FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-14905 BERKSHIRE HATHAWAY INC. (Exact name of registrant as specified in its charter) | --- | --- | --- | |------------------ ...

FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-14905 BERKSHIRE HATHAWAY INC. (Exact name of registrant as specified in its charter) Delaware 47-0813844 (State or other jurisdic ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-14905 | --- | --- | |----------------------------------------------------------------------------------------- ...

Financial Performance - Net earnings attributable to Berkshire Hathaway shareholders in 2018 were $4.021 billion, a significant decrease from $44.94 billion in 2017, which included a one-time benefit of approximately $29.1 billion from the Tax Cuts and Jobs Act[131]. - After-tax earnings from insurance underwriting improved to approximately $1.566 billion in 2018, compared to after-tax losses of approximately $2.219 billion in 2017, driven by reduced estimated liabilities and lower catastrophe losses[131]. - The effective income tax rate for Berkshire Hathaway in 2018 was 21.4%, down from 32.0% in 2017, reflecting the impact of the reduced U.S. corporate tax rate[137]. - After-tax losses from investments and derivative contracts were $17.737 billion in 2018, primarily due to $18 billion in losses from changes in market values of equity securities[133]. - Net earnings for 2018 were $4,322 million, a significant decrease from $45,353 million in 2017, reflecting a decline of approximately 90.5%[253]. - Total revenues increased to $247,837 million in 2018, up from $239,933 million in 2017, representing a growth of about 3.8%[251]. - Investment gains (losses) for 2018 were $(22,155) million, compared to a gain of $1,410 million in 2017, indicating a substantial negative shift[251]. Business Segments Performance - The railroad business reported a 31.8% increase in after-tax earnings in 2018, totaling $5.219 billion, reflecting increased unit volume and higher average revenue per car[131]. - After-tax earnings from manufacturing, service, and retailing businesses rose by 29% in 2018, reaching $9.364 billion, supported by a 13% increase in pre-tax earnings[133]. - GEICO's premiums written increased by 11.7% to $34.123 billion in 2018, with a loss ratio of 78.8%, down 7.8 percentage points from 2017[138]. - The utilities and energy businesses reported higher after-tax earnings in 2018, attributed to a lower effective income tax rate, despite some declines in pre-tax earnings in regulated utilities[131]. - BNSF's revenues reached $23.855 billion in 2018, an increase of $2.468 billion (11.5%) from $21.387 billion in 2017[164]. - Berkshire Hathaway Energy's total revenues in 2018 were $19.987 billion, an increase from $18.854 billion in 2017, with pre-tax earnings of $2.472 billion[170]. Investment and Financial Position - The company held cash, cash equivalents, and U.S. Treasury Bills of approximately $109 billion at year-end 2018, including $85 billion in U.S. Treasury Bills[213]. - Berkshire's consolidated shareholders' equity was approximately $349 billion as of December 31, 2018, a decrease of $26.9 billion since September 30, 2018[213]. - The company reported a foreign currency translation loss of $1.424 billion in 2018, contrasting with a gain of $2.151 billion in 2017[237]. - Total liabilities rose to $355,294 million in 2018, compared to $350,141 million in 2017, an increase of about 1.3%[253]. - The company maintained effective internal control over financial reporting as of December 31, 2018, as confirmed by an independent audit[240]. Claims and Liabilities - The company's consolidated claim liabilities were approximately $110 billion, with 84% related to GEICO and the Berkshire Hathaway Reinsurance Group[217]. - GEICO's gross unpaid losses were reported at $19.5 billion, with net claim liabilities of $18.6 billion as of December 31, 2018[218]. - The company recorded a decrease of $222 million in claim liability estimates during 2018, resulting in a corresponding increase in pre-tax earnings[218]. - The company anticipates that a one percentage point change in bodily injury claim severities could result in a $275 million increase or decrease in recorded liabilities[218]. - The company utilizes various actuarial estimation methods for claim liabilities, including Bornhuetter-Ferguson and chain-ladder methodologies[218]. Acquisitions and Investments - The acquisition of Medical Liability Mutual Insurance Company was completed for approximately $2.5 billion, with fair value of assets at $6.1 billion and liabilities at $3.6 billion[296]. - The total consideration for bolt-on acquisitions was approximately $1.0 billion in 2018, $2.7 billion in 2017, and $1.4 billion in 2016[296]. - Berkshire's investment in Kraft Heinz had a fair value of approximately $14.0 billion as of December 31, 2018, down from $25.3 billion in 2017[308]. - Approximately 68% of the aggregate fair value of equity securities was concentrated in five companies, including Apple Inc. at $40.3 billion[305]. Operational Metrics - Total operating expenses for BNSF increased by $1.908 billion (13.6%) to $16.992 billion in 2018, with a ratio of operating expenses to revenues of 66.9%[164]. - The company reported a comprehensive income of $2,059 million in 2018, down from $66,768 million in 2017, a decrease of about 96.9%[253]. - The average equivalent Class A shares outstanding remained stable at approximately 1,643,795 in 2018, compared to 1,644,615 in 2017[251]. - The company evaluated approximately 99% of loan balances as performing and 95% as current in payment status as of December 31, 2018[314].