# EDGAR Filing Document

**Accession Number:** 0001067983
**File Stem:** 0001193125-25-143501
**Filing Date:** 2025-6
**Character Count:** 38831
**Document Hash:** bcd413e419c395d3f5a75daaa9ba418c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-143501.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0001193125-25-143501

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BERKSHIRE HATHAWAY INC
- **CENTRAL INDEX KEY:** 0001067983
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 470813844
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14905
- **FILM NUMBER:** 251060394

**BUSINESS ADDRESS:**
- **STREET 1:** 3555 FARNAM STREET
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68131
- **BUSINESS PHONE:** 4023461400

**MAIL ADDRESS:**
- **STREET 1:** 3555 FARNAM STREET
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68131

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NBH INC
- **DATE OF NAME CHANGE:** 19980810

##### [**Table of Contents**](#toc)
**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, DC. 20549** 

**FORM 11-K** 

**ANNUAL REPORT OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS** 

**PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**(Mark One)** 

☒ **ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended December 31, 2024** 

**OR** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the transition period from<u> </u> to** 

**Commission file number 001-14905** 

**EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN OF GENERAL RE** 

**CORPORATION AND ITS DOMESTIC SUBSIDIARIES** 

**BERKSHIRE HATHAWAY INC.** 

**3555 Farnam Street** 

**Omaha, Nebraska 68131** 

**(Name of issuer of the securities held pursuant to the plan and the address of its principal executive office)** 

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##### [**Table of Contents**](#toc)
**FINANCIAL STATEMENTS AND EXHIBITS** 

(a) Consent of Independent Registered Public Accounting Firm.

(b) Financial Statements – See accompanying Report of Independent Registered Public Accounting Firm.

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##### [**Table of Contents**](#toc)
<u>SIGNATURES</u> 

The Plan: Pursuant to the requirements of the Securities Exchange Act of 1934, the plan administrator has duly caused this annual report to be signed by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| PLAN: | EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN OF GENERAL RE CORPORATION AND ITS DOMESTIC SUBSIDIARIES |
| PLAN |  |
| ADMINISTRATOR: GENERAL RE CORPORATION | ADMINISTRATOR: GENERAL RE CORPORATION |

---

---

| | |
|:---|:---|
| By: | /s/ Michael P. O'Dea |
| Michael P. O'Dea, Chief Financial Officer | Michael P. O'Dea, Chief Financial Officer |

---

Date: June 20, 2025

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##### [**Table of Contents**](#toc)
**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in Registration Statement Nos. 333-70609 and 333-224221 on Form S-8 of our report dated June 20, 2025, relating to the financial statements and supplemental schedule of the Employee Savings and Stock Ownership Plan of General Re Corporation and its Domestic Subsidiaries appearing in this Annual Report on Form 11-K for the year ended December 31, 2024.

/s/ Deloitte & Touche LLP

Stamford, Connecticut

June 20, 2025

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##### [**Table of Contents**](#toc)
***Employee Savings and Stock Ownership Plan of General Re Corporation***<br> ***and its Domestic Subsidiaries***<br>**Report of Independent Registered Public Accounting Firm**<br>**Financial Statements**<br>as of December 31, 2024, and 2023 and<br>for the Year Ended December 31, 2024<br>**Supplemental Schedule**<br>as of December 31, 2024<br>

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##### [**Table of Contents**](#toc)
**EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN OF GENERAL RE CORPORATION AND ITS DOMESTIC SUBSIDIARIES** 

**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  | **Page** | **Page** |
|  [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#tx18590_1) |  | 1 |
|  FINANCIAL STATEMENTS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Net Assets Available for Benefits as of December 31, 2024 and 2023](#tx18590_2) |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2024](#tx18590_3) |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements as of December 31, 2024 and 2023 and for the Year ended December 31, 2024](#tx18590_4) |  | 4-9 |
|  SUPPLEMENTAL SCHEDULE: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Form 5500, Schedule H, Part IV, Line 4i —<br>Schedule of Assets (Held at End of Year) as of December 31, 2024](#tx18590_5) |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOTE: All other schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable. |  |  |

---

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##### [**Table of Contents**](#toc)
**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Plan Participants and Plan Administrator of Employee Savings and Stock Ownership Plan of General Re Corporation and its Domestic Subsidiaries

**Opinion on the Financial Statements** 

We have audited the accompanying statements of net assets available for benefits of Employee Savings and Stock Ownership Plan of General Re Corporation and its Domestic Subsidiaries (the "Plan") as of December 31, 2024 and 2023, the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Report on Supplemental Schedule** 

The supplemental schedule listed in Table of contents has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental schedule is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental schedule reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in compliance with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, such schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Deloitte & Touche LLP

Stamford, Connecticut

June 20, 2025

We have served as the auditor of the Plan since 2022.

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##### [**Table of Contents**](#toc)
**EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN OF GENERAL RE CORPORATION AND ITS DOMESTIC SUBSIDIARIES** 

**STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS** 

**AS OF DECEMBER 31, 2024 and 2023** 

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  ASSETS: |  |  |
|  Investments — at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Participant directed investments — Berkshire B ESOP Fund | $615066467 | $530119064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Participant directed investments — Other | 1006525539 | 889436562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 1621592006 | 1419555626 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Notes receivable from participants | 3821914 | 3696181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total receivables | 3821914 | 3696181 |
|  NET ASSETS AVAILABLE FOR BENEFITS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625413920 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423251807 |

---

See notes to financial statements.

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##### [**Table of Contents**](#toc)
**EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN OF GENERAL RE CORPORATION AND ITS DOMESTIC SUBSIDIARIES** 

**STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS** 

**FOR THE YEAR ENDED DECEMBER 31, 2024** 

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| | | | |
|:---|:---|:---|:---|
|  | **Participant<br>Directed - Other** | **Participant<br>Directed - Berkshire<br>B ESOP** | **Total** |
|  ADDITIONS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Participant contributions | $23685749 | $- | $23685749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employer contributions - cash match/deferred compensation | 9354939 |  | 9354939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total contributions | 33040688 |  | 33040688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net appreciation in fair value of investments | 138682940 | 141349141 | 280032081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 23832642 |  | 23832642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income on notes receivable from participants | 225926 |  | 225926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interfund transfers | 14684858 | (14684858) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total additions | 210467054 | 126664283 | 337131337 |
|  DEDUCTIONS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefits paid to participants | 93264610 | 41716880 | 134981490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees (revenue credits), net | (12266) |  | (12266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deductions | 93252344 | 41716880 | 134969224 |
|  Increase in Net Assets | 117214710 | 84947403 | 202162113 |
|  NET ASSETS AVAILABLE FOR BENEFITS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 893132743 | 530119064 | 1423251807 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010347453 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615066467 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625413920 |

---

See notes to financial statements.

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##### [**Table of Contents**](#toc)
**EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN OF GENERAL RE CORPORATION AND ITS DOMESTIC SUBSIDIARIES** 

**NOTES TO FINANCIAL STATEMENTS** 

**AS OF DECEMBER 31, 2024 AND 2023 AND FOR THE YEAR ENDED DECEMBER 31, 2024** 

**1.** **DESCRIPTION OF THE PLAN** 

The following description of the Employee Savings and Stock Ownership Plan of General Re Corporation and its Domestic Subsidiaries (referred to herein as the "Plan" or the "Plan Document") is provided for general information purposes only. Participants should refer to the Plan Document for a more complete description of the Plan's provisions.

***General –*** The Plan is a defined contribution plan covering employees of General Re Corporation ("Gen Re"), and its Domestic Subsidiaries who are regularly scheduled to complete at least one thousand hours of service ("Company Service") per year. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). Gen Re is a wholly-owned subsidiary of Berkshire Hathaway Inc.

***Employee Stock Ownership Plan –*** In July 1989, Gen Re established a leveraged Employee Stock Ownership Plan ("ESOP") which is designed to comply with Section 4975(e)(7) and the regulations thereunder of the Internal Revenue Code ("IRC") of 1986, as amended, and is subject to the applicable provisions of ERISA. The Plan entered into a $150,000,000 term loan agreement (the "Loan") with the Plan sponsor, Gen Re. The Loan provided for annual payments of principal and interest and was initially to be repaid in full by 2014, with an interest rate of 9.25%. The proceeds of the Loan were used by the Plan to purchase 1,754,386 shares of 7-1/4% cumulative convertible preferred stock of Gen Re ("Preferred Stock"), which was used as collateral for the Loan. The Loan was guaranteed by the Plan sponsor.

On December 21, 1998, Gen Re merged with Berkshire Hathaway Inc. At that time, the Plan trustee, State Street Bank and Trust Company ("State Street"), converted 1,686,721 shares of Preferred Stock, which was the amount outstanding as of December 21, 1998, into 177,106 shares of Berkshire Hathaway Inc. Class B common stock ("Berkshire Common Stock"). The Berkshire Common Stock then became the collateral for the Loan.

Effective January 1, 1999, Gen Re amended the original terms of the Loan. The revised agreement provided that any outstanding amount due on the Loan is payable upon maturity in 2034 with interest payments at an annual rate of 6.5% and annual principal prepayment as required. As discussed further below, the Loan was repaid during 2022.

Effective January 21, 2010, Berkshire Common Stock was split 50 for 1. All appropriate allocations were made to the records of State Street, Fidelity Management Trust Company ("Fidelity") and Gen Re.

Effective December 31, 2017, the Plan was amended to include eligible employees of GEICO as a class of participants in the Plan and as a result the Plan changed its name to the General Re Corporation and Government Employees Companies Savings and Stock Ownership Plan. The intent of this amendment was to allow GEICO employees to become Plan participants and receive unallocated shares of Berkshire Common Stock for its annual profit-sharing award. GEICO shared in the expenses and made employer contributions to the ESOP Trust in return for shares to be released. Such payments were applied against the outstanding debt service of the Loan. After January 1, 2019, there were no further allocations to GEICO employees.

From December 31, 2017 through June 1, 2020, certain employees of GEICO were a separate class of participants of the Plan and received Berkshire Common Stock. Effective June 1, 2020, such GEICO employees were no longer eligible to be participants and ceased to be participants in the Plan and as a result 1,545,644 shares of Berkshire Common Stock were transferred out of the Plan. In addition, the name of the Plan was changed to the Employee Savings and Stock Ownership Plan of General Re Corporation and its Domestic Subsidiaries.

During 2022, the remaining unallocated Berkshire Common Stock was utilized by the Plan. In addition, the Plan settled the remaining principal and interest balance on the Loan. Contributions to participants and matching contributions were made in cash beginning with the October 31, 2022 payroll period.

Gen Re made a final cash contribution to the Plan in 2022 necessary to fully repay the Loan. The Plan's investment in the Berkshire B ESOP Fund consists solely of Berkshire Common Stock shares.

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During 2024, 129,419 shares of Berkshire Common Stock were sold and retired from the Plan or exchanged for shares in other eligible investments in the Plan. The Plan held 1,356,924 and 1,486,343 shares of Berkshire Common Stock in the Berkshire B ESOP Fund as of December 31, 2024 and December 31, 2023, respectively. As of December 31, 2024, the Plan also held 207,141 shares of Berkshire Common Stock via the Berkshire B Unitized Fund.

***Contributions -*** The Plan allows Gen Re participants to make after-tax contributions as well as tax-deferred contributions to the Plan as permitted under IRC Section 401(k). Such participants may contribute up to 16% (50% effective in 2024) of their annual base salary, subject to IRC limitations for 401(k) contributions, which, for tax-deferred contributions, was $23,000 for 2024. Gen Re participants who have attained age 50 before the end of the Plan year were eligible to make Catch-Up contributions up to $7,500 for 2024. Gen Re participant contributions may be allocated to certain mutual funds, collective investment funds and the Berkshire B Unitized Stock Fund Gen Re contributes an amount equal to 100% of a participant's contribution up to 6% of the participant's base salary, except for United States Aviation Underwriters, Inc. ("USAU") participants who are matched at 100% of a participant's contribution up to 4% of their base salary. In 2024, Gen Re contributed cash of $7,969,761 in matching contributions to Gen Re participants.

The Plan allowed Gen Re to make additional discretionary contributions for USAU participants in 2024 based on age and salary through December 31, 2024. Such discretionary contributions ranged from 5% to 8% of salary. In 2024 and 2023 Gen Re contributed funds totaling $1,385,178 and $1,297,116 for these discretionary contributions.

Gen Re participants are automatically enrolled at a 6% (4% for USAU participants) pre-tax deferral rate upon becoming eligible to participate in the Plan and may elect to change or discontinue deferrals at any time. Each March, the Plan automatically enrolls any non-participating eligible employees at a contribution rate of 1% of their salary unless the employee affirmatively elects to not participate in the Plan. Also, each March, participants who contribute less than 6% of their salary will automatically have their contribution rate increased by 1% up to a maximum of 6% (4% for USAU participants), unless they affirmatively elect not to have their contribution rate increased.

***Interfund Transfers –*** Gen Re ****participants are permitted to change their investments in any fund. As a result of the Pension Protection Act of 2006, effective January 1, 2007, participants may, at their discretion, diversify out of the Berkshire B ESOP Fund, including both Gen Re match amounts and additional contributions, at any time to any other funds offered in the Plan. There are no service, age or vesting restrictions on a participant's ability to divest and participants have sole discretion regarding the number of shares to divest and the timing of these divestiture elections. No transfers into the Berkshire B ESOP Fund are permitted.

***Payment of Benefits -*** Upon termination, Gen Re participants are required to receive a lump sum distribution to the extent that their vested account balance is $1,000 or less. If a participant's account balance is greater than such amount, the participant may leave their vested benefits in the Plan, or they may elect to receive their benefits from the Plan at any time as defined in the Plan Document. Active participants may withdraw Pre-Tax and Catch-Up contributions beginning at age 59<sup>1</sup>⁄<sub>2</sub> without penalty.

***Participant Accounts -*** Each Gen Re participant's account is credited with the participant's contributions, which includes amounts transferred from other plans ("rollovers"), Gen Re contributions and Plan earnings/losses. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. Participant accounts are valued daily.

***Vesting -*** All Gen Re participant deferrals (contributions) vest immediately. While actively employed, participants become 50%, 75%, and 100% vested in the value of Gen Re employer contributions after two, three and four years, respectively, of service.

***Forfeited Accounts -*** Forfeited nonvested accounts are allocated at Gen Re's discretion to other participants' accounts based on terms as defined in the Plan agreement. During 2024 forfeitures totaled $3,554,545 and $1,982,630 of forfeitures were allocated to participant accounts. ****At December 31, 2024 and 2023, forfeited nonvested accounts totaled $1,690,717 and $115,584, respectively. The Plan also allows for forfeitures to pay for Plan expenses. In 2024, no forfeitures were used to pay for Plan expenses.

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##### [**Table of Contents**](#toc)
***Notes Receivable from Participants -*** The Plan allows Gen Re participants to borrow from the "before-tax" and "rollover" portions of their respective accounts. Such loans may not exceed the lesser of one-half of the participant's vested account balance or $50,000. Non-residence loans are repayable over 6 to 60 months. The Plan also allows loans to Gen Re participants for purchases of principal residences, which are repayable over a 30-year period. A fixed interest rate of the prime rate plus one percent calculated at the inception of the loan is charged over the life of the loan. The interest rate for new loans ranged between 9.0% and 9.5% in 2024 and between 8.5% and 9.5% in 2023. Interest payments and loan principal repayments are charged directly to the borrower's respective account and are made in monthly installments through payroll deductions or directly by the participant. Notes receivable from participants are reflected as assets of the Plan.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

***Basis of Accounting -*** The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The financial statements are prepared under the accrual basis of accounting.

***Use of Estimates -*** The preparation of financial statements in conformity with GAAP requires Plan management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

***Risk and Uncertainties -*** The Plan utilizes various investment instruments, including common stock, mutual funds, and collective trust funds. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, including risks related to pandemics and international conflicts, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements. Such changes could also materially affect participant account balances.

***Investment Valuation and Income Recognition*** *-* The Plan's investments are stated at fair value. Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Refer to Note 3 for a description of the fair value methodology.

Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date. Net appreciation in the fair value of investments includes the Plan's gains and losses on investments bought and sold as well as held during the year.

***Notes Receivable from Participants -*** Notes receivable from participants are measured at their unpaid principal balance plus accrued interest. Delinquent notes receivable are recorded as distributions based on the terms of the Plan Document. Notes receivable are measured with no allowance for credit losses since repayment of principal and interest are received through payroll deductions or directly from the participant, and the notes are collateralized by the individual participant's account balances.

***Service fees –*** The management and service fees of the Fidelity Group of Mutual Funds are charged to operations of the respective funds. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments.

***Payment of Benefits -*** Benefit payments to participants are recorded upon distribution. All amounts allocated to accounts of participants who have elected to withdraw from the Plan have been paid as of December 31, 2024 and 2023.

**3.** **FAIR VALUE MEASUREMENTS** 

Accounting Standards Codification 820, Fair *Value Measurements and Disclosures*, provides a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value, as follows: Level 1, which refers to securities valued using unadjusted quoted prices from active markets for identical assets; Level 2, which refers to securities not traded on an active market but for which observable market inputs are readily available; and Level 3, which refers to securities valued based on significant unobservable inputs. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Plan's policy is to recognize significant transfers between levels at the actual date of the event or change in circumstances that caused the transfer at the end of the reporting period.

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In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given investment is based on the lowest level of input that is significant to the fair value measurement. The Plan's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

The following is a description of the valuation methodologies used for Plan assets measured at fair value.

*Berkshire B ESOP Fund* – Valued at the closing price reported on the active market on which Berkshire Common Stock is traded.

*Berkshire B Unitized Stock Fund* – Represents a unitized employer stock fund comprised of underlying Berkshire Common Stock and a cash component. A unitized fund is not a registered security. The value of the unit reflects the combined market value of the underlying stock and market value of the cash position. The market value of the common stock portion of the Berkshire B Unitized Stock Fund is based on the closing market price of the Berkshire Common Stock on the New York Stock Exchange multiplied by the number of shares held in the fund. The carrying amount of the short-term cash component approximates fair value.

*Mutual Funds* – Valued at the daily closing price as reported on the active market on which the individual securities are traded. These funds are required to publish their daily net asset value and to transact at that price.

*Collective Trust Funds* – At December 31, 2024, this consists of the Managed Income Portfolio Class 2 and the Fidelity Growth Company Commingled Pool A, which are collective trust funds sponsored by Fidelity. The fair value of the collective trusts are measured at net asset value per share as reported by the fund manager. The net asset value is used as a practical expedient to estimate fair value. The redemption frequency is daily and there are no restrictions or notice period required. The Plan had no outstanding funding commitments to the collective trust fund as of December 31, 2024 and 2023.

Invested assets, measured at fair value in the financial statements, are summarized below as of December 31, 2024 and 2023 with fair values shown according to the fair value hierarchy. Notes receivable from participants and the Loan payable to Gen Re are not reported at fair value. Investments measured at net asset value as a practical expedient are not required to be classified according to the fair value hierarchy. Net asset value investments are included to permit reconciliation to the statement of net assets available for benefits.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024 Total** | **Active Markets<br>for Identical<br>Assets (Level 1)** | **Other<br>Observable<br>Inputs (Level 2)** | **Significant<br>Unobservable<br>Inputs (Level 3)** |
|  Berkshire B ESOP Fund - Stock | $615066467 | $615066467 | $- | $- |
|  Berkshire B Unitized Stock Fund - Stock | 93892872 | 93892872 |  |  |
|  Berkshire B Unitized Stock Fund - Cash | 1209013 |  | 1209013 |  |
|  Mutual Funds | 672713976 | 672713976 |  |  |
|  Total assets in the fair value hierarchy | 1382882328 | $1381673315 | $1209013 | $- |
|  Collective Trust Fund Investments measured at net asset value per share | 238709678 |  |  |  |
|  Total Investments | $1621592006 |  |  |  |
|  | **2023 Total** | **Active Markets<br>for Identical<br>Assets (Level 1)** | **Other<br>Observable<br>Inputs (Level 2)** | **Significant<br>Unobservable<br>Inputs (Level 3)** |
|  Berkshire B ESOP Fund - Stock | $530119064 | $530119064 | $- | $- |
|  Berkshire B Unitized Stock Fund - Stock | 80047700 | 80047700 |  |  |
|  Berkshire B Unitized Stock Fund - Cash | 899364 |  | 899364 |  |
|  Mutual Funds | 613991954 | 613991954 |  |  |
|  Total assets in the fair value hierarchy | 1225058082 | $1224158718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
|  Collective Trust Fund Investments measured at net asset value per share | 194497544 |  |  |  |
|  Total Investments | $1419555626 |  |  |  |

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**4.** **PLAN TERMINATION** 

Gen Re intends to continue to operate the Plan but reserves the right to suspend contributions temporarily or to amend or terminate the Plan. If the Plan were to be terminated, all participants would become fully vested, and all the Plan assets would be used solely to provide the benefits payable to participants and their beneficiaries, in accordance with the provisions of ERISA.

**5.** **RELATED PARTY AND PARTY-IN-INTEREST TRANSACTIONS** 

Certain Plan investments are shares of mutual funds and are managed by Fidelity Investments Institutional Operations Company, Inc. ("FIIO") or Fidelity Management and Research Company ("FMR"). Fidelity Management Trust Company ("FMTC") manages the collective trust and is the administrator as defined by the Plan and these transactions qualify as exempt party-in-interest transactions. FIIO, FMR and FMTC are considered parties in interest. Fees paid by the Plan for investment management services were included as a reduction of the return earned on each fund. These fees and service fees are also considered exempt party-in-interest transactions.

The Plan has a revenue-sharing agreement whereby FMTC returns certain revenue sharing amounts to offset the Plan's administrative expenses or allocate to participant accounts. Future Plan expenses can be paid from any excess remaining revenue sharing amounts. The revenue-sharing transactions are considered exempt party-in-interest transactions.

The Berkshire B ESOP Fund and the Berkshire B Unitized Stock Fund consist of Berkshire Common Stock shares issued by Berkshire Hathaway Inc., the ultimate parent of the Plan sponsor.

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Shares of Berkshire Common Stock in the Berkshire B ESOP Fund have fair values of $615,066,467 and $530,119,064 as of December 31, 2024 and 2023, respectively. The assets in the fund appreciated by $141,349,141, during 2024.

Shares of Berkshire Common Stock and cash in the Berkshire B Unitized Stock Fund have fair values of $95,101,885 and $80,947,064 as of December 31, 2024 and 2023, respectively. The stock investment portion of this fund appreciated in value by $21,492,172 during the year ended December 31, 2024.

Notes receivable from participants are also considered exempt party-in-interest transactions.

Certain administrative functions may be performed by officers and employees of Gen Re and these officers and employees may also be participants of the Plan. Gen Re pays the salaries of these officers and employees on behalf of the Plan.

**6.** **FEDERAL INCOME TAX STATUS** 

The Internal Revenue Service ("IRS") has determined and informed Gen Re by a letter dated April 9, 2018 that the Plan and related trust were designed in accordance with the applicable regulations of the IRC. Although the Plan has been amended since receiving the determination letter, Plan management believes that the Plan is designed and being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been included in the Plan's financial statements.

GAAP requires Plan management to evaluate tax provisions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. Plan management has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2024 and 2023, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2021.

**7**. **SUBSEQUENT EVENTS** 

The Plan has evaluated events subsequent to December 31, 2024, through the date the financial statements were issued and no events requiring disclosure in or adjustment to the financial statements were noted.

∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎ ∎

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##### [**Table of Contents**](#toc)
**EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN OF GENERAL RE CORPORATION AND ITS DOMESTIC SUBSIDIARIES** 

**FORM 5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS** 

**(HELD AT END OF YEAR) AS OF DECEMBER 31, 2024 - EIN# 06-1026471; Plan 002** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | | | | |
|  | **(b)**<br>**Identity of Issue, Borrower,**<br>**Lessor or Similar Party** | **(c)**<br>**Description of Investment, Including Maturity Date,**<br>**Rate of Interest, Collateral, Par or Maturity Value** | **(d)**<br>**Cost** | **(e)**<br>**Current Value** |
|  | **Separately Managed Funds:** |  | | |
| \* | &nbsp;&nbsp; Berkshire Hathaway | Gen Re Berkshire B ESOP Fund - Common Stock | \*\* | $615066467 |
| \* | &nbsp;&nbsp; Berkshire Hathaway | Berkshire B Unitized Stock Fund - Common Stock | \*\* | 93892872 |
|  |  | Berkshire B Unitized Stock Fund - Cash | \*\* | 1209013 |
|  | **Mutual Funds:** |  |  |  |
| \* | &nbsp;&nbsp; Fidelity | S&P 500 Index | \*\* | 124477769 |
| \* | &nbsp;&nbsp; Fidelity | Government Institutional Fund | \*\* | 67699065 |
| \* | &nbsp;&nbsp; Fidelity | Balanced Fund K | \*\* | 105532223 |
|  | &nbsp;&nbsp; Vanguard | Mid-Cap Index Fund | \*\* | 41804096 |
|  | &nbsp;&nbsp; Vanguard | Small-Cap Index Fund | \*\* | 34968325 |
| \* | &nbsp;&nbsp; Fidelity | Spartan US Bond Index Fund | \*\* | 33702342 |
| \* | &nbsp;&nbsp; Fidelity | Freedom Index 2025 IPR | \*\* | 23530630 |
|  | &nbsp;&nbsp; Neuberger Berman | Genesis Trust Fund R6 | \*\* | 21951009 |
| \* | &nbsp;&nbsp; Fidelity | Freedom Index 2020 IPR | \*\* | 14615666 |
|  | &nbsp;&nbsp; Vanguard | Inflation Protected Fund | \*\* | 14346678 |
|  | &nbsp;&nbsp; American Funds | Capital World Growth & Income Fund R6 | \*\* | 15394092 |
|  | &nbsp;&nbsp; PIMCO | High Yield Fund | \*\* | 19152969 |
|  | &nbsp;&nbsp; Vanguard | All World Index Fund | \*\* | 13865952 |
|  | &nbsp;&nbsp; American Beacon | Large-Cap Fund R6 | \*\* | 19650326 |
| \* | &nbsp;&nbsp; Fidelity | Freedom Index 2030 IPR | \*\* | 21809028 |
| \* | &nbsp;&nbsp; Fidelity | Overseas Fund K | \*\* | 14606276 |
| \* | &nbsp;&nbsp; Fidelity | Emerging Markets K | \*\* | 13048914 |
| \* | &nbsp;&nbsp; Fidelity | Real Estate Fund | \*\* | 7755722 |
|  | &nbsp;&nbsp; BlackRock | BlackRock Strategic Global Bond Fund K | \*\* | 7905585 |
| \* | &nbsp;&nbsp; Fidelity | Freedom Index 2035 IPR | \*\* | 20425846 |
| \* | &nbsp;&nbsp; Fidelity | Freedom Index 2040 IPR | \*\* | 21999606 |
| \* | &nbsp;&nbsp; Fidelity | Freedom Index 2015 IPR | \*\* | 2941949 |
| \* | &nbsp;&nbsp; Fidelity | Freedom Index 2050 IPR | \*\* | 10507985 |
| \* | &nbsp;&nbsp; Fidelity | Freedom Index 2010 IPR | \*\* | 283351 |
| \* | &nbsp;&nbsp; Fidelity | Freedom Index 2060 IPR | \*\* | 375435 |
| \* | &nbsp;&nbsp; Fidelity | Freedom Index Income IPR | \*\* | 363137 |
|  | **Collective Trust:** |  |  |  |
| \* | &nbsp;&nbsp; Fidelity Management Trust Co. | Managed Income Portfolio - Class 2 | \*\* | 12449591 |
| \* | &nbsp;&nbsp; Fidelity Management Trust Co. | Growth Company Commingled Pool A | \*\* | 226260087 |
|  | **Notes Receivable:** |  |  |  |
| \* | &nbsp;&nbsp; Various Participants | Notes Receivable (Maturity through 2054 at interest rates from 4.25% to 10.50%) | \*\* | 3821914 |
|  | Total |  |  | $1625413920 |

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\*Party-in-interest.

\*\*Cost information is not required for participant directed investments and, therefore, is not included.