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 SECURITIESEXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024

OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934
For the transition period fromtoCommission file number 001-14905

BERKSHIRE HATHAWAY INC.
(Exact name of registrant as specified in its charter)
Delaware47-0813844(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)

3555 Farnam Street, Omaha, Nebraska 68131(Address of principal executive office) (Zip Code)(402) 346-1400(Registrant’s telephone number, including area code)(Former name, former address and former fiscal year, if changed since last report)

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
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). Yes ☒ No ☐Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
☐
Large accelerated filer ☒Accelerated filer
Non-accelerated filer ☐Smaller reporting company ☐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. ☐Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒Number of shares of common stock outstanding as of April 19, 2024:
Class A —562,539Class B —1,311,384,883

BERKSHIRE HATHAWAY INC.
Page No.

Part I – Financial Information
Item 1. Financial Statements

Consolidated Balance Sheets—March 31, 2024 and December 31, 2023
Consolidated Statements of Earnings—First Quarter 2024 and 2023
Consolidated Statements of Comprehensive Income—First Quarter 2024 and 2023
Consolidated Statements of Changes in Shareholders’ Equity—First Quarter 2024 and 2023
Consolidated Statements of Cash Flows—First Quarter 2024 and 2023
Item 2.
Item 3.
Item 4.

Notes to Consolidated Financial Statements
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Quantitative and Qualitative Disclosures About Market Risk
Controls and Procedures

2
4
5
5
6
7
28
46
46

Part II – Other Information

46

Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

46
46
47
47
47
47
48

Legal Proceedings
Risk Factors
Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities
Defaults Upon Senior Securities
Mine Safety Disclosures
Other Information
Exhibits

Signature48

1

Part I Financial Information
Item 1. Financial Statements
BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED BALANCE SHEETS(dollars in millions)
March 31,2024
(Unaudited)

ASSETS
Insurance and Other:
Cash and cash equivalents*
Short-term investments in U.S. Treasury Bills
Investments in fixed maturity securities
Investments in equity securities
Equity method investments
Loans and finance receivables
Other receivables
Inventories
Property, plant and equipment
Equipment held for lease
Goodwill
Other intangible assets
Deferred charges - retroactive reinsurance
Other

$

Railroad, Utilities and Energy:
Cash and cash equivalents*
Receivables
Property, plant and equipment
Goodwill
Regulatory assets
Other

28,891
153,444
17,167
335,864
29,58525,435
46,772
23,67022,05817,15450,81329,045
9,318
20,398809,614
6,658
6,063
178,288
33,736
5,570
30,106
260,4211,070,035

December 31,
2023$

33,672
129,619
23,758353,842
29,066
24,681
44,17424,15922,03016,94750,86829,327
9,495
19,568811,206
4,350
7,086
177,616
33,7585,565
30,397258,772
1,069,978$$——————* Includes U.S. Treasury Bills with maturities of three months or less when purchased of $4.0 billion at March 31, 2024 and $4.8
billion at December 31, 2023.
See accompanying Notes to Consolidated Financial Statements

2

BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED BALANCE SHEETS(dollars in millions)
March 31,2024
(Unaudited)

LIABILITIES AND SHAREHOLDERS’ EQUITY
Insurance and Other:
Unpaid losses and loss adjustment expenses
Unpaid losses and loss adjustment expenses - retroactive reinsurance contracts
Unearned premiums
Life, annuity and health insurance benefits
Other policyholder liabilities
Accounts payable, accruals and other liabilities
Aircraft repurchase liabilities and unearned lease revenues
Notes payable and other borrowings$

Railroad, Utilities and Energy:
Accounts payable, accruals and other liabilities
Regulatory liabilities
Notes payable and other borrowings
Income taxes, principally deferred
Total liabilities
Redeemable noncontrolling interests
Shareholders’ equity:
Common stock
Capital in excess of par value
Accumulated other comprehensive income
Retained earnings
Treasury stock, at cost
Berkshire Hathaway shareholders’ equity
Noncontrolling interests
Total shareholders’ equity$
See accompanying Notes to Consolidated Financial Statements

3

111,482
34,24531,975
17,987
10,662
31,583
8,375
40,723
287,032

December 31,
2023$

111,082
34,64730,507
20,213
11,54532,402
8,253
42,692
291,341

20,6496,887
82,031
109,567
95,651
492,250—

22,461
6,818
85,579114,858
93,009499,208
3,261

8
34,982(4,050)619,925(79,375)
571,490
6,295
577,785
1,070,035

8
34,480(3,763)607,350(76,802)561,273
6,236
567,509
1,069,978$

BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS(dollars in millions except per share amounts)(Unaudited)First Quarter
2024

Revenues:
Insurance and Other:
Insurance premiums earned
Sales and service revenues
Leasing revenues
Interest, dividend and other investment income

$

2023

21,474 $37,472
2,222
4,305
65,473

19,79638,3882,044
3,229
63,457

Total revenues

5,637
17,6901,069
24,39689,8696,001
14,917
1,018
21,93685,393

Investment gains (losses)

1,876

34,75813,448945
3,753
29,395
1,691
4,773
316
54,321

14,221785
3,587
30,319
1,477
5,602
328
56,319Railroad, Utilities and Energy:
Freight rail transportation revenues
Utility and energy operating revenues
Service revenues and other income

Costs and expenses:
Insurance and Other:
Insurance losses and loss adjustment expenses
Life, annuity and health benefits
Insurance underwriting expenses
Cost of sales and services
Cost of leasing
Selling, general and administrative expenses
Interest expense
Railroad, Utilities and Energy:
Freight rail transportation expenses
Utilities and energy cost of sales and other expenses
Other expenses
Interest expense

3,938
4,161
16,268
13,846
1,005
871
1,000
890
22,211
19,76876,532
76,087
15,21344,064493
688
15,70644,752
2,874
8,995
12,83235,757130
253$
12,702 $35,504$
8,825 $
24,377$5.88 $
16.25
1,439,370
1,456,438
2,159,055,134 2,184,657,109

Total costs and expenses
Earnings before income taxes and equity method earnings
Equity method earnings
Earnings before income taxes
Income tax expense
Net earnings
Earnings attributable to noncontrolling interests
Net earnings attributable to Berkshire Hathaway shareholders
Net earnings per average equivalent Class A share
Net earnings per average equivalent Class B share*
Average equivalent Class A shares outstanding
Average equivalent Class B shares outstanding——————* Net earnings per average equivalent Class B share outstanding are equal to one-fifteen-hundredth of the equivalent Class A amount.
See Note 19.
See accompanying Notes to Consolidated Financial Statements

4

BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(dollars in millions)(Unaudited)First Quarter
2024
2023

Net earnings
Other comprehensive income:Unrealized gains (losses) on investments
Applicable income taxes
Foreign currency translation
Applicable income taxes
Long-duration insurance contract discount rate changes
Applicable income taxes
Defined benefit pension plans
Applicable income taxes
Other, net
Other comprehensive income, net
Comprehensive income
Comprehensive income attributable to noncontrolling interests
Comprehensive income attributable to Berkshire Hathaway shareholders$

12,832$35,757

$

(35)
6
(539)
—
351
(67)
6
(2)
(30)
(310)
12,522
107
12,415 $

247
(53)
249
6
(367)
76
50
(6)
(120)
82
35,839259
35,580CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY(dollars in millions)(Unaudited)
Berkshire Hathaway shareholders’ equity
Common stock Accumulated
and capital inotherexcess of parcomprehensive
Retained
Treasuryvalue
incomeearnings
stock

For the first quarter of 2024
Balance at December 31, 2023
Net earnings
Adoption of ASU 2023-02
Other comprehensive income, net
Acquisitions of common stock
Transactions with noncontrolling interests and other
Balance at March 31, 2024
For the first quarter of 2023
Balance at December 31, 2022
Net earnings
Other comprehensive income, net
Acquisitions of common stock
Transactions with noncontrolling interests and other
Balance at March 31, 2023

$

$

$

$

Noncontrollinginterests

Total

34,488 $
—
—
—
—
502
34,990 $(3,763) $607,350 $ (76,802) $—12,702
—
—
(127)
—
(287)
—
—
—
—
(2,573)———(4,050) $619,925 $ (79,375) $6,236 $567,509
130
12,832
—
(127)
(23)
(310)
—
(2,573)(48)
454
6,295 $577,785

35,175 $———(11)
35,164 $(5,052) $511,127 $ (67,826) $—35,504—76————(4,439)———(4,976) $546,631 $ (72,265) $8,257 $481,681
253
35,7576
82—(4,439)7(4)8,523 $513,077

See accompanying Notes to Consolidated Financial Statements

5

BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS(dollars in millions)(Unaudited)First Quarter
2024

Cash flows from operating activities:
Net earnings
Adjustments to reconcile net earnings (loss) to operating cash flows:
Investment (gains) losses
Depreciation and amortization
Other
Changes in operating assets and liabilities:
Unpaid losses and loss adjustment expenses
Deferred charges - retroactive reinsurance
Unearned premiums
Receivables and originated loans
Inventories
Other assets
Other liabilities
Income taxes
Net cash flows from operating activities
Cash flows from investing activities:
Purchases of equity securities
Sales of equity securities
Purchases of U.S. Treasury Bills and fixed maturity securities
Sales of U.S. Treasury Bills and fixed maturity securities
Redemptions and maturities of U.S. Treasury Bills and fixed maturity securities
Acquisitions of businesses, net of cash acquired
Purchases of property, plant and equipment and equipment held for lease
Other
Net cash flows from investing activities
Cash flows from financing activities:
Proceeds from borrowings of insurance and other businesses
Repayments of borrowings of insurance and other businesses
Proceeds from borrowings of railroad, utilities and energy businesses
Repayments of borrowings of railroad, utilities and energy businesses
Changes in short-term borrowings, net
Acquisitions of treasury stock
Other, principally transactions with noncontrolling interests
Net cash flows from financing activities
Effects of foreign currency exchange rate changes
Increase (decrease) in cash and cash equivalents and restricted cash
Cash and cash equivalents and restricted cash at the beginning of the year*
Cash and cash equivalents and restricted cash at the end of the first quarter**Cash and cash equivalents and restricted cash are comprised of:Beginning of the year—
Insurance and Other
Railroad, Utilities and Energy
Restricted cash included in other assets

$

$

$
$

End of the first quarter—
Insurance and Other
Railroad, Utilities and Energy
Restricted cash included in other assets$$

See accompanying Notes to Consolidated Financial Statements

6

2023

12,832$35,757(1,876)
3,168(2,863)(34,758)
3,051(1,293)

117
177
1,494
469
516
(415)
(5,486)
2,433
10,566

22
172
1,686
(922)
(15)
(987)
(2,649)
8,629
8,693

(2,691)
19,972(103,167)
7,452
80,114(327)(4,393)(163)(3,203)(2,873)
13,283(45,515)
12,98225,364(7,629)(3,713)
182(7,919)—(1,142)
5,084(5,906)(2,612)(2,562)(2,664)(9,802)(44)(2,483)38,64336,160—(4,946)—(1,244)
1,098(4,450)(380)(9,922)
47(9,101)
36,39927,298$33,672
4,350
621
38,643$28,891
6,658
611
36,160$$$32,2603,551
588
36,39923,8052,942
551
27,298BERKSHIRE HATHAWAY INC.
and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
Note 1. General
The accompanying unaudited Consolidated Financial Statements include the accounts of Berkshire Hathaway Inc. (“Berkshire”
or “Company”) consolidated with the accounts of all its subsidiaries and affiliates in which Berkshire holds controlling financial interests
as of the financial statement date. In these notes, the terms “us,” “we” or “our” refer to Berkshire and its consolidated subsidiaries.
Reference is made to Berkshire’s most recently issued Annual Report on Form 10-K (“Annual Report”), which includes informationnecessary or useful to understanding Berkshire’s businesses and financial statement presentations. Our significant accounting policies
and practices were presented as Note 1 to the Consolidated Financial Statements included in the Annual Report.
Financial information in this Quarterly Report reflects all adjustments that are, in the opinion of management, necessary to a fairstatement of results for the interim periods in accordance with accounting principles generally accepted in the United States (“GAAP”).
For several reasons, our results for interim periods are not normally indicative of results to be expected for the year. The timing andmagnitude of catastrophe losses incurred by insurance subsidiaries and the estimation error inherent to the process of determining
liabilities for unpaid losses of insurance subsidiaries can be more significant to results of interim periods than to results for a full year.
Given the size of our equity security investment portfolio, changes in market prices and the related changes in unrealized gains andlosses on equity securities will produce significant volatility in our interim and annual earnings. In addition, gains and losses from theperiodic revaluation of certain assets and liabilities denominated in foreign currencies and asset impairment charges may causesignificant variations in periodic net earnings.
Significant estimates are used in the preparation of our Consolidated Financial Statements, including those associated withevaluations of certain long-lived assets, goodwill and other intangible assets for impairment, expected credit losses on amounts owed tous and the estimations of certain losses assumed under insurance and reinsurance contracts. These estimates may be subject to significant
adjustments in future periods due to ongoing macroeconomic and geopolitical events, as well as changes in industry or company-specificfactors or events.
Note 2. New accounting pronouncements
In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-02, “Accounting
for Investments in Tax Credit Structures Using the Proportional Amortization Method” (“ASU 2023-02”). ASU 2023-02 permits
reporting entities to elect to account for tax equity investments from which the income tax credits are received using the proportionalamortization method at the program level if certain conditions are met. We elected to apply the proportional accounting method toeligible affordable housing tax credit investments using the modified retrospective method. We recorded a charge to retained earnings
of $127 million, representing the cumulative effect of applying the proportional method to these investments as of January 1, 2024.
In November 2023, the FASB issued Accounting Standards Update 2023-07, “Improvements to Reportable Segment Disclosures”(“ASU 2023-07”), which requires disclosures of significant expenses by segment and interim disclosure of items that were previously
required only on an annual basis. ASU 2023-07 is to be applied on a retrospective basis and is effective for our 2024 annual Consolidated
Financial Statements and interim periods beginning in 2025.
In December 2023, the FASB issued Accounting Standards Update 2023-09, “Improvements to Income Tax Disclosures” (“ASU2023-09”), which provides for additional income tax rate reconciliation and income taxes paid disclosures. ASU 2023-09 may be adopted
on a prospective or retrospective basis and is effective for fiscal years beginning after December 15, 2024, with early adoption permitted.
On March 6, 2024, the U.S. Securities Exchange Commission (“SEC”) issued Release No. 33-11275 and No. 34-99678 “TheEnhancement and Standardization of Climate-Related Disclosures for Investors” (“Climate Disclosure Rules”). Among its provisions,the Climate Disclosure Rules will require certain disclosures related to severe weather events and other natural conditions, and otherdisclosures about climate-related risks that materially impacted or are reasonably likely to materially impact the business strategy, resultsof operations or financial condition of the registrant. The Climate Disclosure Rules are currently effective for large-accelerated SEC
filers in annual reports for years beginning on or after January 1, 2025. However, on April 4, 2024, the SEC stayed implementation of
the Climate Disclosure Rules, pending the completion of judicial review.
We are evaluating the impacts ASUs 2023-07 and 2023-09 and the Climate Disclosure Rules will have on disclosures in our
Consolidated Financial Statements.

7

Notes to Consolidated Financial Statements
Note 3. Significant business acquisitions
Our long-held acquisition strategy is to acquire businesses that have consistent earning power, good returns on equity and able
and honest management. Financial results attributable to business acquisitions are included in our Consolidated Financial Statements
beginning on their respective acquisition dates.
On January 31, 2023, we acquired an additional 41.4% interest in Pilot Travel Centers, LLC (“Pilot”) for approximately $8.2
billion. The acquisition increased our interest to 80%, representing a controlling interest in Pilot for financial reporting purposes as ofthat date. Accordingly, we began consolidating Pilot’s financial statements in our Consolidated Financial Statements on February 1,
2023. Prior to that date, we accounted for our 38.6% interest in Pilot under the equity method.
Pilot operates more than 650 travel center and 75 fuel-only locations across 44 U.S. states and five Canadian provinces, primarily
under the names Pilot or Flying J, as well as large wholesale fuel and fuel marketing businesses in the U.S. Pilot also sells diesel fuel atother locations in the U.S. and Canada through various arrangements with third party travel centers and operates a water disposal
business in the oil fields sector. Since Pilot’s most significant business activities involve purchasing and selling fuel (energy) on awholesale and retail basis, and other energy-related businesses, we include Pilot within the railroad, utilities and energy sections of our
Consolidated Balance Sheets and Consolidated Statements of Earnings.
In applying the acquisition method of accounting, we remeasured our previously held 38.6% investment in Pilot to fair value asof the acquisition date. We recognized a one-time, non-cash remeasurement gain of approximately $3.0 billion in the first quarter of2023, representing the excess of the fair value of that interest over the carrying value under the equity method.
In January 2024, we acquired the remaining noncontrolling interests in Pilot for $2.6 billion, increasing our ownership of Pilot to
100%. The acquisition of a noncontrolling interest represents an equity transaction and we recorded an increase of $517 million tocapital in excess of par for the excess of the carrying value of the noncontrolling interest acquired over the consideration paid, net ofdeferred income tax liabilities arising from the transaction.
A summary of the values of Pilot’s assets acquired, liabilities assumed and redeemable noncontrolling interests as of January 31,
2023 follows (in millions).
Assets acquired

Property, plant and equipment
Goodwill*
Other intangible assets
Other assets

Liabilities assumed and noncontrolling interests$

8,015 Notes payable
6,605 Other liabilities
6,853
7,047 Liabilities assumed
Noncontrolling interests, predominantly redeemable
28,520 Liabilities assumed and noncontrolling interests
14,365

Assets acquired$
Net assets$——————*
Goodwill from this acquisition is expected to be deductible for income tax purposes.

$

5,876
4,918

10,7943,361$ 14,155

Note 4. Investments in fixed maturity securities
Investments in fixed maturity securities are summarized as follows (in millions).
Amortized
Cost

March 31, 2024
U.S. Treasury, U.S. government corporations and agencies
Foreign governments
Corporate bonds
Other

$

$
December 31, 2023
U.S. Treasury, U.S. government corporations and agencies
Foreign governments
Corporate bonds
Other

$

$

8

Unrealized
Gains

4,517
11,0201,210
222
16,969$10,308
11,7881,212
217
23,525$$$

Unrealized
Losses

3
39
224
19
285

$

14
58
241
21
334

$

$

$

Fair
Value

(17) $(62)(5)(3)(87) $

4,503
10,997
1,429
238
17,167(53) $(41)(4)(3)(101) $

10,26911,805
1,449
235
23,758

Notes to Consolidated Financial Statements
Note 4. Investments in fixed maturity securities
As of March 31, 2024, approximately 95% of our foreign government holdings were rated AA or higher by at least one of the
major rating agencies. The amortized cost and estimated fair value of fixed maturity securities at March 31, 2024 are summarized below
by contractual maturity dates (in millions). Actual maturities may differ from contractual maturities due to prepayment rights held by
issuers.

Amortized cost
Fair value

Due in one
year or lessDue after one
year throughfive years

Due after five
years throughten years$$$

12,218
12,177

3,869
3,889

600
798

Mortgagebacked
securities

Due after
ten years

$

135
144

$

147
159

Total

$

16,96917,167Note 5. Investments in equity securities
Investments in equity securities are summarized as follows (in millions).
Net Unrealized
Gains

Cost BasisMarch 31, 2024*
Banks, insurance and financeConsumer products
Commercial, industrial and other$

28,51329,21446,026
103,753$

64,299134,364
33,448232,111

Fair Value$

92,812
163,578
79,474
335,864$$$——————*
Approximately 75% of the aggregate fair value was concentrated in five companies (American Express Company – $34.5 billion;
Apple Inc. – $135.4 billion; Bank of America Corporation – $39.2 billion; The Coca-Cola Company – $24.5 billion and Chevron
Corporation – $19.4 billion).
Net Unrealized
Gains

Cost Basis

December 31, 2023*
Banks, insurance and financeConsumer products
Commercial, industrial and other$27,13634,24848,032
109,416$

51,176
166,895
26,355
244,426

Fair Value$

78,312
201,143
74,387353,842$$$——————*
Approximately 79% of the aggregate fair value was concentrated in five companies (American Express Company – $28.4 billion;
Apple Inc. – $174.3 billion; Bank of America Corporation – $34.8 billion; The Coca-Cola Company – $23.6 billion and Chevron
Corporation – $18.8 billion).
In 2019, we invested $10 billion in non-voting Cumulative Perpetual Preferred Stock of Occidental Petroleum Corporation(“Occidental”) and in Occidental common stock warrants. During 2022, we began acquiring common stock of Occidental. Our aggregate
voting interest in Occidental common stock exceeded 20% on August 4, 2022, and we adopted the equity method as of that date. See
Note 6. Our investments in the Occidental preferred stock and Occidental common stock warrants are recorded at fair value within
Commercial, industrial and other in the tables above. Such investments are not in-substance common stock under GAAP and are noteligible for the equity method.
The Occidental preferred stock accrues dividends at 8% per annum and is redeemable at the option of Occidental commencing in
2029 at a redemption price equal to 105% of the liquidation value, plus any accumulated and unpaid dividends. As of March 31, 2024,
our investment in Occidental preferred stock had an aggregate liquidation value of approximately $8.5 billion, which reflected
mandatory redemptions by Occidental during 2023 of approximately $1.5 billion.
The Occidental common stock warrants allow us to purchase up to 83.86 million shares of Occidental common stock at an exercise
price of $59.62 per share. The warrants are exercisable in whole or in part until one year after the date the preferred stock is fully
redeemed.

9

Notes to Consolidated Financial Statements
Note 5. Investments in equity securities
On March 31, 2024, we owned 151.6 million shares of American Express Company (“American Express”) common stock
representing 21.1% of its outstanding common stock. Since 1995, we have been party to an agreement with American Express whereby
we agreed to vote a significant portion of our shares in accordance with the recommendations of the American Express Board of
Directors. We have also agreed to passivity commitments as requested by the Board of Governors of the Federal Reserve System, whichcollectively, in our judgment, restrict our ability to exercise significant influence over the operating and financial policies of American
Express. Accordingly, we do not use the equity method with respect to our investment in American Express common stock, and wecontinue to record our investment at fair value.
Note 6. Equity method investments
Berkshire and its subsidiaries hold investments in certain businesses that are accounted for pursuant to the equity method.
Currently, the most significant of these are our investments in the common stock of The Kraft Heinz Company (“Kraft Heinz”) andOccidental. As of March 31, 2024, we owned 26.8% of the outstanding Kraft Heinz common stock and 28.2% of the outstanding
Occidental common stock, which excluded the potential effect of the exercise of the Occidental common stock warrants.
Kraft Heinz manufactures and markets food and beverage products, including condiments and sauces, cheese and dairy, meals,
meats, refreshment beverages, coffee and other grocery products. Occidental is an international energy company, whose activities
include oil and natural gas exploration, development and production and chemicals manufacturing businesses. Occidental’s financial
information is not available in time for concurrent reporting in our Consolidated Financial Statements. Therefore, we report the equity
method effects for Occidental on a one-quarter lag.
Kraft Heinz and Occidental common stocks are publicly traded. The fair values and our carrying values of these investments areincluded in the following table (in millions).
Carrying Value
March 31,
December 31,
2024
2023

Kraft Heinz
Occidental
Other

$
$

13,274
15,873438
29,585$$

13,23015,410426
29,066

Fair Value
March 31,
December 31,
2024
2023

$

12,00916,119$12,035
14,552As of March 31, 2024, the excess of our carrying value over the fair value of our investment in Kraft Heinz was 9.5% of thecarrying value. We evaluated this investment for other-than-temporary impairment as of March 31, 2024, and based on the prevailingfacts and circumstances, concluded the recognition of an impairment charge in earnings was not required.
We also own a 50% interest in Berkadia Commercial Mortgage LLC (“Berkadia”), which is accounted for under the equity method
and is included in other in the preceding table. Jefferies Financial Group Inc. (“Jefferies”) owns the other 50% interest. Berkadia engages
in mortgage banking, investment sales and servicing of commercial/multi-family real estate loans. Berkadia’s commercial paper
borrowing capacity (currently limited to $1.5 billion) is supported by a surety policy issued by a Berkshire insurance subsidiary. Jefferies
is obligated to indemnify us for one-half of any losses incurred under the policy.
As of March 31, 2024, the carrying values of our investments in Kraft Heinz and Berkadia approximated our share of shareowners’
equity of each of these entities. The carrying value of our investment in Occidental common stock exceeded our share of its shareholders’equity as of December 31, 2023 by approximately $9.7 billion. Based upon the limited information available to us, we concluded theexcess represents goodwill.
Our earnings and distributions received from equity method investments are summarized in the following table (in millions). As
previously described, on February 1, 2023, we ceased accounting for Pilot under the equity method. Equity method earnings attributable
to Pilot were $105 million for the month ending January 31, 2023. The earnings we recorded in the first quarter of 2024 and 2023 for
Occidental represented our share of its earnings for the fourth quarter of 2023 and 2022, respectively.
Equity in Earnings
First Quarter
2024
2023

Kraft Heinz
Occidental
Other

$
$

10

215
263
15
493

$
$

Distributions Received
First Quarter
2024
2023

222
370
96
688

$
$

130
41
4
175

$
$

130
25
—
155

Notes to Consolidated Financial Statements
Note 6. Equity method investments
Summarized consolidated financial information of Kraft Heinz follows (in millions).
March 30,
2024

AssetsLiabilities$

December 30,
2023

90,30940,621$

90,33940,617First Quarter
2024

Sales
Net earnings attributable to Kraft Heinz common shareholders

$

2023

6,411
801

$

6,489
836

Summarized consolidated financial information of Occidental follows (in millions).
December 31,
2023

AssetsLiabilities$

September 30,
2023

74,00843,659$Quarter ending
December 31, 2023

Total revenues and other income
Net earnings attributable to Occidental common shareholders$

71,28742,515
Quarter ending
December 31, 2022

7,529
1,029

$

8,326
1,727

Note 7. Investment gains (losses)
Investment gains (losses) in the first quarter of 2024 and 2023 are summarized as follows (in millions).
First Quarter
2024

Investment gains (losses):
Equity securities:
Change in unrealized investment gains (losses) during theperiod on securities held at the end of the period
Investment gains (losses) on securities sold during the period$

Fixed maturity securities:
Gross realized gains
Gross realized losses
Other
$

2023

3,982 $
(2,104)
1,878

31,317370
31,68713(12)(3)
1,876 $

124
(52)
2,999
34,758Equity securities gains and losses include unrealized gains and losses from changes in fair values during the period on equity
securities we still own, as well as gains and losses on securities we sold during the period. Our proceeds from sales of equity securities
were approximately $20.0 billion in the first quarter of 2024 and $13.3 billion in 2023. In the preceding table, investment gains andlosses on equity securities sold during the period represent the difference between the sales proceeds and the fair value of the equity
securities sold at the beginning of the applicable period or, if later, the acquisition date. Taxable gains and losses on equity securities
sold are generally the difference between the proceeds from sales and cost. Our sales of equity securities produced taxable gains in thefirst quarter of $14.2 billion in 2024 and $2.2 billion in 2023. Other investment gains in the first quarter of 2023 included a non-cash
gain of approximately $3.0 billion from the remeasurement of our pre-existing 38.6% interest in Pilot through the application of
acquisition accounting under GAAP.

11

Notes to Consolidated Financial Statements
Note 8. Loans and finance receivables
Loans and finance receivables are summarized as follows (in millions).
March 31,2024

Loans and finance receivables before allowances and discounts
Allowances for credit losses
Unamortized acquisition discounts and points$

December 31,
2023

27,082(973)(674)
25,435$$26,289(950)(658)
24,681$Loans and finance receivables are principally manufactured home loans, and to a lesser extent, commercial loans and site-built
home loans. Reconciliations of the allowance for credit losses on loans and finance receivables for the first quarter of 2024 and 2023
follow (in millions).
First Quarter2024

Balance at the beginning of the year
Provision for credit losses
Charge-offs, net of recoveries
Balance at March 31

2023

$

950
39
(16)
973

$

$

856
37
(17)
876

$

As of March 31, 2024, substantially all manufactured and site-built home loans were evaluated collectively for impairment, andwe considered approximately 97% of these loans to be current as to payment status. A summary of performing and non-performing
home loans before discounts and allowances by year of loan origination as of March 31, 2024 follows (in millions).
2024

Performing
Non-performing

$
$

1,971
2
1,973

Origination Year
2022
2021

2023

$
$

5,432
10
5,442

$
$

3,892
13
3,905

$
$

3,258
16
3,274

2020

$

Prior

2,523
12
2,535

$

$
$

Total

8,980
60
9,040

$
$

26,056113
26,169We are also a lender under commercial loan agreements. These loans had an aggregate carrying value of approximately$810 million at March 31, 2024 and $850 million at December 31, 2023. These loans are generally secured by real estate properties orby other assets and are individually evaluated for expected credit losses.
Note 9. Other receivables
Other receivables are comprised of the following (in millions).
March 31,2024

Insurance and other:
Insurance premiums receivable
Reinsurance recoverables
Trade receivables
Other
Allowances for credit losses$$
Railroad, utilities and energy:
Trade receivables
Other
Allowances for credit losses$$

December 31,
2023

19,695
5,421
15,263
7,048(655)
46,772

$

5,378
851
(166)
6,063

$

$

$

19,052
7,060
14,4494,269(656)
44,174
6,034
1,228
(176)
7,086

Aggregate provisions for credit losses in the first quarter with respect to receivables in the preceding table were $107 million in
2024 and $151 million in 2023. Charge-offs, net of recoveries, in the first quarter were $116 million in 2024 and $149 million in 2023.

12

Notes to Consolidated Financial Statements
Note 10. Inventories
Inventories of our insurance and other businesses are comprised of the following (in millions).
March 31,2024

Raw materials
Work in process and otherFinished manufactured goods
Goods acquired for resale$

December 31,
2023

5,831
3,327
5,062
9,450
23,670

$

$

6,026
3,345
4,969
9,819
24,159$Inventories, materials and supplies of our railroad, utilities and energy businesses are included in other assets and wereapproximately $4.1 billion at March 31, 2024 and $4.2 billion as of December 31, 2023.
Note 11. Property, plant and equipment
A summary of property, plant and equipment of our insurance and other businesses follows (in millions).
March 31,2024

Land, buildings and improvements
Machinery and equipment
Furniture, fixtures and other$Accumulated depreciation$

December 31,
2023

15,15728,247
5,573
48,977(26,919)
22,058$15,05828,0105,566
48,634(26,604)
22,030$A summary of property, plant and equipment of our railroad and utilities and energy businesses follows (in millions). The utility
generation, transmission and distribution systems and interstate natural gas pipeline assets are owned by regulated public utility andnatural gas pipeline subsidiaries.
March 31,2024

Railroad:
Land, track structure and other roadway
Locomotives, freight cars and other equipment
Construction in progress$

Accumulated depreciation
Utilities and energy:
Utility generation, transmission and distribution systems
Interstate natural gas pipeline assets
Independent power plants and otherLand, buildings and improvements
Machinery, equipment and otherConstruction in progress
Accumulated depreciation$

December 31,
2023

72,194
16,383
1,652
90,229(19,963)
70,266
96,675
19,357
14,8304,602
3,928
10,193
149,585(41,563)
108,022
178,288$$

71,692
16,256
1,715
89,663(19,464)
70,19996,195
19,226
14,781
4,540
3,855
9,551
148,148(40,731)
107,417
177,616

Depreciation expense for the first three months of 2024 and 2023 is summarized below (in millions).
First Quarter
2024

Insurance and otherRailroad, utilities and energy

$
$

13

2023

614
1,778
2,392

$
$

575
1,739
2,314

Notes to Consolidated Financial Statements
Note 12. Equipment held for lease
Equipment held for lease includes railcars, aircraft and other equipment, including over-the-road trailers, intermodal tankcontainers, cranes, storage units and furniture. Equipment held for lease is summarized below (in millions).
March 31,2024

Railcars
Aircraft
Other$

December 31,
2023

10,073
12,9395,612
28,624(11,470)
17,154

Accumulated depreciation$$

10,031
12,537
5,576
28,144(11,197)
16,947$

Depreciation expense for equipment held for lease in the first quarter was $341 million in 2024 and $308 million in 2023. Fixedand variable operating lease revenues for the first quarter of 2024 and 2023 are summarized below (in millions).
First Quarter2024

Fixed lease revenue
Variable lease revenue

$

2023

1,552
670
2,222

$

$

1,417
627
2,044

$

Note 13. Goodwill and other intangible assets
Reconciliations of the changes in the carrying value of goodwill for the first three months of 2024 and for the year ended December
31, 2023 follow (in millions).
March 31,2024

December 31,
2023

Balance at the beginning of the year$
84,626
Business acquisitions
1
Other, including acquisition period remeasurements and foreign currency translation(78)
Balance at the end of the period*$
84,549——————* Net of accumulated goodwill impairments of $11.1 billion as of March 31, 2024 and December 31, 2023.

$

78,1197,347(840)
84,626$

Other intangible assets are summarized below (in millions).
March 31, 2024
Gross
carrying
amountInsurance and other:
Customer relationships
Trademarks and trade names
Patents and technology
Other

$

$
Railroad, utilities and energy:
Customer relationships and contracts
Trademarks and trade names
Other

$
$

December 31, 2023
Net
carrying
value

Accumulated
amortization

28,287
5,624
5,279
4,803
43,993

$

4,092
3,592
1,182
8,866

$

$

8,051
850
4,196
1,851
14,948

$

855
126
181
1,162

$

$

$

$

Gross
carrying
amount20,236
4,774
1,083
2,952
29,045

$

3,237
3,466
1,001
7,704

$

$

$

Net
carrying
value

Accumulated
amortization

28,305
5,619
5,238
4,826
43,988

$

4,092
3,592
1,174
8,858

$

$

$

7,901
846
4,109
1,805
14,661

$

791
98
156
1,045

$

$

$

20,404
4,773
1,129
3,021
29,327
3,301
3,494
1,018
7,813

Other intangible assets of the railroad, utilities and energy businesses are included in other assets. Intangible asset amortization
expense in the first quarter was $435 million in 2024 and $429 million in 2023. Intangible assets with indefinite lives were $18.9 billion
as of March 31, 2024 and December 31, 2023 and primarily related to certain customer relationships and trademarks and trade names.

14Notes to Consolidated Financial Statements
Note 14. Unpaid losses and loss adjustment expenses
Reconciliations of the changes in unpaid losses and loss adjustment expenses (“claim liabilities”), excluding liabilities underretroactive reinsurance contracts (see Note 15), for each of the three-month periods ended March 31, 2024 and 2023 follow (in millions).
2024

Balance at the beginning of the year:
Gross liabilities
Reinsurance recoverable on unpaid losses
Net liabilities
Incurred losses and loss adjustment expenses:
Current accident year
Prior accident years
Total
Paid losses and loss adjustment expenses:
Current accident year
Prior accident years
Total
Foreign currency effectBalance at March 31:
Net liabilities
Reinsurance recoverable on unpaid losses
Gross liabilities

$

$

2023

111,082 $(4,893)
106,189

107,472(5,025)
102,447

13,854(634)
13,22014,776(740)
14,036(3,663)(8,979)(12,642)(76)(3,841)(9,747)(13,588)93

106,691
4,791
111,482

102,988
4,969
107,957$

Our claim liabilities under property and casualty insurance and reinsurance contracts are based upon estimates of the ultimate
claim costs associated with claim occurrences as of the balance sheet date and include estimates for incurred-but-not-reported (“IBNR”)
claims. Incurred losses and loss adjustment expenses related to insured events occurring in the current year (“current accident year”)
and events occurring in all prior years (“prior accident years”). Incurred and paid losses and loss adjustment expenses are net ofreinsurance recoveries.
We recorded net reductions of estimated ultimate liabilities for prior accident years of $634 million in the first quarter of 2024
and $740 million in 2023, which produced corresponding reductions in incurred losses and loss adjustment expenses in those periods.
These reductions, as percentages of the net liabilities at the beginning of each year, were 0.6% in 2024 and 0.7% in 2023.
We reduced estimated ultimate liabilities for prior accident years of primary insurance businesses in the first quarter by $248
million in 2024 and $379 million in 2023, which primarily related to private passenger auto and medical professional liability claims.
In the first quarter, estimated ultimate liabilities for prior accident years of property and casualty reinsurance businesses were reduced$386 million in 2024 and $361 million in 2023. The reduction in 2024 derived from both property and casualty claims.

15

Notes to Consolidated Financial Statements
Note 15. Retroactive reinsurance contracts
Retroactive reinsurance policies provide indemnification of losses and loss adjustment expenses of short-duration insurance
contracts with respect to underlying loss events that occurred prior to the contract inception date, which may include significant levelsof asbestos, environmental and other mass tort claims. Retroactive reinsurance contracts are generally subject to aggregate policy limits
and thus, our exposure to such claims under these contracts is likewise limited. Reconciliations of the changes in estimated liabilities
for retroactive reinsurance unpaid losses and loss adjustment expenses for each of the three-month periods ended March 31, 2024 and2023 follow (in millions).
2024

2023

Balance at the beginning of the year
Incurred losses and loss adjustment expenses
Current contract year
Prior contract years
Total
Paid losses and loss adjustment expenses
Foreign currency effectBalance at March 31$

34,647$35,415

$

51
—
51
(408)
(45)
34,245 $

—
14
14
(372)
6
35,063

Incurred losses and loss adjustment expenses
Deferred charge amortization and adjustments
Incurred losses and loss adjustment expenses included in the Consolidated
Statements of Earnings

$

51
177

$

14
171

$

228

$

185

In the preceding table, the classification of incurred losses and loss adjustment expenses is based on the inception dates of thecontracts, which reflect when our exposure to losses began. Incurred losses and loss adjustment expenses in the Consolidated Statementsof Earnings include changes in estimated liabilities and related deferred charge asset amortization and adjustments arising from thechanges in estimated timing and amount of future loss payments. Unamortized deferred charges on retroactive reinsurance contracts
were $9.3 billion at March 31, 2024 and $9.5 billion at December 31, 2023.
Note 16. Long-duration insurance contracts
A summary of our long-duration life, annuity and health insurance benefits liabilities as of March 31, 2024 and 2023,
disaggregated for our two primary product categories, periodic payment annuities and life and health insurance, follows. Other liabilities
include incurred-but-not reported claims and claims in the course of settlement. Amounts are in millions.
March 31,2024

Periodic payment annuity
Life and health
Other

$
$

16

2023

10,7494,259
2,979
17,987$$

11,174
5,633
3,130
19,937

Notes to Consolidated Financial Statements
Note 16. Long-duration insurance contracts
Reconciliations of periodic payment annuity and life and health insurance benefits liabilities for the first quarter of 2024 and 2023
follow (in millions). The information reflects the changes in discounted present values of expected future policy benefits and expected
future net premiums before reinsurance ceded. Net premiums represent the portion of expected gross premiums that are required toprovide for future policy benefits and variable expenses.
Periodic payment annuity
2024
2023

Expected future policy benefits:
Balance at the beginning of the year
Balance at the beginning of the year - original discount rates
Effect of cash flow assumption changes
Effect of actual versus expected experience
Change in benefits, net
Interest accrual
Foreign currency effectBalance at March 31 - original discount rates
Effect of changes in discount rate assumptions
Balance at March 31$$

11,212
11,681
—
2
(115)
136
2
11,706(957)
10,749$$10,640
11,549
—
1
(116)
133
19
11,586(412)
11,174

Expected future net premiums:
Balance at the beginning of the year
Balance at the beginning of the year - original discount rates
Effect of cash flow assumption changes
Effect of actual versus expected experience
Change in premiums, net
Interest accrual
Foreign currency effectBalance at March 31 - original discount rates
Effect of changes in discount rate assumptions
Balance at March 31

2024

$

$

$

$

Liabilities for future policy benefits:
Balance at March 31
Reinsurance recoverables
Balance at March 31, net of reinsurance recoverables$$

10,749—10,749$$

11,174—
11,174$$

Life and health2023

52,66565,871(34)(12,870)
(449)
284
(389)
52,413(11,627)
40,786$

46,91658,731(25)(11,278)
(407)
251
(358)
46,914(10,387)
36,527

$

4,259
(50)
4,209

$

$

$

$

52,00863,584
(1)
(519)
(747)
425
47
62,789(12,169)
50,62046,12956,535
2
(413)
(660)
371
47
55,882(10,895)
44,987

5,633(1,565)
4,068

Liabilities for future life and health policy benefits and reinsurance recoverables declined in the first quarter of 2024, primarily
attributable to the commutations of certain life reinsurance contracts. The impacts of contract commutations on expected future policy
benefits and future net premiums were reflected in effects of actual versus expected experience.

17

Notes to Consolidated Financial Statements
Note 16. Long-duration insurance contracts
Other information relating to our long-duration insurance liabilities as of March 31, 2024 and 2023 follows (dollars in millions).
Periodic payment annuity
2024

Undiscounted expected future gross premiums
Discounted expected future gross premiums
Undiscounted expected future benefits
Weighted average discount rate
Weighted average accretion rate
Weighted average duration$

Life and health

2023

—
—
30,953
5.4%
4.8%
17 years

$

2024

—
—
31,2445.0%
4.8%
18 years$

2023

95,51456,58586,8004.9%
2.7%
13 years$ 107,831
64,421
102,881
4.9%
3.2%
14 yearsGross premiums earned and interest expense before reinsurance ceded for the first quarter of 2024 and 2023 were as follows (inmillions).
Gross premiums
2024

Periodic payment annuity
Life and health$Interest expense
2023

—
944

$

2024

—
1,004

$

2023

136
33

$

133
54

Note 17. Notes payable and other borrowings
Notes payable and other borrowings of our insurance and other businesses are summarized below (dollars in millions). The
weighted average interest rates and maturity date ranges are based on borrowings as of March 31, 2024.
Weighted
Average
Interest Rate

Insurance and other:Berkshire Hathaway Inc. (“Berkshire”):
U.S. Dollar denominated due 2025-2047
Euro denominated due 2025-2041
Japanese Yen denominated due 2024-2060
Berkshire Hathaway Finance Corporation (“BHFC”):
U.S. Dollar denominated due 2027-2052
Great Britain Pound denominated due 2039-2059
Euro denominated due 2030-2034
Other subsidiary borrowings due 2024-2051
Subsidiary short-term borrowings

March 31,2024

3.6% $
1.1%
0.8%

3,742
4,929
8,291

3.6%
2.5%
1.8%
4.5%
7.2%

14,465
2,173
1,344
4,649
1,130
40,723$18

December 31,
2023

$

$

3,740
6,145
8,896
14,463
2,191
1,374
4,696
1,187
42,692

Notes to Consolidated Financial Statements
Note 17. Notes payable and other borrowings
Berkshire parent company borrowings consist of senior unsecured debt. In the first quarter of 2024, Berkshire repaid
approximately $1.1 billion of maturing senior notes. In April 2024, Berkshire issued ¥263.3 billion (approximately $1.7 billion) of seniornotes with interest rates ranging from 0.974% to 2.498% and maturity dates ranging from 2027 to 2054.
Borrowings of BHFC, a wholly owned finance subsidiary of Berkshire, consist of senior unsecured notes used to fundmanufactured housing loans originated or acquired and equipment held for lease of certain subsidiaries. BHFC borrowings are fully andunconditionally guaranteed by Berkshire. Berkshire also guarantees certain debt of other subsidiaries, aggregating approximately $2.7
billion at March 31, 2024. Generally, Berkshire’s guarantee of a subsidiary’s debt obligation is an absolute, unconditional andirrevocable guarantee for the full and prompt payment when due of all payment obligations.
The carrying values of Berkshire and BHFC non-U.S. Dollar denominated senior notes (€5.85 billion, £1.75 billion and ¥1,259
billion par at March 31, 2024) reflect the applicable exchange rates as of each balance sheet date. The effects of changes in foreign
currency exchange rates during the period are recorded in earnings as a component of selling, general and administrative expenses.
Changes in the exchange rates produced pre-tax gains of $781 million in the first quarter of 2024 and pre-tax losses of $26 million in
the first quarter of 2023.
Notes payable and other borrowings of our railroad, utilities and energy businesses are summarized below (dollars in millions).
The weighted average interest rates and maturity date ranges are based on borrowings as of March 31, 2024.
Weighted
Average
Interest Rate

Railroad, utilities and energy:
Berkshire Hathaway Energy Company (“BHE”) and subsidiaries:
BHE senior unsecured debt due 2025-2053
Subsidiary and other debt due 2024-2064
Short-term borrowings
Pilot Travel Centers (“Pilot”) and subsidiaries
Burlington Northern Santa Fe (“BNSF”) and subsidiaries due 2024-2097

March 31,2024

4.4% $
4.6%
5.9%—

December 31,
2023

13,10343,924
1,528

$

—

4.6%
$

23,47682,031$

13,101
39,072
4,148
5,776
23,48285,579BHE subsidiary debt represents amounts issued pursuant to separate financing agreements. Substantially all of the assets of certain
BHE subsidiaries are, or may be, pledged or encumbered to support or otherwise secure such debt. These borrowing arrangements
generally contain various covenants, including covenants which pertain to leverage ratios, interest coverage ratios and/or debt service
coverage ratios. In the first quarter of 2024, BHE subsidiaries issued $5.1 billion of term debt with a weighted average interest rate of
5.4% and maturity dates ranging from 2029 to 2055. During the first quarter of 2024, BHE and its subsidiaries repaid short-termborrowings of approximately $2.6 billion.
As of December 31, 2023, Pilot’s borrowings primarily represented secured syndicated loans. In March, 2024, certain Berkshire
insurance subsidiaries loaned $5.7 billion to Pilot, which Pilot used to prepay its then outstanding third-party borrowings. BNSF’s
borrowings are primarily senior unsecured debentures. As of March 31, 2024, BHE, BNSF and their subsidiaries were in compliancewith all applicable debt covenants. Berkshire does not guarantee any debt, borrowings or lines of credit of BHE, BNSF or theirsubsidiaries.
Unused lines of credit and commercial paper capacity to support operations and provide additional liquidity for our subsidiaries
were approximately $9.9 billion at March 31, 2024, of which approximately $8.7 billion related to BHE and its subsidiaries.

19

Notes to Consolidated Financial Statements
Note 18. Fair value measurements
Our financial assets and liabilities are summarized below, with fair values shown according to the fair value hierarchy (inmillions). The carrying values of cash and cash equivalents, U.S. Treasury Bills, other receivables and accounts payable, accruals andother liabilities are considered to be reasonable estimates of or otherwise approximate the fair values.
Carrying
Value

March 31, 2024
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations
and agencies
Foreign governments
Corporate bonds
Other
Investments in equity securities
Investments in Kraft Heinz & Occidental common stock
Loans and finance receivables
Derivative contract assets (1)Derivative contract liabilities (1)Notes payable and other borrowings:
Insurance and otherRailroad, utilities and energy

$

4,503
10,9971,429
238
335,864
29,14725,435238
295
40,72382,031

Fair Value

$

4,503
10,9971,429
238
335,864
28,12824,981
238
295
36,69375,921

Level 1$

Level 2

4,469
10,748——325,182
28,128
—
38
4
—
—

$

34
249
851
238
10
—
898
183
150

Level 3$36,66875,921

December 31, 2023
Investments in fixed maturity securities:
U.S. Treasury, U.S. government corporations
and agencies$
10,269 $10,269 $10,234 $35
Foreign governments
11,805
11,805
11,559246
Corporate bonds
1,449
1,449
—
860
Other
235
235
—
235
Investments in equity securities
353,842353,842
343,358
10
Investments in Kraft Heinz & Occidental common stock
28,64026,587
26,587—Loans and finance receivables
24,681
24,190—892
Derivative contract assets (1)
334
334
39
282
Derivative contract liabilities (1)
213
213
7
111
Notes payable and other borrowings:
Insurance and other
42,692
39,184—
39,153
Railroad, utilities and energy
85,57981,036—81,036——————(1)
Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities.

—
—
578
—
10,672—
24,083
17
141
25
—

$

—
—
589
—
10,474—23,29813
95
31—

The fair values of substantially all of our financial instruments were measured using market or income approaches. The hierarchy
for measuring fair value consists of Levels 1 through 3, which are described below.
Level 1 – Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets.
Level 2 – Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar assets
or liabilities exchanged in active or inactive markets; quoted prices for identical assets or liabilities exchanged in inactive markets; other
inputs that may be considered in fair value determinations of the assets or liabilities, such as interest rates and yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates; and inputs that are derived principally from or corroborated byobservable market data by correlation or other means. Pricing evaluations generally reflect discounted expected future cash flows, which
incorporate yield curves for instruments with similar characteristics, such as credit ratings, estimated durations and yields for other
instruments of the issuer or entities in the same industry sector.

20

Notes to Consolidated Financial Statements
Note 18. Fair value measurements
Level 3 – Inputs include unobservable inputs used in the measurement of assets and liabilities. Management is required to use its
own assumptions regarding unobservable inputs because there is little, if any, market activity in the assets or liabilities and it may beunable to corroborate the related observable inputs. Unobservable inputs require management to make certain projections andassumptions about the information that would be used by market participants in valuing assets or liabilities.
Reconciliations of significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant
unobservable inputs (Level 3) for the three months ended March 31, 2024 and 2023 follow (in millions).
Balance atJanuary 1

Investments in equity securities:
2024
2023

$

10,468
12,169Gains (losses)
in earnings$

Acquisitions(dispositions)

199 $
(54)

Transfers out of
Level 3

— $
(521)

—
—

Balance at
March 31$

10,667
11,594

Quantitative information as of March 31, 2024 for the significant assets and liabilities measured and carried at fair value on arecurring basis with the use of significant unobservable inputs (Level 3) follows (dollars in millions).
Fair
Value

Investments in equity securities:
Preferred stock$

Common stock warrants

Principal Valuation
Techniques

8,609

Discounted cash flow

2,058

Warrant pricing model

Unobservable
InputsExpected duration
Discounts for liquidity
and subordination
Expected duration
Volatility

Weighted
Average

6 years
372 bps
6 years
41%

Investments in equity securities in the preceding table include our investments in certain preferred stock and common stock
warrants that do not have readily determinable market values as defined under GAAP. These investments are private placements with
contractual terms that restrict transfers and currently prevent us from economically hedging our investments. We applied discounted
cash flow techniques in valuing the preferred stock and we made assumptions regarding the expected duration of the investment and theeffects of subordination in liquidation. In valuing the common stock warrants, we used a warrant valuation model. While most of the
inputs to the warrant model are observable, we made assumptions regarding the expected duration and volatility.
Note 19. Common stock
Changes in Berkshire’s issued, treasury and outstanding common stock during the first quarter of 2024 are shown in the tablebelow. In addition to our common stock, 1,000,000 shares of preferred stock are authorized, but none are issued.
Class A, $5 Par Value(1,650,000 shares authorized)
IssuedTreasury
Outstanding

Balance at December 31, 2023
Conversions of Class A to
Class B common stock
Treasury stock acquired
Balance at March 31, 2024

Class B, $0.0033 Par Value(3,225,000,000 shares authorized)
IssuedTreasury
Outstanding

639,328(71,553)

567,775

1,528,152,352(217,590,844)

1,310,561,508(400)—
638,928—(4,232)(75,785)(400)(4,232)563,143

600,000—
1,528,752,352——(217,590,844)

600,000—
1,311,161,508

Each Class A common share is entitled to one vote per share. Class B common stock possesses dividend and distribution rights
equal to one-fifteen-hundredth (1/1,500) of such rights of Class A common stock. Each Class B common share possesses voting rights
equal to one-ten-thousandth (1/10,000) of the voting rights of a Class A share. Unless otherwise required under Delaware General
Corporation Law, Class A and Class B common shares vote as a single class. Each share of Class A common stock is convertible, at theoption of the holder, into 1,500 shares of Class B common stock. Class B common stock is not convertible into Class A common stock.
On an equivalent Class A common stock basis, there were 1,437,251 shares outstanding as of March 31, 2024 and 1,441,483 shares
outstanding as of December 31, 2023.

21

Notes to Consolidated Financial Statements
Note 19. Common stock
Since we have two classes of common stock, we provide earnings per share data on the Consolidated Statements of Earnings foraverage equivalent Class A shares outstanding and average equivalent Class B shares outstanding. Class B shares are economicallyequivalent to one-fifteen-hundredth (1/1,500) of a Class A share. Average equivalent Class A shares outstanding represents average
Class A shares outstanding plus one-fifteen-hundredth (1/1,500) of the average Class B shares outstanding. Average equivalent Class B
shares outstanding represents average Class B shares outstanding plus 1,500 times the average Class A shares outstanding.
Berkshire’s common stock repurchase program permits Berkshire to repurchase its shares any time that Warren Buffett,
Berkshire’s Chairman of the Board and Chief Executive Officer, believes that the repurchase price is below Berkshire’s intrinsic value,conservatively determined. The program continues to allow share repurchases in the open market or through privately negotiatedtransactions and does not specify a maximum number of shares to be repurchased. However, repurchases will not be made if they would
reduce the value of Berkshire’s consolidated cash, cash equivalents and U.S. Treasury Bill holdings below $30 billion. The repurchaseprogram does not obligate Berkshire to repurchase any specific dollar amount or number of Class A or Class B shares and there is no
expiration date to the program.
Note 20. Income taxes
Our consolidated effective income tax rates were 18.3% in the first quarter of 2024 compared to 20.1% in the first quarter of 2023.
Our effective income tax rate normally reflects recurring benefits from dividends-received deductions applicable to investments incertain equity securities and production tax credits related to wind-powered electricity generation placed in service in the U.S. Our
periodic effective income tax rate will also vary due to the changes in mix of pre-tax earnings, including realized and unrealized
investment gains or losses with respect to our investments in equity securities, the amount of non-deductible goodwill impairment
charges and other expenses and the underlying income tax rates applicable in the various taxing jurisdictions, and enacted changes
thereto.
On August 16, 2022, the Inflation Reduction Act of 2022 (“the 2022 Act”) was signed into law. The 2022 Act contains numerous
provisions, including a 15% corporate alternative minimum income tax (“CAMT”) on “adjusted financial statement income”, expanded
tax credits for clean energy incentives and a 1% excise tax on corporate stock repurchases. The provisions of the 2022 Act are effective
for tax years beginning after December 31, 2022. The extent to which the Company incurs CAMT will depend on the facts andcircumstances of the given tax year. We do not expect to incur a CAMT liability in 2024. The Internal Revenue Service and the U.S.
Department of Treasury may release additional guidance in the future. We will continue to evaluate the impact of the 2022 Act as moreguidance becomes available.
The Organization for Economic Co-operation and Development has issued Pillar Two model rules introducing a new global
minimum tax of 15% intended to be effective on January 1, 2024. While the U.S. has not yet adopted the Pillar Two rules, various othergovernments around the world are enacting legislation. As currently designed, Pillar Two will ultimately apply to our worldwide
operations. Considering we do not have material operations in jurisdictions with income tax rates lower than the Pillar Two minimum,
these rules are not expected to materially increase our global tax costs. There remains uncertainty as to the final Pillar Two model rules.
We will continue to monitor U.S. and global legislative action related to Pillar Two for potential impacts.
Note 21. Accumulated other comprehensive income
A summary of the net changes in after-tax accumulated other comprehensive income attributable to Berkshire Hathaway
shareholders for the three months ending March 31, 2024 and 2023 follows (in millions).
Unrealized
gains (losses)
on investments

First quarter of 2024
Balance at the beginning of the year
Other comprehensive income
Balance at the end of the period
First quarter of 2023
Balance at the beginning of the year
Other comprehensive income
Balance at the end of the period

$
$

$
$

Foreigncurrencytranslation

Long-duration
insurance
contracts

190 $
(29)
161 $

(5,393) $(523)(5,916) $

1,353
284
1,637

(187) $
194
7 $

(6,142) $244(5,898) $22

Defined benefit
pension plans

$

Other

Total

$

(97) $
3(94) $

184 $
(22)
162 $

(3,763)(287)(4,050)1,541 $
(291)
1,250 $

(552) $
44(508) $

288 $
(115)
173 $

(5,052)76(4,976)

Notes to Consolidated Financial Statements
Note 22. Supplemental cash flow information
A summary of supplemental cash flow information follows (in millions).
First Quarter
2024

Cash paid during the period for:
Income taxes
Interest:
Insurance and otherRailroad, utilities and energy
Non-cash investing and financing activities:
Liabilities assumed in connection with business acquisitions

$

2023

339

$

312

434
926

491
799

6

10,747Note 23. Contingencies and commitments
We 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 exemplary damages. We do not believe that such normal and routine litigation will have amaterial effect on our financial condition or results of operations.
PacifiCorp, a wholly owned subsidiary of Berkshire’s 92% owned subsidiary, Berkshire Hathaway Energy Company (“BHE”),
operates as a regulated electric utility in Oregon and other Western states. In September 2020, a severe weather event resulting in highwinds, low humidity and warm temperatures, contributed to several major wildfires (the “2020 Wildfires”), which resulted in real andpersonal property and natural resource damage, personal injuries and loss of life and widespread power outages in Oregon and Northern
California. These wildfires spread across certain parts of PacifiCorp’s service territory and surrounding areas across multiple counties
in Oregon and California, including Siskiyou County, California; Jackson County, Oregon; Douglas County, Oregon; Marion County,
Oregon; Lincoln County, Oregon; and Klamath County, Oregon, burning over 500,000 acres in aggregate. Third-party reports for thesewildfires indicate over 2,000 structures destroyed, including residences; several structures damaged; multiple individuals injured; andseveral fatalities.
On July 29, 2022, a wildfire began in the Oak Knoll Ranger District of the Klamath National Forest in Siskiyou County, California
located in PacifiCorp’s service territory (the “2022 Wildfire”). Third-party reports indicate that the 2022 Wildfire resulted in
11 structures damaged, 185 structures destroyed, 12 injuries and four fatalities and consumed 60,000 acres in aggregate. The 2020
Wildfires and 2022 Wildfire, together, are referred to as the “Wildfires”.
Investigations into the cause and origin of each of the Wildfires are complex and ongoing and have been or are being conductedby various entities, including the U.S. Forest Service, the California Public Utilities Commission, the Oregon Department of Forestry,the Oregon Department of Justice, PacifiCorp and various experts engaged by PacifiCorp.
As of the date of this filing, a significant number of complaints and demands alleging similar claims related to the 2020 Wildfires
have been filed in Oregon and California, including a class action complaint in Oregon for which certain jury verdicts were issued as
described below. The plaintiffs seek damages for economic losses, noneconomic losses, including mental suffering, emotional distress,
personal injury and loss of life, punitive damages, other damages and attorneys’ fees. Several insurance carriers have filed subrogation
complaints in Oregon and California with allegations similar to those made in the aforementioned complaints. Additionally, the U.S.
and Oregon Departments of Justice have informed PacifiCorp that they are contemplating filing actions against PacifiCorp in connection
with certain of the Oregon 2020 Wildfires. PacifiCorp is actively cooperating with the U.S. and Oregon Departments of Justice on
resolving these alleged claims through alternative dispute resolution.
As of March 31, 2024, amounts sought in the complaints and demands filed in Oregon and in certain demands in California
approximated $7 billion, excluding any doubling or trebling of damages included in the complaints and those settled. Generally, thecomplaints filed in California do not specify damages sought and are not included in this amount. Multiple complaints have also been
filed in California on behalf of plaintiffs related to the 2022 Wildfire. The plaintiffs seek damages for economic losses, noneconomic
losses, including mental suffering, emotional distress, personal injury and loss of life, punitive damages, other damages and attorneys’
fees, but the amount of damages sought is not specified. Final determinations of liability will only be made following the completion ofcomprehensive investigations, litigation and similar processes. In April 2024, a complaint in the James case described below was filed
by 1,000 individual class members seeking $5 billion in economic and $25 billion in noneconomic damages before doubling of economic
damages and punitive damages included in the complaint.

23

Notes to Consolidated Financial Statements
Note 23. Contingencies and commitments
In September 2020, a class action complaint against PacifiCorp was filed captioned Jeanyne James et al. v. PacifiCorp et al., in
Multnomah County Circuit Court, Oregon (the “James case”). In June 2023, a jury issued its verdict for the 17 named plaintiffs in theJames case finding PacifiCorp liable to the 17 individual plaintiffs and to the class with respect to the four 2020 Wildfires named in thecomplaint. The jury awarded the 17 named plaintiffs $90 million of damages, including $4 million of economic and property damages,$68 million of noneconomic damages and $18 million of punitive damages based on a 0.25 multiplier of the economic and noneconomic
damages.
In April 2024, a complaint against PacifiCorp naming 1,000 individual class members was filed in Multnomah County Circuit
Court, Oregon, referencing James as the lead case. The April 2024 James complaint makes damages only allegations seeking economic,
noneconomic and punitive damages, as well as doubling of economic damages. PacifiCorp believes the magnitude of damages soughtby the class members in the April 2024 James complaint to be of remote likelihood of being awarded based on the amounts awarded in
the jury verdicts described below that are being appealed.
In September 2023, the Multnomah County Circuit Court ordered trial dates for three damages phase trials described below
wherein plaintiffs in each of the three damages phase trials would present evidence regarding their damages.
In January 2024, the Multnomah County Circuit Court entered a limited judgment and money award for the June 2023 James caseverdict. The limited judgment awards $92 million of damages based on the amounts awarded by the jury, as well as doubling of theeconomic damages and offsetting of any insurance proceeds received by plaintiffs. The limited judgment created a lien against
PacifiCorp, attaching a debt for the money awards. PacifiCorp posted a supersedeas bond, which stays any effort to seek payment of thejudgment pending final resolution of any appeals. Under ORS 82.010, interest at a rate of 9% per annum will accrue on the judgmentcommencing at the date the judgment was entered until the entire money award is paid, amended or reversed by an appellate court.
In January 2024, PacifiCorp filed a notice of appeal associated with the June 2023 verdict in the James case, including whether
the case can proceed as a class action, and filed a motion to stay further damages phase trials. On February 14, 2024, the Oregon Courtof Appeals denied PacifiCorp’s request to stay the damages phase trials. On February 13, 2024, the 17 named plaintiffs filed a notice ofcross-appeal as to the January 2024 limited judgment and money award. The appeals process and further actions could take several
years.
In January 2024, the jury for the first James case damages phase trial awarded nine plaintiffs $62 million of damages, including$6 million of economic damages and $56 million of noneconomic damages. After the January 2024 jury verdict, the Multnomah County
Circuit Court doubled the economic damages to $12 million and added $16 million of punitive damages using the 0.25 multiplierdetermined by the jury for the June 2023 James case verdict bringing the total damages awarded to $84 million. PacifiCorp requested
that the Multnomah County Circuit Court judge offset the damage awards by deducting insurance proceeds received by any of the nine
plaintiffs, and on March 25, 2024, the Multnomah County Circuit Court granted in large part the offset request. In April 2024, theMultnomah County Circuit Court entered a limited judgment and money award for the January 2024 James verdict. The limited judgmentawards $80 million of damages based on the amounts awarded by the jury and offsetting insurance proceeds received by plaintiffs. The
limited judgment created a lien against PacifiCorp, attaching a debt for the money awards. In April 2024, PacifiCorp posted a supersedeasbond, which stays any effort to seek payment of the judgment pending final resolution of any appeals. PacifiCorp amended its January2024 appeal of the June 2023 James verdict to include the January 2024 jury verdict.
In March 2024, the jury for the second James case damages phase trial awarded ten plaintiffs $42 million of damages, including$12 million of doubled economic damages, $23 million of noneconomic damages and $7 million of punitive damages using the 0.25
multiplier determined by the jury for the June 2023 James case verdict. PacifiCorp has requested that the Multnomah County Circuit
Court judge offset the damage awards by deducting insurance proceeds received by any of the ten plaintiffs. PacifiCorp intends to appeal
the jury’s damage awards associated with the March 2024 jury verdict once judgment is entered. In March 2024, settlement was reachedwith five commercial timber plaintiffs in the James case, and the jury trial scheduled for April 2024 was cancelled.
A provision for a loss contingency is recorded when it is probable a liability has been incurred and the amount of loss can bereasonably estimated. PacifiCorp evaluates the related range of reasonably estimated losses and records a loss based on its best estimate
within that range or the lower end of the range if there is no better estimate.
Estimated probable losses associated with the Wildfires were based on the information available to the date of this filing, including(i) ongoing cause and origin investigations; (ii) ongoing settlement and mediation discussions; (iii) other litigation matters and upcoming
legal proceedings; and (iv) the status of the James case. Wildfire estimated losses include estimates for fire suppression costs, real andpersonal property damages, natural resource damages and noneconomic damages such as personal injury damages and loss of life
damages that are considered probable of being incurred and that it is able to reasonably estimate at this time, and which is subject tochange as additional relevant information becomes available.

24

Notes to Consolidated Financial Statements
Note 23. Contingencies and commitments
Through March 31, 2024, PacifiCorp recorded cumulative estimated pre-tax probable Wildfire losses, before expected related
insurance recoveries, of approximately $2.4 billion, of which approximately $700 million was paid in settlements, leaving an unpaid
estimated liability of approximately $1.7 billion as of March 31, 2024. These losses were accrued prior to 2024 and included $400
million accrued in the first quarter of 2023, which were included in energy operating expenses in the Consolidated Statements ofEarnings. PacifiCorp paid an additional $52 million after March 31, 2024 and has reached additional settlement agreements associatedwith the 2020 Wildfires totaling $23 million that have not yet been paid. As a result of these settlements, various trials have beencancelled.
It is reasonably possible PacifiCorp will incur significant additional Wildfire losses beyond the amounts currently accrued;
however, it is currently unable to reasonably estimate the range of possible additional losses that could be incurred due to the numberof properties and parties involved, including claimants in the class to the James case, the variation in those types of properties and theultimate outcome of legal actions.
HomeServices of America, Inc. (“HomeServices”), a wholly owned subsidiary of BHE, is currently defending against several
antitrust cases, all in federal district courts. In each case, plaintiffs claim HomeServices and certain of its subsidiaries conspired withco-defendants to artificially inflate real estate commissions by following and enforcing multiple listing service (“MLS”) rules that
require listing agents to offer a commission split to cooperating agents in order for the property to appear on the MLS (“Cooperative
Compensation Rule”). None of the complaints specify damages sought. However, two cases also allege Texas state law deceptive tradepractices claims, for which plaintiffs have provided written notice of the damages sought totaling approximately $9 billion by separate
notice as required by Texas law.
In one of these cases, Burnett (formerly Sitzer) et al. v. HomeServices of America, Inc. et al. (the “Burnett case”), a jury trial
commenced on October 16, 2023, and the jury returned a verdict for the plaintiffs on October 31, 2023, finding that the named defendants
participated in a conspiracy to follow and enforce the Cooperative Compensation Rule, which conspiracy had the purpose or effect ofraising, inflating, or stabilizing broker commission rates paid by home sellers. The jury further found that the class plaintiffs had proved
damages in the amount of $1.8 billion. Joint and several liability applies for the co-defendants. Federal law authorizes trebling of
damages and the award of pre-judgment interest and attorney fees. To date, all co-defendants have reached settlements with the plaintiffs,
with several co-defendants having hearing dates for final approval of their settlement agreements by the court.
In April 2024, HomeServices agreed to terms with the plaintiffs to settle all claims asserted against HomeServices in the Burnett
case as part of a proposed nationwide class settlement. The final settlement agreement, which includes scheduled payments over the
next four years aggregating $250 million, has yet to be filed with the court and is ultimately subject to court approval. If the settlement
is not approved by the court, HomeServices intends to vigorously appeal on multiple grounds the jury’s findings and damage award in
the Burnett case, including whether the case can proceed as a class action. The appeals process and further actions could take several
years.
Berkshire and certain of its subsidiaries are also involved in other kinds of legal actions, some of which assert or may assert claims
or seek to impose fines and penalties. We currently believe that liabilities that may arise as a result of such other pending legal actions
will not have a material effect on our consolidated financial condition or results of operations.

25

Notes to Consolidated Financial Statements
Note 24. Revenues from contracts with customers
The following table summarizes customer contract revenues disaggregated by reportable segment and the source of the revenue
for the first quarter of 2024 and 2023 (in millions). Revenues from Pilot in 2023 are for the two months ending March 31, 2023. Other
revenues, which are not considered to be revenues from contracts with customers under GAAP, are primarily insurance premiums
earned, interest, dividend and other investment income and leasing revenues.

Three months ending March 31, 2024
Manufactured products:
Industrial and commercial
Building
Consumer
Grocery and convenience store distribution
Food and beverage distribution
Auto sales
Other retail and wholesale distribution
ServiceElectricity, natural gas and fuel
Total
Other revenues

Manufacturing

McLaneServiceandRetailing

$

7,210
4,674
4,193
—
—
—
819
377
—
17,273
1,238
18,511

$

—
—
—
7,602
4,436
—
—
221
—
12,25941$ 12,300

$

52
—
—
—
—
2,552
3,768
1,377
—
7,749
1,923
$ 9,672

$

—
—
—
—
—
—
—
5,618
—
5,618
19
$ 5,637

$

—
—
—
—
—
—
—
806
5,129
5,935
330
$ 6,265

$

—
—
—
—
—
—
614
64
11,77912,45737$ 12,494

$

—
—
—
—
—
—
—
—
—
—
24,990$ 24,990

$

7,229
4,758
4,035
—
—
—
799
354
—
17,175
1,090
18,265

$

$

$

$

$

$

$

$
Three months ending March 31, 2023
Manufactured products:
Industrial and commercial
Building
Consumer
Grocery and convenience store distribution
Food and beverage distribution
Auto sales
Other retail and wholesale distribution
ServiceElectricity, natural gas and fuel
Total
Other revenues

$

$

—
—
—
7,793
4,762
—
—
284
—
12,83942$ 12,881

Berkshire
Hathaway
Energy

BNSF

65
—
—
—
—
2,565
4,230
1,326
—
8,186
1,716
$ 9,902

—
—
—
—
—
—
—
5,985
—
5,985
16
$ 6,001

—
—
—
—
—
—
—
811
5,291
6,102
337
$ 6,439

Insurance,
Corporate
and other

Pilot

—
—
—
—
—
—
422
21
9,015
9,458
38
$ 9,496

—
—
—
—
—
—
—
—
—
—
22,409$ 22,409

Total

7,262
4,674
4,193
7,602
4,436
2,552
5,201
8,463
16,90861,291
28,578$ 89,869

7,294
4,758
4,035
7,793
4,762
2,565
5,451
8,781
14,30659,74525,648$ 85,393

A summary of the transaction price allocated to the significant unsatisfied remaining performance obligations related to contracts
with expected durations exceeding one year as of March 31, 2024 and the timing of when the performance obligations are expected tobe satisfied follows (in millions).
Less than
12 months

Electricity, natural gas and fuelOther sales and service contracts

$

26

3,017
3,205

Greater than
12 months$

19,752
5,223

Total

$

22,7698,428

Notes to Consolidated Financial Statements
Note 25. Business segment data
Our operating businesses include a large and diverse group of insurance, freight rail transportation, utilities and energy,
manufacturing, service and retailing businesses. We organize our reportable business segments in a manner that reflects how
management views those business activities. Certain businesses are grouped together for segment reporting based upon similar products
or product lines and marketing, selling and distribution characteristics, even though those business units are operated under separate
local management. We acquired control of Pilot on January 31, 2023. In this presentation, revenues and pre-tax earnings of the Pilot
segment in 2023 are for the two months ending March 31. Prior to January 31, 2023, our earnings from Pilot were determined under theequity method and were included in earnings from non-controlled businesses. Revenues and earnings before income taxes by segment
for the first quarter of 2024 and 2023 were as follows (in millions).
First Quarter
2024

Revenues of Operating Businesses
Insurance:
Underwriting:
GEICO
Berkshire Hathaway Primary Group
Berkshire Hathaway Reinsurance Group
Investment income
Total insurance
BNSF
BHE
Pilot
Manufacturing
McLaneService and retailing$

Reconciliation to consolidated amountCorporate, eliminations and other$2023

10,234
4,541
6,699
3,164
24,6385,660
6,277
12,503
18,52912,475
9,703
89,78584
89,869

$

$

9,626
3,961
6,209
2,392
22,188
6,019
6,451
9,508
18,28913,0599,931
85,445(52)
85,393First Quarter
2024

Earnings Before Income Taxes of Operating Businesses
Insurance:
Underwriting:
GEICO
Berkshire Hathaway Primary Group
Berkshire Hathaway Reinsurance Group
Investment income
Total insurance
BNSF
BHE
Pilot
Manufacturing
McLaneService and retailing$

Reconciliation to consolidated amount
Investment gains (losses)
Interest expense, not allocated to segments
Non-controlled businesses
Corporate, eliminations and other
$

27

1,928
486
912
3,152
6,478
1,519
432
70
2,914
165
908
12,486

2023

$

703
268
231
2,385
3,587
1,649
223
136
2,611
113
1,221
9,540

1,876
(96)
493
947
15,706 $34,758
(114)
688
(120)
44,752

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Results of Operations
Net earnings attributable to Berkshire Hathaway shareholders for each of the three-month periods ended March 31, 2024 and 2023
are disaggregated in the table that follows. Amounts are after deducting income taxes and exclude earnings attributable to noncontrollinginterests (in millions).
2024

Insurance – underwriting$
Insurance – investment income
BNSF
Berkshire Hathaway Energy (“BHE”)
Pilot Travel Centers (“Pilot”)
Manufacturing, service and retailing
Non-controlled businesses*
Investment gains
Other
Net earnings attributable to Berkshire Hathaway shareholders$——————*
Includes certain businesses in which Berkshire had between a 20% and 50% ownership interest.

First Quarter
2023

2,598
2,598
1,143
717
67
3,021
405
1,480
673
12,702

$

$

911
1,969
1,247
416
83
2,982
568
27,439(111)
35,504Through our subsidiaries, we engage in numerous diverse business activities. We manage our operating businesses on an unusuallydecentralized basis. There are few centralized or integrated business functions. Our senior corporate management team participates inand is ultimately responsible for significant capital allocation decisions, investment activities and the selection of the Chief Executive
to head each of the operating businesses. The business segment data (Note 25 to the accompanying Consolidated Financial Statements
and Note 26 to the Consolidated Financial Statements included in Form 10-K for the year ended December 31, 2023) should be read in
conjunction with this discussion.
Our periodic operating results may be affected in future periods due to ongoing macroeconomic and geopolitical events, as well
as changes in industry or company-specific factors or events. We cannot reliably predict the future economic effects of these factors or
events on our businesses.
Insurance underwriting after-tax earnings increased $1.7 billion in the first quarter of 2024 compared to 2023. Earnings in 2024
benefited from improved operating results at GEICO. We incurred no losses from significant catastrophe events in the first quarter of2024 compared to $350 million in the comparable 2023 period. After-tax earnings from insurance investment income in the first quarter
increased $629 million in 2024 compared to 2023, primarily attributable to higher interest income from our short-term investments.
After-tax earnings of BNSF declined 8.3% in the first quarter of 2024 compared to 2023. The decrease was primarily attributable
to unfavorable changes in business mix and lower fuel surcharge revenues, partially offset by lower fuel costs. After-tax earnings of ourutilities and energy business increased $301 million in the first quarter of 2024 compared to 2023. The earnings increase reflected higher
earnings from the U.S. regulated utilities, natural gas pipeline and other energy businesses, partly offset by lower earnings from the realestate brokerage businesses.
As disclosed in Note 3 to the accompanying Consolidated Financial Statements, we increased our ownership in Pilot from 38.6%
to 80% on January 31, 2023, and further increased our ownership in Pilot to 100% on January 16, 2024. We began consolidating Pilot’s
results of operations on February 1, 2023. For the month ended January 31, 2023, earnings from Pilot on our 38.6% interest were
determined under the equity method and were included in earnings from non-controlled businesses in the preceding table.
After-tax earnings from our manufacturing, service and retailing businesses increased 1.3% in the first quarter of 2024 compared
to 2023. Earnings in 2024 reflected increases at several of our manufacturing businesses, which were substantially offset by lower
earnings from our service and retailing businesses.
Investment gains predominantly derive from our investments in equity securities and include significant net unrealized gains andlosses from market price changes. We believe that investment gains and losses on investments in equity securities, whether realized
from dispositions or unrealized from changes in market prices, are generally meaningless in understanding our reported periodic resultsor evaluating the economic performance of our operating businesses. These gains and losses have caused and will continue to causesignificant volatility in our periodic earnings. Investment gains in the first quarter of 2023 also included an after-tax non-cash
remeasurement gain of approximately $2.4 billion related to our previously held 38.6% interest in Pilot through the application of theacquisition accounting method.

28

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Results of Operations
Other earnings included after-tax foreign currency exchange rate gains of $597 million in the first quarter of 2024 and after-tax
losses of $17 million in the first quarter of 2023 related to the non-U.S. Dollar denominated debt issued by Berkshire and Berkshire
Hathaway Finance Corporation (“BHFC”).
Insurance—Underwriting
Our management views our insurance business as possessing two distinct activities – underwriting and investing. Underwriting
decisions are the responsibility of the unit managers, while investing decisions are the responsibility of Berkshire’s Chairman and CEO,
Warren E. Buffett and Berkshire’s corporate investment managers. Accordingly, we evaluate performance of underwriting operations
without any allocation of investment income or investment gains and losses. We consider investment income as an integral componentof our aggregate insurance operating results. However, we consider investment gains and losses, whether realized or unrealized, as nonoperating. We believe that such gains and losses are not meaningful in understanding the periodic operating results of our insurance
businesses.
The timing and magnitude of catastrophe losses can produce significant volatility in our periodic underwriting results, particularly
with respect to our reinsurance businesses. We currently consider pre-tax incurred losses exceeding $150 million from a current year
catastrophic event to be significant. There were no significant catastrophe events in the first quarter of 2024, and in the first quarter of2023, significant catastrophe events were a cyclone and floods in New Zealand.
Changes in estimates for unpaid losses and loss adjustment expenses, including amounts established for occurrences in prior years,
can also significantly affect our periodic underwriting results. Our periodic underwriting results may also include foreign currencytransaction gains and losses arising from the changes in the valuation of non-U.S. Dollar denominated liabilities of our U.S.-based
subsidiaries due to foreign currency exchange rate fluctuations.
We provide primary insurance and reinsurance products covering property and casualty risks, as well as life and health risks. Our
insurance and reinsurance businesses are GEICO, Berkshire Hathaway Primary Group (“BH Primary”) and Berkshire Hathaway
Reinsurance Group (“BHRG”). We strive to produce pre-tax underwriting earnings (defined as premiums earned less insurance
losses/benefits incurred and underwriting expenses) over the long term in all business categories, except in BHRG’s retroactive
reinsurance and periodic payment annuity businesses. Time-value-of-money is an important element in establishing prices for retroactive
reinsurance and periodic payment annuity policies. We normally receive premiums at the contract inception date, which are thenavailable for investment. Ultimate claim payments can extend for decades and are expected to exceed premiums, producing underwriting
losses over the claim settlement periods, primarily through deferred charge asset amortization and liability discount accretion charges.
Underwriting results of our insurance businesses are summarized below (dollars in millions).
First Quarter2024

Pre-tax underwriting earnings:
GEICO
Berkshire Hathaway Primary Group
Berkshire Hathaway Reinsurance Group
Pre-tax underwriting earnings
Income taxes and noncontrolling interests
Net underwriting earnings
Effective income tax rate

$

$

29

1,928 $
486
912
3,326
728
2,598 $
21.9%

2023

703
268
231
1,202
291
911
24.3%

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Insurance—Underwriting
GEICO
GEICO writes property and casualty policies, primarily private passenger automobile insurance, in all 50 states and the Districtof Columbia. GEICO markets its policies mainly by direct response methods where most customers apply for coverage directly to thecompany via the Internet or over the telephone. GEICO also operates an insurance agency that offers primarily homeowners and rentersinsurance to its auto policyholders. A summary of GEICO’s underwriting results follows (dollars in millions).
First Quarter2024
AmountPremiums written
Premiums earned
Losses and loss adjustment expenses
Underwriting expenses
Total losses and expenses
Pre-tax underwriting earnings$10,796$10,234
7,414
892
8,306
$ 1,928

2023%

Amount

%

100.0
72.5
8.7
81.2

$10,060$ 9,626
7,992
931
8,923
$ 703

100.0
83.0
9.7
92.7

GEICO’s pre-tax underwriting earnings in the first quarter of 2024 reflected higher average premiums per auto policy, lower
claims frequencies and improved operating efficiencies compared to 2023, partially offset by a rise in average claims severities in thefirst quarter of 2024.
Premiums written increased $736 million (7.3%) in the first quarter of 2024 compared to 2023, reflecting higher average premiums
per auto policy (9.8%) due to rate increases, partially offset by a 6.6% decrease in policies-in-force over the past year. However, the rateof decline in policies-in-force slowed in the first quarter of 2024, driven by increased new business and higher retention rates. Premiums
earned increased $608 million (6.3%) in the first quarter of 2024 compared to 2023.
Losses and loss adjustment expenses declined $578 million (7.2%) in the first quarter of 2024 compared to 2023. GEICO’s loss
ratio (losses and loss adjustment expenses to premiums earned) was 72.5% in the first quarter of 2024, a decrease of 10.5 percentage
points compared to 2023. The loss ratio decline reflected the impact of higher average premiums per auto policy and lower claims
frequencies, partially offset by increases in average claims severities and less favorable development of prior accident years’ claims
estimates.
Claims frequencies in the first quarter of 2024 declined for property damage (two to three percent range) and collision coverages(four to five percent range) versus 2023, with bodily injury coverage down slightly. Average claims severities in the first quarter of 2024
increased for property damage (nine to eleven percent range), collision (four to six percent range) and bodily injury (seven to nine
percent range) coverages compared to 2023. Losses and loss adjustment expenses in the first three months included reductions in theultimate loss estimates for prior accident years’ claims of $155 million in 2024 and $338 million in 2023.
Underwriting expenses declined $39 million (4.2%) in the first quarter of 2024 compared to 2023. GEICO’s expense ratio(underwriting expense to premiums earned) was 8.7% in the first quarter of 2024, a decrease of 1.0 percentage point compared to 2023,
attributable to improved operating efficiencies and increased operating leverage, partially offset by increased advertising expenses. The
earnings from GEICO’s insurance agency (third-party commissions, net of operating expenses) are included as a reduction ofunderwriting expenses.
Berkshire Hathaway Primary Group
The Berkshire Hathaway Primary Group consists of several independently managed businesses that provide a variety of primarily
commercial insurance solutions, including healthcare professional liability, workers’ compensation, automobile, general liability,
property and specialty coverages for small, medium and large clients. BH Primary’s insurers include Berkshire Hathaway Specialty
Insurance (“BHSI”), RSUI Group Inc. and CapSpecialty, Inc. (“RSUI and CapSpecialty”), Berkshire Hathaway Homestate Companies(“BHHC”), MedPro Group, Berkshire Hathaway GUARD Insurance Companies (“GUARD”), National Indemnity Company (“NICO
Primary”), Berkshire Hathaway Direct Insurance Company (“BH Direct”) and U.S. Liability Insurance Company (“USLI”).

30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Insurance—Underwriting
Berkshire Hathaway Primary GroupA summary of BH Primary’s underwriting results follows (dollars in millions).
First Quarter2024
AmountPremiums written
Premiums earned
Losses and loss adjustment expenses
Underwriting expenses
Total losses and expenses
Pre-tax underwriting earnings$ 4,493$ 4,541
2,812
1,243
4,055
$ 486

2023
%

Amount

%

100.0
61.9
27.4
89.3

$ 4,158$ 3,961
2,656
1,037
3,693
$ 268

100.0
67.1
26.1
93.2

Premiums written increased $335 million (8.1%) in the first quarter of 2024 compared to 2023. Increases in premiums written in
the first quarter of 2024 were generated by nearly all primary insurance businesses. Premiums earned increased 14.6% in the first quarterof 2024 versus 2023.
Losses and loss adjustment expenses increased $156 million (5.9%) in the first quarter of 2024 compared to 2023. The loss ratio
decreased 5.2 percentage points in the first quarter of 2024 compared to 2023, reflecting lower incurred losses from significant
catastrophes and changes in business mix. Incurred losses from significant catastrophes were approximately $40 million in the firstquarter of 2023 versus none in 2024. Incurred losses and loss adjustment expenses also reflected net reductions in estimated ultimate
liabilities for prior years’ loss events in the first quarter of $93 million in 2024 and $41 million in 2023, primarily due to reductions in
ultimate medical professional liability and property losses.
BH Primary insurers write significant levels of workers’ compensation, commercial and professional liability insurance and therelated claim costs may be subject to high severity and long claim-tails. Ultimate claim liabilities could be greater than anticipated due
to a variety of factors, including adverse legal and judicial rulings.
Underwriting expenses increased $206 million (19.9%) in the first quarter of 2024 compared to 2023. The increase was primarily
attributable to the increase in premiums earned and changes in business mix.
Berkshire Hathaway Reinsurance Group
The Berkshire Hathaway Reinsurance Group (“BHRG”) offers excess-of-loss and quota-share reinsurance coverages on property
and casualty risks to insurers and reinsurers worldwide through several subsidiaries, led by National Indemnity Company (“NICO”),
General Reinsurance Corporation, General Reinsurance AG and Transatlantic Reinsurance Company (“TransRe Group”). We also write
life and health reinsurance coverages through General Re Life Corporation, General Reinsurance AG and Berkshire Hathaway Life
Insurance Company of Nebraska (“BHLN”). We assume property and casualty risks under retroactive reinsurance contracts written
through NICO and we write periodic payment annuity contracts through BHLN.
A summary of BHRG’s premiums and pre-tax underwriting results follows (in millions).
First Quarter
Pre-tax underwriting
Premiums earned
earnings (loss)
2024
2023
2024
2023

Property/casualty
Life/health
Retroactive reinsurance
Periodic payment annuity
Variable annuity$ 5,435
1,229
35
—
—
$ 6,69931$ 5,149
1,060———$ 6,209$ 1,008 $
108
(147)
(151)
94
$ 912 $

390
137
(195)
(164)
63
231

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Insurance—Underwriting
Berkshire Hathaway Reinsurance Group
Property/casualty
A summary of property/casualty reinsurance underwriting results follows (dollars in millions).
First Quarter2024
AmountPremiums written
Premiums earned
Losses and loss adjustment expenses
Underwriting expenses
Total losses and expenses
Pre-tax underwriting earnings$ 6,455$ 5,435
2,993
1,434
4,427
$ 1,008

2023%

Amount

%

100.0
55.1
26.4
81.5

$ 6,268$ 5,149
3,387
1,372
4,759
$ 390

100.0
65.8
26.6
92.4

Premiums written in the first quarter of 2024 increased 3.0% over 2023. The increase reflected net increases in new business andincreased participations and retention of business. We write meaningful levels of property business and we generally do not retrocede
the risks we assume. Our periodic underwriting earnings are subject to considerable volatility from significant catastrophe loss events.
Premiums earned in the first quarter of 2024 increased 5.6% compared to 2023.
Losses and loss adjustment expenses decreased $394 million (11.6%) in the first quarter of 2024 versus 2023. The loss ratio
declined 10.7 percentage points in the first quarter of 2024 compared to 2023. Losses incurred from significant catastrophes in the firstquarter were approximately $400 million in 2023 compared to none in 2024. The reductions in estimated ultimate liabilities for losses
occurring in prior accident years in the first quarter were $386 million in 2024 and $361 million in 2023.
Underwriting expenses increased $62 million (4.5%) in the first quarter of 2024 compared to 2023. The expense ratio wasrelatively unchanged in the first quarter of 2024 compared to 2023, reflecting increased foreign currency exchange rate gains related to
the remeasurement of certain non-U.S. Dollar denominated liabilities offset by changes in business mix. Underwriting expenses in thefirst quarter included pre-tax foreign currency exchange gains of $26 million in 2024 and losses of $74 million in 2023.
Life/health
A summary of our life/health reinsurance underwriting results follows (dollars in millions).
First Quarter2024
AmountPremiums written
Premiums earned
Life and health benefits
Underwriting expenses
Total benefits and expenses
Pre-tax underwriting earnings$ 1,231$ 1,229
833
288
1,121
$ 108

2023
%

Amount

%

100.0
67.8
23.4
91.2

$ 1,061$ 1,060
678
245
923
$ 137

100.0
64.0
23.1
87.1

Premiums earned in the first quarter of 2024 increased $169 million (15.9%), primarily due to the commutation of several U.S.
life contracts in the first quarter of 2023, which reduced premiums earned by $161 million and life benefits and underwriting expenses
by $302 million in the 2023 period. Pre-tax underwriting earnings in the first quarter of 2024 declined $29 million. Earnings in the firstquarter included gains from life contract commutations of $51 million in 2024 and $141 million in 2023. Earnings in 2024 also reflected
lower benefits expense on other U.S. life business.

32

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Insurance—Underwriting
Berkshire Hathaway Reinsurance Group
Retroactive reinsurance
Pre-tax underwriting losses from retroactive reinsurance in each period derived from deferred charge amortization, the effects ofchanges in the estimated timing and amounts of future claim payments and foreign currency exchange gains and losses attributable tonon-U.S. Dollar denominated contracts. Before foreign currency exchange effects, pre-tax underwriting losses in the first quarter were$192 million in 2024 and $189 million in 2023.
Unpaid losses assumed under retroactive reinsurance contracts were $34.2 billion at March 31, 2024, a decline of $402 million
since December 31, 2023, primarily due to claim payments. Unamortized deferred charges on retroactive reinsurance contracts were
$9.3 billion at March 31, 2024, a decline of $177 million since December 31, 2023. Deferred charge amortization is included inunderwriting earnings over the expected remaining claims settlement periods.
Periodic payment annuity
Periodic payment annuity business is price and demand-sensitive and the supply of available business is affected by the timing ofunderlying legal claim settlements. Our volumes written may change rapidly due to changes in prices and market conditions. In 2023
and 2024, prices for new business have been at unacceptable levels and we wrote no new business in either period.
Pre-tax underwriting losses from periodic payment annuity contracts in each period were attributable to the accretion of timevalue discounted liabilities, which included liabilities for contracts without life contingencies, and to foreign currency exchange gains
and losses on non-U.S. Dollar denominated contracts. Pre-tax underwriting losses before foreign currency exchange effects were $149
million in the first quarter of 2024 and $145 million in 2023. Discounted periodic payment annuity liabilities were $14.7 billion at March
31, 2024 and included liabilities of $4.0 billion for contracts without life contingencies, as well as the effects of the quarterly discountrate changes on contracts with life-contingent liabilities recorded in accumulated other comprehensive income.
Variable annuity
Our variable annuity guarantee reinsurance contracts produced pre-tax earnings in the first quarter of $94 million in 2024 and $63
million in 2023. Earnings are affected by changes in securities markets, interest rates and foreign currency exchange rates. These
contracts have been in run-off for many years.
Insurance—Investment Income
A summary of net investment income attributable to our insurance operations follows (dollars in millions).
First Quarter
2024

Dividend income
Interest and other investment income
Pre-tax net investment income
Income taxes and noncontrolling interests
Net investment income
Effective income tax rate

$

$

33

1,221 $
1,931
3,152
554
2,598 $
17.6%

2023

1,244
1,141
2,385
416
1,969
17.4%

Percentage
Change(1.8)%
69.2
32.2

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Insurance—Investment Income
Dividend income declined $23 million (1.8%) in the first quarter of 2024 compared to 2023. The reduction reflected the impact
of changes in our equity security holdings, partially offset by higher dividend rates on certain of our holdings. Dividend income varies
from period to period due to changes in the investment portfolio and the frequency and timing of dividends from certain investees.
Interest and other investment income increased $790 million (69.2%) in the first quarter of 2024 compared to 2023. The increasein 2024 reflected higher short-term investment balances and interest rates. We invest substantial balances in U.S. Treasury Bills andother short-term instruments. We continue to believe that maintaining ample liquidity is paramount and we insist on safety over yieldwith respect to short-term investments.
Invested assets of our insurance businesses derive from shareholder capital and net liabilities assumed under insurance andreinsurance contracts or “float.” The major components of float are unpaid losses and loss adjustment expenses, liabilities underretroactive reinsurance contracts, life, annuity and health benefit liabilities, unearned premiums and other liabilities due to policyholders,which are reduced by insurance premiums receivable, reinsurance receivables, deferred charges on retroactive reinsurance contracts anddeferred policy acquisition costs. The effects of discount rate changes recorded in accumulated other comprehensive income for longduration insurance contracts are excluded from float, as such amounts are not included in underwriting earnings in the Consolidated
Statements of Earnings. Float was approximately $168 billion at March 31, 2024 and $169 billion at December 31, 2023.
A summary of cash and investments held in our insurance businesses as of March 31, 2024 and December 31, 2023 follows (inmillions).
March 31,2024

Cash, cash equivalents and U.S. Treasury Bills
Equity securities
Fixed maturity securities
Other

$

$

143,509327,230
17,066
1,129
488,934

December 31,
2023

$

$

121,845
345,653
23,6171,188
492,303

Fixed maturity securities as of March 31, 2024 were as follows (in millions).
Amortized
Cost

U.S. Treasury, U.S. government corporations and agencies
Foreign governments
Corporate and other

$
$

4,503
10,975
1,392
16,870

Unrealized
Gains (Losses)

$
$

(13)
(23)
232
196

Carrying
Value

$
$

4,490
10,952
1,624
17,066

U.S. government obligations are rated AA+ or Aaa by the major rating agencies. Approximately 95% of our foreign government
obligations were rated AA or higher by at least one of the major rating agencies. Foreign government securities include obligations
issued or unconditionally guaranteed by national or provincial government entities.

34

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
BNSF
Burlington Northern Santa Fe, LLC (“BNSF”) operates one of the largest railroad systems in North America, with over 32,500
route miles of track in 28 states. BNSF also operates in three Canadian provinces. BNSF classifies its major business groups by type of
product shipped including consumer products, industrial products, agricultural products and coal. A summary of BNSF’s earnings
follows (dollars in millions).
First Quarter
2024

Railroad operating revenues
Railroad operating expenses:
Compensation and benefits
Fuel
Purchased services
Depreciation and amortization
Equipment rents, materials and other
Total
Railroad operating earnings
Interest expense
Other revenues (expenses), net
Pre-tax earnings
Income taxes
Net earnings
Effective income tax rate

$

2023

5,644
1,407
854
492
660
508
3,921
1,723
(265)
61
1,519
376
1,143
24.8%

$

$

$

5,888
1,313
964
511
645
593
4,026
1,862
(257)
44
1,649
402
1,247
24.4%

A summary of BNSF’s railroad freight volumes by business group (cars/units in thousands) follows.
Cars/UnitsFirst Quarter
2024

Consumer products
Industrial products
Agricultural products
Coal

Percentage
Change

2023

1,272
388
311
293
2,264

1,066
389
300
369
2,124

19.3%
(0.3)
3.7
(20.6)
6.6

Railroad operating revenues declined 4.1% in the first quarter of 2024 compared to 2023, reflecting lower revenue per car/unit,
partially offset by higher volumes of 6.6%. Average revenue per car/unit declined 9.9% in the first quarter, resulting from lower fuelsurcharge revenue and unfavorable business mix. Pre-tax earnings declined 7.9% in the first quarter of 2024 compared to 2023.
Operating revenues from consumer products were $2.0 billion in 2024, an increase of 5.5% from 2023, reflecting an increase involumes of 19.3%, partially offset by lower average revenue per car/unit. The volume increase was primarily due to higher intermodal
shipments resulting from increased West Coast imports and the gain of a new intermodal customer, as well as higher automotive
shipments.
Operating revenues from industrial products were $1.4 billion in 2024, a 1.4% decrease from 2023. The decline was attributable
to lower average revenue per car/unit and a 0.3% decrease in volumes. The volume decline reflected lower mineral and aggregate
shipments, which was mostly offset by higher petroleum products, plastics and taconite shipments.
Operating revenues from agricultural products were $1.4 billion in the first quarter of 2024, a decline of 3.0% compared to 2023,
attributable to lower average revenue per car/unit, partially offset by a volume increase of 3.7%. The volume increase was mainly due
to higher grain exports and fertilizer shipments, partially offset by lower volumes of domestic grains.
Operating revenues from coal were $765 million in the first quarter of 2024, a decline of 25.7% compared to 2023, reflecting
lower volumes of 20.6% and lower average revenue per car/unit. The volume decline reflected lower utilities demand attributable to theimpact of lower natural gas prices.

35

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
BNSF
Railroad operating expenses declined $105 million (2.6%) in the first quarter of 2024 compared to 2023. Fuel expenses declined$110 million (11.4%) in the first quarter of 2024 compared to 2023, reflecting lower average fuel prices, partially offset by higher
volumes. Compensation and benefits expenses rose $94 million (7.2%) in the first quarter of 2024 compared to 2023, as improved
employee productivity was more than offset by wage inflation and other employee-related costs. Equipment rents, materials and otherexpenses decreased $85 million (14.3%) in the first quarter of 2024 compared to 2023, primarily due to lower property taxes, litigation
costs and other cost reductions across various spending categories. Purchased services expenses decreased $19 million (3.7%) in thefirst quarter of 2024 compared to 2023.
BHE
We currently own 92% of Berkshire Hathaway Energy Company (“BHE”), which operates a global energy business. BHE’s
domestic regulated utility interests include PacifiCorp, MidAmerican Energy Company (“MEC”) and NV Energy. BHE’s natural gas
pipelines consist of five domestic regulated interstate natural gas pipeline systems and a 75% interest in a liquefied natural gas export,
import and storage facility. Other energy businesses include subsidiaries that operate two regulated electricity distribution businesses inGreat Britain (“Northern Powergrid”), a regulated electricity transmission-only business in Alberta, Canada, a diversified portfolio of
mostly renewable independent power projects and investments and an unregulated retail energy services company. BHE also operates
a residential real estate brokerage business and a large network of real estate brokerage franchises in the United States.
The rates our regulated businesses charge customers for energy and services are largely based on the costs of business operations,
including income taxes and a return on capital, and are subject to regulatory approval. To the extent such costs are not allowed in theapproved rates, operating results will be adversely affected. A summary of BHE’s net earnings follows (dollars in millions).
First Quarter
2024

Revenues:
Energy operating revenue
Real estate operating revenue
Other income
Total revenue
Costs and expenses:
Energy cost of sales
Energy operating expenses
Real estate operating costs and expenses
Interest expense
Total costs and expenses
Pre-tax earnings
Income tax benefit*
Net earnings after income taxes
Noncontrolling interests of BHE subsidiaries
Net earnings attributable to BHE
Noncontrolling interests and preferred stock dividends
Net earnings attributable to Berkshire Hathaway shareholders
Effective income tax rate$$——————*

Includes significant production tax credits from wind-powered electricity generation.

36

5,245
866
166
6,277

2023

$

1,670
2,444
1,086
645
5,845
432
(393)
825
36
789
72
717
$
(91.0)%

5,471
875
105
6,451
1,955
2,790
920
563
6,228
223
(363)
586
114
472
56
416
(162.8)%

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
BHE
The discussion of BHE’s operating results that follows is based on after-tax earnings, reflecting how the energy businesses aremanaged and evaluated. A summary of net earnings attributable to BHE follows (dollars in millions).
First Quarter
2024

U.S. utilities
Natural gas pipelines
Other energy businesses
Real estate brokerage
Corporate interest and other$$

Percentage
Change

2023

376
499
282
(159)
(209)
789

$

$

163
369
183
(34)
(209)
472

130.7%
35.2
54.1(367.6)—

67.2

Our U.S. utilities operate independently in several states, including Oregon, Utah, Wyoming and other Western states(PacifiCorp), Iowa and Illinois (MEC) and Nevada (NV Energy). After-tax earnings increased $213 million in the first quarter of 2024
compared to 2023. The increase reflected lower energy operating expenses, higher other income and a slight increase in electric utility
margin (operating revenue less cost of sales), partially offset by higher interest expense. The decline in energy operating expenses wasprimarily due to estimated pre-tax loss accruals of $359 million, net of expected insurance recoveries, recorded in the first quarter of2023 for Wildfires in 2020 and in 2022, partially offset by higher wildfire mitigation and vegetation management costs, legal andinsurance expenses and general and plant maintenance costs in 2024. See Note 23 to the accompanying Consolidated Financial
Statements for additional information on the Wildfires. Interest expense in the first quarter of 2024 increased $102 million over 2023,
largely due to increased borrowings, including $4.4 billion of term debt issued by PacifiCorp and MEC in January 2024 with a weighted
average interest rate of 5.5%.
The U.S. utilities’ electric utility margin was $1.7 billion in the first quarter of 2024, an increase of $23 million (1.4%) compared
to 2023. The increase reflected higher retail customer rates in certain territories and lower energy costs, partially offset by lower volumes
and wholesale rates. Retail customer volumes decreased 0.3% overall (down 1.8% at MEC and 0.1% at PacifiCorp and up 0.7% at NV
Energy) in the first quarter of 2024 compared to the same period in 2023.
After-tax earnings of natural gas pipelines increased $130 million (35.2%) in the first quarter of 2024 compared to the first quarterof 2023. The increase reflected a reduction in earnings attributable to BHE noncontrolling interests due to the acquisition of an additional
50% ownership interest in the Cove Point facility on September 1, 2023, as well as lower operating expenses and increased margin ongas sales.
After-tax earnings of other energy businesses increased $99 million (54.1%) in the first quarter of 2024 compared to 2023. The
increase reflected higher earnings at Northern Powergrid attributable to an $82 million deferred income tax charge in 2023 related tothe enactment of the Energy Profits Levy income tax in the United Kingdom, which was partially offset by unfavorable results at thenatural gas exploration business. Earnings in the first quarter of 2024 from renewable energy and retail services businesses also increased
versus 2023, mainly due to favorable changes in valuations of derivative contracts, partly offset by lower income tax benefits.
After-tax earnings of real estate brokerage declined $125 million in the first quarter of 2024 compared to the first quarter of 2023.
The decline was primarily attributable to expense accruals by HomeServices in connection with its ongoing litigation. In April 2024,
HomeServices agreed to terms with the plaintiffs to settle all claims asserted against HomeServices, and certain of its affiliates in the
Burnett case as part of a proposed nationwide class settlement. See Note 23 to the accompanying Consolidated Financial Statements for
additional information. Otherwise, brokerage and mortgage services earnings increased, reflecting lower operating expenses, partially
offset by lower brokerage services revenues and margins from a 6% decrease in transaction units, as well as lower mortgage services
revenues and margins from a 5% decrease in transaction volumes.
Pilot Travel Centers, LLC (“Pilot”)
Pilot operates travel centers, primarily under the names Pilot or Flying J, and fuel-only retail locations. Pilot also operates large
wholesale fuel and fuel marketing platforms in the U.S. A substantial portion of Pilot’s revenues and earnings derive from marketing
fuel on a wholesale and retail basis and from other energy-related activities.
Through January 31, 2023, we owned a 38.6% interest in Pilot, which we accounted for under the equity method. Our 38.6%
proportionate share of Pilot’s net earnings for the month ending January 31, 2023 are included in equity method earnings in theaccompanying Consolidated Statements of Earnings.
On January 31, 2023, we acquired an additional 41.4% interest in Pilot and owned an 80% controlling financial interest as of that
date. Thus, we began consolidating Pilot’s results of operations in our Consolidated Statements of Earnings on February 1, 2023. On
January 16, 2024, we acquired the remaining 20% noncontrolling interest and we now own 100% of Pilot.

37

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Pilot Travel Centers, LLC (“Pilot”)
Pilot’s earnings for the first quarter of 2024 and the two months ending March 31, 2023 are summarized below (in millions).
First Quarter
2024

Revenues
Cost of sales
Operating expenses
Interest expense
Pre-tax earnings
Income taxes and noncontrolling interests
Net earnings attributable to Berkshire Hathaway shareholders$

12,503
11,557
782
94
70
3
67

$

Two Months
EndingMarch 31, 2023

$

9,508
8,805
496
71
136
53
83

$

Pilot’s pre-tax earnings for the three months ending March 31, 2024 and 2023 are summarized below (dollars in millions).
Revenues, costs and expenses for the first month of 2023 were not included in our Consolidated Financial Statements.
First Quarter
2024

Revenues
Cost of sales
Operating expenses
Interest expense
Pre-tax earnings

$

$

2023

12,503
11,557
782
94
70

$

$

14,52813,499709
95
225

Percentage
Change(13.9)%(14.4)
10.3(1.1)(68.9)

Revenues for the first quarter of 2024 declined $2.0 billion, (13.9%) compared to the first three months of 2023. The decline wasattributable to lower average commodity prices and a decline in volumes from wholesale fuel and fuel marketing businesses. Pre-tax
earnings declined 68.9% in the first quarter of 2024 compared to 2023, primarily due to lower margins on retail fuel sales and higher
operating expenses. Operating expenses increased 10.3% in the first quarter of 2024 compared to 2023, attributable to increases in labor,marketing and information systems costs, as well as higher depreciation and amortization expense. In March 2024, Pilot borrowed $5.7
billion from Berkshire insurance subsidiaries and repaid its third party borrowings. The interest on the intercompany loans is included
in interest expense in the earnings summary above.
Manufacturing, Service and Retailing
A summary of revenues and earnings of our manufacturing, service and retailing businesses follows (dollars in millions).
First Quarter
2024

Revenues
Manufacturing
Service and retailing$$

Pre-tax earnings
Manufacturing
Service and retailing$

Income taxes and noncontrolling interests
Net earnings*
Effective income tax rate
Pre-tax earnings as a percentage of revenues

$

2023

Percentage
Change18,529 $22,17840,707 $18,28922,99041,2791.3%(3.5)

2,914 $
1,073
3,987
966
3,021 $
23.6%
9.8%

2,611
1,334
3,945
963
2,982
23.7%
9.6%

11.6%
(19.6)——————*

Excludes certain acquisition accounting expenses, which primarily related to the amortization of identifiable intangible assets
recorded in connection with certain of our business acquisitions. The after-tax acquisition accounting expenses excluded from
earnings were $125 million in the first quarter of 2024 and $202 million in the first quarter of 2023. These expenses are included
in “Other” in the summary of earnings on page 28 and in the “Other” earnings section on page 43.

38

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Manufacturing, Service and Retailing
Manufacturing
Our manufacturing group consists of a variety of industrial, building and consumer products businesses. A summary of revenues
and pre-tax earnings of these operations follows (dollars in millions).
First Quarter
2024

Revenues
Industrial products
Building products
Consumer products$$

Pre-tax earnings
Industrial products
Building products
Consumer products$$

Pre-tax earnings as a percentage of revenues
Industrial products
Building products
Consumer products

2023

8,883
6,089
3,557
18,529

$

1,557
1,002
355
2,914

$

17.5%
16.5
10.0

$

$

8,863
6,010
3,416
18,289
1,441
895
275
2,611
16.3%
14.9
8.1

Industrial products
The industrial products group includes metal products for aerospace, power and general industrial markets (Precision Castparts
Corp. (“PCC”)), specialty chemicals (The Lubrizol Corporation (“Lubrizol”)), metal cutting tools/systems (IMC International
Metalworking Companies (“IMC”)) and Marmon, which consists of more than 100 autonomous manufacturing and service businesses,
internally aggregated into twelve groups. The industrial products group also includes equipment and systems for the livestock andagricultural industries (CTB International), pipeline flow improvement technology and products (LiquidPower Specialty Products) anda structural steel fabrication products business (W&W|AFCO Steel) that was acquired in 2022.
Revenues of the industrial products group were $8.9 billion in the first quarter of 2024, relatively unchanged compared to 2023.
Pre-tax earnings increased $116 million (8.1%) in 2024 compared to 2023. Pre-tax earnings as a percentage of revenues for the groupwere 17.5% for the first quarter of 2024, an increase of 1.2 percentage points compared to the first quarter of 2023.
PCC’s revenues were $2.5 billion in the first quarter of 2024, an increase of 10.1% compared to the first quarter of 2023. The
revenue increase was primarily attributable to higher demand for aerospace products, while power/energy products also contributed tothe increase. Long-term industry forecasts continue to show growth and strong demand for air travel and aerospace products. PCC’s
pre-tax earnings increased 16.8% in the first quarter of 2024 compared to the first quarter of 2023. The improved results reflect theincrease in sales and improving manufacturing and operating efficiencies. Continued growth in PCC’s revenues and earnings will be
predicated on the ability to successfully increase production levels to match the expected growth in aerospace product demand.
Lubrizol’s revenues were $1.6 billion in the first quarter of 2024, a decrease of 5.6% compared to 2023. The decline wasattributable to lower selling prices and unfavorable product mix. Sales volumes in the first quarter of 2024 were relatively unchanged
compared to 2023. Lubrizol’s pre-tax earnings increased 44.5% in the first quarter of 2024 compared to 2023. The increase was due tolower raw material and manufacturing costs, partially offset by the impact of lower selling prices and unfavorable product mix.
Marmon’s revenues were $3.0 billion in the first quarter of 2024, a decrease of 5.6% compared to 2023. Eight of Marmon’s twelve
business groups reported lower revenues in 2024, including decreases in the Transportation (22%), Metal Services (12%), Plumbing &Refrigeration (10%), Electrical (3%) and Crane (10%) groups. The revenue decline of the Transportation group was due to lower demandin the heavy-duty truck and trailer businesses. Revenue declines in the Electrical, Metal Services and Plumbing & Refrigeration groups
were primarily due to lower demand from heavy equipment, HVAC and residential construction markets coupled with lower steel andcopper prices. These declines were partly offset by revenue growth in the Rail & Leasing group driven by higher renewal rates in railcar
leasing and price increases in railcar repair.

39

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Manufacturing, Service and Retailing
Marmon’s pre-tax earnings declined 6.7% in the first quarter of 2024 compared to 2023. Six of Marmon’s business groups reported
lower earnings in 2024, driven by revenue declines in the Transportation, Crane, Metal Services, Retail and Plumbing & Refrigerationgroups and lower copper spreads in the Electrical group. The earnings impact of higher revenues in the Rail & Leasing group was largely
offset by increased maintenance costs driven by a higher volume of tank cars requiring regulatory inspection and maintenanceprocedures.
IMC’s revenues were $1.0 billion in the first quarter of 2024, substantially unchanged compared to the first quarter of 2023.
Revenues in 2024 reflected sales increases from the impacts of business acquisitions and higher interest income, which were offset bylower organic sales and unfavorable foreign currency translation from a stronger U.S. Dollar. IMC’s pre-tax earnings declined 3.8% in
the first quarter of 2024 compared to 2023 reflecting a slight decline in the gross sales margin rate and higher selling and marketing
expense. IMC operates globally and a large portion of its products are manufactured in Israel. IMC’s operations in Israel have not beensignificantly impacted to-date by the conflicts in the region.
Building products
The building products group includes manufactured and site-built home construction and related lending and financial services(Clayton Homes), flooring (Shaw), insulation, roofing and engineered products (Johns Manville), bricks and masonry products (Acme
Building Brands), paint and coatings (Benjamin Moore) and residential and commercial construction and engineering products andsystems (MiTek).
Revenues of the building products group increased $79 million (1.3%) and pre-tax earnings increased $107 million (12.0%) in
the first quarter of 2024 compared to the first quarter of 2023.
Clayton Homes’ revenues increased 9.1% to $2.7 billion in the first quarter of 2024 compared to 2023. Revenues from home sales
increased $138 million (7.3%), reflecting higher new home unit sales of 12.2%, partially offset by lower average selling prices. Financial
services revenues also increased 14.7% in the first quarter of 2024 compared to 2023, primarily due to increased interest income fromhigher average loan balances. Loan balances, net of allowances for credit losses, were approximately $24.6 billion as of March 31, 2024,
an increase of 12.8% since March 31, 2023.
Pre-tax earnings of Clayton Homes increased $46 million (11.3%) in the first quarter of 2024 compared to 2023, attributable tohigher earnings from financial services, partially offset by lower earnings from manufacturing. The increase in financial services
earnings was primarily attributable to increased net interest income and insurance earnings, partially offset by increased expected loan
loss provisions. The decline in earnings from manufacturing activities reflected lower gross sales margin rates due to the increased costof building Zero Energy Ready homes (such costs are partially offset by income tax credits) and higher operating expenses.
Our other building products businesses generated revenues of approximately $3.4 billion in the first quarter of 2024, a decreaseof $149 million (4.3%) versus 2023. Sales volumes in the first quarter of 2024 increased at Johns Manville and decreased at Shaw and
MiTek. Average selling prices were generally lower in the first quarter of 2024 compared to 2023.
Pre-tax earnings of our other building products businesses increased $60 million (12.4%) in the first quarter of 2024 compared to2023. Earnings as a percentage of revenues in the first quarter of 2024 increased 2.4 percentage points versus 2023. The earnings increasein 2024 was primarily attributable to higher average gross sales margin rates from lower raw materials and manufacturing costs.
Consumer products
The consumer products group includes recreational vehicles (Forest River), several apparel and footwear operations (Fruit of theLoom, Garan, Fechheimer, H.H. Brown Shoe Group and Brooks Sports), high-performance batteries (Duracell) and a global toy
company acquired in 2022 (Jazwares). This group also includes custom picture framing products (Larson-Juhl) and jewelry products(Richline).
Consumer products group revenues increased $141 million (4.1%) in the first quarter of 2024 compared to 2023, primarily due tohigher revenues from Forest River (9.2%) and Jazwares. The revenue increase at Forest River reflected a 9.4% increase in unit sales
with increases in both recreational and bus and commercial vehicles. Average selling prices for recreational vehicles declined in 2024
and increased for bus and commercial vehicles, attributable to changes in product mix and price competition. The revenue increase at
Jazwares was attributable to higher volumes. Revenues of our apparel and footwear businesses in the first quarter of 2024 were relatively
flat compared to 2023. Our apparel businesses continue to experience relatively low customer demand. Duracell’s revenues declined
2.9% in the first quarter of 2024 versus 2023.

40

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Manufacturing, Service and Retailing
Pre-tax earnings of our consumer products group in the first quarter of 2024 increased $80 million (29.1%) versus 2023. Pre-tax
earnings as a percentage of revenues for the group increased 1.9 percentage points in the first quarter of 2024 compared to 2023. Earnings
from Forest River in the first quarter of 2024 increased 22.7% compared to 2023, primarily due to an increase in the gross margin rates
attributable to changes in sales mix and the increase in unit sales, partially offset by higher general and administrative expenses. Appareland footwear earnings increased 58.4% in the first quarter of 2024 from 2023. Our apparel businesses benefited in 2024 from lower
product and supply chain costs and the effects of past restructuring activities. Earnings in 2023 were negatively impacted by low sales
volumes and rising raw materials, freight, labor and other operating costs.
Service and retailing
A summary of revenues and pre-tax earnings of our service and retailing businesses follows (dollars in millions).
First Quarter
2024

Revenues
Service
Retailing
McLane$$Pre-tax earnings
Service
Retailing
McLane$$Pre-tax earnings as a percentage of revenues
Service
Retailing
McLane2023

5,151 $
4,552
12,47522,178 $

5,319
4,612
13,05922,990

591 $
317
165
1,073 $

837
384
113
1,334

11.5%
7.0
1.3

15.7%
8.3
0.9

ServiceOur service group consists of several businesses, the largest of which are NetJets and FlightSafety (aviation services), which offer
shared ownership programs for general aviation aircraft and high technology training services and products to operators of aircraft, TTI,a distributor of electronics components and IPS, a provider of facilities construction management services. Our other service businesses
franchise and service a network of quick service restaurants (Dairy Queen), lease transportation equipment (XTRA) and furniture(CORT), provide third party logistics services that primarily serve the petroleum and chemical industries (Charter Brokerage), distributeelectronic news, multimedia and regulatory filings (Business Wire) and operate a television station in Miami, Florida (WPLG).
Service group revenues in the first quarter of 2024 declined $168 million (3.2%) compared to the first quarter of 2023, primarily
attributable to lower revenues from TTI (15.5%), partially offset by higher revenues from aviation services (8.6%) and IPS. New orders
at TTI declined in the first quarter of 2024 across most regions, markets and product lines, attributable to excess inventory levels within
supply chains which contributed to lower customer demand. These conditions are expected to persist through at least the second quarterof 2024. The revenue increase from aviation services was primarily due to increases in the number of aircraft in shared aircraft ownershipprograms and an increase in flight hours across NetJets’ various programs, as well as higher average rates.
Service group pre-tax earnings in the first quarter of 2024 declined $246 million (29.4%) compared to 2023. Pre-tax earnings as
a percentage of revenues fell 4.2 percentage points in 2024 compared to 2023. The earnings decline reflected a 49.3% decline from TTI,
as well as earnings declines in aviation services of 10.3% and from other service businesses of 16.8%. The earnings decline at TTI
reflected the impact of lower sales and price competition, which contributed to reduced gross margin rates, as well as from higher
operating expenses. The decline in aviation service earnings was primarily attributable to increased maintenance and personnel costs,
which reduced the overall margin rates.

41

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Manufacturing, Service and Retailing
Retailing
Our largest retailing business is Berkshire Hathaway Automotive, Inc. (“BHA”), representing 69% of our combined retailingrevenues in the first quarter of 2024. BHA consists of over 80 auto dealerships that sell new and pre-owned automobiles and offer repair
services and related products. BHA also offers vehicle service contracts and operates two insurance businesses. Our retailing businesses
also include four home furnishings retailing businesses (Nebraska Furniture Mart, R.C. Willey, Star Furniture and Jordan’s), which sellfurniture, appliances, flooring and electronics. The home furnishings group represented 17% of the combined retailing group revenues
in the first quarter of 2024.
Other retailing businesses include three jewelry retailers (Borsheims, Helzberg and Ben Bridge). Other businesses also offer
confectionery products (See’s Candy), high-quality kitchen tools (Pampered Chef), party supplies, school supplies and toys and novelties(Oriental Trading Company) and motorcycle accessories (Louis).
Retailing group aggregate revenues in the first quarter of 2024 declined 1.3% compared to 2023. Revenues from BHA vehicle
sales were relatively unchanged in the first quarter of 2024 versus 2023, reflecting higher new vehicle unit sales, offset by lower average
selling prices. New vehicle unit sales increased 10.1% in the first quarter of 2024 compared to 2023. The decline in selling prices was
attributable to increased price competition. Revenues from BHA’s parts/service/repair operations increased 2.6% in 2024 versus 2023.
Home furnishing revenues in the first quarter of 2024 declined 7.8% versus 2023, primarily attributable to lower sales volumes andincreasing price competition.
Retailing group pre-tax earnings in the first quarter of 2024 declined $67 million (17.4%) compared to 2023. BHA’s pre-tax
earnings in the first quarter of 2024 declined 11.3% compared to 2023, primarily due to lower vehicle gross profit margins, partially
offset by higher earnings from parts/service/repair and finance/service contract operations and lower operating expenses. Aggregate pretax earnings for the remainder of our retailing group in the first quarter of 2024 declined $37 million (33.1%) compared to 2023,
primarily due to a 41.0% decline in earnings from the home furnishings businesses, attributable to the impact of reduced sales andincreased operating expenses.
McLane Company
McLane operates a wholesale distribution business that provides grocery and non-food consumer products to retailers andconvenience stores (“retail”) and to restaurants (“restaurant”). McLane also operates wholesale distributors of distilled spirits, wine andbeer (“beverage”). The retail and restaurant distribution businesses generate high sales and very low profit margins and operate in ahighly competitive environment.
Revenues in the first quarter of 2024 declined 4.5% compared to 2023, attributable to lower unit volumes. The reduction was
primarily in the restaurant business, which experienced a comparative 8.0% sales decline in 2024. Pre-tax earnings in the first quarterof 2024 increased $52 million (46.0%) compared to 2023. The increase in earnings reflected an increase in the overall gross sales marginrate and lower operating expenses.
Non-Controlled Businesses
After-tax earnings of our non-controlled businesses include our proportionate share of earnings attributable to our investments in
Kraft Heinz, Occidental Petroleum and Berkadia. After-tax equity earnings attributable to these businesses decreased $163 million in
the first quarter of 2024 versus the first quarter of 2023.
Our after-tax earnings from Kraft Heinz were $185 million in the first quarter of 2024 and $199 million in 2023. Our after-tax
reported earnings from Occidental in the first quarter were $208 million in 2024 and $293 million in 2023. As of January 31, 2023, wediscontinued using the equity method for our pre-existing 38.6% interest in Pilot upon acquiring a controlling interest in Pilot. Our aftertax equity earnings from Pilot were $83 million in 2023.

42

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Investment Gains (Losses)
A summary of investment gains (losses) recorded in earnings follows (dollars in millions).
First Quarter
2024

Investment gains (losses)
Income taxes and noncontrolling interests
Net earnings
Effective income tax rate

$
$

2023

1,876
$
396
1,480
$
21.0%

34,7587,319
27,43920.9%

Pre-tax investment gains (losses) include unrealized gains and losses arising from changes in market prices of investments inequity securities, which significantly increases the volatility of our periodic net earnings due to the magnitude of our equity securities
portfolio and the inherent volatility of equity securities prices. Unrealized gains and losses recorded in earnings also include the effects
of changes in foreign currency exchange rates on investments in equity securities of non-U.S. issuers held by our U.S.-based subsidiaries.
Pre-tax gains and losses in the first quarter included changes in net unrealized gains during the period on securities we held at theend of the period of $4.0 billion in 2024 and $31.3 billion in 2023. In addition, it included pre-tax losses of $2.1 billion in 2024 andgains of $370 million in 2023 attributable to changes in market prices on equity securities we sold during the period. Taxable gains andlosses on equity securities sold generally represent the difference between sales proceeds and the original cost of the securities sold.
Sales of equity securities in the first quarter produced taxable gains of $14.2 billion in 2024 and $2.2 billion in 2023. Pre-tax investment
gains in the first quarter of 2023 also included a non-cash gain of approximately $3.0 billion related to the remeasurement of our preexisting interest in Pilot to fair value through the application of acquisition accounting upon attaining control of Pilot for financial
reporting purposes.
We believe that investment gains and losses, whether realized from sales or unrealized from changes in market prices, are often
meaningless in terms of understanding our reported consolidated earnings or evaluating our periodic economic performance. We also
continue to believe the investment gains and losses recorded in earnings in any given period has little analytical or predictive value.
Other
A summary of after-tax other earnings (losses) follows (in millions).
First Quarter
2024

Acquisition accounting expenses
Corporate interest expense, before foreign currency effects
Foreign currency exchange rate gains (losses) on Berkshire
and BHFC non-U.S. Dollar senior notes
Other earnings

$

$

2023

(125) $
(55)

(202)
(64)

597
256
673

(17)
172
(111)

$

After-tax acquisition accounting expenses include charges arising from the application of the acquisition method in connection
with certain of Berkshire’s business acquisitions. These charges arise primarily from the amortization of intangible assets recorded inconnection with those business acquisitions.
Foreign currency exchange rate gains pertain to Berkshire’s and BHFC’s Japanese Yen, Euro and Great Britain Pounddenominated debt. Changes in foreign currency exchange rates produce unrealized gains and losses from the periodic revaluation ofthese liabilities into U.S. Dollars. The gains and losses recorded in any given period can be significant due to the magnitude of theborrowings and the inherent volatility in foreign currency exchange rates. Other earnings consist primarily of Berkshire parent company
investment income and corporate expenses, other intercompany interest income where the interest expense is included in earnings ofthe operating businesses and unallocated income taxes.

43

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Financial Condition
Our Consolidated Balance Sheet continues to reflect significant liquidity and a very strong capital base. Berkshire’s shareholders’equity at March 31, 2024 was $571.5 billion, an increase of $10.2 billion since December 31, 2023. Net earnings attributable to Berkshire
shareholders were $12.7 billion and included after-tax investment gains of approximately $1.5 billion. Investment gains and losses fromchanges in the market prices of our investments in equity securities will produce significant volatility in our earnings.
Berkshire’s common stock repurchase program, as amended, permits Berkshire to repurchase its Class A and Class B shares atprices below Berkshire’s intrinsic value, as conservatively determined by Warren Buffett, Berkshire’s Chairman of the Board and Chief
Executive Officer. We are not committed to purchase a minimum or subject to maximum repurchase amounts. We will not repurchaseour stock if it reduces our consolidated cash, cash equivalents and U.S. Treasury Bills holdings to below $30 billion. Financial strengthand redundant liquidity will always be of paramount importance at Berkshire. Berkshire paid $2.6 billion in the first quarter of 2024 torepurchase common stock.
At March 31, 2024, our insurance and other businesses held cash, cash equivalents and U.S. Treasury Bills of $182.3 billion,
which included $156.2 billion in U.S. Treasury Bills. Investments in equity and fixed maturity securities (excluding our investments in
Kraft Heinz and Occidental common stock) were $353.0 billion. During the first quarter of 2024, we paid $2.7 billion to acquire equity
securities and we received $20.0 billion from sales of equity securities. On January 16, 2024, we acquired the remaining 20%
noncontrolling ownership interest in Pilot for $2.6 billion.
Our consolidated borrowings at March 31, 2024 were $122.8 billion, of which about 95% were issued by the Berkshire parent
company, BHFC, and BNSF, BHE and their subsidiaries. Berkshire parent company debt outstanding at March 31, 2024 was $17.0
billion, a decrease of $1.8 billion from December 31, 2023, attributable to senior note maturities of $1.1 billion and reductions in thefirst quarter of $732 million from changes in foreign currency exchange rates on its non-U.S. Dollar denominated debt. In April 2024,
Berkshire issued an aggregate ¥263.3 billion (approximately $1.7 billion) of senior notes.
Senior note borrowings of BHFC, a wholly-owned financing subsidiary, were approximately $18.0 billion at March 31, 2024,
relatively unchanged from December 31, 2023. BHFC’s borrowings are used to fund a portion of loans originated and acquired by
Clayton Homes and equipment held for lease by our railcar leasing business. Berkshire guarantees BHFC’s senior notes for the full andtimely payment of principal and interest.
BNSF’s outstanding debt was $23.5 billion as of March 31, 2024, substantially unchanged from December 31, 2023. BHE’s
aggregate borrowings increased $2.2 billion in the first quarter of 2024 to approximately $58.6 billion at March 31. In the first quarterof 2024, BHE subsidiaries issued $5.1 billion of term debt with a weighted average interest rate of 5.4% and maturity dates ranging
from 2029 to 2055 and repaid short-term borrowings of approximately $2.6 billion. Pilot prepaid third-party borrowings of $5.7 billion
in the first quarter of 2024. Berkshire does not guarantee the repayment of debt issued by BNSF, BHE or any of their subsidiaries oraffiliates.
In the first three months of 2024, our diverse group of businesses generated net operating cash flows of $10.6 billion. Ourconsolidated capital expenditures for property, plant and equipment and equipment held for lease were $4.4 billion in the first quarterof 2024, which included capital expenditures by BNSF and BHE of $2.9 billion. BNSF and BHE maintain very large investments incapital assets (property, plant and equipment) and regularly make significant capital expenditures in the normal course of business.
Forecasted capital expenditures for BHE and BNSF over the remainder of 2024 are approximately $10.8 billion.
Contractual Obligations
We are party to other contracts associated with ongoing business activities, which will result in cash payments to counterparties
in future periods. Certain obligations are included in our Consolidated Balance Sheets, such as borrowings, operating lease liabilities
and shared aircraft repurchase liabilities.
We are also obligated to pay claims arising from property and casualty contracts issued by our insurance subsidiaries, including
amounts from retroactive reinsurance. However, the timing and amount of the payments under insurance and reinsurance contracts arecontingent upon the outcome of future events. Actual payments will likely vary, perhaps materially, from any forecasted payments, aswell as from the liabilities recorded in our Consolidated Balance Sheet. We anticipate that these payments will be funded by operating
cash flows.
Other obligations pertaining to the acquisition of goods or services in the future, such as certain purchase obligations, are notcurrently reflected in the Consolidated Financial Statements and will be recognized in future periods as the goods are delivered orservices are provided. Except as otherwise disclosed in this Quarterly Report, our contractual obligations as of March 31, 2024 were, in
the aggregate, not materially different from those disclosed in “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” contained in Berkshire’s Annual Report on Form 10-K for the year ended December 31, 2023.

44

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Critical Accounting Estimates
Certain accounting policies require us to make estimates and judgments in determining the amounts reflected in our Consolidated
Financial Statements. Such estimates and judgments necessarily involve varying and possibly significant degrees of uncertainty.
Accordingly, certain amounts currently recorded in our Consolidated Financial Statements will likely be adjusted in the future based on
new available information and changes in other facts and circumstances. Reference is made to “Critical Accounting Estimates” discussed
in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in Berkshire’s Annual Reporton Form 10-K for the year ended December 31, 2023.
Our Consolidated Balance Sheet as of March 31, 2024 included estimated liabilities for unpaid losses and loss adjustment expenses
from property and casualty insurance and reinsurance contracts of approximately $146 billion. Due to the inherent uncertainties in theprocesses of establishing these liabilities, the actual ultimate claim amounts will likely differ from the currently recorded amounts. A
very small percentage change in estimates of this magnitude can result in a material effect on periodic earnings. The effects from changes
in these estimates are recorded as a component of insurance losses and loss adjustment expenses in the period of the change.
Our Consolidated Balance Sheet as of March 31, 2024 included goodwill of acquired businesses of approximately $84.5 billion
and indefinite-lived intangible assets of $18.9 billion. In connection with the annual goodwill impairment review in the fourth quarterof 2023, the estimated fair values of nine reporting units did not exceed our carrying values by at least 20%. Our estimated aggregate
fair values of these units at that time were approximately $58.5 billion, which exceeded our carrying value of approximately $54.9
billion. Goodwill of these reporting units totaled approximately $17.3 billion. Three of these reporting units were acquired in late 2022
and early 2023 and had estimated fair values aggregating $21.5 billion, or 1.5% in excess of carrying value, and goodwill of
approximately $8.5 billion.
Goodwill and indefinite-lived intangible asset impairment reviews include determining the estimated fair values of our reporting
units and of the indefinite-lived intangible assets. Several methods may be used to estimate fair values and significant judgments are
required in making such estimates. Due to the inherent subjectivity and uncertainty in forecasting future cash flows and earnings overlong periods of time, actual results may differ materially from the forecasts.
As of March 31, 2024, we concluded it was more likely than not that goodwill and other indefinite-lived intangible assets recordedin our Consolidated Balance Sheet were not impaired. However, the fair value estimates of the reporting units and assets are subject tochange based on changes in market and economic conditions and events affecting our businesses, which we cannot reliably predict. It
is reasonably possible that adverse changes in such conditions or events could result in the recognition of impairment losses in our
Consolidated Financial Statements.
Information concerning accounting pronouncements to be adopted in the future is included in Note 2 to the accompanying
Consolidated Financial Statements.
Forward-Looking Statements
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 “Act”). Forward-looking statements include statements
which are predictive in nature, which depend upon or refer to future events or conditions, or which include words such as “expects,”“anticipates,” “intends,” “plans,” “believes,” “estimates” or similar expressions. In addition, any statements concerning future financial
performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects and possible future Berkshire
actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements
are based on current expectations and projections about future events and are subject to risks, uncertainties and assumptions about
Berkshire and its subsidiaries, economic and market factors and the industries in which we do business, among other things. Thesestatements are not guarantees of future performance and we have no specific intention to update these statements.
Actual events and results may differ materially from those expressed or forecasted in forward-looking statements due to a numberof factors. The principal risk factors that could cause our actual performance and future events and actions to differ materially from suchforward-looking statements include, but are not limited to, changes in market prices of our investments in equity securities; theoccurrence of one or more catastrophic events, such as an earthquake, hurricane, geopolitical conflict, act of terrorism or cyber-attack
that causes losses insured by our insurance subsidiaries and/or losses to our business operations; the frequency and severity of epidemics,
pandemics or other outbreaks, that negatively affect our operating results and restrict our access to borrowed funds through the capital
markets at reasonable rates; changes in laws or regulations affecting our insurance, railroad, utilities and energy and finance subsidiaries;changes in federal income tax laws; and changes in general economic and market factors that affect the prices of securities or theindustries in which we do business.

45

Item 3. Quantitative and Qualitative Disclosures About Market Risk
Reference is made to Berkshire’s Annual Report on Form 10-K for the year ended December 31, 2023 and in particular the“Market Risk Disclosures” included in “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Asof March 31, 2024, there were no material changes in the market risks described in Berkshire’s Annual Report.
Item 4. Controls and Procedures
As of the end of the period covered by this Quarterly Report on Form 10-Q, the Company carried out an evaluation, under thesupervision and with the participation of the Company’s management, including the Chairman (Chief Executive Officer) and the SeniorVice President (Chief Financial Officer), of the effectiveness of the design and operation of the Company’s disclosure controls andprocedures pursuant to Exchange Act Rule 13a-15. Based upon that evaluation, the Chairman (Chief Executive Officer) and the SeniorVice President (Chief Financial Officer) concluded that the Company’s disclosure controls and procedures are effective in timely alertingthem to material information relating to the Company (including its consolidated subsidiaries) required to be included in the Company’s
periodic SEC filings. During the quarter, there have been no significant changes in the Company’s internal control over financial
reporting or in other factors that could significantly affect internal control over financial reporting.
Part II Other Information
Item 1. Legal Proceedings
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 exemplary damages. We do not believe that such normal androutine litigation will have a material effect on our financial condition or results of operations.
Reference is made to Note 23 to the accompanying Consolidated Financial Statements for information concerning certain
litigation involving Berkshire subsidiaries. Berkshire and certain of its subsidiaries are also involved in other kinds of legal actions,some of which assert or may assert claims or seek to impose fines and penalties. We currently believe that any liability that may arise
as a result of other pending legal actions will not have a material effect on our consolidated financial condition or results of operations.
Item 1A. Risk Factors
Our significant business risks are described in Item 1A to Form 10-K for the year ended December 31, 2023, to which reference
is made herein. The risks and uncertainties we describe are not the only ones facing us. Additional risks and uncertainties not presently
known to us or that we currently deem immaterial may also impair our business or operations. Any adverse effect on our business,financial condition or operating results could result in a decline in the value of our securities and the loss of all or part of your investment.

46

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities
Berkshire’s common stock repurchase program permits Berkshire to repurchase its Class A and Class B shares any time that
Warren Buffett, Berkshire’s Chairman of the Board and Chief Executive Officer, believes that the repurchase price is below Berkshire’s
intrinsic value, conservatively determined. Repurchases may be in the open market or through privately negotiated transactions.
Information with respect to Berkshire’s Class A and Class B common stock repurchased during the first quarter of 2024 follows.

Total number ofshares purchased

PeriodAverage pricepaid per share

Total number ofshares purchased
as part of publicly
announced program

Maximum number orvalue of shares that yet
may be repurchased
under the program

January
Class A common stock
Class B common stock

863
—

$
$

555,126.46
—

863
—

*
*

February
Class A common stock
Class B common stock

2,945
—

$
$

621,187.44
—

2,945
—

*
*

March
Class A common stock
Class B common stock

424
—

$
$

623,205.69
—

424
—

*
*

——————* The program does not specify a maximum number of shares to be repurchased or obligate Berkshire to repurchase any specificdollar amount or number of Class A or Class B shares and there is no expiration date to the repurchase program. Berkshire will not
repurchase its common stock if the repurchases reduce the value of Berkshire’s consolidated cash, cash equivalents and U.S. Treasury
Bills holdings to less than $30 billion.
Item 3. Defaults Upon Senior Securities
None
Item 4. Mine Safety Disclosures
Information regarding the Company’s mine safety violations and other legal matters disclosed in accordance with Section 1503(a)of the Dodd-Frank Reform Act is included in Exhibit 95 to this Form 10-Q.
Item 5. Other Information
Berkshire has not adopted a Rule 10b5-1 trading arrangement (as defined in Item 408(a)(1)(i) of Regulation S-K) and no directors
or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in
Item 408(c) of Regulation S-K) during the first quarter of 2024.

47

Item 6. Exhibits
a. Exhibits3(i)Restated Certificate of Incorporation
Incorporated by reference to Exhibit 3(i) to Form 10-K filed on March 2, 2015.

3(ii)Amended and Restated By-Laws
Incorporated by reference to Exhibit 3(ii) to Form 8-K filed on May 10, 2023.

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
March 31, 2024, formatted in iXBRL (Inline Extensible Business Reporting Language) includes: (i) the Cover Page (ii) the
Consolidated Balance Sheets, (iii) the Consolidated Statements of Earnings, (iv) the Consolidated Statements ofComprehensive Income, (v) the Consolidated Statements of Changes in Shareholders’ Equity, (vi) the Consolidated
Statements of Cash Flows, and (vii) the Notes to Consolidated Financial Statements, tagged in summary and detail.

104

Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101)
SIGNATURE

Pursuant to the requirement of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on
its behalf by the undersigned thereunto duly authorized.
BERKSHIRE HATHAWAY INC.
(Registrant)/S/ MARC D. HAMBURG(Signature)
Marc D. Hamburg,
Senior Vice President andPrincipal Financial Officer

Date: May 4, 2024

48

EXHIBIT 31.1
Quarter ended March 31, 2024
Rule 13a-14(a)/15d-14(a) Certifications
CERTIFICATIONS
I, Warren E. Buffett, certify that: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 factnecessary to make the statements made, in light of the circumstances under which such statements were made, not misleadingwith 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 allmaterial 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 andprocedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (asdefined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

5.

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 isbeing 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 ourconclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered bythis report based on such evaluation; andd)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during theregistrant’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;andThe registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control overfinancial 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 reportfinancial information; andb)

Any fraud, whether or not material, that involves management or other employees who have a significant role in theregistrant’s internal control over financial reporting.

Date: May 4, 2024
/s/ WARREN E. BUFFETT
Chairman—Principal Executive Officer

EXHIBIT 31.2
Quarter ended March 31, 2024
Rule 13a-14(a)/15d-14(a) Certifications
CERTIFICATIONS
I, Marc D. Hamburg, certify that: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 factnecessary to make the statements made, in light of the circumstances under which such statements were made, not misleadingwith 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 allmaterial 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 andprocedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (asdefined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

5.

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 isbeing 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 ourconclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered bythis report based on such evaluation; andd)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during theregistrant’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;andThe registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control overfinancial 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 reportfinancial information; andb)

Any fraud, whether or not material, that involves management or other employees who have a significant role in theregistrant’s internal control over financial reporting.

Date: May 4, 2024
/s/ MARC D. HAMBURG
Senior Vice President—Principal Financial Officer

EXHIBIT 32.1
Section 1350 Certifications
Quarter ended March 31, 2024
I, Warren E. Buffett, Chairman and Chief Executive Officer of Berkshire Hathaway Inc. (the “Company”), certify, pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:(1)

the Quarterly Report on Form 10-Q of the Company for the period ended March 31, 2024 (the “Report”) fully complies withthe 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 operationsof the Company.

Dated: May 4, 2024
/s/ WARREN E. BUFFETT
Warren E. Buffett
Chairman and Chief Executive Officer

EXHIBIT 32.2
Section 1350 Certifications
Quarter ended March 31, 2024
I, Marc D. Hamburg, Senior Vice President and Chief Financial Officer of Berkshire Hathaway Inc. (the “Company”), certify,
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:(1)

the Quarterly Report on Form 10-Q of the Company for the period ended March 31, 2024 (the “Report”) fully complies withthe 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 operationsof the Company.

Dated: May 4, 2024
/s/ MARC D. HAMBURG
Marc D. Hamburg
Senior Vice President and Chief Financial Officer

EXHIBIT 95
MINE SAFETY VIOLATIONS AND OTHER LEGAL MATTER DISCLOSURESPURSUANT TO SECTION 1503(a) OF THE DODD-FRANK WALL STREETREFORM AND CONSUMER PROTECTION ACT
PacifiCorp and its subsidiaries operate coal mines and coal processing facilities and Acme Brick and its affiliates operate clay, shaleand limestone excavation facilities (collectively, the “mining facilities”) that are regulated by the Federal Mine Safety and HealthAdministration (“MSHA”) under the Federal Mine Safety and Health Act of 1977 (the “Mine Safety Act”). MSHA inspects mining
facilities on a regular basis. The total number of reportable Mine Safety Act citations, orders, assessments and legal actions for thethree months ended March 31, 2024 are summarized in the table below and are subject to contest and appeal. The severity andassessment of penalties may be reduced or, in some cases, dismissed through the contest and appeal process. Amounts are reported
regardless of whether PacifiCorp or Acme has challenged or appealed the matter. Mines that are closed or idled are not included in
the information below. PacifiCorp and Acme have not received any notice of a pattern, or notice of the potential to have a pattern,of violations of mandatory health or safety standards that are of such nature as could have significantly and substantially contributed
to the cause and effect of coal or other mine health or safety hazards under Section 104(e) of the Mine Safety Act during the threemonths ended March 31, 2024.
Mine Safety Act

Mining Facilities

Coal:
Bridger (surface)
Wyodak Coal Crushing
Facility
Clay, shale and limestone:
Malvern
Jonesboro
Oklahoma City
Tulsa
Bennett
DentonElgin
Sealy
Texas Clay
Leeds
Montgomery
(1)

(2)
(3)
(4)

(5)

(6)

Section104
Significant
and
Substantial
Citations(1)Legal Actions
Total
Value of
Proposed
MSHA
Assessments(in thousands)

Total
Numberof
MiningRelated
Fatalities

Pending
as of
Last
Day ofPeriod(6)Instituted
During
PeriodResolved
During
Period

—

—

—

—

—

Section104(b)
Orders(2)Section104(d)
Citations/
Orders(3)Section110(b)(2)
Violations(4)Section107(a)
Imminent
DangerOrders(5)

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—
—
—
—
—
—
—
—
—
—
—

—
—
—
—
—
—
—
—
—
—
—

—
—
—
—
—
—
—
—
—
—
—

—
—
—
—
—
—
—
—
—
—
—

—
—
—
—
—
—
—
—
—
—
—

—
—
—
—
—
—
—
—
—
—
—

—
—
—
—
—
—
—
—
—
—
—

—
—
—
—
—
—
—
—
—
—
—

—
—
—
—
—
—
—
—
—
—
—

—
—
—
—
—
—
—
—
—
—
—

$

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 healthhazard under Section 104 of the Mine Safety Act.
For alleged failures to totally abate the subject matter of a Mine Safety Act Section 104(a) citation within the period specified in the citation.
For alleged unwarrantable failures (i.e., aggravated conduct constituting more than ordinary negligence) to comply with a mandatory health or safety standard.
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).
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 conditionor practice can be abated.
For the existence of any proposed penalties under Subparts B-H 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.