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Berkshire Hathaway-B | 10-K: Annual report

SEC announcement ·  Feb 26 06:15
Summary by Moomoo AI
Berkshire Hathaway Inc. reported a significant increase in net earnings attributable to shareholders for the year ended December 31, 2023, reaching $96.2 billion compared to a loss of $22.8 billion in the previous year. This increase was largely due to after-tax investment gains of approximately $58.9 billion. The company's insurance underwriting business saw after-tax earnings of $5.4 billion, a notable improvement from a negligible loss in 2022, driven by lower losses from significant catastrophe events and improved underwriting results at GEICO. Berkshire Hathaway's railroad, utilities, and energy businesses generated revenues of $101.4 billion, with BNSF contributing $23.8 billion in freight rail transportation revenues. BHE's after-tax earnings, however, declined by 40.3% to $2.3 billion due to increased wildfire loss estimates. The acquisition of an additional 41.4% interest...Show More
Berkshire Hathaway Inc. reported a significant increase in net earnings attributable to shareholders for the year ended December 31, 2023, reaching $96.2 billion compared to a loss of $22.8 billion in the previous year. This increase was largely due to after-tax investment gains of approximately $58.9 billion. The company's insurance underwriting business saw after-tax earnings of $5.4 billion, a notable improvement from a negligible loss in 2022, driven by lower losses from significant catastrophe events and improved underwriting results at GEICO. Berkshire Hathaway's railroad, utilities, and energy businesses generated revenues of $101.4 billion, with BNSF contributing $23.8 billion in freight rail transportation revenues. BHE's after-tax earnings, however, declined by 40.3% to $2.3 billion due to increased wildfire loss estimates. The acquisition of an additional 41.4% interest in Pilot Travel Centers LLC (PTC) for approximately $8.2 billion increased Berkshire's stake to 80%, leading to the consolidation of PTC's financial statements from February 1, 2023. PTC's revenues and net earnings attributable to Berkshire shareholders for the eleven months ending December 31, 2023, were $51.7 billion and $603 million, respectively. Manufacturing, service, and retailing segments collectively earned $12.8 billion, a slight increase from the previous year. The company's common stock repurchase program continued with $9.2 billion paid to repurchase shares. Berkshire maintained significant liquidity with cash, cash equivalents, and U.S. Treasury Bills totaling $163.3 billion, including $133.4 billion in U.S. Treasury Bills. Total borrowings stood at $128.3 billion, with the majority held by Berkshire, BHFC, BNSF, BHE, PTC, and their subsidiaries. Capital expenditures for property, plant, and equipment, and equipment held for lease were $19.4 billion, with BNSF and BHE accounting for $13.1 billion. The company's consolidated balance sheet reflects strong liquidity and a robust capital base, with shareholders' equity at $561.3 billion, an increase of $87.8 billion from the previous year.

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