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BERKSHIRE HATHAWAY INC

Ticker: BRK   Fiscal Year: 2020

Consolidated Statements of Earnings

Period Ending Dec 31, 2020 10-K (Filed: Mar 1, 2021)

(In Millions, except shares in actual)
 12 Months Ended12 Months Ended12 Months Ended
 Dec 31, 2020Dec 31, 2019Dec 31, 2018
Revenues:
Sales and service revenues
$
166,733
176,512175,445
Leasing revenues5,2095,856
Total revenues245,510254,616247,837
 
Investment and derivative contract gains/losses:40,74672,607(22,455)
Costs and expenses:
Interest expense4,0833,9613,853
Total costs and expenses231,289225,703219,214
 
Earnings before income taxes and equity method earnings (losses)54,967101,5206,168
 
Equity method earnings (losses)7261,176(2,167)
Earnings before income taxes55,693102,6964,001
 
Income tax expense (benefit)12,44020,904(321)
Net earnings43,25381,7924,322
 
Earnings attributable to noncontrolling interests732375301
Net earnings attributable to Berkshire Hathaway shareholders42,52181,4174,021
 
Product and Service
Insurance and Other
Insurance premiums earned63,40161,07857,418
Sales and service revenues127,044134,989133,336
Leasing revenues5,2095,8565,732
Interest, dividend and other investment income8,0929,2407,678
Total revenues203,746211,163204,164
 
Insurance losses and loss adjustment expenses43,95144,45639,906
Life, annuity and health insurance benefits5,8124,9865,699
Insurance underwriting expenses12,79811,2009,793
Cost of sales and services101,091107,041106,083
Cost of leasing3,5204,0034,061
Selling, general and administrative expenses19,80919,22617,856
Goodwill and intangible asset impairments10,67196382
Interest expense1,1051,0561,035
Total costs and expenses198,757192,064184,815
 
Freight Rail Transportation
Total revenues20,75023,35723,703
 
Expenses13,12015,43616,045
Utilities and Energy
Sales and service revenues15,54015,35315,555
Cost of sales and other expenses11,63811,29611,641
Railroad, Utilities and Energy
Service revenues and other income5,4744,7434,415
Total revenues41,76443,45343,673
 
Other expenses4,7964,0023,895
Interest expense2,9782,9052,818
Total costs and expenses32,53233,63934,399
 
Class of Stock
Equivalent Class A
Net earnings per average equivalent share26668498282446
Average equivalent shares outstanding1,594,4691,633,9461,643,795
Equivalent Class B
Net earnings per average equivalent share18332 [1]
Average equivalent shares outstanding2,391,703,4542,450,919,0202,465,692,368
[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.
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BERKSHIRE HATHAWAY INC

Ticker: BRK   Fiscal Year: 2020

Consolidated Statements of Comprehensive Income

Period Ending Dec 31, 2020 10-K (Filed: Mar 1, 2021)

(In Millions, except shares in actual)
 12 Months Ended12 Months Ended12 Months Ended
 Dec 31, 2020Dec 31, 2019Dec 31, 2018
Net earnings
$
43,253
81,7924,322
Other comprehensive income:
Unrealized appreciation of investments74142(438)
Applicable income taxes(19)(31)84
Foreign currency translation1,284323(1,531)
Applicable income taxes3(28)62
Defined benefit pension plans(355)(711)(571)
Applicable income taxes74155143
Other, net(42)(48)(12)
Other comprehensive income, net1,019(198)(2,263)
 
Comprehensive income44,27281,5942,059
 
Comprehensive income attributable to noncontrolling interests751405249
Comprehensive income attributable to Berkshire Hathaway shareholders43,52181,1891,810
 
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BERKSHIRE HATHAWAY INC

Ticker: BRK   Fiscal Year: 2020

Consolidated Statements of Cash Flows

Period Ending Dec 31, 2020 10-K (Filed: Mar 1, 2021)

(In Millions, except shares in actual)
 12 Months Ended12 Months Ended12 Months Ended
 Dec 31, 2020Dec 31, 2019Dec 31, 2018
Cash flows from operating activities:
Net earnings
$
43,253
81,7924,322
Adjustments to reconcile net earnings to operating cash flows:
Investment (gains) losses(40,905)(71,123)22,155
Depreciation and amortization10,59610,0649,779
Other, including asset impairment charges11,263(1,254)2,957
Changes in operating assets and liabilities:
Losses and loss adjustment expenses4,8196,0873,449
Deferred charges reinsurance assumed1,3073571,174
Unearned premiums1,5871,7071,794
Receivables and originated loans(1,609)(2,303)(3,443)
Other assets(1,109)(2,011)(1,832)
Other liabilities3,3761902,002
Income taxes7,19515,181(4,957)
Net cash flows from operating activities39,77338,68737,400
 
Cash flows from investing activities:
Purchases of equity securities(30,161)(18,642)(43,210)
Sales of equity securities38,75614,33618,783
Purchases of U.S. Treasury Bills and fixed maturity securities(208,429)(136,123)(141,844)
Sales of U.S. Treasury Bills and fixed maturity securities31,87315,92939,693
Redemptions and maturities of U.S. Treasury Bills and fixed maturity securities149,709137,767113,045
Purchases of loans and finance receivables(772)(75)(1,771)
Collections of loans and finance receivables393345342
Acquisitions of businesses, net of cash acquired(2,532)(1,683)(3,279)
Purchases of property, plant and equipment and equipment held for lease(13,012)(15,979)(14,537)
Other(3,582)(1,496)(71)
Net cash flows from investing activities(37,757)(5,621)(32,849)
 
Cash flows from financing activities:
Changes in short term borrowings, net(1,118)266(1,943)
Acquisition of treasury stock(24,706)(4,850)(1,346)
Other(429)(497)(343)
Net cash flows from financing activities(18,344)730(5,812)
 
Effects of foreign currency exchange rate changes9225(140)
Increase (decrease) in cash and cash equivalents and restricted cash(16,236)33,821(1,401)
 
Cash and cash equivalents and restricted cash at beginning of year64,63230,811
Cash and cash equivalents and restricted cash at end of year48,39664,63230,811
 
Restricted cash, included in other assets at end of year406457450
Restricted Cash and Cash Equivalents, Asset, Statement of Financial Position [Extensible List]us-gaap:OtherAssetsus-gaap:OtherAssetsus-gaap:OtherAssets
Product and Service
Insurance and Other
Proceeds from borrowings5,9258,1442,409
Repayments of borrowings(2,700)(5,095)(7,395)
Cash and cash equivalents at end of year44,71461,15127,749
Railroad, Utilities and Energy
Proceeds from borrowings8,4455,4007,019
Repayments of borrowings(3,761)(2,638)(4,213)
Cash and cash equivalents at end of year3,2763,0242,612
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BERKSHIRE HATHAWAY INC

Ticker: BRK   Fiscal Year: 2020

Consolidated Balance Sheets

Period Ending Dec 31, 2020 10-K (Filed: Mar 1, 2021)

(In Millions, except shares in actual)
 As ofAs of
 Dec 31, 2020Dec 31, 2019
ASSETS
Investments in fixed maturity securities
$
20,410
18,685
Investments in equity securities281,170 [1]248,027 [2]
Loans and finance receivables19,20117,527
Inventories19,20819,852
Equipment held for lease14,60115,065
Goodwill73,734 [3]81,882
Deferred charges under retroactive reinsurance contracts12,44113,747
Total assets873,729817,729
 
LIABILITIES AND SHAREHOLDERS EQUITY
LIABILITIES
Unpaid losses and loss adjustment expenses79,85473,019
Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts40,96642,441
Income taxes, principally deferred74,09866,799
Total liabilities422,393389,166
 
Shareholders equity:
Common stock88
Capital in excess of par value35,62635,658
Accumulated other comprehensive income(4,243)(5,243)
Retained earnings444,626402,493
Treasury stock, at cost(32,853)(8,125)
Berkshire Hathaway shareholders equity443,164424,791
 
Noncontrolling interests8,1723,772
Total shareholders equity451,336428,563
 
Total liabilities and shareholders' equity873,729817,729
 
Product and Service
Insurance and Other
Cash and cash equivalents44,71461,151
Short-term investments in U.S. Treasury Bills90,30063,822
Investments in fixed maturity securities20,41018,685
Investments in equity securities281,170248,027
Equity method investments17,30317,505
Loans and finance receivables19,20117,527
Other receivables32,31032,418
Inventories19,20819,852
Property, plant and equipment21,20021,438
Equipment held for lease14,60115,065
Goodwill47,12157,052
Other intangible assets29,46231,051
Deferred charges under retroactive reinsurance contracts12,44113,747
Other14,58013,232
Total assets664,021630,572
 
Unpaid losses and loss adjustment expenses79,85473,019
Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts40,96642,441
Unearned premiums21,39519,782
Life, annuity and health insurance benefits21,61620,155
Other policyholder liabilities8,6707,723
Accounts payable, accruals and other liabilities29,27927,611
Derivative contract liabilities1,065968
Aircraft repurchase liabilities and unearned lease revenues5,8565,281
Notes payable and other borrowings41,52237,590
Total liabilities250,223234,570
 
Railroad, Utilities and Energy
Cash and cash equivalents3,2763,024
Receivables3,5423,417
Property, plant and equipment151,216137,838
Goodwill26,61324,830
Regulatory assets3,4402,881
Other21,62115,167
Total assets209,708187,157
 
Accounts payable, accruals and other liabilities15,22414,708
Regulatory liabilities7,4757,311
Notes payable and other borrowings75,37365,778
Total liabilities98,07287,797
 
[1] Approximately 68% of the aggregate fair value was concentrated in four companies (American Express Company $18.3 billion; Apple Inc. $120.4 billion; Bank of America Corporation $31.3 billion and The Coca-Cola Company $21.9 billion).
[2] Approximately 60% of the aggregate fair value was concentrated in four companies (American Express Company $18.9 billion; Apple Inc. $73.7 billion; Bank of America Corporation $33.4 billion and The Coca-Cola Company $22.1 billion).
[3] Net of accumulated goodwill impairments of $11.0 billion as of December 31, 2020 and $1.1 billion as of December 31, 2019.
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BERKSHIRE HATHAWAY INC (BRK) Fiscal Year 2020
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