Company: BRK-A
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000950170-25-025210
Chunk: 201

Company: BERKSHIRE HATHAWAY INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 201
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 Helene and Milton ($1.2 billion after-tax) and accruals in connection with a bankruptcy settlement agreement related to a non-insurance affiliate. Underwriting results in 2023 and 2022 included after-tax losses from significant catastrophe events of approximately $725 million and $2.4 billion, respectively. After-tax earnings from insurance investment income increased $4.1 billion in 2024 and $3.1 billion in 2023 compared to corresponding prior years, driven by higher interest income from short-term investments. 

After-tax earnings of BNSF declined 1.1% in 2024 compared to 2023 and 14.4% in 2023 compared to 2022. Earnings in 2024 benefited from higher unit volume, improvements in employee productivity and lower other operating costs, and were negatively impacted by charges related to a labor agreement in the fourth quarter of 2024 and litigation charges related to an ongoing legal case. The decrease in 2023 was primarily attributable to lower overall freight volumes and higher non-fuel operating costs, partially offset by lower fuel costs. 

After-tax earnings of our utilities and energy business increased $1.4 billion in 2024 compared to 2023 and declined $1.6 billion in 2023 compared to 2022. The earnings increase in 2024 reflected lower estimated wildfire loss accruals at PacifiCorp and higher earnings from natural gas pipelines, primarily due to reductions in earnings attributable to noncontrolling interests, and other energy businesses. The earnings decline in 2023 reflected increased estimated wildfire loss accruals, as well as lower earnings from other energy and real estate brokerage businesses compared to 2022. 

Earnings from our manufacturing, service and retailing businesses decreased 2.2% in 2024 compared to 2023 and increased 6.8% in 2023 compared to 2022. The earnings decline in 2024 reflected lower earnings from our service and retailing businesses, partially offset by earnings increases at several of our manufacturing businesses. The earnings increase in 2023 reflected increases at certain industrial products manufacturers and service businesses, the full year impact of Alleghany’s non-insurance businesses acquired in 2022 and earnings from Pilot Travel Centers for the eleven months ending December 31, 2023, partially offset by lower earnings at several of our other manufacturing businesses and at certain of our service and retailing businesses. 

K-33

Management’s Discussion and Analysis 

Results