Earnings Announcement and Reporting - Berkshire Hathaway Inc. announced its earnings for the third quarter and first nine months ended September 30, 2024 [4] - The earnings release was issued on November 2, 2024 [4] - The press release is included as an exhibit to the Form 8-K filing [4] Executive Signatory - Marc D. Hamburg, Senior Vice President and Chief Financial Officer, signed the report on November 4, 2024 [5]

Earnings and Financial Performance - Net earnings attributable to Berkshire Hathaway shareholders for the third quarter of 2024 were $26.251 billion, compared to a loss of $12.767 billion in the same period in 2023[85] - Net earnings for Q3 2024 were $16.2 billion, compared to a loss of $23.5 billion in Q3 2023[132] - Net earnings attributable to Berkshire shareholders were $69.3 billion for the first nine months of 2024[134] - Investment gains in Q3 2024 were $20.5 billion, compared to a loss of $29.8 billion in Q3 2023[132] - Pre-tax unrealized investment gains were $18.6 billion in Q3 2024 and $45.1 billion in the first nine months of 2024[132] - Taxable gains from equity securities sales were $23.4 billion in Q3 2024 and $97.1 billion in the first nine months of 2024[132] - Berkshire's shareholders' equity increased by $67.8 billion to $629.1 billion as of September 30, 2024[134] Insurance Operations - Insurance underwriting after-tax earnings decreased by $1.7 billion in the third quarter of 2024, primarily due to Hurricane Helene losses of $565 million[84] - Insurance investment income after-tax earnings increased by $1.2 billion in the third quarter of 2024, driven by higher interest income from U.S. Treasury Bills[84] - GEICO's pre-tax underwriting earnings increased to $2.033 billion in the third quarter of 2024, up from $1.053 billion in 2023, driven by higher average premiums and lower claims frequencies[91] - GEICO's premiums written increased by $761 million (7.3%) in the third quarter of 2024, with average written premiums per auto policy rising by 10.1%[91] - GEICO's loss ratio improved to 71.4% in the third quarter of 2024, down from 80.0% in 2023, reflecting higher average earned premiums and lower claims frequencies[91] - Hurricane Milton is estimated to cause pre-tax incurred losses between $1.3 billion and $1.5 billion, which will be reflected in the fourth quarter of 2024[87] - Premiums written increased by $85 million (1.7%) in Q3 2024 and $594 million (4.3%) in the first nine months of 2024 compared to 2023, driven by growth at NICO Primary, BH Direct, and BHHC[94] - Premiums earned increased by 5.3% in Q3 2024 and 9.8% in the first nine months of 2024 compared to 2023[94] - Losses and loss adjustment expenses increased by $1.3 billion (48.8%) in Q3 2024 and $1.7 billion (20.9%) in the first nine months of 2024, with a loss ratio increase of 25.4 percentage points in Q3 and 6.5 percentage points in the first nine months[94] - Underwriting expenses increased by $102 million (8.5%) in Q3 2024 and $492 million (14.7%) in the first nine months of 2024 compared to 2023[94] - Property/casualty premiums written were relatively unchanged in Q3 and the first nine months of 2024 compared to 2023, with premiums earned decreasing by 5.0% in Q3 and 1.7% in the first nine months[99] - Losses from significant catastrophe events (Hurricane Helene) were approximately $380 million in 2024, compared to $550 million in the first nine months of 2023[99] - Underwriting expenses increased by $677 million (50.8%) in Q3 2024 and $793 million (19.3%) in the first nine months of 2024, including a $490 million pre-tax charge related to a settlement agreement[99] - Estimated liabilities for unpaid losses and loss adjustment expenses from insurance contracts were $148.9 billion as of September 30, 2024[137] Railroad Operations (BNSF) - BNSF after-tax earnings increased by 13.3% in the third quarter of 2024, benefiting from higher unit volume and improved employee productivity[84] - BNSF's railroad operating revenues increased to $5.881 billion in Q3 2024 from $5.719 billion in Q3 2023, with total railroad operating earnings rising to $2.053 billion in Q3 2024 from $1.809 billion in Q3 2023[108] - BNSF's net earnings for Q3 2024 were $1.383 billion, up from $1.221 billion in Q3 2023, with an effective income tax rate of 25.1%[108] - Consumer products revenue increased by 7.0% to $2.1 billion in Q3 2024 and by 8.2% to $6.2 billion in the first nine months of 2024, driven by higher volumes of 16.7% and 16.9% respectively[109] - Industrial products revenue decreased by 1.6% to $1.4 billion in Q3 2024 and by 1.1% to $4.2 billion in the first nine months of 2024, due to lower volumes of 1.9% and 1.2% respectively[109] - Agricultural products revenue increased by 14.1% to $1.4 billion in Q3 2024 and by 6.5% to $4.2 billion in the first nine months of 2024, driven by higher volumes of 14.9% and 9.6% respectively[109] - Coal revenue decreased by 14.7% to $795 million in Q3 2024 and by 25.2% to $2.2 billion in the first nine months of 2024, due to reduced volumes of 12.5% and 20.5% respectively[111] - Railroad operating expenses decreased by 2.1% to $3.8 billion in Q3 2024 and by 1.5% to $11.6 billion in the first nine months of 2024, primarily due to lower fuel expenses[111] Energy Operations (Berkshire Hathaway Energy) - Berkshire Hathaway Energy (BHE) after-tax earnings increased by $1.1 billion in the third quarter of 2024, reflecting lower litigation-related charges and higher earnings from natural gas pipelines[84] - BHE's net earnings attributable to Berkshire Hathaway shareholders increased to $1.629 billion in Q3 2024 and $3.001 billion in the first nine months of 2024, compared to $498 million and $1.699 billion respectively in 2023[112] - U.S. utilities net earnings increased by 190.6% to $1.569 billion in the first nine months of 2024, driven by higher retail customer rates and volumes[113] - Natural gas pipelines net earnings increased by 26.8% to $927 million in the first nine months of 2024, due to higher transportation revenue and increased margin on gas sales[113] - Other energy businesses net earnings increased by 17.4% to $1.019 billion in the first nine months of 2024, driven by higher distribution revenue and lower income tax expense[113] Manufacturing, Service, and Retailing - Manufacturing, service, and retailing after-tax earnings decreased by 5.9% in the third quarter of 2024, with lower earnings from service and retailing businesses partially offset by gains in manufacturing[84] - Manufacturing revenues increased by 2.6% in Q3 2024 and 2.6% in the first nine months of 2024 compared to 2023, with pre-tax earnings rising by 1.9% in Q3 and 4.4% in the first nine months[116] - Service and retailing revenues declined by 3.7% in Q3 2024 and 3.3% in the first nine months of 2024, with pre-tax earnings decreasing by 21.5% in Q3 and 20.4% in the first nine months[116] - Industrial products revenues increased by $289 million (3.3%) in Q3 2024 and $706 million (2.7%) in the first nine months of 2024, with pre-tax earnings rising by $62 million (4.3%) in Q3 and $322 million (7.3%) in the first nine months[118] - PCC's revenues increased by 11.9% in Q3 2024 and 12.4% in the first nine months of 2024, driven by higher demand for aerospace and power generation products[118] - Lubrizol's pre-tax earnings increased by 36.2% in Q3 2024 and 44.7% in the first nine months of 2024, primarily due to lower raw material costs and higher sales volumes[118] - Marmon's revenues remained flat in Q3 2024 but declined by 2.6% in the first nine months of 2024, with pre-tax earnings decreasing by 13.0% in Q3 and 9.4% in the first nine months[118] - Building products group revenues increased by $167 million (2.5%) in Q3 2024 and $450 million (2.3%) in the first nine months of 2024 compared to 2023[119] - Clayton Homes' revenues increased by 8.7% to $3.2 billion in Q3 2024 and 8.8% to $9.1 billion in the first nine months of 2024 compared to 2023[121] - Clayton Homes' loan balances, net of allowances for credit losses, were approximately $26.4 billion as of September 30, 2024, an increase of 14.2% since September 30, 2023[121] - Consumer products group revenues increased by 1.2% to $3.8 billion in Q3 2024 and 3.0% to $11.0 billion in the first nine months of 2024 compared to 2023[122] - Forest River revenues increased by 6.5% in the first nine months of 2024, reflecting a 9.1% increase in unit sales[122] - Service group revenues increased by $30 million (0.6%) in Q3 2024 but declined by $108 million (0.7%) in the first nine months of 2024 compared to 2023[125] - Retailing group revenues declined by 2.8% to $4.7 billion in Q3 2024 and 2.9% to $14.0 billion in the first nine months of 2024 compared to 2023[127] - McLane revenues declined by 5.6% in Q3 2024 and 4.5% in the first nine months of 2024 compared to 2023[128] - Pre-tax earnings of the building products group decreased by $97 million (8.3%) in Q3 2024 and $135 million (4.1%) in the first nine months of 2024 compared to 2023[119] Investments and Cash Management - Dividend income declined by $131 million (10.7%) in Q3 2024 and $207 million (5.2%) in the first nine months of 2024 compared to 2023, reflecting changes in equity security holdings[104] - Interest and other investment income increased by $1.8 billion in Q3 2024 and $3.8 billion in the first nine months of 2024, driven by increased short-term investments including U.S. Treasury Bills[104] - Float approximated $174 billion at September 30, 2024, up from $169 billion at December 31, 2023[104] - Cash, cash equivalents, and U.S. Treasury Bills increased to $271.835 billion at September 30, 2024, from $121.845 billion at December 31, 2023[105] - Cash, cash equivalents, and U.S. Treasury Bills held by insurance and other businesses totaled $305.5 billion as of September 30, 2024[134] - After-tax equity earnings in non-controlled businesses declined by $27 million in Q3 2024 and $505 million in the first nine months of 2024 compared to 2023[129] Legal and Regulatory Risks - Berkshire does not believe routine litigation will have a material effect on its financial condition[141] - The company faces risks from changes in market prices of equity securities, catastrophic events, and changes in laws or regulations[139] - Berkshire is involved in various legal actions, some of which may seek punitive or exemplary damages[141] - The company's forward-looking statements are subject to risks and uncertainties, including economic and market factors[139] - Berkshire's significant business risks are described in its 2023 Form 10-K, with additional risks potentially impacting operations[142] Share Repurchases and Capital Expenditures - Berkshire repurchased $2.9 billion of its common stock in the first nine months of 2024[134] - No Class A or Class B shares were repurchased in the third quarter of 2024[144] - Berkshire's common stock repurchase program allows repurchases when the price is below intrinsic value[144] - Consolidated capital expenditures for property, plant, and equipment were $13.6 billion in the first nine months of 2024[134] Internal Controls and Disclosure - Berkshire's disclosure controls and procedures are effective in timely alerting management to material information[140] - No material changes in market risks as of September 30, 2024[140] - The company's internal control over financial reporting has not seen significant changes during the quarter[140] Life and Health Insurance - Life/health premiums earned declined by $110 million (8.3%) in Q3 2024 and $171 million (4.5%) in the first nine months of 2024, primarily due to reductions in non-U.S. life business[100] - Life and health benefits decreased to 67.1% in Q3 2024 from 77.9% in Q3 2023, and to 68.0% in the first nine months of 2024 from 74.3% in the same period of 2023[100] - Pre-tax underwriting earnings for life/health were $98 million in Q3 2024 and $279 million in the first nine months of 2024, compared to $50 million and $234 million in the respective periods of 2023[100] - Pre-tax underwriting earnings for Life/health increased by $48 million in Q3 2024 and $45 million in the first nine months of 2024 compared to 2023, driven by gains from life contract commutations and increased U.S. life business earnings[101] - Pre-tax underwriting losses from retroactive reinsurance decreased to $498 million in the first nine months of 2024 from $622 million in 2023, primarily due to net reductions in estimated ultimate claim liabilities[101] - Unpaid losses assumed under retroactive reinsurance contracts declined by $1.6 billion to $33.1 billion at September 30, 2024, mainly due to loss payments[101] Real Estate and Other Businesses - Real estate brokerage net earnings decreased by $121 million in the first nine months of 2024, primarily due to expense accruals related to ongoing litigation matters[113] - Pilot's revenues declined by $2.5 billion (19.3%) in Q3 2024 and $6.3 billion (14.9%) in the first nine months of 2024 compared to 2023, primarily due to lower fuel prices and reduced wholesale fuel volumes[115] - Pilot's pre-tax earnings decreased by 25.4% in Q3 2024 and 30.8% in the first nine months of 2024 compared to 2023, with gross sales margins increasing by 1.0% in Q3 but declining by 2.3% in the first nine months[115] - Pilot's selling, general, and administrative expenses increased by 14.3% in Q3 2024 and 6.6% in the first nine months of 2024, driven by higher labor, marketing, and maintenance costs[115] - Pilot's interest expense decreased by 41.6% in Q3 2024 and 24.3% in the first nine months of 2024, due to reduced borrowings and lower interest rates[115]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 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 jur ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) August 3, 2024 BERKSHIRE HATHAWAY INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 001-14905 47-0813844 (STATE OR OTHER JURISDICTION OF INCORPORATION)(COMMISSION FILE NUMBER)(I.R.S. EMPLOYER IDENTIFICATION NO.) 3555 Farnam Street Omaha, Nebraska 68131 (ADDRESS OF PRINCIPAL E ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 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 jurisdic ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 (402) 346-1400 REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ On May 4, 2024, Berksh ...

Net earnings attributable to Berkshire Hathaway shareholders for each of the three-month periods ended March 31, 2024 and 2023 are disaggregated in the table that follows. Amounts are after deducting income taxes and exclude earnings attributable to noncontrolling interests (in millions). —————— * Includes certain businesses in which Berkshire had between a 20% and 50% ownership interest. Through our subsidiaries, we engage in numerous diverse business activities. We manage our operating businesses on an un ...

Notes to Consolidated Financial Statements Note 12. Equipment held for lease 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, which may include significant levels of asbestos, environmental and other mass tort claims. Retroactive reinsurance contracts are generally subject to aggregate policy limits and thus, our exposure to such clai ...

Retroactive Reinsurance Contracts - Gross unpaid losses for retroactive reinsurance contracts were $34.6 billion, with deferred charges at $9.5 billion as of December 31, 2023[25] - Estimated ultimate liabilities for retroactive reinsurance contracts increased by $1.1 billion in Q4 2023, primarily for asbestos, environmental, and casualty exposures, resulting in a $650 million pre-tax underwriting loss[12] - Amortization expense for deferred charges related to retroactive reinsurance contracts is estimated to be $900 million in 2024[12] Asbestos and Environmental Exposures - Estimated liabilities for asbestos and environmental exposures were approximately $12.2 billion at December 31, 2023[12] Equity Securities and Investments - The fair value of equity securities was $353.8 billion as of December 31, 2023, with a hypothetical 30% increase or decrease resulting in a change of $82.3 billion in net earnings[28] - The fair value of Precision Castparts Corp. (PCC) was approximately $32.6 billion, exceeding its carrying value of $29.7 billion by 10% as of December 31, 2023[27] - The fair value of three reporting units (PTC, Jazwares, and IPS) totaled approximately $21.5 billion, exceeding their carrying values by 1.5% as of December 31, 2023[27] - The company's equity securities portfolio was concentrated in five companies, representing approximately 79% of the total fair value as of December 31, 2023[14] - Investments in equity securities grew from $308.793 billion in 2022 to $353.842 billion in 2023[39] - Equity securities had a fair value of $353.842 billion as of December 31, 2023, with net unrealized gains of $244.426 billion[445] - Approximately 79% of the aggregate fair value of equity securities was concentrated in five companies: American Express, Apple, Bank of America, Coca-Cola, and Chevron[445] - Approximately 75% of the aggregate fair value was concentrated in five companies: American Express Company ($22.4 billion), Apple Inc. ($119.0 billion), Bank of America Corporation ($34.2 billion), The Coca-Cola Company ($25.4 billion), and Chevron Corporation ($30.0 billion)[454] - The company's investment gains (losses) on equity securities were $71.842 billion in 2023, compared to a loss of $67.047 billion in 2022[466] - Proceeds from sales of equity securities were approximately $40.6 billion in 2023, $33.7 billion in 2022, and $15.8 billion in 2021[466] Financial Performance - Net earnings for 2023 were $97.147 billion, compared to a net loss of $21.998 billion in 2022 and net earnings of $90.949 billion in 2021[42] - Comprehensive income for 2023 was $98.465 billion, compared to a comprehensive loss of $18.988 billion in 2022 and comprehensive income of $92.838 billion in 2021[42] - Total revenues for 2023 increased to $364.482 billion, up from $302.020 billion in 2022 and $276.185 billion in 2021[48] - Net earnings attributable to Berkshire Hathaway shareholders in 2023 were $96.223 billion, a significant improvement from a loss of $22.759 billion in 2022 and up from $89.937 billion in 2021[48] - Investment and derivative contract gains in 2023 were $74.855 billion, compared to a loss of $67.899 billion in 2022 and gains of $78.542 billion in 2021[48] - Net earnings attributable to Berkshire Hathaway shareholders surged to $96.223 billion in 2023, a substantial recovery from a loss of $22.759 billion in 2022[381] - Comprehensive income attributable to shareholders reached $97.512 billion in 2023, compared to a loss of $19.688 billion in 2022[381] Cash and Cash Equivalents - Cash and cash equivalents increased from $32.260 billion in 2022 to $33.672 billion in 2023[39] - The company's cash and cash equivalents include short-term investments in U.S. Treasury Bills with maturities exceeding three months and less than one year[52] - Cash and cash equivalents increased to $5.566 billion in December 2023 from $2.777 billion in December 2022, reflecting a significant liquidity improvement[381] Assets and Liabilities - Total assets increased from $948.465 billion in 2022 to $1.069.978 trillion in 2023[39] - Retained earnings rose from $511.127 billion in 2022 to $607.350 billion in 2023[47] - Unpaid losses and loss adjustment expenses increased from $107.472 billion in 2022 to $111.082 billion in 2023[47] - Consolidated claim liabilities as of December 31, 2023 were approximately $146 billion, with 76% related to GEICO and the Berkshire Hathaway Reinsurance Group[58] - Periodic payment annuities liabilities increased to $11,212 million in 2023 from $10,640 million in 2022[333] - Life and health liabilities decreased to $5,749 million in 2023 from $5,879 million in 2022[333] - The funded status at December 31, 2023 reflected in assets was $1,823 million and in liabilities was $1,211 million, compared to $1,510 million in assets and $1,656 million in liabilities at December 31, 2022[345] - The accumulated benefit obligation (ABO) was $12.3 billion at December 31, 2023, up from $12.2 billion at December 31, 2022[345] - Goodwill at year-end 2023 was $84,626 million, compared to $78,119 million in 2022 and $73,875 million in 2021[358] - The company's identifiable assets at year-end 2023 were $1,069,978 million, up from $948,465 million in 2022 and $959,388 million in 2021[358] - Assets acquired totaled $28.52 billion, with liabilities assumed at $14.155 billion, resulting in net assets of $14.365 billion[440] - Alleghany assets acquired amounted to $35.59 billion, with liabilities assumed at $24.085 billion, leading to net assets of $11.505 billion[440] Insurance Premiums and Revenues - Insurance premiums earned in 2023 were $83.403 billion, compared to $74.576 billion in 2022 and $69.460 billion in 2021[48] - Sales and service revenues in 2023 were $155.687 billion, slightly down from $157.518 billion in 2022 but up from $145.043 billion in 2021[48] - Freight rail transportation revenues in 2023 were $23.791 billion, down from $25.802 billion in 2022 but up from $23.177 billion in 2021[48] - Utility and energy operating revenues in 2023 surged to $72.693 billion, compared to $21.023 billion in 2022 and $18.891 billion in 2021[48] - Premiums Written for Property/Casualty in 2023 reached $61,990 million, a 9.3% increase from $56,700 million in 2022[359] - Assumed premiums for Property/Casualty in 2023 were $20,751 million, up 37% from $15,143 million in 2022[359] - Total premiums earned for Property/Casualty in 2023 were $78,331 million, a 13.9% increase from $68,770 million in 2022[359] - United States premiums for Property/Casualty in 2023 were $67,831 million, a 13.7% increase from $59,648 million in 2022[359] - Asia Pacific premiums for Property/Casualty in 2023 were $5,306 million, a 12.9% increase from $4,699 million in 2022[359] - Consolidated sales, service and leasing revenues were $164.1 billion in 2023, $165.0 billion in 2022, and $151.0 billion in 2021[373] - Sales, service and leasing revenues attributable to the United States were 85% in 2023, 86% in 2022, and 85% in 2021[373] - Railroad, utilities, and energy revenues were $101.4 billion in 2023, $52.1 billion in 2022, and $48.2 billion in 2021[373] - Railroad, utilities, and energy revenues attributable to the United States were 94% in 2023 and 96% in both 2022 and 2021[373] Debt and Financing - Berkshire repaid approximately $4.3 billion of maturing senior notes and issued ¥286.4 billion (approximately $2.05 billion) of senior notes in 2023[336] - BHE subsidiaries issued $4.2 billion of term debt in 2023 with a weighted average interest rate of 5.7% and maturity dates ranging from 2033 to 2055[337] - BHE subsidiaries issued $5.1 billion of term debt in 2024 with a weighted average interest rate of 5.4% and maturity dates ranging from 2029 to 2055[337] - Unused lines of credit and commercial paper capacity were approximately $9.4 billion at December 31, 2023, with $6.0 billion related to BHE and its subsidiaries[337] - Parent Company debt maturities over the next five years are as follows: 2024—$1.9 billion; 2025—$2.0 billion; 2026—$4.4 billion; 2027—$2.0 billion; and 2028—$1.4 billion[383] Taxes and Regulatory Changes - Net unrecognized tax benefits were $480 million at December 31, 2023, compared to $440 million at December 31, 2022[340] - The Inflation Reduction Act of 2022 introduced a 15% corporate alternative minimum income tax effective for tax years beginning after December 31, 2022[340] - The Pillar Two model rules introduce a new global minimum tax of 15% intended to be effective on January 1, 2024[340] - Income taxes paid increased to $5.630 billion in 2023 from $2.259 billion in 2022[383] Wildfire Losses and Legal Cases - PacifiCorp recorded estimated pre-tax probable Wildfire losses of $1.9 billion in 2023, up from $225 million in 2022[363] - Net Wildfire losses after expected insurance recoveries were $1.7 billion in 2023, compared to $64 million in 2022[363] - PacifiCorp paid $631 million in settlements in 2023 related to the 2020 Wildfires, up from $53 million in 2022[363] - Cumulative charges for estimated probable Wildfire losses through December 31, 2023, were $2.4 billion before expected insurance recoveries[363] - Plaintiffs in the James case seek damages approximating $8 billion, excluding potential doubling or trebling of damages[365] - HomeServices of America, Inc. faces potential damages of up to $5.4 billion in the Burnett antitrust case, excluding attorneys' fees and prejudgment interest[375] - The jury in the Burnett case awarded $1.8 billion in damages, which could be trebled under federal law[375] - HomeServices of America, Inc. is defending against eleven antitrust cases, with potential losses from the other ten cases currently unquantifiable[375] Acquisitions and Investments - The company acquired all outstanding common stock of Alleghany Corporation for $11.5 billion in October 2022[383] - The company acquired an additional 41.4% interest in Pilot Travel Centers, LLC (PTC) for approximately $8.2 billion, increasing its interest to 80%[439] - PTC's revenues and net earnings attributable to Berkshire shareholders for the eleven months ending December 31, 2023 were $51.7 billion and $603 million, respectively[439] - The company recognized a one-time, non-cash remeasurement gain of approximately $3.0 billion from the fair value adjustment of its previously held 38.6% investment in PTC[439] - The company acquired Pilot Corporation's noncontrolling interest in PTC for $2.6 billion, increasing its interest in PTC to 100%[439] - Goodwill from the PTC acquisition is expected to be deductible for income tax purposes[439] - Berkshire Hathaway Energy subsidiary acquired an additional 50% interest in Cove Point LNG for $3.3 billion, increasing economic interest from 25% to 75%[442] - The company invested $10 billion in non-voting Cumulative Perpetual Preferred Stock of Occidental Petroleum Corporation in 2019, with an aggregate liquidation value of approximately $8.5 billion as of December 31, 2023[454] - Occidental issued mandatory redemption notifications for approximately $1.5 billion of the aggregate liquidation value at a price of 110% of the liquidation value, plus accrued and unpaid dividends in 2023[454] - The company owned 151.6 million shares of American Express Company common stock, representing 21% of the outstanding common stock as of December 31, 2023[454] - The company owned 26.7% of Kraft Heinz outstanding common stock and 27.8% of Occidental common stock as of December 31, 2023[455] - Kraft Heinz reported net earnings attributable to common shareholders of $2.855 billion in 2023, up from $2.363 billion in 2022[465] - Occidental reported net earnings attributable to common shareholders of $4.471 billion for the twelve months ending September 30, 2023[466] Loans and Receivables - Loans and finance receivables before allowances and discounts were $26.289 billion as of December 31, 2023, with an allowance for credit losses of $950 million[469] - Performing loans increased to $5,716 million in 2023 from $4,368 million in 2022, a growth of 30.8%[471] - Non-performing loans decreased to 8 in 2023 from 11 in 2022, a reduction of 27.3%[471] - Commercial loan balances declined to $850 million in 2023 from $1.9 billion in 2022, a decrease of 55.3%[471] - Insurance premiums receivable increased to $19,052 million in 2023 from $18,395 million in 2022, a growth of 3.6%[472] - Trade receivables for railroad, utilities, and energy businesses rose to $6,034 million in 2023 from $4,182 million in 2022, an increase of 44.3%[472] - Aggregate provisions for credit losses were $513 million in 2023, up from $409 million in 2022, a rise of 25.4%[472] Inventory and Equipment - Raw materials inventory decreased to $6,026 million in 2023 from $6,381 million in 2022, a decline of 5.6%[473] - Railcars equipment held for lease increased to $10,031 million in 2023 from $9,612 million in 2022, a growth of 4.4%[475] - Customer relationships net carrying value for insurance and other businesses decreased to $20,404 million in 2023 from $20,591 million in 2022, a slight decline of 0.9%[476] - Trademarks and trade names net carrying value for railroad, utilities, and energy businesses surged to $3,494 million in 2023 from $178 million in 2022, a massive increase of 1863.5%[476] Other Comprehensive Income and Expenses - Foreign currency translation included in other comprehensive income was $749 million for 2023, compared to a loss of $2.05 billion in 2022[17] - Foreign currency translation gains were $782 million in 2023, compared to losses of $2.138 billion in 2022[42] - Long-duration insurance contract discount rate changes resulted in a loss of $237 million in 2023, compared to a gain of $7.177 billion in 2022[42] - Defined benefit pension plans contributed $578 million to other comprehensive income in 2023, compared to a loss of $253 million in 2022[42] - The company's defined contribution plan expense was approximately $1.1 billion in 2023, compared to $0.8 billion in 2022 and $1.0 billion in 2021[357] - The company's capital expenditures were $19,409 million in 2023, up from $15,464 million in 2022 and $13,276 million in 2021[358] Regulatory and Accounting Policies - Investments in fixed maturity securities are classified as available-for-sale and carried at fair value, with changes in fair value reported in earnings[53] - The aggregate market value of the voting stock held by non-affiliates as of June 30, 2023, was $625.5 billion[55] - The company's disclosure controls and procedures were deemed effective as of December 31, 2023[377] - Net cash flows from operating activities were $7.611 billion in 2023, slightly lower than $8.462 billion in 2022[383] - Income tax expense (benefit) for the three years ending December 31, 2023, with amounts in millions[408] - Non-performing loans are identified when the foreclosure process starts, with interest income recognition paused until foreclosure is cured or the loan is modified[410] - Property, plant, and equipment impairment evaluation based on estimated undiscounted cash flows and residual value, with impairment losses recorded if carrying value exceeds recoverable amounts[412] - Goodwill impairment evaluation at least annually, with impairment losses recorded if the carrying amount of a reporting unit exceeds its estimated fair value[413] - Regulatory assets and liabilities amortization into operating expenses and revenues over future periods, with assessments for probable future inclusion in regulatory rates[423] - Life, annuity, and health insurance benefits balance increased from $21,616 million at December 31, 2020, to $28,836 million

FORM 8-K DELAWARE 47-0813844 (STATE OR OTHER JURISDICTION (I.R.S. EMPLOYER OF INCORPORATION) IDENTIFICATION NO.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commenc ...