Company: BRK-A
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000950170-25-025210
Chunk: 105

Company: BERKSHIRE HATHAWAY INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1B
Chunk 105
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 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 the difference between sales proceeds and the original cost basis of the securities sold, were $101.1 billion in 2024, $5.0 billion in 2023 and $769 million in 2022. Investment gains in 2023 included a non-cash pre-tax gain of approximately $3.0 billion related to the remeasurement of our pre-existing 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 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 follows (in millions). 

    2024

    2023

    2022

    Acquisition accounting expenses
    $
    (531
    )
     
    $
    (693
    )
     
    $
    (681
    )

    Corporate interest expense, before foreign currency effects
     
    (242
    )

    (226
    )

    (269
    )

    Foreign currency exchange rate gains on Berkshire    and BHFC non-U.S. Dollar senior notes
     
    1,151

    211

    1,263

    Other earnings
     
    1,017

    533

    196

    $
    1,395

    $
    (175
    )
     
    $
    509

After-tax acquisition accounting expenses include charges arising from the application of the acquisition method in connection with certain of Berkshire’s past business acquisitions. These charges arise primarily from the amortization of intangible assets recorded in connection with those acquisitions. 

Foreign currency exchange rate gains pertain to Berkshire’s and BHFC’s Euro, Great Britain Pound and Japanese Yen denominated debt. Changes in foreign currency exchange rates produce gains and losses from the periodic revaluation of these liabilities into U.S. Dollars. In each year, we recorded foreign currency exchange rate gains due to strengthening of the