Form 8-K - Current report

November 7, 2023

BERKSHIRE HATHAWAY INC.

/s/ Marc D. Hamburg

Marc D. Hamburg

Senior Vice President and Chief Financial Officer

UNITED STATES

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) November 4, 2023

BERKSHIRE HATHAWAY INC.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)


DELAWARE	001-14905	47-0813844
(STATE OR OTHER JURISDICTION OF INCORPORATION)	(COMMISSION FILE NUMBER)	(I.R.S. EMPLOYER 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))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbols	Name of each exchange on which registered
Class A Common Stock	BRK.A	New York Stock Exchange
Class B Common Stock	BRK.B	New York Stock Exchange
1.300% Senior Notes due 2024	BRK24	New York Stock Exchange
0.000% Senior Notes due 2025	BRK25	New York Stock Exchange
1.125% Senior Notes due 2027	BRK27	New York Stock Exchange
2.150% Senior Notes due 2028	BRK28	New York Stock Exchange
1.500% Senior Notes due 2030	BRK30	New York Stock Exchange
2.000% Senior Notes due 2034	BRK34	New York Stock Exchange
1.625% Senior Notes due 2035	BRK35	New York Stock Exchange
2.375% Senior Notes due 2039	BRK39	New York Stock Exchange
0.500% Senior Notes due 2041	BRK41	New York Stock Exchange
2.625% Senior Notes due 2059	BRK59	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02

Results of Operations and Financial Condition.

On November 4, 2023, Berkshire Hathaway Inc. issued a press release announcing the Company’s earnings for the third quarter and first nine months ended September 30, 2023. 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 November 4, 2023

Exhibit 104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

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.

Exhibit 99.1

BERKSHIRE HATHAWAY INC.

NEWS RELEASE


FOR IMMEDIATE RELEASE		November 4, 2023

Omaha, NE (BRK.A; BRK.B) –

Berkshire’s operating results for the third quarter and first nine months of 2023 and 2022 are summarized in the following paragraphs. However, we urge investors and reporters to read our 10-Q, which has been posted at www.berkshirehathaway.com. The limited information that follows in this press release is not adequate for making an informed investment judgment.

Earnings (losses) of Berkshire Hathaway Inc. and its consolidated subsidiaries for the third quarter and first nine months of 2023 and 2022 are summarized below. Earnings (losses) are stated on an after-tax basis. (Dollar amounts are in millions, except for per share amounts).


	Third Quarter						First Nine Months
	2023			2022			2023		2022
Net earnings (losses) attributable to Berkshire shareholders	$	(12,767	)	$	(2,798	)	$	58,649	$	(40,839	)

Net earnings (losses) includes:
Investment and derivative gains/losses		(23,528	)		(10,449	)		29,780		(65,067	)
Operating earnings		10,761			7,651			28,869		24,228

Net earnings (losses) attributable to Berkshire shareholders	$	(12,767	)	$	(2,798	)	$	58,649	$	(40,839	)

Net earnings (losses) per average equivalent Class A Share	$	(8,824	)	$	(1,907	)	$	40,422	$	(27,768	)
Net earnings (losses) per average equivalent Class B Share	$	(5.88	)	$	(1.27	)	$	26.95	$	(18.51	)
Average equivalent Class A shares outstanding		1,446,925			1,466,946			1,450,934		1,470,714
Average equivalent Class B shares outstanding		2,170,387,690			2,200,419,462			2,176,400,554		2,206,070,294

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

Generally Accepted Accounting Principles (“GAAP”) require that we include the changes in unrealized gains/losses of our equity security investments as a component of investment gains/losses in our earnings statements. In the table above, investment gains (losses) in 2023 include losses of $24.1 billion in the third quarter and gains of $23.5 billion in the first nine months and in 2022 include losses of $10.1 billion in the third quarter and $63.9 billion in the first nine months due to changes during the third quarter and the first nine months in the unrealized gains that existed in our equity security investment holdings. Investment gains (losses) in 2023 also include after-tax realized gains on sales of investments of $560 million in the third quarter and $3.9 billion in the first nine months and in 2022 include after-tax realized losses on sales of investments of $378 million in the third quarter and $946 million in the first nine months. In the first nine months of 2023 investment gains also include a net remeasurement gain of approximately $2.4 billion related to Berkshire’s acquisition of an additional 41.4% interest in Pilot Travel Centers.

The amount of investment gains/losses in any given quarter is usually meaningless and delivers figures for net earnings (losses) per share that can be extremely misleading to investors who have little or no knowledge of accounting rules.

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


	Third Quarter					First Nine Months
	2023		2022			2023		2022
Insurance-underwriting	$	2,422	$	(1,072	)	$	4,580	$	(190	)
Insurance-investment income		2,470		1,408			6,808		4,484
Railroad		1,221		1,442			3,732		4,477
Utilities and energy		498		1,601			1,699		3,165
Pilot Travel Centers (“PTC”)		183		—			380		—
Other controlled businesses		3,341		3,247			9,712		9,521
Non controlled businesses*		226		346			1,329		810
Other**		400		679			629		1,961

Operating earnings	$	10,761	$	7,651		$	28,869	$	24,228

*	Includes certain businesses in which Berkshire had between a 20% and 50% ownership interest.

Includes foreign currency exchange gains related to non-U.S. Dollar denominated debt in 2023 of approximately $447 million in the third quarter and approximately $895 million in the first nine months and in 2022 of approximately $858 million in the third quarter and approximately $2.4 billion in the first nine months.

Approximately $1.1 billion was used to repurchase Berkshire shares during the third quarter bringing the nine month total to approximately $7.0 billion. On September 30, 2023 there were 1,445,546 Class A equivalent shares outstanding. At September 30, 2023, insurance float (the net liabilities we assume under insurance contracts) was approximately $167 billion, an increase of $3 billion since yearend 2022.

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 and impairments of goodwill and intangible assets.

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, as previously described, under applicable GAAP accounting requirements, we are required to include the changes in unrealized gains/losses of our equity security investments as a component of investment gains/losses in our periodic earnings statements. In sum, investment 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, 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

Document and Entity Information	Nov. 04, 2023
Document And Entity Information [Line Items]
Entity Registrant Name	BERKSHIRE HATHAWAY INC
Entity Incorporation State Country Code	DE
Amendment Flag	false
Entity Central Index Key	0001067983
Document Type	8-K
Document Period End Date	Nov. 04, 2023
Entity File Number	001-14905
Entity Tax Identification Number	47-0813844
Entity Address, Address Line One	3555 Farnam Street
Entity Address, City or Town	Omaha
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68131
City Area Code	(402)
Local Phone Number	346-1400
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Class A Common Stock
Trading Symbol	BRK.A
Security Exchange Name	NYSE
Common Class B [Member]
Document And Entity Information [Line Items]
Security 12b Title	Class B Common Stock
Trading Symbol	BRK.B
Security Exchange Name	NYSE
M One Point Three Zero Zero Senior Notes Due Two Thousand Twenty Four [Member]
Document And Entity Information [Line Items]
Security 12b Title	1.300% Senior Notes due 2024
Trading Symbol	BRK24
Security Exchange Name	NYSE
M Zero Point Zero Zero Zero Senior Notes Due Two Thousand Twenty Five [Member]
Document And Entity Information [Line Items]
Security 12b Title	0.000% Senior Notes due 2025
Trading Symbol	BRK25
Security Exchange Name	NYSE
M One Point One Two Five Senior Notes Due Two Thousand Twenty Seven [Member]
Document And Entity Information [Line Items]
Security 12b Title	1.125% Senior Notes due 2027
Trading Symbol	BRK27
Security Exchange Name	NYSE
M Two Point One Five Zero Senior Notes Due Two Thousand Twenty Eight [Member]
Document And Entity Information [Line Items]
Security 12b Title	2.150% Senior Notes due 2028
Trading Symbol	BRK28
Security Exchange Name	NYSE
M One Point Five Zero Zero Senior Notes Due Two Thousand Thirty [Member]
Document And Entity Information [Line Items]
Security 12b Title	1.500% Senior Notes due 2030
Trading Symbol	BRK30
Security Exchange Name	NYSE
M Two Point Zero Zero Zero Senior Notes Due Two Thousand Thirty Four [Member]
Document And Entity Information [Line Items]
Security 12b Title	2.000% Senior Notes due 2034
Trading Symbol	BRK34
Security Exchange Name	NYSE
M One Point Six Two Five Senior Notes Due Two Thousand Thirty Five [Member]
Document And Entity Information [Line Items]
Security 12b Title	1.625% Senior Notes due 2035
Trading Symbol	BRK35
Security Exchange Name	NYSE
M Two Point Three Seven Five Senior Notes Due Two Thousand Thirty Nine [Member]
Document And Entity Information [Line Items]
Security 12b Title	2.375% Senior Notes due 2039
Trading Symbol	BRK39
Security Exchange Name	NYSE
M Zero Point Five Zero Zero Senior Notes Due Two Thousand Forty One [Member]
Document And Entity Information [Line Items]
Security 12b Title	0.500% Senior Notes due 2041
Trading Symbol	BRK41
Security Exchange Name	NYSE
M Two Point Six Two Five Senior Notes Due Two Thousand Fifty Nine [Member]
Document And Entity Information [Line Items]
Security 12b Title	2.625% Senior Notes due 2059
Trading Symbol	BRK59
Security Exchange Name	NYSE