巴菲特旗下伯克希尔哈撒韦2024年第一季度业绩报告

UNITEDSTATESSECURITIESANDEXCHANGECOMMISSIONWashington,D.C.20549

FORM10-Q

(MarkOne)

☒QUARTERLYREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934

ForthequarterlyperiodendedMarch31,2024

OR

☐TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934

Forthetransitionperiodfromto

Commissionfilenumber001-14905

BERKSHIREHATHAWAYINC.

(Exactnameofregistrantasspecifiedinitscharter)

Delaware

(Stateorotherjurisdictionofincorporationororganization)

47-0813844

(I.R.S.EmployerIdentificationNumber)

3555FarnamStreet,Omaha,Nebraska68131

(Addressofprincipalexecutiveoffice)(ZipCode)

(402)346-1400

(Registrant’stelephonenumber,includingareacode)

(Formername,formeraddressandformerfiscalyear,ifchangedsincelastreport)

SecuritiesregisteredpursuanttoSection12(b)oftheAct:

TitleofeachclassTradingSymbolsNameofeachexchangeonwhichregistered

ClassACommonStock

BRK.A

New

York

Stock

Exchange

ClassBCommonStock

BRK.B

New

York

Stock

Exchange

0.000%SeniorNotesdue2025

BRK25

New

York

Stock

Exchange

1.125%SeniorNotesdue2027

BRK27

New

York

Stock

Exchange

2.150%SeniorNotesdue2028

BRK28

New

York

Stock

Exchange

1.500%SeniorNotesdue2030

BRK30

New

York

Stock

Exchange

2.000%SeniorNotesdue2034

BRK34

New

York

Stock

Exchange

1.625%SeniorNotesdue2035

BRK35

New

York

Stock

Exchange

2.375%SeniorNotesdue2039

BRK39

New

York

Stock

Exchange

0.500%SeniorNotesdue2041

BRK41

New

York

Stock

Exchange

2.625%SeniorNotesdue2059

BRK59

New

York

Stock

Exchange

IndicatebycheckmarkwhethertheRegistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.Yes☒No☐

IndicatebycheckmarkwhethertheRegistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmittedpursuanttoRule405ofRegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmitsuchfiles).Yes☒No☐

IndicatebycheckmarkwhethertheRegistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,smallerreportingcompany,oranemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler,”“smallerreportingcompany,”and“emerginggrowthcompany”inRule12b-2oftheExchangeAct.

LargeacceleratedfilerNon-acceleratedfiler

☒

☐

Acceleratedfiler

SmallerreportingcompanyEmerginggrowthcompany

☐

☐

☐

Ifanemerginggrowthcompany,indicatebycheckmarkiftheRegistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.☐

IndicatebycheckmarkwhethertheRegistrantisashellcompany(asdefinedinRule12b-2oftheExchangeAct).

Yes☐No☒

NumberofsharesofcommonstockoutstandingasofApril19,2024:

ClassA—562,539

ClassB—1,311,384,883

1

BERKSHIREHATHAWAYINC.

PageNo.

PartI–FinancialInformation

Item1.FinancialStatements

ConsolidatedBalanceSheets—March31,2024andDecember31,2023

2

ConsolidatedStatementsofEarnings—FirstQuarter2024and2023

4

ConsolidatedStatementsofComprehensiveIncome—FirstQuarter2024and2023

5

ConsolidatedStatementsofChangesinShareholders’Equity—FirstQuarter2024and2023

5

ConsolidatedStatementsofCashFlows—FirstQuarter2024and2023

6

NotestoConsolidatedFinancialStatements

7

Item2.

Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations

28

Item3.

QuantitativeandQualitativeDisclosuresAboutMarketRisk

46

Item4.

ControlsandProcedures

46

PartII–OtherInformation

46

Item1.

LegalProceedings

46

Item1A.

RiskFactors

46

Item2.

UnregisteredSalesofEquitySecuritiesandUseofProceedsandIssuerRepurchasesofEquitySecurities

47

Item3.

DefaultsUponSeniorSecurities

47

Item4.

MineSafetyDisclosures

47

Item5.

OtherInformation

47

Item6.

Exhibits

48

Signature

48

2

PartIFinancialInformation

Item1.FinancialStatements

BERKSHIREHATHAWAYINC.

andSubsidiaries

CONSOLIDATEDBALANCESHEETS

(dollarsinmillions)

March31,

2024

December31,

2023

(Unaudited)

ASSETS

InsuranceandOther:

Cashandcashequivalents*

$28,891

$33,672

Short-terminvestmentsinU.S.TreasuryBills

153,444

129,619

Investmentsinfixedmaturitysecurities

17,167

23,758

Investmentsinequitysecurities

335,864

353,842

Equitymethodinvestments

29,585

29,066

Loansandfinancereceivables

25,435

24,681

Otherreceivables

46,772

44,174

Inventories

23,670

24,159

Property,plantandequipment

22,058

22,030

Equipmentheldforlease

17,154

16,947

Goodwill

50,813

50,868

Otherintangibleassets

29,045

29,327

Deferredcharges-retroactivereinsurance

9,318

9,495

Other

20,398

19,568

809,614

811,206

Railroad,UtilitiesandEnergy:

Cashandcashequivalents*

6,658

4,350

Receivables

6,063

7,086

Property,plantandequipment

178,288

177,616

Goodwill

33,736

33,758

Regulatoryassets

5,570

5,565

Other

30,106

30,397

260,421

258,772

$1,070,035

$1,069,978

——————

*IncludesU.S.TreasuryBillswithmaturitiesofthreemonthsorlesswhenpurchasedof$4.0billionatMarch31,2024and$4.8billionatDecember31,2023.

SeeaccompanyingNotestoConsolidatedFinancialStatements

3

BERKSHIREHATHAWAYINC.

andSubsidiaries

CONSOLIDATEDBALANCESHEETS

(dollarsinmillions)

March31,

2024

December31,

2023

(Unaudited)

LIABILITIESANDSHAREHOLDERS’EQUITY

InsuranceandOther:

Unpaidlossesandlossadjustmentexpenses

$111,482

$111,082

Unpaidlossesandlossadjustmentexpenses-retroactivereinsurancecontracts

34,245

34,647

Unearnedpremiums

31,975

30,507

Life,annuityandhealthinsurancebenefits

17,987

20,213

Otherpolicyholderliabilities

10,662

11,545

Accountspayable,accrualsandotherliabilities

31,583

32,402

Aircraftrepurchaseliabilitiesandunearnedleaserevenues

8,375

8,253

Notespayableandotherborrowings

40,723

42,692

287,032

291,341

Railroad,UtilitiesandEnergy:

Accountspayable,accrualsandotherliabilities

20,649

22,461

Regulatoryliabilities

6,887

6,818

Notespayableandotherborrowings

82,031

85,579

109,567

114,858

Incometaxes,principallydeferred

95,651

93,009

Totalliabilities

492,250

499,208

Redeemablenoncontrollinginterests

—

3,261

Shareholders’equity:

Commonstock

8

8

Capitalinexcessofparvalue

34,982

34,480

Accumulatedothercomprehensiveincome

(4,050)

(3,763)

Retainedearnings

619,925

607,350

Treasurystock,atcost

(79,375)

(76,802)

BerkshireHathawayshareholders’equity

571,490

561,273

Noncontrollinginterests

6,295

6,236

Totalshareholders’equity

577,785

567,509

$1,070,035

$1,069,978

SeeaccompanyingNotestoConsolidatedFinancialStatements

4

65,473

85,393

34,758

BERKSHIREHATHAWAYINC.

andSubsidiaries

CONSOLIDATEDSTATEMENTSOFEARNINGS

(dollarsinmillionsexceptpershareamounts)

(Unaudited)

FirstQuarter20242023

Revenues:

InsuranceandOther:

Insurancepremiumsearned$21,474$19,796

Salesandservicerevenues37,47238,388

Leasingrevenues2,2222,044

4,305

3,229

Interest,dividendandotherinvestmentincome

63,457

Railroad,UtilitiesandEnergy:

6,001

14,917 1,018

21,936

Freightrailtransportationrevenues5,637 Utilityandenergyoperatingrevenues17,690 Servicerevenuesandotherincome1,06924,396

Totalrevenues89,869

Investmentgains(losses)

1,876

Costsandexpenses:

InsuranceandOther:

Insurancelossesandlossadjustmentexpenses13,44814,221

Life,annuityandhealthbenefits945785

Insuranceunderwritingexpenses3,7533,587

Costofsalesandservices

29,395

30,319

Costofleasing1,6911,477

Selling,generalandadministrativeexpenses4,7735,602

Interestexpense31632854,32156,319

Railroad,UtilitiesandEnergy:

Freightrailtransportationexpenses

3,938

4,161

Utilitiesandenergycostofsalesandotherexpenses

16,268

13,846

Otherexpenses

1,005

871

Interestexpense

1,000

890

22,211

19,768

Totalcostsandexpenses

76,532

76,087

Earningsbeforeincometaxesandequitymethodearnings

15,213

44,064

Equitymethodearnings

493

688

Earningsbeforeincometaxes

15,706

44,752

Incometaxexpense2,8748,995

Netearnings

12,832

35,757

Earningsattributabletononcontrollinginterests130253

NetearningsattributabletoBerkshireHathawayshareholders$12,702$35,504

NetearningsperaverageequivalentClassAshare$8,825$24,377

NetearningsperaverageequivalentClassBshare*$5.88$16.25

AverageequivalentClassAsharesoutstanding1,439,3701,456,438

AverageequivalentClassBsharesoutstanding2,159,055,1342,184,657,109

——————

*NetearningsperaverageequivalentClassBshareoutstandingareequaltoone-fifteen-hundredthoftheequivalentClassAamount.SeeNote19.

SeeaccompanyingNotestoConsolidatedFinancialStatements

5

BERKSHIREHATHAWAYINC.

andSubsidiaries

CONSOLIDATEDSTATEMENTSOFCOMPREHENSIVEINCOME

(dollarsinmillions)

(Unaudited)

FirstQuarter20242023

Netearnings$12,832$35,757

Othercomprehensiveincome:

Unrealizedgains(losses)oninvestments

(35)

247

Applicableincometaxes

6

(53)

Foreigncurrencytranslation

(539)

249

Applicableincometaxes

—

6

Long-durationinsurancecontractdiscountratechanges

351

(367)

Applicableincometaxes

(67)

76

Definedbenefitpensionplans

6

50

Applicableincometaxes

(2)

(6)

Other,net

(30)

(120)

Othercomprehensiveincome,net

(310)

82

Comprehensiveincome

12,522

35,839

Comprehensiveincomeattributabletononcontrollinginterests

107

259

ComprehensiveincomeattributabletoBerkshireHathawayshareholders

$1

2,415

$

35,580

CONSOLIDATEDSTATEMENTSOFCHANGESINSHAREHOLDERS’EQUITY

(dollarsinmillions)

(Unaudited)

BerkshireHathawayshareholders’equity

Commonstock

andcapitalin

excessofpar

value

Accumulated

other

comprehensive

income

Retainedearnings

Treasurystock

Non-

controlling

interests

Total

Forthefirstquarterof2024

BalanceatDecember31,2023

$34,488

$(3,763)

$607,350

$(76,802)

$6,236

$567,509

Netearnings

—

—

12,702

—

130

12,832

AdoptionofASU2023-02

(127)

—

(127)

Othercomprehensiveincome,net

—

(287)

—

—

(23)

(310)

Acquisitionsofcommonstock

(2,573)

(2,573)

Transactionswithnoncontrollinginterestsandother

502

—

—

—

(

48)

454

BalanceatMarch31,2024

$34,990

$(4,050)

$619,925

$(79,375)

$6,295

$577,785

Forthefirstquarterof2023

BalanceatDecember31,2022

$35,175

$(5,052)

$511,127

$(67,826)

$8,257

$481,681

Netearnings

—

—

35,504

—

253

35,757

Othercomprehensiveincome,net

76

—

6

82

Acquisitionsofcommonstock

—

—

—

(4,439)

—

(4,439)

Transactionswithnoncontrollinginterestsandother

(11)

—

7

(4)

BalanceatMarch31,2023

$35,164

$(4,976)

$546,631

$(72,265)

$8,523

$513,077

SeeaccompanyingNotestoConsolidatedFinancialStatements

6

BERKSHIREHATHAWAYINC.

andSubsidiaries

CONSOLIDATEDSTATEMENTSOFCASHFLOWS

(dollarsinmillions)

(Unaudited)

FirstQuarter20242023

operatingactivities:

Cashflowsfrom

Netearnings

$

12,832

$

35,757

Adjustmentstoreconcilenetearnings(loss)tooperatingcashflows:

Investment(gains)losses(1,876)(34,758)

Depreciationandamortization3,1683,051

Other(2,863)(1,293)

Changesinoperatingassetsandliabilities:

Unpaidlossesandlossadjustmentexpenses11722

Deferredcharges-retroactivereinsurance177172

Unearnedpremiums1,4941,686

Receivablesandoriginatedloans469(922)

Inventories516(15)

Otherassets(415)(987)

Otherliabilities(5,486)(2,649)

Incometaxes2,4338,629

Netcashflowsfromoperatingactivities10,5668,693

Cashflowsfrominvestingactivities:

Purchasesofequitysecurities(2,691)(2,873)

Salesofequitysecurities19,97213,283

PurchasesofU.S.TreasuryBillsandfixedmaturitysecurities(103,167)(45,515)

SalesofU.S.TreasuryBillsandfixedmaturitysecurities7,45212,982

RedemptionsandmaturitiesofU.S.TreasuryBillsandfixedmaturitysecurities80,11425,364

Acquisitionsofbusinesses,netofcashacquired(327)(7,629)

Purchasesofproperty,plantandequipmentandequipmentheldforlease(4,393)(3,713)

Other(163)182

Netcashflowsfrominvestingactivities(3,203)(7,919)

Cashflowsfromfinancingactivities:

Proceedsfromborrowingsofinsuranceandotherbusinesses——

Repaymentsofborrowingsofinsuranceandotherbusinesses(1,142)(4,946)

Proceedsfromborrowingsofrailroad,utilitiesandenergybusinesses5,084—

Repaymentsofborrowingsofrailroad,utilitiesandenergybusinesses(5,906)(1,244)

Changesinshort-termborrowings,net(2,612)1,098

Acquisitionsoftreasurystock(2,562)(4,450)

Other,principallytransactionswithnoncontrollinginterests(2,664)(380)

Netcashflowsfromfinancingactivities(9,802)(9,922)

Effectsofforeigncurrencyexchangeratechanges(44)47

Increase(decrease)incashandcashequivalentsandrestrictedcash(2,483)(9,101)

Cashandcashequivalentsandrestrictedcashatthebeginningoftheyear*38,64336,399

Cashandcashequivalentsandrestrictedcashattheendofthefirstquarter*$36,160$27,298

*Cashandcashequivalentsandrestrictedcasharecomprisedof:

Beginningoftheyear—

$32,2603,551

588

$36,399

InsuranceandOther$33,672

Railroad,UtilitiesandEnergy4,350

Restrictedcashincludedinotherassets621

$38,643

Endofthefirstquarter—

InsuranceandOther$28,891$23,805

Railroad,UtilitiesandEnergy6,6582,942

Restrictedcashincludedinotherassets611551

$

36,160

$

27,298

SeeaccompanyingNotestoConsolidatedFinancialStatements

7

BERKSHIREHATHAWAYINC.

andSubsidiaries

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS

March31,2024

Note1.General

TheaccompanyingunauditedConsolidatedFinancialStatementsincludetheaccountsofBerkshireHathawayInc.(“Berkshire”or“Company”)consolidatedwiththeaccountsofallitssubsidiariesandaffiliatesinwhichBerkshireholdscontrollingfinancialinterestsasofthefinancialstatementdate.Inthesenotes,theterms“us,”“we”or“our”refertoBerkshireanditsconsolidatedsubsidiaries.ReferenceismadetoBerkshire’smostrecentlyissuedAnnualReportonForm10-K(“AnnualReport”),whichincludesinformationnecessaryorusefultounderstandingBerkshire’sbusinessesandfinancialstatementpresentations.OursignificantaccountingpoliciesandpracticeswerepresentedasNote1totheConsolidatedFinancialStatementsincludedintheAnnualReport.

FinancialinformationinthisQuarterlyReportreflectsalladjustmentsthatare,intheopinionofmanagement,necessarytoafairstatementofresultsfortheinterimperiodsinaccordancewithaccountingprinciplesgenerallyacceptedintheUnitedStates(“GAAP”).Forseveralreasons,ourresultsforinterimperiodsarenotnormallyindicativeofresultstobeexpectedfortheyear.Thetimingandmagnitudeofcatastrophelossesincurredbyinsurancesubsidiariesandtheestimationerrorinherenttotheprocessofdeterminingliabilitiesforunpaidlossesofinsurancesubsidiariescanbemoresignificanttoresultsofinterimperiodsthantoresultsforafullyear.Giventhesizeofourequitysecurit