0001193125-16-483034.txt : 20160229 0001193125-16-483034.hdr.sgml : 20160229 20160226210706 ACCESSION NUMBER: 0001193125-16-483034 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160227 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160229 DATE AS OF CHANGE: 20160226 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BERKSHIRE HATHAWAY INC CENTRAL INDEX KEY: 0001067983 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 470813844 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14905 FILM NUMBER: 161464522 BUSINESS ADDRESS: STREET 1: 3555 FARNAM STREET CITY: OMAHA STATE: NE ZIP: 68131 BUSINESS PHONE: 4023461400 MAIL ADDRESS: STREET 1: 3555 FARNAM STREET CITY: OMAHA STATE: NE ZIP: 68131 FORMER COMPANY: FORMER CONFORMED NAME: NBH INC DATE OF NAME CHANGE: 19980810 8-K 1 d122679d8k.htm 8-K 8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

 

 

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)    February 27, 2016        

 

 

                                         BERKSHIRE HATHAWAY INC.                                        

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 

 

                     DELAWARE                    

  

      001-14905      

  

            47-0813844             

(STATE OR OTHER JURISDICTION   (COMMISSION   (I.R.S. EMPLOYER
OF INCORPORATION)   FILE NUMBER)   IDENTIFICATION NO.)
                            3555 Farnam Street  
                              Omaha, Nebraska                                

                68131                 

 

(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

  

 

(ZIP CODE)

 

                                                 (402) 346-1400                                                 

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 Results of Operations and Financial Condition.

On February 27, 2016, Berkshire Hathaway Inc. issued a press release announcing the Company’s earnings for the fourth quarter and year ended December 31, 2015. A copy of this press release is furnished with this report as an exhibit to this Form 8-K.

ITEM 9.01 Financial Statements and Exhibits

Exhibit 99.1 Berkshire Hathaway Inc. Earnings Release Dated February 27, 2016.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

February 29, 2016

       BERKSHIRE HATHAWAY INC.   
                      /s/ Marc D. Hamburg   
 

 

   
  By: Marc D. Hamburg
  Senior Vice President and Chief Financial Officer
 EX-99.1 2 d122679dex991.htm EX-99.1 EX-99.1

EXHIBIT 99.1

BERKSHIRE HATHAWAY INC.

NEWS RELEASE

 

FOR IMMEDIATE RELEASE   February 27, 2016

Omaha, NE (BRK.A; BRK.B) –

We show below summary financial data for the fourth quarter and full year. However, we urge investors and reporters to carefully read our Annual Report, which has been posted on the Internet at www.berkshirehathaway.com. The limited information that follows in this press release is totally inadequate for making an informed investment judgment or for an evaluation of 2015 business performance. Earnings are stated on an after-tax basis. (Dollar amounts are in millions, except for per share amounts).

 

             Fourth Quarter     Full Year  
             2015          2014       2015       2014  

Operating earnings

      $4,673         $3,963        $17,358        $16,551   

Investment and derivative gains/losses

          

Investment gains

      399         285        6,092 *      2,992   

Derivative gains/losses

           406               (93 )             633               329   
          805               192            6,725            3,321   

Net earnings attributable to Berkshire shareholders

      $5,478         $4,155        $24,083        $19,872   

*  Includes after-tax non-cash holding gain of $4.4 billion that was recognized in connection with the merger of Kraft Foods and H.J. Heinz.

      

Operating earnings per Class A equivalent share

      $2,843         $2,412        $10,564        $10,071   

Investment and derivative gains per Class A equivalent share

           490              117            4,092            2,021   

Net earnings per Class A equivalent share attributable to Berkshire shareholders

      $3,333         $2,529        $14,656        $12,092   

Average Class A equivalent shares outstanding

      1,643,373         1,642,859        1,643,183        1,643,456   

Book value per Class A equivalent share at December 31

           $155,501        $146,186   

Note: Per share amounts for the Class B shares are 1/1,500th those shown for the Class A.

   

An analysis of Berkshire’s operating earnings follows (dollar amounts are in millions).

 

  

             Fourth Quarter       Full Year  
           2015          2014        2015        2014  
 

Insurance-underwriting

      $   306         $   191        $  1,162        $  1,692   
 

Insurance-investment income

      1,033         880        3,725        3,542   
 

Railroad, Utilities and Energy Businesses

      1,507         1,552        6,380        5,751   
 

Other businesses and miscellaneous income/expense

        1,827           1,340            6,091            5,566   
 

Operating earnings

      $4,673         $3,963        $17,358        $16,551   

In the table at the top of the page (which, as noted, reports after-tax results), we give investment and derivative gains (losses) lines of their own because the amounts of these in any given quarter or year are often meaningless.

At December 31, 2015, our book value had increased by 6.4% since yearend 2014 to $155,501 per Class A equivalent share. Insurance float (the net liabilities we assume under insurance contracts) at December 31, 2015 was approximately $88 billion.

Use of Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP figures in accordance with Regulation G are included herein.

Berkshire presents its results in the way it believes will be most meaningful and useful, as well as most transparent, to the investing public and others who use Berkshire’s financial information. That presentation includes the use of certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Berkshire shows operating earnings defined as net earnings exclusive of investment and derivative gains/losses.

Although the investment of insurance and reinsurance premiums to generate investment income and investment gains or losses is an integral part of Berkshire’s operations, the generation of investment gains or losses is independent of the insurance underwriting process. Moreover, under applicable GAAP accounting requirements, losses can be created as the result of other-than-temporary declines in value without actual realization or when certain types of investments are marked-to-market through earnings. In sum, investment and derivative gains/losses for any particular period are not indicative of quarterly business performance.

About Berkshire

Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing and services. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.

Cautionary Statement

Certain statements contained in this press release are “forward looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted.

— END —

Contact

Marc D. Hamburg

402-346-1400