x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended June 30, 2012
|
|
OR
|
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from to
|
Delaware
|
47-0813844
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer Identification Number)
|
Large accelerated filer x
|
Accelerated filer ¨
|
Non-accelerated filer ¨
|
Smaller reporting company ¨
|
Page No.
|
||
2
|
||
3
|
||
4
|
||
4
|
||
5
|
||
6-20
|
||
21-36
|
||
37
|
||
37
|
||
37
|
||
37
|
||
37
|
||
37
|
||
37
|
||
38
|
||
38
|
||
38
|
June 30,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
(Unaudited)
|
||||||||
ASSETS | ||||||||
Insurance and Other:
|
||||||||
Cash and cash equivalents
|
$ | 36,812 | $ | 33,513 | ||||
Investments:
|
||||||||
Fixed maturity securities
|
30,512 | 31,222 | ||||||
Equity securities
|
85,270 | 76,063 | ||||||
Other
|
14,297 | 13,111 | ||||||
Receivables
|
21,192 | 19,012 | ||||||
Inventories
|
9,525 | 8,975 | ||||||
Property, plant and equipment
|
18,388 | 18,177 | ||||||
Goodwill
|
32,037 | 32,125 | ||||||
Other
|
17,799 | 18,121 | ||||||
265,832 | 250,319 | |||||||
Railroad, Utilities and Energy:
|
||||||||
Cash and cash equivalents
|
2,598 | 2,246 | ||||||
Property, plant and equipment
|
84,443 | 82,214 | ||||||
Goodwill
|
20,076 | 20,056 | ||||||
Other
|
13,329 | 12,861 | ||||||
120,446 | 117,377 | |||||||
Finance and Financial Products:
|
||||||||
Cash and cash equivalents
|
1,251 | 1,540 | ||||||
Investments in fixed maturity securities
|
923 | 966 | ||||||
Other investments
|
4,388 | 3,810 | ||||||
Loans and finance receivables
|
13,664 | 13,934 | ||||||
Goodwill
|
1,032 | 1,032 | ||||||
Other
|
3,820 | 3,669 | ||||||
25,078 | 24,951 | |||||||
$ | 411,356 | $ | 392,647 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Insurance and Other:
|
||||||||
Losses and loss adjustment expenses
|
$ | 63,049 | $ | 63,819 | ||||
Unearned premiums
|
10,603 | 8,910 | ||||||
Life, annuity and health insurance benefits
|
10,158 | 9,924 | ||||||
Accounts payable, accruals and other liabilities
|
17,750 | 18,466 | ||||||
Notes payable and other borrowings
|
13,531 | 13,768 | ||||||
115,091 | 114,887 | |||||||
Railroad, Utilities and Energy:
|
||||||||
Accounts payable, accruals and other liabilities
|
12,877 | 13,016 | ||||||
Notes payable and other borrowings
|
34,148 | 32,580 | ||||||
47,025 | 45,596 | |||||||
Finance and Financial Products:
|
||||||||
Accounts payable, accruals and other liabilities
|
1,214 | 1,224 | ||||||
Derivative contract liabilities
|
10,137 | 10,139 | ||||||
Notes payable and other borrowings
|
13,453 | 14,036 | ||||||
24,804 | 25,399 | |||||||
Income taxes, principally deferred
|
42,721 | 37,804 | ||||||
Total liabilities
|
229,641 | 223,686 | ||||||
Shareholders’ equity:
|
||||||||
Common stock
|
8 | 8 | ||||||
Capital in excess of par value
|
37,856 | 37,807 | ||||||
Accumulated other comprehensive income
|
23,781 | 17,654 | ||||||
Retained earnings
|
115,801 | 109,448 | ||||||
Treasury stock, at cost
|
(67 | ) | (67 | ) | ||||
Berkshire Hathaway shareholders’ equity
|
177,379 | 164,850 | ||||||
Noncontrolling interests
|
4,336 | 4,111 | ||||||
Total shareholders’ equity
|
181,715 | 168,961 | ||||||
$ | 411,356 | $ | 392,647 |
Second Quarter
|
First Six Months
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Revenues:
|
||||||||||||||||
Insurance and Other:
|
||||||||||||||||
Insurance premiums earned
|
$ | 8,428 | $ | 8,949 | $ | 16,493 | $ | 16,431 | ||||||||
Sales and service revenues
|
20,814 | 18,336 | 40,078 | 35,108 | ||||||||||||
Interest, dividend and other investment income
|
1,420 | 1,426 | 2,487 | 2,703 | ||||||||||||
Investment gains/losses
|
102 | 1,128 | 332 | 1,214 | ||||||||||||
Other-than-temporary impairment losses on investments
|
— | — | (337 | ) | (506 | ) | ||||||||||
30,764 | 29,839 | 59,053 | 54,950 | |||||||||||||
Railroad, Utilities and Energy:
|
||||||||||||||||
Operating revenues
|
7,769 | 7,436 | 15,618 | 14,813 | ||||||||||||
Other
|
41 | 32 | 88 | 68 | ||||||||||||
7,810 | 7,468 | 15,706 | 14,881 | |||||||||||||
Finance and Financial Products:
|
||||||||||||||||
Interest, dividend and other investment income
|
372 | 359 | 747 | 757 | ||||||||||||
Investment gains/losses
|
23 | 161 | 24 | 174 | ||||||||||||
Derivative gains/losses
|
(1,068 | ) | (184 | ) | (66 | ) | 87 | |||||||||
Other
|
645 | 631 | 1,229 | 1,145 | ||||||||||||
(28 | ) | 967 | 1,934 | 2,163 | ||||||||||||
38,546 | 38,274 | 76,693 | 71,994 | |||||||||||||
Costs and expenses:
|
||||||||||||||||
Insurance and Other:
|
||||||||||||||||
Insurance losses and loss adjustment expenses
|
4,586 | 6,262 | 9,357 | 12,280 | ||||||||||||
Life, annuity and health insurance benefits
|
1,351 | 976 | 2,443 | 1,991 | ||||||||||||
Insurance underwriting expenses
|
1,534 | 1,720 | 3,651 | 3,445 | ||||||||||||
Cost of sales and services
|
16,821 | 14,955 | 32,417 | 28,814 | ||||||||||||
Selling, general and administrative expenses
|
2,476 | 2,122 | 4,904 | 4,157 | ||||||||||||
Interest expense
|
106 | 70 | 209 | 137 | ||||||||||||
26,874 | 26,105 | 52,981 | 50,824 | |||||||||||||
Railroad, Utilities and Energy:
|
||||||||||||||||
Cost of sales and operating expenses
|
5,767 | 5,651 | 11,637 | 11,223 | ||||||||||||
Interest expense
|
439 | 427 | 867 | 852 | ||||||||||||
6,206 | 6,078 | 12,504 | 12,075 | |||||||||||||
Finance and Financial Products:
|
||||||||||||||||
Interest expense
|
151 | 165 | 311 | 331 | ||||||||||||
Other
|
700 | 661 | 1,351 | 1,265 | ||||||||||||
851 | 826 | 1,662 | 1,596 | |||||||||||||
33,931 | 33,009 | 67,147 | 64,495 | |||||||||||||
Earnings before income taxes
|
4,615 | 5,265 | 9,546 | 7,499 | ||||||||||||
Income tax expense
|
1,384 | 1,725 | 2,949 | 2,354 | ||||||||||||
Net earnings
|
3,231 | 3,540 | 6,597 | 5,145 | ||||||||||||
Less: Earnings attributable to noncontrolling interests
|
123 | 123 | 244 | 217 | ||||||||||||
Net earnings attributable to Berkshire Hathaway
|
$ | 3,108 | $ | 3,417 | $ | 6,353 | $ | 4,928 | ||||||||
Average common shares outstanding *
|
1,651,511 | 1,649,052 | 1,651,228 | 1,648,732 | ||||||||||||
Net earnings per share attributable to Berkshire Hathaway shareholders *
|
$ | 1,882 | $ | 2,072 | $ | 3,847 | $ | 2,989 |
*
|
Average shares outstanding include average Class A common shares and average Class B common shares determined on an equivalent Class A common stock basis. Net earnings per common share attributable to Berkshire Hathaway shown above represents net earnings per equivalent Class A common share. Net earnings per Class B common share is equal to one-fifteen-hundredth (1/1,500) of such amount.
|
Second Quarter
|
First Six Months
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Comprehensive income attributable to Berkshire Hathaway:
|
||||||||||||||||
Net earnings
|
$ | 3,108 | $ | 3,417 | $ | 6,353 | $ | 4,928 | ||||||||
Other comprehensive income:
|
||||||||||||||||
Net change in unrealized appreciation of investments
|
(1,788 | ) | (54 | ) | 9,854 | 598 | ||||||||||
Applicable income taxes
|
584 | 40 | (3,467 | ) | (177 | ) | ||||||||||
Reclassification of investment appreciation in earnings
|
(107 | ) | (1,353 | ) | 25 | (920 | ) | |||||||||
Applicable income taxes
|
37 | 474 | (9 | ) | 322 | |||||||||||
Foreign currency translation
|
(537 | ) | 205 | (318 | ) | 644 | ||||||||||
Applicable income taxes
|
6 | (22 | ) | 7 | (35 | ) | ||||||||||
Prior service cost and actuarial gains/losses of defined benefit plans
|
37 | 15 | 49 | 11 | ||||||||||||
Applicable income taxes
|
(10 | ) | (4 | ) | (16 | ) | (4 | ) | ||||||||
Other, net
|
42 | (39 | ) | 2 | 8 | |||||||||||
Other comprehensive income, net
|
(1,736 | ) | (738 | ) | 6,127 | 447 | ||||||||||
Comprehensive income attributable to Berkshire Hathaway
|
$ | 1,372 | $ | 2,679 | $ | 12,480 | $ | 5,375 | ||||||||
Comprehensive income of noncontrolling interests
|
$ | 82 | $ | 138 | $ | 223 | $ | 237 |
Berkshire Hathaway shareholders’ equity
|
||||||||||||||||||||||||
Common stock
and capital in
excess of par
value
|
Accumulated
other
comprehensive
income
|
Retained
earnings
|
Treasury
stock
|
Total
|
Non-
controlling
interests
|
|||||||||||||||||||
Balance at December 31, 2010
|
$ | 37,541 | $ | 20,583 | $ | 99,194 | $ | — | $ | 157,318 | $ | 5,616 | ||||||||||||
Net earnings
|
— | — | 4,928 | — | 4,928 | 217 | ||||||||||||||||||
Other comprehensive income, net
|
— | 447 | — | — | 447 | 20 | ||||||||||||||||||
Issuance of common stock and other transactions
|
377 | — | — | — | 377 | — | ||||||||||||||||||
Changes in noncontrolling interests:
|
||||||||||||||||||||||||
Interests acquired and other transactions
|
(139 | ) | 76 | — | — | (63 | ) | (2,076 | ) | |||||||||||||||
Balance at June 30, 2011
|
$ | 37,779 | $ | 21,106 | $ | 104,122 | $ | — | $ | 163,007 | $ | 3,777 | ||||||||||||
Balance at December 31, 2011
|
$ | 37,815 | $ | 17,654 | $ | 109,448 | $ | (67 | ) | $ | 164,850 | $ | 4,111 | |||||||||||
Net earnings
|
— | — | 6,353 | — | 6,353 | 244 | ||||||||||||||||||
Other comprehensive income, net
|
— | 6,127 | — | — | 6,127 | (21 | ) | |||||||||||||||||
Issuance of common stock and other transactions
|
51 | — | — | — | 51 | — | ||||||||||||||||||
Changes in noncontrolling interests:
|
||||||||||||||||||||||||
Interests acquired and other transactions
|
(2 | ) | — | — | — | (2 | ) | 2 | ||||||||||||||||
Balance at June 30, 2012
|
$ | 37,864 | $ | 23,781 | $ | 115,801 | $ | (67 | ) | $ | 177,379 | $ | 4,336 |
First Six Months
|
||||||||
2012
|
2011
|
|||||||
Cash flows from operating activities:
|
||||||||
Net earnings
|
$ | 6,597 | $ | 5,145 | ||||
Adjustments to reconcile net earnings to operating cash flows:
|
||||||||
Investment (gains) losses and other-than-temporary impairment losses
|
(19 | ) | (882 | ) | ||||
Depreciation
|
2,518 | 2,276 | ||||||
Other
|
428 | 149 | ||||||
Changes in operating assets and liabilities before business acquisitions:
|
||||||||
Losses and loss adjustment expenses
|
(539 | ) | 4,332 | |||||
Deferred charges reinsurance assumed
|
176 | (645 | ) | |||||
Unearned premiums
|
1,722 | 1,580 | ||||||
Receivables and originated loans
|
(1,565 | ) | (1,981 | ) | ||||
Derivative contract assets and liabilities
|
36 | (294 | ) | |||||
Income taxes
|
647 | 599 | ||||||
Other assets
|
(973 | ) | (1,607 | ) | ||||
Other liabilities
|
481 | 1,311 | ||||||
Net cash flows from operating activities
|
9,509 | 9,983 | ||||||
Cash flows from investing activities:
|
||||||||
Purchases of fixed maturity securities
|
(4,605 | ) | (4,227 | ) | ||||
Purchases of equity securities
|
(5,277 | ) | (4,453 | ) | ||||
Sales of fixed maturity securities
|
1,403 | 1,355 | ||||||
Redemptions and maturities of fixed maturity securities
|
3,268 | 3,518 | ||||||
Sales of equity securities
|
3,828 | 209 | ||||||
Redemptions of other investments
|
— | 9,345 | ||||||
Purchases of loans and finance receivables
|
(471 | ) | (1,511 | ) | ||||
Principal collections on loans and finance receivables
|
425 | 2,494 | ||||||
Acquisitions of businesses, net of cash acquired
|
(469 | ) | (172 | ) | ||||
Purchases of property, plant and equipment
|
(4,579 | ) | (3,444 | ) | ||||
Other
|
(336 | ) | 79 | |||||
Net cash flows from investing activities
|
(6,813 | ) | 3,193 | |||||
Cash flows from financing activities:
|
||||||||
Proceeds from borrowings of insurance and other businesses
|
1,761 | 51 | ||||||
Proceeds from borrowings of railroad, utilities and energy businesses
|
2,849 | 1,540 | ||||||
Proceeds from borrowings of finance businesses
|
1,586 | 1,527 | ||||||
Repayments of borrowings of insurance and other businesses
|
(1,915 | ) | (2,237 | ) | ||||
Repayments of borrowings of railroad, utilities and energy businesses
|
(524 | ) | (618 | ) | ||||
Repayments of borrowings of finance businesses
|
(2,167 | ) | (1,676 | ) | ||||
Change in short term borrowings, net
|
(912 | ) | (524 | ) | ||||
Acquisitions of noncontrolling interests and other
|
(19 | ) | (1,769 | ) | ||||
Net cash flows from financing activities
|
659 | (3,706 | ) | |||||
Effects of foreign currency exchange rate changes
|
7 | 194 | ||||||
Increase in cash and cash equivalents
|
3,362 | 9,664 | ||||||
Cash and cash equivalents at beginning of year *
|
37,299 | 38,227 | ||||||
Cash and cash equivalents at end of first six months *
|
$ | 40,661 | $ | 47,891 | ||||
* Cash and cash equivalents are comprised of the following:
|
||||||||
Beginning of year—
|
||||||||
Insurance and Other
|
$ | 33,513 | $ | 34,767 | ||||
Railroad, Utilities and Energy
|
2,246 | 2,557 | ||||||
Finance and Financial Products
|
1,540 | 903 | ||||||
$ | 37,299 | $ | 38,227 | |||||
End of first six months—
|
||||||||
Insurance and Other
|
$ | 36,812 | $ | 43,193 | ||||
Railroad, Utilities and Energy
|
2,598 | 2,804 | ||||||
Finance and Financial Products
|
1,251 | 1,894 | ||||||
$ | 40,661 | $ | 47,891 |
Amortized
Cost
|
Unrealized
Gains
|
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
June 30, 2012
|
||||||||||||||||
U.S. Treasury, U.S. government corporations and agencies
|
$ | 2,594 | $ | 36 | $ | — | $ | 2,630 | ||||||||
States, municipalities and political subdivisions
|
2,716 | 194 | — | 2,910 | ||||||||||||
Foreign governments
|
10,917 | 303 | (84 | ) | 11,136 | |||||||||||
Corporate bonds
|
10,234 | 1,836 | (16 | ) | 12,054 | |||||||||||
Mortgage-backed securities
|
2,373 | 343 | (11 | ) | 2,705 | |||||||||||
$ | 28,834 | $ | 2,712 | $ | (111 | ) | $ | 31,435 | ||||||||
December 31, 2011
|
||||||||||||||||
U.S. Treasury, U.S. government corporations and agencies
|
$ | 2,894 | $ | 41 | $ | — | $ | 2,935 | ||||||||
States, municipalities and political subdivisions
|
2,862 | 208 | — | 3,070 | ||||||||||||
Foreign governments
|
10,608 | 283 | (48 | ) | 10,843 | |||||||||||
Corporate bonds
|
11,120 | 1,483 | (155 | ) | 12,448 | |||||||||||
Mortgage-backed securities
|
2,564 | 343 | (15 | ) | 2,892 | |||||||||||
$ | 30,048 | $ | 2,358 | $ | (218 | ) | $ | 32,188 |
June 30,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
Insurance and other
|
$ | 30,512 | $ | 31,222 | ||||
Finance and financial products
|
923 | 966 | ||||||
$ | 31,435 | $ | 32,188 |
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
|
$ | 5,960 | $ | 13,617 | $ | 4,472 | $ | 2,412 | $ | 2,373 | $ | 28,834 | ||||||||||||
Fair value
|
5,955 | 14,656 | 5,171 | 2,948 | 2,705 | 31,435 |
Cost Basis
|
Unrealized
Gains
|
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
June 30, 2012
|
||||||||||||||||
Banks, insurance and finance
|
$ | 17,661 | $ | 13,665 | $ | (230 | ) | $ | 31,096 | |||||||
Consumer products
|
9,843 | 15,549 | (2 | ) | 25,390 | |||||||||||
Commercial, industrial and other
|
23,690 | 6,496 | (456 | ) | 29,730 | |||||||||||
$ | 51,194 | $ | 35,710 | $ | (688 | ) | $ | 86,216 | ||||||||
December 31, 2011
|
||||||||||||||||
Banks, insurance and finance
|
$ | 16,697 | $ | 9,480 | $ | (1,269 | ) | $ | 24,908 | |||||||
Consumer products
|
12,390 | 14,320 | — | 26,710 | ||||||||||||
Commercial, industrial and other
|
20,523 | 4,973 | (123 | ) | 25,373 | |||||||||||
$ | 49,610 | $ | 28,773 | $ | (1,392 | ) | $ | 76,991 |
June 30,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
Insurance and other
|
$ | 85,270 | $ | 76,063 | ||||
Railroad, utilities and energy *
|
424 | 488 | ||||||
Finance and financial products *
|
522 | 440 | ||||||
$ | 86,216 | $ | 76,991 |
*
|
Included in other assets.
|
Cost
|
Net
Unrealized
Gains
|
Fair
Value
|
Carrying
Value
|
|||||||||||||
June 30, 2012
|
||||||||||||||||
Other fixed maturity and equity securities:
|
||||||||||||||||
Insurance and other
|
$ | 13,045 | $ | 2,171 | $ | 15,216 | $ | 14,297 | ||||||||
Finance and financial products
|
3,198 | 1,200 | 4,398 | 4,388 | ||||||||||||
$ | 16,243 | $ | 3,371 | $ | 19,614 | $ | 18,685 | |||||||||
December 31, 2011
|
||||||||||||||||
Other fixed maturity and equity securities:
|
||||||||||||||||
Insurance and other
|
$ | 13,051 | $ | 1,055 | $ | 14,106 | $ | 13,111 | ||||||||
Finance and financial products
|
3,198 | 623 | 3,821 | 3,810 | ||||||||||||
$ | 16,249 | $ | 1,678 | $ | 17,927 | $ | 16,921 |
Second Quarter
|
First Six Months
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Fixed maturity securities —
|
||||||||||||||||
Gross gains from sales and other disposals
|
$ | 58 | $ | 94 | $ | 91 | $ | 176 | ||||||||
Gross losses from sales and other disposals
|
(329 | ) | (4 | ) | (345 | ) | (4 | ) | ||||||||
Equity securities —
|
||||||||||||||||
Gross gains from sales and other disposals
|
385 | 1,267 | 573 | 1,268 | ||||||||||||
Gross losses from sales and other disposals
|
(7 | ) | (4 | ) | (7 | ) | (14 | ) | ||||||||
Other
|
18 | (64 | ) | 44 | (38 | ) | ||||||||||
$ | 125 | $ | 1,289 | $ | 356 | $ | 1,388 |
Second Quarter
|
First Six Months
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Insurance and other
|
$ | 102 | $ | 1,128 | $ | 332 | $ | 1,214 | ||||||||
Finance and financial products
|
23 | 161 | 24 | 174 | ||||||||||||
$ | 125 | $ | 1,289 | $ | 356 | $ | 1,388 |
Second Quarter
|
First Six Months
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Equity securities
|
$ | — | $ | — | $ | — | $ | 506 | ||||||||
Fixed maturity securities
|
— | — | 337 | — | ||||||||||||
$ | — | $ | — | $ | 337 | $ | 506 |
June 30,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
Insurance premiums receivable
|
$ | 7,750 | $ | 6,663 | ||||
Reinsurance recoverable on unpaid losses
|
2,894 | 2,953 | ||||||
Trade and other receivables
|
10,917 | 9,772 | ||||||
Allowances for uncollectible accounts
|
(369 | ) | (376 | ) | ||||
$ | 21,192 | $ | 19,012 |
June 30,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
Consumer installment loans and finance receivables
|
$ | 13,159 | $ | 13,463 | ||||
Commercial loans and finance receivables
|
885 | 860 | ||||||
Allowances for uncollectible loans
|
(380 | ) | (389 | ) | ||||
$ | 13,664 | $ | 13,934 |
June 30,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
Raw materials
|
$ | 1,713 | $ | 1,598 | ||||
Work in process and other
|
902 | 897 | ||||||
Finished manufactured goods
|
3,229 | 3,114 | ||||||
Goods acquired for resale
|
3,681 | 3,366 | ||||||
$ | 9,525 | $ | 8,975 |
June 30, | December 31, | |||||||
2012
|
2011
|
|||||||
Balance at beginning of year
|
$ | 53,213 | $ | 49,006 | ||||
Acquisitions of businesses
|
115 | 4,179 | ||||||
Other, including foreign currency translation
|
(183 | ) | 28 | |||||
Balance at end of period
|
$ | 53,145 | $ | 53,213 |
June 30, 2012
|
December 31, 2011
|
|||||||||||||||
Gross carrying
amount
|
Accumulated
amortization
|
Gross carrying
amount
|
Accumulated
amortization
|
|||||||||||||
Insurance and other
|
$ | 11,124 | $ | 2,639 | $ | 11,016 | $ | 2,319 | ||||||||
Railroad, utilities and energy
|
2,097 | 783 | 2,088 | 623 | ||||||||||||
$ | 13,221 | $ | 3,422 | $ | 13,104 | $ | 2,942 | |||||||||
Trademarks and trade names
|
$ | 2,672 | $ | 250 | $ | 2,655 | $ | 219 | ||||||||
Patents and technology
|
4,943 | 1,777 | 4,900 | 1,496 | ||||||||||||
Customer relationships
|
4,124 | 991 | 4,060 | 840 | ||||||||||||
Other
|
1,482 | 404 | 1,489 | 387 | ||||||||||||
$ | 13,221 | $ | 3,422 | $ | 13,104 | $ | 2,942 |
Ranges of
estimated useful life
|
June 30,
2012
|
December 31,
2011
|
|||||||||
Land
|
— | $ | 964 | $ | 940 | ||||||
Buildings and improvements
|
3 – 40 years
|
5,494 | 5,429 | ||||||||
Machinery and equipment
|
3 – 25 years
|
13,811 | 13,589 | ||||||||
Furniture, fixtures and other
|
2 – 20 years
|
2,645 | 2,397 | ||||||||
Assets held for lease
|
12 – 30 years
|
6,362 | 5,997 | ||||||||
29,276 | 28,352 | ||||||||||
Accumulated depreciation
|
(10,888 | ) | (10,175 | ) | |||||||
$ | 18,388 | $ | 18,177 |
Ranges of
estimated useful life
|
June 30,
2012
|
December 31,
2011
|
|||||||||
Railroad:
|
|||||||||||
Land
|
— | $ | 5,926 | $ | 5,925 | ||||||
Track structure and other roadway
|
5 – 100 years
|
37,453 | 36,760 | ||||||||
Locomotives, freight cars and other equipment
|
5 – 37 years
|
6,038 | 5,533 | ||||||||
Construction in progress
|
— | 965 | 885 | ||||||||
Utilities and energy:
|
|||||||||||
Utility generation, distribution and transmission system
|
5 – 80 years
|
41,083 | 40,180 | ||||||||
Interstate pipeline assets
|
3 – 80 years
|
6,278 | 6,245 | ||||||||
Independent power plants and other assets
|
3 – 30 years
|
1,115 | 1,106 | ||||||||
Construction in progress
|
— | 2,265 | 1,559 | ||||||||
101,123 | 98,193 | ||||||||||
Accumulated depreciation
|
(16,680 | ) | (15,979 | ) | |||||||
$ | 84,443 | $ | 82,214 |
June 30, 2012
|
December 31, 2011
|
|||||||||||||||||||||||
Assets (3)
|
Liabilities
|
Notional
Value
|
Assets (3)
|
Liabilities
|
Notional
Value
|
|||||||||||||||||||
Equity index put options
|
$ | — | $ | 8,983 | $ | 33,463 | (1) | $ | — | $ | 8,499 | $ | 34,014 | (1) | ||||||||||
Credit default contracts:
|
||||||||||||||||||||||||
High yield indexes
|
— | 15 | 3,258 | (2) | — | 198 | 4,568 | (2) | ||||||||||||||||
States/municipalities
|
— | 953 | 16,042 | (2) | — | 1,297 | 16,042 | (2) | ||||||||||||||||
Individual corporate
|
60 | 19 | 3,565 | (2) | 55 | 32 | 3,565 | (2) | ||||||||||||||||
Other
|
220 | 206 | 268 | 156 | ||||||||||||||||||||
Counterparty netting
|
(61 | ) | (39 | ) | (67 | ) | (43 | ) | ||||||||||||||||
$ | 219 | $ | 10,137 | $ | 256 | $ | 10,139 |
(1)
|
Represents the aggregate undiscounted amount payable at the contract expiration dates assuming that the value of each index is zero at the contract expiration date.
|
(2)
|
Represents the maximum undiscounted future value of losses payable under the contracts. The number of losses required to exhaust contract limits under substantially all of the contracts is dependent on the loss recovery rate related to the specific obligor at the time of a default.
|
(3)
|
Included in other assets of finance and financial products businesses.
|
Second Quarter
|
First Six Months
|
|||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Equity index put options
|
$ | (1,173 | ) | $ | (271 | ) | $ | (484 | ) | $ | (48 | ) | ||||
Credit default obligations
|
171 | 142 | 511 | 212 | ||||||||||||
Other
|
(66 | ) | (55 | ) | (93 | ) | (77 | ) | ||||||||
$ | (1,068 | ) | $ | (184 | ) | $ | (66 | ) | $ | 87 |
First Six Months
|
||||||||
2012
|
2011
|
|||||||
Cash paid during the period for:
|
||||||||
Income taxes
|
$ | 1,378 | $ | 802 | ||||
Interest:
|
||||||||
Interest of insurance and other businesses
|
167 | 102 | ||||||
Interest of railroad, utilities and energy businesses
|
890 | 904 | ||||||
Interest of finance and financial products businesses
|
317 | 340 | ||||||
Non-cash investing and financing activities:
|
||||||||
Liabilities assumed in connection with business acquisitions
|
99 | 31 | ||||||
Common stock issued in connection with acquisition of noncontrolling interests in Wesco Financial Corporation
|
— | 245 |
Weighted
Average
Interest Rate
|
June 30,
2012
|
December 31,
2011
|
|||||||||
Insurance and other:
|
|||||||||||
Issued by Berkshire parent company due 2013-2047
|
2.3% | $ | 8,323 | $ | 8,287 | ||||||
Short-term subsidiary borrowings
|
0.3% | 1,392 | 1,490 | ||||||||
Other subsidiary borrowings due 2012-2035
|
6.0% | 3,816 | 3,991 | ||||||||
$ | 13,531 | $ | 13,768 |
Weighted
Average
Interest Rate
|
June 30,
2012
|
December 31,
2011
|
|||||||||
Railroad, utilities and energy:
|
|||||||||||
Issued by MidAmerican Energy Holdings Company (“MidAmerican”) and its subsidiaries:
|
|||||||||||
MidAmerican senior unsecured debt due 2012-2037
|
6.1% | $ | 5,363 | $ | 5,363 | ||||||
Subsidiary and other debt due 2012-2042
|
5.3% | 15,057 | 14,552 | ||||||||
Issued by BNSF due 2012-2097
|
5.7% | 13,728 | 12,665 | ||||||||
$ | 34,148 | $ | 32,580 |
Weighted
Average
Interest Rate
|
June 30,
2012
|
December 31,
2011
|
|||||||||
Finance and financial products:
|
|||||||||||
Issued by Berkshire Hathaway Finance Corporation (“BHFC”) due 2012-2040
|
4.3% | $ | 11,165 | $ | 11,531 | ||||||
Issued by other subsidiaries due 2012-2036
|
4.8% | 2,288 | 2,505 | ||||||||
$ | 13,453 | $ | 14,036 |
Carrying
Value
|
Fair Value
|
Quoted
Prices
(Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
Significant
Unobservable Inputs
(Level 3)
|
||||||||||||||||
June 30, 2012 - Assets and liabilities carried at fair value:
|
||||||||||||||||||||
Investments in fixed maturity securities:
|
||||||||||||||||||||
U.S. Treasury, U.S. government corporations and agencies
|
$ | 2,630 | $ | 2,630 | $ | 1,140 | $ | 1,488 | $ | 2 | ||||||||||
States, municipalities and political subdivisions
|
2,910 | 2,910 | — | 2,909 | 1 | |||||||||||||||
Foreign governments
|
11,136 | 11,136 | 4,719 | 6,417 | — | |||||||||||||||
Corporate bonds
|
12,054 | 12,054 | — | 11,404 | 650 | |||||||||||||||
Mortgage-backed securities
|
2,705 | 2,705 | — | 2,705 | — | |||||||||||||||
Investments in equity securities
|
86,216 | 86,216 | 86,114 | 64 | 38 | |||||||||||||||
Other investments
|
13,439 | 13,439 | — | — | 13,439 | |||||||||||||||
Derivative contract assets (1)
|
258 | 258 | 1 | 142 | 115 | |||||||||||||||
Derivative contract liabilities:
|
||||||||||||||||||||
Railroad, utilities and energy (2)
|
312 | 312 | 22 | 279 | 11 | |||||||||||||||
Finance and financial products:
|
||||||||||||||||||||
Equity index put options
|
8,983 | 8,983 | — | — | 8,983 | |||||||||||||||
Credit default obligations
|
987 | 987 | — | — | 987 | |||||||||||||||
Other
|
167 | 167 | — | 167 | — | |||||||||||||||
June 30, 2012 - Assets and liabilities not carried at fair value:
|
||||||||||||||||||||
Other investments
|
5,246 | 6,175 | — | — | 6,175 | |||||||||||||||
Loans and finance receivables
|
13,664 | 13,300 | — | 1,393 | 11,907 | |||||||||||||||
Notes payable and other borrowings:
|
||||||||||||||||||||
Insurance and other
|
13,531 | 14,240 | — | 14,240 | — | |||||||||||||||
Railroad, utilities and energy
|
34,148 | 39,375 | — | 39,375 | — | |||||||||||||||
Finance and financial products
|
13,453 | 14,407 | — | 13,522 | 885 | |||||||||||||||
December 31, 2011 - Assets and liabilities carried at fair value:
|
||||||||||||||||||||
Investments in fixed maturity securities:
|
||||||||||||||||||||
U.S. Treasury, U.S. government corporations and agencies
|
2,935 | 2,935 | 843 | 2,090 | 2 | |||||||||||||||
States, municipalities and political subdivisions
|
3,070 | 3,070 | — | 3,069 | 1 | |||||||||||||||
Foreign governments
|
10,843 | 10,843 | 4,444 | 6,265 | 134 | |||||||||||||||
Corporate bonds
|
12,448 | 12,448 | — | 11,801 | 647 | |||||||||||||||
Mortgage-backed securities
|
2,892 | 2,892 | — | 2,892 | — | |||||||||||||||
Investments in equity securities
|
76,991 | 76,991 | 76,906 | 63 | 22 | |||||||||||||||
Other investments
|
11,669 | 11,669 | — | — | 11,669 | |||||||||||||||
Derivative contract assets (1)
|
327 | 327 | — | 205 | 122 | |||||||||||||||
Derivative contract liabilities:
|
||||||||||||||||||||
Railroad, utilities and energy (2)
|
336 | 336 | 12 | 320 | 4 | |||||||||||||||
Finance and financial products:
|
||||||||||||||||||||
Equity index put options
|
8,499 | 8,499 | — | — | 8,499 | |||||||||||||||
Credit default obligations
|
1,527 | 1,527 | — | — | 1,527 | |||||||||||||||
Other
|
113 | 113 | — | 113 | — |
(1)
|
Included in other assets.
|
(2)
|
Included in accounts payable, accruals and other liabilities. |
Carrying
Value
|
Fair Value
|
|||||||
Other investments
|
$ | 5,252 | $ | 6,258 | ||||
Loans and finance receivables
|
13,934 | 13,126 | ||||||
Notes payable and other borrowings:
|
||||||||
Insurance and other
|
13,768 | 14,334 | ||||||
Railroad, utilities and energy
|
32,580 | 38,257 | ||||||
Finance and financial products
|
14,036 | 14,959 |
Investments
in fixed
maturity
securities
|
Investments
in equity
securities
|
Other
investments
|
Net
derivative
contract
(liabilities)
|
|||||||||||||
Balance at December 31, 2010
|
$ | 801 | $ | 35 | $ | 17,589 | $ | (8,222 | ) | |||||||
Gains (losses) included in:
|
||||||||||||||||
Earnings
|
— | — | — | 194 | ||||||||||||
Other comprehensive income
|
3 | 5 | (1,385 | ) | — | |||||||||||
Regulatory assets and liabilities
|
— | — | — | 83 | ||||||||||||
Acquisitions
|
6 | — | — | — | ||||||||||||
Dispositions
|
(33 | ) | — | — | — | |||||||||||
Settlements
|
— | — | — | (23 | ) | |||||||||||
Transfers out of Level 3
|
— | — | (5,500 | ) | — | |||||||||||
Balance at June 30, 2011
|
$ | 777 | $ | 40 | $ | 10,704 | $ | (7,968 | ) |
Investments
in fixed
maturity
securities
|
Investments
in equity
securities
|
Other
investments
|
Net
derivative
contract
(liabilities)
|
|||||||||||||
Balance at December 31, 2011
|
$ | 784 | $ | 22 | $ | 11,669 | $ | (9,908 | ) | |||||||
Gains (losses) included in:
|
||||||||||||||||
Earnings
|
— | — | — | 23 | ||||||||||||
Other comprehensive income
|
5 | 16 | 1,770 | 3 | ||||||||||||
Regulatory assets and liabilities
|
— | — | — | 3 | ||||||||||||
Dispositions
|
(7 | ) | — | — | — | |||||||||||
Settlements
|
— | — | — | 13 | ||||||||||||
Transfers out of Level 3
|
(129 | ) | — | — | — | |||||||||||
Balance at June 30, 2012
|
$ | 653 | $ | 38 | $ | 13,439 | $ | (9,866 | ) |
Fair value
|
Principal valuation
techniques
|
Unobservable Input
|
Weighted
Average
|
|||||||
Other investments:
|
||||||||||
Preferred stocks
|
$ | 11,475 |
Discounted cash flow
|
Expected duration
|
10 years
|
|||||
Discount for transferability
restrictions and subordination
|
97 bps
|
|||||||||
Common stock warrants
|
1,964 |
Warrant pricing model
|
Discount for transferability
and hedging restrictions
|
19% | ||||||
Net derivative liabilities:
|
||||||||||
Equity index put options
|
8,983 |
Option pricing model
|
Volatility
|
22% | ||||||
Credit default-states/municipalities
|
953 |
Discounted cash flow
|
Credit default spreads
|
113 bps
|
Class A, $5 Par Value
(1,650,000 shares authorized)
|
Class B, $0.0033 Par Value
(3,225,000,000 shares authorized)
|
|||||||||||||||||||||||
Issued
|
Treasury
|
Outstanding
|
Issued
|
Treasury
|
Outstanding
|
|||||||||||||||||||
Balance at December 31, 2011
|
938,342 | (98 | ) | 938,244 | 1,069,645,361 | (801,985 | ) | 1,068,843,376 | ||||||||||||||||
Conversions of Class A common stock to
Class B common stock and exercises of
replacement stock options issued in a
business acquisition
|
(9,113 | ) | — | (9,113 | ) | 15,342,581 | — | 15,342,581 | ||||||||||||||||
Balance at June 30, 2012
|
929,229 | (98 | ) | 929,131 | 1,084,987,942 | (801,985 | ) | 1,084,185,957 |
Second Quarter | First Six Months | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Operating Businesses:
|
||||||||||||||||
Insurance group:
|
||||||||||||||||
Premiums earned:
|
||||||||||||||||
GEICO
|
$ | 4,132 | $ | 3,818 | $ | 8,148 | $ | 7,493 | ||||||||
General Re
|
1,426 | 1,444 | 2,897 | 2,881 | ||||||||||||
Berkshire Hathaway Reinsurance Group
|
2,334 | 3,268 | 4,405 | 5,212 | ||||||||||||
Berkshire Hathaway Primary Group
|
536 | 419 | 1,043 | 845 | ||||||||||||
Investment income
|
1,399 | 1,410 | 2,455 | 2,676 | ||||||||||||
Total insurance group
|
9,827 | 10,359 | 18,948 | 19,107 | ||||||||||||
BNSF
|
5,062 | 4,790 | 10,064 | 9,323 | ||||||||||||
Finance and financial products
|
1,016 | 991 | 1,975 | 1,904 | ||||||||||||
Marmon
|
1,863 | 1,781 | 3,656 | 3,455 | ||||||||||||
McLane Company
|
9,004 | 8,444 | 17,077 | 16,211 | ||||||||||||
MidAmerican
|
2,748 | 2,678 | 5,642 | 5,558 | ||||||||||||
Other businesses *
|
9,888 | 8,009 | 19,184 | 15,217 | ||||||||||||
39,408 | 37,052 | 76,546 | 70,775 | |||||||||||||
Reconciliation of segments to consolidated amount:
|
||||||||||||||||
Investment and derivative gains/losses
|
(943 | ) | 1,105 | (47 | ) | 969 | ||||||||||
Eliminations and other
|
81 | 117 | 194 | 250 | ||||||||||||
$ | 38,546 | $ | 38,274 | $ | 76,693 | $ | 71,994 |
Second Quarter
|
First Six Months
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Operating Businesses:
|
||||||||||||||||
Insurance group:
|
||||||||||||||||
Underwriting gain (loss):
|
||||||||||||||||
GEICO
|
$ | 155 | $ | 159 | $ | 279 | $ | 496 | ||||||||
General Re
|
138 | 132 | 219 | (194 | ) | |||||||||||
Berkshire Hathaway Reinsurance Group
|
613 | (354 | ) | 422 | (1,697 | ) | ||||||||||
Berkshire Hathaway Primary Group
|
51 | 54 | 122 | 110 | ||||||||||||
Net investment income
|
1,393 | 1,404 | 2,445 | 2,665 | ||||||||||||
Total insurance group
|
2,350 | 1,395 | 3,487 | 1,380 | ||||||||||||
BNSF
|
1,280 | 1,070 | 2,395 | 2,035 | ||||||||||||
Finance and financial products
|
189 | 177 | 352 | 333 | ||||||||||||
Marmon
|
307 | 273 | 576 | 495 | ||||||||||||
McLane Company
|
73 | 105 | 175 | 187 | ||||||||||||
MidAmerican
|
324 | 320 | 807 | 771 | ||||||||||||
Other businesses *
|
1,330 | 976 | 2,399 | 1,651 | ||||||||||||
5,853 | 4,316 | 10,191 | 6,852 | |||||||||||||
Reconciliation of segments to consolidated amount:
|
||||||||||||||||
Investment and derivative gains/losses
|
(943 | ) | 1,105 | (47 | ) | 969 | ||||||||||
Interest expense, excluding interest allocated to operating businesses
|
(78 | ) | (50 | ) | (144 | ) | (101 | ) | ||||||||
Eliminations and other
|
(217 | ) | (106 | ) | (454 | ) | (221 | ) | ||||||||
$ | 4,615 | $ | 5,265 | $ | 9,546 | $ | 7,499 |
*
|
Includes Lubrizol in 2012.
|
Second Quarter
|
First Six Months
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Insurance – underwriting
|
$ | 619 | $ | (7 | ) | $ | 673 | $ | (828 | ) | ||||||
Insurance – investment income
|
1,068 | 995 | 1,859 | 1,947 | ||||||||||||
Railroad
|
802 | 690 | 1,503 | 1,297 | ||||||||||||
Utilities and energy
|
253 | 215 | 591 | 516 | ||||||||||||
Manufacturing, service and retailing *
|
1,025 | 789 | 1,879 | 1,347 | ||||||||||||
Finance and financial products
|
120 | 110 | 224 | 206 | ||||||||||||
Other
|
(167 | ) | (88 | ) | (344 | ) | (188 | ) | ||||||||
Investment and derivative gains/losses
|
(612 | ) | 713 | (32 | ) | 631 | ||||||||||
Net earnings attributable to Berkshire
|
$ | 3,108 | $ | 3,417 | $ | 6,353 | $ | 4,928 |
*
|
Includes Lubrizol in 2012.
|
Second Quarter
|
First Six Months
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Underwriting gain (loss) attributable to:
|
||||||||||||||||
GEICO
|
$ | 155 | $ | 159 | $ | 279 | $ | 496 | ||||||||
General Re
|
138 | 132 | 219 | (194 | ) | |||||||||||
Berkshire Hathaway Reinsurance Group
|
613 | (354 | ) | 422 | (1,697 | ) | ||||||||||
Berkshire Hathaway Primary Group
|
51 | 54 | 122 | 110 | ||||||||||||
Pre-tax underwriting gain (loss)
|
957 | (9 | ) | 1,042 | (1,285 | ) | ||||||||||
Income taxes and noncontrolling interests
|
338 | (2 | ) | 369 | (457 | ) | ||||||||||
Net underwriting gain (loss)
|
$ | 619 | $ | (7 | ) | $ | 673 | $ | (828 | ) |
Second Quarter
|
First Six Months
|
|||||||||||||||||||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||||||||
Premiums earned
|
$ | 4,132 | 100.0 | $ | 3,818 | 100.0 | $ | 8,148 | 100.0 | $ | 7,493 | 100.0 | ||||||||||||||||||||
Losses and loss adjustment expenses
|
3,145 | 76.1 | 2,954 | 77.4 | 6,078 | 74.6 | 5,607 | 74.8 | ||||||||||||||||||||||||
Underwriting expenses
|
832 | 20.1 | 705 | 18.4 | 1,791 | 22.0 | 1,390 | 18.6 | ||||||||||||||||||||||||
Total losses and expenses
|
3,977 | 96.2 | 3,659 | 95.8 | 7,869 | 96.6 | 6,997 | 93.4 | ||||||||||||||||||||||||
Pre-tax underwriting gain
|
$ | 155 | $ | 159 | $ | 279 | $ | 496 |
Premiums earned
|
Pre-tax underwriting gain (loss)
|
|||||||||||||||||||||||||||||||
Second Quarter
|
First Six Months
|
Second Quarter
|
First Six Months
|
|||||||||||||||||||||||||||||
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||||||||||||
Property/casualty
|
$ | 702 | $ | 755 | $ | 1,437 | $ | 1,470 | $ | 190 | $ | 41 | $ | 236 | $ | (283 | ) | |||||||||||||||
Life/health
|
724 | 689 | 1,460 | 1,411 | (52 | ) | 91 | (17 | ) | 89 | ||||||||||||||||||||||
$ | 1,426 | $ | 1,444 | $ | 2,897 | $ | 2,881 | $ | 138 | $ | 132 | $ | 219 | $ | (194 | ) |
Premiums earned
|
Pre-tax underwriting gain/loss
|
|||||||||||||||||||||||||||||||
Second Quarter
|
First Six Months
|
Second Quarter
|
First Six Months
|
|||||||||||||||||||||||||||||
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||||||||||||
Catastrophe and individual risk
|
$ | 251 | $ | 170 | $ | 385 | $ | 359 | $ | 174 | $ | 108 | $ | 256 | $ | (165 | ) | |||||||||||||||
Retroactive reinsurance
|
73 | 1,676 | 371 | 1,819 | (39 | ) | (100 | ) | (112 | ) | (255 | ) | ||||||||||||||||||||
Other multi-line property/casualty
|
1,268 | 910 | 2,393 | 2,043 | 526 | (320 | ) | 396 | (1,230 | ) | ||||||||||||||||||||||
Life and annuity
|
742 | 512 | 1,256 | 991 | (48 | ) | (42 | ) | (118 | ) | (47 | ) | ||||||||||||||||||||
$ | 2,334 | $ | 3,268 | $ | 4,405 | $ | 5,212 | $ | 613 | $ | (354 | ) | $ | 422 | $ | (1,697 | ) |
Second Quarter
|
First Six Months
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Investment income before income taxes and noncontrolling interests
|
$ | 1,393 | $ | 1,404 | $ | 2,445 | $ | 2,665 | ||||||||
Income taxes and noncontrolling interests
|
325 | 409 | 586 | 718 | ||||||||||||
Net investment income
|
$ | 1,068 | $ | 995 | $ | 1,859 | $ | 1,947 |
June 30,
|
Dec. 31,
|
|||||||
2012
|
2011
|
|||||||
Cash and cash equivalents
|
$ | 21,312 | $ | 21,571 | ||||
Equity securities
|
84,880 | 75,759 | ||||||
Fixed maturity securities
|
29,077 | 29,899 | ||||||
Other investments
|
14,297 | 13,111 | ||||||
$ | 149,566 | $ | 140,340 |
Amortized
cost
|
Unrealized
gains/losses
|
Fair
value
|
||||||||||
U.S. Treasury, U.S. government corporations and agencies
|
$ | 2,594 | $ | 36 | $ | 2,630 | ||||||
States, municipalities and political subdivisions
|
2,716 | 194 | 2,910 | |||||||||
Foreign governments
|
9,571 | 218 | 9,789 | |||||||||
Corporate bonds, investment grade
|
4,833 | 728 | 5,561 | |||||||||
Corporate bonds, non-investment grade
|
4,800 | 1,057 | 5,857 | |||||||||
Mortgage-backed securities
|
2,048 | 282 | 2,330 | |||||||||
$ | 26,562 | $ | 2,515 | $ | 29,077 |
Second Quarter
|
First Six Months
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues
|
$ | 5,062 | $ | 4,790 | $ | 10,064 | $ | 9,323 | ||||||||
Operating expenses
|
3,627 | 3,582 | 7,366 | 7,014 | ||||||||||||
Interest expense
|
155 | 138 | 303 | 274 | ||||||||||||
3,782 | 3,720 | 7,669 | 7,288 | |||||||||||||
Pre-tax earnings
|
1,280 | 1,070 | 2,395 | 2,035 | ||||||||||||
Income taxes
|
478 | 380 | 892 | 738 | ||||||||||||
Net earnings
|
$ | 802 | $ | 690 | $ | 1,503 | $ | 1,297 |
Second Quarter
|
First Six Months
|
|||||||||||||||||||||||||||||||
Revenues
|
Earnings
|
Revenues
|
Earnings
|
|||||||||||||||||||||||||||||
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||||||||||||
PacifiCorp
|
$ | 1,168 | $ | 1,105 | $ | 180 | $ | 183 | $ | 2,377 | $ | 2,237 | $ | 388 | $ | 373 | ||||||||||||||||
MidAmerican Energy Company
|
714 | 809 | 44 | 47 | 1,595 | 1,794 | 100 | 118 | ||||||||||||||||||||||||
Natural gas pipelines
|
195 | 206 | 50 | 43 | 497 | 503 | 210 | 198 | ||||||||||||||||||||||||
Northern Powergrid
|
244 | 239 | 99 | 97 | 507 | 492 | 223 | 219 | ||||||||||||||||||||||||
Real estate brokerage
|
395 | 293 | 35 | 23 | 608 | 484 | 34 | 13 | ||||||||||||||||||||||||
Other
|
32 | 26 | (4 | ) | 7 | 58 | 48 | 14 | 10 | |||||||||||||||||||||||
$ | 2,748 | $ | 2,678 | $ | 5,642 | $ | 5,558 | |||||||||||||||||||||||||
Earnings before corporate interest and income taxes
|
404 | 400 | 969 | 931 | ||||||||||||||||||||||||||||
Corporate interest
|
(80 | ) | (84 | ) | (162 | ) | (169 | ) | ||||||||||||||||||||||||
Income taxes and noncontrolling interests
|
(42 | ) | (80 | ) | (150 | ) | (195 | ) | ||||||||||||||||||||||||
Net earnings
|
$ | 282 | $ | 236 | $ | 657 | $ | 567 | ||||||||||||||||||||||||
Earnings attributable to Berkshire *
|
$ | 253 | $ | 215 | $ | 591 | $ | 516 |
*
|
Net of noncontrolling interests.
|
Second Quarter
|
First Six Months
|
|||||||||||||||||||||||||||||||
Revenues
|
Earnings
|
Revenues
|
Earnings
|
|||||||||||||||||||||||||||||
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||||||||||||
Marmon
|
$ | 1,863 | $ | 1,781 | $ | 307 | $ | 273 | $ | 3,656 | $ | 3,455 | $ | 576 | $ | 495 | ||||||||||||||||
McLane Company
|
9,004 | 8,444 | 73 | 105 | 17,077 | 16,211 | 175 | 187 | ||||||||||||||||||||||||
Other manufacturing
|
6,997 | 5,201 | 1,002 | 643 | 13,501 | 9,754 | 1,817 | 1,087 | ||||||||||||||||||||||||
Other service
|
2,152 | 2,081 | 283 | 287 | 4,199 | 4,049 | 488 | 487 | ||||||||||||||||||||||||
Retailing
|
739 | 727 | 45 | 46 | 1,484 | 1,414 | 94 | 77 | ||||||||||||||||||||||||
$ | 20,755 | $ | 18,234 | $ | 39,917 | $ | 34,883 | |||||||||||||||||||||||||
Pre-tax earnings
|
1,710 | 1,354 | 3,150 | 2,333 | ||||||||||||||||||||||||||||
Income taxes and noncontrolling interests
|
685 | 565 | 1,271 | 986 | ||||||||||||||||||||||||||||
$ | 1,025 | $ | 789 | $ | 1,879 | $ | 1,347 |
Second Quarter
|
First Six Months
|
|||||||||||||||||||||||||||||||
Revenues
|
Earnings
|
Revenues
|
Earnings
|
|||||||||||||||||||||||||||||
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||||||||||||
Manufactured housing and finance
|
$ | 778 | $ | 750 | $ | 64 | $ | 44 | $ | 1,496 | $ | 1,421 | $ | 104 | $ | 76 | ||||||||||||||||
Furniture/transportation equipment leasing
|
185 | 182 | 35 | 40 | 361 | 351 | 61 | 61 | ||||||||||||||||||||||||
Other
|
53 | 59 | 90 | 93 | 118 | 132 | 187 | 196 | ||||||||||||||||||||||||
$ | 1,016 | $ | 991 | $ | 1,975 | $ | 1,904 | |||||||||||||||||||||||||
Pre-tax earnings
|
189 | 177 | 352 | 333 | ||||||||||||||||||||||||||||
Income taxes and noncontrolling interests
|
69 | 67 | 128 | 127 | ||||||||||||||||||||||||||||
$ | 120 | $ | 110 | $ | 224 | $ | 206 |
Second Quarter
|
First Six Months
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Investment gains/losses
|
$ | 125 | $ | 1,289 | $ | 356 | $ | 1,388 | ||||||||
Other-than-temporary impairment losses on investments
|
— | — | (337 | ) | (506 | ) | ||||||||||
Derivative gains/losses
|
(1,068 | ) | (184 | ) | (66 | ) | 87 | |||||||||
Gains/losses before income taxes and noncontrolling interests
|
(943 | ) | 1,105 | (47 | ) | 969 | ||||||||||
Income taxes and noncontrolling interests
|
(331 | ) | 392 | (15 | ) | 338 | ||||||||||
Net gains/losses
|
$ | (612 | ) | $ | 713 | $ | (32 | ) | $ | 631 |
Item 5. Other Information
|
||
None
|
||
Item 6. Exhibits
|
||
a. Exhibits
|
||
12
|
Calculation of Ratio of Consolidated Earnings to Consolidated Fixed Charges
|
|
31.1
|
Rule 13a-14(a)/15d-14(a) Certifications
|
|
31.2
|
Rule 13a-14(a)/15d-14(a) Certifications
|
|
32.1
|
Section 1350 Certifications
|
|
32.2
|
Section 1350 Certifications
|
|
95
|
Mine Safety Disclosures
|
|
101
|
The following financial information from Berkshire Hathaway Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, formatted in XBRL (Extensible Business Reporting Language) includes: (i) the Consolidated Balance Sheets as of June 30, 2012 and December 31, 2011, (ii) the Consolidated Statements of Earnings for each of the three-month and six-month periods ended June 30, 2012 and 2011, (iii) the Consolidated Statements of Comprehensive Income for each of the three-month and six-month periods ended June 30, 2012 and 2011, (iv) the Consolidated Statements of Changes in Shareholders’ Equity for each of the six-month periods ended June 30, 2012 and 2011, (v) the Consolidated Statements of Cash Flows for each of the six-month periods ended June 30, 2012 and 2011, and (vi) the Notes to Consolidated Financial Statements, tagged in summary and detail.
|
BERKSHIRE HATHAWAY INC.
|
|
(Registrant)
|
|
Date: August 3, 2012
|
/S/ MARC D. HAMBURG
|
(Signature)
|
|
Marc D. Hamburg,
Senior Vice President and
Principal Financial Officer
|
Year Ended December 31,
|
||||||||||||||||||||||||
Six Months Ended June 30, 2012
|
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||||||
Net earnings attributable to Berkshire Hathaway
|
$ | 6,353 | $ | 10,254 | $ | 12,967 | $ | 8,055 | $ | 4,994 | $ | 13,213 | ||||||||||||
Income tax expense
|
2,949 | 4,568 | 5,607 | 3,538 | 1,978 | 6,594 | ||||||||||||||||||
Earnings attributable to noncontrolling interests
|
244 | 492 | 527 | 386 | 602 | 354 | ||||||||||||||||||
Earnings from equity method investments
|
— | — | (50 | ) | (427 | ) | — | — | ||||||||||||||||
Dividends from equity method investees
|
— | — | 20 | 132 | — | — | ||||||||||||||||||
Fixed charges
|
1,654 | 3,219 | 3,084 | 2,279 | 2,276 | 2,202 | ||||||||||||||||||
Earnings available for fixed charges
|
$ | 11,200 | $ | 18,533 | $ | 22,155 | $ | 13,963 | $ | 9,850 | $ | 22,363 | ||||||||||||
Fixed charges
|
||||||||||||||||||||||||
Interest on indebtedness (including amortization of debt discount and expense)
|
$ | 1,387 | $ | 2,664 | $ | 2,558 | $ | 1,992 | $ | 1,963 | $ | 1,910 | ||||||||||||
Rentals representing interest and other
|
267 | 555 | 526 | 287 | 313 | 292 | ||||||||||||||||||
$ | 1,654 | $ | 3,219 | $ | 3,084 | $ | 2,279 | $ | 2,276 | $ | 2,202 | |||||||||||||
Ratio of earnings to fixed charges
|
6.77 | x | 5.76 | x | 7.18 | x | 6.13 | x | 4.33 | x | 10.16 | x |
1.
|
I have reviewed this quarterly report on Form 10-Q of Berkshire Hathaway Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/S/ WARREN E. BUFFETT
|
|
Chairman—Principal Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Berkshire Hathaway Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/S/ MARC D. HAMBURG
|
|
Senior Vice President—Principal Financial Officer
|
(1)
|
the Quarterly Report on Form 10-Q of the Company for the period ended June 30, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/S/ WARREN E. BUFFETT
|
|
Warren E. Buffett
|
|
Chairman and Chief Executive Officer
|
(1)
|
the Quarterly Report on Form 10-Q of the Company for the period ended June 30, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/S/ MARC D. HAMBURG
|
|
Marc D. Hamburg
|
|
Senior Vice President and Chief Financial Officer
|
Mine Safety Act
|
Legal Actions
|
|||||||||||||||||||||
Total
|
||||||||||||||||||||||
Section 104
|
Section
|
Value of
|
||||||||||||||||||||
Significant
|
Section
|
107(a)
|
Proposed
|
Pending
|
||||||||||||||||||
and
|
Section
|
104(d)
|
Section
|
Imminent
|
MSHA
|
as of Last
|
Instituted
|
Resolved
|
||||||||||||||
Substantial
|
104(b)
|
Citations/
|
110(b)(2)
|
Danger
|
Assessments
|
Day of
|
During
|
During
|
||||||||||||||
Mining Facilities
|
Citations(1)
|
Orders(2)
|
Orders(3)
|
Violations(4)
|
Orders(5)
|
(in thousands)
|
Period(6)
|
Period
|
Period
|
|||||||||||||
Deer Creek
|
5
|
—
|
—
|
—
|
—
|
$
|
4
|
8
|
1
|
2
|
||||||||||||
Bridger (surface)
|
2
|
—
|
—
|
—
|
—
|
1
|
2
|
1
|
—
|
|||||||||||||
Bridger (underground)
|
6
|
—
|
—
|
—
|
—
|
29
|
20
|
4
|
—
|
|||||||||||||
Cottonwood Preparatory Plant
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Wyodak Coal Crushing Facility
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(1)
|
Citations for alleged violations of mandatory health and safety standards that could significantly or substantially contribute to the cause and effect of a safety or health hazard under Section 104 of the Mine Safety Act.
|
(2)
|
For alleged failure to totally abate the subject matter of a Mine Safety Act Section 104(a) citation within the period specified in the citation.
|
(3)
|
For an alleged unwarrantable failure (i.e., aggravated conduct constituting more than ordinary negligence) to comply with a mandatory health or safety standard.
|
(4)
|
For alleged flagrant violations (i.e., reckless or repeated failure to make reasonable efforts to eliminate a known violation of a mandatory health or safety standard that substantially and proximately caused, or reasonably could have been expected to cause, death or serious bodily injury).
|
(5)
|
For the existence of any condition or practice in a coal or other mine which could reasonably be expected to cause death or serious physical harm before such condition or practice can be abated.
|
(6)
|
Amounts include contests of 28 proposed penalties under Subpart C and contests of two citations or orders under Subpart B of the Federal Mine Safety and Health Review Commission's procedural rules. The pending legal actions are not exclusive to citations, notices, orders and penalties assessed by MSHA during the reporting period.
|
Business segment data (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of revenues and earnings by segment | Revenues
by segment for the second quarter and first six months of 2012 and
2011 were as follows (in millions).
Earnings
before income taxes by segment for the second quarter and first six
months of 2012 and 2011 were as follows (in millions).
|
Inventories (Detail) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Inventories [Line Items] | ||
Raw materials | $ 1,713 | $ 1,598 |
Work in process and other | 902 | 897 |
Finished manufactured goods | 3,229 | 3,114 |
Goods acquired for resale | 3,681 | 3,366 |
Total inventory | $ 9,525 | $ 8,975 |
Other investments - Narrative (Detail) (USD $)
|
6 Months Ended | 12 Months Ended | 42 Months Ended | 1 Months Ended | 10 Months Ended | 1 Months Ended | 12 Months Ended | 40 Months Ended | 12 Months Ended | 12 Months Ended | 46 Months Ended | 12 Months Ended | 54 Months Ended | 12 Months Ended | 54 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
Corporate Joint Venture [Member]
|
Jun. 30, 2012
The Dow Chemical Company [Member]
Other Fixed Maturity and Equity Securities [Member]
Series A Cumulative Convertible Perpetual Preferred Stock [Member]
|
Dec. 31, 2009
The Dow Chemical Company [Member]
Other Fixed Maturity and Equity Securities [Member]
Series A Cumulative Convertible Perpetual Preferred Stock [Member]
|
Jun. 30, 2012
The Dow Chemical Company [Member]
Other Fixed Maturity and Equity Securities [Member]
Series A Cumulative Convertible Perpetual Preferred Stock [Member]
|
Sep. 30, 2011
Bank of America Corporation [Member]
Other Fixed Maturity and Equity Securities [Member]
Cumulative Perpetual Preferred Stock [Member]
|
Jun. 30, 2012
Bank of America Corporation [Member]
Other Fixed Maturity and Equity Securities [Member]
Cumulative Perpetual Preferred Stock [Member]
|
Jun. 30, 2012
Bank of America Corporation [Member]
Other Fixed Maturity and Equity Securities [Member]
Warrants Expiring 2021 [Member]
|
Sep. 30, 2011
Bank of America Corporation [Member]
Other Fixed Maturity and Equity Securities [Member]
Cumulative Perpetual Preferred Stock And Warrants [Member]
|
Dec. 31, 2008
Goldman Sachs Group Inc [Member]
Other Fixed Maturity and Equity Securities [Member]
Cumulative Perpetual Preferred Stock [Member]
|
Apr. 18, 2011
Goldman Sachs Group Inc [Member]
Other Fixed Maturity and Equity Securities [Member]
Cumulative Perpetual Preferred Stock [Member]
|
Dec. 31, 2008
Goldman Sachs Group Inc [Member]
Other Fixed Maturity and Equity Securities [Member]
Cumulative Perpetual Preferred Stock And Warrants [Member]
|
Jun. 30, 2012
Goldman Sachs Group Inc [Member]
Other Fixed Maturity and Equity Securities [Member]
Warrants Expiring October 1, 2013 [Member]
|
Dec. 31, 2008
General Electric Company [Member]
Other Fixed Maturity and Equity Securities [Member]
Cumulative Perpetual Preferred Stock [Member]
|
Oct. 17, 2011
General Electric Company [Member]
Other Fixed Maturity and Equity Securities [Member]
Cumulative Perpetual Preferred Stock [Member]
|
Dec. 31, 2008
General Electric Company [Member]
Other Fixed Maturity and Equity Securities [Member]
Cumulative Perpetual Preferred Stock And Warrants [Member]
|
Jun. 30, 2012
General Electric Company [Member]
Other Fixed Maturity and Equity Securities [Member]
Warrants Expiring October 16, 2013 [Member]
|
Jun. 30, 2012
Wm Wrigley Jr Company [Member]
Other Fixed Maturity and Equity Securities [Member]
Subordinated Debt Due 2018 [Member]
Held-to-maturity Securities [Member]
|
Dec. 31, 2008
Wm Wrigley Jr Company [Member]
Other Fixed Maturity and Equity Securities [Member]
Subordinated Debt Due 2018 [Member]
Held-to-maturity Securities [Member]
|
Dec. 31, 2008
Wm Wrigley Jr Company [Member]
Other Fixed Maturity and Equity Securities [Member]
Preferred Stock [Member]
Available-for-sale Securities [Member]
|
Jun. 30, 2012
Wm Wrigley Jr Company [Member]
Other Fixed Maturity and Equity Securities [Member]
Preferred Stock [Member]
Available-for-sale Securities [Member]
|
Jun. 30, 2012
Wm Wrigley Jr Company [Member]
Other Fixed Maturity and Equity Securities [Member]
Senior Notes Due 2013 and 2014 [Member]
Held-to-maturity Securities [Member]
|
Dec. 31, 2009
Wm Wrigley Jr Company [Member]
Other Fixed Maturity and Equity Securities [Member]
Senior Notes Due 2013 and 2014 [Member]
Held-to-maturity Securities [Member]
|
Jun. 30, 2012
Wm Wrigley Jr Company [Member]
Other Fixed Maturity and Equity Securities [Member]
Senior Notes Due 2013 and 2014 [Member]
Held-to-maturity Securities [Member]
Corporate Joint Venture [Member]
|
|
Other Investments [Line Items] | |||||||||||||||||||||||
Investment, number of shares purchased | 3,000,000 | 50,000 | 50,000 | 30,000 | |||||||||||||||||||
Investment in preferred stock, stated dividend rate | 8.50% | 6.00% | 10.00% | 10.00% | 5.00% | ||||||||||||||||||
Number of common shares that can be purchased | 700,000,000 | 43,478,260 | 134,831,460 | ||||||||||||||||||||
Amount paid for an investment | $ 3,000,000,000 | $ 5,000,000,000 | $ 5,000,000,000 | $ 3,000,000,000 | $ 2,100,000,000 | ||||||||||||||||||
Redemption value of Cumulative Perpetual Preferred Stock, per share | $ 105,000 | $ 110,000 | $ 110,000 | ||||||||||||||||||||
Redemption value of Cumulative Perpetual Preferred Stock, aggregate value | 5,250,000,000 | 5,500,000,000 | 3,300,000,000 | ||||||||||||||||||||
Aggregate cost to exercise warrants | 5,000,000,000 | 5,000,000,000 | 3,000,000,000 | ||||||||||||||||||||
Exercise price for warrants, per share | $ 7.142857 | $ 115 | $ 22.25 | ||||||||||||||||||||
Acquisition of debt investments, par value when acquired | 4,400,000,000 | 1,000,000,000 | |||||||||||||||||||||
Investment in notes, stated interest rate | 11.45% | ||||||||||||||||||||||
Investment owned, face value | $ 800,000,000 | $ 200,000,000 | |||||||||||||||||||||
Economic interest in joint venture | 50.00% | ||||||||||||||||||||||
Conversion ratio of preferred stock into common stock | 24.201 | 24.201 | |||||||||||||||||||||
Preferred stock conversion price, per share | $ 41.32 | $ 41.32 | |||||||||||||||||||||
Common stock threshold price, per share, to trigger the issuer's option to convert preferred stock into common stock | $ 53.72 | $ 53.72 | |||||||||||||||||||||
Minimum number of trading days in a consecutive-day period that the issuer's common stock price must exceed to trigger the issuer's option to convert preferred stock to common stock | 20 days | ||||||||||||||||||||||
Range of trading days in a consecutive day period, number of days | 30 days |
Common stock (Parenthetical) (Detail) (USD $)
|
Jun. 30, 2012
|
---|---|
Class A [Member]
|
|
Class of Stock [Line Items] | |
Common Stock, par value per share | $ 5.0000 |
Common Stock, shares authorized | 1,650,000 |
Class B [Member]
|
|
Class of Stock [Line Items] | |
Common Stock, par value per share | $ 0.0033 |
Common Stock, shares authorized | 3,225,000,000 |
Goodwill and other intangible assets (Detail) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2012
|
Dec. 31, 2011
|
|
Goodwill [Line Items] | ||
Balance at beginning of year | $ 53,213 | $ 49,006 |
Acquisitions of businesses | 115 | 4,179 |
Other, including foreign currency translation | (183) | 28 |
Balance at end of period | $ 53,145 | $ 53,213 |
Investments in equity securities - Narrative (Detail) (Equity Securities [Member], USD $)
|
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Equity Securities [Member]
|
||
Summary of Investment Holdings [Line Items] | ||
Unrealized losses related to securities that have been in an unrealized loss position for more than 12 months | $ 52,000,000 | $ 0 |
Property, plant and equipment (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance and Other [Member]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | Property,
plant and equipment of our insurance and other businesses are
comprised of the following (in millions).
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Railroad, Utilities and Energy [Member]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | Property,
plant and equipment of our railroad, utilities and energy
businesses are comprised of the following
(in millions).
|
Goodwill and other intangible assets - Intangible assets - Narrative (Detail) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
|
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 502 | $ 374 | |
Intangible assets with indefinite lives, excluding goodwill | $ 2,274 | $ 2,250 |
Common stock - Narrative (Detail) (USD $)
|
6 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2012
Class B [Member]
Vote
|
Jun. 30, 2012
Class A [Member]
Vote
|
Dec. 31, 2011
Class A [Member]
|
Jun. 30, 2012
Common Stock [Member]
|
Jun. 30, 2012
Preferred Stock [Member]
|
|
Class of Stock [Line Items] | |||||
Ratio of net earnings per equivalent common share and dividend and distribution rights of Class B shares to Class A shares | 0.000667 | ||||
Number of votes entitled per share, number | 0.0001 | 1 | |||
Number of shares of Class B stock obtainable from converting one Class A share | 1,500 | ||||
Class A equivalent shares outstanding | 1,651,922 | 1,650,806 | |||
Preferred Stock, shares authorized | 1,000,000 | ||||
Preferred Stock, shares issued | 0 | ||||
Preferred Stock, shares outstanding | 0 | ||||
Shares repurchase, authorization description | In September 2011, our Board of Directors approved a common stock repurchase program whereby it authorized Berkshire Hathaway to repurchase its Class A and Class B shares of Berkshire at prices no higher than a 10% premium over the book value of the shares. | ||||
Minimum cash equivalent threshold after repurchase of common stock shares, amount | $ 20,000,000,000 |
Significant accounting policies and practices (Policies)
|
6 Months Ended |
---|---|
Jun. 30, 2012
|
|
New accounting pronouncements | As
of January 1, 2012, we adopted FASB Accounting Standards Update
(“ASU”) 2010-26, “Accounting for Costs Associated
with Acquiring or Renewing Insurance Contracts.” ASU 2010-26
specifies that only direct incremental costs associated with
successful efforts in acquiring or renewing of insurance contracts
should be capitalized and amortized over the policy term. All other
costs are required to be expensed as incurred. Capitalized costs
include certain advertising costs if the primary purpose of the
advertising is to elicit sales to customers who could be shown to
have responded directly to the advertising and the probable future
revenues generated are in excess of expected future costs to be
incurred in realizing those revenues. Berkshire adopted ASU 2010-26
on a prospective basis. The impact of the adoption of this new
standard primarily relates to certain advertising costs of GEICO,
which were capitalized prior to the adoption of ASU 2010-26, but
are no longer eligible to be capitalized. The adoption of this new
standard did not have a material effect on our Consolidated
Financial Statements.
As
of January 1, 2012, we also adopted ASU 2011-04, “Amendments
to Achieve Common Fair Value Measurement and Disclosure
Requirements in U.S. GAAP and IFRSs.” As a result of adopting
ASU 2011-04, we have expanded our fair value
disclosures.
In
December 2011, the FASB issued ASU 2011-11, “Disclosures
about Offsetting Assets and Liabilities.” ASU 2011-11
enhances disclosures surrounding offsetting (netting) assets and
liabilities. The standard applies to financial instruments and
derivatives and requires companies to disclose both gross and net
information about financial instruments and derivatives eligible
for offset in financial statements and financial instruments and
derivatives subject to master netting arrangements. ASU 2011-11 is
effective for fiscal years beginning on or after January 1,
2013 and is required to be applied retrospectively. In July 2012,
the FASB issued ASU 2012-02, “Testing Indefinite-Lived
Intangible Assets for Impairment.” ASU 2012-02
allows an entity to first assess qualitative factors in determining
whether events and circumstances indicate that it is
more-likely-than not that an indefinite-lived intangible asset is
impaired. If an entity determines that it is not
more-likely-than not that the indefinite-lived intangible asset is
impaired, then the entity is not required to perform a quantitative
impairment test. ASU 2012-02 is effective for fiscal
years beginning after September 15, 2012. We are
currently evaluating the effects these new standards will have on
our Consolidated Financial Statements.
|
Investment gains/losses and other-than-temporary impairment losses on investments - Narrative (Detail) (USD $)
Share data in Millions, unless otherwise specified |
6 Months Ended | 3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
Jun. 30, 2012
Fixed Maturities [Member]
|
Dec. 31, 2011
Fixed Maturities [Member]
|
Mar. 31, 2012
Fixed Maturities [Member]
Texas Competitive Electric Holdings [Member]
|
Jun. 30, 2011
Other Fixed Maturity and Equity Securities [Member]
Goldman Sachs Group Inc [Member]
Cumulative Perpetual Preferred Stock [Member]
|
Mar. 31, 2011
Equity Securities and Other Investments [Member]
Equity Securities [Member]
|
Mar. 31, 2011
Equity Securities and Other Investments [Member]
Equity Securities [Member]
Wells Fargo and Company [Member]
|
|
Investment and other gains / losses [Line Items] | |||||||||
Realized gain from redemption of securities | $ 1,250,000,000 | ||||||||
Other-than-temporary impairment of securities | 337,000,000 | 506,000,000 | 337,000,000 | 506,000,000 | 337,000,000 | ||||
Number of shares in loss position before OTTI adjustment | 103.6 | ||||||||
Cost of investment in loss position before OTTI adjustment | 3,621,000,000 | ||||||||
Number of shares in gain position | 255.4 | ||||||||
Cost of investment in gain position | 51,194,000,000 | 49,610,000,000 | 4,394,000,000 | ||||||
Gross unrealized gains | $ 35,710,000,000 | $ 28,773,000,000 | $ 2,712,000,000 | $ 2,358,000,000 | $ 3,704,000,000 |
Investments in fixed maturity securities - Narrative (Detail) (Fixed Maturities [Member], USD $)
|
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Summary of Investment Holdings [Line Items] | ||
Unrealized losses related to securities that have been in an unrealized loss position for more than 12 months | $ 24,000,000 | $ 20,000,000 |
Foreign governments [Member] | Germany, United Kingdom, Canada, Australia, and The Netherlands [Member]
|
||
Summary of Investment Holdings [Line Items] | ||
Percentage of fixed maturity investments by geographic location | 80.00% | |
Foreign governments [Member] | AA or Higher Credit Rating [Member]
|
||
Summary of Investment Holdings [Line Items] | ||
Percentage of fixed maturity investments by credit rating | 94.00% |
Fair value measurements (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Financial assets and liabilities measured at fair value on a recurring basis | Our
financial assets and liabilities are summarized below according to
the fair value hierarchy. The carrying values of cash and cash
equivalents, accounts receivable and accounts payable, accruals and
other liabilities are considered to be reasonable estimates of
their fair values. As of June 30, 2012 and December 31, 2011, the
carrying values and fair values of financial assets and liabilities
were as follows (in millions).
As
of December 31, 2011, the carrying values and fair values of
financial assets and liabilities that are not carried at fair value
were as follows (in millions).
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Reconciliations of assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) | A
reconciliation of assets and liabilities measured and carried at
fair value on a recurring basis with the use of significant
unobservable inputs (Level 3) for the first six months of 2011
follows (in millions).
A
reconciliation of assets and liabilities measured and carried at
fair value on a recurring basis with the use of significant
unobservable inputs (Level 3) for the first six months of 2012
follows (in millions).
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Fair value assets and liabilities measured on recurring basis, unobservable inputs, additional information | Quantitative
information as of June 30, 2012, with respect to assets and
liabilities measured and carried at fair value on a recurring basis
with the use of significant unobservable inputs (Level 3) follows
(in millions).
|
Receivables (Detail) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Insurance and Other [Member]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Insurance premiums receivable | $ 7,750 | $ 6,663 |
Reinsurance recoverable on unpaid losses | 2,894 | 2,953 |
Trade and other receivables | 10,917 | 9,772 |
Allowances for uncollectible accounts | (369) | (376) |
Total receivables of insurance and other businesses | 21,192 | 19,012 |
Finance and Financial Products [Member]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer installment loans and finance receivables | 13,159 | 13,463 |
Commercial loans and finance receivables | 885 | 860 |
Allowances for uncollectible loans | (380) | (389) |
Total loans and finance receivables of finance and financial products businesses | $ 13,664 | $ 13,934 |
Derivative contracts - Gains and losses (Detail) (Finance and Financial Products [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gains/losses | $ (1,068) | $ (184) | $ (66) | $ 87 |
Not Designated as Hedging Instrument [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gains/losses | (1,068) | (184) | (66) | 87 |
Not Designated as Hedging Instrument [Member] | Equity Index Put Options [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gains/losses | (1,173) | (271) | (484) | (48) |
Not Designated as Hedging Instrument [Member] | Credit Default Contracts [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gains/losses | 171 | 142 | 511 | 212 |
Not Designated as Hedging Instrument [Member] | Other Derivative [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gains/losses | $ (66) | $ (55) | $ (93) | $ (77) |
Other investments (Detail) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Insurance and Other [Member]
|
||
Summary of Investment Holdings [Line Items] | ||
Carrying Value | $ 14,297 | $ 13,111 |
Finance and Financial Products [Member]
|
||
Summary of Investment Holdings [Line Items] | ||
Carrying Value | 4,388 | 3,810 |
Other Fixed Maturity and Equity Securities [Member]
|
||
Summary of Investment Holdings [Line Items] | ||
Cost | 16,243 | 16,249 |
Net Unrealized Gains | 3,371 | 1,678 |
Fair Value | 19,614 | 17,927 |
Carrying Value | 18,685 | 16,921 |
Other Fixed Maturity and Equity Securities [Member] | Insurance and Other [Member]
|
||
Summary of Investment Holdings [Line Items] | ||
Cost | 13,045 | 13,051 |
Net Unrealized Gains | 2,171 | 1,055 |
Fair Value | 15,216 | 14,106 |
Carrying Value | 14,297 | 13,111 |
Other Fixed Maturity and Equity Securities [Member] | Finance and Financial Products [Member]
|
||
Summary of Investment Holdings [Line Items] | ||
Cost | 3,198 | 3,198 |
Net Unrealized Gains | 1,200 | 623 |
Fair Value | 4,398 | 3,821 |
Carrying Value | $ 4,388 | $ 3,810 |
New accounting pronouncements
|
6 Months Ended |
---|---|
Jun. 30, 2012
|
|
New accounting pronouncements |
Note 2. New accounting
pronouncements
As
of January 1, 2012, we adopted FASB Accounting Standards Update
(“ASU”) 2010-26, “Accounting for Costs Associated
with Acquiring or Renewing Insurance Contracts.” ASU 2010-26
specifies that only direct incremental costs associated with
successful efforts in acquiring or renewing of insurance contracts
should be capitalized and amortized over the policy term. All other
costs are required to be expensed as incurred. Capitalized costs
include certain advertising costs if the primary purpose of the
advertising is to elicit sales to customers who could be shown to
have responded directly to the advertising and the probable future
revenues generated are in excess of expected future costs to be
incurred in realizing those revenues. Berkshire adopted ASU 2010-26
on a prospective basis. The impact of the adoption of this new
standard primarily relates to certain advertising costs of GEICO,
which were capitalized prior to the adoption of ASU 2010-26, but
are no longer eligible to be capitalized. The adoption of this new
standard did not have a material effect on our Consolidated
Financial Statements.
As
of January 1, 2012, we also adopted ASU 2011-04, “Amendments
to Achieve Common Fair Value Measurement and Disclosure
Requirements in U.S. GAAP and IFRSs.” As a result of adopting
ASU 2011-04, we have expanded our fair value
disclosures.
In
December 2011, the FASB issued ASU 2011-11, “Disclosures
about Offsetting Assets and Liabilities.” ASU 2011-11
enhances disclosures surrounding offsetting (netting) assets and
liabilities. The standard applies to financial instruments and
derivatives and requires companies to disclose both gross and net
information about financial instruments and derivatives eligible
for offset in financial statements and financial instruments and
derivatives subject to master netting arrangements. ASU 2011-11 is
effective for fiscal years beginning on or after January 1,
2013 and is required to be applied retrospectively. In July 2012,
the FASB issued ASU 2012-02, “Testing Indefinite-Lived
Intangible Assets for Impairment.” ASU 2012-02
allows an entity to first assess qualitative factors in determining
whether events and circumstances indicate that it is
more-likely-than not that an indefinite-lived intangible asset is
impaired. If an entity determines that it is not
more-likely-than not that the indefinite-lived intangible asset is
impaired, then the entity is not required to perform a quantitative
impairment test. ASU 2012-02 is effective for fiscal
years beginning after September 15, 2012. We are
currently evaluating the effects these new standards will have on
our Consolidated Financial Statements.
|
Derivative contracts - Narrative (Detail) (Not Designated as Hedging Instrument [Member], USD $)
|
6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
Finance and Financial Products [Member]
|
Dec. 31, 2011
Finance and Financial Products [Member]
|
Jun. 30, 2012
Finance and Financial Products [Member]
Other Assets [Member]
|
Dec. 31, 2011
Finance and Financial Products [Member]
Other Assets [Member]
|
Jun. 30, 2012
Finance and Financial Products [Member]
Equity Index Put Options [Member]
|
Dec. 31, 2011
Finance and Financial Products [Member]
Equity Index Put Options [Member]
|
Jun. 30, 2012
Finance and Financial Products [Member]
Credit Default Contracts - High Yield Indexes [Member]
|
Dec. 31, 2011
Finance and Financial Products [Member]
Credit Default Contracts - High Yield Indexes [Member]
|
Jun. 30, 2012
Finance and Financial Products [Member]
Credit Default Contracts - States and Municipalities [Member]
|
Dec. 31, 2011
Finance and Financial Products [Member]
Credit Default Contracts - States and Municipalities [Member]
|
Jul. 31, 2012
Finance and Financial Products [Member]
Credit Default Contracts - States and Municipalities [Member]
Agreement to Terminate Derivative Contracts [Member]
|
Jun. 30, 2012
Railroad, Utilities and Energy [Member]
Other Assets [Member]
|
Dec. 31, 2011
Railroad, Utilities and Energy [Member]
Other Assets [Member]
|
Jun. 30, 2012
Railroad, Utilities and Energy [Member]
Accounts Payable, Accruals and Other Liabilities [Member]
|
Dec. 31, 2011
Railroad, Utilities and Energy [Member]
Accounts Payable, Accruals and Other Liabilities [Member]
|
|||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||
Aggregate intrinsic value of equity index put option contracts | $ 5,700,000,000 | ||||||||||||||||||||||||||||
Maturity date, range, start | June 2018 | December 2012 | 2019 | ||||||||||||||||||||||||||
Maturity date, range, end | January 2026 | 2013 | 2054 | ||||||||||||||||||||||||||
Weighted average remaining life of derivative contract | 8 years 6 months | 8 years 9 months 18 days | |||||||||||||||||||||||||||
Notional Value | 33,463,000,000 | [1] | 34,014,000,000 | [1] | 3,258,000,000 | [2] | 4,568,000,000 | [2] | 16,042,000,000 | [2] | 16,042,000,000 | [2] | 8,250,000,000 | ||||||||||||||||
Percent of the notional value of derivative contracts where the potential obligations cannot be settled before the maturity dates of the underlying obligations, percentage | 50.00% | ||||||||||||||||||||||||||||
Collateral posting requirements under contracts with collateral provisions | 271,000,000 | 238,000,000 | |||||||||||||||||||||||||||
Additional collateral posting requirements | 1,100,000,000 | ||||||||||||||||||||||||||||
Assets | 219,000,000 | [3] | 256,000,000 | [3] | 39,000,000 | 71,000,000 | |||||||||||||||||||||||
Liabilities | $ 10,137,000,000 | $ 10,139,000,000 | $ 8,983,000,000 | $ 8,499,000,000 | $ 15,000,000 | $ 198,000,000 | $ 953,000,000 | $ 1,297,000,000 | $ 312,000,000 | $ 336,000,000 | |||||||||||||||||||
|