other [Member]
Summary of Investment Holdings [Line Items]
Amortized cost of fixed maturity securities	308	317
Unrealized gains on fixed maturity securities	34	47
Unrealized losses on fixed maturity securities	(2)	(1)
Fair value of fixed maturity securities	$ 340	$ 363

XML

Investments in fixed maturity securities - Narrative (Detail)	Mar. 31, 2022
Foreign governments [Member] | AA or Higher Credit Rating [Member]
Summary of Investment Holdings [Line Items]
Percentage of fixed maturity investments by credit rating	94.00%

XML

Investments in fixed maturity securities - Amortized cost and estimated fair value of securities with fixed maturities (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Summary of Investment Holdings [Line Items]
Due in one year or less - amortized cost	$ 10,272
Due after one year through five years - amortized cost	10,456
Due after five years through ten years - amortized cost	443
Due after ten years - amortized cost	92
Amortized cost of fixed maturity securities	21,485	$ 15,964
Due in one year or less - fair value	10,250
Due after one year through five years - fair value	10,370
Due after five years through ten years - fair value	734
Due after ten years - fair value	112
Fair value of fixed maturity securities	21,718	$ 16,434
Mortgage-backed securities [Member]
Summary of Investment Holdings [Line Items]
Amortized cost of mortgage-backed securities	222
Fair value of mortgage-backed securities	$ 252

XML

Investments in equity securities (Detail) - USD ($) $ in Millions	Mar. 31, 2022		Dec. 31, 2021
Summary of Investment Holdings [Line Items]
Cost Basis	$ 145,536		$ 104,605
Net Unrealized Gains	245,002		246,114
Fair Value	390,538	[1]	350,719	[2]
Banks, insurance and finance [Member]
Summary of Investment Holdings [Line Items]
Cost Basis	36,472		26,822
Net Unrealized Gains	61,657		62,236
Fair Value	98,129		89,058
Consumer products [Member]
Summary of Investment Holdings [Line Items]
Cost Basis	40,932		36,076
Net Unrealized Gains	153,536		154,945
Fair Value	194,468		191,021
Commercial, industrial and other [Member]
Summary of Investment Holdings [Line Items]
Cost Basis	68,132		41,707
Net Unrealized Gains	29,809		28,933
Fair Value	$ 97,941		$ 70,640

[1] Approximately 66% of the aggregate fair value was concentrated in four companies (American Express Company – $28.4 billion; Apple Inc. – $159.1 billion; Bank of America Corporation – $42.6 billion and Chevron Corporation – $25.9 billion).

[2] Approximately 73% of the aggregate fair value was concentrated in four companies (American Express Company – $24.8 billion; Apple Inc. – $161.2 billion; Bank of America Corporation – $46.0 billion and The Coca-Cola Company – $23.7 billion).

XML

Investments in equity securities (Parenthetical) (Detail) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($) Company		Dec. 31, 2021 USD ($) Company
Summary of Investment Holdings [Line Items]
Fair value of investments	$ 390,538	[1]	$ 350,719	[2]
American Express Company [Member]
Summary of Investment Holdings [Line Items]
Fair value of investments	28,400		24,800
Apple Inc. [Member]
Summary of Investment Holdings [Line Items]
Fair value of investments	159,100		161,200
Bank of America Corporation [Member]
Summary of Investment Holdings [Line Items]
Fair value of investments	42,600		46,000
Chevron Corporation [Member]
Summary of Investment Holdings [Line Items]
Fair value of investments	$ 25,900
Coca Cola Company [Member]
Summary of Investment Holdings [Line Items]
Fair value of investments			$ 23,700
Equity Securities [Member] | American Express Company, Apple Inc., Bank of America Corporation and Chevron Corporation [Member] | Investment Concentration [Member]
Summary of Investment Holdings [Line Items]
Concentration percentage	66.00%
Number of companies in concentration percentage | Company	4
Equity Securities [Member] | American Express Company, Apple Inc., Bank of America Corporation and The Coca-Cola Company [Member] | Investment Concentration [Member]
Summary of Investment Holdings [Line Items]
Concentration percentage			73.00%
Number of companies in concentration percentage | Company			4

[1] Approximately 66% of the aggregate fair value was concentrated in four companies (American Express Company – $28.4 billion; Apple Inc. – $159.1 billion; Bank of America Corporation – $42.6 billion and Chevron Corporation – $25.9 billion).

[2] Approximately 73% of the aggregate fair value was concentrated in four companies (American Express Company – $24.8 billion; Apple Inc. – $161.2 billion; Bank of America Corporation – $46.0 billion and The Coca-Cola Company – $23.7 billion).

XML

Investments in equity securities - Narrative (Detail) - Occidental Corporation [Member] - Investment Commitment [Member] $ / shares in Units, $ in Billions	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares shares
Summary of Investment Holdings [Line Items]
Number of common shares that can be purchased | shares	83,860,000
Exercise price for warrants, per share | $ / shares	$ 59.62
Cumulative Perpetual Preferred Stock [Member]
Summary of Investment Holdings [Line Items]
Investment in preferred stock, liquidation value | $	$ 10
Investment in preferred stock, stated dividend rate	8.00%
Investment in preferred stock, redemption year start	2029
Investment in preferred stock, redemption price percentage of liquidation preference	105.00%

XML

Equity method investments - Narrative (Detail)	3 Months Ended
	Mar. 31, 2022 USD ($) Store Location	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Schedule Of Equity Method Investments [Line Items]
Equity method earnings	$ 376,000,000	$ 251,000,000
Pilot Travel Centers LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Number of retail | Store	800
Pilot Travel Centers LLC [Member] | U.S. States [Member]
Schedule Of Equity Method Investments [Line Items]
Number of places retail locations located | Location	44
Pilot Travel Centers LLC [Member] | Canadian Provinces [Member]
Schedule Of Equity Method Investments [Line Items]
Number of places retail locations located | Location	6
Pilot Travel Centers LLC [Member] | Berkshire Hathaway Inc. (Parent) [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership percentage	38.60%
Pilot Travel Centers LLC [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Agreement to Acquire Additional Interest in 2023 [Member]
Schedule Of Equity Method Investments [Line Items]
Percentage of additional interest to be acquired	41.40%
Haslam Family [Member] | Pilot Travel Centers LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Majority ownership percentage	50.10%
Haslam Family [Member] | Pilot Travel Centers LLC [Member] | Agreement to Acquire Additional Interest in 2023 [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership percentage	20.00%
Third Party [Member] | Pilot Travel Centers LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership percentage	11.30%
The Kraft Heinz Company [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method investment ownership percentage	26.60%
Equity method earnings	$ 206,000,000	150,000,000
Common stock dividends received	130,000,000	130,000,000
Equity method investments, fair value	12,800,000,000		$ 11,700,000,000
Equity method investments, carrying value	$ 13,200,000,000		13,100,000,000
Difference between carrying value and fair value percentage	3.00%
Berkadia Commercial Mortgage LLC, Pilot Travel Centers LLC, Electric Transmission Texas, LLC and Iroquois Gas Transmission System LP [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method earnings	$ 170,000,000	101,000,000
Equity method investments, carrying value	4,400,000,000		$ 4,300,000,000
Equity method investment aggregate distributions	$ 28,000,000	$ 896,000,000
Berkadia Commercial Mortgage LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method investment ownership percentage	50.00%
Commercial paper outstanding	$ 1,470,000,000
Berkadia Commercial Mortgage LLC [Member] | Commercial Paper [Member]
Schedule Of Equity Method Investments [Line Items]
Maximum outstanding balance of commercial paper borrowings	$ 1,500,000,000
Berkadia Commercial Mortgage LLC [Member] | Jefferies Financial Group Inc. [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method investment ownership percentage	50.00%
Electric Transmission Texas, LLC [Member] | Berkshire Hathaway Energy Company Subsidiary [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method investment ownership percentage	50.00%
Iroquois [Member] | Berkshire Hathaway Energy Company Subsidiary [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method investment ownership percentage	50.00%

XML

Equity method investments - Unaudited financial information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 26, 2022	Mar. 31, 2021	Mar. 27, 2021	Dec. 31, 2021	Dec. 25, 2021
Schedule Of Equity Method Investments [Line Items]
Assets	$ 969,506				$ 958,784
Sales	$ 70,810		$ 64,599
The Kraft Heinz Company [Member]
Schedule Of Equity Method Investments [Line Items]
Assets		$ 93,864				$ 93,394
Liabilities		44,020				$ 43,942
Sales		6,045		$ 6,394
Net earnings attributable to Kraft Heinz common shareholders		$ 776		$ 563

XML

Investment and derivative contract gains/losses (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]
Equity securities - Change in unrealized investment gains (losses) during the period on securities held at the end of the period	$ (1,775)	$ 4,630
Equity securities - Investment gains (losses) on securities sold during the period	89	430
Equity securities - Investment gains (losses), total	(1,686)	5,060
Fixed maturity securities - Gross realized gains	6	20
Fixed maturity securities - Gross realized losses	(49)	(1)
Other	(6)	132
Investment gains (losses)	(1,735)	5,211
Derivative contract gains (losses)	(243)	489
Investment and derivative contract gains (losses)	$ (1,978)	$ 5,700

XML

Investment and derivative contract gains/losses - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]
Sales of equity securities	$ 9,724	$ 6,451
Taxable gains (losses) on sales of equity securities	(739)	$ 1,800
Aggregate fair value of liability	121
Aggregate Notional value	$ 2,600

XML

Loans and finance receivables (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Loans and finance receivables before allowances and discounts	$ 22,596	$ 22,065
Allowances for credit losses	(781)	(765)	$ (725)	$ (712)
Unamortized acquisition discounts and points	(550)	(549)
Loans and finance receivables	$ 21,265	$ 20,751

XML

Loans and finance receivables - Schedule of reconciliation of allowance for credit losses on loans and finance receivables (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Allowance For Credit Loss [Abstract]
Balance at beginning of year	$ 765	$ 712
Provision for credit losses	22	27
Charge-offs, net of recoveries	(6)	(14)
Balance at March 31	$ 781	$ 725

XML

Loans and finance receivables - Narrative (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aggregated loan balance	$ 22,596,000,000	$ 22,065,000,000
Seritage Growth Properties and Lee Enterprises, Inc. [Member] | Term Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aggregated loan balance	1,900,000,000	$ 1,900,000,000
Seritage Growth Properties [Member] | Term Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term loan facility	$ 2,000,000,000.0
Loan expiration date	Jul. 31, 2023
Extended loan maturity date	Jul. 31, 2025
Maximum principal loan balance to extend loan maturity period	$ 800,000,000
Lee Enterprises, Inc. [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan agreements maturity year	2045
Manufactured Housing Loan Balances [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percent of manufactured housing loan balances evaluated collectively for impairment	99.00%
Percent of loan balances considered to be current as to payment status	98.00%
Aggregated loan balance	$ 20,694,000,000

XML

Loans and finance receivables - Summary of performing and non-performing home loans before discounts and allowances by year of loan origination (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and financing receivables by origination year, Total	$ 22,596	$ 22,065
Manufactured Housing Loan Balances [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and financing receivables by origination year, 2022	2,040
Loans and financing receivables by origination year, 2021	3,921
Loans and financing receivables by origination year, 2020	3,073
Loans and financing receivables by origination year, 2019	2,177
Loans and financing receivables by origination year, 2018	1,648
Loans and financing receivables by origination year, Prior	7,835
Loans and financing receivables by origination year, Total	20,694
Performing [Member] | Manufactured Housing Loan Balances [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and financing receivables by origination year, 2022	2,038
Loans and financing receivables by origination year, 2021	3,918
Loans and financing receivables by origination year, 2020	3,065
Loans and financing receivables by origination year, 2019	2,169
Loans and financing receivables by origination year, 2018	1,642
Loans and financing receivables by origination year, Prior	7,789
Loans and financing receivables by origination year, Total	20,621
Non-Performing [Member] | Manufactured Housing Loan Balances [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and financing receivables by origination year, 2022	2
Loans and financing receivables by origination year, 2021	3
Loans and financing receivables by origination year, 2020	8
Loans and financing receivables by origination year, 2019	8
Loans and financing receivables by origination year, 2018	6
Loans and financing receivables by origination year, Prior	46
Loans and financing receivables by origination year, Total	$ 73

XML

Other receivables (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Insurance and Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Insurance premiums receivable	$ 16,305	$ 15,050
Reinsurance recoverables	4,880	4,900
Trade receivables	14,333	12,971
Other	4,122	3,146
Allowances for credit losses	(677)	(679)
Other receivables	38,963	35,388
Railroad, Utilities and Energy [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	3,645	3,678
Other	596	650
Allowances for credit losses	(149)	(151)
Receivables	$ 4,092	$ 4,177

XML

Other receivables - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Receivables [Abstract]
Provisions for credit losses on receivables	$ 92	$ 18
Charge-offs, net of recoveries	$ 95	$ 28

XML

Inventories (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 6,180	$ 5,743
Work in process and other	3,537	3,192
Finished manufactured goods	5,031	4,530
Goods acquired for resale	7,824	7,489
Total inventory	$ 22,572	$ 20,954

XML

Property, plant and equipment (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Insurance and Other [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 44,987	$ 44,773
Property, plant and equipment, accumulated depreciation	(24,280)	(23,939)
Total property, plant and equipment, net	20,707	20,834
Insurance and Other [Member] | Land, buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	14,049	14,070
Insurance and Other [Member] | Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	26,166	26,063
Insurance and Other [Member] | Furniture, fixtures and other [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,772	4,640
Railroad [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	82,267	80,692
Property, plant and equipment, accumulated depreciation	(16,535)	(14,978)
Total property, plant and equipment, net	65,732	65,714
Railroad [Member] | Land, track structure and other roadway [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	65,256	65,843
Railroad [Member] | Locomotives, freight cars and other equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	15,910	13,822
Railroad [Member] | Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,101	1,027
Utilities and Energy [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	126,677	125,537
Property, plant and equipment, accumulated depreciation	(36,394)	(35,721)
Total property, plant and equipment, net	90,283	89,816
Utilities and Energy [Member] | Utility generation, transmission and distribution systems [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	90,560	90,223
Utilities and Energy [Member] | Interstate natural gas pipeline assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	17,526	17,423
Utilities and Energy [Member] | Independent power plants and other assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	13,986	13,695
Utilities and Energy [Member] | Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,605	4,196
Railroad, Utilities and Energy [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, net	$ 156,015	$ 155,530

XML

Property, plant and equipment - Depreciation expense (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 2,106	$ 2,072
Insurance and Other [Member]
Property, Plant and Equipment [Line Items]
Depreciation expense	564	576
Railroad, Utilities and Energy [Member]
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 1,542	$ 1,496

XML

Equipment held for lease (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Property Subject to or Available for Operating Lease [Line Items]
Equipment held for lease, gross	$ 24,167	$ 23,735
Equipment held for lease, accumulated depreciation	(9,129)	(8,817)
Equipment held for lease, net	15,038	14,918
Railcars [Member]
Property Subject to or Available for Operating Lease [Line Items]
Equipment held for lease, gross	9,532	9,448
Aircraft [Member]
Property Subject to or Available for Operating Lease [Line Items]
Equipment held for lease, gross	9,439	9,234
Other [Member]
Property Subject to or Available for Operating Lease [Line Items]
Equipment held for lease, gross	$ 5,196	$ 5,053

XML

Equipment held for lease - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Depreciation expense for equipment held for lease	$ 294	$ 282

XML

Equipment held for lease - Summary of fixed and variable operating lease revenues (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Leases Lease Income [Abstract]
Fixed lease revenue	$ 1,188	$ 1,062
Variable lease revenue	484	262
Total	$ 1,672	$ 1,324

XML

Goodwill and other intangible assets - Goodwill (Detail) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
		Mar. 31, 2022		Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Balance at beginning of year		$ 73,875	[1]	$ 73,734
Business acquisitions		5		353
Other, including foreign currency translation		(58)		(212)
Balance at end of period	[1]	$ 73,822		$ 73,875

[1] Net of accumulated goodwill impairments of $11.0 billion as of March 31, 2022 and December 31, 2021.

XML

Goodwill and other intangible assets - Goodwill (Parenthetical) (Detail) - USD ($) $ in Billions	Mar. 31, 2022	Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Accumulated goodwill impairments	$ 11.0	$ 11.0

XML

Goodwill and other intangible assets - Intangible assets (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Insurance and Other [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 40,638	$ 40,664
Accumulated amortization	12,427	12,178
Net carrying value	28,211	28,486
Railroad, Utilities and Energy [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,693	1,693
Accumulated amortization	561	542
Net carrying value	1,132	1,151
Trademarks and trade names [Member] | Insurance and Other [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	5,171	5,176
Accumulated amortization	807	802
Net carrying value	4,364	4,374
Customer relationships [Member] | Insurance and Other [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	27,323	27,335
Accumulated amortization	6,616	6,450
Net carrying value	20,707	20,885
Customer relationships [Member] | Railroad, Utilities and Energy [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	678	678
Accumulated amortization	404	396
Net carrying value	274	282
Other intangible assets [Member] | Insurance and Other [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	3,326	3,390
Accumulated amortization	1,457	1,442
Net carrying value	1,869	1,948
Trademarks, Trade Names and Other [Member] | Railroad, Utilities and Energy [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,015	1,015
Accumulated amortization	157	146
Net carrying value	858	869
Patents and technology [Member] | Insurance and Other [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	4,818	4,763
Accumulated amortization	3,547	3,484
Net carrying value	$ 1,271	$ 1,279

XML

Goodwill and other intangible assets - Intangible assets - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible asset amortization expense	$ 303	$ 319
Intangible assets with indefinite lives, excluding goodwill	$ 18,500		$ 18,500

XML

Unpaid losses and loss adjustment expenses - Reconciliation of changes in claim liabilities (Detail) - Property and Casualty Insurance and Reinsurance, Excluding Retroactive Reinsurance [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Liability for Claims and Claims Adjustment Expense [Line Items]
Gross liabilities at beginning of year	$ 86,664	$ 79,854
Reinsurance recoverable on unpaid losses at beginning of year	(2,960)	(2,912)
Net liabilities at beginning of year	83,704	76,942
Incurred losses and loss adjustment expenses, current accident year	13,375	11,363
Incurred losses and loss adjustment expenses, prior accident years	(251)	(646)
Total incurred losses and loss adjustment expenses	13,124	10,717
Paid losses and loss adjustment expenses, current accident year	(3,908)	(3,214)
Paid losses and loss adjustment expenses, prior accident years	(8,091)	(6,454)
Total paid losses and loss adjustment expenses	(11,999)	(9,668)
Foreign currency effect	(106)	(94)
Net liabilities at end of period	84,723	77,897
Reinsurance recoverable on unpaid losses at end of period	2,944	3,064
Gross liabilities at end of period	$ 87,667	$ 80,961

XML

Unpaid losses and loss adjustment expenses - Narrative (Detail) - Property and Casualty Insurance and Reinsurance, Excluding Retroactive Reinsurance [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expenses, prior accident years	$ (251)	$ (646)
Prior years' losses incurred as a percentage of net liabilities	0.30%	0.80%
Primary Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expenses, prior accident years	$ (114)	$ (699)
Property and Casualty Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expenses, prior accident years	$ (137)	$ 53

XML

Retroactive reinsurance contracts - Reconciliation of changes in claim liabilities and deferred charges (Detail) - Retroactive Reinsurance [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred losses and loss adjustment expenses, prior years' contracts	$ 208	$ 247
Total incurred losses and loss adjustment expenses	208	247
Unpaid Losses and Loss Adjustment Expenses [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Unpaid losses and loss adjustment expenses, beginning of year	38,256	40,966
Incurred losses and loss adjustment expenses, prior years' contracts	(7)	(5)
Total incurred losses and loss adjustment expenses	(7)	(5)
Paid losses and loss adjustment expenses	(547)	(276)
Unpaid losses and loss adjustment expenses, end of year	37,702	40,685
Deferred Charges Reinsurance Assumed [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Deferred charges reinsurance assumed, beginning of year	(10,639)	(12,441)
Incurred losses and loss adjustment expenses, prior years' contracts	215	252
Total incurred losses and loss adjustment expenses	215	252
Deferred charges reinsurance assumed, end of year	$ (10,424)	$ (12,189)

XML

Retroactive reinsurance contracts - Narrative (Detail) - Retroactive Reinsurance [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Effects Of Reinsurance [Line Items]
Incurred losses and loss adjustment expenses, prior accident years	$ 208	$ 247
NICO [Member] | AIG [Member]
Effects Of Reinsurance [Line Items]
Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts	15,400		$ 15,800
Deferred charges - retroactive reinsurance	$ 4,340		$ 4,450

XML

Notes payable and other borrowings (Detail) € in Millions, £ in Millions, $ in Millions, ¥ in Billions	3 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2022 JPY (¥)	Mar. 31, 2022 EUR (€)	Mar. 31, 2022 GBP (£)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Notes payable and other borrowings		¥ 914	€ 8,150	£ 1,750
Insurance and Other [Member]
Debt Instrument [Line Items]
Notes payable and other borrowings	$ 44,890				$ 39,272
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | U.S. Dollar Denominated [Member]
Debt Instrument [Line Items]
Notes payable and other borrowings	$ 6,222				6,820
Weighted average interest rate, percentage	3.30%	3.30%	3.30%	3.30%
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | U.S. Dollar Denominated [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt maturity year	2023
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | U.S. Dollar Denominated [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt maturity year	2047
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Euro Denominated [Member]
Debt Instrument [Line Items]
Notes payable and other borrowings	$ 7,586				7,792
Weighted average interest rate, percentage	1.00%	1.00%	1.00%	1.00%
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Euro Denominated [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt maturity year	2023
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Euro Denominated [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt maturity year	2041
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Japanese Yen Denominated [Member]
Debt Instrument [Line Items]
Notes payable and other borrowings	$ 7,479				6,797
Weighted average interest rate, percentage	0.60%	0.60%	0.60%	0.60%
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Japanese Yen Denominated [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt maturity year	2023
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Japanese Yen Denominated [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt maturity year	2060
Insurance and Other [Member] | Subsidiaries [Member]
Debt Instrument [Line Items]
Other borrowings	$ 4,426				4,438
Short-term debt	$ 306				342
Weighted average interest rate, percentage	4.10%	4.10%	4.10%	4.10%
Short-term borrowings, weighted average interest rate	3.20%	3.20%	3.20%	3.20%
Insurance and Other [Member] | Subsidiaries [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt maturity year	2022
Insurance and Other [Member] | Subsidiaries [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt maturity year	2045
Insurance and Other [Member] | Subsidiaries [Member] | U.S. Dollar Denominated [Member] | Berkshire Hathaway Finance Corporation [Member]
Debt Instrument [Line Items]
Notes payable and other borrowings	$ 15,235				10,758
Weighted average interest rate, percentage	3.60%	3.60%	3.60%	3.60%
Insurance and Other [Member] | Subsidiaries [Member] | U.S. Dollar Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt maturity year	2022
Insurance and Other [Member] | Subsidiaries [Member] | U.S. Dollar Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt maturity year	2052
Insurance and Other [Member] | Subsidiaries [Member] | Euro Denominated [Member] | Berkshire Hathaway Finance Corporation [Member]
Debt Instrument [Line Items]
Notes payable and other borrowings	$ 1,378
Weighted average interest rate, percentage	1.80%	1.80%	1.80%	1.80%
Insurance and Other [Member] | Subsidiaries [Member] | Euro Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt maturity year	2030
Insurance and Other [Member] | Subsidiaries [Member] | Euro Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt maturity year	2034
Insurance and Other [Member] | Subsidiaries [Member] | Great Britain Pound Denominated [Member] | Berkshire Hathaway Finance Corporation [Member]
Debt Instrument [Line Items]
Notes payable and other borrowings	$ 2,258				2,325
Weighted average interest rate, percentage	2.50%	2.50%	2.50%	2.50%
Insurance and Other [Member] | Subsidiaries [Member] | Great Britain Pound Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt maturity year	2039
Insurance and Other [Member] | Subsidiaries [Member] | Great Britain Pound Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt maturity year	2059
Railroad, Utilities and Energy [Member]
Debt Instrument [Line Items]
Notes payable and other borrowings	$ 74,771				74,990
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy [Member]
Debt Instrument [Line Items]
Weighted average interest rate, percentage	4.30%	4.30%	4.30%	4.30%
Senior unsecured debt	$ 13,003				13,003
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt maturity year	2023
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt maturity year	2051
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy Subsidiaries [Member]
Debt Instrument [Line Items]
Notes payable and other borrowings	$ 36,901				36,759
Weighted average interest rate, percentage	4.10%	4.10%	4.10%	4.10%
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt maturity year	2022
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt maturity year	2064
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy and Subsidiaries [Member]
Debt Instrument [Line Items]
Short-term debt	$ 1,849				2,009
Short-term borrowings, weighted average interest rate	1.60%	1.60%	1.60%	1.60%
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Burlington Northern Santa Fe ("BNSF") and subsidiaries [Member]
Debt Instrument [Line Items]
Notes payable and other borrowings	$ 23,018				$ 23,219
Weighted average interest rate, percentage	4.50%	4.50%	4.50%	4.50%
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Burlington Northern Santa Fe ("BNSF") and subsidiaries [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt maturity year	2022
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Burlington Northern Santa Fe ("BNSF") and subsidiaries [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt maturity year	2097

XML

Notes payable and other borrowings - Narrative (Detail) € in Millions, £ in Millions, $ in Millions, ¥ in Billions	1 Months Ended				3 Months Ended
	Apr. 30, 2022 USD ($)	Apr. 30, 2022 GBP (£)	Jan. 31, 2022 USD ($)	Jan. 31, 2022 JPY (¥)	Mar. 31, 2022 USD ($)	Mar. 31, 2022 EUR (€)	Mar. 31, 2021 USD ($)	Mar. 31, 2022 JPY (¥)	Mar. 31, 2022 EUR (€)	Mar. 31, 2022 GBP (£)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Notes payable and other borrowings								¥ 914.0	€ 8,150	£ 1,750
Senior Notes [Member] | Debt Due 2027 To 2052 [Member] | Berkshire Hathaway Inc. (Parent) [Member]
Debt Instrument [Line Items]
Principal amount of debt issued			$ 1,100	¥ 128.5
Weighted average interest rate, percentage			0.50%	0.50%
Minimum [Member] | Senior Notes [Member] | Debt Due 2027 To 2052 [Member] | Berkshire Hathaway Inc. (Parent) [Member]
Debt Instrument [Line Items]
Debt maturity year			2027	2027
Maximum [Member] | Senior Notes [Member] | Debt Due 2027 To 2052 [Member] | Berkshire Hathaway Inc. (Parent) [Member]
Debt Instrument [Line Items]
Debt maturity year			2052	2052
Insurance and Other [Member]
Debt Instrument [Line Items]
Notes payable and other borrowings					$ 44,890						$ 39,272
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Subsidiaries Excluding Berkshire Hathaway Finance Corporation [Member]
Debt Instrument [Line Items]
Guarantee obligation					$ 3,800
Insurance and Other [Member] | Subsidiaries [Member]
Debt Instrument [Line Items]
Weighted average interest rate, percentage					4.10%			4.10%	4.10%	4.10%
Insurance and Other [Member] | Senior Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member]
Debt Instrument [Line Items]
Repayments of borrowings			$ 600
Gains (loss) attributable to changes in foreign currency exchange rates					$ 716		$ 720
Insurance and Other [Member] | Senior Notes [Member] | Debt Due 2027 To 2052 [Member] | Subsidiaries [Member] | Berkshire Hathaway Finance Corporation [Member]
Debt Instrument [Line Items]
Principal amount of debt issued					$ 4,500
Weighted average interest rate, percentage					3.40%			3.40%	3.40%	3.40%
Insurance and Other [Member] | Senior Notes [Member] | Debt Due 2030 To 2034 [Member] | Subsidiaries [Member] | Berkshire Hathaway Finance Corporation [Member]
Debt Instrument [Line Items]
Principal amount of debt issued					$ 1,400	€ 1,250
Weighted average interest rate, percentage					1.80%			1.80%	1.80%	1.80%
Insurance and Other [Member] | Minimum [Member] | Subsidiaries [Member]
Debt Instrument [Line Items]
Debt maturity year					2022	2022
Insurance and Other [Member] | Minimum [Member] | Senior Notes [Member] | Debt Due 2027 To 2052 [Member] | Subsidiaries [Member] | Berkshire Hathaway Finance Corporation [Member]
Debt Instrument [Line Items]
Debt maturity year					2027	2027
Insurance and Other [Member] | Minimum [Member] | Senior Notes [Member] | Debt Due 2030 To 2034 [Member] | Subsidiaries [Member] | Berkshire Hathaway Finance Corporation [Member]
Debt Instrument [Line Items]
Debt maturity year					2030	2030
Insurance and Other [Member] | Maximum [Member] | Subsidiaries [Member]
Debt Instrument [Line Items]
Debt maturity year					2045	2045
Insurance and Other [Member] | Maximum [Member] | Senior Notes [Member] | Debt Due 2027 To 2052 [Member] | Subsidiaries [Member] | Berkshire Hathaway Finance Corporation [Member]
Debt Instrument [Line Items]
Debt maturity year					2052	2052
Insurance and Other [Member] | Maximum [Member] | Senior Notes [Member] | Debt Due 2030 To 2034 [Member] | Subsidiaries [Member] | Berkshire Hathaway Finance Corporation [Member]
Debt Instrument [Line Items]
Debt maturity year					2034	2034
Railroad, Utilities and Energy [Member]
Debt Instrument [Line Items]
Notes payable and other borrowings					$ 74,771						$ 74,990
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy [Member]
Debt Instrument [Line Items]
Weighted average interest rate, percentage					4.30%			4.30%	4.30%	4.30%
Railroad, Utilities and Energy [Member] | 4.6% Senior Notes Due [Member] | Berkshire Hathaway Energy [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Principal amount of debt issued	$ 1,000
Debt maturity year	2053	2053
Debt instrument, interest rate, stated percentage	4.60%	4.60%
Railroad, Utilities and Energy [Member] | 3.25% Senior Notes Due [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Principal amount of debt issued | £		£ 350
Debt maturity year	2052	2052
Debt instrument, interest rate, stated percentage	3.25%	3.25%
Railroad, Utilities and Energy [Member] | Minimum [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy [Member]
Debt Instrument [Line Items]
Debt maturity year					2023	2023
Railroad, Utilities and Energy [Member] | Maximum [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy [Member]
Debt Instrument [Line Items]
Debt maturity year					2051	2051

XML

Notes payable and other borrowings - Credit agreements - Narrative (Detail) - Line of Credit and Commercial Paper Facilities [Member] - Subsidiaries [Member] $ in Billions	Mar. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Unused lines of credit available	$ 10.4
Berkshire Hathaway Energy and Subsidiaries [Member]
Line of Credit Facility [Line Items]
Unused lines of credit available	$ 8.8

XML

Fair value measurements - Financial assets and liabilities (Detail) - USD ($) $ in Millions		Mar. 31, 2022		Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities		$ 21,718		$ 16,434
Investments in equity securities		390,538	[1]	350,719	[2]
Derivative contract liabilities		121
Insurance and Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities		21,718		16,434
Investments in equity securities		390,538		350,719
The Kraft Heinz Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments, fair value		12,800		11,700
U.S. Treasury, U.S. government corporations and agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities		8,708		3,303
Foreign governments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities		11,080		10,994
Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities		1,590		1,774
Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities		340		363
Fair Value, Measurements, Recurring [Member] | Quoted Prices (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities		378,190		339,225
Fair Value, Measurements, Recurring [Member] | Quoted Prices (Level 1) [Member] | The Kraft Heinz Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments, fair value		12,819		11,683
Fair Value, Measurements, Recurring [Member] | Quoted Prices (Level 1) [Member] | U.S. Treasury, U.S. government corporations and agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities		8,669		3,261
Fair Value, Measurements, Recurring [Member] | Quoted Prices (Level 1) [Member] | Foreign governments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities		10,543		10,286
Fair Value, Measurements, Recurring [Member] | Quoted Prices (Level 1) [Member] | Other Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contract assets	[3]	24		6
Fair Value, Measurements, Recurring [Member] | Quoted Prices (Level 1) [Member] | Other Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contract liabilities	[3]	1		2
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities		7		8
Loans and finance receivables		2,135		2,178
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Insurance and Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable and other borrowings		45,101		42,292
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Railroad, Utilities and Energy [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable and other borrowings		79,234		87,065
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury, U.S. government corporations and agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities		39		42
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign governments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities		537		708
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities		1,590		1,774
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities		340		363
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contract assets	[3]	528		230
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contract liabilities	[3]	143		150
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities		12,341		11,486
Loans and finance receivables		20,449		19,996
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Insurance and Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable and other borrowings		44		47
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contract assets	[3]	84		93
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contract liabilities	[3]	310		224
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities		390,538		350,719
Loans and finance receivables		21,265		20,751
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Insurance and Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable and other borrowings		44,890		39,272
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Railroad, Utilities and Energy [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable and other borrowings		74,771		74,990
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | The Kraft Heinz Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments, fair value		13,191		13,112
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | U.S. Treasury, U.S. government corporations and agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities		8,708		3,303
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Foreign governments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities		11,080		10,994
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities		1,590		1,774
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities		340		363
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Other Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contract assets	[3]	636		329
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Other Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contract liabilities	[3]	454		376
Fair Value, Measurements, Recurring [Member] | Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities		390,538		350,719
Loans and finance receivables		22,584		22,174
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Insurance and Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable and other borrowings		45,145		42,339
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Railroad, Utilities and Energy [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable and other borrowings		79,234		87,065
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | The Kraft Heinz Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments, fair value		12,819		11,683
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | U.S. Treasury, U.S. government corporations and agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities		8,708		3,303
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Foreign governments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities		11,080		10,994
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Corporate bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities		1,590		1,774
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities		340		363
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Other Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contract assets	[3]	636		329
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Other Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contract liabilities	[3]	$ 454		$ 376

[1] Approximately 66% of the aggregate fair value was concentrated in four companies (American Express Company – $28.4 billion; Apple Inc. – $159.1 billion; Bank of America Corporation – $42.6 billion and Chevron Corporation – $25.9 billion).

[2] Approximately 73% of the aggregate fair value was concentrated in four companies (American Express Company – $24.8 billion; Apple Inc. – $161.2 billion; Bank of America Corporation – $46.0 billion and The Coca-Cola Company – $23.7 billion).

[3] Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities.

XML

Fair value measurements - Significant unobservable inputs (Detail) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity Index Put Option Contract Liabilities [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative contract liabilities - Beginning Balance		$ (1,065)
Derivative contract liabilities - Gains included in earnings		489
Derivative contract liabilities - Acquisitions, dispositions and settlements		(1)
Derivative contract liabilities - Ending Balance		(577)
Equity Securities [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 11,480	8,978
Gains included in earnings	855	823
Acquisitions, dispositions and settlements		600
Ending Balance	$ 12,335	$ 10,401

XML

Fair value measurements - Other information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)		Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments in equity securities	$ 390,538	[1]	$ 350,719	[2]
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments in equity securities	12,341		$ 11,486
Significant Unobservable Inputs (Level 3) [Member] | Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | Discounted Cash Flow [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments in equity securities	10,497
Significant Unobservable Inputs (Level 3) [Member] | Common Stock Warrants [Member] | Fair Value, Measurements, Recurring [Member] | Warrant Pricing Model [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments in equity securities	$ 1,838
Significant Unobservable Inputs (Level 3) [Member] | Measurement Input, Expected Term | Weighted Average [Member] | Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | Discounted Cash Flow [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs, term	7 years
Significant Unobservable Inputs (Level 3) [Member] | Measurement Input, Expected Term | Weighted Average [Member] | Common Stock Warrants [Member] | Fair Value, Measurements, Recurring [Member] | Warrant Pricing Model [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs, term	7 years
Significant Unobservable Inputs (Level 3) [Member] | Discount for Transferability Restrictions and Subordination [Member] | Weighted Average [Member] | Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	0.0372
Significant Unobservable Inputs (Level 3) [Member] | Measurement Input, Option Volatility | Weighted Average [Member] | Common Stock Warrants [Member] | Fair Value, Measurements, Recurring [Member] | Warrant Pricing Model [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	0.38

[1] Approximately 66% of the aggregate fair value was concentrated in four companies (American Express Company – $28.4 billion; Apple Inc. – $159.1 billion; Bank of America Corporation – $42.6 billion and Chevron Corporation – $25.9 billion).

[2] Approximately 73% of the aggregate fair value was concentrated in four companies (American Express Company – $24.8 billion; Apple Inc. – $161.2 billion; Bank of America Corporation – $46.0 billion and The Coca-Cola Company – $23.7 billion).

XML

Common stock - Narrative (Detail)	3 Months Ended
	Mar. 31, 2022 USD ($) Vote shares	Dec. 31, 2021 shares
Class of Stock [Line Items]
Preferred Stock, shares authorized	1,000,000
Preferred Stock, shares issued	0
Economic equivalent of Class B share to Class A share	0.0667%
Common Stock Repurchase Program [Member]
Class of Stock [Line Items]
Shares repurchase, authorization description	Berkshire’s common stock repurchase program permits Berkshire to repurchase its Class A and Class B shares any time that Warren Buffett, Berkshire’s Chairman of the Board and Chief Executive Officer, and Charlie Munger, Vice Chairman of the Board, believe that the repurchase price is below Berkshire’s intrinsic value, conservatively determined.
Minimum cash, cash equivalents and U.S. Treasury Bills threshold after repurchase of common stock shares, amount | $	$ 30,000,000,000
Class A [Member]
Class of Stock [Line Items]
Number of votes entitled per share, number | Vote	1
Shares outstanding	613,960	617,113
Class B [Member]
Class of Stock [Line Items]
Number of votes entitled per share, number | Vote	0.0001
Number of shares of Class B stock obtainable from converting one Class A share	1,500
Shares outstanding	1,285,371,832	1,290,474,503
Equivalent Class A [Member]
Class of Stock [Line Items]
Shares outstanding	1,470,875	1,477,429

XML

Common stock (Detail)	3 Months Ended
	Mar. 31, 2022 shares
Class A [Member]
Class of Stock [Line Items]
Shares issued, beginning balance	665,901
Treasury shares, beginning balance	(48,788)
Shares outstanding, beginning balance	617,113
Conversions of Class A common stock to Class B common stock	(1,148)
Conversions of Class A to Class B common stock, Outstanding	(1,148)
Treasury stock acquired	(2,005)
Shares issued, ending balance	664,753
Treasury shares, ending balance	(50,793)
Shares outstanding, ending balance	613,960
Class B [Member]
Class of Stock [Line Items]
Shares issued, beginning balance	1,488,292,852
Treasury shares, beginning balance	(197,818,349)
Shares outstanding, beginning balance	1,290,474,503
Conversions of Class A common stock to Class B common stock	1,722,000
Conversions of Class A to Class B common stock, Outstanding	1,722,000
Treasury stock acquired	(6,824,671)
Shares issued, ending balance	1,490,014,852
Treasury shares, ending balance	(204,643,020)
Shares outstanding, ending balance	1,285,371,832

XML

Common stock (Parenthetical) (Detail)	Mar. 31, 2022 $ / shares shares
Class A [Member]
Class of Stock [Line Items]
Common Stock, par value per share | $ / shares	$ 5
Common Stock, shares authorized | shares	1,650,000
Class B [Member]
Class of Stock [Line Items]
Common Stock, par value per share | $ / shares	$ 0.0033
Common Stock, shares authorized | shares	3,225,000,000

XML

Income taxes - Narrative (Detail)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	18.00%	18.50%

XML

Accumulated other comprehensive income (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 506,199
Other comprehensive income, net	(401)	$ (327)
Ending Balance	508,141
Unrealized appreciation of fixed maturity securities, net [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	369	536
Other comprehensive income, net	(186)	(67)
Ending Balance	183	469
Foreign currency translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(4,092)	(3,082)
Other comprehensive income, net	(315)	(297)
Ending Balance	(4,407)	(3,379)
Defined benefit pension plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(347)	(1,645)
Other comprehensive income, net	20	40
Ending Balance	(327)	(1,605)
Other AOCI transactions [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	43	(52)
Other comprehensive income, net	80	(3)
Ending Balance	123	(55)
Accumulated other comprehensive income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(4,027)	(4,243)
Ending Balance	$ (4,428)	$ (4,570)

XML

Supplemental cash flow information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental Cash Flow Information [Line Items]
Cash paid during the period for income taxes	$ 336	$ 256
Insurance and Other [Member]
Supplemental Cash Flow Information [Line Items]
Cash paid during the period for interest	365	400
Railroad, Utilities and Energy [Member]
Supplemental Cash Flow Information [Line Items]
Cash paid during the period for interest	$ 708	$ 740

XML

Contingencies and Commitments - Narrative (Detail) - Alleghany Corporation [Member] $ in Billions	Mar. 21, 2022 USD ($)
Business Acquisition [Line Items]
Acquisition of outstanding shares, value	$ 11.6
Business acquisition, agreement date	Mar. 21, 2022

XML

Revenue from contracts with customers disaggregated by reportable segment and source of revenue (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 49,426	$ 44,623
Other revenues	21,384	19,976
Total revenues	70,810	64,599
Industrial and Commercial Products [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	5,981	5,413
Building Products [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	5,419	4,399
Consumer Products [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	5,093	4,163
Grocery and Convenience Store Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	7,706	7,442
Food and Beverage Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	4,562	4,004
Auto Sales [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,527	2,312
Other Retail and Wholesale Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	4,897	4,359
Service [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	8,527	7,819
Electricity and Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	4,714	4,712
Manufacturing Businesses [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	17,430	14,957
Other revenues	955	923
Total revenues	18,385	15,880
Manufacturing Businesses [Member] | Industrial and Commercial Products [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	5,932	5,363
Manufacturing Businesses [Member] | Building Products [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	5,419	4,399
Manufacturing Businesses [Member] | Consumer Products [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	5,093	4,163
Manufacturing Businesses [Member] | Other Retail and Wholesale Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	722	703
Manufacturing Businesses [Member] | Service [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	264	329
McLane [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	12,482	11,597
Other revenues	32	25
Total revenues	12,514	11,622
McLane [Member] | Grocery and Convenience Store Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	7,706	7,442
McLane [Member] | Food and Beverage Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	4,562	4,004
McLane [Member] | Service [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	214	151
Service and Retailing [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	7,757	6,952
Other revenues	1,334	991
Total revenues	9,091	7,943
Service and Retailing [Member] | Industrial and Commercial Products [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	49	50
Service and Retailing [Member] | Auto Sales [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,527	2,312
Service and Retailing [Member] | Other Retail and Wholesale Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	4,175	3,656
Service and Retailing [Member] | Service [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,006	934
BNSF [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	5,931	5,365
Other revenues	13	13
Total revenues	5,944	5,378
BNSF [Member] | Service [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	5,931	5,365
Berkshire Hathaway Energy [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	5,826	5,752
Other revenues	152	172
Total revenues	5,978	5,924
Berkshire Hathaway Energy [Member] | Service [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,112	1,040
Berkshire Hathaway Energy [Member] | Electricity and Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	4,714	4,712
Insurance, Corporate and Other [Member]
Disaggregation of Revenue [Line Items]
Other revenues	18,898	17,852
Total revenues	$ 18,898	$ 17,852

XML

Revenue from contracts with customers transaction price allocated to significant unsatisfied remaining performance obligations and timing of when performance obligations expected to be satisfied (Detail) $ in Millions	Mar. 31, 2022 USD ($)
Electricity and Natural Gas [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to remaining performance obligations	$ 24,981
Electricity and Natural Gas [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to remaining performance obligations	$ 2,878
Performance obligations expected to be satisfied, period	1 year
Electricity and Natural Gas [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to remaining performance obligations	$ 22,103
Performance obligations expected to be satisfied, period
Other Sales and Service Contracts [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to remaining performance obligations	$ 3,917
Other Sales and Service Contracts [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to remaining performance obligations	$ 1,494
Performance obligations expected to be satisfied, period	1 year
Other Sales and Service Contracts [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to remaining performance obligations	$ 2,423
Performance obligations expected to be satisfied, period

XML

Revenue from contracts with customers transaction price allocated to significant unsatisfied remaining performance obligations and timing of when performance obligations expected to be satisfied (Detail 1) $ in Millions	Mar. 31, 2022 USD ($)
Electricity and Natural Gas [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to remaining performance obligations	$ 24,981
Other Sales and Service Contracts [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to remaining performance obligations	$ 3,917

XML

Business segment data - Revenues (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 70,810	$ 64,599
BNSF [Member]
Segment Reporting Information [Line Items]
Total revenues	5,944	5,378
Berkshire Hathaway Energy [Member]
Segment Reporting Information [Line Items]
Total revenues	5,978	5,924
Manufacturing Businesses [Member]
Segment Reporting Information [Line Items]
Total revenues	18,385	15,880
McLane [Member]
Segment Reporting Information [Line Items]
Total revenues	12,514	11,622
Service and Retailing [Member]
Segment Reporting Information [Line Items]
Total revenues	9,091	7,943
Operating Businesses [Member]
Segment Reporting Information [Line Items]
Total revenues	70,858	64,656
Operating Businesses [Member] | Insurance Group [Member]
Segment Reporting Information [Line Items]
Interest, dividend and other investment income	1,364	1,414
Total revenues	18,856	17,838
Operating Businesses [Member] | Insurance Group [Member] | GEICO [Member]
Segment Reporting Information [Line Items]
Premiums earned	9,554	8,923
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Reinsurance Group [Member]
Segment Reporting Information [Line Items]
Premiums earned	4,820	4,847
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Primary Group [Member]
Segment Reporting Information [Line Items]
Premiums earned	3,118	2,654
Operating Businesses [Member] | BNSF [Member]
Segment Reporting Information [Line Items]
Total revenues	5,968	5,401
Operating Businesses [Member] | Berkshire Hathaway Energy [Member]
Segment Reporting Information [Line Items]
Total revenues	5,983	5,924
Operating Businesses [Member] | Manufacturing Businesses [Member]
Segment Reporting Information [Line Items]
Total revenues	18,421	15,913
Operating Businesses [Member] | McLane [Member]
Segment Reporting Information [Line Items]
Total revenues	12,515	11,622
Operating Businesses [Member] | Service and Retailing [Member]
Segment Reporting Information [Line Items]
Total revenues	9,115	7,958
Corporate, Eliminations and Other [Member]
Segment Reporting Information [Line Items]
Total revenues	$ (48)	$ (57)

XML

Business segment data - Earnings (loss) before income taxes (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Investment and derivative contract gains (losses)	$ (1,978)	$ 5,700
Equity method investments	376	251
Earnings (loss) before income taxes	6,812	14,528
Operating Businesses [Member]
Segment Reporting Information [Line Items]
Earnings (loss) before income taxes from operating businesses	7,957	8,197
Operating Businesses [Member] | Insurance Group [Member]
Segment Reporting Information [Line Items]
Earnings (loss) before income taxes from operating businesses	1,431	2,378
Operating Businesses [Member] | Insurance Group [Member] | Interest, Dividend and Other Investment Income [Member]
Segment Reporting Information [Line Items]
Earnings (loss) before income taxes from operating businesses	1,361	1,412
Operating Businesses [Member] | Insurance Group [Member] | GEICO [Member] | Insurance Premiums Earned [Member]
Segment Reporting Information [Line Items]
Earnings (loss) before income taxes from operating businesses	(178)	1,023
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Reinsurance Group [Member] | Insurance Premiums Earned [Member]
Segment Reporting Information [Line Items]
Earnings (loss) before income taxes from operating businesses	156	(263)
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Primary Group [Member] | Insurance Premiums Earned [Member]
Segment Reporting Information [Line Items]
Earnings (loss) before income taxes from operating businesses	92	206
Operating Businesses [Member] | BNSF [Member]
Segment Reporting Information [Line Items]
Earnings (loss) before income taxes from operating businesses	1,809	1,659
Operating Businesses [Member] | Berkshire Hathaway Energy [Member]
Segment Reporting Information [Line Items]
Earnings (loss) before income taxes from operating businesses	676	683
Operating Businesses [Member] | Manufacturing Businesses [Member]
Segment Reporting Information [Line Items]
Earnings (loss) before income taxes from operating businesses	2,824	2,436
Operating Businesses [Member] | McLane [Member]
Segment Reporting Information [Line Items]
Earnings (loss) before income taxes from operating businesses	82	103
Operating Businesses [Member] | Service and Retailing [Member]
Segment Reporting Information [Line Items]
Earnings (loss) before income taxes from operating businesses	1,135	938
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Investment and derivative contract gains (losses)	(1,978)	5,700
Interest expense, not allocated to segments	(104)	(114)
Equity method investments	376	251
Corporate, Eliminations and Other [Member]
Segment Reporting Information [Line Items]
Earnings (loss) before income taxes from operating businesses	$ 561	$ 494