Condensed Financial Information

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information

BERKSHIRE HATHAWAY INC. (Parent Company)

Condensed Financial Information

(Dollars in millions)

Schedule I

Balance Sheets

	December 31,
	2023		2022
Assets:
Cash and cash equivalents	$	5,566	$	2,777
Short-term investments in U.S. Treasury Bills		16,140		17,628
Investments in and advances to consolidated subsidiaries		546,566		463,094
Investment in The Kraft Heinz Company		13,230		12,937
Other assets		16		12
	$	581,518	$	496,448
Liabilities and Shareholders’ Equity:
Accounts payable, accrued interest and other liabilities	$	235	$	355
Income taxes, principally deferred		1,229		1,276
Notes payable and other borrowings		18,781		21,393
		20,245		23,024
Berkshire Hathaway shareholders’ equity		561,273		473,424
	$	581,518	$	496,448

Statements of Earnings and Comprehensive Income

	Year ended December 31,
	2023			2022			2021
Income items:
From consolidated subsidiaries:
Dividends and distributions	$	9,717		$	15,724		$	13,462
Undistributed earnings (losses)		85,550			(39,579	)		74,961
		95,267			(23,855	)		88,423
Investment gains (losses)		(7	)		(34	)		35
Equity in earnings of The Kraft Heinz Company		758			628			269
Other income		906			413			73
		96,924			(22,848	)		88,800
Cost and expense items:
General and administrative		244			131			136
Interest expense		636			513			444
Foreign exchange gains on non-U.S. Dollar denominated debt		(371	)		(1,401	)		(1,281	)
Income tax expense (benefit)		192			668			(436	)
		701			(89	)		(1,137	)
Net earnings (loss) attributable to Berkshire Hathaway shareholders		96,223			(22,759	)		89,937
Other comprehensive income attributable to Berkshire Hathaway shareholders		1,289			3,071			1,871
Comprehensive income attributable to Berkshire Hathaway shareholders	$	97,512		$	(19,688	)	$	91,808

See Note to Condensed Financial Information

BERKSHIRE HATHAWAY INC. (Parent Company)

Condensed Financial Information

(Dollars in millions)

Schedule I (continued)

Statements of Cash Flows

	Year ended December 31,
	2023			2022			2021
Cash flows from operating activities:
Net earnings (loss) attributable to Berkshire Hathaway shareholders	$	96,223		$	(22,759	)	$	89,937
Adjustments to reconcile net earnings (loss) to operating cash flows:
Investment (gains) losses		7			34			(35	)
Undistributed (earnings) losses of consolidated subsidiaries		(85,550	)		39,579			(74,961	)
Non-cash dividends from subsidiaries		(1,811	)		(7,220	)		(2,126	)
Income taxes payable		(44	)		661			(389	)
Other		(1,214	)		(1,833	)		(1,038	)
Net cash flows from operating activities		7,611			8,462			11,388
Cash flows from investing activities:
Investments in and advances to consolidated subsidiaries, net		2,649			(11,852	)		(174	)
Purchases of U.S. Treasury Bills		(27,278	)		(44,187	)		(34,988	)
Sales and maturities of U.S. Treasury Bills		31,234			37,915			57,296
Other		—			128			—
Net cash flows from investing activities		6,605			(17,996	)		22,134
Cash flows from financing activities:
Proceeds from borrowings		2,054			1,970			2,174
Repayments of borrowings		(4,310	)		(602	)		(2,167	)
Acquisition of treasury stock		(9,171	)		(7,854	)		(27,061	)
Net cash flows from financing activities		(11,427	)		(6,486	)		(27,054	)
Increase (decrease) in cash and cash equivalents		2,789			(16,020	)		6,468
Cash and cash equivalents at the beginning of the year		2,777			18,797			12,329
Cash and cash equivalents at the end of the year	$	5,566		$	2,777		$	18,797
Other cash flow information:
Income taxes paid	$	5,630		$	2,259		$	3,403
Interest paid		297			332			377

Note to Condensed Financial Information

Certain 2022 and 2021 amounts were revised for the adoption of Accounting Standards Update 2018-12 “Targeted Improvements to the Accounting for Long-Duration Contracts.” See Note 1(w) to the Consolidated Financial Statements.

As of December 31, 2023, Berkshire owned 26.7% of the outstanding shares of The Kraft Heinz Company (“Kraft Heinz”) common stock, which is accounted for pursuant to the equity method. See Note 5 to the Consolidated Financial Statements. On October 19, 2022, Berkshire acquired all of the outstanding common stock of Alleghany Corporation for $11.5 billion. See Note 2 to the Consolidated Financial Statements.

During 2023, the Parent Company repaid approximately $4.3 billion of maturing senior notes and issued ¥286.4 billion (approximately $2.05 billion) of senior notes with a weighted average interest rate of 1.15% and maturities ranging from 2026 to 2058. As of December 31, 2023, the Parent Company’s non-U.S. Dollar denominated borrowings included €5.6 billion and ¥1,259 billion par value senior notes. The gains and losses from the periodic remeasurement of these non-U.S. Dollar denominated notes due to changes in foreign currency exchange rates are included in earnings.

Parent Company debt maturities over the next five years are as follows: 2024—$1.9 billion; 2025—$2.0 billion; 2026—$4.4 billion; 2027—$2.0 billion and 2028—$1.4 billion. The Parent Company guarantees certain debt of subsidiaries, which aggregated approximately $20.9 billion at December 31, 2023 and primarily consisted of debt issued by Berkshire Hathaway Finance Corporation. Such guarantees are an absolute, unconditional and irrevocable guarantee for the full and prompt payment when due of all present and future payment obligations. The Parent Company has also provided guarantees in connection with certain retroactive reinsurance contracts issued by subsidiaries. The amounts of subsidiary payments under these contracts, if any, are contingent upon the outcome of future events.