Company: BRK-A
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000950170-25-025210
Chunk: 241

Company: BERKSHIRE HATHAWAY INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 241
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 the equity method for our pre-existing 38.6% interest in Pilot upon acquiring a controlling interest in Pilot. In each year, our earnings from Kraft Heinz included the impacts of goodwill and intangible asset impairments recorded by Kraft Heinz.

K-53

Management’s Discussion and Analysis 

Investment Gains (Losses) 

A summary of investment gains (losses) follows (dollars in millions). 

    2024

    2023

    2022

    Investment gains (losses)
     
    $
    52,799

    $
    74,855

    $
    (67,623
    )

    Other

    —

    —

    (276
    )

    Gains (losses) before income taxes and noncontrolling interests

    52,799

    74,855

    (67,899
    )

    Income taxes and noncontrolling interests

    11,241

    15,982

    (14,287
    )

    Net earnings (loss)
     
    $
    41,558

    $
    58,873

    $
    (53,612
    )

    Effective income tax rate

    21.2
    %

    21.3
    %

    20.9
    %

Unrealized gains and losses arising from changes in market prices of our investments in equity securities are included in our reported earnings, 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 on our investments in equity securities also include the effects of changes in foreign currency exchange rates on investments in non-U.S. issuers that are held by our U.S.-based subsidiaries. 

Pre-tax investment gains and losses included net unrealized gains of $49.3 billion in 2024 and $69.1 billion in 2023 and net losses of $63.1 billion in 2022, attributable to changes in market prices during each year on equity securities we held at the end of each year. We also recorded pre-tax gains and losses from market value changes during each year on equity securities sold during the year, including net gains of $3.5 billion in 2024 and $2.7 billion in 2023 and net losses of $3.9 billion in 2022. Taxable investment gains on equity securities sold, which is generally