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BERKSHIRE HATHAWAY INC.. 2019 Annual Report (PDF file) 2019 SEC Form 10-K (PDF file)
- The Power of Retained Earnings
- Non-Insurance Operations
- The Road Ahead
- Insurance and Reinsurance Businesses
- Manufacturing Businesses
- Precision Castparts
- Lubrizol Corporation
- IMC International Metalworking Companies
- Other industrial products
- Johns Manville
- MiTek Industries, Inc.
- Apparel
- FlightSafety International
- NetJets
- Terrorist acts could hurt our operating businesses.
- Cyber security risks
- Risks unique to our regulated businesses
- Item 2. Description of Properties
- Other Segments
- Item 3. Legal Proceedings
- FORWARD-LOOKING STATEMENTS
- Market Information
- Contractual Obligations
- Property and casualty losses
- Interest Rate Risk
- REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- Basis for Opinions
- Definition and Limitations of Internal Control over Financial Reporting
- Critical Audit Matters
- Railroad, Utilities and Energy:
- CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
- (1) Significant accounting policies and practices
- Auto Liability
- * Unaudited required supplemental information BH Primary Workers’ Compensation and Other Casualty
- (27) Business segment data
- Employees
- MANUFACTURING BUSINESSES:
- BNSF:
- SERVICE AND RETAILING BUSINESSES:
- GREGORY E. ABEL,
- STEPHEN B. BURKE,
- SUSAN L. DECKER,
- DAVID S. GOTTESMAN,
- CHARLOTTE GUYMAN,
- THOMAS S. MURPHY,
- RONALD L. OLSON,
- MERYL B. WITMER,
In 1924, Edgar Lawrence Smith, an obscure economist and financial advisor, wrote Common Stocks as Long Term Investments, a slim book that changed the investment world. Indeed, writing the book changed Smith himself, forcing him to reassess his own investment beliefs. Going in, he planned to argue that stocks would perform better than bonds during i...
Tom Murphy, a valued director of Berkshire and an all-time great among business managers, long ago gave me some important advice about acquisitions: “To achieve a reputation as a good manager, just be sure you buy good businesses.” Over the years Berkshire has acquired many dozens of companies, all of which I initially regarded as “good businesses....
Three decades ago, my Midwestern friend, Joe Rosenfield, then in his 80s, received an irritating letter from his local newspaper. In blunt words, the paper asked for biographical data it planned to use in Joe’s obituary. Joe didn’t respond. So? A month later, he got a second letter from the paper, this one labeled “URGENT.” Charlie and I long ago e...
Berkshire’s insurance and reinsurance business activities are conducted through numerous domestic and foreign-based insurance entities. Berkshire’s insurance businesses provide insurance and reinsurance of property and casualty and life, accident and health risks worldwide. In direct or primary insurance activities, the insurer assumes the risk of ...
Berkshire’s numerous and diverse manufacturing subsidiaries are grouped into three categories: (1) industrial products, (2) building products and (3) consumer products. Berkshire’s industrial products businesses manufacture specialty chemicals, metal cutting tools, components for aerospace and power generation applications, and a variety of other p...
Precision Castparts Corp. (“PCC”) manufactures complex metal components and products, provides high-quality investment castings, forgings, fasteners/fastener systems and aerostructures for critical aerospace and power and energy applications. PCC also manufactures seamless pipe for coal-fired, industrial gas turbine (“IGT”) and nuclear power plants...
The Lubrizol Corporation (“Lubrizol”) is a specialty chemical company that produces and supplies technologies for the global transportation, industrial and consumer markets. Lubrizol currently operates in two business sectors: (1) Lubrizol Additives, which includes engine additives, driveline additives and industrial specialties products; and (2) L...
IMC International Metalworking Companies (“IMC”) is one of the world’s three largest multinational manufacturers of consumable precision carbide metal cutting tools for applications in a broad range of industrial end markets. IMC’s principal brand names include ISCAR®, TaeguTec®, Ingersoll®, Tungaloy®, Unitac®, UOP®, It.te.di®, Qutiltec®, Tool—Flo®...
CTB International Corp. (“CTB”), headquartered in Milford, Indiana, is a leading global designer, manufacturer and marketer of a wide range of agricultural systems and solutions for preserving grain, producing poultry, pigs and eggs, and for processing poultry, fish, vegetables and other foods. CTB operates from facilities located around the globe ...
Johns Manville (“JM”), headquartered in Denver, Colorado, is a leading manufacturer and marketer of premium-quality products for building insulation, mechanical and industrial insulation, commercial roofing and roof insulation, as well as fibers and nonwovens for commercial, industrial and residential applications. JM serves markets that include ae...
MiTek Industries, Inc. (“MiTek”), based in Chesterfield, Missouri, operates in two separate markets: residential and commercial. MiTek operates worldwide with sales in over 100 countries and with manufacturing facilities and/or sales/engineering offices located in 21 countries. In the residential segment, MiTek is a leading supplier of engineered c...
Fruit of the Loom (“FOL”), headquartered in Bowling Green, Kentucky, is primarily a manufacturer and distributor of basic apparel, underwear, casualwear, athletic apparel and sports equipment. Products under the Fruit of the Loom® and JERZEES® labels are primarily sold in the mass merchandise, mid-tier chains and wholesale markets. In the Vanity Fa...
FlightSafety International Inc. (“FlightSafety”), headquartered at New York’s LaGuardia Airport, is an industry leading provider of professional aviation training services and flight simulation products. FlightSafety and FlightSafety Textron Aviation Training, a joint venture with Textron which began operations in 2019, provide high technology trai...
NetJets Inc. (“NetJets”) is the world’s leading provider of shared ownership programs for general aviation aircraft. NetJets’ global headquarters is located in Columbus, Ohio, with most of its logistical and flight operations based at John Glenn Columbus International Airport. NetJets’ European operations are based in Lisbon, Portugal. The shared o...
A cyber, biological, nuclear or chemical attack could produce significant losses to our worldwide operations. Our business operations could be adversely affected from such acts through the loss of human resources or destruction of production facilities and information systems. We share the risk with all businesses. initiatives were adopted in the U...
We rely on technology in virtually all aspects of our business. Like those of many large businesses, certain of our information systems have been subject to computer viruses, malicious codes, unauthorized access, phishing efforts, denial-of-service attacks and other cyber-attacks and we expect to be subject to similar attacks in the future as such ...
Our tolerance for risk in our insurance businesses may result in significant underwriting losses. When properly paid for the risk assumed, we have been and will continue to be willing to assume more risk from a single event than any other insurer has knowingly assumed. Accordingly, we could incur a significant loss from a single catastrophe event r...
The properties used by Berkshire’s business segments are summarized in this section. Berkshire’s railroad and utilities and energy businesses, in particular, utilize considerable physical assets in their businesses.
Material physical properties used by Berkshire’s other significant business segments are summarized below: Business
Berkshire and its subsidiaries are parties in a variety of legal actions that routinely arise out of the normal course of business, including legal actions seeking to establish liability directly through insurance contracts or indirectly through reinsurance contracts issued by Berkshire subsidiaries. Plaintiffs occasionally seek punitive or exempla...
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of Berkshire officials during presentations about Berkshire or its subsidiaries are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Ac...
Berkshire’s Class A and Class B common stock are listed for trading on the New York Stock Exchange, trading symbols: BRK.A and BRK.B, respectively.
We are party to contracts associated with ongoing business and financing activities, which will result in cash payments to counterparties in future periods. Certain obligations are included in our Consolidated Balance Sheets, such as notes payable, which require future payments on contractually specified dates and in fixed and determinable amounts....
We record liabilities for unpaid losses and loss adjustment expenses (also referred to as “gross unpaid losses” or “claim liabilities”) based upon estimates of the ultimate amounts payable for losses occurring on or before the balance sheet date. The timing and amount of ultimate loss payments are contingent upon, among other things, the timing of ...
We may also invest in bonds, loans or other interest rate sensitive instruments. Our strategy is to acquire or originate such instruments at prices considered appropriate relative to the perceived credit risk. We also issue debt in the ordinary course of business to fund business operations, business acquisitions and for other general purposes. We ...
To the Shareholders and the Board of Directors of Berkshire Hathaway Inc. Omaha, Nebraska
Managing member of the General Partner of Eagle Capital Partners L.P., an investment partnership.
Managing member of the General Partner of Eagle Capital Partners L.P., an investment partnership.
Managing member of the General Partner of Eagle Capital Partners L.P., an investment partnership.
Managing member of the General Partner of Eagle Capital Partners L.P., an investment partnership.
Managing member of the General Partner of Eagle Capital Partners L.P., an investment partnership.
Managing member of the General Partner of Eagle Capital Partners L.P., an investment partnership.
Managing member of the General Partner of Eagle Capital Partners L.P., an investment partnership.
Managing member of the General Partner of Eagle Capital Partners L.P., an investment partnership.
Managing member of the General Partner of Eagle Capital Partners L.P., an investment partnership.
Managing member of the General Partner of Eagle Capital Partners L.P., an investment partnership.
Managing member of the General Partner of Eagle Capital Partners L.P., an investment partnership.
Managing member of the General Partner of Eagle Capital Partners L.P., an investment partnership.
Managing member of the General Partner of Eagle Capital Partners L.P., an investment partnership.
Managing member of the General Partner of Eagle Capital Partners L.P., an investment partnership.
Managing member of the General Partner of Eagle Capital Partners L.P., an investment partnership.
Managing member of the General Partner of Eagle Capital Partners L.P., an investment partnership.
Managing member of the General Partner of Eagle Capital Partners L.P., an investment partnership.
Managing member of the General Partner of Eagle Capital Partners L.P., an investment partnership.
Managing member of the General Partner of Eagle Capital Partners L.P., an investment partnership.
Managing member of the General Partner of Eagle Capital Partners L.P., an investment partnership.
Managing member of the General Partner of Eagle Capital Partners L.P., an investment partnership.
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UNITED STATES . SECURITIES AND EXCHANGE COMMISSION . Washington, D.C. 20549 . FORM 10-K . ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Revenues for the first quarter of 2019 were $12.2 billion, relatively unchanged from the first quarter of 2018, reflecting a 1.5% decrease in grocery sales and a 2.7% increase in foodservice sales. Pre-tax earnings in the first quarter of 2019 were $111 million, an increase of $51 million (85%) compared to 2018.
10,000+ Employees. Based in Omaha, Nebraska. Berkshire Hathaway is a holding company owning subsidiaries engaged in a number of diverse business activities. The most important of these is the property and casualty insurance business conducted on both a direct and reinsurance basis through a number of subsidiaries. Visit website.
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Feb 25, 2023 · Buffett made clear the value of share buybacks, noting that Berkshire Hathaway reduced the share count 1.2% from the 2021 annual report to the 2022 annual report (buying back $7.85 billion in ...
BERKSHIRE HATHAWAY INC. To the Shareholders of Berkshire Hathaway Inc.: Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust. Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager ...
