10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BERKSHIRE HATHAWAY INC | |||
Ticker: BRK Fiscal Year: 2017 | |||
Consolidated Statements of Earnings | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 26, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Revenues: | |||
| Sales and service revenues | $ 132,900 | 125,700 | 112,400 |
| Investment gains/losses | 1,410 | 7,553 | 9,373 |
| Total revenues | 242,137 | 223,604 | 210,943 |
| Costs and expenses: | |||
| Interest expense | 5,394 | 3,497 | 3,515 |
| Total costs and expenses | 221,237 | 190,860 | 175,875 |
| Earnings before income taxes and equity in earnings of The Kraft Heinz Company | 20,900 | 32,744 | 35,068 |
| Equity in earnings (loss) of The Kraft Heinz Company | 2,938 | 923 | (122) |
| Earnings before income taxes | 23,838 | 33,667 | 34,946 |
| Income tax expense (benefit) | (21,515) | 9,240 | 10,532 |
| Net earnings | 45,353 | 24,427 | 24,414 |
| Earnings attributable to noncontrolling interests | 413 | 353 | 331 |
| Net earnings attributable to Berkshire Hathaway shareholders | 44,940 | 24,074 | 24,083 |
| Net earnings per share attributable to Berkshire Hathaway shareholders: | |||
| Products and Services | |||
| Insurance and Other | |||
| Insurance premiums earned | 60,597 | 45,881 | 41,294 |
| Sales and service revenues | 125,963 | 119,489 | 107,001 |
| Interest, dividend and other investment income | 5,144 | 4,725 | 5,357 |
| Investment gains/losses | 1,202 | 5,128 | 9,363 |
| Total revenues | 192,906 | 175,223 | 163,015 |
| Insurance losses and loss adjustment expenses | 48,891 | 30,906 | 26,527 |
| Life, annuity and health insurance benefits | 5,618 | 5,131 | 5,413 |
| Insurance underwriting expenses | 9,321 | 7,713 | 7,517 |
| Cost of sales and services | 101,748 | 95,754 | 87,029 |
| Selling, general and administrative expenses | 16,241 | 16,478 | 13,723 |
| Interest expense | 1,740 | 445 | 460 |
| Total costs and expenses | 183,559 | 156,427 | 140,669 |
| Railroad, Utilities and Energy | |||
| Total revenues | 39,943 | 37,542 | 40,004 |
| Cost of sales and operating expenses | 28,034 | 26,194 | 27,650 |
| Interest expense | 3,254 | 2,642 | 2,653 |
| Total costs and expenses | 31,288 | 28,836 | 30,303 |
| Finance and Financial Products | |||
| Sales and service revenues | 6,924 | 6,208 | 5,430 |
| Interest, dividend and other investment income | 1,438 | 1,455 | 1,510 |
| Investment gains/losses | 208 | 2,425 | 10 |
| Derivative contract gains/losses | 718 | 751 | 974 |
| Total revenues | 9,288 | 10,839 | 7,924 |
| Cost of sales and services | 4,050 | 3,448 | 2,915 |
| Selling, general and administrative expenses | 1,940 | 1,739 | 1,586 |
| Interest expense | 400 | 410 | 402 |
| Total costs and expenses | 6,390 | 5,597 | 4,903 |
| Class of Stock | |||
| Equivalent Class A | |||
| Net earnings per share attributable to Berkshire Hathaway shareholders | 27326 | 14645 | 14656 |
| Average equivalent shares outstanding | 1,644,615 | 1,643,826 | 1,643,183 |
| Equivalent Class B | |||
| Net earnings per share attributable to Berkshire Hathaway shareholders | 18 [1] | 10 | 10 |
| Average equivalent shares outstanding | 2,466,923,163 | 2,465,739,654 | 2,464,773,947 |
| [1] Net earnings per average equivalent Class B share outstanding are one-fifteen-hundredth of the equivalent Class A amount. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BERKSHIRE HATHAWAY INC | |||
Ticker: BRK Fiscal Year: 2017 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 26, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Net earnings | $ 45,353 | 24,427 | 24,414 |
| Other comprehensive income: | |||
| Net change in unrealized appreciation of investments | 30,450 | 13,858 | (8,520) |
| Applicable income taxes | (10,566) | (4,846) | 3,014 |
| Reclassification of investment appreciation in net earnings | (1,399) | (6,820) | (2,332) |
| Applicable income taxes | 490 | 2,387 | 816 |
| Foreign currency translation | 2,364 | (1,541) | (1,931) |
| Applicable income taxes | (95) | 66 | (43) |
| Prior service cost and actuarial gains/losses of defined benefit pension plans | 225 | 354 | 424 |
| Applicable income taxes | (45) | (187) | (140) |
| Other, net | (9) | (17) | (94) |
| Other comprehensive income, net | 21,415 | 3,254 | (8,806) |
| Comprehensive income | 66,768 | 27,681 | 15,608 |
| Comprehensive income attributable to noncontrolling interests | 555 | 291 | 275 |
| Comprehensive income attributable to Berkshire Hathaway shareholders | 66,213 | 27,390 | 15,333 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BERKSHIRE HATHAWAY INC | |||
Ticker: BRK Fiscal Year: 2017 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 26, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Cash flows from operating activities: | |||
| Net earnings | $ 45,353 | 24,427 | 24,414 |
| Adjustments to reconcile net earnings to operating cash flows: | |||
| Investment gains/losses | (1,410) | (7,553) | (9,373) |
| Depreciation and amortization | 9,188 | 8,901 | 7,779 |
| Other | 458 | (161) | 751 |
| Changes in operating assets and liabilities: | |||
| Losses and loss adjustment expenses | 25,027 | 4,372 | 2,262 |
| Deferred charges reinsurance assumed | (7,231) | (360) | 84 |
| Unearned premiums | 1,761 | 968 | 1,392 |
| Receivables and originated loans | (1,990) | (3,302) | (1,650) |
| Derivative contract assets and liabilities | (775) | (946) | (974) |
| Income taxes | (24,957) | 4,044 | 5,718 |
| Other | 352 | 2,145 | 1,088 |
| Net cash flows from operating activities | 45,776 | 32,535 | 31,491 |
| Cash flows from investing activities: | |||
| Purchases of U.S. Treasury Bills and fixed maturity securities | (158,492) | (96,568) | (17,891) |
| Purchases of equity securities | (20,326) | (16,508) | (10,220) |
| Purchase of Kraft Heinz common stock | (5,258) | ||
| Sales of U.S. Treasury Bills and fixed maturity securities | 49,327 | 18,757 | 2,471 |
| Redemptions and maturities of U.S. Treasury Bills and fixed maturity securities | 86,727 | 26,177 | 14,656 |
| Sales and redemptions of equity securities | 19,512 | 28,464 | 8,747 |
| Purchases of loans and finance receivables | (1,435) | (307) | (179) |
| Collections of loans and finance receivables | 1,702 | 490 | 492 |
| Acquisitions of businesses, net of cash acquired | (2,708) | (31,399) | (4,902) |
| Purchases of property, plant and equipment | (11,708) | (12,954) | (16,082) |
| Other | (3,690) | (419) | 165 |
| Net cash flows from investing activities | (41,091) | (84,267) | (28,001) |
| Cash flows from financing activities: | |||
| Changes in short term borrowings, net | 2,079 | 130 | (378) |
| Other | (121) | 112 | (233) |
| Net cash flows from financing activities | (1,398) | 12,791 | 3,803 |
| Effects of foreign currency exchange rate changes | 248 | (172) | (165) |
| Increase (decrease) in cash and cash equivalents | 3,535 | (39,113) | 7,128 |
| Cash and cash equivalents: | |||
| Cash and cash equivalents at beginning of year | 28,048 | 67,161 | |
| Cash and cash equivalents at end of year | 31,583 | 28,048 | 67,161 |
| Products and Services | |||
| Insurance and Other | |||
| Investment gains/losses | (1,202) | (5,128) | (9,363) |
| Proceeds from borrowings | 1,342 | 9,431 | 3,358 |
| Repayments of borrowings | (1,856) | (1,264) | (1,916) |
| Cash and cash equivalents at beginning of year | 25,460 | 56,612 | 56,612 |
| Cash and cash equivalents at end of year | 25,460 | 56,612 | 56,612 |
| Railroad, Utilities and Energy | |||
| Proceeds from borrowings | 3,013 | 3,077 | 5,479 |
| Repayments of borrowings | (3,549) | (2,123) | (1,725) |
| Cash and cash equivalents at beginning of year | 2,910 | 3,437 | 3,437 |
| Cash and cash equivalents at end of year | 2,910 | 3,437 | 3,437 |
| Finance and Financial Products | |||
| Investment gains/losses | (208) | (2,425) | (10) |
| Proceeds from borrowings | 1,303 | 4,741 | 1,045 |
| Repayments of borrowings | (3,609) | (1,313) | (1,827) |
| Cash and cash equivalents at beginning of year | 3,213 | 7,112 | 7,112 |
| Cash and cash equivalents at end of year | 3,213 | 7,112 | 7,112 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
BERKSHIRE HATHAWAY INC | ||
Ticker: BRK Fiscal Year: 2017 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2017 10-K (Filed: Feb 26, 2018) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2017 | Dec 31, 2016 | |
| ASSETS | ||
| Cash and cash equivalents | $ 31,583 | 28,048 |
| Short-term investments in U.S. Treasury Bills | 84,400 | |
| Investments in fixed maturity securities | 21,353 | 23,432 |
| Investments in equity securities | 170,540 [1] | 139,288 [2] |
| Inventories | 16,187 | 15,727 |
| Goodwill | 81,258 | 79,486 |
| Deferred charges under retroactive reinsurance contracts | 15,278 | 8,047 |
| Total assets | 702,095 | 620,854 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| LIABILITIES | ||
| Income taxes, principally deferred | 56,607 | 77,442 |
| Unpaid losses and loss adjustment expenses | 61,122 | 53,379 |
| Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts | 42,937 | 24,972 |
| Total liabilities | 350,141 | 335,426 |
| Shareholders' equity: | ||
| Common stock | 8 | 8 |
| Capital in excess of par value | 35,694 | 35,681 |
| Accumulated other comprehensive income | 58,571 | 37,298 |
| Retained earnings | 255,786 | 210,846 |
| Treasury stock, at cost | (1,763) | (1,763) |
| Berkshire Hathaway shareholders' equity | 348,296 | 282,070 |
| Noncontrolling interests | 3,658 | 3,358 |
| Total shareholders' equity | 351,954 | 285,428 |
| Total liabilities and shareholders' equity | 702,095 | 620,854 |
| Products and Services | ||
| Insurance and Other | ||
| Cash and cash equivalents | 25,460 | 23,581 |
| Short-term investments in U.S. Treasury Bills | 78,515 | 47,338 |
| Investments in fixed maturity securities | 21,353 | 23,432 |
| Investments in equity securities | 164,026 | 134,835 |
| Investments in The Kraft Heinz Company (Fair Value: 2017 - $25,306; 2016 - $28,418) | 17,635 | 15,345 |
| Receivables | 28,578 | 27,097 |
| Inventories | 16,187 | 15,727 |
| Property, plant and equipment | 20,104 | 19,325 |
| Goodwill | 54,985 | 53,994 |
| Other intangible assets | 32,518 | 33,481 |
| Deferred charges under retroactive reinsurance contracts | 15,278 | 8,047 |
| Other | 11,158 | 7,126 |
| Total assets | 485,797 | 409,328 |
| Unpaid losses and loss adjustment expenses | 61,122 | 53,379 |
| Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts | 42,937 | 24,972 |
| Unearned premiums | 16,040 | 14,245 |
| Life, annuity and health insurance benefits | 17,608 | 15,977 |
| Other policyholder liabilities | 7,654 | 6,714 |
| Accounts payable, accruals and other liabilities | 23,099 | 22,164 |
| Notes payable and other borrowings | 27,324 | 27,175 |
| Total liabilities | 195,784 | 164,626 |
| Railroad, Utilities and Energy | ||
| Cash and cash equivalents | 2,910 | 3,939 |
| Property, plant and equipment | 128,184 | 123,759 |
| Goodwill | 24,780 | 24,111 |
| Regulatory assets | 2,950 | 4,457 |
| Other | 15,589 | 13,550 |
| Total assets | 174,413 | 169,816 |
| Accounts payable, accruals and other liabilities | 11,334 | 11,434 |
| Regulatory liabilities | 7,511 | 3,121 |
| Notes payable and other borrowings | 62,178 | 59,085 |
| Total liabilities | 81,023 | 73,640 |
| Finance and Financial Products | ||
| Cash and cash equivalents | 3,213 | 528 |
| Short-term investments in U.S. Treasury Bills | 5,856 | 10,984 |
| Loans and finance receivables | 13,748 | 13,300 |
| Property, plant and equipment and assets held for lease | 9,931 | 9,689 |
| Goodwill | 1,493 | 1,381 |
| Other | 7,644 | 5,828 |
| Total assets | 41,885 | 41,710 |
| Accounts payable, accruals and other liabilities | 1,470 | 1,444 |
| Derivative contract liabilities | 2,172 | 2,890 |
| Notes payable and other borrowings | 13,085 | 15,384 |
| Total liabilities | 16,727 | 19,718 |
| [2] Approximately 60% of the aggregate fair value was concentrated in five companies (American Express Company - $11.2 billion; Bank of America Corporation - $14.5 billion; The Coca-Cola Company - $16.6 billion; International Business Machines Corporation - $13.5 billion and Wells Fargo & Company - $27.6 billion). | ||
| [1] Approximately 65% of the aggregate fair value was concentrated in five companies (American Express Company - $15.1 billion; Apple Inc. - $28.2 billion; Bank of America Corporation - $20.7 billion; The Coca-Cola Company - $18.4 billion and Wells Fargo & Company - $29.3 billion). | ||
| External Links | |
| BERKSHIRE HATHAWAY INC (BRK) Fiscal Year 2017 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |