巴菲特旗下伯克希尔哈撒韦2023年第三季度业绩报告

UNITEDSTATESSECURITIESANDEXCHANGECOMMISSIONWashington,D.C.20549

FORM10-Q

(MarkOne)

☒QUARTERLYREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934

ForthequarterlyperiodendedSeptember30,2023

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

NewYorkStockExchange

ClassBCommonStock

BRK.B

NewYorkStockExchange

1.300%SeniorNotesdue2024

BRK24

NewYorkStockExchange

0.000%SeniorNotesdue2025

BRK25

NewYorkStockExchange

1.125%SeniorNotesdue2027

BRK27

NewYorkStockExchange

2.150%SeniorNotesdue2028

BRK28

NewYorkStockExchange

1.500%SeniorNotesdue2030

BRK30

NewYorkStockExchange

2.000%SeniorNotesdue2034

BRK34

NewYorkStockExchange

1.625%SeniorNotesdue2035

BRK35

NewYorkStockExchange

2.375%SeniorNotesdue2039

BRK39

NewYorkStockExchange

0.500%SeniorNotesdue2041

BRK41

NewYorkStockExchange

2.625%SeniorNotesdue2059

BRK59

NewYorkStockExchange

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☒

NumberofsharesofcommonstockoutstandingasofOctober24,2023:

ClassA—571,726

ClassB—1,308,414,093

1

BERKSHIREHATHAWAYINC.

PartI–FinancialInformation

Item1.FinancialStatements

ConsolidatedBalanceSheets—September30,2023andDecember31,2022

ConsolidatedStatementsofEarnings—ThirdQuarterandFirstNineMonths2023and2022

ConsolidatedStatementsofComprehensiveIncome—ThirdQuarterandFirstNineMonths2023and2022

ConsolidatedStatementsofChangesinShareholders’Equity—ThirdQuarterandFirstNineMonths2023and

2022

ConsolidatedStatementsofCashFlows—FirstNineMonths2023and2022

NotestoConsolidatedFinancialStatements

Item2.

Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations

Item3.

QuantitativeandQualitativeDisclosuresAboutMarketRisk

Item4.

ControlsandProcedures

PartII–OtherInformation

Item1.

LegalProceedings

Item1A.

RiskFactors

Item2.

UnregisteredSalesofEquitySecuritiesandUseofProceedsandIssuerRepurchasesofEquitySecurities

Item3.

DefaultsUponSeniorSecurities

Item4.

MineSafetyDisclosures

Item5.

OtherInformation

Item6.

Exhibits

Signature

PageNo.

2

4

5

6

7

8

30

51

51

51

51

51

52

52

52

52

53

53

2

PartIFinancialInformation

Item1.FinancialStatements

BERKSHIREHATHAWAYINC.

andSubsidiaries

CONSOLIDATEDBALANCESHEETS

(dollarsinmillions)

September30, 2023

December31,

2022

(Unaudited)

ASSETS

InsuranceandOther:

Cashandcashequivalents*

$25,573

$32,260

Short-terminvestmentsinU.S.TreasuryBills

126,401

92,774

Investmentsinfixedmaturitysecurities

22,435

25,128

Investmentsinequitysecurities

318,621

308,793

Equitymethodinvestments

27,496

28,050

Loansandfinancereceivables

24,009

23,208

Otherreceivables

45,878

43,490

Inventories

24,755

25,366

Property,plantandequipment

21,758

21,113

Equipmentheldforlease

16,284

15,584

Goodwill

50,939

51,522

Otherintangibleassets

29,495

29,187

Deferredcharges-retroactivereinsurance

9,265

9,870

Other

19,674

19,657

762,583

726,002

Railroad,UtilitiesandEnergy:

Cashandcashequivalents*

5,267

3,551

Receivables

6,848

4,795

Property,plantandequipment

173,456

160,268

Goodwill

34,713

26,597

Regulatoryassets

5,694

5,062

Other

31,372

22,190

257,350

222,463

$1,019,933

$948,465

——————

*IncludesU.S.TreasuryBillswithmaturitiesofthreemonthsorlesswhenpurchasedof$3.6billionatSeptember30,2023and$2.6billionatDecember31,2022.

SeeaccompanyingNotestoConsolidatedFinancialStatements

3

BERKSHIREHATHAWAYINC.

andSubsidiaries

CONSOLIDATEDBALANCESHEETS

(dollarsinmillions)

September30, 2023

December31,

2022

(Unaudited)

LIABILITIESANDSHAREHOLDERS’EQUITY

InsuranceandOther:

Unpaidlossesandlossadjustmentexpenses

$109,824

$107,472

Unpaidlossesandlossadjustmentexpenses-retroactivereinsurancecontracts

33,919

35,415

Unearnedpremiums

31,914

28,657

Life,annuityandhealthinsurancebenefits

18,556

19,753

Otherpolicyholderliabilities

11,105

11,370

Accountspayable,accrualsandotherliabilities

32,259

33,201

Aircraftrepurchaseliabilitiesandunearnedleaserevenues

7,549

6,820

Notespayableandotherborrowings

40,941

46,538

286,067

289,226

Railroad,UtilitiesandEnergy:

Accountspayable,accrualsandotherliabilities

22,818

16,615

Regulatoryliabilities

6,688

7,369

Notespayableandotherborrowings

83,840

76,206

113,346

100,190

Incometaxes,principallydeferred

85,793

77,368

Totalliabilities

485,206

466,784

Redeemablenoncontrollinginterests

3,230

—

Shareholders’equity:

Commonstock

8

8

Capitalinexcessofparvalue

34,473

35,167

Accumulatedothercomprehensiveincome

(4,272)

(5,052)

Retainedearnings

569,776

511,127

Treasurystock,atcost

(74,655)

(67,826)

BerkshireHathawayshareholders’equity

525,330

473,424

Noncontrollinginterests

6,167

8,257

Totalshareholders’equity

531,497

481,681

$1,019,933

$948,465

SeeaccompanyingNotestoConsolidatedFinancialStatements

4

BERKSHIREHATHAWAYINC.

andSubsidiaries

CONSOLIDATEDSTATEMENTSOFEARNINGS

(dollarsinmillionsexceptpershareamounts)

(Unaudited)

ThirdQuarter

FirstNineMonths

2023202220232022

Revenues:

InsuranceandOther:

Insurancepremiumsearned

$21,360$

18,754$

61,717$

54,323

Salesandservicerevenues

39,456

39,597

116,970

117,679

Leasingrevenues

2,104

1,959

6,227

5,518

Interest,dividendandotherinvestmentincome

4,047

2,378

11,122

7,101

66,967

62,688

196,036

184,621

Railroad,UtilitiesandEnergy:

Freightrailtransportationrevenues5,8286,66317,63719,219

Utilityandenergyoperatingrevenues19,0336,09053,54315,843

Servicerevenuesandotherincome1,3821,4633,8904,265

26,24314,21675,07039,327Totalrevenues93,21076,904271,106223,948

Investmentandderivativecontractgains(losses)(29,778)(13,465)38,041(82,362)

Costsandexpenses:

InsuranceandOther:

Insurancelossesandlossadjustmentexpenses13,71916,00542,02942,957

Life,annuityandhealthinsurancebenefits1,1441,4283,0573,951

Insuranceunderwritingexpenses3,4962,61310,8127,594

Costofsalesandservices31,04931,29291,98992,710

Costofleasing1,4891,4184,4234,148

Selling,generalandadministrativeexpenses

Interestexpense

5,1204,06815,72712,081

311297953863

56,32857,121168,990164,304

Railroad,UtilitiesandEnergy:

Freightrailtransportationexpenses

4,038

4,581

12,213

12,766

Utilitiesandenergycostofsalesandotherexpenses18,2494,29550,25411,730

Otherexpenses

1,089

1,320

3,149

4,003

Interestexpense9497952,7742,350

24,32510,99168,39030,849

Totalcostsandexpenses

237,380

195,153

68,112

80,653

Earnings(loss)beforeincometaxesandequitymethodearnings(17,221)(4,673)71,767(53,567) Equitymethodearnings2624151,461958

Earnings(loss)beforeincometaxes(16,959)(4,258)73,228(52,609)

Incometaxexpense(benefit)(4,392)(1,560)13,839(12,374)

Netearnings(loss)(12,567)(2,698)59,389(40,235)

Earningsattributabletononcontrollinginterests200100740604

Netearnings(loss)attributabletoBerkshireHathaway

shareholders$(12,767)$(2,798)$58,649$(40,839)

Netearnings(loss)peraverageequivalentClassAshare$(8,824)$(1,907)$40,422$(27,768)

Netearnings(loss)peraverageequivalentClassBshare*$(5.88)$(1.27)$26.95$(18.51)

AverageequivalentClassAsharesoutstanding1,446,9251,466,9461,450,9341,470,714

AverageequivalentClassBsharesoutstanding2,170,387,6902,200,419,4622,176,400,5542,206,070,294

——————

*NetearningsperaverageequivalentClassBshareoutstandingareequaltoone-fifteen-hundredthoftheequivalentClassAamount.SeeNote19.

SeeaccompanyingNotestoConsolidatedFinancialStatements

5

BERKSHIREHATHAWAYINC.

andSubsidiaries

CONSOLIDATEDSTATEMENTSOFCOMPREHENSIVEINCOME

(dollarsinmillions)

(Unaudited)

FirstNineMonths

ThirdQuarter

2023202220232022

Netearnings(loss)$(12,567)$(2,698)$59,389$(40,235)

Othercomprehensiveincome:

Unrealizedgains(losses)oninvestments11(527)217(974)

Applicableincometaxes(7)113(39)208

Foreigncurrencytranslation(801)(1,727)(169)(3,792)

Applicableincometaxes(7)(38)(22)14

Long-durationinsurancecontractdiscountratechanges9201,7821,0407,594

Applicableincometaxes(204)(380)(253)(1,626)

Definedbenefitpensionplans14296670

Applicableincometaxes(1)(7)(13)(16)

Other,net2344(40)199

Othercomprehensiveincome,net(52)(711)7871,677

Comprehensiveincome(12,619)(3,409)60,176(38,558)

Comprehensiveincomeattributabletononcontrollinginterest/p>

ComprehensiveincomeattributabletoBerkshireHathawayshareholders$(12,799)$(3,455)$59,429$(39,076)

SeeaccompanyingNotestoConsolidatedFinancialStatements

6

BERKSHIREHATHAWAYINC.

andSubsidiaries

CONSOLIDATEDSTATEMENTSOFCHANGESINSHAREHOLDERS’EQUITY

(dollarsinmillions)

(Unaudited)

BerkshireHathawayshareholders’equity

Commonstock

andcapitalin

excessofpar

value

Accumulated

other

comprehensive

income

Retained

earnings

Treasurystock

Non-

controlling

interests

Total

Forthethirdquarterandfirstninemonthsof2023

BalanceatDecember31,2022aspreviouslyreported

$35,175

$(6,591)

$511,602

$(67,826)

$8,257

$480,617

AdoptionofASU2018-12

1,539

(475)

1,064

BalanceatDecember31,2022asrevised

35,175

(5,052)

511,127

(67,826)

8,257

481,681

Netearnings

—

—

35,504

—

253

35,757

Othercomprehensiveincome,net

76

6

82

Acquisitionofcommonstock

—

—

—

(4,439)

—

(4,439)

Transactionswithnoncontrollinginterestsandother

(11)

7

(4)

BalanceatMarch31,2023

$35,164

$(4,976)

$546,631

$(72,265)

$8,523

$513,077

Netearnings

—

—

35,912

—

287

36,199

Othercomprehensiveincome,net

736

21

757

Acquisitionofcommonstock

—

—

—

(1,303)

—

(1,303)

Transactionswithnoncontrollinginterestsandother

(16)

(163)

(179)

BalanceatJune30,2023

$35,148

$(4,240)

$582,543

$(73,568)

$8,668

$548,551

Netearnings(loss)

—

—

(12,767)

—

200

(12,567)

Othercomprehensiveincome,net

(32)

(20)

(52)

Acquisitionofcommonstock

—

—

—

(1,087)

—

(1,087)

Transactionswithnoncontrollinginterestsandother

(667)

(2,681)

(3,348)

BalanceatSeptember30,2023

$34,481

$(4,272)

$569,776

$(74,655)

$6,167

$531,497

Forthethirdquarterandfirstninemonthsof2022

BalanceatDecember31,2021asoriginallyreported

$35,600

$(4,027)

$534,421

$(59,795)

$8,731

$514,930

AdoptionofASU2018-12

(4,096)

(535)

(4,631)

BalanceatDecember31,2021asrevised

35,600

(8,123)

533,886

(59,795)

8,731

510,299

Netearnings

—

—

5,580

—

125

5,705

Othercomprehensiveincome,net

2,019

(3)

2,016

Acquisitionofcommonstock

—

—

—

(3,111)

—

(3,111)

Transactionswithnoncontrollinginterestsandother

(6)

(129)

(135)

BalanceatMarch31,2022

$35,594

$(6,104)

$539,466

$(62,906)

$8,724

$514,774

Netearnings(loss)

—

—

(43,621)

—

379

(43,242)

Othercomprehensiveincome,net

401

(29)

372

Acquisitionofcommonstock

—

—

—

(1,028)

—

(1,028)

Transactionswithnoncontrollinginterestsandother

(382)

(650)

(1,032)

BalanceatJune30,2022

$35,212

$(5,703)

$495,845

$(63,934)

$8,424

$469,844

Netearnings(loss)

—

—

(2,798)

—

100

(2,698)

Othercomprehensiveincome,net

(657)

(54)

(711)

Acquisitionofcommonstock

—

—

—

(1,038)

—

(1,038)

Transactionswithnoncontrollinginterestsandother

(14)

(153)

(167)

BalanceatSeptember30,2022

$35,198

$(6,360)

$493,047

$(64,972)

$8,317

$465,230

SeeaccompanyingNotestoConsolidatedFinancialStatements

7

BERKSHIREHATHAWAYINC.

andSubsidiaries

CONSOLIDATEDSTATEMENTSOFCASHFLOWS

(dollarsinmillions)

(Unaudited)

FirstNineMonths20232022

operatingactivities:

Cashflowsfrom

Netearnings(loss)$59,389$(40,235)

Adjustmentstoreconcilenetearningstooperatingcashflows:

Investment(gains)losses(38,041)82,089

Depreciationandamortization9,3578,141

Other(5,556)(4,915)

Changesinoperatingassetsandliabilities:

Unpaidlossesandlossadjustmentexpenses8484,551

Deferredcharges-retroactivereinsurance605649

Unearnedpremiums3,0913,632

Receivablesandoriginatedloans(2,861)(7,530)

Inventories275(4,998)

Otherassets(860)(634)

Otherliabilities6932,369

Incometaxes7,856(16,080)

Netcashflowsfromoperatingactivities34,79627,039

Cashflowsfrominvestingactivities:

Purchasesofequitysecurities(9,142)(66,246)

Salesofequitysecurities32,78617,343

PurchasesofU.S.TreasuryBillsandfixedmaturitysecurities(178,503)(139,359)

SalesofU.S.TreasuryBillsandfixedmaturitysecurities44,32569,998

RedemptionsandmaturitiesofU.S.TreasuryBillsandfixedmaturitysecurities106,87947,512

Acquisitionsofbusinesses,netofcashacquired(8,564)(183)

Purchasesofproperty,plantandequipmentandequipmentheldforlease(13,701)(10,907)

Other608333

Netcashflowsfrominvestingactivities(25,312)(81,509)

Cashflowsfromfinancingactivities:

Proceedsfromborrowingsofinsuranceandotherbusinesses

1,306

6,981

Repaymentsofborrowingsofinsuranceandotherbusinesses(5,657)(1,468)

Proceedsfromborrowingsofrailroad,utilitiesandenergybusinesses5,0133,185

Repaymentsofborrowingsofrailroad,utilitiesandenergybusinesses(3,913)(1,791)

Changesinshort-termborrowings,net252(531)

Acquisitionoftreasurystock(6,978)(5,246)

Other,principallytransactionswithnoncontrollinginterests(4,292)(1,441)

Netcashflowsfromfinancingactivities(14,269)(311)

Effectsofforeigncurrencyexchangeratechanges(10)(569)

Increase(decrease)incashandcashequivalentsandrestrictedcash(4,795)(55,350)

Cashandcashequivalentsandrestrictedcashatbeginningofyear*36,39988,706

Cashandcashequivalentsandrestrictedcashatendofthirdquarter*$31,604$33,356

*Cashandcashequivalentsandrestrictedcasharecomprisedof:

Beginningofyear—

$85,3192,865

522

$88,706

InsuranceandOther