Company: BRK-A
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000950170-25-025210
Chunk: 102

Company: BERKSHIRE HATHAWAY INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1B
Chunk 102
---
 the full year of 2023 are summarized below (in millions). Revenues, costs and expenses for January 2023 were not included in our Consolidated Financial Statements.

    2024

    Eleven MonthsEndingDecember 31,2023

    Twelve MonthsEndingDecember 31,2023

    Revenues
    $
    46,891

    $
    51,739

    $
    56,756

    Cost of sales
     
    42,591

    47,505

    52,196

    Selling, general and administrative expenses
     
    3,384

    2,852

    3,067

    Interest expense
     
    302

    414

    437

    Pre-tax earnings
    $
    614

    $
    968

    $
    1,056

K-52

Management’s Discussion and Analysis 

Manufacturing, Service and Retailing 

2024 versus 2023

Pilot’s revenues declined $9.9 billion (17.4%) in 2024 compared to the full year 2023. The decline was primarily attributable to lower average fuel prices and a decline in volumes from non-core fuel activities.

Pilot’s pre-tax earnings declined $442 million (41.9%) in 2024 compared to the full year 2023. Gross sales margins declined 4.3% in 2024 compared to the full year 2023, attributable to lower diesel margins from lower price volatility. Selling, general and administrative expenses increased 10.3% in 2024 compared to the full year 2023, reflecting increased depreciation and amortization expenses, as well as labor, marketing and maintenance costs. Interest expense declined 30.9% in 2024 compared to the full year 2023, attributable to reduced borrowings and lower rates. In March 2024, Pilot borrowed $5.7 billion from certain Berkshire insurance subsidiaries and repaid its third-party borrowings. Pilot subsequently repaid $1.0 billion of the affiliate borrowings in 2024. The interest on Pilot’s borrowings from affiliates is included in insurance investment income on page K-39.

McLane

McLane Company, Inc. (“McLane”) operates a wholesale distribution business that provides grocery and non-food consumer products to retailers and convenience stores (“retail”) and to restaurants (“restaurant”). McLane also operates businesses that are wholesale distributors of distilled