Berkshire Hathaway Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Berkshire Hathaway Inc. has filed its 2023 10-K annual report detailing its financial performance and operations.</b>

AI Summary

BERKSHIRE HATHAWAY INC (BRK-A) filed a Annual Report (10-K) with the SEC on February 26, 2024. Berkshire Hathaway Inc. filed its 10-K annual report for the fiscal year ending December 31, 2023. The company's primary SIC code is FIRE, MARINE & CASUALTY INSURANCE [6331]. The filing was made on February 26, 2024. The report covers the period from January 1, 2023, to December 31, 2023. Berkshire Hathaway Inc. is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking BERKSHIRE HATHAWAY INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Berkshire Hathaway's financial health, investment portfolio, and operational segments for the fiscal year 2023. Investors and analysts can use this report to assess the company's performance, identify key risks, and understand its strategic direction in the insurance and diverse conglomerate sectors.

Risk Assessment

Risk Level: medium — BERKSHIRE HATHAWAY INC shows moderate risk based on this filing. The company operates in highly regulated industries, including insurance, which can lead to significant financial and legal risks due to changes in regulations or compliance failures.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Berkshire Hathaway's performance and potential future challenges.

Key Numbers

• 20231231 — Fiscal Year End (Fiscal year end date)
• 001-14905 — SEC File Number (SEC File Number)
• 470813844 — IRS Number (IRS Number)
• 170 — Public Document Count (Number of public documents in the filing)

Key Players & Entities

• BERKSHIRE HATHAWAY INC (company) — Filer name
• 0000950170-24-019719 (other) — Accession Number
• 20231231 (date) — Conformed Period of Report
• 20240226 (date) — Filed as of Date
• 0001067983 (company) — Central Index Key
• FIRE, MARINE & CASUALTY INSURANCE [6331] (other) — Standard Industrial Classification
• DE (other) — State of Incorporation
• 1934 Act (regulator) — SEC Act

FAQ

Risk Factors

• Regulatory Environment [high — regulatory]: Changes in laws and regulations applicable to Berkshire Hathaway's diverse businesses could adversely affect its operations and financial results.
• Investment Portfolio Performance [high — financial]: The value and performance of Berkshire Hathaway's substantial investment portfolio are subject to market fluctuations and economic conditions, impacting overall financial results.
• Insurance Underwriting and Claims [medium — operational]: The insurance businesses are subject to the risk of significant losses from catastrophic events or an accumulation of smaller claims, impacting profitability.
• Economic Conditions [medium — market]: Deterioration in general economic conditions could negatively impact the performance of Berkshire Hathaway's various operating businesses and its investment portfolio.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-26: Filing Date — Date Berkshire Hathaway Inc. filed its 10-K report.

Key Financial Figures

• $5 — February 12, 2024—Class A common stock, $5 par value 566,618 shares February 1
• $0.0033 — February 12, 2024—Class B common stock, $0.0033 par value 1,310,805,008 shares DOCU
• $303 billion — s U.S.-based insurers was approximately $303 billion at December 31, 2023. Berkshire's major
• $200 million — urring during the calendar year exceeds $200 million. To be eligible for reinsurance under
• $2.5 billion — urance group is expected to approximate $2.5 billion in 2024. There is also an aggregate pro
• $100 billion — e is also an aggregate program limit of $100 billion on the amount of the federal reinsuranc

Filing Documents

• brka-20231231.htm (10-K) — 8609KB
• brka-ex21.htm (EX-21) — 264KB
• brka-ex23.htm (EX-23) — 4KB
• brka-ex31_1.htm (EX-31.1) — 13KB
• brka-ex31_2.htm (EX-31.2) — 13KB
• brka-ex32_1.htm (EX-32.1) — 6KB
• brka-ex32_2.htm (EX-32.2) — 6KB
• brka-ex95.htm (EX-95) — 178KB
• brka-ex97.htm (EX-97) — 8KB
• img68427269_0.jpg (GRAPHIC) — 267KB
• 0000950170-24-019719.txt (&nbsp;) — 41037KB
• brka-20231231.xsd (EX-101.SCH) — 3525KB
• brka-20231231_htm.xml (XML) — 11493KB

Risk Factors

Risk Factors K- 25 Item 1B. Unresolved Staff Comments K- 28 Item 1C. Cybersecurity K- 28 Item 2. Description of Properties K- 29 Item 3.

Legal Proceedings

Legal Proceedings K- 32 Item 4. Mine Safety Disclosures K- 32 Part II Item 5. Market for Registrant's Common Equity, Related Security Holder Matters and Issuer Purchases of Equity Securities K- 32 Item 6. [Reserved] K- 34 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations K- 35 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk K- 66 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data K- 67 Consolidated Balance Sheets— December 31, 2023 and December 31, 2022 K- 70 Consolidated Statements of Earnings— Years Ended December 31, 2023, December 31, 2022, and December 31, 2021 K- 72 Consolidated Statements of Comprehensive Income— Years Ended December 31, 2023, December 31, 2022, and December 31, 2021 K- 73 Consolidated Statements of Changes in Shareholders' Equity— Years Ended December 31, 2023, December 31, 2022, and December 31, 2021 K- 73 Consolidated Statements of Cash Flows— Years Ended December 31, 2023, December 31, 2022, and December 31, 2021 K- 74

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements K- 75 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure K- 118 Item 9A.

Controls and Procedures

Controls and Procedures K- 118 Item 9B. Other Information K- 118 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection K- 118 Part III Item 10. Directors, Executive Officers and Corporate Governance K- 118 Item 11.

Executive Compensation

Executive Compensation K- 118 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters K- 118 Item 13. Certain Relationships and Related Transactions and Director Independence K- 118 Item 14. Principal Accountant Fees and Services K- 118 Part IV Item 15. Exhibits and Financial Statement Schedules K- 118 Exhibit Index K- 122

Signatures

Signatures K- 124 Par t I

Busines s Description

Item 1. Busines s Description Berkshire Hathaway Inc. ("Berkshire," "Company" or "Registrant") is a holding company owning subsidiaries engaged in numerous diverse business activities. The most important of these are insurance businesses conducted on both a primary basis and a reinsurance basis, a freight rail transportation business and a group of utility and energy generation and distribution businesses. Berkshire also owns and operates numerous other businesses engaged in a variety of manufacturing, services, retailing and other activities. Berkshire is domiciled in the state of Delaware, and its corporate headquarters is in Omaha, Nebraska. Berkshire's operating businesses are managed on an unusually decentralized basis. There are few centralized or integrated business functions. Berkshire's senior management team participates in and is ultimately responsible for significant capital allocation decisions, investment activities and the selection of the Chief Executive to head each of the operating businesses. Berkshire's senior management is also responsible for establishing and monitoring Berkshire's corporate governance practices, including monitoring governance efforts, including those at the operating businesses, and participating in the resolution of governance-related issues as needed. Berkshire's Board of Directors is responsible for assuring an appropriate successor to the Chief Executive Officer. The Berkshire Code of Business Conduct and Ethics emphasizes, among other things, the commitment to ethics and compliance with government laws and regulations and provides basic standards for ethical and legal behavior of its employees. Human capital and resources are an integral and essential component of Berkshire's businesses. Berkshire and its subsidiary business units employed approximately 396,500 people worldwide at the end of 2023, of which approximately 80% were in the United States ("U.S.") and 20% were represented by unions. Employees engage in

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View this 10-K filing on SEC EDGAR