Berkshire Hathaway Files Q3 2024 10-Q

TL;DR

**BRK.A Q3 2024 10-Q FILED: Check financials for latest performance.**

AI Summary

Berkshire Hathaway Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its significant holdings and liabilities. Key financial data and disclosures relevant to investors are presented in this report.

Why It Matters

This filing provides crucial insights into Berkshire Hathaway's financial health and operational performance for the third quarter of 2024, impacting investor decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing (10-Q) for a large, established company, providing standard financial disclosures.

Key Numbers

• 0.0667 — USTreasuryBillSecuritiesMember Rate (Indicates a specific rate associated with Treasury Bill Securities.)

Key Players & Entities

• BERKSHIRE HATHAWAY INC (company) — Filer
• 20240930 (date) — Period of Report
• 20241104 (date) — Filing Date
• OMAHA (location) — Business Address City
• DE (location) — State of Incorporation

FAQ

Filing Documents

• brka-20240930.htm (10-Q) — 4836KB
• 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) — 126KB
• 0000950170-24-120241.txt ( ) — 21645KB
• brka-20240930.xsd (EX-101.SCH) — 2331KB
• brka-20240930_htm.xml (XML) — 5327KB

– Financial Information

Part I – Financial Information

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets—September 30, 2024 and December 31, 2023 2 Consolidated Statements of Earnings—Third Quarter and First Nine Months 2024 and 2023 4 Consolidated Statements of Comprehensive Income—Third Quarter and First Nine Months 2024 and 2023 5 Consolidated Statements of Changes in Shareholders' Equity—Third Quarter and First Nine Months 2024 and 2023 6 Consolidated Statements of Cash Flows—First Nine Months 2024 and 2023 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 4.

Controls and Procedures

Controls and Procedures 50

– Other Information

Part II – Other Information 50 Item 1.

Legal Proceedings

Legal Proceedings 50 Item 1A.

Risk Factors

Risk Factors 50 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities 51 Item 3. Defaults Upon Senior Securities 51 Item 4. Mine Safety Disclosures 51 Item 5. Other Information 51 Item 6. Exhibits 52 Signature 52 1

Financia l Information

Part I Financia l Information

Financi al Statements

Item 1. Financi al Statements BERKSHIRE HATHAWAY INC. and Subsidiaries CONSOLIDATED BA LANCE SHEETS (dollars in millions) September 30, 2024 December 31, 2023 (Unaudited) ASSETS Insurance and Other: Cash and cash equivalents* $ 32,287 $ 33,672 Short-term investments in U.S. Treasury Bills 288,031 129,619 Investments in fixed maturity securities 16,042 23,758 Investments in equity securities 271,650 353,842 Equity method investments 30,133 29,066 Loans and finance receivables 27,106 24,681 Other receivables 45,458 44,174 Inventories 23,617 24,159 Property, plant and equipment 22,300 22,030 Equipment held for lease 17,796 16,947 Goodwill 50,946 50,868 Other intangible assets 28,797 29,327 Deferred charges - retroactive reinsurance 8,885 9,495 Other 20,959 19,568 884,007 811,206 Railroad, Utilities and Energy: Cash and cash equivalents* 4,894 4,350 Receivables 6,588 7,086 Property, plant and equipment 182,176 177,616 Goodwill 33,662 33,758 Regulatory assets 5,452 5,565 Other 30,472 30,397 263,244 258,772 $ 1,147,251 $ 1,069,978 —————— * Includes U.S. Treasury Bills with maturities of three months or less when purchased of $ 3.6 billion at September 30, 2024 and $ 4.8 billion at December 31, 2023. See accompanying Notes to Consolidated Financial Statements 2 BERKSHIRE HATHAWAY INC. and Subsidiaries CON SOLIDATED BALANCE SHEETS (dollars in millions) September 30, 2024 December 31, 2023 (Unaudited) LIABILITIES AND SHAREHOLDERS' EQUITY Insurance and Other: Unpaid losses and loss adjustment expenses $ 115,836 $ 111,082 Unpaid losses and loss adjustment expenses - retroactive reinsurance contracts 33,060 34,647 Unearned premiums 32,997 30,507 Life, annuity and health insurance benefits 18,612 20,213 Other policyholder liabilities 11,107 11,545 Accounts paya

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2024 Note 1. General The accompanying unaudited Consolidated Financial Statements include the accounts of Berkshire Hathaway Inc. ("Berkshire" or "Company") consolidated with the accounts of all its subsidiaries and affiliates in which Berkshire holds controlling financial interests as of the financial statement date. In these notes, the terms "us," "we" or "our" refer to Berkshire and its consolidated subsidiaries. Reference is made to Berkshire's most recently issued Annual Report on Form 10-K ("Annual Report"), which includes information necessary or useful to understanding Berkshire's businesses and financial statement presentations. Our significant accounting policies and practices were presented as Note 1 to the Consolidated Financial Statements included in the Annual Report. Financial information in this Quarterly Report reflects all adjustments that are, in the opinion of management, necessary to a fair statement of results for the interim periods in accordance with accounting principles generally accepted in the United States ("GAAP"). For several reasons, our results for interim periods may not be indicative of results to be expected for the year. The timing and magnitude of catastrophe losses incurred by insurance subsidiaries and the estimation error inherent to the process of determining liabilities for unpaid losses of insurance subsidiaries can be more significant to results of interim periods than to results for a full year. Given the size of our equity security investment portfolio, changes in market prices and the related changes in unrealized gains and losses on equity securities will produce significant volatility in our interim and annual earnings. In addition, gains and losses from the periodic revaluation of certain assets and liabilities denominated in foreign currencies and asset impairment charges may cause significant variations in periodic net earnings. Significant estimat

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements Note 3. Significant business acquisitions and other transactions Our long-held acquisition strategy is to acquire businesses that have consistent earning power, good returns on equity and able and honest management. Financial results attributable to business acquisitions are included in our Consolidated Financial Statements beginning on their respective acquisition dates. On January 31, 2023, we acquired an additional 41.4 % interest in Pilot Travel Centers, LLC ("Pilot") for approximately $ 8.2 billion. The acquisition increased our interest to 80 %, representing a controlling interest in Pilot for financial reporting purposes as of that date. Accordingly, we began consolidating Pilot's financial statements in our Consolidated Financial Statements on February 1, 2023. Prior to that date, we accounted for our 38.6 % interest in Pilot under the equity method. Pilot operates more than 650 travel center and 75 fuel-only locations across 44 U.S. states and five Canadian provinces, primarily under the names Pilot or Flying J, as well as large wholesale fuel and fuel marketing businesses in the U.S. Pilot also sells diesel fuel at other locations in the U.S. and Canada through various arrangements with third party travel centers and operates a water disposal business in the oil fields sector. In applying the acquisition method of accounting, we remeasured our previously held 38.6 % investment in Pilot to fair value as of the acquisition date. We recognized a one-time, non-cash remeasurement gain of approximately $ 3.0 billion in the first quarter of 2023, representing the excess of the fair value of that interest over the carrying value under the equity method. In January 2024, we acquired the remaining noncontrolling interests in Pilot for $ 2.6 billion, increasing our ownership of Pilot to 100 %. The acquisition of a noncontrolling interest represents an equity transaction and we recorded an increase of $ 517 millio

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements Note 4. Investments in fixed maturity securities Investments in fixed maturity securities are summarized as follows (in millions). Amortized Cost Unrealized Gains Unrealized Losses Fair Value September 30, 2024 U.S. Treasury, U.S. government corporations and agencies $ 4,482 $ 36 $ ( 2 ) $ 4,516 Foreign governments 9,855 55 ( 6 ) 9,904 Corporate bonds 1,154 243 ( 3 ) 1,394 Other 209 21 ( 2 ) 228 $ 15,700 $ 355 $ ( 13 ) $ 16,042 December 31, 2023 U.S. Treasury, U.S. government corporations and agencies $ 10,308 $ 14 $ ( 53 ) $ 10,269 Foreign governments 11,788 58 ( 41 ) 11,805 Corporate bonds 1,212 241 ( 4 ) 1,449 Other 217 21 ( 3 ) 235 $ 23,525 $ 334 $ ( 101 ) $ 23,758 As of September 30, 2024, approximately 94 % of our foreign government holdings were rated AA or higher by at least one of the major rating agencies. The amortized cost and estimated fair value of fixed maturity securities at September 30, 2024 are summarized below by contractual maturity dates (in millions). Actual maturities may differ from contractual maturities due to prepayment rights held by issuers. Due in one year or less Due after one year through five years Due after five years through ten years Due after ten years Mortgage- backed securities Total Amortized cost $ 9,735 $ 5,128 $ 573 $ 130 $ 134 $ 15,700 Fair value 9,801 5,163 784 145 149 16,042 Note 5. Investments in equity securities Investments in equity securities are summarized as follows (in millions). Cost Basis Net Unrealized Gains Fair Value September 30, 2024* Banks, insurance and finance $ 21,165 $ 71,383 $ 92,548 Consumer products 11,341 90,651 101,992 Commercial, industrial and other

View Full Filing

View this 10-Q filing on SEC EDGAR