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: 2018 | |||
Consolidated Statements of Earnings | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 25, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Revenues: | |||
| Sales and service revenues | $ 175,445 | ||
| Total revenues | 247,837 | 239,933 | 215,114 |
| Investment and derivative contract gains (losses): | |||
| Investment gains (losses) | (22,155) | 1,410 | 7,553 |
| Derivative contract gains (losses) | (300) | 718 | 751 |
| Investment and derivative gains/losses | (22,455) | 2,128 | 8,304 |
| Costs and expenses: | |||
| Interest expense | 3,853 | 4,386 | 3,741 |
| Total costs and expenses | 219,214 | 221,237 | 190,860 |
| Earnings before income taxes and equity method earnings (losses) | 6,168 | 20,824 | 32,558 |
| Equity method earnings (losses) | (2,167) | 3,014 | 1,109 |
| Earnings before income taxes | 4,001 | 23,838 | 33,667 |
| Income tax expense (benefit) | (321) | (21,515) | 9,240 |
| Net earnings | 4,322 | 45,353 | 24,427 |
| Earnings attributable to noncontrolling interests | 301 | 413 | 353 |
| Net earnings attributable to Berkshire Hathaway shareholders | 4,021 | 44,940 | 24,074 |
| Product and Service | |||
| Insurance and Other | |||
| Insurance premiums earned | 57,418 | 60,597 | 45,881 |
| Sales and service revenues | 133,336 | 130,343 | 123,053 |
| Leasing revenues | 5,732 | 2,452 | 2,553 |
| Interest, dividend and other investment income | 7,678 | 6,536 | 6,180 |
| Total revenues | 204,164 | 199,928 | 177,667 |
| Insurance losses and loss adjustment expenses | 39,906 | 48,891 | 30,906 |
| Life, annuity and health insurance benefits | 5,699 | 5,618 | 5,131 |
| Insurance underwriting expenses | 9,793 | 9,321 | 7,713 |
| Cost of sales and services | 106,083 | 104,343 | 97,867 |
| Cost of leasing | 4,061 | 1,455 | 1,335 |
| Selling, general and administrative expenses | 18,238 | 19,189 | 17,973 |
| Interest expense | 1,035 | 1,132 | 1,099 |
| Total costs and expenses | 184,815 | 189,949 | 162,024 |
| Railroad | |||
| Total revenues | 23,703 | 21,080 | 19,683 |
| Freight rail transportation expenses | 16,045 | 14,031 | 13,134 |
| Utilities and Energy | |||
| Sales and service revenues | 15,555 | 15,155 | 14,621 |
| Cost of sales and other expenses | 11,641 | 10,772 | 10,471 |
| Railroad, Utilities and Energy | |||
| Service revenues and other income | 4,415 | 3,770 | 3,143 |
| Total revenues | 43,673 | 40,005 | 37,447 |
| Other expenses | 3,895 | 3,231 | 2,589 |
| Interest expense | 2,818 | 3,254 | 2,642 |
| Total costs and expenses | 34,399 | 31,288 | 28,836 |
| Class of Stock | |||
| Equivalent Class A | |||
| Net earnings per average equivalent share | 2446 | 27326 | 14645 |
| Average equivalent shares outstanding | 1,643,795 | 1,644,615 | 1,643,826 |
| Equivalent Class B | |||
| Net earnings per average equivalent share | 2 [1] | 18 | 10 |
| Average equivalent shares outstanding | 2,465,692,368 | 2,466,923,163 | 2,465,739,654 |
| [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 21. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BERKSHIRE HATHAWAY INC | |||
Ticker: BRK Fiscal Year: 2018 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 25, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Net earnings | $ 4,322 | 45,353 | 24,427 |
| Other comprehensive income: | |||
| Net change in unrealized appreciation of investments | (185) | 30,450 | 13,858 |
| Applicable income taxes | 31 | (10,566) | (4,846) |
| Reclassification of investment appreciation in net earnings | (253) | (1,399) | (6,820) |
| Applicable income taxes | 53 | 490 | 2,387 |
| Foreign currency translation | (1,531) | 2,364 | (1,541) |
| Applicable income taxes | 62 | (95) | 66 |
| Prior service cost and actuarial gains/losses of defined benefit pension plans | (571) | 225 | 354 |
| Applicable income taxes | 143 | (45) | (187) |
| Other, net | (12) | (9) | (17) |
| Other comprehensive income, net | (2,263) | 21,415 | 3,254 |
| Comprehensive income | 2,059 | 66,768 | 27,681 |
| Comprehensive income attributable to noncontrolling interests | 249 | 555 | 291 |
| Comprehensive income attributable to Berkshire Hathaway shareholders | 1,810 | 66,213 | 27,390 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BERKSHIRE HATHAWAY INC | |||
Ticker: BRK Fiscal Year: 2018 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 25, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Cash flows from operating activities: | |||
| Net earnings | $ 4,322 | 45,353 | 24,427 |
| Adjustments to reconcile net earnings to operating cash flows: | |||
| Investment gains/losses | 22,155 | (1,410) | (7,553) |
| Depreciation and amortization | 9,779 | 9,188 | 8,901 |
| Other | 2,957 | 458 | (161) |
| Changes in operating assets and liabilities: | |||
| Losses and loss adjustment expenses | 3,449 | 25,027 | 4,372 |
| Deferred charges reinsurance assumed | 1,174 | (7,231) | (360) |
| Unearned premiums | 1,794 | 1,761 | 968 |
| Receivables and originated loans | (3,443) | (1,990) | (3,302) |
| Other assets | (1,832) | (1,665) | (373) |
| Other liabilities | 2,002 | 1,194 | 1,684 |
| Income taxes | (4,957) | (24,957) | 4,044 |
| Net cash flows from operating activities | 37,400 | 45,728 | 32,647 |
| Cash flows from investing activities: | |||
| Purchases of U.S. Treasury Bills and fixed maturity securities | (141,844) | (158,492) | (96,568) |
| Purchases of equity securities | (43,210) | (20,326) | (16,508) |
| Sales of U.S. Treasury Bills and fixed maturity securities | 39,693 | 49,327 | 18,757 |
| Redemptions and maturities of U.S. Treasury Bills and fixed maturity securities | 113,045 | 86,727 | 26,177 |
| Sales and redemptions of equity securities | 18,783 | 19,512 | 28,464 |
| Purchases of loans and finance receivables | (1,771) | (1,435) | (307) |
| Collections of loans and finance receivables | 342 | 1,702 | 490 |
| Acquisitions of businesses, net of cash acquired | (3,279) | (2,708) | (31,399) |
| Purchases of property, plant and equipment and equipment held for lease | (14,537) | (11,708) | (12,954) |
| Other | (71) | (3,608) | (377) |
| Net cash flows from investing activities | (32,849) | (41,009) | (84,225) |
| Cash flows from financing activities: | |||
| Changes in short term borrowings, net | (1,943) | 2,079 | 130 |
| Acquisition of treasury stock | (1,346) | ||
| Other | (343) | (121) | 112 |
| Net cash flows from financing activities | (5,812) | (1,398) | 12,791 |
| Effects of foreign currency exchange rate changes | (140) | 248 | (172) |
| Increase (decrease) in cash and cash equivalents and restricted cash | (1,401) | 3,569 | (38,959) |
| Cash and cash equivalents and restricted cash at beginning of year | 32,212 | 28,643 | |
| Cash and cash equivalents and restricted cash at end of year | 30,811 | 32,212 | 28,643 |
| Restricted cash, included in other assets at end of year | 450 | 629 | 595 |
| Product and Service | |||
| Insurance and Other | |||
| Proceeds from borrowings | 2,409 | 2,645 | 14,172 |
| Repayments of borrowings | (7,395) | (5,465) | (2,577) |
| Cash and cash equivalents at end of year | 27,749 | 28,673 | 24,109 |
| Railroad, Utilities and Energy | |||
| Proceeds from borrowings | 7,019 | 3,013 | 3,077 |
| Repayments of borrowings | (4,213) | (3,549) | (2,123) |
| Cash and cash equivalents at end of year | 2,612 [1] | 2,910 | 3,939 |
| [1] Cash and cash equivalents includes U.S. Treasury Bills with maturities of three months or less when purchased of $3.9 billion at December 31, 2018 and $5.7 billion at December 31, 2017. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
BERKSHIRE HATHAWAY INC | ||
Ticker: BRK Fiscal Year: 2018 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2018 10-K (Filed: Feb 25, 2019) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2018 | Dec 31, 2017 | |
| ASSETS | ||
| Investments in fixed maturity securities | $ 19,898 | 21,353 |
| Investments in equity securities | 172,757 [1] | 170,540 [2] |
| Loans and finance receivables | 16,280 | 13,748 |
| Inventories | 19,069 | 17,366 |
| Goodwill | 81,025 | 81,258 |
| Deferred charges under retroactive reinsurance contracts | 14,104 | 15,278 |
| Total assets | 707,794 | 702,095 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| LIABILITIES | ||
| Income taxes, principally deferred | 51,375 | 56,607 |
| Unpaid losses and loss adjustment expenses | 68,458 | 61,122 |
| Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts | 41,834 | 42,937 |
| Total liabilities | 355,294 | 350,141 |
| Shareholders' equity: | ||
| Common stock | 8 | 8 |
| Capital in excess of par value | 35,707 | 35,694 |
| Accumulated other comprehensive income | (5,015) | 58,571 |
| Retained earnings | 321,112 | 255,786 |
| Treasury stock, at cost | (3,109) | (1,763) |
| Berkshire Hathaway shareholders' equity | 348,703 | 348,296 |
| Noncontrolling interests | 3,797 | 3,658 |
| Total shareholders' equity | 352,500 | 351,954 |
| Total liabilities and shareholders' equity | 707,794 | 702,095 |
| Product and Service | ||
| Insurance and Other | ||
| Cash and cash equivalents | 27,749 | 28,673 |
| Short-term investments in U.S. Treasury Bills | 81,506 | 84,371 |
| Investments in fixed maturity securities | 19,898 | 21,353 |
| Investments in equity securities | 172,757 | 170,540 |
| Equity method investments | 17,325 | 21,024 |
| Loans and finance receivables | 16,280 | 13,748 |
| Other receivables | 31,564 | 29,392 |
| Inventories | 19,069 | 17,366 |
| Property, plant and equipment | 20,628 | 19,868 |
| Equipment held for lease | 14,298 | 10,167 |
| Goodwill | 56,323 | 56,478 |
| Other intangible assets | 31,499 | 32,518 |
| Deferred charges under retroactive reinsurance contracts | 14,104 | 15,278 |
| Other | 9,307 | 9,391 |
| Total assets | 532,307 | 530,167 |
| Unpaid losses and loss adjustment expenses | 68,458 | 61,122 |
| Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts | 41,834 | 42,937 |
| Unearned premiums | 18,093 | 16,040 |
| Life, annuity and health insurance benefits | 18,632 | 17,608 |
| Other policyholder liabilities | 7,675 | 7,654 |
| Accounts payable, accruals and other liabilities | 25,776 | 24,569 |
| Derivative contract liabilities | 2,452 | 2,172 |
| Aircraft repurchase liabilities and unearned lease revenues | 4,593 | |
| Notes payable and other borrowings | 34,975 | 40,409 |
| Total liabilities | 222,488 | 212,511 |
| Railroad, Utilities and Energy | ||
| Cash and cash equivalents | 2,612 [3] | 2,910 |
| Receivables | 3,666 | 3,531 |
| Property, plant and equipment | 131,780 | 128,184 |
| Goodwill | 24,702 | 24,780 |
| Regulatory assets | 3,067 | 2,950 |
| Other | 9,660 | 9,573 |
| Total assets | 175,487 | 171,928 |
| Accounts payable, accruals and other liabilities | 11,410 | 11,334 |
| Regulatory liabilities | 7,506 | 7,511 |
| Notes payable and other borrowings | 62,515 | 62,178 |
| Total liabilities | 81,431 | 81,023 |
| [1] Approximately 68% of the aggregate fair value was concentrated in five companies (American Express Company - $14.5 billion; Apple Inc. - $40.3 billion; Bank of America Corporation - $22.6 billion; The Coca-Cola Company - $18.9 billion and Wells Fargo & Company - $20.7 billion). | ||
| [2] 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). | ||
| [3] Cash and cash equivalents includes U.S. Treasury Bills with maturities of three months or less when purchased of $3.9 billion at December 31, 2018 and $5.7 billion at December 31, 2017. | ||
| External Links | |
| BERKSHIRE HATHAWAY INC (BRK) Fiscal Year 2018 | |
| 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 |