Company: BRK-A
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000950170-25-025210
Chunk: 243

Company: BERKSHIRE HATHAWAY INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 243
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 interest income when the related expense is included in earnings of the operating subsidiaries, corporate expenses and unallocated income taxes. Other earnings increased by $484 million in 2024 compared to 2023 and $337 million in 2023 compared to 2022, primarily due to increased interest income, including interest earned on intercompany loans to operating subsidiaries.

K-54

Management’s Discussion and Analysis 

Financial Condition 

Our Consolidated Balance Sheet continues to reflect significant liquidity and a very strong capital base. Berkshire’s shareholders’ equity at December 31, 2024 was $649.4 billion, an increase of $88.1 billion since December 31, 2023. Net earnings attributable to Berkshire shareholders were $89.0 billion for 2024 and included after-tax investment gains of approximately $41.6 billion. Investment gains and losses from changes in the market prices of our investments in equity securities usually 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 at prices 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 a minimum or subject to a maximum repurchase amount. We will not repurchase our stock if it reduces our consolidated cash, cash equivalents and U.S. Treasury Bills holdings to below $30 billion. Financial strength and redundant liquidity will always be of paramount importance at Berkshire. Berkshire paid $2.9 billion in 2024 to repurchase its common stock.

At December 31, 2024, our insurance and other businesses held cash, cash equivalents and U.S. Treasury Bills (net of payables for unsettled purchases) of $318.0 billion. Investments in equity and fixed maturity securities, excluding our investments in Kraft Heinz and Occidental common stock, were $287.0 billion. During 2024, we paid $9.2 billion to acquire equity securities and we received $143.4 billion from sales of equity securities. 

On January 16, 2024, we acquired the remaining 20% noncontrolling ownership interest in Pilot for $2.6 billion. On September 30, 2024, BHE repurchased shares of its common stock held by certain noncontrolling BHE shareholders for $2.9 billion.

Our consolidated borrowings at December 31, 2024 were $124.8 billion, of which over 95%