Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 12, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | BERKSHIRE HATHAWAY INC | ||
Entity Central Index Key | 0001067983 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity File Number | 001-14905 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 47-0813844 | ||
Entity Address, Address Line One | 3555 Farnam Street | ||
Entity Address, City or Town | Omaha | ||
Entity Address, State or Province | NE | ||
Entity Address, Postal Zip Code | 68131 | ||
City Area Code | 402 | ||
Local Phone Number | 346-1400 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Public Float | $ 625,500,000,000 | ||
Auditor Firm ID | 34 | ||
Documents Incorporated by Reference | Portions of the Proxy Statement for the Registrant’s Annual Meeting to be held May 4, 2024 are incorporated in Part III. | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | Omaha, Nebraska | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 566,618 | ||
Security 12b Title | Class A Common Stock | ||
Trading Symbol | BRK.A | ||
Security Exchange Name | NYSE | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,310,805,008 | ||
Security 12b Title | Class B Common Stock | ||
Trading Symbol | BRK.B | ||
Security Exchange Name | NYSE | ||
M 1.300 Senior Notes Due 2024 [Member] | |||
Document Information [Line Items] | |||
Security 12b Title | 1.300% Senior Notes due 2024 | ||
Trading Symbol | BRK24 | ||
Security Exchange Name | NYSE | ||
M 0.000 Senior Notes Due 2025 [Member] | |||
Document Information [Line Items] | |||
Security 12b Title | 0.000% Senior Notes due 2025 | ||
Trading Symbol | BRK25 | ||
Security Exchange Name | NYSE | ||
M 1.125 Senior Notes Due 2027 [Member] | |||
Document Information [Line Items] | |||
Security 12b Title | 1.125% Senior Notes due 2027 | ||
Trading Symbol | BRK27 | ||
Security Exchange Name | NYSE | ||
M 2.150 Senior Notes Due 2028 [Member] | |||
Document Information [Line Items] | |||
Security 12b Title | 2.150% Senior Notes due 2028 | ||
Trading Symbol | BRK28 | ||
Security Exchange Name | NYSE | ||
M 1.500 Senior Notes Due 2030 [Member] | |||
Document Information [Line Items] | |||
Security 12b Title | 1.500% Senior Notes due 2030 | ||
Trading Symbol | BRK30 | ||
Security Exchange Name | NYSE | ||
M 2.000 Senior Notes Due 2034 [Member] | |||
Document Information [Line Items] | |||
Security 12b Title | 2.000% Senior Notes due 2034 | ||
Trading Symbol | BRK34 | ||
Security Exchange Name | NYSE | ||
M 1.625 Senior Notes Due 2035 [Member] | |||
Document Information [Line Items] | |||
Security 12b Title | 1.625% Senior Notes due 2035 | ||
Trading Symbol | BRK35 | ||
Security Exchange Name | NYSE | ||
M 2.375 Senior Notes Due 2039 [Member] | |||
Document Information [Line Items] | |||
Security 12b Title | 2.375% Senior Notes due 2039 | ||
Trading Symbol | BRK39 | ||
Security Exchange Name | NYSE | ||
M 0.500 Senior Notes Due 2041 [Member] | |||
Document Information [Line Items] | |||
Security 12b Title | 0.500% Senior Notes due 2041 | ||
Trading Symbol | BRK41 | ||
Security Exchange Name | NYSE | ||
M 2.625 Senior Notes Due 2059 [Member] | |||
Document Information [Line Items] | |||
Security 12b Title | 2.625% Senior Notes due 2059 | ||
Trading Symbol | BRK59 | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets € in Millions, £ in Millions, $ in Millions, ¥ in Billions | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |||
ASSETS | |||||
Investments in fixed maturity securities | $ 23,758 | $ 25,128 | |||
Investments in equity securities | 353,842 | [1] | 308,793 | [2] | |
Equity method investments | 29,066 | 28,050 | |||
Loans and finance receivables | 24,681 | 23,208 | |||
Inventories | 24,159 | 25,366 | |||
Equipment held for lease | 16,947 | 15,584 | |||
Goodwill | [3] | 84,626 | 78,119 | ||
Total assets | 1,069,978 | 948,465 | |||
LIABILITIES | |||||
Life, annuity and health insurance benefits | 20,213 | 19,753 | |||
Income taxes, principally deferred | 93,009 | 77,368 | |||
Total liabilities | 499,208 | 466,784 | |||
Redeemable noncontrolling interests | 3,261 | ||||
Shareholders’ equity: | |||||
Common stock | 8 | 8 | |||
Capital in excess of par value | 34,480 | 35,167 | |||
Accumulated other comprehensive income | (3,763) | (5,052) | |||
Retained earnings | 607,350 | 511,127 | |||
Treasury stock, at cost | (76,802) | (67,826) | |||
Berkshire Hathaway shareholders’ equity | 561,273 | 473,424 | |||
Noncontrolling interests | 6,236 | 8,257 | |||
Total shareholders’ equity | 567,509 | 481,681 | |||
Total liabilities and shareholders' equity | 1,069,978 | 948,465 | |||
Insurance and Other [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | [4] | 33,672 | 32,260 | ||
Short-term investments in U.S. Treasury Bills | 129,619 | 92,774 | |||
Investments in fixed maturity securities | 23,758 | 25,128 | |||
Investments in equity securities | 353,842 | 308,793 | |||
Equity method investments | 29,066 | 28,050 | |||
Loans and finance receivables | 24,681 | 23,208 | |||
Other receivables | 44,174 | 43,490 | |||
Inventories | 24,159 | 25,366 | |||
Property, plant and equipment | 22,030 | 21,113 | |||
Equipment held for lease | 16,947 | 15,584 | |||
Goodwill | 50,868 | 51,522 | |||
Other intangible assets | 29,327 | 29,187 | |||
Deferred charges - retroactive reinsurance | 9,495 | 9,870 | |||
Other | 19,568 | 19,657 | |||
Total assets | 811,206 | 726,002 | |||
LIABILITIES | |||||
Unpaid losses and loss adjustment expenses | 111,082 | 107,472 | |||
Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts | 34,647 | 35,415 | |||
Unearned premiums | 30,507 | 28,657 | |||
Life, annuity and health insurance benefits | 20,213 | 19,753 | |||
Other policyholder liabilities | 11,545 | 11,370 | |||
Accounts payable, accruals and other liabilities | 32,402 | 33,201 | |||
Aircraft repurchase liabilities and unearned lease revenues | 8,253 | 6,820 | |||
Notes payable and other borrowings | 42,692 | 46,538 | |||
Liabilities, excluding income taxes, principally deferred, Total | 291,341 | 289,226 | |||
Railroad, Utilities and Energy [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | [4] | 4,350 | 3,551 | ||
Receivables | 7,086 | 4,795 | |||
Property, plant and equipment | 177,616 | 160,268 | |||
Goodwill | 33,758 | 26,597 | |||
Regulatory assets | 5,565 | 5,062 | |||
Other | 30,397 | 22,190 | |||
Total assets | 258,772 | 222,463 | |||
LIABILITIES | |||||
Accounts payable, accruals and other liabilities | 22,461 | 16,615 | |||
Regulatory liabilities | 6,818 | 7,369 | |||
Notes payable and other borrowings | 85,579 | 76,206 | |||
Liabilities, excluding income taxes, principally deferred, Total | $ 114,858 | $ 100,190 | |||
[1] Approximately 79 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 28.4 billion; Apple Inc. – $ 174.3 billion; Bank of America Corporation – $ 34.8 billion; The Coca-Cola Company – $ 23.6 billion and Chevron Corporation – $ 18.8 billion). Approximately 75 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 22.4 billion; Apple Inc. – $ 119.0 billion; Bank of America Corporation – $ 34.2 billion; The Coca-Cola Company – $ 25.4 billion and Chevron Corporation – $ 30.0 billion). Net of accumulated goodwill impairments of $ 11.1 billion as of December 31, 2023 and $ 11.0 billion as of December 31, 2022. Includes U.S. Treasury Bills with maturities of three months or less when purchased of $ 4.8 billion at December 31, 2023 and $ 2.6 billion at December 31, 2022. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Billions | Dec. 31, 2023 | Dec. 31, 2022 |
Cash equivalents | $ 4.8 | $ 2.6 |
Investment, Type [Extensible Enumeration] | us-gaap:USTreasuryBillSecuritiesMember | us-gaap:USTreasuryBillSecuritiesMember |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues: | ||||
Leasing revenues | $ 8,416 | $ 7,514 | $ 5,988 | |
Total revenues | 364,482 | 302,020 | 276,185 | |
Investment and derivative contract gains (losses) | 74,855 | (67,899) | 78,542 | |
Costs and expenses: | ||||
Interest expense | 5,003 | 4,352 | 4,172 | |
Total costs and expenses | 321,144 | 266,484 | 243,752 | |
Earnings (loss) before income taxes and equity method earnings | 118,193 | (32,363) | 110,975 | |
Equity method earnings | 1,973 | 1,863 | 886 | |
Earnings (loss) before income taxes | 120,166 | (30,500) | 111,861 | |
Income tax expense (benefit) | 23,019 | (8,502) | 20,912 | |
Net earnings (loss) | 97,147 | (21,998) | 90,949 | |
Earnings attributable to noncontrolling interests | 924 | 761 | 1,012 | |
Net earnings (loss) attributable to Berkshire Hathaway shareholders | $ 96,223 | $ (22,759) | $ 89,937 | |
Equivalent Class A [Member] | ||||
Earnings per share: | ||||
Net earnings (loss) per average equivalent | $ 66,412 | $ (15,494) | $ 59,554 | |
Average equivalent shares outstanding | 1,448,880 | 1,468,876 | 1,510,180 | |
Equivalent Class B [Member] | ||||
Earnings per share: | ||||
Net earnings (loss) per average equivalent | [1] | $ 44.27 | $ (10.33) | $ 39.70 |
Average equivalent shares outstanding | 2,173,319,709 | 2,203,313,642 | 2,265,269,867 | |
Insurance and Other [Member] | ||||
Revenues: | ||||
Insurance premiums earned | $ 83,403 | $ 74,576 | $ 69,460 | |
Sales and service revenues | 155,687 | 157,518 | 145,043 | |
Leasing revenues | 8,416 | 7,514 | 5,988 | |
Interest, dividend and other investment income | 15,561 | 10,263 | 7,465 | |
Total revenues | 263,067 | 249,871 | 227,956 | |
Costs and expenses: | ||||
Insurance losses and loss adjustment expenses | 57,187 | 57,646 | 49,964 | |
Life, annuity and health benefits | 4,029 | 5,243 | 5,824 | |
Insurance underwriting expenses | 15,270 | 11,706 | 12,559 | |
Cost of sales and services | 122,569 | 124,319 | 114,138 | |
Cost of leasing | 6,037 | 5,550 | 4,201 | |
Selling, general and administrative expenses | 22,605 | 19,506 | 18,843 | |
Interest expense | 1,258 | 1,187 | 1,086 | |
Total costs and expenses | 228,955 | 225,157 | 206,615 | |
Railroad, Utilities and Energy [Member] | ||||
Revenues: | ||||
Freight rail transportation revenues | 23,791 | 25,802 | 23,177 | |
Utility and energy operating revenues | 72,693 | 21,023 | 18,891 | |
Service revenues and other income | 4,931 | 5,324 | 6,161 | |
Total revenues | 101,415 | 52,149 | 48,229 | |
Costs and expenses: | ||||
Freight rail transportation expenses | 16,464 | 17,282 | 14,477 | |
Utilities and energy cost of sales and other expenses | 67,964 | 15,896 | 13,959 | |
Other expenses | 4,016 | 4,984 | 5,615 | |
Interest expense | 3,745 | 3,165 | 3,086 | |
Total costs and expenses | $ 92,189 | $ 41,327 | $ 37,137 | |
[1] Net earnings per average equivalent Class B share outstanding are equal to one-fifteen-hundredth of the equivalent Class A amount. See Note 22. |
Consolidated Statements of Ea_2
Consolidated Statements of Earnings (Parenthetical) | Dec. 31, 2023 | Dec. 31, 2021 |
Income Statement [Abstract] | ||
Economic equivalent of Class B share to Class A share | 0.0667% | 0.0667% |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings (loss) | $ 97,147 | $ (21,998) | $ 90,949 |
Other comprehensive income: | |||
Unrealized gains (losses) on investments | 477 | (713) | (217) |
Applicable income taxes | (100) | 158 | 50 |
Foreign currency translation | 782 | (2,138) | (1,011) |
Applicable income taxes | (7) | 22 | (6) |
Long-duration insurance contract discount rate changes | (237) | 7,177 | 2,108 |
Applicable income taxes | 49 | (1,540) | (453) |
Defined benefit pension plans | 578 | (253) | 1,775 |
Applicable income taxes | (123) | 47 | (457) |
Other, net | (101) | 250 | 100 |
Other comprehensive income, net | 1,318 | 3,010 | 1,889 |
Comprehensive income | 98,465 | (18,988) | 92,838 |
Comprehensive income attributable to noncontrolling interests | 953 | 700 | 1,030 |
Comprehensive income attributable to Berkshire Hathaway shareholders | $ 97,512 | $ (19,688) | $ 91,808 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Previously Reported [Member] | Effect of adoption of ASU 2018-12 [Member] | Common stock and capital in excess of par value | Common stock and capital in excess of par value Previously Reported [Member] | Accumulated other comprehensive income | Accumulated other comprehensive income Previously Reported [Member] | Accumulated other comprehensive income Effect of adoption of ASU 2018-12 [Member] | Retained earnings | Retained earnings Previously Reported [Member] | Retained earnings Effect of adoption of ASU 2018-12 [Member] | Treasury Stock | Treasury Stock Previously Reported [Member] | Noncontrolling interests | Noncontrolling interests Previously Reported [Member] |
Beginning Balance at Dec. 31, 2020 | $ 444,908 | $ 451,336 | $ (6,428) | $ 35,634 | $ 35,634 | $ (9,994) | $ (4,243) | $ (5,751) | $ 443,949 | $ 444,626 | $ (677) | $ (32,853) | $ (32,853) | $ 8,172 | $ 8,172 |
Accounting Standards Update [Extensible Enumeration] | ASU 2018-12 [Member] | ||||||||||||||
Net earnings (loss) | $ 90,949 | 89,937 | 1,012 | ||||||||||||
Other comprehensive income, net | 1,889 | 1,871 | 18 | ||||||||||||
Acquisition of common stock | (26,942) | (26,942) | |||||||||||||
Transactions with noncontrolling interests and other | (505) | (34) | (471) | ||||||||||||
Ending Balance at Dec. 31, 2021 | 510,299 | 35,600 | (8,123) | 533,886 | (59,795) | 8,731 | |||||||||
Net earnings (loss) | (21,998) | (22,759) | 761 | ||||||||||||
Other comprehensive income, net | 3,010 | 3,071 | (61) | ||||||||||||
Acquisition of common stock | (8,031) | (8,031) | |||||||||||||
Transactions with noncontrolling interests and other | (1,599) | (425) | (1,174) | ||||||||||||
Ending Balance at Dec. 31, 2022 | 481,681 | 35,175 | (5,052) | 511,127 | (67,826) | 8,257 | |||||||||
Net earnings (loss) | 97,147 | 96,223 | 924 | ||||||||||||
Other comprehensive income, net | 1,318 | 1,289 | 29 | ||||||||||||
Acquisition of common stock | (8,976) | (8,976) | |||||||||||||
Transactions with noncontrolling interests and other | (3,661) | (687) | (2,974) | ||||||||||||
Ending Balance at Dec. 31, 2023 | $ 567,509 | $ 34,488 | $ (3,763) | $ 607,350 | $ (76,802) | $ 6,236 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Cash flows from operating activities: | |||||
Net earnings (loss) | $ 97,147 | $ (21,998) | $ 90,949 | ||
Adjustments to reconcile net earnings (loss) to operating cash flows: | |||||
Investment (gains) losses | (74,855) | 67,623 | (77,576) | ||
Depreciation and amortization | 12,486 | 10,899 | 10,718 | ||
Other | (6,023) | (4,206) | (3,382) | ||
Changes in operating assets and liabilities: | |||||
Unpaid losses and loss adjustment expenses | 2,628 | 4,057 | 4,194 | ||
Deferred charges - retroactive reinsurance | 375 | 769 | 1,802 | ||
Unearned premiums | 1,854 | 1,861 | 2,306 | ||
Receivables and originated loans | (1,949) | (5,621) | (5,864) | ||
Inventories | 1,426 | (4,779) | (1,862) | ||
Other assets | (1,328) | (378) | 154 | ||
Other liabilities | 2,570 | 1,995 | 2,658 | ||
Income taxes | 14,865 | (12,872) | 15,330 | ||
Net cash flows from operating activities | 49,196 | 37,350 | 39,427 | ||
Cash flows from investing activities: | |||||
Purchases of equity securities | (16,462) | (67,930) | (8,448) | ||
Sales of equity securities | 40,631 | 33,664 | 15,849 | ||
Purchases of U.S. Treasury Bills and fixed maturity securities | (235,007) | (183,922) | (152,637) | ||
Sales of U.S. Treasury Bills and fixed maturity securities | 52,302 | 90,088 | 27,188 | ||
Redemptions and maturities of U.S. Treasury Bills and fixed maturity securities | 153,201 | 66,318 | 160,402 | ||
Acquisitions of businesses, net of cash acquired | (8,604) | (10,594) | (456) | ||
Purchases of property, plant and equipment and equipment held for lease | (19,409) | (15,464) | (13,276) | ||
Other | 685 | 239 | 770 | ||
Net cash flows from investing activities | (32,663) | (87,601) | 29,392 | ||
Cash flows from financing activities: | |||||
Changes in short term borrowings, net | 2,407 | (596) | (624) | ||
Acquisitions of treasury stock | (9,171) | (7,854) | (27,061) | ||
Other, principally transactions with noncontrolling interests | (4,147) | (1,979) | (695) | ||
Net cash flows from financing activities | (14,405) | (1,662) | (28,508) | ||
Effects of foreign currency exchange rate changes | 116 | (394) | (1) | ||
Increase (decrease) in cash and cash equivalents and restricted cash | 2,244 | (52,307) | 40,310 | ||
Cash and cash equivalents and restricted cash at the beginning of the year | 36,399 | 88,706 | 48,396 | ||
Cash and cash equivalents and restricted cash at the end of the year | 38,643 | 36,399 | 88,706 | ||
Restricted cash, included in other assets at end of year | $ 621 | $ 588 | $ 522 | ||
Restricted Cash and Cash Equivalents, Statement of Financial Position [Extensible Enumeration] | Other | Other | Other | ||
Insurance and Other [Member] | |||||
Cash flows from financing activities: | |||||
Proceeds from borrowings | $ 2,133 | $ 7,822 | $ 2,961 | ||
Repayments of borrowings | (5,921) | (1,502) | (3,032) | ||
Cash and cash equivalents at the end of the year | 33,672 | [1] | 32,260 | [1] | 85,319 |
Railroad, Utilities and Energy [Member] | |||||
Cash flows from financing activities: | |||||
Proceeds from borrowings | 5,684 | 4,873 | 3,959 | ||
Repayments of borrowings | (5,390) | (2,426) | (4,016) | ||
Cash and cash equivalents at the end of the year | $ 4,350 | [1] | $ 3,551 | [1] | $ 2,865 |
[1] Includes U.S. Treasury Bills with maturities of three months or less when purchased of $ 4.8 billion at December 31, 2023 and $ 2.6 billion at December 31, 2022. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 96,223 | $ (22,759) | $ 89,937 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Significant accounting policies
Significant accounting policies and practices | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant accounting policies and practices | (1) Significant accounting policies and practices (a) Nature of operations and basis of consolidation Berkshire Hathaway Inc. (“Berkshire”) is a holding company owning subsidiaries engaged in numerous diverse business activities, including insurance and reinsurance, freight rail transportation, utilities and energy, manufacturing, service and retailing. In these notes the terms “us,” “we,” or “our” refer to Berkshire and its consolidated subsidiaries. Further information regarding our reportable business segments is contained in Note 26. Information concerning significant business acquisitions completed over the past three years appears in Note 2. We believe that reporting the Railroad, Utilities and Energy subsidiaries separately is appropriate given the relative significance of their long-lived assets, capital expenditures and debt, which is not guaranteed by Berkshire. The accompanying Consolidated Financial Statements include the accounts of Berkshire consolidated with the accounts of all subsidiaries and affiliates in which we hold a controlling financial interest as of the financial statement date. Normally a controlling financial interest reflects ownership of a majority of the voting interests. We consolidate variable interest entities (“VIE”) when we possess both the power to direct the activities of the VIE that most significantly affect its economic performance, and we (a) are obligated to absorb the losses that could be significant to the VIE or (b) hold the right to receive benefits from the VIE that could be significant to the VIE. Intercompany accounts and transactions have been eliminated. Certain immaterial balances in the Consolidated Financial Statements have been reclassified in prior years to conform to current year presentations. (b) Use of estimates in preparation of financial statements We prepare our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States (“GAAP”) which requires us to make estimates and assumptions that affect the reported amounts of certain assets and liabilities at the balance sheet date and the reported amounts of certain revenues and expenses during the period. Our estimates of unpaid losses and loss adjustment expenses are subject to considerable estimation error due to the inherent uncertainty in projecting ultimate claim costs. In addition, estimates and assumptions associated with determinations of deferred charges on retroactive reinsurance contracts, fair values of certain financial instruments and evaluations of goodwill and indefinite-lived intangible assets for impairment require considerable judgment. Actual results may differ from the estimates used in preparing our Consolidated Financial Statements. Our operating businesses have been impacted to varying degrees in recent years by government and private sector actions to mitigate the adverse economic effects of the COVID-19 virus and its variants as well as by the development of geopolitical conflicts, supply chain disruptions and government actions to slow inflation. The economic effects from these events over longer terms cannot be reasonably estimated at this time. Accordingly, significant estimates used in the preparation of our Consolidated Financial Statements, including those associated with evaluations of certain long-lived assets, goodwill and other intangible assets for impairment, expected credit losses on amounts owed to us and the estimations of certain losses assumed under insurance and reinsurance contracts, may be subject to significant adjustments in future periods. (c) Cash and cash equivalents and short-term investments in U.S. Treasury Bills Cash equivalents consist of demand deposit and money market accounts and investments with maturities of three months or less when purchased. Short-term investments in U.S. Treasury Bills have maturities exceeding three months and less than one year at the time of purchase. (d) Investments in fixed maturity securities We classify investments in fixed maturity securities on the acquisition date and at each balance sheet date. Securities classified as held-to-maturity are carried at amortized cost, reflecting the ability and intent to hold the securities to maturity. Securities classified as trading are acquired with the intent to sell in the near term and are carried at fair value with changes in fair value reported in earnings. All other securities are classified as available-for-sale and are carried at fair value. Our investments in fixed maturity securities are classified as available-for-sale. We amortize the difference between the original cost and maturity value of a fixed maturity security to earnings using the interest method. Notes to Consolidated Financial Statements (1) Significant accounting policies and practices (d) Investments in fixed maturity securities We record investment gains and losses on available-for-sale fixed maturity securities in earnings when the securities are sold. For securities in an unrealized loss position, we recognize a loss in earnings for the excess of amortized cost over fair value if we intend to sell before the price recovers. As of the balance sheet date, we evaluate whether the other unrealized losses are attributable to credit losses or other factors. We consider the severity of the decline in value, creditworthiness of the issuer and other relevant factors. We record an allowance for credit losses, limited to the excess of amortized cost over fair value, with a corresponding charge to earnings if the present value of estimated expected cash flows is less than the present value of contractual cash flows. The allowance may be subsequently increased or decreased based on the prevailing facts and circumstances. The portion of the unrealized loss that we believe is not related to a credit loss is recognized in other comprehensive income. (e) Investments in equity securities We carry investments in equity securities at fair value and record the changes in fair values in the Consolidated Statements of Earnings as a component of investment gains and losses. (f) Investments under the equity method We utilize the equity method to account for investments when we possess the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when the investor possesses more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. We apply the equity method to investments in common stock and other investments when such investments possess substantially identical subordinated interests to common stock, and do not apply the equity method to investments that are not in-substance common stock as defined by GAAP. In applying the equity method, we record the investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of the net earnings or losses and other comprehensive income of the investee. We record dividends or other equity distributions as reductions in the carrying value of the investment. If net losses reduce our carrying amount to zero, additional net losses may be recorded if other investments in the investee are at-risk, even if we have not committed to provide financial support to the investee. Such additional equity method losses are based upon the change in our claim on the investee’s book value. (g) Loans and finance receivables Loans and finance receivables are primarily manufactured home loans, and to a lesser extent, commercial loans and site-built home loans. We carry substantially all loans and finance receivables at amortized cost, net of allowances for expected credit losses, based on our ability and intent to hold such loans to maturity. Acquisition costs and loan origination and commitment costs paid and fees received, as well as acquisition premiums or discounts, are amortized to investment income as yield adjustments over the lives of the loans. Measurements of expected credit losses include provisions for non-collection, whether the risk is probable or remote. Expected credit losses on manufactured home loans are based on the net present value of future principal payments less estimated expenses related to the charge-off and foreclosure of expected uncollectible loans and include provisions for loans that are not in foreclosure. Our principal credit quality indicator is whether the loans are performing. Expected credit loss estimates consider historical default rates, collateral recovery rates, historical runoff rates, interest rates, reductions of future cash flows for modified loans and the historical time elapsed from last payment until foreclosure, among other factors. In addition, our estimates consider current conditions and reasonable and supportable forecasts. Loans are considered delinquent when payments are more than 30 days past due. We place loans over 90 days past due on nonaccrual status and accrued but uncollected interest is reversed. Subsequent collections on the loans are first applied to the principal and interest owed for the most delinquent amount. We resume interest income accrual once a loan is less than 90 days delinquent. Notes to Consolidated Financial Statements (1) Significant accounting policies and practices (g) Loans and finance receivables Loans are considered non-performing when the foreclosure process has started. Once a loan is in the process of foreclosure, interest income is not recognized until the foreclosure is cured or the loan is modified. Once a modification is complete, interest income is recognized based on the terms of the new loan. Foreclosed loans are charged off when the collateral is sold. Loans not in foreclosure are evaluated for charge-off based on individual circumstances concerning the future collectability of the loan and the condition of the collateral securing the loan. (h) Other receivables Other receivables include balances due from customers, insurance premiums receivable and reinsurance losses recoverable, as well as other receivables. Trade receivables, insurance premiums receivables and other receivables are primarily short-term in nature with stated collection terms of less than one year from the date of origination. Reinsurance recoverables are comprised of amounts ceded under reinsurance contracts or pursuant to mandatory government-sponsored insurance programs. Reinsurance recoverables relate to unpaid losses and loss adjustment expenses arising from property and casualty contracts and benefits under life and health contracts. Receivables are stated net of estimated allowances for uncollectible balances. We measure expected credit losses primarily utilizing credit loss history. In addition, our credit loss estimates consider current conditions and reasonable and supportable forecasts. In evaluating expected credit losses of reinsurance recoverables on unpaid losses, we review the credit quality of the counterparty and consider right-of-offset provisions within reinsurance contracts and other forms of credit enhancement including collateral, guarantees and other available information. We charge off receivables against the allowances after reasonable collection efforts are exhausted. (i) Derivatives We carry assets and liabilities arising from derivative contracts at fair value in other assets and accounts payable, accruals and other liabilities in our Consolidated Balance Sheets. Balances are net of reductions permitted under master netting agreements with counterparties. We record the changes in fair value of derivative contracts that do not qualify as hedging instruments for financial reporting purposes in earnings or, if such contracts involve our regulated utilities subsidiaries, as regulatory assets or liabilities when inclusion in regulated rates is probable. (j) Fair value measurements As defined under GAAP, fair value is the price that would be received to sell an asset or paid to transfer a liability between market participants in the principal market or in the most advantageous market when no principal market exists. Adjustments to transaction prices or quoted market prices may be required in illiquid or disorderly markets when estimating fair value. In such circumstances, alternative valuation techniques may be appropriate to determine the value that would be received to sell an asset or paid to transfer a liability in an orderly transaction. Market participants are assumed to be independent, knowledgeable, and able and willing to transact an exchange and not acting under duress. Our nonperformance or credit risk is considered in determining the fair value of liabilities. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized in a current or future market exchange. (k) Inventories Inventories consist of manufactured goods, goods or products acquired for resale and homes constructed for sale. Manufactured inventory costs include materials, direct and indirect labor and factory overhead. At December 31, 2023, we used the last-in-first-out (“LIFO”) method to value approximately 30 % of consolidated inventories with the remainder primarily determined under first-in-first-out and average cost methods. Non-LIFO inventories are stated at the lower of cost or net realizable value. The excess of current or replacement costs over costs determined under LIFO was approximately $ 2.3 billion as of December 31, 2023 and $ 2.5 billion as of December 31, 2022. Notes to Consolidated Financial Statements (1) Significant accounting policies and practices (l) Property, plant and equipment and equipment held for lease We use property, plant and equipment in our operations. We also own equipment that we lease to others under lease contracts. We record additions to such property at cost, which includes asset additions, improvements and betterments. With respect to constructed assets, all materials, direct labor and contract services as well as certain indirect costs are capitalized. Indirect costs include interest over the construction period. With respect to constructed assets of our utility and energy subsidiaries that are subject to authoritative guidance for regulated operations, capitalized costs also include an allowance for funds used during construction, which represents the cost of equity funds used to finance the construction of the regulated facilities. Normal repairs and maintenance and other costs that do not improve the property, extend its useful life or otherwise do not meet capitalization criteria are charged to expense as incurred. Depreciation of assets of our regulated utilities and railroad is generally determined using group depreciation methods where rates are based on periodic depreciation studies approved by the applicable regulator. Under group depreciation, a composite rate is applied to the gross investment in a particular class of property, despite differences in the service life or salvage value of individual property units within the same class. When such assets are retired or sold, no gain or loss is recognized. Gains or losses on disposals of all other assets are recorded through earnings. Ranges of estimated useful lives of depreciable assets unique to our railroad business are as follows: track structure and other roadway – 10 to 100 years and locomotives, freight cars and other equipment – 6 to 45 years . Ranges of estimated useful lives of assets unique to our utilities and energy businesses are as follows: utility generation, transmission and distribution systems – 5 to 80 years , interstate natural gas pipeline assets – 3 to 80 years , independent power plants and other assets – 2 to 50 years , buildings and improvements – 10 to 30 years and machinery, equipment and other – 3 to 10 years . We depreciate property, plant and equipment used by our other businesses to the estimated salvage value primarily using the straight-line method over estimated service lives. Ranges of estimated service lives of depreciable assets used in our other businesses are as follows: buildings and improvements – 5 to 50 years , machinery and equipment – 3 to 25 years and furniture, fixtures and other – 3 to 15 years . We depreciate the equipment held for lease to estimated salvage value primarily using the straight-line method over estimated useful lives ranging from 3 to 35 years . We use declining balance depreciation methods for assets when the revenue-earning power of the asset is greater during the earlier years of its life. We evaluate property, plant and equipment and equipment held for lease for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable or when the assets are held for sale. Upon the occurrence of a triggering event, we assess whether the estimated undiscounted cash flows expected from the use of the asset and the residual value from the ultimate disposal of the asset exceeds the carrying value. If the carrying value exceeds the estimated recoverable amounts, we reduce the carrying value to fair value and record an impairment loss in earnings, except with respect to impairment of assets of our regulated utility and energy subsidiaries where the impacts of regulation are considered in evaluating the carrying value. (m) Leases We are party to contracts where we lease property from others. When we lease assets from others, we record right-of-use assets and lease liabilities. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. In this regard, lease payments include fixed payments and variable payments that depend on an index or rate. The lease term is considered the non-cancellable lease period. Certain lease contracts contain renewal options or other terms that provide for variable payments based on performance or usage. Options are not included in determining right-of-use assets or lease liabilities unless it is reasonably certain that options will be exercised. Generally, incremental borrowing rates are used in measuring lease liabilities. Right-of-use assets are subject to review for impairment. As permitted under GAAP, for some leases we do not separate lease components from non-lease components by class of asset and we do not record assets or liabilities for leases with terms of one year or less. (n) Goodwill and other intangible assets Goodwill represents the excess of the acquisition price of a business over the acquisition date values of identified net assets of that business. We evaluate goodwill for impairment at least annually. When evaluating goodwill for impairment, we estimate the fair value of the reporting unit. Several methods may be used to estimate a reporting unit’s fair value, including market quotations, asset and liability fair values and other valuation techniques, including, but not limited to, discounted projected future net earnings or net cash flows and multiples of earnings. When the carrying amount of a reporting unit, including goodwill, exceeds the estimated fair value, the excess up to the balance of goodwill is charged to earnings as an impairment loss. Notes to Consolidated Financial Statements (1) Significant accounting policies and practices (n) Goodwill and other intangible assets Intangible assets with indefinite lives are also tested for impairment at least annually and when events or changes in circumstances indicate that, more-likely-than-not, the asset is impaired. Significant judgment is required in estimating fair values and performing goodwill and indefinite-lived intangible asset impairment tests. We amortize intangible assets with finite lives in a pattern that reflects the expected consumption of related economic benefits or on a straight-line basis over the estimated economic useful lives. Intangible assets with finite lives are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. (o) Revenue recognition We earn insurance premiums on prospective property/casualty insurance and reinsurance contracts over the loss exposure or coverage period in proportion to the level of protection provided. We earn premiums, in most cases, ratably over the term of the contract with unearned premiums computed on a monthly or daily pro-rata basis. Premiums on retroactive property/casualty reinsurance contracts are normally received in full and are fully earned at the inception of the contracts, as all underlying loss events covered by the policies occurred prior to contract inception. Premiums for life reinsurance and periodic payment annuity contracts are earned when due. Premiums for periodic payment annuity contracts are fully received and earned at the inception of the contracts. Premiums earned are stated net of amounts ceded to reinsurers. Premiums earned on contracts with experience-rating provisions reflect estimated loss experience under such contracts. Sales and service revenues are recognized when goods or services are transferred to a customer. A good or service is transferred when (or as) the customer obtains control of that good or service. Revenues are based on the consideration we expect to receive in connection with our promises to deliver goods and services to our customers. We manufacture and/or distribute a wide variety of industrial, building and consumer products. Our sales contracts provide customers with products directly or through wholesale and retail channels in exchange for consideration specified under the contracts. Contracts generally represent customer orders for individual products at stated prices. Sales contracts may contain either single or multiple performance obligations. In instances where contracts contain multiple performance obligations, we allocate the revenue to each obligation based on the relative stand-alone selling prices of each product or service. Sales revenues reflect reductions for returns, allowances, late delivery penalties, volume discounts and other incentives, some of which may be contingent on future events. In certain customer contracts, sales revenues include certain state and local excise taxes billed to customers on specified products when those taxes are levied directly upon us by the taxing authorities. Sales revenues exclude sales taxes and value-added taxes collected on behalf of taxing authorities. Sales revenues include consideration for shipping and other fulfillment activities performed prior to the customer obtaining control of the goods. We also elect to treat consideration for such services performed after control has passed to the customer as sales revenue. Product sales revenues are generally recognized at a point in time when control of the product transfers to the customer, which coincides with customer pickup or product delivery or acceptance, depending on terms of the arrangement. We recognize sales revenues and related costs with respect to certain contracts over time, relating to certain bridge and structural steel, castings, forgings and aerostructures contracts. Control of the product units under these contracts transfers continuously to the customer as the product is manufactured. These products generally have no alternative use and the contract requires the customer to provide reasonable compensation if terminated for reasons other than breach of contract. The primary performance obligation under our freight rail transportation service contracts is to move freight from a point of origin to a point of destination. The performance obligations are represented by bills of lading which create a series of distinct services that have a similar pattern of transfer to the customer. The revenues for each performance obligation are based on various factors including the product being shipped, the origin and destination pair and contract incentives, which are outlined in various private rate agreements, common carrier public tariffs, interline foreign road agreements and pricing quotes. The transaction price is generally a per car/unit amount to transport railcars from a specified origin to a specified destination. Freight revenues are recognized over time as the service is performed because the customer simultaneously receives and consumes the benefits of the service. Revenues recognized represent the portion of the service completed as of the balance sheet date. Invoices for freight transportation services are generally issued to customers and paid within 30 days or less. Customer incentives, which are primarily provided for shipping a specified cumulative volume or shipping to/from specific locations, are recorded as a reduction to revenue on a pro-rata basis based on actual or projected future customer shipments. Notes to Consolidated Financial Statements (1) Significant accounting policies and practices (o) Revenue recognition Utilities and energy revenues derive primarily from regulated electricity and natural gas sales and sales of fuel. Regulated electricity and natural gas revenues are primarily tariff-based sales arrangements approved by various regulatory commissions. These tariff-based revenues are mainly comprised of energy, transmission, distribution and natural gas and have performance obligations to deliver energy products and services to customers which are satisfied over time as energy is delivered or services are provided. Such revenues are equivalent to the amounts we have the right to invoice and correspond directly with the value to the customer of the performance to date and include billed and unbilled amounts. Payments from customers are generally due within 30 days of billing. Rates charged for regulated energy products and services are established by regulators or contractual arrangements that establish the transaction price, as well as the allocation of price among the separate performance obligations. When preliminary regulated rates are permitted to be billed prior to final approval by the applicable regulator, certain revenue collected may be subject to refund and a liability for estimated refunds is accrued. Nonregulated energy revenues include fuel sales, and to a lesser extent, renewable energy and other products. Fuels sold include diesel, gasoline and related products sold on a retail and wholesale basis. Fuel sales are recognized at the point-in-time when the product is delivered, and control is transferred to the customer, and include related excise taxes. Other service revenues derive from contracts with customers in which performance obligations are satisfied over time, where customers receive and consume benefits as we perform the services or at a point in time when the services are completed. Other service revenues primarily derive from real estate brokerage, automotive repair, aircraft management, aviation training, franchising activities and news distribution. Leasing revenue is generally recognized ratably over the term of the lease or based on usage, if applicable under the terms of the contract. A substantial portion of our lessor contracts are classified as operating leases. (p) Losses and loss adjustment expenses We record liabilities for unpaid losses and loss adjustment expenses under property/casualty insurance and reinsurance contracts for loss events that have occurred on or before the balance sheet date. Such liabilities represent the estimated ultimate payment amounts without discounting for time value. We base liability estimates on (1) loss reports from policyholders and cedents, (2) individual case estimates and (3) estimates of incurred but not reported losses. Losses and loss adjustment expenses in the Consolidated Statements of Earnings include paid claims, claim settlement costs and changes in estimated claim liabilities. Losses and loss adjustment expenses in the Consolidated Statements of Earnings are stated net of amounts recovered and estimates of amounts recoverable under ceded reinsurance contracts. Reinsurance contracts do not relieve the ceding company of its obligations to indemnify policyholders with respect to the underlying insurance and reinsurance contracts. (q) Retroactive reinsurance contracts We record liabilities for unpaid losses and loss adjustment expenses under short duration retroactive reinsurance contracts consistent with property/casualty insurance and reinsurance contracts described in Note 1(p). With respect to retroactive reinsurance contracts, we also record deferred charge assets at the inception of the contracts, representing the excess, if any, of the estimated ultimate claim liabilities over the premiums earned. We subsequently amortize the deferred charge assets over the expected claim settlement periods using the interest method. Changes to the estimated timing or amount of future loss payments also produce changes in deferred charge assets. We apply changes in such estimates retrospectively and the resulting changes in deferred charge assets, together with periodic amortization, are included in insurance losses and loss adjustment expenses in the Consolidated Statements of Earnings. (r) Insurance policy acquisition costs We capitalize the direct incremental costs that relate to the successful sale of insurance contracts, subject to ultimate recoverability. Direct incremental acquisition costs include commissions, premium taxes and certain other costs associated with successful efforts. We expense all other underwriting costs as incurred. For short duration property and casualty insurance contracts, we amortize deferred policy acquisition costs over the contract term as the related premiums are earned. For long-duration life and health insurance contracts, we amortize deferred policy acquisition costs at a constant level based on the expected amount of insurance in-force and the expected term of the contract using the assumptions consistent with those used in determining related insurance liabilities. Deferred policy acquisition costs are included in other assets and were approximately $ 4.6 billion and $ 3.8 billion at December 31, 2023 and 2022, respectively, of which $ 3.9 billion and $ 3.2 billion, respectively, related to property and casualty insurance contracts. Notes to Consolidated Financial Statements (1) Significant accounting policies and practices (s) Life, annuity and health insurance benefits Liabilities for life, annuity and health insurance benefits under long-duration insurance contracts represent the present value of expected future cash outflows from future benefit payments and non-acquisition variable expenses, less the present value of expected future “net premiums” which is the portion of gross premiums required to provide for all expected future benefits and variable expenses. Periodic payment and annuity reinsurance contracts are regarded as limited payment contracts under GAAP. Such liabilities include the present value of expected future payments based on the discount rates used to measure benefit liabilities and a deferred profit liability, representing the unamortized excess of gross premiums received over the net premiums established at the inception of the contract. In estimating future cash flows, we consider the timing and amount of future claims, premiums and expenses, which require estimates of future investment yields, expected mortality, morbidity and lapse rates. Cash flow assumptions are reviewed at least annually, with the effects of assumption changes recorded in earnings. The discount rate assumptions used to measure benefit liabilities are revised each reporting period based on the prevailing upper-medium grade corporate bond yields (generally single-A rated credit ratings) that reflect the duration characteristics and currency attributes of the liabilities. In measuring benefit liabilities, we generally group contracts by contract issue year. The effects of changes in discount rates are recorded in other comprehensive income. (t) Regulated utilities and energy businesses Certain energy subsidiaries prepare their financial statements in accordance with authoritative guidance for regulated operations, reflecting the economic effects of regulation from the ability to recover certain costs from customers and the requirement to return revenues to customers in the future through the regu |
Significant business acquisitio
Significant business acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Significant business acquisitions | (2) Significant business acquisitions Our long-held acquisition strategy is to acquire businesses that have consistent earning power, good returns on equity and able and honest management. Financial results attributable to business acquisitions are included in our Consolidated Financial Statements beginning on their respective acquisition dates. On January 31, 2023, we acquired an additional 41.4 % interest in Pilot Travel Centers, LLC (“PTC”) for approximately $ 8.2 billion. The acquisition increased our interest to 80 %, representing a controlling interest in PTC for financial reporting purposes as of that date. We began consolidating PTC’s financial statements in our Consolidated Financial Statements on February 1, 2023. Since PTC’s most significant business activities involve purchasing and selling fuel (energy) on a wholesale and retail basis, and other energy-related businesses, we include PTC within the railroad, utilities and energy sections of our Consolidated Balance Sheet and Consolidated Statement of Earnings beginning February 1, 2023. We previously owned a 38.6 % interest in PTC, which we accounted for under the equity method through the end of January 2023. PTC operates more than 650 travel center and 75 fuel-only locations across 44 U.S. states and five Canadian provinces, primarily under the names Pilot or Flying J, as well as large wholesale fuel and fuel marketing businesses in the U.S. PTC also sells diesel fuel at other locations in the U.S. and Canada through various arrangements with third party travel centers and operates a water disposal business in the oil fields sector. PTC’s revenues and net earnings attributable to Berkshire shareholders for the eleven months ending December 31, 2023 were $ 51.7 billion and $ 603 million, respectively. In applying the acquisition method of accounting, we remeasured our previously held 38.6 % investment in PTC to fair value and recognized a one-time, non-cash remeasurement gain of approximately $ 3.0 billion, representing the excess of the fair value of that interest over the carrying value under the equity method. In addition, we valued the noncontrolling interests at fair value as of January 31, 2023. Pilot Corporation, the holder of the remaining noncontrolling interests in PTC, had an annual option to require us to redeem for cash all or a portion of its interests beginning in 2024. The redemption price was to be based on a multiple of PTC’s earnings for the preceding year, with specified other adjustments, including the amount of PTC’s net debt. Pilot Corporation filed a lawsuit against Berkshire during the fourth quarter of 2023 concerning the application of certain terms underlying the formula for calculating the purchase price to be paid upon exercise of the option. Subsequently, Berkshire filed a counterclaim against Pilot Corporation. All litigation between Pilot Corporation and Berkshire was settled in January 2024, and we acquired Pilot Corporation’s noncontrolling interest in PTC for $ 2.6 billion, increasing our interest in PTC to 100 %. A summary of the values of PTC’s assets acquired, liabilities assumed and redeemable noncontrolling interests as of January 31, 2023 are summarized as follows (in millions). Goodwill from this acquisition is expected to be deductible for income tax purposes. Assets acquired Liabilities assumed and noncontrolling interests Property, plant and equipment $ 8,015 Notes payable $ 5,876 Goodwill 6,605 Other liabilities 4,918 Other intangible assets 6,853 Other assets 7,047 Liabilities assumed 10,794 Noncontrolling interests, predominantly redeemable 3,361 Assets acquired $ 28,520 Liabilities assumed and noncontrolling interests $ 14,155 Net assets $ 14,365 On October 19, 2022 , Berkshire acquired all of the outstanding common stock of Alleghany Corporation (“Alleghany”) for $ 11.5 billion. Alleghany operates property and casualty reinsurance and insurance businesses and owns several non-financial businesses. Goodwill arising from Berkshire’s acquisition is not expected to be deductible for income tax purposes. A summary of the values of the Alleghany assets acquired and liabilities assumed as of October 19, 2022 follows (in millions). Assets acquired Liabilities assumed Cash, cash equivalents and U.S. Treasury Bills $ 3,762 Unpaid losses and loss adjustment expenses $ 15,080 Investments in fixed maturity and equity securities 15,982 Unearned premiums 3,536 Loans, receivables and other assets 9,287 Notes payable 2,169 Goodwill 3,900 Other liabilities 3,300 Other intangible assets 2,659 Assets acquired $ 35,590 Liabilities assumed $ 24,085 Net assets $ 11,505 Notes to Consolidated Financial Statements (2) Significant business acquisitions Certain unaudited pro forma revenue and consolidated earnings (loss) data for the year ended December 31, 2022 as if the Alleghany and PTC acquisitions were completed on the same terms at the beginning of 2022 follows (in millions, except per share amounts). 2022 Revenues $ 383,115 Net earnings (loss) attributable to Berkshire Hathaway shareholders ( 23,947 ) Net earnings (loss) per equivalent Class A common share ( 16,303 ) On September 1, 2023 , a Berkshire Hathaway Energy (“BHE”) subsidiary acquired an additional 50 % limited partner interest in Cove Point LNG, LP (“Cove Point”) for $ 3.3 billion, which increased our economic interest from 25 % to 75 %. Prior to the transaction, we also owned 100 % of the general partner interests. We previously treated Cove Point as a consolidated subsidiary for financial reporting purposes because we concluded we have the power to direct the activities that most significantly affect Cove Point, as well as the obligation to absorb losses and benefits that could be significant to Cove Point. Accordingly, the interest acquired in the third quarter was an acquisition of a noncontrolling interest. We recorded a ch arge based on Berkshire’s ownership percentage of BHE of $ 667 million to capital in excess of par for the excess of the consideration paid over the carrying value of the noncontrolling interest acquired and deferred income tax assets arising from the transaction. |
Investments in fixed maturity s
Investments in fixed maturity securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in fixed maturity securities | (3) Investments in fixed maturity securities Investments in fixed maturity securities are summarized by type below (in millions). Amortized Unrealized Unrealized Fair December 31, 2023 U.S. Treasury, U.S. government corporations and agencies $ 10,308 $ 14 $ ( 53 ) $ 10,269 Foreign governments 11,788 58 ( 41 ) 11,805 Corporate bonds 1,212 241 ( 4 ) 1,449 Other 217 21 ( 3 ) 235 $ 23,525 $ 334 $ ( 101 ) $ 23,758 December 31, 2022 U.S. Treasury, U.S. government corporations and agencies $ 10,039 $ 12 $ ( 249 ) $ 9,802 Foreign governments 10,454 50 ( 177 ) 10,327 Corporate bonds 1,945 256 ( 6 ) 2,195 Other 2,735 77 ( 8 ) 2,804 $ 25,173 $ 395 $ ( 440 ) $ 25,128 Approximately 95 % of our foreign government holdings were rated AA or higher by at least one of the major rating agencies as of December 31, 2023. The amortized cost and estimated fair value of fixed maturity securities at December 31, 2023 are summarized below by contractual maturity dates (in millions). Actual maturities may differ from contractual maturities due to prepayment rights held by issuers. Due in one Due after one Due after five Due after Mortgage-backed Total Amortized cost $ 18,888 $ 3,744 $ 611 $ 128 $ 154 $ 23,525 Fair value 18,875 3,754 823 138 168 23,758 |
Investments in equity securitie
Investments in equity securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in equity securities | (4) Investments in equity securities Investments in equity securities are summarized as follows (in millions). Cost Net Fair December 31, 2023 * Banks, insurance and finance $ 27,136 $ 51,176 $ 78,312 Consumer products 34,248 166,895 201,143 Commercial, industrial and other 48,032 26,355 74,387 $ 109,416 $ 244,426 $ 353,842 * Approximately 79 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 28.4 billion; Apple Inc. – $ 174.3 billion; Bank of America Corporation – $ 34.8 billion; The Coca-Cola Company – $ 23.6 billion and Chevron Corporation – $ 18.8 billion). Cost Net Fair December 31, 2022 * Banks, insurance and finance $ 25,893 $ 43,663 $ 69,556 Consumer products 40,508 112,384 152,892 Commercial, industrial and other 65,209 21,136 86,345 $ 131,610 $ 177,183 $ 308,793 * Approximately 75 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 22.4 billion; Apple Inc. – $ 119.0 billion; Bank of America Corporation – $ 34.2 billion; The Coca-Cola Company – $ 25.4 billion and Chevron Corporation – $ 30.0 billion). In 2019, we invested $ 10 billion in non-voting Cumulative Perpetual Preferred Stock of Occidental Petroleum Corporation (“Occidental”) and in Occidental common stock warrants. During 2022, we began acquiring common stock of Occidental. Our aggregate voting interest in Occidental common stock exceeded 20 % on August 4, 2022, and we adopted the equity method as of that date. See Note 5. Our investments in the Occidental preferred stock and Occidental common stock warrants are recorded at fair value and included as equity securities in our Consolidated Balance Sheets, as such investments are not in-substance common stock under GAAP and are not eligible for the equity method. The Occidental preferred stock accrues dividends at 8 % per annum and is redeemable at the option of Occidental commencing in 2029 at a redemption price equal to 105 % of the liquidation value. As of December 31, 2023, our investment in Occidental preferred stock had an aggregate liquidation value of approximately $ 8.5 billion. During 2023, Occidental issued mandatory redemption notifications for approximately $ 1.5 billion of the aggregate liquidation value at a price of 110 % of the liquidation value, plus accrued and unpaid dividends. The mandatory redemptions were due to excess distributions by Occidental to its common stockholders, as defined under the terms of the Occidental preferred stock certificate of designations. The Occidental common stock warrants allow us to purchase up to 83.86 million shares of Occidental common stock at an exercise price of $ 59.62 per share. The warrants are exercisable in whole or in part until one year after the date the preferred stock is fully redeemed. As of December 31, 2023, we owned 151.6 million shares of American Express Company (“American Express”) common stock representing 21 % of the outstanding common stock of American Express. Since 1995, we have been party to an agreement with American Express whereby we agreed to vote a significant portion of our shares in accordance with the recommendations of the American Express Board of Directors. We have also agreed to passivity commitments as requested by the Board of Governors of the Federal Reserve System, which collectively, in our judgment, restrict our ability to exercise significant influence over the operating and financial policies of American Express. Accordingly, we do not use the equity method with respect to our investment in American Express common stock and we continue to record our investment at fair value. |
Equity method investments
Equity method investments | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity method investments | (5) Equity method investments Berkshire and its subsidiaries hold investments in certain businesses that are accounted for pursuant to the equity method. Currently, the most significant of these are our investments in the common stock of The Kraft Heinz Company (“Kraft Heinz”) and Occidental. As of December 31, 2023, we owned 26.7 % of the Kraft Heinz outstanding common stock and 27.8 % of the outstanding Occidental common stock, which excluded the potential effect of the exercise of the Occidental common stock warrants. Kraft Heinz manufactures and markets food and beverage products, including condiments and sauces, cheese and dairy, meals, meats, refreshment beverages, coffee and other grocery products. Occidental is an international energy company, whose activities include oil and natural gas exploration, development and production, and chemicals manufacturing businesses. Occidental’s financial information is not available in time for concurrent reporting in our Consolidated Financial Statements. Therefore, we report the equity method effects for Occidental on a one-quarter lag. The common stock of Kraft Heinz and Occidental are publicly traded. The fair values and carrying values of these two investments in addition to the carrying values of our other significant equity method investments are summarized as follows (in millions). Carrying Value Fair Value December 31, December 31, 2023 2022 2023 2022 Kraft Heinz $ 13,230 $ 12,937 $ 12,035 $ 13,249 Occidental 15,410 11,484 14,552 12,242 Other 426 3,629 $ 29,066 $ 28,050 As of December 31, 2023, the excess of our carrying values over the fair values of our investments in Kraft Heinz and Occidental were 9 % and 6 %, respectively, of the carrying values. We evaluated our investments in Kraft Heinz and Occidental for other-than-temporary impairment as of December 31, 2023, and based on the prevailing facts and circumstances, concluded the recognition of impairment charges in earnings were not required. Our other significant equity method investments included our 50 % interest in Berkadia Commercial Mortgage LLC (“Berkadia”), in which Jefferies Financial Group (“Jefferies”) owns the other 50 % interest, and PTC through January 31, 2023. Berkadia engages in mortgage banking, investment sales and servicing of commercial/multi-family real estate loans. Berkadia ’ s commercial paper borrowing capacity (currently limited to $ 1.5 billion) is supported by a surety policy issued by a Berkshire insurance subsidiary. Jefferies is obligated to indemnify us for one-half of any losses incurred under the policy. Beginning February 1, 2023, we ceased accounting for PTC under the equity method and began consolidating PTC for financial reporting purposes. Our investment in PTC under the equity method was $ 3.2 billion at December 31, 2022. Equity method earnings attributable to PTC were $ 105 million in 2023, $ 812 million in 2022 and $ 474 million in 2021. As of December 31, 2023, the carrying values of our investments in Kraft Heinz and Berkadia approximated our share of shareowners’ equity of each of these entities. The carrying value of our investment in Occidental common stock exceeded our share of its shareholders’ equity as of September 30, 2023 by approximately $ 9.6 billion. Based upon the limited information available to us, we concluded the excess represents goodwill. Our earnings and distributions received from equity method investments are summarized in the following table (in millions). The earnings we recorded in 2023 for Occidental included our share of its earnings for the fourth quarter of 2022 and first nine months of 2023. The earnings we recorded in 2022 for Occidental included our share of its earnings from August 4, 2022 through September 30, 2022. Equity in Earnings Distributions Received Year ended December 31, Year ended December 31, 2023 2022 2021 2023 2022 2021 Kraft Heinz $ 758 $ 628 $ 269 $ 521 $ 521 $ 521 Occidental 1,077 323 — 142 24 — Other 138 912 617 58 284 1,057 $ 1,973 $ 1,863 $ 886 $ 721 $ 829 $ 1,578 Notes to Consolidated Financial Statements (5) Equity method investments Summarized consolidated financial information of Kraft Heinz follows (in millions). December 30, December 31, Assets $ 90,339 $ 90,513 Liabilities 40,617 41,643 Year ended December 30, December 31, December 25, Sales $ 26,640 $ 26,485 $ 26,042 Net earnings attributable to Kraft Heinz common shareholders 2,855 2,363 1,012 Summarized consolidated financial information of Occidental follows (in millions). September 30, December 31, Assets $ 71,827 $ 72,609 Liabilities 42,515 42,524 Twelve months ending September 30, 2023 Total revenues and other income $ 29,715 Net earnings attributable to Occidental common shareholders 4,471 |
Investment and derivative contr
Investment and derivative contract gains (losses) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment and derivative contract gains (losses) | (6) Investment and derivative contract gains (losses) Investment and derivative contract gains (losses) for each of the three years ending December 31, 2023 are summarized as follows (in millions). 2023 2022 2021 Investment gains (losses): Equity securities: Change in unrealized investment gains (losses) during the year on $ 69,144 $ ( 63,120 ) $ 76,375 Investment gains (losses) during the year on securities sold 2,698 ( 3,927 ) 997 71,842 ( 67,047 ) 77,372 Fixed maturity securities: Gross realized gains 139 134 85 Gross realized losses ( 86 ) ( 684 ) ( 29 ) Other 2,960 ( 26 ) 148 Investment gains (losses) 74,855 ( 67,623 ) 77,576 Derivative contract gains (losses) — ( 276 ) 966 $ 74,855 $ ( 67,899 ) $ 78,542 Equity securities gains and losses include unrealized gains and losses from changes in fair values during the year on equity securities we still own, as well as gains and losses on securities we sold during the year. As shown in the Consolidated Statements of Cash Flows, our proceeds from sales of equity securities were approximately $ 40.6 billion in 2023, $ 33.7 billion in 2022 and $ 15.8 billion in 2021. In the preceding table, investment gains and losses on equity securities sold during the year represent the difference between the sales proceeds and the fair value of the equity securities sold at the beginning of the applicable year or, if later, the purchase date. Our taxable gains and losses on equity securities sold are generally the difference between the proceeds from sales and cost at the acquisition date. Equity securities sold produced taxable gains of $ 5.0 billion in 2023, $ 769 million in 2022 and $ 3.6 billion in 2021. Other investment gains included approximately $ 3.0 billion in 2023 from the remeasurement of our pre-existing 38.6 % interest in PTC through the application of acquisition accounting under GAAP. |
Loans and finance receivables
Loans and finance receivables | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Loans and finance receivables | (7) Loans and finance receivables Loans and finance receivables are summarized as follows (in millions). December 31, 2023 2022 Loans and finance receivables before allowances and discounts $ 26,289 $ 24,664 Allowances for credit losses ( 950 ) ( 856 ) Unamortized acquisition discounts and points ( 658 ) ( 600 ) $ 24,681 $ 23,208 Loans and finance receivables are principally manufactured home loans, and to a lesser extent, commercial loans and site-built home loans. Reconciliations of the allowance for credit losses on loans and finance receivables for each of the three years ending December 31, 2023 follow (in millions). 2023 2022 2021 Balance at the beginning of the year $ 856 $ 765 $ 712 Provision for credit losses 169 124 88 Charge-offs, net of recoveries ( 75 ) ( 33 ) ( 35 ) Balance at December 31 $ 950 $ 856 $ 765 At December 31, 2023, substantially all manufactured and site-built home loan balances were evaluated collectively for impairment, and we considered approximately 96 % of the loan balances to be current as to payment status. A summary of performing and non-performing home loans before discounts and allowances by year of loan origination as of December 31, 2023 follows (in millions). Origination Year 2023 2022 2021 2020 2019 Prior Total Performing $ 5,716 $ 4,368 $ 3,321 $ 2,575 $ 1,820 $ 7,432 $ 25,232 Non-performing 8 11 17 12 11 53 112 $ 5,724 $ 4,379 $ 3,338 $ 2,587 $ 1,831 $ 7,485 $ 25,344 We are also a lender under commercial loan agreements, which had an aggregate carrying value of approximately $ 850 million at December 31, 2023 and $ 1.9 billion at December 31, 2022. The decline in loan balances during 2023 was primarily attributable to prepayments and dispositions. These commercial loans are generally secured by real estate properties or by other assets and are individually evaluated for expected credit losses. |
Other receivables
Other receivables | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Other receivables | (8) Other receivables Other receivables are comprised of the following (in millions). December 31, 2023 2022 Insurance and other: Insurance premiums receivable $ 19,052 $ 18,395 Reinsurance recoverables 7,060 7,106 Trade receivables 14,449 14,510 Other 4,269 4,154 Allowances for credit losses ( 656 ) ( 675 ) $ 44,174 $ 43,490 Railroad, utilities and energy: Trade receivables $ 6,034 $ 4,182 Other 1,228 754 Allowances for credit losses ( 176 ) ( 141 ) $ 7,086 $ 4,795 Receivables of the railroad, utilities and energy businesses at December 31, 2023 included approximately $ 2.1 billion related to PTC. Aggregate provisions for credit losses with respect to receivables in the preceding table were $ 513 million in 2023, $ 409 million in 2022 and $ 441 million in 2021. Charge-offs, net of recoveries, were $ 474 million in 2023, $ 432 million in 2022 and $ 420 million in 2021. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | (9) Inventories Inventories of our insurance and other businesses are comprised of the following (in millions). December 31, 2023 2022 Raw materials $ 6,026 $ 6,381 Work in process and other 3,345 3,464 Finished manufactured goods 4,969 5,739 Goods acquired for resale 9,819 9,782 $ 24,159 $ 25,366 Inventories, materials and supplies of our railroad, utilities and energy businesses are included in other assets and were approximately $ 4.2 billion at December 31, 2023, which included approximately $ 1.7 billion attributable to PTC. |
Property, plant and equipment i
Property, plant and equipment including equipment held for lease | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment including equipment held for lease | (10) Property, plant and equipment A summary of property, plant and equipment of our insurance and other businesses follows (in millions). December 31, 2023 2022 Land, buildings and improvements $ 15,058 $ 14,761 Machinery and equipment 28,010 26,690 Furniture, fixtures and other 5,566 4,847 48,634 46,298 Accumulated depreciation ( 26,604 ) ( 25,185 ) $ 22,030 $ 21,113 A summary of property, plant and equipment of railroad and utilities and energy businesses follows (in millions). The utility generation, transmission and distribution systems and interstate natural gas pipeline assets are owned by regulated public utility and natural gas pipeline subsidiaries. Assets of PTC are included within the utilities and energy section below. December 31, 2023 2022 Railroad: Land, track structure and other roadway $ 71,692 $ 67,350 Locomotives, freight cars and other equipment 16,256 16,031 Construction in progress 1,715 1,743 89,663 85,124 Accumulated depreciation ( 19,464 ) ( 17,899 ) 70,199 67,225 Utilities and energy: Utility generation, transmission and distribution systems 96,195 92,759 Interstate natural gas pipeline assets 19,226 18,328 Independent power plants and other 14,781 14,650 Land, buildings and improvements 4,540 — Machinery, equipment and other 3,855 — Construction in progress 9,551 5,357 148,148 131,094 Accumulated depreciation ( 40,731 ) ( 38,051 ) 107,417 93,043 $ 177,616 $ 160,268 Depreciation expense for each of the three years ending December 31, 2023 is summarized below (in millions). 2023 2022 2021 Insurance and other $ 2,388 $ 2,276 $ 2,318 Railroad, utilities and energy 7,004 6,181 5,990 $ 9,392 $ 8,457 $ 8,308 |
Equipment held for lease [Member] | |
Property, plant and equipment including equipment held for lease | (11) Equipment held for lease Equipment held for lease includes railcars, aircraft, and other equipment, including over-the-road trailers, intermodal tank containers, cranes, storage units and furniture. Equipment held for lease is summarized below (in millions). December 31, 2023 2022 Railcars $ 10,031 $ 9,612 Aircraft 12,537 10,667 Other 5,576 5,212 28,144 25,491 Accumulated depreciation ( 11,197 ) ( 9,907 ) $ 16,947 $ 15,584 Depreciation expense for equipment held for lease was $ 1,266 million in 2023, $ 1,209 million in 2022 and $ 1,158 million in 2021. Fixed and variable operating lease revenues for each of the three years ending December 31, 2023 are summarized below (in millions). 2023 2022 2021 Fixed lease revenue $ 5,902 $ 5,184 $ 4,482 Variable lease revenue 2,514 2,330 1,506 $ 8,416 $ 7,514 $ 5,988 A summary of future operating lease receipts as of December 31, 2023 follows (in millions). 2024 2025 2026 2027 2028 Thereafter Total $ 3,942 $ 3,077 $ 2,346 $ 1,569 $ 771 $ 283 $ 11,988 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | (12) Leases We are party to contracts where we lease property from others under contracts classified as operating leases. We primarily lease buildings, offices and operating facilities. Operating lease right-of-use assets are included in other assets and operating lease liabilities are included in accounts payable, accruals and other liabilities . Information related to our operating leases follows (dollars in millions). Right-of-use assets Lease liabilities Weighted average remaining term in years Weighted average discount rate used to measure liabilities December 31, 2023 $ 5,277 $ 5,299 7.0 4.2 % December 31, 2022 4,975 4,939 7.0 3.7 % A summary of our remaining future operating lease payments reconciled to lease liabilities as of December 31, 2023 and December 31, 2022 follows (in millions). Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter Total Amount Lease December 31: 2023 $ 1,422 $ 1,172 $ 815 $ 666 $ 463 $ 1,680 $ 6,218 $ ( 919 ) $ 5,299 2022 1,283 1,073 822 560 449 1,464 5,651 ( 712 ) 4,939 Components of operating lease expense for each of the three years ending December 31, 2023, are summarized as follows (in millions). 2023 2022 2021 Operating lease expense $ 1,535 $ 1,361 $ 1,426 Short-term lease expense 219 233 154 Variable lease expense 216 217 223 $ 1,970 $ 1,811 $ 1,803 |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | (13) Goodwill and other intangible assets Reconciliations of the changes in the carrying value of goodwill during 2023 and 2022 follow (in millions). December 31, 2023 2022 Balance at the beginning of the year $ 78,119 $ 73,875 Business acquisitions 7,347 4,657 Other, including acquisition period remeasurements and foreign currency translation ( 840 ) ( 413 ) Balance at the end of the year* $ 84,626 $ 78,119 * Net of accumulated goodwill impairments of $ 11.1 billion as of December 31, 2023 and $ 11.0 billion as of December 31, 2022. Other intangible assets are summarized below (in millions). December 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Insurance and other: Customer relationships $ 28,305 $ 7,901 $ 20,404 $ 27,765 $ 7,174 $ 20,591 Trademarks and trade names 5,619 846 4,773 5,603 822 4,781 Patents and technology 5,238 4,109 1,129 4,943 3,748 1,195 Other 4,826 1,805 3,021 4,150 1,530 2,620 $ 43,988 $ 14,661 $ 29,327 $ 42,461 $ 13,274 $ 29,187 Railroad, utilities and energy: Customer relationships and contracts $ 4,092 $ 791 $ 3,301 $ 1,507 $ 541 $ 966 Trademarks and trade names 3,592 98 3,494 217 39 178 Other 1,174 156 1,018 190 42 148 $ 8,858 $ 1,045 $ 7,813 $ 1,914 $ 622 $ 1,292 Other intangible assets of the railroad, utilities and energy businesses are included in other assets. The net carrying value at December 31, 2023 included $ 6.6 billion related to PTC. Intangible asset amortization expense was $ 1,828 million in 2023, $ 1,233 million in 2022 and $ 1,252 million in 2021. Estimated amortization expense over the next five ye ars follo ws (in millions): 2024 – $ 2,059 ; 2025 – $ 1,988 ; 2026 – $ 1,898 ; 2027 – $ 1,754 and 2028 – $ 1,684 . Intangible assets with indefinite lives were $ 18.9 billion as of December 31, 2023 and $ 18.3 billion as of December 31, 2022 and primarily related to certain customer relationships and trademarks and trade names. |
Supplemental cash flow informat
Supplemental cash flow information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental cash flow information | (14) Supplemental cash flow information A summary of supplemental cash flow information follows (in millions). 2023 2022 2021 Cash paid during the year for: Income taxes $ 7,765 $ 4,236 $ 5,412 Interest: Insurance and other 1,272 1,150 1,227 Railroad, utilities and energy 3,725 3,195 3,162 Non-cash investing and financing activities: Liabilities assumed in connection with business acquisitions 10,938 24,186 102 Operating lease liabilities arising from obtaining right-of-use assets 1,645 1,118 687 |
Dividend restrictions - Insuran
Dividend restrictions - Insurance subsidiaries | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Dividend restrictions - Insurance subsidiaries | (15) Dividend restrictions – Insurance subsidiaries Payments of dividends by our insurance subsidiaries are restricted by insurance statutes and regulations. Without prior regulatory approval, our principal insurance subsidiaries may declare up to approximately $ 31 billion as ordinary dividends during 2024. Investments in fixed maturity and equity securities and short-term investments on deposit with U.S. state insurance authorities in accordance with state insurance regulations were approximately $ 5.2 billion at December 31, 2023 and $ 4.9 billion at December 31, 2022. Combined shareholders’ equity of U.S.-based insurance subsidiaries determined pursuant to statutory accounting rules (Surplus as Regards Policyholders) was approximately $ 303 billion at December 31, 2023 and $ 272 billion at December 31, 2022. Statutory surplus differs from the corresponding amount based on GAAP due to differences in accounting for certain assets and liabilities. For instance, deferred charges reinsurance assumed, the measurement of life, annuity and health insurance benefits liabilities, deferred policy acquisition costs, unrealized gains on certain investments and related deferred income taxes are recognized for GAAP but not for statutory reporting purposes. In addition, the carrying values of certain assets, such as goodwill and non-insurance entities owned by our insurance subsidiaries, are not fully recognized for statutory reporting purposes. |
Unpaid losses and loss adjustme
Unpaid losses and loss adjustment expenses | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Unpaid losses and loss adjustment expenses | (16) Unpaid losses and loss adjustment expenses Reconciliations of the changes in unpaid losses and loss adjustment expenses (“claim liabilities”), excluding liabilities under retroactive reinsurance contracts (see Note 17), for each of the three years ended December 31, 2023 follows (in millions). Net liabilities of acquired businesses in 2022 were from the Alleghany acquisition. See Note 2. 2023 2022 2021 Balance at the beginning of the year: Gross liabilities $ 107,472 $ 86,664 $ 79,854 Reinsurance recoverable on unpaid losses ( 5,025 ) ( 2,960 ) ( 2,912 ) Net liabilities 102,447 83,704 76,942 Incurred losses and loss adjustment expenses: Current accident year 59,244 59,463 52,099 Prior accident years ( 3,541 ) ( 2,672 ) ( 3,116 ) Total 55,703 56,791 48,983 Paid losses and loss adjustment expenses: Current accident year ( 25,184 ) ( 27,236 ) ( 22,897 ) Prior accident years ( 27,065 ) ( 23,083 ) ( 18,904 ) Total ( 52,249 ) ( 50,319 ) ( 41,801 ) Foreign currency effect 288 ( 508 ) ( 420 ) Net liabilities of acquired businesses — 12,779 — Balance at December 31: Net liabilities 106,189 102,447 83,704 Reinsurance recoverable on unpaid losses 4,893 5,025 2,960 Gross liabilities $ 111,082 $ 107,472 $ 86,664 Our claim liabilities under property and casualty insurance and reinsurance contracts are based upon estimates of the ultimate claim costs associated with claim occurrences as of the balance sheet date and include estimates for incurred-but-not-reported (“IBNR”) claims. Incurred losses and loss adjustment expenses shown in the preceding table related to insured events occurring in the current year (“current accident year”) and events occurring in all prior years (“prior accident years”). Incurred and paid losses and loss adjustment expenses are net of reinsurance recoveries. Current accident year incurred losses from significant catastrophe events (losses in excess of $ 150 million per event) were approximately $ 925 million in 2023, $ 3.1 billion in 2022 ($ 2.5 billion from Hurricane Ian) and $ 2.9 billion in 2021 ($ 1.5 billion from Hurricane Ida). Current accident year incurred losses for private passenger auto insurance declined in 2023 compared to 2022, reflecting lower claims frequencies and higher average claims severities and increased significantly in 2022 versus 2021, attributable to increases in claims frequencies and severities. Notes to Consolidated Financial Statements (16) Unpaid losses and loss adjustment expenses We recorded net reductions of estimated ultimate liabilities for prior accident years of $ 3.5 billion in 2023, $ 2.7 billion in 2022 and $ 3.1 billion in 2021, which produced corresponding reductions in incurred losses and loss adjustment expenses in those periods. These reductions, as percentages of the net liabilities at the beginning of each year, were 3.5 % in 2023, 3.2 % in 2022 and 4.0 % in 2021. We reduced estimated ultimate liabilities for prior accident years of primary insurance businesses by $ 2.1 billion in 2023, $ 1.1 billion in 2022 and $ 2.4 billion in 2021. The reductions in each year derived from private passenger auto, medical professional liability, and property claims. Estimated ultimate liabilities for prior accident years of property and casualty reinsurance businesses were reduced $ 1.4 billion in 2023, $ 1.6 billion in 2022 and $ 718 million in 2021. The reductions in each year reflected reduced estimates from both property and casualty claims. Estimated net claim liabilities for environmental and asbestos exposures, excluding liabilities under retroactive reinsurance contracts, were approximately $ 2.0 billion at December 31, 2023 and $ 2.1 billion at December 31, 2022. These liabilities are subject to change due to changes in the legal and regulatory environment, among other factors. We are unable to reliably estimate additional losses or a range of losses that are reasonably possible to arise from these factors. Disaggregated information concerning our claim liabilities is provided below and in the pages that follow. In this discussion, “claim-tail” refers to the period between the claim occurrence date and claim settlement or payment date. A reconciliation of the disaggregated net unpaid losses and allocated loss adjustment expenses (the latter referred to as “ALAE”) to our consolidated claim liabilities as of December 31, 2023 follows (in millions). GEICO BH Primary BHRG Physical Auto Medical Workers’ Property Casualty Total Unpaid losses and ALAE, net $ 737 $ 20,477 $ 9,166 $ 21,230 $ 16,499 $ 32,393 $ 100,502 Reinsurance recoverable 4 900 26 1,547 689 1,481 4,647 Unallocated loss adjustment 2,467 Other losses and loss adjustment 3,466 Unpaid losses and loss adjustment $ 111,082 GEICO GEICO’s claim liabilities predominantly relate to various types of private passenger auto liability and physical damage claims. For such claims, we establish and evaluate unpaid claim liabilities using standard actuarial loss development methods and techniques. The actuarial methods utilize historical claims data, adjusted when deemed appropriate to reflect perceived changes in loss patterns. Claim liabilities include average, case, case development and IBNR estimates. We establish average liabilities based on expected severities for newly reported physical damage and liability claims prior to establishing individual case reserves when insufficient time or information is available for specific claim estimates and for large volumes of minor physical damage claims that are quickly settled. We establish case loss estimates for liability claims, including estimates for loss adjustment expenses based on the facts and merits of the claim. Claim estimates for liability coverages normally reflect greater uncertainty than for physical damage coverages, primarily due to the longer claim-tails, the greater chance of litigation and the time needed to evaluate facts at the time the case estimate is first established. Consequently, we establish additional case development liabilities, which are usually percentages of the case liabilities. For unreported claims, IBNR claim liabilities are estimated by projecting the ultimate number of claims expected (reported and unreported) for each significant coverage based on historical data, from which reported claims are deducted to produce the estimated number of unreported claims. The product of the average cost per unreported claim and the number of unreported claims produces the IBNR liability estimate. We may record supplemental IBNR liabilities in certain situations when actuarial techniques are difficult to apply. Notes to Consolidated Financial Statements (16) Unpaid losses and loss adjustment expenses GEICO’s net incurred and paid auto physical damage and liability losses and ALAE are summarized by accident year below. IBNR and case development liabilities are as of December 31, 2023 and are net of estimated salvage and subrogation recoveries. Claim counts are established when accidents that could result in a liability are reported and are based on policy coverage. Each claim event may generate claims under multiple coverages and may result in multiple counts. The “Cumulative Number of Reported Claims” includes the combined number of reported claims for all auto policy coverages. Dollars are in millions. Physical Damage Incurred Losses and ALAE through December 31, Cumulative Accident 2022* 2023 IBNR and Case Reported 2022 $ 14,138 $ 13,699 $ ( 56 ) 9,161 2023 12,273 ( 691 ) 7,295 Incurred losses and ALAE $ 25,972 Cumulative Paid Losses and ALAE through December 31, Accident 2022* 2023 2022 $ 13,251 $ 13,731 2023 11,567 Paid losses and ALAE 25,298 Net unpaid losses and ALAE for 2022 – 2023 accident years 674 Net unpaid losses and ALAE for accident years before 2022 63 Net unpaid losses and ALAE $ 737 Auto Liability Incurred Losses and ALAE through December 31, Cumulative Accident 2019* 2020* 2021* 2022* 2023 IBNR and Case Reported 2019 $ 16,901 $ 16,678 $ 16,191 $ 16,151 $ 16,168 $ 348 2,797 2020 14,637 14,024 13,697 13,593 666 2,123 2021 17,481 17,457 17,229 1,559 2,446 2022 19,645 18,903 3,316 2,360 2023 17,948 5,567 1,804 Incurred losses and ALAE $ 83,841 Cumulative Paid Losses and ALAE through December 31, Accident 2019* 2020* 2021* 2022* 2023 2019 $ 6,742 $ 11,671 $ 13,851 $ 15,084 $ 15,593 2020 5,395 9,839 11,794 12,608 2021 6,450 12,681 14,863 2022 7,614 13,838 2023 7,191 Paid losses and ALAE 64,093 Net unpaid losses and ALAE for 2019 – 2023 accident years 19,748 Net unpaid losses and ALAE for accident years before 2019 729 Net unpaid losses and ALAE $ 20,477 * Unaudited required supplemental information Notes to Consolidated Financial Statements (16) Unpaid losses and loss adjustment expenses BH Primary BH Primary’s liabilities for unpaid losses and loss adjustment expenses primarily derive from medical professional liability and workers’ compensation and other casualty insurance, which includes commercial auto and general liability insurance. Net incurred and paid losses and ALAE are summarized by accident year in the following tables, disaggregated by medical professional liability coverages and workers’ compensation and other casualty coverages. IBNR and case development liabilities are as of December 31, 2023. The cumulative number of reported claims reflects the number of individual claimants and includes claims that ultimately resulted in no liability or payment. Dollars are in millions. Medical Professional Liability We estimate the ultimate expected incurred losses and loss adjustment expenses for medical professional claim liabilities using a variety of commonly accepted actuarial methodologies, such as the paid and incurred development method and Bornhuetter-Ferguson based methods, as well as other techniques that consider insured loss exposures and historical and expected loss trends, among other factors. These methodologies produce loss estimates from which we determine our best estimate. In addition, we study developments in older accident years and adjust initial loss estimates to reflect recent developments based upon claim age, coverage and litigation experience. Incurred Losses and ALAE through December 31, Cumulative Accident 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023 IBNR and Case Reported 2014 $ 1,370 $ 1,375 $ 1,305 $ 1,246 $ 1,218 $ 1,127 $ 1,061 $ 1,033 $ 1,029 $ 1,007 $ 45 11 2015 1,374 1,342 1,269 1,290 1,218 1,157 1,093 1,033 1,016 55 12 2016 1,392 1,416 1,414 1,394 1,341 1,288 1,216 1,188 105 15 2017 1,466 1,499 1,495 1,474 1,382 1,349 1,315 117 21 2018 1,602 1,650 1,659 1,580 1,616 1,606 205 24 2019 1,670 1,691 1,663 1,614 1,534 320 21 2020 1,704 1,751 1,698 1,631 615 32 2021 1,852 1,855 1,787 1,053 25 2022 1,927 1,912 1,403 20 2023 1,964 1,781 17 Incurred losses and ALAE $ 14,960 Cumulative Paid Losses and ALAE through December 31, Accident 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023 2014 $ 21 $ 106 $ 238 $ 396 $ 540 $ 671 $ 752 $ 788 $ 840 $ 869 2015 23 108 218 382 543 663 719 799 843 2016 22 115 274 461 620 712 822 908 2017 27 128 300 457 582 739 877 2018 35 166 367 543 728 949 2019 39 160 314 536 757 2020 34 148 321 531 2021 36 136 333 2022 38 182 2023 28 Paid losses and ALAE 6,277 Net unpaid losses and ALAE for 2014 – 2023 accident years 8,683 Net unpaid losses and ALAE for accident years before 2014 483 Net unpaid losses and ALAE $ 9,166 * Unaudited required supplemental information Notes to Consolidated Financial Statements (16) Unpaid losses and loss adjustment expenses Workers’ Compensation and Other Casualty We periodically evaluate ultimate loss and loss adjustment expense estimates for workers’ compensation and other casualty claims using a combination of commonly accepted actuarial methodologies such as the Bornhuetter-Ferguson and chain-ladder approaches using paid and incurred loss data. Paid and incurred loss data is segregated and analyzed by state due to the different state regulatory frameworks that may impact certain factors, including the duration and amount of loss payments. We also separately study the various components of liabilities, such as employee lost wages, medical expenses and the costs of claims investigations and administration. We establish case liabilities for reported claims based upon the facts and circumstances of the claim. The excess of the ultimate projected losses, including the expected development of case estimates, and the case-basis liabilities is included in IBNR liabilities. Incurred Losses and ALAE through December 31, Cumulative Accident 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023 IBNR and Case Reported 2014 $ 2,138 $ 2,064 $ 2,036 $ 1,970 $ 1,901 $ 1,906 $ 1,875 $ 1,861 $ 1,829 $ 1,810 $ 115 103 2015 2,580 2,539 2,455 2,426 2,428 2,402 2,408 2,393 2,358 201 120 2016 2,931 2,848 2,793 2,772 2,815 2,825 2,864 2,840 361 125 2017 3,473 3,337 3,299 3,310 3,322 3,320 3,321 422 143 2018 3,998 3,886 3,967 4,030 4,091 4,177 643 163 2019 4,584 4,623 4,692 4,763 4,847 867 184 2020 5,030 4,881 4,775 4,774 1,467 156 2021 5,899 5,856 5,882 2,455 316 2022 6,796 6,757 3,646 308 2023 7,299 5,187 132 Incurred losses and ALAE $ 44,065 Cumulative Paid Losses and ALAE through December 31, Accident 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023 2014 $ 286 $ 683 $ 1,002 $ 1,269 $ 1,407 $ 1,504 $ 1,557 $ 1,600 $ 1,617 $ 1,646 2015 329 804 1,187 1,507 1,766 1,873 1,966 2,041 2,070 2016 373 908 1,359 1,765 1,998 2,140 2,303 2,377 2017 480 1,133 1,645 2,050 2,279 2,492 2,673 2018 583 1,340 1,902 2,324 2,746 3,120 2019 725 1,598 2,214 2,898 3,430 2020 736 1,498 2,066 2,598 2021 869 1,751 2,440 2022 962 2,012 2023 1,056 Paid losses and ALAE 23,422 Net unpaid losses and ALAE for 2014 – 2023 accident years 20,643 Net unpaid losses and ALAE for accident years before 2014 587 Net unpaid losses and ALAE $ 21,230 * Unaudited required supplemental information BHRG We use a variety of methodologies to establish BHRG’s estimates for property and casualty claim liabilities. These methodologies include paid and incurred loss development techniques, incurred and paid loss Bornhuetter-Ferguson techniques and frequency and severity techniques, as well as ground-up techniques when appropriate. Notes to Consolidated Financial Statements (16) Unpaid losses and loss adjustment expenses Our claim liabilities are principally a function of reported losses from ceding companies, case development and IBNR liability estimates. Case loss estimates are reported either individually or in bulk as provided under the terms of the contracts. We may independently evaluate case losses reported by the ceding company, and if deemed appropriate, establish additional case liabilities based on our estimates. Estimated IBNR liabilities are affected by expected case loss emergence patterns and expected loss ratios, which are evaluated as groups of contracts with similar exposures or on a contract-by-contract basis. Estimated case and IBNR liabilities for major catastrophe events are generally based on a per-contract assessment of the ultimate cost associated with the individual loss event. Claim count data is not provided consistently by ceding companies under our contracts or is otherwise considered unreliable. Net incurred and paid losses and ALAE of BHRG are disaggregated based on losses that are expected to have shorter claim-tails (property) and losses expected to have longer claim-tails (casualty). Under certain contracts, the coverage can apply to multiple lines of business written by the ceding company, whether property, casualty or combined, and the ceding company may not report loss data by such lines consistently, if at all. In those instances, we allocated losses to property and casualty coverages based on internal estimates. BHRG’s disaggregated incurred and paid losses and ALAE are summarized by accident year. IBNR and case development liabilities are as of December 31, 2023. Dollars are in millions. Property Incurred Losses and ALAE through December 31, Accident 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023 IBNR and Case 2014 $ 3,095 $ 2,849 $ 2,725 $ 2,567 $ 2,508 $ 2,432 $ 2,400 $ 2,393 $ 2,373 $ 2,376 $ 27 2015 3,605 3,414 2,847 3,237 3,232 3,253 3,255 3,248 3,272 60 2016 3,926 4,515 4,192 4,155 4,150 4,139 4,117 4,106 26 2017 6,397 6,096 5,918 5,791 5,713 5,631 5,612 64 2018 5,486 5,579 5,437 5,293 5,299 5,249 172 2019 4,986 5,129 4,901 4,574 4,527 162 2020 6,928 7,208 6,876 6,657 610 2021 8,103 7,976 7,640 896 2022 8,880 8,453 2,228 2023 7,993 4,140 Incurred losses and ALAE $ 55,885 Cumulative Paid Losses and ALAE through December 31, Accident 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023 2014 $ 572 $ 1,520 $ 1,899 $ 2,059 $ 2,135 $ 2,187 $ 2,218 $ 2,242 $ 2,272 $ 2,295 2015 671 1,804 2,210 2,429 2,538 2,721 2,807 2,860 2,933 2016 915 2,214 2,677 3,167 3,436 3,632 3,741 3,820 2017 1,348 3,508 4,583 4,936 5,171 5,364 5,454 2018 1,208 3,093 3,735 4,020 4,265 4,473 2019 1,012 2,848 3,566 3,898 4,058 2020 1,255 3,584 4,634 5,298 2021 1,624 4,095 5,414 2022 1,814 4,333 2023 1,777 Paid losses and ALAE 39,855 Net unpaid losses and ALAE for 2014 – 2023 accident years 16,030 Net unpaid losses and ALAE for accident years before 2014 469 Net unpaid losses and ALAE $ 16,499 * Unaudited required supplemental information Notes to Consolidated Financial Statements (16) Unpaid losses and loss adjustment expenses Casualty Incurred Losses and ALAE through December 31, Accident 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023 IBNR and Case 2014 $ 3,507 $ 3,672 $ 3,619 $ 3,557 $ 3,456 $ 3,472 $ 3,446 $ 3,334 $ 3,298 $ 3,265 $ 424 2015 3,422 3,628 3,668 3,580 3,438 3,401 3,364 3,310 3,312 373 2016 3,788 3,998 3,902 3,870 3,819 3,775 3,746 3,773 416 2017 4,039 4,474 4,351 4,244 4,176 4,165 4,222 547 2018 4,886 5,537 5,489 5,358 5,285 5,370 756 2019 5,572 6,043 5,902 5,736 5,695 1,228 2020 6,214 6,231 6,047 6,093 1,750 2021 6,310 6,285 5,957 2,299 2022 6,061 6,112 3,505 2023 6,071 4,656 Incurred losses and ALAE $ 49,870 Cumulative Paid Losses and ALAE through December 31, Accident 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023 2014 $ 429 $ 1,002 $ 1,390 $ 1,662 $ 1,917 $ 2,103 $ 2,311 $ 2,405 $ 2,493 $ 2,560 2015 446 995 1,431 1,731 2,003 2,197 2,345 2,481 2,590 2016 654 1,359 1,801 2,149 2,420 2,613 2,789 2,963 2017 607 1,311 1,829 2,478 2,727 2,945 3,171 2018 695 1,742 2,792 3,258 3,637 3,954 2019 841 1,872 2,423 3,190 3,736 2020 868 1,905 2,715 3,379 2021 766 1,785 2,661 2022 622 1,338 2023 692 Paid losses and ALAE 27,044 Net unpaid losses and ALAE for 2014 – 2023 accident years 22,826 Net unpaid losses and ALAE for accident years before 2014 9,567 Net unpaid losses and ALAE $ 32,393 * Unaudited required supplemental information Required supplemental unaudited average historical claims duration information based on the net losses and ALAE incurred and paid accident year data in the preceding tables follows. The percentages show the average portions of net losses and ALAE paid by each succeeding year, with year 1 representing the current accident year. Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance In Year 1 2 3 4 5 6 7 8 9 10 GEICO Physical Damage 97 % 3 % GEICO Auto Liability 41 % 31 % 13 % 7 % 4 % BH Primary Medical Professional Liability 2 % 8 % 12 % 14 % 13 % 12 % 8 % 6 % 5 % 3 % BH Primary Workers’ Compensation and Other Casualty 15 % 18 % 14 % 13 % 9 % 6 % 5 % 3 % 1 % 2 % BHRG Property 22 % 35 % 15 % 8 % 4 % 4 % 2 % 2 % 2 % 1 % BHRG Casualty 14 % 17 % 13 % 11 % 8 % 6 % 5 % 4 % 3 % 2 % |
Retroactive reinsurance contrac
Retroactive reinsurance contracts | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Retroactive reinsurance contracts | (17) Retroactive reinsurance contracts Retroactive reinsurance policies provide indemnification of losses and loss adjustment expenses of short-duration insurance contracts with respect to underlying loss events that occurred prior to the contract inception date, which may include significant levels of asbestos, environmental and other mass tort claims. Retroactive reinsurance contracts are generally subject to aggregate policy limits and thus, our exposure to such claims under these contracts is likewise limited. Reconciliations of the changes in estimated liabilities for retroactive reinsurance unpaid losses and loss adjustment expenses for each of the three years ended December 31, 2023 follow (in millions). 2023 2022 2021 Balance at the beginning of the year $ 35,415 $ 37,855 $ 40,623 Incurred losses and loss adjustment expenses: Current year contracts — — 153 Prior years’ contracts 1,109 86 ( 974 ) Total 1,109 86 ( 821 ) Paid losses and loss adjustment expenses ( 1,934 ) ( 2,358 ) ( 1,889 ) Foreign currency effect 57 ( 168 ) ( 58 ) Balance at December 31 $ 34,647 $ 35,415 $ 37,855 Incurred losses and loss adjustment expenses above $ 1,109 $ 86 $ ( 821 ) Deferred charge amortization and adjustments 375 769 1,802 Incurred losses and loss adjustment expenses included in the Consolidated $ 1,484 $ 855 $ 981 In the preceding table, the classification of incurred losses and loss adjustment expenses is based on the inception dates of the contracts, which reflect when our exposure to losses began. We believe that analysis of losses incurred and paid by accident year of the underlying event is irrelevant given that our exposure to losses incepts when the contract incepts and that the classification of reported claims and case development liabilities has little or no practical analytical value. Incurred losses and loss adjustment expenses in the Consolidated Statements of Earnings include changes in estimated liabilities and related deferred charge asset amortization and adjustments arising from the changes in estimated timing and amount of future loss payments. In 2023, we increased estimated ultimate liabilities under certain contracts by $ 1.1 billion, which after adjustments to related deferred charge assets, produced an increase in incurred losses and loss adjustment expenses of approximately $ 650 million. The increase derived from higher estimates for asbestos, environmental and other casualty claims. Unamortized deferred charges on retroactive reinsurance contracts were $ 9.5 billion at December 31, 2023 and $ 9.9 billion at December 31, 2022. In establishing retroactive reinsurance claim liabilities, we analyze historical aggregate loss payment patterns and project losses into the future under various probability-weighted scenarios. We expect the claim-tail to be very long for many contracts, with some lasting several decades. We monitor claim payment activity and review ceding company reports and other information concerning the underlying losses. We revise the expected timing and amounts of ultimate losses periodically or when significant events are revealed. We monitor evolving case law and its effect on asbestos, environmental and other mass tort claims. Changing laws or government regulations, as well as newly identified toxins and injury events, newly reported claims, new theories of liability, new contract interpretations and other factors could result in increases in these liabilities, which could be material to our results of operations. We are unable to reliably estimate the amount of additional net loss or the range of net loss that is reasonably possible. Our e stimates of ultimate liabilities for asbestos and environmental exposures under our contracts were approximately $ 12.2 billion at December 31, 2023 and $ 12.1 billion at December 31, 2022. |
Long-duration insurance contrac
Long-duration insurance contracts | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Long-duration insurance contracts | (18) Long-duration insurance contracts We write periodic payment annuity and life and health insurance contracts, which are considered long-duration insurance contracts under GAAP. A summary of our life, annuity and health insurance benefits liabilities disaggregated by our two primary product categories, periodic payment annuities and life and health insurance, and other liabilities, which primarily consist of incurred-but-not-reported claims and claims in the course of settlement, follows (in millions). December 31, 2023 2022 2021 Periodic payment annuities $ 11,212 $ 10,640 $ 16,153 Life and health 5,749 5,879 7,688 Other liabilities 3,252 3,234 3,454 $ 20,213 $ 19,753 $ 27,295 Reconciliations of our periodic payment annuity and life and health insurance benefits liabilities before ceded reinsurance for each of the three years ended December 31, 2023 follow (in millions). This information reflects the changes in discounted present values of expected future policy benefits and expected future net premiums. Net premiums represent the portion of expected gross premiums that are required to provide for future policy benefits and variable expenses. Periodic payment annuities Life and health 2023 2022 2021 2023 2022 2021 Expected future policy benefits: Balance at the beginning of the year $ 10,640 $ 16,153 $ 17,122 $ 52,008 $ 63,648 $ 66,528 Balance at the beginning of the year - original discount rates 11,549 11,261 10,569 63,584 60,133 58,247 Effect of cash flow assumption changes — — — ( 829 ) 2,261 ( 354 ) Effect of actual from expected experience 5 121 8 ( 352 ) 927 1,011 Change in benefits, net ( 470 ) ( 297 ) 138 1,616 671 394 Interest accrual 537 535 528 1,787 1,644 1,670 Foreign currency effect 60 ( 71 ) 18 65 ( 2,052 ) ( 835 ) Balance at December 31 - original discount rates 11,681 11,549 11,261 65,871 63,584 60,133 Effect of changes in discount rate assumptions ( 469 ) ( 909 ) 4,892 ( 13,206 ) ( 11,576 ) 3,515 Balance at December 31 $ 11,212 $ 10,640 $ 16,153 $ 52,665 $ 52,008 $ 63,648 Expected future net premiums: Balance at the beginning of the year $ 46,129 $ 55,960 $ 58,198 Balance at the beginning of the year - original discount rates 56,535 53,277 51,370 Effect of cash flow assumption changes ( 880 ) 2,163 ( 270 ) Effect of actual from expected experience ( 181 ) 676 572 Change in premiums, net 1,645 928 908 Interest accrual 1,566 1,434 1,444 Foreign currency effect 46 ( 1,943 ) ( 747 ) Balance at December 31 - original discount rates 58,731 56,535 53,277 Effect of changes in discount rate assumptions ( 11,815 ) ( 10,406 ) 2,683 Balance at December 31 $ 46,916 $ 46,129 $ 55,960 Liability for future policy benefits: Balance at December 31 $ 11,212 $ 10,640 $ 16,153 $ 5,749 $ 5,879 $ 7,688 Reinsurance recoverables — — — ( 1,571 ) ( 1,559 ) ( 2,152 ) Balance at December 31, $ 11,212 $ 10,640 $ 16,153 $ 4,178 $ 4,320 $ 5,536 Notes to Consolidated Financial Statements (18) Long-duration insurance contracts The undiscounted and discounted expected future gross premiums to be collected and undiscounted expected future benefits for periodic payment annuities and life and health insurance as of December 31, 2023, 2022 and 2021 are summarized below (in millions). Undiscounted expected Discounted expected Undiscounted expected 2023 2022 2021 2023 2022 2021 2023 2022 2021 Periodic payment annuities $ — $ — $ — $ — $ — $ — $ 31,066 $ 31,156 $ 30,260 Life and health 117,078 109,321 102,768 66,692 66,460 64,378 111,630 104,544 98,224 Gross premiums earned on long-duration contracts are included in insurance premiums earned, and interest expense on long-duration insurance contracts is included as a component of life, annuity and health benefits in our Consolidated Statements of Earnings. Gross premiums earned and interest expense before the impact of reinsurance ceded for each of the three years ended December 31, 2023 follow (in millions). Gross Premiums Interest Expense 2023 2022 2021 2023 2022 2021 Periodic payment annuities $ — $ 582 $ 655 $ 537 $ 535 $ 528 Life and health 3,627 3,760 3,906 221 210 226 The weighted average discount rates, interest accretion rates and the average contract durations as of December 31, 2023, 2022 and 2021 for periodic payment annuities and life and health insurance are summarized below. 2023 2022 2021 Periodic payment annuities Weighted average discount rate 5.1 % 5.3 % 2.7 % Weighted average accretion rate 4.8 % 4.8 % 4.9 % Weighted average duration 18 years 17 years 22 years Life and health Weighted average discount rate 5.1 % 4.7 % 2.4 % Weighted average accretion rate 3.3 % 3.4 % 3.4 % Weighted average duration 13 years 14 years 15 years |
Notes payable and other borrowi
Notes payable and other borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Notes payable and other borrowings | (19) Notes payable and other borrowings Notes payable and other borrowings of our insurance and other businesses are summarized below (dollars are in millions). The weighted average interest rates and maturity date ranges are based on borrowings as of December 31, 2023. Weighted Average December 31, Interest Rate 2023 2022 Insurance and other: Berkshire Hathaway Inc. (“Berkshire”): U.S. Dollar denominated due 2025 - 2047 3.5 % $ 3,740 $ 6,231 Euro denominated due 2024 - 2041 1.1 % 6,145 7,344 Japanese Yen denominated due 2024 - 2060 0.8 % 8,896 7,818 Berkshire Hathaway Finance Corporation (“BHFC”): U.S. Dollar denominated due 2027 - 2052 3.6 % 14,463 14,458 Great Britain Pound denominated due 2039 - 2059 2.5 % 2,191 2,078 Euro denominated due 2030 - 2034 1.8 % 1,374 1,332 Other subsidiary borrowings due 2024 - 2051 4.5 % 4,696 5,967 Short-term subsidiary borrowings 7.3 % 1,187 1,310 $ 42,692 $ 46,538 Notes to Consolidated Financial Statements (19) Notes payable and other borrowings Berkshire parent company borrowings consist of senior unsecured debt. During 2023, Berkshire repaid approximately $ 4.3 billion of maturing senior notes and issued ¥ 286.4 billion par (approximately $ 2.05 billion) of senior notes with a weighted average interest rate of 1.15 % and maturity dates ranging from 2026 to 2058 . Borrowings of BHFC, a wholly owned finance subsidiary of Berkshire, consist of senior unsecured notes used to fund manufactured housing loans originated or acquired and equipment held for lease of certain subsidiaries. BHFC borrowings are fully and unconditionally guaranteed by Berkshire. Berkshire also guarantees certain debt of other subsidiaries, aggregating approximately $ 2.7 billion at December 31, 2023. Generally, Berkshire’s guarantee of a subsidiary’s debt obligation is an absolute, unconditional and irrevocable guarantee for the full and prompt payment when due of all payment obligations. The carrying values of Berkshire and BHFC non-U.S. Dollar denominated senior notes (€ 6.85 billion, £ 1.75 billion and ¥ 1,259 billion par at December 31, 2023) reflect the applicable exchange rates as of each balance sheet date. The effects of changes in foreign currency exchange rates during the period on our borrowings are recorded in earnings as a component of selling, general and administrative expenses. Changes in the exchange rates produced pre-tax gains of $ 217 million in 2023, $ 1.7 billion in 2022 and $ 1.3 billion in 2021. Notes payable and other borrowings of our railroad, utilities and energy businesses are summarized below (dollars are in millions). The weighted average interest rates and maturity date ranges are based on borrowings as of December 31, 2023. Weighted Average December 31, Interest Rate 2023 2022 Railroad, utilities and energy: Berkshire Hathaway Energy Company (“BHE”) and subsidiaries: BHE senior unsecured debt due 2025 - 2053 4.4 % $ 13,101 $ 13,996 Subsidiary and other debt due 2024 - 2064 4.4 % 39,072 37,639 Short-term borrowings 5.9 % 4,148 1,119 Pilot Travel Centers (“PTC”) and subsidiaries due 2024 - 2028 7.2 % 5,776 — Burlington Northern Santa Fe (“BNSF”) and subsidiaries due 2024 - 2097 4.6 % 23,482 23,452 $ 85,579 $ 76,206 BHE subsidiary debt represents amounts issued pursuant to separate financing agreements. Substantially all of the assets of certain BHE subsidiaries are, or may be, pledged or encumbered to support or otherwise secure such debt. These borrowing arrangements generally contain various covenants, including covenants which pertain to leverage ratios, interest coverage ratios and/or debt service coverage ratios. In 2023, BHE subsidiaries issued $ 4.2 billion par of term debt with a weighted average interest rate of 5.7 % and maturity dates ranging from 2033 to 2055 , and BHE and its subsidiaries repaid approximately $ 3.7 billion of term debt. In 2024, BHE subsidiaries issued $ 5.1 billion of term debt with a weighted average interest rate of 5.4 % and maturity dates ranging from 2029 to 2055 and repaid short term borrowings of approximately $ 2.8 billion. PTC’s borrowings primarily represent secured syndicated loans. BNSF’s borrowings are primarily senior unsecured debentures. During 2023, BNSF issued $ 1.6 billion par of 5.2 % debentures due in 2054 and repaid approximately $ 1.6 billion of term debt. As of December 31, 2023, BHE, BNSF and PTC and their subsidiaries were in compliance with all applicable debt covenants. Berkshire does not guarantee any debt, borrowings or lines of credit of BHE, BNSF, PTC or their subsidiaries. Unused lines of credit and commercial paper capacity to support operations and provide additional liquidity for our subsidiaries were approximately $ 9.4 billion at December 31, 2023, of which approximately $ 6.0 billion related to BHE and its subsidiaries. Debt principal repayments expected during each of the next five years are as follows (in millions). Amounts in 2024 include short-term borrowings. 2024 2025 2026 2027 2028 Insurance and other $ 3,295 $ 3,076 $ 4,499 $ 2,877 $ 1,413 Railroad, utilities and energy 10,564 3,972 1,554 1,672 5,020 $ 13,859 $ 7,048 $ 6,053 $ 4,549 $ 6,433 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income taxes | (20) Income taxes Liabilities for income taxes reflected in our Consolidated Balance Sheets are as follows (in millions). December 31, 2023 2022 Currently payable $ 185 $ 511 Deferred 92,344 76,417 Other 480 440 $ 93,009 $ 77,368 The tax effects of temporary differences that pertain to our deferred income tax assets and liabilities are shown below (in millions). December 31, 2023 2022 Deferred income tax liabilities: Investments, including unrealized appreciation $ 56,766 $ 41,150 Deferred charges reinsurance assumed 1,994 2,073 Property, plant and equipment and equipment held for lease 32,991 32,080 Goodwill and other intangible assets 7,546 7,010 Other 4,452 5,162 103,749 87,475 Deferred income tax assets: Unpaid losses and loss adjustment expenses ( 1,255 ) ( 1,290 ) Unearned premiums ( 1,285 ) ( 1,196 ) Accrued liabilities ( 2,626 ) ( 1,790 ) Regulatory liabilities ( 1,248 ) ( 1,323 ) Deferred revenue ( 2,282 ) ( 1,880 ) Other ( 2,709 ) ( 3,579 ) ( 11,405 ) ( 11,058 ) Net deferred income tax liability $ 92,344 $ 76,417 We have not established deferred income taxes on accumulated undistributed earnings of certain foreign subsidiaries, which are expected to be reinvested indefinitely. Repatriation of all accumulated earnings of foreign subsidiaries would be impracticable to the extent that such earnings represent capital to support ongoing business operations. Generally, no U.S. federal income taxes will be imposed on future distributions of foreign earnings under current law. However, distributions to the U.S. or other foreign jurisdictions could be subject to withholding and other local taxes. Income tax expense (benefit) reflected in our Consolidated Statements of Earnings for each of the three years ending December 31, 2023 was as follows (in millions). 2023 2022 2021 U.S. Federal $ 20,764 $ ( 10,316 ) $ 20,384 U.S. State 763 762 ( 527 ) Foreign 1,492 1,052 1,055 $ 23,019 $ ( 8,502 ) $ 20,912 Current $ 7,642 $ 4,815 $ 5,326 Deferred 15,377 ( 13,317 ) 15,586 $ 23,019 $ ( 8,502 ) $ 20,912 Notes to Consolidated Financial Statements (20) Income taxes Income tax expense (benefit) is reconciled to hypothetical amounts computed at the U.S. federal statutory rate for each of the three years ending December 31, 2023 in the table below (dollars in millions). 2023 2022 2021 Earnings (loss) before income taxes $ 120,166 $ ( 30,500 ) $ 111,861 Hypothetical income tax expense (benefit) at the U.S. federal statutory rate $ 25,235 $ ( 6,405 ) $ 23,491 Dividends received deduction and tax-exempt interest ( 678 ) ( 512 ) ( 457 ) State income taxes, less U.S. federal income tax effect 603 602 ( 417 ) U.S. income tax credits* ( 2,186 ) ( 2,187 ) ( 1,860 ) Other differences, net 45 — 155 $ 23,019 $ ( 8,502 ) $ 20,912 Effective income tax rate 19.2 % 27.9 % 18.7 % * U.S. income tax credits derive primarily from production tax credits associated with wind-energy generation of BHE and tax credits arising from affordable housing investments. We file income tax returns in the U.S. and in state, local and foreign jurisdictions. We have settled income tax liabilities with the U.S. federal taxing authority (“IRS”) for tax years through 2011 . The 2012 and 2013 tax years are under review by the IRS’s Independent Office of Appeals, and the IRS is currently auditing tax years 2014 through 2019 . We are also under audit or subject to audit with respect to income taxes in state and foreign jurisdictions. It is reasonably possible that certain of these income tax examinations will be settled in 2024 . We currently do not believe that the outcome of unresolved issues or claims will be material to our Consolidated Financial Statements. At December 31, 2023 and 2022, net unrecognized tax benefits were $ 480 million and $ 440 million, respectively. Included in the balance at December 31, 2023, were $ 420 million of tax positions that, if recognized, would impact the effective tax rate. We do not expect material increases to the estimated amount of unrecognized tax benefits during 2024. On August 16, 2022, the Inflation Reduction Act of 2022 (“the 2022 Act”) was signed into law. The 2022 Act contains numerous provisions, including a 15% corporate alternative minimum income tax (“CAMT”) on “adjusted financial statement income”, expanded tax credits for clean energy incentives and a 1% excise tax on corporate stock repurchases. The provisions of the 2022 Act are effective for tax years beginning after December 31, 2022. The extent to which the Company incurs CAMT will depend on the facts and circumstances of the given tax year. We do not expect to incur a CAMT liability in 2023. The Internal Revenue Service and the U.S. Department of Treasury may release additional guidance in the future. We will continue to evaluate the impact of the 2022 Act as more guidance becomes available. The Organization for Economic Co-operation and Development has issued Pillar Two model rules introducing a new global minimum tax of 15% intended to be effective on January 1, 2024. While the U.S. has not yet adopted the Pillar Two rules, various other governments around the world are enacting legislation. As currently designed, Pillar Two will ultimately apply to our worldwide operations. Considering we do not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum, these rules are not expected to materially increase our global tax costs. There remains uncertainty as to the final Pillar Two model rules. We will continue to monitor U.S. and global legislative action related to Pillar Two for potential impacts. |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | (21) Fair value measurements Our financial assets and liabilities are summarized below, with fair values shown according to the fair value hierarchy (in millions). The carrying values of cash and cash equivalents, U.S. Treasury Bills, other receivables and accounts payable, accruals and other liabilities are considered to be reasonable estimates of or otherwise approximate the fair values. Carrying Fair Value Quoted Significant Significant December 31, 2023 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and $ 10,269 $ 10,269 $ 10,234 $ 35 $ — Foreign governments 11,805 11,805 11,559 246 — Corporate bonds 1,449 1,449 — 860 589 Other 235 235 — 235 — Investments in equity securities 353,842 353,842 343,358 10 10,474 Investments in Kraft Heinz & Occidental common 28,640 26,587 26,587 — — Loans and finance receivables 24,681 24,190 — 892 23,298 Derivative contract assets (1) 334 334 39 282 13 Derivative contract liabilities (1) 213 213 7 111 95 Notes payable and other borrowings: Insurance and other 42,692 39,184 — 39,153 31 Railroad, utilities and energy 85,579 81,036 — 81,036 — December 31, 2022 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and $ 9,802 $ 9,802 $ 9,733 $ 69 $ — Foreign governments 10,327 10,327 9,854 473 — Corporate bonds 2,195 2,195 — 1,546 649 Other 2,804 2,804 — 2,804 — Investments in equity securities 308,793 308,793 296,610 9 12,174 Investments in Kraft Heinz & Occidental common 24,421 25,491 25,491 — — Loans and finance receivables 23,208 23,428 — 1,513 21,915 Derivative contract assets (1) 589 589 56 474 59 Derivative contract liabilities (1) 242 242 8 122 112 Notes payable and other borrowings: Insurance and other 46,538 41,961 — 41,061 900 Railroad, utilities and energy 76,206 67,651 — 67,651 — (1) Assets are included in other assets, and liabilities are included in accounts payable, accruals and other liabilities. Notes to Consolidated Financial Statements (21) Fair value measurements The fair values of substantially all of our financial instruments were measured using market or income approaches. The hierarchy for measuring fair value consists of Levels 1 through 3, which are described below. Level 1 – Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets. Level 2 – Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar assets or liabilities exchanged in active or inactive markets; quoted prices for identical assets or liabilities exchanged in inactive markets; other inputs that may be considered in fair value determinations of the assets or liabilities, such as interest rates and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Pricing evaluations generally reflect discounted expected future cash flows, which incorporate yield curves for instruments with similar characteristics, such as credit ratings, estimated durations and yields for other instruments of the issuer or entities in the same industry sector. Level 3 – Inputs include unobservable inputs used in the measurement of assets and liabilities. Management is required to use its own assumptions regarding unobservable inputs because there is little, if any, market activity in the assets or liabilities and it may be unable to corroborate the related observable inputs. Unobservable inputs require management to make certain projections and assumptions about the information that would be used by market participants in valuing assets or liabilities. Reconciliations of significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for each of the three years ending December 31, 2023 follow (in millions). Balance at the Gains (losses) included in earnings Acquisitions, Transfers out of Level 3 Balance at the Investments in equity securities : 2023 $ 12,169 $ ( 40 ) $ ( 1,661 ) $ — $ 10,468 2022 11,480 689 — — 12,169 2021 8,978 1,902 1,100 ( 500 ) 11,480 Equity index put option contract liabilities : 2021 ( 1,065 ) 966 — 99 — Quantitative information as of December 31, 2023 for the significant assets measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follows (dollars in millions). Fair Principal Unobservable Weighted Investments in equity securities: Preferred stock $ 8,688 Discounted cash flow Expected duration 6 years Discount for transferability restrictions and subordination 372 bps Common stock warrants 1,780 Warrant pricing model Expected duration 6 years Volatility 41 % Notes to Consolidated Financial Statements (21) Fair value measurements Investments in equity securities in the preceding table include our investments in certain preferred and common stock warrants that do not have readily determinable market values as defined under GAAP. These investments are private placements with contractual terms that restrict transfers and currently prevent us from economically hedging our investments. We applied discounted cash flow techniques in valuing the preferred stock and we made assumptions regarding the expected duration of the investment and the effects of subordination in liquidation. In valuing the common stock warrants, we used a warrant valuation model. While most of the inputs to the warrant model are observable, we made assumptions regarding the expected duration and volatility. |
Common stock
Common stock | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Common stock | (22) Common stock The changes in Berkshire’s issued, treasury and outstanding common stock for each of the three years ending December 31, 2023 are shown in the table below. In addition, 1,000,000 shares of preferred stock are authorized, but none are issued. Class A, $ 5 Par Value 1,650,000 shares authorized) Class B, $ 0.0033 Par Value 3,225,000,000 shares authorized) Issued Treasury Outstanding Issued Treasury Outstanding Balance at December 31, 2020 678,523 ( 34,592 ) 643,931 1,469,359,852 ( 119,316,381 ) 1,350,043,471 Conversions of Class A to ( 12,622 ) — ( 12,622 ) 18,933,000 — 18,933,000 Treasury stock acquired — ( 14,196 ) ( 14,196 ) — ( 78,501,968 ) ( 78,501,968 ) Balance at December 31, 2021 665,901 ( 48,788 ) 617,113 1,488,292,852 ( 197,818,349 ) 1,290,474,503 Conversions of Class A to ( 14,451 ) — ( 14,451 ) 21,676,500 — 21,676,500 Treasury stock acquired — ( 11,098 ) ( 11,098 ) — ( 9,896,927 ) ( 9,896,927 ) Balance at December 31, 2022 651,450 ( 59,886 ) 591,564 1,509,969,352 ( 207,715,276 ) 1,302,254,076 Conversions of Class A to ( 12,122 ) — ( 12,122 ) 18,183,000 — 18,183,000 Treasury stock acquired — ( 11,667 ) ( 11,667 ) — ( 9,875,568 ) ( 9,875,568 ) Balance at December 31, 2023 639,328 ( 71,553 ) 567,775 1,528,152,352 ( 217,590,844 ) 1,310,561,508 Each Class A common share is entitled to one vote per share. Class B common stock possesses dividend and distribution rights equal to one-fifteen-hundredth (1/1,500) of such rights of Class A common stock. Each Class B common share possesses voting rights equal to one-ten-thousandth (1/10,000) of the voting rights of a Class A share. Unless otherwise required under Delaware General Corporation Law, Class A and Class B common shares vote as a single class. Each share of Class A common stock is convertible, at the option of the holder, into 1,500 shares of Class B common stock. Class B common stock is not convertible into Class A common stock. On an equivalent Class A common stock basis, there were 1,441,483 shares outstanding as of December 31, 2023 and 1,459,733 shares outstanding as of December 31, 2022. Since we have two classes of common stock, we provide earnings per share data on the Consolidated Statements of Earnings for average equivalent Class A shares outstanding and average equivalent Class B shares outstanding. Class B shares are economically equivalent to one-fifteen-hundredth ( 1/1,500 ) of a Class A share. Average equivalent Class A shares outstanding represents average Class A shares outstanding plus one-fifteen-hundredth ( 1/1,500 ) of the average Class B shares outstanding. Average equivalent Class B shares outstanding represents average Class B shares outstanding plus 1,500 times average Class A shares outstanding. Berkshire’s common stock repurchase program, as amended, permits Berkshire to repurchase shares any time that Warren Buffett, Berkshire’s Chairman of the Board and Chief Executive Officer, believes that the repurchase price is below Berkshire’s intrinsic value, conservatively determined. The program continues to allow share repurchases in the open market or through privately negotiated transactions and does not specify a maximum number of shares to be repurchased. However, repurchases will not be made if they would reduce the total value of Berkshire’s consolidated cash, cash equivalents and U.S. Treasury Bill holdings below $ 30 billion. The repurchase program does not obligate Berkshire to repurchase any specific dollar amount or number of Class A or Class B shares and there is no expiration date to the program. |
Revenues from contracts with cu
Revenues from contracts with customers | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from contracts with customers | (23) Revenues from contracts with customers The following table summarizes customer contract revenues disaggregated by reportable segment and the source of the revenue for each of the three years ended December 31, 2023 (in millions). Revenues from PTC in 2023 are for the eleven months ending December 31, 2023. Other revenues, which are not considered to be revenues from contracts with customers under GAAP, are primarily insurance premiums earned, interest, dividend and other investment income and leasing revenues. 2023 Manufacturing McLane Service and BNSF Berkshire PTC Insurance, Total Manufactured products: Industrial and commercial $ 28,066 $ — $ 233 $ — $ — $ — $ — $ 28,299 Building 20,119 — — — — — — 20,119 Consumer 17,702 — — — — — — 17,702 Grocery and convenience store distribution — 31,524 — — — — — 31,524 Food and beverage distribution — 19,040 — — — — — 19,040 Auto sales — — 10,747 — — — — 10,747 Other retail and wholesale distribution 3,289 — 16,289 — — 2,423 — 22,001 Service 1,457 1,079 5,474 23,724 4,055 264 — 36,053 Electricity, natural gas and fuel — — — — 20,647 48,774 — 69,421 Total 70,633 51,643 32,743 23,724 24,702 51,461 — 254,906 Other revenues 4,650 171 7,136 67 1,258 203 96,091 109,576 $ 75,283 $ 51,814 $ 39,879 $ 23,791 $ 25,960 $ 51,664 $ 96,091 $ 364,482 2022 Manufactured products: Industrial and commercial $ 24,566 $ — $ 199 $ — $ — $ — $ 24,765 Building 22,762 — — — — — 22,762 Consumer 19,912 — — — — — 19,912 Grocery and convenience store distribution — 32,599 — — — — 32,599 Food and beverage distribution — 19,388 — — — — 19,388 Auto sales — — 10,486 — — — 10,486 Other retail and wholesale distribution 3,195 — 16,931 — — — 20,126 Service 1,199 1,103 4,439 25,742 4,933 — 37,416 Electricity and natural gas — — — — 20,317 — 20,317 Total 71,634 53,090 32,055 25,742 25,250 — 207,771 Other revenues 4,016 119 6,154 60 1,097 82,803 94,249 $ 75,650 $ 53,209 $ 38,209 $ 25,802 $ 26,347 $ 82,803 $ 302,020 2021 Manufactured products: Industrial and commercial $ 22,184 $ — $ 159 $ — $ — $ — $ 22,343 Building 19,604 — — — — — 19,604 Consumer 18,540 — — — — — 18,540 Grocery and convenience store distribution — 31,245 — — — — 31,245 Food and beverage distribution — 17,332 — — — — 17,332 Auto sales — — 9,966 — — — 9,966 Other retail and wholesale distribution 2,997 — 15,898 — — — 18,895 Service 1,486 751 4,123 23,120 5,583 — 35,063 Electricity and natural gas — — — — 18,264 — 18,264 Total 64,811 49,328 30,146 23,120 23,847 — 191,252 Other revenues 3,766 122 4,601 57 1,205 75,182 84,933 $ 68,577 $ 49,450 $ 34,747 $ 23,177 $ 25,052 $ 75,182 $ 276,185 Notes to Consolidated Financial Statements (23) Revenues from contracts with customers A summary of the transaction price allocated to the significant unsatisfied remaining performance obligations related to contracts with expected durations exceeding one year as of December 31, 2023 and the timing of when the performance obligations are expected to be satisfied follows (in millions). Less than Greater than Total Electricity, natural gas and fuel $ 3,039 $ 20,019 $ 23,058 Other sales and service contracts 3,163 5,181 8,344 |
Pension plans
Pension plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pension plans | (24) Pension plans Certain Berkshire subsidiaries sponsor defined benefit pension plans. Benefits under the plans are generally based on years of service and compensation or fixed benefit rates. Plan sponsors may make contributions to the plans to meet regulatory requirements and may also make discretionary contributions. Our net periodic pension expense for each of the three years ending December 31, 2023 was as follows (in millions). 2023 2022 2021 Service cost $ 111 $ 181 $ 257 Interest cost 640 482 410 Expected return on plan assets ( 785 ) ( 975 ) ( 1,008 ) Other 2 156 203 Net periodic pension expense $ ( 32 ) $ ( 156 ) $ ( 138 ) The projected benefit obligation (“PBO”) is the actuarial present value of benefits earned based upon service and compensation prior to the valuation date and, if applicable, includes assumptions regarding future compensation levels. Benefit obligations under qualified U.S. defined benefit pension plans are funded through assets held in trusts. Pension obligations under certain other plans are unfunded and the aggregate PBOs of such plans were $ 1.0 billion and $ 1.1 billion as of December 31, 2023 and 2022, respectively. The costs of certain BHE pension plans are expected to be recoverable through the regulated rate making process. The funded status reflected in the Consolidated Balance Sheets at year end 2023 and 2022 and reconciliations of the changes in PBOs and plan assets related to BHE’s pension plans and all other pension plans for each of the two years ending December 31, 2023 follow (in millions). 2023 2022 BHE Other Total BHE Other Total PBOs Balance at the beginning of the year $ 3,215 $ 9,523 $ 12,738 $ 4,780 $ 14,012 $ 18,792 Service cost 21 90 111 36 145 181 Interest cost 167 473 640 118 364 482 Benefits paid ( 274 ) ( 578 ) ( 852 ) ( 250 ) ( 585 ) ( 835 ) Settlements paid — ( 448 ) ( 448 ) ( 164 ) ( 678 ) ( 842 ) Actuarial (gains) losses and other 140 438 578 ( 1,305 ) ( 3,735 ) ( 5,040 ) Balance at the end of the year $ 3,269 $ 9,498 $ 12,767 $ 3,215 $ 9,523 $ 12,738 Plan assets Balance at the beginning of the year $ 3,376 $ 9,216 $ 12,592 $ 5,158 $ 13,462 $ 18,620 Employer contributions 27 118 145 29 133 162 Benefits paid ( 274 ) ( 578 ) ( 852 ) ( 250 ) ( 585 ) ( 835 ) Settlements paid — ( 448 ) ( 448 ) ( 164 ) ( 678 ) ( 842 ) Actual return on plan assets 271 1,512 1,783 ( 1,162 ) ( 2,971 ) ( 4,133 ) Other 71 88 159 ( 235 ) ( 145 ) ( 380 ) Balance at the end of the year $ 3,471 $ 9,908 $ 13,379 $ 3,376 $ 9,216 $ 12,592 Funded status – net (asset) liability $ ( 202 ) $ ( 410 ) $ ( 612 ) $ ( 161 ) $ 307 $ 146 Notes to Consolidated Financial Statements (24) Pension plans The funded status at December 31, 2023 reflected in assets was $ 1,823 million and in liabilities was $ 1,211 million. The funded status at December 31, 2022 included in assets was $ 1,510 million and in liabilities was $ 1,656 million. The accumulated benefit obligation (“ABO”) is the actuarial present value of benefits earned based on service and compensation prior to the valuation date. The ABO was $ 12.3 billion at December 31, 2023 and $ 12.2 billion at December 31, 2022. Information for plans with PBOs and ABOs in excess of plan assets as of December 31, 2023 and 2022 follows (in millions). 2023 2022 PBOs $ 5,679 $ 6,422 Plan assets 4,469 4,766 ABOs 1,246 5,594 Plan assets 222 4,234 Weighted average assumptions used in determining PBOs and net periodic pension expense follow. 2023 2022 2021 Discount rate applicable to PBOs 5.0 % 5.2 % 2.7 % Expected long-term rate of return on plan assets 6.0 5.9 6.1 Rate of compensation increase 2.6 2.5 2.6 Discount rate applicable to net periodic pension expense 5.3 2.9 2.4 Pension benefit payments expected over the next ten years follow (in millions): 2024 – $ 895 ; 2025 – $ 886 ; 2026 – $ 885 ; 2027 – $ 896 ; 2028 – $ 885 ; and 2029 through 2033 – $ 4,434 . We expect to contribute $ 118 million to the pension plans in 2024. Fair value measurements of plan assets as of December 31, 2023 and 2022 follow (in millions). Fair Value Investments Total Level 1 Level 2 Level 3 asset value December 31, 2023 Cash and cash equivalents $ 449 $ 370 $ 79 $ — $ — Equity securities 8,487 7,808 543 136 — Fixed maturity securities 2,138 1,277 851 10 — Investment funds and other 2,305 342 272 42 1,649 $ 13,379 $ 9,797 $ 1,745 $ 188 $ 1,649 December 31, 2022 Cash and cash equivalents $ 602 $ 523 $ 79 $ — $ — Equity securities 7,673 7,112 321 240 — Fixed maturity securities 2,152 1,328 824 — — Investment funds and other 2,165 198 394 42 1,531 $ 12,592 $ 9,161 $ 1,618 $ 282 $ 1,531 See Note 21 for a discussion of fair value measurements. Plan assets are generally invested with the long-term objective of producing earnings to adequately cover expected benefit obligations, while assuming a prudent level of risk. Allocations may change due to changing market conditions and investment opportunities. The expected rates of return on plan assets reflect subjective assessments of expected long-term investment returns. Generally, past investment returns are not given significant consideration when establishing assumptions for expected long-term rates of return on plan assets. Actual experience will differ from the assumed rates of return. Notes to Consolidated Financial Statements (24) Pension plans A reconciliation of the pre-tax accumulated other comprehensive income (loss) of our defined benefit pension plans for each of the two years ending December 31, 2023 follows (in millions). 2023 2022 Balance at the beginning of the year $ ( 738 ) $ ( 485 ) Amount included in net periodic pension expense ( 12 ) 123 Actuarial gains (losses) and other 589 ( 376 ) Balance at the end of the year $ ( 161 ) $ ( 738 ) Several of our subsidiaries also sponsor defined contribution retirement plans, such as 401(k) or profit-sharing plans. Employee contributions are subject to regulatory limitations and specific plan provisions. Several plans provide for employer matching contributions as specified in the plans and may provide for additional discretionary employer contributions. Our defined contribution plan expense was approximately $ 1.1 billion in 2023, $ 0.8 billion in 2022 and $ 1.0 billion in 2021. |
Accumulated other comprehensive
Accumulated other comprehensive income | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated other comprehensive income | (25) Accumulated other comprehensive income A summary of the net changes in after-tax accumulated other comprehensive income attributable to Berkshire Hathaway shareholders for each of the three years ending December 31, 2023 follows (in millions). Unrealized Foreign Long-duration insurance contracts Defined benefit Other Total Balance at December 31, 2020 $ 536 $ ( 3,082 ) $ — $ ( 1,645 ) $ ( 52 ) $ ( 4,243 ) Adoption of ASU 2018-12 — — ( 5,751 ) — — ( 5,751 ) Balance at January 1, 2021 536 ( 3,082 ) ( 5,751 ) ( 1,645 ) ( 52 ) ( 9,994 ) Other comprehensive income ( 167 ) ( 1,010 ) 1,655 1,298 95 1,871 Balance at December 31, 2021 369 ( 4,092 ) ( 4,096 ) ( 347 ) 43 ( 8,123 ) Other comprehensive income ( 556 ) ( 2,050 ) 5,637 ( 205 ) 245 3,071 Balance at December 31, 2022 ( 187 ) ( 6,142 ) 1,541 ( 552 ) 288 ( 5,052 ) Other comprehensive income 377 749 ( 188 ) 455 ( 104 ) 1,289 Balance at December 31, 2023 $ 190 $ ( 5,393 ) $ 1,353 $ ( 97 ) $ 184 $ ( 3,763 ) |
Business segment data
Business segment data | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Business segment data | (26) Business segment data Our operating businesses include a large and diverse group of insurance, manufacturing, service and retailing businesses. We organize our reportable business segments in a manner that reflects how management views those business activities. Certain businesses are grouped together for segment reporting based upon similar products or product lines, marketing, selling and distribution characteristics, even though those business units are operated under separate local management. We acquired control of PTC on January 31, 2023 and PTC is considered a reportable segment beginning February 1, 2023. In this presentation, statement of earnings and capital expenditures data of the PTC segment are for the eleven months ending December 31, 2023. Previously, our earnings from PTC were determined under the equity method and included in earnings from non-controlled businesses. The tabular information that follows shows data of reportable segments reconciled to amounts reflected in our Consolidated Financial Statements. Intersegment transactions are not eliminated from segment results when management considers those transactions in assessing the results of the respective segments. Furthermore, our management does not consider investment and derivative gains/losses, impairments or amortization of certain business acquisition accounting adjustments or certain other corporate income and expense items in assessing the financial performance of operating units. Collectively, these items are included in reconciliations of segment amounts to consolidated amounts. Berkshire’s operating segments are as follows. Business Identity Business Activity Insurance: GEICO Underwriting private passenger automobile insurance mainly by direct response methods Berkshire Hathaway Primary Group Underwriting multiple lines of property and casualty insurance policies for primarily commercial accounts Berkshire Hathaway Reinsurance Group Underwriting excess-of-loss, quota-share and facultative reinsurance worldwide Railroad (“BNSF”) Operation of one of the largest railroad systems in North America through Burlington Northern Santa Fe, LLC Berkshire Hathaway Energy (“BHE”) Regulated electric and gas utility, including power generation and distribution activities and real estate brokerage activities through Berkshire Hathaway Energy Company and affiliates Pilot Travel Centers (“PTC”) Largest operator of travel centers in North America and a marketer of wholesale fuel Manufacturing Manufacturers of numerous products including industrial, consumer and building products, including home building and related financial services McLane Company (“McLane”) Wholesale distribution of groceries and non-food items Service and retailing Providers of numerous services including shared aircraft ownership programs, aviation pilot training, electronic components distribution, various retailing businesses, including automobile dealerships and trailer and furniture leasing Notes to Consolidated Financial Statements (26) Business segment data A disaggregation of our consolidated data for each of the three most recent years is presented as follows (in millions). Revenues Earnings (loss) before income taxes 2023 2022 2021 2023 2022 2021 Operating Businesses Insurance: Underwriting: GEICO $ 39,264 $ 38,984 $ 37,706 $ 3,635 $ ( 1,880 ) $ 1,259 Berkshire Hathaway Primary Group 17,129 13,746 11,575 1,374 393 607 Berkshire Hathaway Reinsurance Group 27,010 21,846 20,179 1,904 1,465 ( 755 ) Insurance underwriting 83,403 74,576 69,460 6,913 ( 22 ) 1,111 Investment income 11,619 7,734 5,662 11,581 7,724 5,649 Total insurance 95,022 82,310 75,122 18,494 7,702 6,760 BNSF 23,876 25,888 23,282 6,614 7,708 7,861 BHE 26,008 26,393 25,096 940 3,146 3,293 PTC 51,739 — — 968 — — Manufacturing 75,405 75,781 68,730 11,445 11,177 9,841 McLane 52,607 53,209 49,450 455 271 230 Service and retailing 39,996 38,303 34,832 4,721 4,771 4,481 364,653 301,884 276,512 43,637 34,775 32,466 Reconciliation to consolidated amount Investment and derivative gains (losses) — — — 74,855 ( 67,899 ) 78,542 Interest expense, not allocated to segments — — — ( 426 ) ( 420 ) ( 455 ) Non-controlled businesses — — — 1,973 1,863 886 Corporate, eliminations and other ( 171 ) 136 ( 327 ) 127 1,181 422 $ 364,482 $ 302,020 $ 276,185 $ 120,166 $ ( 30,500 ) $ 111,861 Interest expense Income tax expense (benefit) 2023 2022 2021 2023 2022 2021 Operating Businesses Insurance $ — $ — $ — $ 3,497 $ 1,247 $ 1,083 BNSF 1,048 1,025 1,032 1,527 1,763 1,871 BHE 2,283 2,140 2,054 ( 2,022 ) ( 1,629 ) ( 1,153 ) PTC 414 — — 169 — — Manufacturing 784 739 704 2,487 2,403 2,193 McLane — — — 117 66 61 Service and retailing 101 42 38 1,135 1,131 1,086 4,630 3,946 3,828 6,910 4,981 5,141 Reconciliation to consolidated amount Investment and derivative gains (losses) — — — 15,930 ( 14,166 ) 16,025 Interest expense, not allocated to segments 426 420 455 ( 90 ) ( 88 ) ( 96 ) Non-controlled businesses — — — 223 334 82 Corporate, eliminations and other ( 53 ) ( 14 ) ( 111 ) 46 437 ( 240 ) $ 5,003 $ 4,352 $ 4,172 $ 23,019 $ ( 8,502 ) $ 20,912 Notes to Consolidated Financial Statements (26) Business segment data Capital expenditures Depreciation of tangible assets 2023 2022 2021 2023 2022 2021 Operating Businesses Insurance $ 68 $ 82 $ 62 $ 72 $ 69 $ 72 BNSF 3,920 3,532 2,910 2,581 2,479 2,406 BHE 9,148 7,505 6,611 3,913 3,702 3,584 PTC 705 — — 510 — — Manufacturing 2,714 2,477 2,100 2,099 2,021 2,037 McLane 264 93 106 208 176 189 Service and retailing 2,590 1,775 1,487 1,275 1,219 1,177 $ 19,409 $ 15,464 $ 13,276 $ 10,658 $ 9,666 $ 9,465 Goodwill at year-end Identifiable assets at year-end 2023 2022 2021 2023 2022 2021 Operating Businesses Insurance $ 16,563 $ 16,548 $ 15,181 $ 538,860 $ 459,917 $ 483,417 BNSF 15,350 14,852 14,852 79,227 77,752 76,586 BHE 11,804 11,745 11,906 124,383 118,114 113,447 PTC 6,605 — — 21,404 — — Manufacturing 27,831 28,460 25,463 115,875 113,578 107,231 McLane 232 232 232 6,861 7,049 6,841 Service and retailing 6,241 6,282 6,241 34,600 31,291 28,221 $ 84,626 $ 78,119 $ 73,875 921,210 807,701 815,743 Reconciliation to consolidated amount Corporate and other 64,142 62,645 69,770 Goodwill 84,626 78,119 73,875 $ 1,069,978 $ 948,465 $ 959,388 Property/casualty and life/health insurance premiums written and earned are summarized below (in millions). Property/Casualty Life/Health 2023 2022 2021 2023 2022 2021 Premiums Written: Direct $ 61,990 $ 56,700 $ 53,829 $ — $ 582 $ 646 Assumed 20,751 15,143 12,461 5,126 5,222 5,670 Ceded ( 2,402 ) ( 1,155 ) ( 1,015 ) ( 33 ) ( 37 ) ( 40 ) $ 80,339 $ 70,688 $ 65,275 $ 5,093 $ 5,767 $ 6,276 Premiums Earned: Direct $ 60,437 $ 55,879 $ 52,139 $ — $ 582 $ 646 Assumed 20,442 14,184 12,072 5,105 5,263 5,698 Ceded ( 2,548 ) ( 1,293 ) ( 1,054 ) ( 33 ) ( 39 ) ( 41 ) $ 78,331 $ 68,770 $ 63,157 $ 5,072 $ 5,806 $ 6,303 Insurance premiums written by geographic region (based upon the domicile of the insured or reinsured) are summarized below (in millions). Property/Casualty Life/Health 2023 2022 2021 2023 2022 2021 United States $ 67,831 $ 59,648 $ 55,451 $ 1,285 $ 2,107 $ 2,143 Asia Pacific 5,306 4,699 3,822 1,760 1,704 2,030 Western Europe 5,014 4,901 4,613 1,323 1,235 1,298 All other 2,188 1,440 1,389 725 721 805 $ 80,339 $ 70,688 $ 65,275 $ 5,093 $ 5,767 $ 6,276 Notes to Consolidated Financial Statements (26) Business segment data Consolidated sales, service and leasing revenues were $ 164.1 billion in 2023, $ 165.0 billion in 2022 and $ 151.0 billion in 2021. Sales, service and leasing revenues attributable to the United States were 85 % in 2023, 86 % in 2022 and 85 % in 2021 of such amounts. The remainder of sales, service and leasing revenues were primarily in Europe, the Asia-Pacific region and Canada. Railroad, utilities and energy revenues were $ 101.4 billion in 2023, $ 52.1 billion in 2022 and $ 48.2 billion in 2021. Railroad, utilities and energy revenues attributable to the United States were 94 % in 2023 and 96 % in both 2022 and 2021. At December 31, 2023, approximately 90 % of our consolidated net property, plant and equipment and equipment held for lease was located in the United States with the remainder primarily in the United Kingdom and Canada. |
Contingencies and commitments
Contingencies and commitments | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and commitments | (27) Contingencies and commitments We are parties in a variety of legal actions that routinely arise out of the normal course of business, including legal actions seeking to establish liability directly through insurance contracts or indirectly through reinsurance contracts issued by Berkshire subsidiaries. Plaintiffs occasionally seek punitive or exemplary damages. We do not believe that such normal and routine litigation will have a material effect on our financial condition or results of operations. PacifiCorp, a wholly owned subsidiary of Berkshire’s 92 % owned subsidiary, Berkshire Hathaway Energy Company (“BHE”), operates as a regulated electric utility in Oregon and other Western states. In September 2020, a severe weather event resulting in high winds, low humidity and warm temperatures, contributed to several major wildfires (the “2020 Wildfires”), which resulted in real and personal property and natural resource damage, personal injuries and loss of life and widespread power outages in Oregon and Northern California. The wildfires spread across certain parts of PacifiCorp’s service territory and surrounding areas across multiple counties in Oregon and California, including Siskiyou County, California; Jackson County, Oregon; Douglas County, Oregon; Marion County, Oregon; Lincoln County, Oregon; and Klamath County, Oregon, burning over 500,000 acres in aggregate. Third-party reports for these wildfires indicate over 2,000 structures destroyed, including residences; several structures damaged; multiple individuals injured; and several fatalities. On July 29, 2022, the 2022 McKinney Fire began in the Oak Knoll Ranger District of the Klamath National Forest in Siskiyou County, California located in PacifiCorp’s service territory (the “2022 Wildfire”). Third-party reports indicate that the 2022 Wildfire resulted in 11 structures damaged, 185 structures destroyed, 12 injuries and four fatalities and consumed 60,000 acres in aggregate. The 2020 Wildfires and 2022 Wildfire, together, are referred to as the “Wildfires”. Investigations into the cause and origin of each of the Wildfires are complex and ongoing and have been or are being conducted by various entities, including the U.S. Forest Service, the California Public Utilities Commission, the Oregon Department of Forestry, the Oregon Department of Justice, PacifiCorp and various experts engaged by PacifiCorp. As of the date of this filing, a significant number of complaints and demands alleging similar claims related to the 2020 Wildfires have been filed in Oregon and California, including a class action complaint in Oregon for which two jury verdicts were issued in June 2023 and January 2024 as described below. The plaintiffs seek damages for economic losses, noneconomic losses, including mental suffering, emotional distress, personal injury and loss of life, punitive damages, other damages and attorneys’ fees. Several insurance carriers have filed subrogation complaints in Oregon and California with allegations similar to those made in the aforementioned complaints. Additionally, the U.S. and Oregon Departments of Justice have informed PacifiCorp that they are contemplating filing actions against PacifiCorp in connection with certain of the Oregon 2020 Wildfires. PacifiCorp is actively cooperating with the U.S. and Oregon Departments of Justice on resolving these alleged claims, including through the pursuit of alternative dispute resolution. Numerous lawsuits on behalf of plaintiffs related to the 2020 Wildfires have been filed in Oregon and California, including a class action complaint against PacifiCorp that was filed in 2020, captioned Jeanyne James et al. v. PacifiCorp et al., in Multnomah County Circuit Court, Oregon (the “James case”). The plaintiffs seek damages for economic losses, non-economic losses, including mental suffering, emotional distress, personal injury and loss of life, punitive damages, other damages and attorneys’ fees. Amounts sought in the complaints and demands filed in Oregon and in certain demands in California approximate $ 8 billion, excluding any doubling or trebling of damages included in the complaints. Generally, the complaints filed in California do not specify damages sought and are not included in this amount. Final determinations of liability will only be made following the completion of comprehensive investigations, litigation and similar processes. Multiple lawsuits have also been filed in California on behalf of plaintiffs related to the 2022 Wildfire. The plaintiffs seek damages for economic losses, non-economic losses, including mental suffering, emotional distress, personal injury and loss of life, punitive damages, other damages and attorneys’ fees, but the amount of damages sought is not specified. Notes to Consolidated Financial Statements (27) Contingencies and commitments In June 2023, a jury issued its verdict for the 17 named plaintiffs in the James case finding PacifiCorp liable to the 17 individual plaintiffs and to the class with respect to the four 2020 Wildfires named in the complaint. The jury awarded the 17 named plaintiffs $ 90 million of damages, including $ 4 million of economic and property damages, $ 68 million of non-economic damages and $ 18 million of punitive damages based on a 0.25 multiplier of the economic and non-economic damages. In September 2023, the Multnomah County Circuit Court ordered trial dates for two consolidated jury trials including approximately 10 class members each and a third trial for certain commercial timber plaintiffs wherein plaintiffs in each of the three damages phase trials will present evidence regarding their damages. The first of these trials addressing nine individual plaintiffs was held in January 2024 while the remaining trials are scheduled at various dates through April 2024. In January 2024, the Multnomah County Circuit Court entered a limited judgment and money award for the June 2023 James case verdict. The limited judgment awards the aforementioned damages, as well as doubling of the economic damages and offsetting of any insurance proceeds received by plaintiffs. The limited judgment created a lien against PacifiCorp, attaching a debt for the money awards. PacifiCorp posted a supersedeas bond, which stays any effort to seek payment of the judgment pending final resolution of any appeals. Under ORS 82.010, interest at a rate of 9 % per annum will accrue on the judgment commencing at the date the judgment was entered until the entire money award is paid, amended or reversed by an appellate court. In January 2024, the jury for the first James damages phase trial awarded nine plaintiffs $ 62 million of damages, including $ 6 million of economic damages and $ 56 million of noneconomic damages. After the January 2024 jury verdict, the Multnomah County Circuit Court doubled the economic damages to $ 12 million and added $ 16 million of punitive damages using the 0.25 multiplier determined by the jury for the June 2023 James case verdict. PacifiCorp will request that the Multnomah County Circuit Court judge offset the damage awards by deducting insurance proceeds received by any of the nine plaintiffs. PacifiCorp has filed its notice of appeal of the jury’s findings and damage awards associated with the June 2023 verdict in the James case, including whether the case can proceed as a class action, and filed a motion to stay further damages phase trials. On February 14, 2024, the Oregon Court of Appeals denied PacifiCorp’s request to stay the damages phase trials. PacifiCorp intends to appeal the jury’s damage awards associated with the January 2024 jury verdict once the judgment is entered. On February 13, 2024, the 17 named plaintiffs filed a notice of cross-appeal as to the January 2024 limited judgment and money award. The appeals process and further actions could take several years. A provision for a loss contingency is recorded when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. PacifiCorp evaluates the related range of reasonably estimated losses and records a loss based on its best estimate within that range or the lower end of the range if there is no better estimate. Estimated probable losses associated with the Wildfires were based on the information available to the date of this filing, including (i) ongoing cause and origin investigations; (ii) ongoing settlement and mediation discussions; (iii) other litigation matters and upcoming legal proceedings; and (iv) the status of the James case. Wildfire estimated losses include estimates for fire suppression costs, real and personal property damages, natural resource damages for certain areas and non-economic damages such as personal injury damages and loss of life damages that are considered probable of being incurred and that it is able to reasonably estimate at this time and which is subject to change as additional relevant information becomes available. PacifiCorp recorded estimated pre-tax probable Wildfire losses, before expected related insurance recoveries, of approximately $ 1.9 billion in 2023 and $ 225 million in 2022. Such amounts, net of expected insurance recoveries, were approximately $ 1.7 billion in 2023 and $ 64 million in 2022, which were included in energy operating expenses in the accompanying Consolidated Statements of Earnings. PacifiCorp paid $ 631 million in settlements in 2023 and $ 53 million in 2022 associated with the 2020 Wildfires. PacifiCorp’s cumulative charges to date for estimated probable Wildfire losses through December 31, 2023, before expected insurance recoveries, were $ 2.4 billion. It is reasonably possible PacifiCorp will incur significant additional Wildfire losses beyond the amounts currently accrued; however, it is currently unable to reasonably estimate the range of possible additional losses that could be incurred due to the number of properties and parties involved, including claimants in the class to the James case, the variation in those types of properties and lack of available details and the ultimate outcome of legal actions. Notes to Consolidated Financial Statements (27) Contingencies and commitments HomeServices of America, Inc. (“HomeServices”), a wholly owned subsidiary of BHE, is currently defending against eleven antitrust cases, all in federal district courts. In each case, plaintiffs claim HomeServices and certain of its subsidiaries conspired with co-defendants to artificially inflate real estate commissions by following and enforcing multiple listing service (“MLS”) rules that require listing agents to offer a commission split to cooperating agents in order for the property to appear on the MLS (“Cooperative Compensation Rule”). None of the complaints specify damages sought. However, two cases also allege Texas state law deceptive trade practices claims, for which plaintiffs have provided written notice of the damages sought totaling approximately $ 9 billion by separate notice as required by Texas law. In one of these cases, Burnett (formerly Sitzer) et al. v. HomeServices of America, Inc. et al., a jury trial commenced on October 16, 2023, and the jury returned a verdict for the plaintiffs on October 31, 2023, finding that the named defendants participated in a conspiracy to follow and enforce the Cooperative Compensation Rule, which had the purpose or effect of raising, inflating, or stabilizing broker commission rates paid by home sellers. The jury further found that the class plaintiffs had proved damages in the amount of $ 1.8 billion. Federal law authorizes trebling of damages and the award of pre-judgment interest and attorney fees. Joint and several liability applies for the co-defendants. HomeServices intends to vigorously appeal on multiple grounds the jury’s findings and damage award. The appeals process and further actions could take several years. Based on available information to date, HomeServices believes losses are likely to occur as a result of the jury verdict in the Burnett case and that such damages could be up to $ 5.4 billion, excluding attorneys’ fees, prejudgment interest and other costs subject to determination by the court. However, HomeServices is currently unable to reasonably estimate such loss due to, among other reasons, the joint and several nature of the liability and the early stages of the appeals process. It is also reasonably possible that HomeServices will incur losses from the ten other antitrust cases. However, HomeServices is unable to reasonably estimate a specific range of possible losses that could be incurred due to, among other reasons, lack of information about the size of the plaintiff class and potential damages, as well as the joint and several nature of potential liability of the defendants. Berkshire and certain of its subsidiaries are also involved in other kinds of legal actions, some of which assert or may assert claims or seek to impose fines and penalties. We currently believe that liabilities that may arise as a result of such other pending legal actions will not have a material effect on our consolidated financial condition or results of operations. Our subsidiaries regularly make commitments in the ordinary course of business to purchase goods and services in the future for use in their businesses, which are not yet reflected in our Consolidated Financial Statements. The most significant of our long-term commitments relate to our railroad, utilities and energy businesses, our shared aircraft ownership and leasing business and certain materials purchase commitments. As of December 31, 2023, estimated future payments under those arrangements over the next five years were as follows: $ 10 billion in 2024, $ 4 billion in 2025, $ 3 billion in 2026, $ 3 billion in 2027 and $ 2 billion in 2028. We may be obligated to acquire certain noncontrolling interests in less-than-wholly-owned subsidiaries in the future, pursuant to the terms of agreements with the noncontrolling shareholders for cash or other assets. The timing and the amount of any future payments that might be required to such noncontrolling shareholders are contingent on future actions of the noncontrolling owners and the value of the interest being acquired. |
Condensed Financial Information
Condensed Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information | BERKSHIRE HATHAWAY INC. (Parent Company) Condensed Financ ial Information (Dollars in millions) Sched ule I Balance Sheets December 31, 2023 2022 Assets: Cash and cash equivalents $ 5,566 $ 2,777 Short-term investments in U.S. Treasury Bills 16,140 17,628 Investments in and advances to consolidated subsidiaries 546,566 463,094 Investment in The Kraft Heinz Company 13,230 12,937 Other assets 16 12 $ 581,518 $ 496,448 Liabilities and Shareholders’ Equity: Accounts payable, accrued interest and other liabilities $ 235 $ 355 Income taxes, principally deferred 1,229 1,276 Notes payable and other borrowings 18,781 21,393 20,245 23,024 Berkshire Hathaway shareholders’ equity 561,273 473,424 $ 581,518 $ 496,448 Statements of Earnings and Comprehensive Income Year ended December 31, 2023 2022 2021 Income items: From consolidated subsidiaries: Dividends and distributions $ 9,717 $ 15,724 $ 13,462 Undistributed earnings (losses) 85,550 ( 39,579 ) 74,961 95,267 ( 23,855 ) 88,423 Investment gains (losses) ( 7 ) ( 34 ) 35 Equity in earnings of The Kraft Heinz Company 758 628 269 Other income 906 413 73 96,924 ( 22,848 ) 88,800 Cost and expense items: General and administrative 244 131 136 Interest expense 636 513 444 Foreign exchange gains on non-U.S. Dollar denominated debt ( 371 ) ( 1,401 ) ( 1,281 ) Income tax expense (benefit) 192 668 ( 436 ) 701 ( 89 ) ( 1,137 ) Net earnings (loss) attributable to Berkshire Hathaway shareholders 96,223 ( 22,759 ) 89,937 Other comprehensive income attributable to Berkshire Hathaway shareholders 1,289 3,071 1,871 Comprehensive income attributable to Berkshire Hathaway shareholders $ 97,512 $ ( 19,688 ) $ 91,808 See Note to Condensed Financial Information BERKSHIRE HATHAWAY INC. (Parent Company) Condensed Financial Information (Dollars in millions) Schedule I (continued) Statements of Cash Flows Year ended December 31, 2023 2022 2021 Cash flows from operating activities: Net earnings (loss) attributable to Berkshire Hathaway shareholders $ 96,223 $ ( 22,759 ) $ 89,937 Adjustments to reconcile net earnings (loss) to operating cash flows: Investment (gains) losses 7 34 ( 35 ) Undistributed (earnings) losses of consolidated subsidiaries ( 85,550 ) 39,579 ( 74,961 ) Non-cash dividends from subsidiaries ( 1,811 ) ( 7,220 ) ( 2,126 ) Income taxes payable ( 44 ) 661 ( 389 ) Other ( 1,214 ) ( 1,833 ) ( 1,038 ) Net cash flows from operating activities 7,611 8,462 11,388 Cash flows from investing activities: Investments in and advances to consolidated subsidiaries, net 2,649 ( 11,852 ) ( 174 ) Purchases of U.S. Treasury Bills ( 27,278 ) ( 44,187 ) ( 34,988 ) Sales and maturities of U.S. Treasury Bills 31,234 37,915 57,296 Other — 128 — Net cash flows from investing activities 6,605 ( 17,996 ) 22,134 Cash flows from financing activities: Proceeds from borrowings 2,054 1,970 2,174 Repayments of borrowings ( 4,310 ) ( 602 ) ( 2,167 ) Acquisition of treasury stock ( 9,171 ) ( 7,854 ) ( 27,061 ) Net cash flows from financing activities ( 11,427 ) ( 6,486 ) ( 27,054 ) Increase (decrease) in cash and cash equivalents 2,789 ( 16,020 ) 6,468 Cash and cash equivalents at the beginning of the year 2,777 18,797 12,329 Cash and cash equivalents at the end of the year $ 5,566 $ 2,777 $ 18,797 Other cash flow information: Income taxes paid $ 5,630 $ 2,259 $ 3,403 Interest paid 297 332 377 Note to Condensed Financial Information Certain 2022 and 2021 amounts were revised for the adoption of Accounting Standards Update 2018-12 “Targeted Improvements to the Accounting for Long-Duration Contracts.” See Note 1(w) to the Consolidated Financial Statements. As of December 31, 2023, Berkshire owned 26.7 % of the outstanding shares of The Kraft Heinz Company (“Kraft Heinz”) common stock, which is accounted for pursuant to the equity method. See Note 5 to the Consolidated Financial Statements. On October 19, 2022 , Berkshire acquired all of the outstanding common stock of Alleghany Corporation for $ 11.5 billion. See Note 2 to the Consolidated Financial Statements. During 2023, the Parent Company repaid approximately $ 4.3 billion of maturing senior notes and issued ¥ 286.4 billion (approximately $ 2.05 billion) of senior notes with a weighted average interest rate of 1.15 % and maturities ranging from 2026 to 2058 . As of December 31, 2023, the Parent Company’s non-U.S. Dollar denominated borrowings included € 5.6 billion and ¥ 1,259 billion par value senior notes. The gains and losses from the periodic remeasurement of these non-U.S. Dollar denominated notes due to changes in foreign currency exchange rates are included in earnings. Parent Company debt maturities over the next five years are as follows: 2024—$ 1.9 billion; 2025—$ 2.0 billion; 2026—$ 4.4 billion; 2027—$ 2.0 billion and 2028—$ 1.4 billion. The Parent Company guarantees certain debt of subsidiaries, which aggregated approximately $ 20.9 billion at December 31, 2023 and primarily consisted of debt issued by Berkshire Hathaway Finance Corporation. Such guarantees are an absolute, unconditional and irrevocable guarantee for the full and prompt payment when due of all present and future payment obligations. The Parent Company has also provided guarantees in connection with certain retroactive reinsurance contracts issued by subsidiaries. The amounts of subsidiary payments under these contracts, if any, are contingent upon the outcome of future events. |
Significant accounting polici_2
Significant accounting policies and practices (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Nature of operations and basis of consolidation | (a) Nature of operations and basis of consolidation Berkshire Hathaway Inc. (“Berkshire”) is a holding company owning subsidiaries engaged in numerous diverse business activities, including insurance and reinsurance, freight rail transportation, utilities and energy, manufacturing, service and retailing. In these notes the terms “us,” “we,” or “our” refer to Berkshire and its consolidated subsidiaries. Further information regarding our reportable business segments is contained in Note 26. Information concerning significant business acquisitions completed over the past three years appears in Note 2. We believe that reporting the Railroad, Utilities and Energy subsidiaries separately is appropriate given the relative significance of their long-lived assets, capital expenditures and debt, which is not guaranteed by Berkshire. The accompanying Consolidated Financial Statements include the accounts of Berkshire consolidated with the accounts of all subsidiaries and affiliates in which we hold a controlling financial interest as of the financial statement date. Normally a controlling financial interest reflects ownership of a majority of the voting interests. We consolidate variable interest entities (“VIE”) when we possess both the power to direct the activities of the VIE that most significantly affect its economic performance, and we (a) are obligated to absorb the losses that could be significant to the VIE or (b) hold the right to receive benefits from the VIE that could be significant to the VIE. Intercompany accounts and transactions have been eliminated. Certain immaterial balances in the Consolidated Financial Statements have been reclassified in prior years to conform to current year presentations. |
Use of estimates in preparation of financial statements | (b) Use of estimates in preparation of financial statements We prepare our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States (“GAAP”) which requires us to make estimates and assumptions that affect the reported amounts of certain assets and liabilities at the balance sheet date and the reported amounts of certain revenues and expenses during the period. Our estimates of unpaid losses and loss adjustment expenses are subject to considerable estimation error due to the inherent uncertainty in projecting ultimate claim costs. In addition, estimates and assumptions associated with determinations of deferred charges on retroactive reinsurance contracts, fair values of certain financial instruments and evaluations of goodwill and indefinite-lived intangible assets for impairment require considerable judgment. Actual results may differ from the estimates used in preparing our Consolidated Financial Statements. Our operating businesses have been impacted to varying degrees in recent years by government and private sector actions to mitigate the adverse economic effects of the COVID-19 virus and its variants as well as by the development of geopolitical conflicts, supply chain disruptions and government actions to slow inflation. The economic effects from these events over longer terms cannot be reasonably estimated at this time. Accordingly, significant estimates used in the preparation of our Consolidated Financial Statements, including those associated with evaluations of certain long-lived assets, goodwill and other intangible assets for impairment, expected credit losses on amounts owed to us and the estimations of certain losses assumed under insurance and reinsurance contracts, may be subject to significant adjustments in future periods. |
Cash and cash equivalents and short-term investments in U.S. Treasury Bills | (c) Cash and cash equivalents and short-term investments in U.S. Treasury Bills Cash equivalents consist of demand deposit and money market accounts and investments with maturities of three months or less when purchased. Short-term investments in U.S. Treasury Bills have maturities exceeding three months and less than one year at the time of purchase. |
Investments under the equity method | (f) Investments under the equity method We utilize the equity method to account for investments when we possess the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when the investor possesses more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. We apply the equity method to investments in common stock and other investments when such investments possess substantially identical subordinated interests to common stock, and do not apply the equity method to investments that are not in-substance common stock as defined by GAAP. In applying the equity method, we record the investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of the net earnings or losses and other comprehensive income of the investee. We record dividends or other equity distributions as reductions in the carrying value of the investment. If net losses reduce our carrying amount to zero, additional net losses may be recorded if other investments in the investee are at-risk, even if we have not committed to provide financial support to the investee. Such additional equity method losses are based upon the change in our claim on the investee’s book value. |
Loans and finance receivables | (g) Loans and finance receivables Loans and finance receivables are primarily manufactured home loans, and to a lesser extent, commercial loans and site-built home loans. We carry substantially all loans and finance receivables at amortized cost, net of allowances for expected credit losses, based on our ability and intent to hold such loans to maturity. Acquisition costs and loan origination and commitment costs paid and fees received, as well as acquisition premiums or discounts, are amortized to investment income as yield adjustments over the lives of the loans. Measurements of expected credit losses include provisions for non-collection, whether the risk is probable or remote. Expected credit losses on manufactured home loans are based on the net present value of future principal payments less estimated expenses related to the charge-off and foreclosure of expected uncollectible loans and include provisions for loans that are not in foreclosure. Our principal credit quality indicator is whether the loans are performing. Expected credit loss estimates consider historical default rates, collateral recovery rates, historical runoff rates, interest rates, reductions of future cash flows for modified loans and the historical time elapsed from last payment until foreclosure, among other factors. In addition, our estimates consider current conditions and reasonable and supportable forecasts. Loans are considered delinquent when payments are more than 30 days past due. We place loans over 90 days past due on nonaccrual status and accrued but uncollected interest is reversed. Subsequent collections on the loans are first applied to the principal and interest owed for the most delinquent amount. We resume interest income accrual once a loan is less than 90 days delinquent. Notes to Consolidated Financial Statements (1) Significant accounting policies and practices (g) Loans and finance receivables Loans are considered non-performing when the foreclosure process has started. Once a loan is in the process of foreclosure, interest income is not recognized until the foreclosure is cured or the loan is modified. Once a modification is complete, interest income is recognized based on the terms of the new loan. Foreclosed loans are charged off when the collateral is sold. Loans not in foreclosure are evaluated for charge-off based on individual circumstances concerning the future collectability of the loan and the condition of the collateral securing the loan. |
Other receivables | (h) Other receivables Other receivables include balances due from customers, insurance premiums receivable and reinsurance losses recoverable, as well as other receivables. Trade receivables, insurance premiums receivables and other receivables are primarily short-term in nature with stated collection terms of less than one year from the date of origination. Reinsurance recoverables are comprised of amounts ceded under reinsurance contracts or pursuant to mandatory government-sponsored insurance programs. Reinsurance recoverables relate to unpaid losses and loss adjustment expenses arising from property and casualty contracts and benefits under life and health contracts. Receivables are stated net of estimated allowances for uncollectible balances. We measure expected credit losses primarily utilizing credit loss history. In addition, our credit loss estimates consider current conditions and reasonable and supportable forecasts. In evaluating expected credit losses of reinsurance recoverables on unpaid losses, we review the credit quality of the counterparty and consider right-of-offset provisions within reinsurance contracts and other forms of credit enhancement including collateral, guarantees and other available information. We charge off receivables against the allowances after reasonable collection efforts are exhausted. |
Derivatives | (i) Derivatives We carry assets and liabilities arising from derivative contracts at fair value in other assets and accounts payable, accruals and other liabilities in our Consolidated Balance Sheets. Balances are net of reductions permitted under master netting agreements with counterparties. We record the changes in fair value of derivative contracts that do not qualify as hedging instruments for financial reporting purposes in earnings or, if such contracts involve our regulated utilities subsidiaries, as regulatory assets or liabilities when inclusion in regulated rates is probable. |
Fair value measurements | (j) Fair value measurements As defined under GAAP, fair value is the price that would be received to sell an asset or paid to transfer a liability between market participants in the principal market or in the most advantageous market when no principal market exists. Adjustments to transaction prices or quoted market prices may be required in illiquid or disorderly markets when estimating fair value. In such circumstances, alternative valuation techniques may be appropriate to determine the value that would be received to sell an asset or paid to transfer a liability in an orderly transaction. Market participants are assumed to be independent, knowledgeable, and able and willing to transact an exchange and not acting under duress. Our nonperformance or credit risk is considered in determining the fair value of liabilities. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized in a current or future market exchange. |
Inventories | (k) Inventories Inventories consist of manufactured goods, goods or products acquired for resale and homes constructed for sale. Manufactured inventory costs include materials, direct and indirect labor and factory overhead. At December 31, 2023, we used the last-in-first-out (“LIFO”) method to value approximately 30 % of consolidated inventories with the remainder primarily determined under first-in-first-out and average cost methods. Non-LIFO inventories are stated at the lower of cost or net realizable value. The excess of current or replacement costs over costs determined under LIFO was approximately $ 2.3 billion as of December 31, 2023 and $ 2.5 billion as of December 31, 2022. |
Property, plant and equipment and equipment held for lease | (l) Property, plant and equipment and equipment held for lease We use property, plant and equipment in our operations. We also own equipment that we lease to others under lease contracts. We record additions to such property at cost, which includes asset additions, improvements and betterments. With respect to constructed assets, all materials, direct labor and contract services as well as certain indirect costs are capitalized. Indirect costs include interest over the construction period. With respect to constructed assets of our utility and energy subsidiaries that are subject to authoritative guidance for regulated operations, capitalized costs also include an allowance for funds used during construction, which represents the cost of equity funds used to finance the construction of the regulated facilities. Normal repairs and maintenance and other costs that do not improve the property, extend its useful life or otherwise do not meet capitalization criteria are charged to expense as incurred. Depreciation of assets of our regulated utilities and railroad is generally determined using group depreciation methods where rates are based on periodic depreciation studies approved by the applicable regulator. Under group depreciation, a composite rate is applied to the gross investment in a particular class of property, despite differences in the service life or salvage value of individual property units within the same class. When such assets are retired or sold, no gain or loss is recognized. Gains or losses on disposals of all other assets are recorded through earnings. Ranges of estimated useful lives of depreciable assets unique to our railroad business are as follows: track structure and other roadway – 10 to 100 years and locomotives, freight cars and other equipment – 6 to 45 years . Ranges of estimated useful lives of assets unique to our utilities and energy businesses are as follows: utility generation, transmission and distribution systems – 5 to 80 years , interstate natural gas pipeline assets – 3 to 80 years , independent power plants and other assets – 2 to 50 years , buildings and improvements – 10 to 30 years and machinery, equipment and other – 3 to 10 years . We depreciate property, plant and equipment used by our other businesses to the estimated salvage value primarily using the straight-line method over estimated service lives. Ranges of estimated service lives of depreciable assets used in our other businesses are as follows: buildings and improvements – 5 to 50 years , machinery and equipment – 3 to 25 years and furniture, fixtures and other – 3 to 15 years . We depreciate the equipment held for lease to estimated salvage value primarily using the straight-line method over estimated useful lives ranging from 3 to 35 years . We use declining balance depreciation methods for assets when the revenue-earning power of the asset is greater during the earlier years of its life. We evaluate property, plant and equipment and equipment held for lease for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable or when the assets are held for sale. Upon the occurrence of a triggering event, we assess whether the estimated undiscounted cash flows expected from the use of the asset and the residual value from the ultimate disposal of the asset exceeds the carrying value. If the carrying value exceeds the estimated recoverable amounts, we reduce the carrying value to fair value and record an impairment loss in earnings, except with respect to impairment of assets of our regulated utility and energy subsidiaries where the impacts of regulation are considered in evaluating the carrying value. |
Leases | (m) Leases We are party to contracts where we lease property from others. When we lease assets from others, we record right-of-use assets and lease liabilities. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. In this regard, lease payments include fixed payments and variable payments that depend on an index or rate. The lease term is considered the non-cancellable lease period. Certain lease contracts contain renewal options or other terms that provide for variable payments based on performance or usage. Options are not included in determining right-of-use assets or lease liabilities unless it is reasonably certain that options will be exercised. Generally, incremental borrowing rates are used in measuring lease liabilities. Right-of-use assets are subject to review for impairment. As permitted under GAAP, for some leases we do not separate lease components from non-lease components by class of asset and we do not record assets or liabilities for leases with terms of one year or less. |
Goodwill and other intangible assets | (n) Goodwill and other intangible assets Goodwill represents the excess of the acquisition price of a business over the acquisition date values of identified net assets of that business. We evaluate goodwill for impairment at least annually. When evaluating goodwill for impairment, we estimate the fair value of the reporting unit. Several methods may be used to estimate a reporting unit’s fair value, including market quotations, asset and liability fair values and other valuation techniques, including, but not limited to, discounted projected future net earnings or net cash flows and multiples of earnings. When the carrying amount of a reporting unit, including goodwill, exceeds the estimated fair value, the excess up to the balance of goodwill is charged to earnings as an impairment loss. Notes to Consolidated Financial Statements (1) Significant accounting policies and practices (n) Goodwill and other intangible assets Intangible assets with indefinite lives are also tested for impairment at least annually and when events or changes in circumstances indicate that, more-likely-than-not, the asset is impaired. Significant judgment is required in estimating fair values and performing goodwill and indefinite-lived intangible asset impairment tests. We amortize intangible assets with finite lives in a pattern that reflects the expected consumption of related economic benefits or on a straight-line basis over the estimated economic useful lives. Intangible assets with finite lives are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. |
Revenue recognition | (o) Revenue recognition We earn insurance premiums on prospective property/casualty insurance and reinsurance contracts over the loss exposure or coverage period in proportion to the level of protection provided. We earn premiums, in most cases, ratably over the term of the contract with unearned premiums computed on a monthly or daily pro-rata basis. Premiums on retroactive property/casualty reinsurance contracts are normally received in full and are fully earned at the inception of the contracts, as all underlying loss events covered by the policies occurred prior to contract inception. Premiums for life reinsurance and periodic payment annuity contracts are earned when due. Premiums for periodic payment annuity contracts are fully received and earned at the inception of the contracts. Premiums earned are stated net of amounts ceded to reinsurers. Premiums earned on contracts with experience-rating provisions reflect estimated loss experience under such contracts. Sales and service revenues are recognized when goods or services are transferred to a customer. A good or service is transferred when (or as) the customer obtains control of that good or service. Revenues are based on the consideration we expect to receive in connection with our promises to deliver goods and services to our customers. We manufacture and/or distribute a wide variety of industrial, building and consumer products. Our sales contracts provide customers with products directly or through wholesale and retail channels in exchange for consideration specified under the contracts. Contracts generally represent customer orders for individual products at stated prices. Sales contracts may contain either single or multiple performance obligations. In instances where contracts contain multiple performance obligations, we allocate the revenue to each obligation based on the relative stand-alone selling prices of each product or service. Sales revenues reflect reductions for returns, allowances, late delivery penalties, volume discounts and other incentives, some of which may be contingent on future events. In certain customer contracts, sales revenues include certain state and local excise taxes billed to customers on specified products when those taxes are levied directly upon us by the taxing authorities. Sales revenues exclude sales taxes and value-added taxes collected on behalf of taxing authorities. Sales revenues include consideration for shipping and other fulfillment activities performed prior to the customer obtaining control of the goods. We also elect to treat consideration for such services performed after control has passed to the customer as sales revenue. Product sales revenues are generally recognized at a point in time when control of the product transfers to the customer, which coincides with customer pickup or product delivery or acceptance, depending on terms of the arrangement. We recognize sales revenues and related costs with respect to certain contracts over time, relating to certain bridge and structural steel, castings, forgings and aerostructures contracts. Control of the product units under these contracts transfers continuously to the customer as the product is manufactured. These products generally have no alternative use and the contract requires the customer to provide reasonable compensation if terminated for reasons other than breach of contract. The primary performance obligation under our freight rail transportation service contracts is to move freight from a point of origin to a point of destination. The performance obligations are represented by bills of lading which create a series of distinct services that have a similar pattern of transfer to the customer. The revenues for each performance obligation are based on various factors including the product being shipped, the origin and destination pair and contract incentives, which are outlined in various private rate agreements, common carrier public tariffs, interline foreign road agreements and pricing quotes. The transaction price is generally a per car/unit amount to transport railcars from a specified origin to a specified destination. Freight revenues are recognized over time as the service is performed because the customer simultaneously receives and consumes the benefits of the service. Revenues recognized represent the portion of the service completed as of the balance sheet date. Invoices for freight transportation services are generally issued to customers and paid within 30 days or less. Customer incentives, which are primarily provided for shipping a specified cumulative volume or shipping to/from specific locations, are recorded as a reduction to revenue on a pro-rata basis based on actual or projected future customer shipments. Notes to Consolidated Financial Statements (1) Significant accounting policies and practices (o) Revenue recognition Utilities and energy revenues derive primarily from regulated electricity and natural gas sales and sales of fuel. Regulated electricity and natural gas revenues are primarily tariff-based sales arrangements approved by various regulatory commissions. These tariff-based revenues are mainly comprised of energy, transmission, distribution and natural gas and have performance obligations to deliver energy products and services to customers which are satisfied over time as energy is delivered or services are provided. Such revenues are equivalent to the amounts we have the right to invoice and correspond directly with the value to the customer of the performance to date and include billed and unbilled amounts. Payments from customers are generally due within 30 days of billing. Rates charged for regulated energy products and services are established by regulators or contractual arrangements that establish the transaction price, as well as the allocation of price among the separate performance obligations. When preliminary regulated rates are permitted to be billed prior to final approval by the applicable regulator, certain revenue collected may be subject to refund and a liability for estimated refunds is accrued. Nonregulated energy revenues include fuel sales, and to a lesser extent, renewable energy and other products. Fuels sold include diesel, gasoline and related products sold on a retail and wholesale basis. Fuel sales are recognized at the point-in-time when the product is delivered, and control is transferred to the customer, and include related excise taxes. Other service revenues derive from contracts with customers in which performance obligations are satisfied over time, where customers receive and consume benefits as we perform the services or at a point in time when the services are completed. Other service revenues primarily derive from real estate brokerage, automotive repair, aircraft management, aviation training, franchising activities and news distribution. Leasing revenue is generally recognized ratably over the term of the lease or based on usage, if applicable under the terms of the contract. A substantial portion of our lessor contracts are classified as operating leases. |
Losses and loss adjustment expenses | (p) Losses and loss adjustment expenses We record liabilities for unpaid losses and loss adjustment expenses under property/casualty insurance and reinsurance contracts for loss events that have occurred on or before the balance sheet date. Such liabilities represent the estimated ultimate payment amounts without discounting for time value. We base liability estimates on (1) loss reports from policyholders and cedents, (2) individual case estimates and (3) estimates of incurred but not reported losses. Losses and loss adjustment expenses in the Consolidated Statements of Earnings include paid claims, claim settlement costs and changes in estimated claim liabilities. Losses and loss adjustment expenses in the Consolidated Statements of Earnings are stated net of amounts recovered and estimates of amounts recoverable under ceded reinsurance contracts. Reinsurance contracts do not relieve the ceding company of its obligations to indemnify policyholders with respect to the underlying insurance and reinsurance contracts. |
Retroactive reinsurance contracts | (q) Retroactive reinsurance contracts We record liabilities for unpaid losses and loss adjustment expenses under short duration retroactive reinsurance contracts consistent with property/casualty insurance and reinsurance contracts described in Note 1(p). With respect to retroactive reinsurance contracts, we also record deferred charge assets at the inception of the contracts, representing the excess, if any, of the estimated ultimate claim liabilities over the premiums earned. We subsequently amortize the deferred charge assets over the expected claim settlement periods using the interest method. Changes to the estimated timing or amount of future loss payments also produce changes in deferred charge assets. We apply changes in such estimates retrospectively and the resulting changes in deferred charge assets, together with periodic amortization, are included in insurance losses and loss adjustment expenses in the Consolidated Statements of Earnings. |
Insurance policy acquisition costs | (r) Insurance policy acquisition costs We capitalize the direct incremental costs that relate to the successful sale of insurance contracts, subject to ultimate recoverability. Direct incremental acquisition costs include commissions, premium taxes and certain other costs associated with successful efforts. We expense all other underwriting costs as incurred. For short duration property and casualty insurance contracts, we amortize deferred policy acquisition costs over the contract term as the related premiums are earned. For long-duration life and health insurance contracts, we amortize deferred policy acquisition costs at a constant level based on the expected amount of insurance in-force and the expected term of the contract using the assumptions consistent with those used in determining related insurance liabilities. Deferred policy acquisition costs are included in other assets and were approximately $ 4.6 billion and $ 3.8 billion at December 31, 2023 and 2022, respectively, of which $ 3.9 billion and $ 3.2 billion, respectively, related to property and casualty insurance contracts. |
Life, annuity and health insurance benefits | (s) Life, annuity and health insurance benefits Liabilities for life, annuity and health insurance benefits under long-duration insurance contracts represent the present value of expected future cash outflows from future benefit payments and non-acquisition variable expenses, less the present value of expected future “net premiums” which is the portion of gross premiums required to provide for all expected future benefits and variable expenses. Periodic payment and annuity reinsurance contracts are regarded as limited payment contracts under GAAP. Such liabilities include the present value of expected future payments based on the discount rates used to measure benefit liabilities and a deferred profit liability, representing the unamortized excess of gross premiums received over the net premiums established at the inception of the contract. In estimating future cash flows, we consider the timing and amount of future claims, premiums and expenses, which require estimates of future investment yields, expected mortality, morbidity and lapse rates. Cash flow assumptions are reviewed at least annually, with the effects of assumption changes recorded in earnings. The discount rate assumptions used to measure benefit liabilities are revised each reporting period based on the prevailing upper-medium grade corporate bond yields (generally single-A rated credit ratings) that reflect the duration characteristics and currency attributes of the liabilities. In measuring benefit liabilities, we generally group contracts by contract issue year. The effects of changes in discount rates are recorded in other comprehensive income. |
Regulated utilities and energy businesses | (t) Regulated utilities and energy businesses Certain energy subsidiaries prepare their financial statements in accordance with authoritative guidance for regulated operations, reflecting the economic effects of regulation from the ability to recover certain costs from customers and the requirement to return revenues to customers in the future through the regulated rate-setting process. Accordingly, certain costs are deferred as regulatory assets and certain income is accrued as regulatory liabilities. Regulatory assets and liabilities will be amortized into operating expenses and revenues over various future periods. Regulatory assets and liabilities are continually assessed for probable future inclusion in regulatory rates by considering factors such as applicable regulatory or legislative changes and recent rate orders received by other regulated entities. If future inclusion in regulatory rates ceases to be probable, the amount no longer probable of inclusion in regulatory rates is charged or credited to earnings (or other comprehensive income, if applicable) or returned to customers. |
Foreign currency | (u) Foreign currency The accounts of certain subsidiaries are measured using functional currencies other than the U.S. Dollar. Revenues and expenses in the financial statements of these subsidiaries are translated into U.S. Dollars at the average exchange rate for the period and assets and liabilities are translated at the exchange rate as of the end of the reporting period. The net effects of translating the financial statements of these subsidiaries are included in shareholders’ equity as a component of accumulated other comprehensive income. Gains and losses arising from transactions denominated in a currency other than the functional currency of the entity, including gains and losses from the remeasurement of assets and liabilities due to changes in currency exchange rates, are included in earnings. |
Income taxes | (v) Income taxes Berkshire files a consolidated federal income tax return in the U.S., which includes eligible subsidiaries. In addition, we file income tax returns in U.S. state and local and in foreign jurisdictions. Provisions for current income tax liabilities are calculated and accrued on income and expense amounts expected to be included in the income tax returns for the current year. Income taxes reported in earnings also include deferred income tax provisions. Deferred income tax assets and liabilities are computed on differences between the financial statement bases and tax bases of assets and liabilities at the enacted tax rates. Changes in deferred income tax assets and liabilities associated with components of other comprehensive income are charged or credited directly to other comprehensive income. Otherwise, changes in deferred income tax assets and liabilities are included as a component of income tax expense. The effect on deferred income tax assets and liabilities attributable to changes in enacted tax rates are charged or credited to income tax expense in the period of enactment. Valuation allowances are established for certain deferred income tax assets when realization is not likely. Liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions, in our judgment, do not meet a more-likely-than-not threshold based on the technical merits of the positions. Estimated interest and penalties related to uncertain tax positions are included as a component of income tax expense. |
New accounting pronouncements adopted | (w) Accounting pronouncement adopted in 2023 We adopted Accounting Standards Update 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” (“ASU 2018-12”), as of January 1, 2023 , which modified the accounting, reporting and disclosures related to our long-duration insurance contracts. See Note 1 (s). ASU 2018-12 was applied retrospectively as of January 1, 2021 (the “transition date”) to contracts in-force as of the transition date. As of the transition date, the after-tax impact of changes in cash flow assumptions were recorded in retained earnings and the after-tax effect of changes in discount rate assumptions were recorded in accumulated other comprehensive income. Certain items in the accompanying Consolidated Financial Statements in 2022 and 2021 were revised in connection with the retrospective adoption. The revisions in 2022 and 2021 were primarily attributable to the effects of discount rate changes, which were recorded in accumulated other comprehensive income, and are shown in the accompanying Consolidated Statements of Comprehensive Income and Statements of Changes in Shareholders’ Equity. We also increased previously reported net earnings attributable to Berkshire Hathaway shareholders by $ 142 million in 2021 and $ 60 million in 2022. We believe such effects are immaterial to our Consolidated Financial statements. A summary of the effects of adopting ASU 2018-12 on selected financial statement line items as of the transition date follows (in millions). Balance at Increase (decrease) Balance at Life, annuity and health insurance benefits $ 21,616 $ 7,220 $ 28,836 Other policyholder liabilities 8,670 1,697 10,367 Income taxes, principally deferred 74,098 ( 1,695 ) 72,403 Accumulated other comprehensive income ( 4,243 ) ( 5,751 ) ( 9,994 ) Retained earnings 444,626 ( 677 ) 443,949 Berkshire Hathaway shareholders’ equity 443,164 ( 6,428 ) 436,736 |
New accounting pronouncements to be adopted subsequent to December 31, 2023 | (x) Accounting pronouncements to be adopted subsequent to December 31, 202 3 In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-02, “Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method” (“ASU 2023-02”). ASU 2023-02 permits reporting entities to elect to account for tax equity investments from which the income tax credits are received using the proportional amortization method at the program level if certain conditions are met. Currently, the proportional amortization method is limited to certain affordable housing tax credit investments. ASU 2023-02 is effective for fiscal years beginning after December 15, 2023. We believe that the adoption of ASU 2023-02 will not have a material effect on our Consolidated Financial Statements. In November 2023, the FASB issued Accounting Standards Update 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires disclosures of significant expenses by segment and interim disclosure of items that were previously required on an annual basis. ASU 2023-07 is to be applied on a retrospective basis and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We are evaluating the impact of ASU 2023-07 on disclosures in our Consolidated Financial Statements. In December 2023, the FASB issued Accounting Standards Update 2023-09, “Improvements to Income Tax Disclosures” (“ASU 2023-09”), which provides for additional disclosures primarily related to the income tax rate reconciliations and income taxes paid. ASU 2023-09 requires entities to annually disclose the income tax rate reconciliation using both amounts and percentages, considering several categories of reconciling items, including state and local income taxes, foreign tax effects, tax credits and nontaxable or nondeductible items, among others. Disclosure of the reconciling items is subject to a quantitative threshold and disaggregation by nature and jurisdiction. ASU 2023-09 also requires entities to disclose net income taxes paid or received to federal, state and foreign jurisdictions, as well as by individual jurisdiction, subject to a five percent quantitative threshold. ASU 2023-09 may be adopted on a prospective or retrospective basis and is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. We are evaluating the impact of ASU 2023-09 on disclosures in our Consolidated Financial Statements. |
Fixed Maturities [Member] | |
Investments in fixed maturity and equity securities | (d) Investments in fixed maturity securities We classify investments in fixed maturity securities on the acquisition date and at each balance sheet date. Securities classified as held-to-maturity are carried at amortized cost, reflecting the ability and intent to hold the securities to maturity. Securities classified as trading are acquired with the intent to sell in the near term and are carried at fair value with changes in fair value reported in earnings. All other securities are classified as available-for-sale and are carried at fair value. Our investments in fixed maturity securities are classified as available-for-sale. We amortize the difference between the original cost and maturity value of a fixed maturity security to earnings using the interest method. Notes to Consolidated Financial Statements (1) Significant accounting policies and practices (d) Investments in fixed maturity securities We record investment gains and losses on available-for-sale fixed maturity securities in earnings when the securities are sold. For securities in an unrealized loss position, we recognize a loss in earnings for the excess of amortized cost over fair value if we intend to sell before the price recovers. As of the balance sheet date, we evaluate whether the other unrealized losses are attributable to credit losses or other factors. We consider the severity of the decline in value, creditworthiness of the issuer and other relevant factors. We record an allowance for credit losses, limited to the excess of amortized cost over fair value, with a corresponding charge to earnings if the present value of estimated expected cash flows is less than the present value of contractual cash flows. The allowance may be subsequently increased or decreased based on the prevailing facts and circumstances. The portion of the unrealized loss that we believe is not related to a credit loss is recognized in other comprehensive income. |
Equity Securities [Member] | |
Investments in fixed maturity and equity securities | (e) Investments in equity securities We carry investments in equity securities at fair value and record the changes in fair values in the Consolidated Statements of Earnings as a component of investment gains and losses. |
Significant accounting polici_3
Significant accounting policies and practices (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of effects of adopting ASU 2018-12 on selected financial statement line items | A summary of the effects of adopting ASU 2018-12 on selected financial statement line items as of the transition date follows (in millions). Balance at Increase (decrease) Balance at Life, annuity and health insurance benefits $ 21,616 $ 7,220 $ 28,836 Other policyholder liabilities 8,670 1,697 10,367 Income taxes, principally deferred 74,098 ( 1,695 ) 72,403 Accumulated other comprehensive income ( 4,243 ) ( 5,751 ) ( 9,994 ) Retained earnings 444,626 ( 677 ) 443,949 Berkshire Hathaway shareholders’ equity 443,164 ( 6,428 ) 436,736 |
Significant business acquisit_2
Significant business acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Acquisition [Line Items] | |
Summary of unaudited pro forma consolidated earnings | Certain unaudited pro forma revenue and consolidated earnings (loss) data for the year ended December 31, 2022 as if the Alleghany and PTC acquisitions were completed on the same terms at the beginning of 2022 follows (in millions, except per share amounts). 2022 Revenues $ 383,115 Net earnings (loss) attributable to Berkshire Hathaway shareholders ( 23,947 ) Net earnings (loss) per equivalent Class A common share ( 16,303 ) |
Pilot Travel Centers ("PTC") [Member] | |
Business Acquisition [Line Items] | |
Summary of preliminary values of identified assets acquired and liabilities assumed | A summary of the values of PTC’s assets acquired, liabilities assumed and redeemable noncontrolling interests as of January 31, 2023 are summarized as follows (in millions). Goodwill from this acquisition is expected to be deductible for income tax purposes. Assets acquired Liabilities assumed and noncontrolling interests Property, plant and equipment $ 8,015 Notes payable $ 5,876 Goodwill 6,605 Other liabilities 4,918 Other intangible assets 6,853 Other assets 7,047 Liabilities assumed 10,794 Noncontrolling interests, predominantly redeemable 3,361 Assets acquired $ 28,520 Liabilities assumed and noncontrolling interests $ 14,155 Net assets $ 14,365 |
Alleghany Corporation [Member] | |
Business Acquisition [Line Items] | |
Summary of preliminary values of identified assets acquired and liabilities assumed | A summary of the values of the Alleghany assets acquired and liabilities assumed as of October 19, 2022 follows (in millions). Assets acquired Liabilities assumed Cash, cash equivalents and U.S. Treasury Bills $ 3,762 Unpaid losses and loss adjustment expenses $ 15,080 Investments in fixed maturity and equity securities 15,982 Unearned premiums 3,536 Loans, receivables and other assets 9,287 Notes payable 2,169 Goodwill 3,900 Other liabilities 3,300 Other intangible assets 2,659 Assets acquired $ 35,590 Liabilities assumed $ 24,085 Net assets $ 11,505 |
Investments in fixed maturity_2
Investments in fixed maturity securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments in securities with fixed maturities | Investments in fixed maturity securities are summarized by type below (in millions). Amortized Unrealized Unrealized Fair December 31, 2023 U.S. Treasury, U.S. government corporations and agencies $ 10,308 $ 14 $ ( 53 ) $ 10,269 Foreign governments 11,788 58 ( 41 ) 11,805 Corporate bonds 1,212 241 ( 4 ) 1,449 Other 217 21 ( 3 ) 235 $ 23,525 $ 334 $ ( 101 ) $ 23,758 December 31, 2022 U.S. Treasury, U.S. government corporations and agencies $ 10,039 $ 12 $ ( 249 ) $ 9,802 Foreign governments 10,454 50 ( 177 ) 10,327 Corporate bonds 1,945 256 ( 6 ) 2,195 Other 2,735 77 ( 8 ) 2,804 $ 25,173 $ 395 $ ( 440 ) $ 25,128 |
Schedule of amortized cost and estimated fair value of securities with fixed maturities | The amortized cost and estimated fair value of fixed maturity securities at December 31, 2023 are summarized below by contractual maturity dates (in millions). Actual maturities may differ from contractual maturities due to prepayment rights held by issuers. Due in one Due after one Due after five Due after Mortgage-backed Total Amortized cost $ 18,888 $ 3,744 $ 611 $ 128 $ 154 $ 23,525 Fair value 18,875 3,754 823 138 168 23,758 |
Investments in equity securit_2
Investments in equity securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments in equity securities | Investments in equity securities are summarized as follows (in millions). Cost Net Fair December 31, 2023 * Banks, insurance and finance $ 27,136 $ 51,176 $ 78,312 Consumer products 34,248 166,895 201,143 Commercial, industrial and other 48,032 26,355 74,387 $ 109,416 $ 244,426 $ 353,842 * Approximately 79 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 28.4 billion; Apple Inc. – $ 174.3 billion; Bank of America Corporation – $ 34.8 billion; The Coca-Cola Company – $ 23.6 billion and Chevron Corporation – $ 18.8 billion). Cost Net Fair December 31, 2022 * Banks, insurance and finance $ 25,893 $ 43,663 $ 69,556 Consumer products 40,508 112,384 152,892 Commercial, industrial and other 65,209 21,136 86,345 $ 131,610 $ 177,183 $ 308,793 * Approximately 75 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 22.4 billion; Apple Inc. – $ 119.0 billion; Bank of America Corporation – $ 34.2 billion; The Coca-Cola Company – $ 25.4 billion and Chevron Corporation – $ 30.0 billion). |
Equity method investments (Tabl
Equity method investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of carrying value and fair value of investments | The common stock of Kraft Heinz and Occidental are publicly traded. The fair values and carrying values of these two investments in addition to the carrying values of our other significant equity method investments are summarized as follows (in millions). Carrying Value Fair Value December 31, December 31, 2023 2022 2023 2022 Kraft Heinz $ 13,230 $ 12,937 $ 12,035 $ 13,249 Occidental 15,410 11,484 14,552 12,242 Other 426 3,629 $ 29,066 $ 28,050 |
Summary of earnings and distributions received from equity method investments | Our earnings and distributions received from equity method investments are summarized in the following table (in millions). The earnings we recorded in 2023 for Occidental included our share of its earnings for the fourth quarter of 2022 and first nine months of 2023. The earnings we recorded in 2022 for Occidental included our share of its earnings from August 4, 2022 through September 30, 2022. Equity in Earnings Distributions Received Year ended December 31, Year ended December 31, 2023 2022 2021 2023 2022 2021 Kraft Heinz $ 758 $ 628 $ 269 $ 521 $ 521 $ 521 Occidental 1,077 323 — 142 24 — Other 138 912 617 58 284 1,057 $ 1,973 $ 1,863 $ 886 $ 721 $ 829 $ 1,578 |
Summarized unaudited financial information of Kraft Heinz | Summarized consolidated financial information of Kraft Heinz follows (in millions). December 30, December 31, Assets $ 90,339 $ 90,513 Liabilities 40,617 41,643 Year ended December 30, December 31, December 25, Sales $ 26,640 $ 26,485 $ 26,042 Net earnings attributable to Kraft Heinz common shareholders 2,855 2,363 1,012 Summarized consolidated financial information of Occidental follows (in millions). September 30, December 31, Assets $ 71,827 $ 72,609 Liabilities 42,515 42,524 Twelve months ending September 30, 2023 Total revenues and other income $ 29,715 Net earnings attributable to Occidental common shareholders 4,471 |
Investment and derivative con_2
Investment and derivative contract gains (losses) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of investment and derivative gains and losses | Investment and derivative contract gains (losses) for each of the three years ending December 31, 2023 are summarized as follows (in millions). 2023 2022 2021 Investment gains (losses): Equity securities: Change in unrealized investment gains (losses) during the year on $ 69,144 $ ( 63,120 ) $ 76,375 Investment gains (losses) during the year on securities sold 2,698 ( 3,927 ) 997 71,842 ( 67,047 ) 77,372 Fixed maturity securities: Gross realized gains 139 134 85 Gross realized losses ( 86 ) ( 684 ) ( 29 ) Other 2,960 ( 26 ) 148 Investment gains (losses) 74,855 ( 67,623 ) 77,576 Derivative contract gains (losses) — ( 276 ) 966 $ 74,855 $ ( 67,899 ) $ 78,542 |
Loans and finance receivables (
Loans and finance receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of receivables | Other receivables are comprised of the following (in millions). December 31, 2023 2022 Insurance and other: Insurance premiums receivable $ 19,052 $ 18,395 Reinsurance recoverables 7,060 7,106 Trade receivables 14,449 14,510 Other 4,269 4,154 Allowances for credit losses ( 656 ) ( 675 ) $ 44,174 $ 43,490 Railroad, utilities and energy: Trade receivables $ 6,034 $ 4,182 Other 1,228 754 Allowances for credit losses ( 176 ) ( 141 ) $ 7,086 $ 4,795 |
Loans and Finance Receivables [Member] | |
Schedule of receivables | Loans and finance receivables are summarized as follows (in millions). December 31, 2023 2022 Loans and finance receivables before allowances and discounts $ 26,289 $ 24,664 Allowances for credit losses ( 950 ) ( 856 ) Unamortized acquisition discounts and points ( 658 ) ( 600 ) $ 24,681 $ 23,208 |
Schedule of reconciliation of allowance for credit losses on loans and finance receivables | Loans and finance receivables are principally manufactured home loans, and to a lesser extent, commercial loans and site-built home loans. Reconciliations of the allowance for credit losses on loans and finance receivables for each of the three years ending December 31, 2023 follow (in millions). 2023 2022 2021 Balance at the beginning of the year $ 856 $ 765 $ 712 Provision for credit losses 169 124 88 Charge-offs, net of recoveries ( 75 ) ( 33 ) ( 35 ) Balance at December 31 $ 950 $ 856 $ 765 |
Manufactured Housing Loan Balances [Member] | |
Summary of performing and non-performing home loans before discounts and allowances by year of loan origination | A summary of performing and non-performing home loans before discounts and allowances by year of loan origination as of December 31, 2023 follows (in millions). Origination Year 2023 2022 2021 2020 2019 Prior Total Performing $ 5,716 $ 4,368 $ 3,321 $ 2,575 $ 1,820 $ 7,432 $ 25,232 Non-performing 8 11 17 12 11 53 112 $ 5,724 $ 4,379 $ 3,338 $ 2,587 $ 1,831 $ 7,485 $ 25,344 |
Other receivables (Tables)
Other receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of receivables | Other receivables are comprised of the following (in millions). December 31, 2023 2022 Insurance and other: Insurance premiums receivable $ 19,052 $ 18,395 Reinsurance recoverables 7,060 7,106 Trade receivables 14,449 14,510 Other 4,269 4,154 Allowances for credit losses ( 656 ) ( 675 ) $ 44,174 $ 43,490 Railroad, utilities and energy: Trade receivables $ 6,034 $ 4,182 Other 1,228 754 Allowances for credit losses ( 176 ) ( 141 ) $ 7,086 $ 4,795 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories of our insurance and other businesses are comprised of the following (in millions). December 31, 2023 2022 Raw materials $ 6,026 $ 6,381 Work in process and other 3,345 3,464 Finished manufactured goods 4,969 5,739 Goods acquired for resale 9,819 9,782 $ 24,159 $ 25,366 |
Property, plant and equipment_2
Property, plant and equipment including equipment held for lease (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of depreciation expense | Depreciation expense for each of the three years ending December 31, 2023 is summarized below (in millions). 2023 2022 2021 Insurance and other $ 2,388 $ 2,276 $ 2,318 Railroad, utilities and energy 7,004 6,181 5,990 $ 9,392 $ 8,457 $ 8,308 |
Insurance and Other [Member] | |
Schedule of property, plant and equipment | A summary of property, plant and equipment of our insurance and other businesses follows (in millions). December 31, 2023 2022 Land, buildings and improvements $ 15,058 $ 14,761 Machinery and equipment 28,010 26,690 Furniture, fixtures and other 5,566 4,847 48,634 46,298 Accumulated depreciation ( 26,604 ) ( 25,185 ) $ 22,030 $ 21,113 |
Railroad, Utilities and Energy [Member] | |
Schedule of property, plant and equipment | A summary of property, plant and equipment of railroad and utilities and energy businesses follows (in millions). The utility generation, transmission and distribution systems and interstate natural gas pipeline assets are owned by regulated public utility and natural gas pipeline subsidiaries. Assets of PTC are included within the utilities and energy section below. December 31, 2023 2022 Railroad: Land, track structure and other roadway $ 71,692 $ 67,350 Locomotives, freight cars and other equipment 16,256 16,031 Construction in progress 1,715 1,743 89,663 85,124 Accumulated depreciation ( 19,464 ) ( 17,899 ) 70,199 67,225 Utilities and energy: Utility generation, transmission and distribution systems 96,195 92,759 Interstate natural gas pipeline assets 19,226 18,328 Independent power plants and other 14,781 14,650 Land, buildings and improvements 4,540 — Machinery, equipment and other 3,855 — Construction in progress 9,551 5,357 148,148 131,094 Accumulated depreciation ( 40,731 ) ( 38,051 ) 107,417 93,043 $ 177,616 $ 160,268 |
Equipment held for lease (Table
Equipment held for lease (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of equipment held for lease | Equipment held for lease includes railcars, aircraft, and other equipment, including over-the-road trailers, intermodal tank containers, cranes, storage units and furniture. Equipment held for lease is summarized below (in millions). December 31, 2023 2022 Railcars $ 10,031 $ 9,612 Aircraft 12,537 10,667 Other 5,576 5,212 28,144 25,491 Accumulated depreciation ( 11,197 ) ( 9,907 ) $ 16,947 $ 15,584 |
Summary of fixed and variable operating lease revenues | Fixed and variable operating lease revenues for each of the three years ending December 31, 2023 are summarized below (in millions). 2023 2022 2021 Fixed lease revenue $ 5,902 $ 5,184 $ 4,482 Variable lease revenue 2,514 2,330 1,506 $ 8,416 $ 7,514 $ 5,988 |
Summary of remaining operating lease receipts | A summary of future operating lease receipts as of December 31, 2023 follows (in millions). 2024 2025 2026 2027 2028 Thereafter Total $ 3,942 $ 3,077 $ 2,346 $ 1,569 $ 771 $ 283 $ 11,988 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Summary of Information related to operating leases | Information related to our operating leases follows (dollars in millions). Right-of-use assets Lease liabilities Weighted average remaining term in years Weighted average discount rate used to measure liabilities December 31, 2023 $ 5,277 $ 5,299 7.0 4.2 % December 31, 2022 4,975 4,939 7.0 3.7 % |
Summary of remaining operating lease payments | A summary of our remaining future operating lease payments reconciled to lease liabilities as of December 31, 2023 and December 31, 2022 follows (in millions). Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter Total Amount Lease December 31: 2023 $ 1,422 $ 1,172 $ 815 $ 666 $ 463 $ 1,680 $ 6,218 $ ( 919 ) $ 5,299 2022 1,283 1,073 822 560 449 1,464 5,651 ( 712 ) 4,939 |
Components of operating lease expenses | Components of operating lease expense for each of the three years ending December 31, 2023, are summarized as follows (in millions). 2023 2022 2021 Operating lease expense $ 1,535 $ 1,361 $ 1,426 Short-term lease expense 219 233 154 Variable lease expense 216 217 223 $ 1,970 $ 1,811 $ 1,803 |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Reconciliation of the change in goodwill | Reconciliations of the changes in the carrying value of goodwill during 2023 and 2022 follow (in millions). December 31, 2023 2022 Balance at the beginning of the year $ 78,119 $ 73,875 Business acquisitions 7,347 4,657 Other, including acquisition period remeasurements and foreign currency translation ( 840 ) ( 413 ) Balance at the end of the year* $ 84,626 $ 78,119 * Net of accumulated goodwill impairments of $ 11.1 billion as of December 31, 2023 and $ 11.0 billion as of December 31, 2022. |
Schedule of intangible assets | Other intangible assets are summarized below (in millions). December 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Insurance and other: Customer relationships $ 28,305 $ 7,901 $ 20,404 $ 27,765 $ 7,174 $ 20,591 Trademarks and trade names 5,619 846 4,773 5,603 822 4,781 Patents and technology 5,238 4,109 1,129 4,943 3,748 1,195 Other 4,826 1,805 3,021 4,150 1,530 2,620 $ 43,988 $ 14,661 $ 29,327 $ 42,461 $ 13,274 $ 29,187 Railroad, utilities and energy: Customer relationships and contracts $ 4,092 $ 791 $ 3,301 $ 1,507 $ 541 $ 966 Trademarks and trade names 3,592 98 3,494 217 39 178 Other 1,174 156 1,018 190 42 148 $ 8,858 $ 1,045 $ 7,813 $ 1,914 $ 622 $ 1,292 |
Supplemental cash flow inform_2
Supplemental cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental cash flow information | A summary of supplemental cash flow information follows (in millions). 2023 2022 2021 Cash paid during the year for: Income taxes $ 7,765 $ 4,236 $ 5,412 Interest: Insurance and other 1,272 1,150 1,227 Railroad, utilities and energy 3,725 3,195 3,162 Non-cash investing and financing activities: Liabilities assumed in connection with business acquisitions 10,938 24,186 102 Operating lease liabilities arising from obtaining right-of-use assets 1,645 1,118 687 |
Unpaid losses and loss adjust_2
Unpaid losses and loss adjustment expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of liability for unpaid claims and claims adjustment expense | Net liabilities of acquired businesses in 2022 were from the Alleghany acquisition. See Note 2. 2023 2022 2021 Balance at the beginning of the year: Gross liabilities $ 107,472 $ 86,664 $ 79,854 Reinsurance recoverable on unpaid losses ( 5,025 ) ( 2,960 ) ( 2,912 ) Net liabilities 102,447 83,704 76,942 Incurred losses and loss adjustment expenses: Current accident year 59,244 59,463 52,099 Prior accident years ( 3,541 ) ( 2,672 ) ( 3,116 ) Total 55,703 56,791 48,983 Paid losses and loss adjustment expenses: Current accident year ( 25,184 ) ( 27,236 ) ( 22,897 ) Prior accident years ( 27,065 ) ( 23,083 ) ( 18,904 ) Total ( 52,249 ) ( 50,319 ) ( 41,801 ) Foreign currency effect 288 ( 508 ) ( 420 ) Net liabilities of acquired businesses — 12,779 — Balance at December 31: Net liabilities 106,189 102,447 83,704 Reinsurance recoverable on unpaid losses 4,893 5,025 2,960 Gross liabilities $ 111,082 $ 107,472 $ 86,664 |
Schedule of reconciliation of unpaid losses and allocated loss adjustment expenses to balance sheet liability | A reconciliation of the disaggregated net unpaid losses and allocated loss adjustment expenses (the latter referred to as “ALAE”) to our consolidated claim liabilities as of December 31, 2023 follows (in millions). GEICO BH Primary BHRG Physical Auto Medical Workers’ Property Casualty Total Unpaid losses and ALAE, net $ 737 $ 20,477 $ 9,166 $ 21,230 $ 16,499 $ 32,393 $ 100,502 Reinsurance recoverable 4 900 26 1,547 689 1,481 4,647 Unallocated loss adjustment 2,467 Other losses and loss adjustment 3,466 Unpaid losses and loss adjustment $ 111,082 |
Schedule of average historical claims duration | Required supplemental unaudited average historical claims duration information based on the net losses and ALAE incurred and paid accident year data in the preceding tables follows. The percentages show the average portions of net losses and ALAE paid by each succeeding year, with year 1 representing the current accident year. Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance In Year 1 2 3 4 5 6 7 8 9 10 GEICO Physical Damage 97 % 3 % GEICO Auto Liability 41 % 31 % 13 % 7 % 4 % BH Primary Medical Professional Liability 2 % 8 % 12 % 14 % 13 % 12 % 8 % 6 % 5 % 3 % BH Primary Workers’ Compensation and Other Casualty 15 % 18 % 14 % 13 % 9 % 6 % 5 % 3 % 1 % 2 % BHRG Property 22 % 35 % 15 % 8 % 4 % 4 % 2 % 2 % 2 % 1 % BHRG Casualty 14 % 17 % 13 % 11 % 8 % 6 % 5 % 4 % 3 % 2 % |
GEICO [Member] | Insurance Group [Member] | Physical Damage [Member] | |
Schedule of incurred and paid losses and allocated loss adjustment expenses | Physical Damage Incurred Losses and ALAE through December 31, Cumulative Accident 2022* 2023 IBNR and Case Reported 2022 $ 14,138 $ 13,699 $ ( 56 ) 9,161 2023 12,273 ( 691 ) 7,295 Incurred losses and ALAE $ 25,972 Cumulative Paid Losses and ALAE through December 31, Accident 2022* 2023 2022 $ 13,251 $ 13,731 2023 11,567 Paid losses and ALAE 25,298 Net unpaid losses and ALAE for 2022 – 2023 accident years 674 Net unpaid losses and ALAE for accident years before 2022 63 Net unpaid losses and ALAE $ 737 |
GEICO [Member] | Insurance Group [Member] | Auto Liability [Member] | |
Schedule of incurred and paid losses and allocated loss adjustment expenses | Auto Liability Incurred Losses and ALAE through December 31, Cumulative Accident 2019* 2020* 2021* 2022* 2023 IBNR and Case Reported 2019 $ 16,901 $ 16,678 $ 16,191 $ 16,151 $ 16,168 $ 348 2,797 2020 14,637 14,024 13,697 13,593 666 2,123 2021 17,481 17,457 17,229 1,559 2,446 2022 19,645 18,903 3,316 2,360 2023 17,948 5,567 1,804 Incurred losses and ALAE $ 83,841 Cumulative Paid Losses and ALAE through December 31, Accident 2019* 2020* 2021* 2022* 2023 2019 $ 6,742 $ 11,671 $ 13,851 $ 15,084 $ 15,593 2020 5,395 9,839 11,794 12,608 2021 6,450 12,681 14,863 2022 7,614 13,838 2023 7,191 Paid losses and ALAE 64,093 Net unpaid losses and ALAE for 2019 – 2023 accident years 19,748 Net unpaid losses and ALAE for accident years before 2019 729 Net unpaid losses and ALAE $ 20,477 * Unaudited required supplemental information |
Berkshire Hathaway Primary Group [Member] | Insurance Group [Member] | Medical Professional Liability [Member] | |
Schedule of incurred and paid losses and allocated loss adjustment expenses | Medical Professional Liability We estimate the ultimate expected incurred losses and loss adjustment expenses for medical professional claim liabilities using a variety of commonly accepted actuarial methodologies, such as the paid and incurred development method and Bornhuetter-Ferguson based methods, as well as other techniques that consider insured loss exposures and historical and expected loss trends, among other factors. These methodologies produce loss estimates from which we determine our best estimate. In addition, we study developments in older accident years and adjust initial loss estimates to reflect recent developments based upon claim age, coverage and litigation experience. Incurred Losses and ALAE through December 31, Cumulative Accident 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023 IBNR and Case Reported 2014 $ 1,370 $ 1,375 $ 1,305 $ 1,246 $ 1,218 $ 1,127 $ 1,061 $ 1,033 $ 1,029 $ 1,007 $ 45 11 2015 1,374 1,342 1,269 1,290 1,218 1,157 1,093 1,033 1,016 55 12 2016 1,392 1,416 1,414 1,394 1,341 1,288 1,216 1,188 105 15 2017 1,466 1,499 1,495 1,474 1,382 1,349 1,315 117 21 2018 1,602 1,650 1,659 1,580 1,616 1,606 205 24 2019 1,670 1,691 1,663 1,614 1,534 320 21 2020 1,704 1,751 1,698 1,631 615 32 2021 1,852 1,855 1,787 1,053 25 2022 1,927 1,912 1,403 20 2023 1,964 1,781 17 Incurred losses and ALAE $ 14,960 Cumulative Paid Losses and ALAE through December 31, Accident 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023 2014 $ 21 $ 106 $ 238 $ 396 $ 540 $ 671 $ 752 $ 788 $ 840 $ 869 2015 23 108 218 382 543 663 719 799 843 2016 22 115 274 461 620 712 822 908 2017 27 128 300 457 582 739 877 2018 35 166 367 543 728 949 2019 39 160 314 536 757 2020 34 148 321 531 2021 36 136 333 2022 38 182 2023 28 Paid losses and ALAE 6,277 Net unpaid losses and ALAE for 2014 – 2023 accident years 8,683 Net unpaid losses and ALAE for accident years before 2014 483 Net unpaid losses and ALAE $ 9,166 * Unaudited required supplemental information |
Berkshire Hathaway Primary Group [Member] | Insurance Group [Member] | Workers' Compensation and Other Casualty [Member] | |
Schedule of incurred and paid losses and allocated loss adjustment expenses | Workers’ Compensation and Other Casualty We periodically evaluate ultimate loss and loss adjustment expense estimates for workers’ compensation and other casualty claims using a combination of commonly accepted actuarial methodologies such as the Bornhuetter-Ferguson and chain-ladder approaches using paid and incurred loss data. Paid and incurred loss data is segregated and analyzed by state due to the different state regulatory frameworks that may impact certain factors, including the duration and amount of loss payments. We also separately study the various components of liabilities, such as employee lost wages, medical expenses and the costs of claims investigations and administration. We establish case liabilities for reported claims based upon the facts and circumstances of the claim. The excess of the ultimate projected losses, including the expected development of case estimates, and the case-basis liabilities is included in IBNR liabilities. Incurred Losses and ALAE through December 31, Cumulative Accident 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023 IBNR and Case Reported 2014 $ 2,138 $ 2,064 $ 2,036 $ 1,970 $ 1,901 $ 1,906 $ 1,875 $ 1,861 $ 1,829 $ 1,810 $ 115 103 2015 2,580 2,539 2,455 2,426 2,428 2,402 2,408 2,393 2,358 201 120 2016 2,931 2,848 2,793 2,772 2,815 2,825 2,864 2,840 361 125 2017 3,473 3,337 3,299 3,310 3,322 3,320 3,321 422 143 2018 3,998 3,886 3,967 4,030 4,091 4,177 643 163 2019 4,584 4,623 4,692 4,763 4,847 867 184 2020 5,030 4,881 4,775 4,774 1,467 156 2021 5,899 5,856 5,882 2,455 316 2022 6,796 6,757 3,646 308 2023 7,299 5,187 132 Incurred losses and ALAE $ 44,065 Cumulative Paid Losses and ALAE through December 31, Accident 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023 2014 $ 286 $ 683 $ 1,002 $ 1,269 $ 1,407 $ 1,504 $ 1,557 $ 1,600 $ 1,617 $ 1,646 2015 329 804 1,187 1,507 1,766 1,873 1,966 2,041 2,070 2016 373 908 1,359 1,765 1,998 2,140 2,303 2,377 2017 480 1,133 1,645 2,050 2,279 2,492 2,673 2018 583 1,340 1,902 2,324 2,746 3,120 2019 725 1,598 2,214 2,898 3,430 2020 736 1,498 2,066 2,598 2021 869 1,751 2,440 2022 962 2,012 2023 1,056 Paid losses and ALAE 23,422 Net unpaid losses and ALAE for 2014 – 2023 accident years 20,643 Net unpaid losses and ALAE for accident years before 2014 587 Net unpaid losses and ALAE $ 21,230 * Unaudited required supplemental information |
Berkshire Hathaway Reinsurance Group [Member] | Insurance Group [Member] | Property [Member] | |
Schedule of incurred and paid losses and allocated loss adjustment expenses | BHRG’s disaggregated incurred and paid losses and ALAE are summarized by accident year. IBNR and case development liabilities are as of December 31, 2023. Dollars are in millions. Property Incurred Losses and ALAE through December 31, Accident 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023 IBNR and Case 2014 $ 3,095 $ 2,849 $ 2,725 $ 2,567 $ 2,508 $ 2,432 $ 2,400 $ 2,393 $ 2,373 $ 2,376 $ 27 2015 3,605 3,414 2,847 3,237 3,232 3,253 3,255 3,248 3,272 60 2016 3,926 4,515 4,192 4,155 4,150 4,139 4,117 4,106 26 2017 6,397 6,096 5,918 5,791 5,713 5,631 5,612 64 2018 5,486 5,579 5,437 5,293 5,299 5,249 172 2019 4,986 5,129 4,901 4,574 4,527 162 2020 6,928 7,208 6,876 6,657 610 2021 8,103 7,976 7,640 896 2022 8,880 8,453 2,228 2023 7,993 4,140 Incurred losses and ALAE $ 55,885 Cumulative Paid Losses and ALAE through December 31, Accident 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023 2014 $ 572 $ 1,520 $ 1,899 $ 2,059 $ 2,135 $ 2,187 $ 2,218 $ 2,242 $ 2,272 $ 2,295 2015 671 1,804 2,210 2,429 2,538 2,721 2,807 2,860 2,933 2016 915 2,214 2,677 3,167 3,436 3,632 3,741 3,820 2017 1,348 3,508 4,583 4,936 5,171 5,364 5,454 2018 1,208 3,093 3,735 4,020 4,265 4,473 2019 1,012 2,848 3,566 3,898 4,058 2020 1,255 3,584 4,634 5,298 2021 1,624 4,095 5,414 2022 1,814 4,333 2023 1,777 Paid losses and ALAE 39,855 Net unpaid losses and ALAE for 2014 – 2023 accident years 16,030 Net unpaid losses and ALAE for accident years before 2014 469 Net unpaid losses and ALAE $ 16,499 * Unaudited required supplemental information |
Berkshire Hathaway Reinsurance Group [Member] | Insurance Group [Member] | Casualty [Member] | |
Schedule of incurred and paid losses and allocated loss adjustment expenses | Casualty Incurred Losses and ALAE through December 31, Accident 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023 IBNR and Case 2014 $ 3,507 $ 3,672 $ 3,619 $ 3,557 $ 3,456 $ 3,472 $ 3,446 $ 3,334 $ 3,298 $ 3,265 $ 424 2015 3,422 3,628 3,668 3,580 3,438 3,401 3,364 3,310 3,312 373 2016 3,788 3,998 3,902 3,870 3,819 3,775 3,746 3,773 416 2017 4,039 4,474 4,351 4,244 4,176 4,165 4,222 547 2018 4,886 5,537 5,489 5,358 5,285 5,370 756 2019 5,572 6,043 5,902 5,736 5,695 1,228 2020 6,214 6,231 6,047 6,093 1,750 2021 6,310 6,285 5,957 2,299 2022 6,061 6,112 3,505 2023 6,071 4,656 Incurred losses and ALAE $ 49,870 Cumulative Paid Losses and ALAE through December 31, Accident 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022* 2023 2014 $ 429 $ 1,002 $ 1,390 $ 1,662 $ 1,917 $ 2,103 $ 2,311 $ 2,405 $ 2,493 $ 2,560 2015 446 995 1,431 1,731 2,003 2,197 2,345 2,481 2,590 2016 654 1,359 1,801 2,149 2,420 2,613 2,789 2,963 2017 607 1,311 1,829 2,478 2,727 2,945 3,171 2018 695 1,742 2,792 3,258 3,637 3,954 2019 841 1,872 2,423 3,190 3,736 2020 868 1,905 2,715 3,379 2021 766 1,785 2,661 2022 622 1,338 2023 692 Paid losses and ALAE 27,044 Net unpaid losses and ALAE for 2014 – 2023 accident years 22,826 Net unpaid losses and ALAE for accident years before 2014 9,567 Net unpaid losses and ALAE $ 32,393 * Unaudited required supplemental information |
Retroactive reinsurance contr_2
Retroactive reinsurance contracts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Reconciliation of changes in claim liabilities and incurred losses and loss adjustment expenses | Reconciliations of the changes in estimated liabilities for retroactive reinsurance unpaid losses and loss adjustment expenses for each of the three years ended December 31, 2023 follow (in millions). 2023 2022 2021 Balance at the beginning of the year $ 35,415 $ 37,855 $ 40,623 Incurred losses and loss adjustment expenses: Current year contracts — — 153 Prior years’ contracts 1,109 86 ( 974 ) Total 1,109 86 ( 821 ) Paid losses and loss adjustment expenses ( 1,934 ) ( 2,358 ) ( 1,889 ) Foreign currency effect 57 ( 168 ) ( 58 ) Balance at December 31 $ 34,647 $ 35,415 $ 37,855 Incurred losses and loss adjustment expenses above $ 1,109 $ 86 $ ( 821 ) Deferred charge amortization and adjustments 375 769 1,802 Incurred losses and loss adjustment expenses included in the Consolidated $ 1,484 $ 855 $ 981 |
Long-duration insurance contr_2
Long-duration insurance contracts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Summary of life, annuity and health insurance benefits liabilities | A summary of our life, annuity and health insurance benefits liabilities disaggregated by our two primary product categories, periodic payment annuities and life and health insurance, and other liabilities, which primarily consist of incurred-but-not-reported claims and claims in the course of settlement, follows (in millions). December 31, 2023 2022 2021 Periodic payment annuities $ 11,212 $ 10,640 $ 16,153 Life and health 5,749 5,879 7,688 Other liabilities 3,252 3,234 3,454 $ 20,213 $ 19,753 $ 27,295 |
Summary of changes in discounted present values of expected future policy benefits and expected future net premiums | Net premiums represent the portion of expected gross premiums that are required to provide for future policy benefits and variable expenses. Periodic payment annuities Life and health 2023 2022 2021 2023 2022 2021 Expected future policy benefits: Balance at the beginning of the year $ 10,640 $ 16,153 $ 17,122 $ 52,008 $ 63,648 $ 66,528 Balance at the beginning of the year - original discount rates 11,549 11,261 10,569 63,584 60,133 58,247 Effect of cash flow assumption changes — — — ( 829 ) 2,261 ( 354 ) Effect of actual from expected experience 5 121 8 ( 352 ) 927 1,011 Change in benefits, net ( 470 ) ( 297 ) 138 1,616 671 394 Interest accrual 537 535 528 1,787 1,644 1,670 Foreign currency effect 60 ( 71 ) 18 65 ( 2,052 ) ( 835 ) Balance at December 31 - original discount rates 11,681 11,549 11,261 65,871 63,584 60,133 Effect of changes in discount rate assumptions ( 469 ) ( 909 ) 4,892 ( 13,206 ) ( 11,576 ) 3,515 Balance at December 31 $ 11,212 $ 10,640 $ 16,153 $ 52,665 $ 52,008 $ 63,648 Expected future net premiums: Balance at the beginning of the year $ 46,129 $ 55,960 $ 58,198 Balance at the beginning of the year - original discount rates 56,535 53,277 51,370 Effect of cash flow assumption changes ( 880 ) 2,163 ( 270 ) Effect of actual from expected experience ( 181 ) 676 572 Change in premiums, net 1,645 928 908 Interest accrual 1,566 1,434 1,444 Foreign currency effect 46 ( 1,943 ) ( 747 ) Balance at December 31 - original discount rates 58,731 56,535 53,277 Effect of changes in discount rate assumptions ( 11,815 ) ( 10,406 ) 2,683 Balance at December 31 $ 46,916 $ 46,129 $ 55,960 Liability for future policy benefits: Balance at December 31 $ 11,212 $ 10,640 $ 16,153 $ 5,749 $ 5,879 $ 7,688 Reinsurance recoverables — — — ( 1,571 ) ( 1,559 ) ( 2,152 ) Balance at December 31, $ 11,212 $ 10,640 $ 16,153 $ 4,178 $ 4,320 $ 5,536 |
Summary of undiscounted and discounted expected future gross premiums to be collected and undiscounted expected future benefits for periodic payment annuities and life and health insurance | The undiscounted and discounted expected future gross premiums to be collected and undiscounted expected future benefits for periodic payment annuities and life and health insurance as of December 31, 2023, 2022 and 2021 are summarized below (in millions). Undiscounted expected Discounted expected Undiscounted expected 2023 2022 2021 2023 2022 2021 2023 2022 2021 Periodic payment annuities $ — $ — $ — $ — $ — $ — $ 31,066 $ 31,156 $ 30,260 Life and health 117,078 109,321 102,768 66,692 66,460 64,378 111,630 104,544 98,224 |
Summary of gross premiums earned and net interest expense | Gross premiums earned on long-duration contracts are included in insurance premiums earned, and interest expense on long-duration insurance contracts is included as a component of life, annuity and health benefits in our Consolidated Statements of Earnings. Gross premiums earned and interest expense before the impact of reinsurance ceded for each of the three years ended December 31, 2023 follow (in millions). Gross Premiums Interest Expense 2023 2022 2021 2023 2022 2021 Periodic payment annuities $ — $ 582 $ 655 $ 537 $ 535 $ 528 Life and health 3,627 3,760 3,906 221 210 226 |
Summary of weighted average discount rates, interest accretion rates and average contract durations | The weighted average discount rates, interest accretion rates and the average contract durations as of December 31, 2023, 2022 and 2021 for periodic payment annuities and life and health insurance are summarized below. 2023 2022 2021 Periodic payment annuities Weighted average discount rate 5.1 % 5.3 % 2.7 % Weighted average accretion rate 4.8 % 4.8 % 4.9 % Weighted average duration 18 years 17 years 22 years Life and health Weighted average discount rate 5.1 % 4.7 % 2.4 % Weighted average accretion rate 3.3 % 3.4 % 3.4 % Weighted average duration 13 years 14 years 15 years |
Notes payable and other borro_2
Notes payable and other borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of short and long term outstanding debt disclosure | Notes payable and other borrowings of our insurance and other businesses are summarized below (dollars are in millions). The weighted average interest rates and maturity date ranges are based on borrowings as of December 31, 2023. Weighted Average December 31, Interest Rate 2023 2022 Insurance and other: Berkshire Hathaway Inc. (“Berkshire”): U.S. Dollar denominated due 2025 - 2047 3.5 % $ 3,740 $ 6,231 Euro denominated due 2024 - 2041 1.1 % 6,145 7,344 Japanese Yen denominated due 2024 - 2060 0.8 % 8,896 7,818 Berkshire Hathaway Finance Corporation (“BHFC”): U.S. Dollar denominated due 2027 - 2052 3.6 % 14,463 14,458 Great Britain Pound denominated due 2039 - 2059 2.5 % 2,191 2,078 Euro denominated due 2030 - 2034 1.8 % 1,374 1,332 Other subsidiary borrowings due 2024 - 2051 4.5 % 4,696 5,967 Short-term subsidiary borrowings 7.3 % 1,187 1,310 $ 42,692 $ 46,538 |
Debt principal payments disclosure | Debt principal repayments expected during each of the next five years are as follows (in millions). Amounts in 2024 include short-term borrowings. 2024 2025 2026 2027 2028 Insurance and other $ 3,295 $ 3,076 $ 4,499 $ 2,877 $ 1,413 Railroad, utilities and energy 10,564 3,972 1,554 1,672 5,020 $ 13,859 $ 7,048 $ 6,053 $ 4,549 $ 6,433 |
Railroad, Utilities and Energy [Member] | |
Schedule of short and long term outstanding debt disclosure | Notes payable and other borrowings of our railroad, utilities and energy businesses are summarized below (dollars are in millions). The weighted average interest rates and maturity date ranges are based on borrowings as of December 31, 2023. Weighted Average December 31, Interest Rate 2023 2022 Railroad, utilities and energy: Berkshire Hathaway Energy Company (“BHE”) and subsidiaries: BHE senior unsecured debt due 2025 - 2053 4.4 % $ 13,101 $ 13,996 Subsidiary and other debt due 2024 - 2064 4.4 % 39,072 37,639 Short-term borrowings 5.9 % 4,148 1,119 Pilot Travel Centers (“PTC”) and subsidiaries due 2024 - 2028 7.2 % 5,776 — Burlington Northern Santa Fe (“BNSF”) and subsidiaries due 2024 - 2097 4.6 % 23,482 23,452 $ 85,579 $ 76,206 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax liability | Liabilities for income taxes reflected in our Consolidated Balance Sheets are as follows (in millions). December 31, 2023 2022 Currently payable $ 185 $ 511 Deferred 92,344 76,417 Other 480 440 $ 93,009 $ 77,368 |
Schedule of deferred income tax assets and liabilities | The tax effects of temporary differences that pertain to our deferred income tax assets and liabilities are shown below (in millions). December 31, 2023 2022 Deferred income tax liabilities: Investments, including unrealized appreciation $ 56,766 $ 41,150 Deferred charges reinsurance assumed 1,994 2,073 Property, plant and equipment and equipment held for lease 32,991 32,080 Goodwill and other intangible assets 7,546 7,010 Other 4,452 5,162 103,749 87,475 Deferred income tax assets: Unpaid losses and loss adjustment expenses ( 1,255 ) ( 1,290 ) Unearned premiums ( 1,285 ) ( 1,196 ) Accrued liabilities ( 2,626 ) ( 1,790 ) Regulatory liabilities ( 1,248 ) ( 1,323 ) Deferred revenue ( 2,282 ) ( 1,880 ) Other ( 2,709 ) ( 3,579 ) ( 11,405 ) ( 11,058 ) Net deferred income tax liability $ 92,344 $ 76,417 |
Schedule of tax provision by jurisdiction category and classification | Income tax expense (benefit) reflected in our Consolidated Statements of Earnings for each of the three years ending December 31, 2023 was as follows (in millions). 2023 2022 2021 U.S. Federal $ 20,764 $ ( 10,316 ) $ 20,384 U.S. State 763 762 ( 527 ) Foreign 1,492 1,052 1,055 $ 23,019 $ ( 8,502 ) $ 20,912 Current $ 7,642 $ 4,815 $ 5,326 Deferred 15,377 ( 13,317 ) 15,586 $ 23,019 $ ( 8,502 ) $ 20,912 |
Schedule of income tax reconciled to federal statutory amount | Income tax expense (benefit) is reconciled to hypothetical amounts computed at the U.S. federal statutory rate for each of the three years ending December 31, 2023 in the table below (dollars in millions). 2023 2022 2021 Earnings (loss) before income taxes $ 120,166 $ ( 30,500 ) $ 111,861 Hypothetical income tax expense (benefit) at the U.S. federal statutory rate $ 25,235 $ ( 6,405 ) $ 23,491 Dividends received deduction and tax-exempt interest ( 678 ) ( 512 ) ( 457 ) State income taxes, less U.S. federal income tax effect 603 602 ( 417 ) U.S. income tax credits* ( 2,186 ) ( 2,187 ) ( 1,860 ) Other differences, net 45 — 155 $ 23,019 $ ( 8,502 ) $ 20,912 Effective income tax rate 19.2 % 27.9 % 18.7 % * U.S. income tax credits derive primarily from production tax credits associated with wind-energy generation of BHE and tax credits arising from affordable housing investments. |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial assets and liabilities measured at fair value on a recurring basis | Our financial assets and liabilities are summarized below, with fair values shown according to the fair value hierarchy (in millions). The carrying values of cash and cash equivalents, U.S. Treasury Bills, other receivables and accounts payable, accruals and other liabilities are considered to be reasonable estimates of or otherwise approximate the fair values. Carrying Fair Value Quoted Significant Significant December 31, 2023 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and $ 10,269 $ 10,269 $ 10,234 $ 35 $ — Foreign governments 11,805 11,805 11,559 246 — Corporate bonds 1,449 1,449 — 860 589 Other 235 235 — 235 — Investments in equity securities 353,842 353,842 343,358 10 10,474 Investments in Kraft Heinz & Occidental common 28,640 26,587 26,587 — — Loans and finance receivables 24,681 24,190 — 892 23,298 Derivative contract assets (1) 334 334 39 282 13 Derivative contract liabilities (1) 213 213 7 111 95 Notes payable and other borrowings: Insurance and other 42,692 39,184 — 39,153 31 Railroad, utilities and energy 85,579 81,036 — 81,036 — December 31, 2022 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and $ 9,802 $ 9,802 $ 9,733 $ 69 $ — Foreign governments 10,327 10,327 9,854 473 — Corporate bonds 2,195 2,195 — 1,546 649 Other 2,804 2,804 — 2,804 — Investments in equity securities 308,793 308,793 296,610 9 12,174 Investments in Kraft Heinz & Occidental common 24,421 25,491 25,491 — — Loans and finance receivables 23,208 23,428 — 1,513 21,915 Derivative contract assets (1) 589 589 56 474 59 Derivative contract liabilities (1) 242 242 8 122 112 Notes payable and other borrowings: Insurance and other 46,538 41,961 — 41,061 900 Railroad, utilities and energy 76,206 67,651 — 67,651 — (1) Assets are included in other assets, and liabilities are included in accounts payable, accruals and other liabilities. |
Reconciliations of significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) | Reconciliations of significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for each of the three years ending December 31, 2023 follow (in millions). Balance at the Gains (losses) included in earnings Acquisitions, Transfers out of Level 3 Balance at the Investments in equity securities : 2023 $ 12,169 $ ( 40 ) $ ( 1,661 ) $ — $ 10,468 2022 11,480 689 — — 12,169 2021 8,978 1,902 1,100 ( 500 ) 11,480 Equity index put option contract liabilities : 2021 ( 1,065 ) 966 — 99 — |
Fair value assets and liabilities measured on recurring basis, unobservable inputs, additional information | Quantitative information as of December 31, 2023 for the significant assets measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follows (dollars in millions). Fair Principal Unobservable Weighted Investments in equity securities: Preferred stock $ 8,688 Discounted cash flow Expected duration 6 years Discount for transferability restrictions and subordination 372 bps Common stock warrants 1,780 Warrant pricing model Expected duration 6 years Volatility 41 % |
Common stock (Tables)
Common stock (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Changes in issued, treasury and outstanding Berkshire common stock | The changes in Berkshire’s issued, treasury and outstanding common stock for each of the three years ending December 31, 2023 are shown in the table below. In addition, 1,000,000 shares of preferred stock are authorized, but none are issued. Class A, $ 5 Par Value 1,650,000 shares authorized) Class B, $ 0.0033 Par Value 3,225,000,000 shares authorized) Issued Treasury Outstanding Issued Treasury Outstanding Balance at December 31, 2020 678,523 ( 34,592 ) 643,931 1,469,359,852 ( 119,316,381 ) 1,350,043,471 Conversions of Class A to ( 12,622 ) — ( 12,622 ) 18,933,000 — 18,933,000 Treasury stock acquired — ( 14,196 ) ( 14,196 ) — ( 78,501,968 ) ( 78,501,968 ) Balance at December 31, 2021 665,901 ( 48,788 ) 617,113 1,488,292,852 ( 197,818,349 ) 1,290,474,503 Conversions of Class A to ( 14,451 ) — ( 14,451 ) 21,676,500 — 21,676,500 Treasury stock acquired — ( 11,098 ) ( 11,098 ) — ( 9,896,927 ) ( 9,896,927 ) Balance at December 31, 2022 651,450 ( 59,886 ) 591,564 1,509,969,352 ( 207,715,276 ) 1,302,254,076 Conversions of Class A to ( 12,122 ) — ( 12,122 ) 18,183,000 — 18,183,000 Treasury stock acquired — ( 11,667 ) ( 11,667 ) — ( 9,875,568 ) ( 9,875,568 ) Balance at December 31, 2023 639,328 ( 71,553 ) 567,775 1,528,152,352 ( 217,590,844 ) 1,310,561,508 |
Revenues from contracts with _2
Revenues from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from contracts with customers disaggregated by reportable segment and source of revenue | The following table summarizes customer contract revenues disaggregated by reportable segment and the source of the revenue for each of the three years ended December 31, 2023 (in millions). Revenues from PTC in 2023 are for the eleven months ending December 31, 2023. Other revenues, which are not considered to be revenues from contracts with customers under GAAP, are primarily insurance premiums earned, interest, dividend and other investment income and leasing revenues. 2023 Manufacturing McLane Service and BNSF Berkshire PTC Insurance, Total Manufactured products: Industrial and commercial $ 28,066 $ — $ 233 $ — $ — $ — $ — $ 28,299 Building 20,119 — — — — — — 20,119 Consumer 17,702 — — — — — — 17,702 Grocery and convenience store distribution — 31,524 — — — — — 31,524 Food and beverage distribution — 19,040 — — — — — 19,040 Auto sales — — 10,747 — — — — 10,747 Other retail and wholesale distribution 3,289 — 16,289 — — 2,423 — 22,001 Service 1,457 1,079 5,474 23,724 4,055 264 — 36,053 Electricity, natural gas and fuel — — — — 20,647 48,774 — 69,421 Total 70,633 51,643 32,743 23,724 24,702 51,461 — 254,906 Other revenues 4,650 171 7,136 67 1,258 203 96,091 109,576 $ 75,283 $ 51,814 $ 39,879 $ 23,791 $ 25,960 $ 51,664 $ 96,091 $ 364,482 2022 Manufactured products: Industrial and commercial $ 24,566 $ — $ 199 $ — $ — $ — $ 24,765 Building 22,762 — — — — — 22,762 Consumer 19,912 — — — — — 19,912 Grocery and convenience store distribution — 32,599 — — — — 32,599 Food and beverage distribution — 19,388 — — — — 19,388 Auto sales — — 10,486 — — — 10,486 Other retail and wholesale distribution 3,195 — 16,931 — — — 20,126 Service 1,199 1,103 4,439 25,742 4,933 — 37,416 Electricity and natural gas — — — — 20,317 — 20,317 Total 71,634 53,090 32,055 25,742 25,250 — 207,771 Other revenues 4,016 119 6,154 60 1,097 82,803 94,249 $ 75,650 $ 53,209 $ 38,209 $ 25,802 $ 26,347 $ 82,803 $ 302,020 2021 Manufactured products: Industrial and commercial $ 22,184 $ — $ 159 $ — $ — $ — $ 22,343 Building 19,604 — — — — — 19,604 Consumer 18,540 — — — — — 18,540 Grocery and convenience store distribution — 31,245 — — — — 31,245 Food and beverage distribution — 17,332 — — — — 17,332 Auto sales — — 9,966 — — — 9,966 Other retail and wholesale distribution 2,997 — 15,898 — — — 18,895 Service 1,486 751 4,123 23,120 5,583 — 35,063 Electricity and natural gas — — — — 18,264 — 18,264 Total 64,811 49,328 30,146 23,120 23,847 — 191,252 Other revenues 3,766 122 4,601 57 1,205 75,182 84,933 $ 68,577 $ 49,450 $ 34,747 $ 23,177 $ 25,052 $ 75,182 $ 276,185 |
Transaction price allocated to significant unsatisfied remaining performance obligations and timing of when performance obligations expected to be satisfied | A summary of the transaction price allocated to the significant unsatisfied remaining performance obligations related to contracts with expected durations exceeding one year as of December 31, 2023 and the timing of when the performance obligations are expected to be satisfied follows (in millions). Less than Greater than Total Electricity, natural gas and fuel $ 3,039 $ 20,019 $ 23,058 Other sales and service contracts 3,163 5,181 8,344 |
Pension plans (Tables)
Pension plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of net periodic pension expense | Our net periodic pension expense for each of the three years ending December 31, 2023 was as follows (in millions). 2023 2022 2021 Service cost $ 111 $ 181 $ 257 Interest cost 640 482 410 Expected return on plan assets ( 785 ) ( 975 ) ( 1,008 ) Other 2 156 203 Net periodic pension expense $ ( 32 ) $ ( 156 ) $ ( 138 ) |
Schedule of changes in projected benefit obligations, changes in plan assets and net funded status | The funded status reflected in the Consolidated Balance Sheets at year end 2023 and 2022 and reconciliations of the changes in PBOs and plan assets related to BHE’s pension plans and all other pension plans for each of the two years ending December 31, 2023 follow (in millions). 2023 2022 BHE Other Total BHE Other Total PBOs Balance at the beginning of the year $ 3,215 $ 9,523 $ 12,738 $ 4,780 $ 14,012 $ 18,792 Service cost 21 90 111 36 145 181 Interest cost 167 473 640 118 364 482 Benefits paid ( 274 ) ( 578 ) ( 852 ) ( 250 ) ( 585 ) ( 835 ) Settlements paid — ( 448 ) ( 448 ) ( 164 ) ( 678 ) ( 842 ) Actuarial (gains) losses and other 140 438 578 ( 1,305 ) ( 3,735 ) ( 5,040 ) Balance at the end of the year $ 3,269 $ 9,498 $ 12,767 $ 3,215 $ 9,523 $ 12,738 Plan assets Balance at the beginning of the year $ 3,376 $ 9,216 $ 12,592 $ 5,158 $ 13,462 $ 18,620 Employer contributions 27 118 145 29 133 162 Benefits paid ( 274 ) ( 578 ) ( 852 ) ( 250 ) ( 585 ) ( 835 ) Settlements paid — ( 448 ) ( 448 ) ( 164 ) ( 678 ) ( 842 ) Actual return on plan assets 271 1,512 1,783 ( 1,162 ) ( 2,971 ) ( 4,133 ) Other 71 88 159 ( 235 ) ( 145 ) ( 380 ) Balance at the end of the year $ 3,471 $ 9,908 $ 13,379 $ 3,376 $ 9,216 $ 12,592 Funded status – net (asset) liability $ ( 202 ) $ ( 410 ) $ ( 612 ) $ ( 161 ) $ 307 $ 146 |
Schedule of information for plans with PBOs in excess of plan assets | Information for plans with PBOs and ABOs in excess of plan assets as of December 31, 2023 and 2022 follows (in millions). 2023 2022 PBOs $ 5,679 $ 6,422 Plan assets 4,469 4,766 ABOs 1,246 5,594 Plan assets 222 4,234 |
Schedule of information for plans with ABOs in excess of plan assets | Information for plans with PBOs and ABOs in excess of plan assets as of December 31, 2023 and 2022 follows (in millions). 2023 2022 PBOs $ 5,679 $ 6,422 Plan assets 4,469 4,766 ABOs 1,246 5,594 Plan assets 222 4,234 |
Schedule of weighted average assumptions | Weighted average assumptions used in determining PBOs and net periodic pension expense follow. 2023 2022 2021 Discount rate applicable to PBOs 5.0 % 5.2 % 2.7 % Expected long-term rate of return on plan assets 6.0 5.9 6.1 Rate of compensation increase 2.6 2.5 2.6 Discount rate applicable to net periodic pension expense 5.3 2.9 2.4 |
Schedule of fair value measurements by major categories of plan assets | Fair value measurements of plan assets as of December 31, 2023 and 2022 follow (in millions). Fair Value Investments Total Level 1 Level 2 Level 3 asset value December 31, 2023 Cash and cash equivalents $ 449 $ 370 $ 79 $ — $ — Equity securities 8,487 7,808 543 136 — Fixed maturity securities 2,138 1,277 851 10 — Investment funds and other 2,305 342 272 42 1,649 $ 13,379 $ 9,797 $ 1,745 $ 188 $ 1,649 December 31, 2022 Cash and cash equivalents $ 602 $ 523 $ 79 $ — $ — Equity securities 7,673 7,112 321 240 — Fixed maturity securities 2,152 1,328 824 — — Investment funds and other 2,165 198 394 42 1,531 $ 12,592 $ 9,161 $ 1,618 $ 282 $ 1,531 |
Schedule of pension plan amounts recognized In accumulated other comprehensive income | A reconciliation of the pre-tax accumulated other comprehensive income (loss) of our defined benefit pension plans for each of the two years ending December 31, 2023 follows (in millions). 2023 2022 Balance at the beginning of the year $ ( 738 ) $ ( 485 ) Amount included in net periodic pension expense ( 12 ) 123 Actuarial gains (losses) and other 589 ( 376 ) Balance at the end of the year $ ( 161 ) $ ( 738 ) |
Accumulated other comprehensi_2
Accumulated other comprehensive income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income | A summary of the net changes in after-tax accumulated other comprehensive income attributable to Berkshire Hathaway shareholders for each of the three years ending December 31, 2023 follows (in millions). Unrealized Foreign Long-duration insurance contracts Defined benefit Other Total Balance at December 31, 2020 $ 536 $ ( 3,082 ) $ — $ ( 1,645 ) $ ( 52 ) $ ( 4,243 ) Adoption of ASU 2018-12 — — ( 5,751 ) — — ( 5,751 ) Balance at January 1, 2021 536 ( 3,082 ) ( 5,751 ) ( 1,645 ) ( 52 ) ( 9,994 ) Other comprehensive income ( 167 ) ( 1,010 ) 1,655 1,298 95 1,871 Balance at December 31, 2021 369 ( 4,092 ) ( 4,096 ) ( 347 ) 43 ( 8,123 ) Other comprehensive income ( 556 ) ( 2,050 ) 5,637 ( 205 ) 245 3,071 Balance at December 31, 2022 ( 187 ) ( 6,142 ) 1,541 ( 552 ) 288 ( 5,052 ) Other comprehensive income 377 749 ( 188 ) 455 ( 104 ) 1,289 Balance at December 31, 2023 $ 190 $ ( 5,393 ) $ 1,353 $ ( 97 ) $ 184 $ ( 3,763 ) |
Business segment data (Tables)
Business segment data (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of revenues, earnings before income taxes, interest expense, income tax expense, capital expenditures, depreciation, goodwill and identifiable assets by segment | A disaggregation of our consolidated data for each of the three most recent years is presented as follows (in millions). Revenues Earnings (loss) before income taxes 2023 2022 2021 2023 2022 2021 Operating Businesses Insurance: Underwriting: GEICO $ 39,264 $ 38,984 $ 37,706 $ 3,635 $ ( 1,880 ) $ 1,259 Berkshire Hathaway Primary Group 17,129 13,746 11,575 1,374 393 607 Berkshire Hathaway Reinsurance Group 27,010 21,846 20,179 1,904 1,465 ( 755 ) Insurance underwriting 83,403 74,576 69,460 6,913 ( 22 ) 1,111 Investment income 11,619 7,734 5,662 11,581 7,724 5,649 Total insurance 95,022 82,310 75,122 18,494 7,702 6,760 BNSF 23,876 25,888 23,282 6,614 7,708 7,861 BHE 26,008 26,393 25,096 940 3,146 3,293 PTC 51,739 — — 968 — — Manufacturing 75,405 75,781 68,730 11,445 11,177 9,841 McLane 52,607 53,209 49,450 455 271 230 Service and retailing 39,996 38,303 34,832 4,721 4,771 4,481 364,653 301,884 276,512 43,637 34,775 32,466 Reconciliation to consolidated amount Investment and derivative gains (losses) — — — 74,855 ( 67,899 ) 78,542 Interest expense, not allocated to segments — — — ( 426 ) ( 420 ) ( 455 ) Non-controlled businesses — — — 1,973 1,863 886 Corporate, eliminations and other ( 171 ) 136 ( 327 ) 127 1,181 422 $ 364,482 $ 302,020 $ 276,185 $ 120,166 $ ( 30,500 ) $ 111,861 Interest expense Income tax expense (benefit) 2023 2022 2021 2023 2022 2021 Operating Businesses Insurance $ — $ — $ — $ 3,497 $ 1,247 $ 1,083 BNSF 1,048 1,025 1,032 1,527 1,763 1,871 BHE 2,283 2,140 2,054 ( 2,022 ) ( 1,629 ) ( 1,153 ) PTC 414 — — 169 — — Manufacturing 784 739 704 2,487 2,403 2,193 McLane — — — 117 66 61 Service and retailing 101 42 38 1,135 1,131 1,086 4,630 3,946 3,828 6,910 4,981 5,141 Reconciliation to consolidated amount Investment and derivative gains (losses) — — — 15,930 ( 14,166 ) 16,025 Interest expense, not allocated to segments 426 420 455 ( 90 ) ( 88 ) ( 96 ) Non-controlled businesses — — — 223 334 82 Corporate, eliminations and other ( 53 ) ( 14 ) ( 111 ) 46 437 ( 240 ) $ 5,003 $ 4,352 $ 4,172 $ 23,019 $ ( 8,502 ) $ 20,912 Notes to Consolidated Financial Statements (26) Business segment data Capital expenditures Depreciation of tangible assets 2023 2022 2021 2023 2022 2021 Operating Businesses Insurance $ 68 $ 82 $ 62 $ 72 $ 69 $ 72 BNSF 3,920 3,532 2,910 2,581 2,479 2,406 BHE 9,148 7,505 6,611 3,913 3,702 3,584 PTC 705 — — 510 — — Manufacturing 2,714 2,477 2,100 2,099 2,021 2,037 McLane 264 93 106 208 176 189 Service and retailing 2,590 1,775 1,487 1,275 1,219 1,177 $ 19,409 $ 15,464 $ 13,276 $ 10,658 $ 9,666 $ 9,465 Goodwill at year-end Identifiable assets at year-end 2023 2022 2021 2023 2022 2021 Operating Businesses Insurance $ 16,563 $ 16,548 $ 15,181 $ 538,860 $ 459,917 $ 483,417 BNSF 15,350 14,852 14,852 79,227 77,752 76,586 BHE 11,804 11,745 11,906 124,383 118,114 113,447 PTC 6,605 — — 21,404 — — Manufacturing 27,831 28,460 25,463 115,875 113,578 107,231 McLane 232 232 232 6,861 7,049 6,841 Service and retailing 6,241 6,282 6,241 34,600 31,291 28,221 $ 84,626 $ 78,119 $ 73,875 921,210 807,701 815,743 Reconciliation to consolidated amount Corporate and other 64,142 62,645 69,770 Goodwill 84,626 78,119 73,875 $ 1,069,978 $ 948,465 $ 959,388 |
Schedule of premiums written and earned | Property/casualty and life/health insurance premiums written and earned are summarized below (in millions). Property/Casualty Life/Health 2023 2022 2021 2023 2022 2021 Premiums Written: Direct $ 61,990 $ 56,700 $ 53,829 $ — $ 582 $ 646 Assumed 20,751 15,143 12,461 5,126 5,222 5,670 Ceded ( 2,402 ) ( 1,155 ) ( 1,015 ) ( 33 ) ( 37 ) ( 40 ) $ 80,339 $ 70,688 $ 65,275 $ 5,093 $ 5,767 $ 6,276 Premiums Earned: Direct $ 60,437 $ 55,879 $ 52,139 $ — $ 582 $ 646 Assumed 20,442 14,184 12,072 5,105 5,263 5,698 Ceded ( 2,548 ) ( 1,293 ) ( 1,054 ) ( 33 ) ( 39 ) ( 41 ) $ 78,331 $ 68,770 $ 63,157 $ 5,072 $ 5,806 $ 6,303 |
Schedule of insurance premiums written by geographic region | Insurance premiums written by geographic region (based upon the domicile of the insured or reinsured) are summarized below (in millions). Property/Casualty Life/Health 2023 2022 2021 2023 2022 2021 United States $ 67,831 $ 59,648 $ 55,451 $ 1,285 $ 2,107 $ 2,143 Asia Pacific 5,306 4,699 3,822 1,760 1,704 2,030 Western Europe 5,014 4,901 4,613 1,323 1,235 1,298 All other 2,188 1,440 1,389 725 721 805 $ 80,339 $ 70,688 $ 65,275 $ 5,093 $ 5,767 $ 6,276 |
Significant accounting polici_4
Significant accounting policies and practices - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 04, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Percentage of LIFO Inventory | 30% | |||
Excess of current or replacement costs over costs determined under LIFO | $ 2,300 | $ 2,500 | ||
Net earnings (loss) attributable to Berkshire Hathaway shareholders | 96,223 | (22,759) | $ 89,937 | |
Property and Casualty Contracts [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Unamortized balances of deferred policy acquisition costs | 3,900 | 3,200 | ||
Other Assets [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Unamortized balances of deferred policy acquisition costs | $ 4,600 | 3,800 | ||
Maximum [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Trade receivables, insurance premiums receivables and other receivables collection term | 1 year | |||
Maximum [Member] | Buildings and improvements [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 50 years | |||
Maximum [Member] | Buildings and improvements [Member] | Utilities and Energy [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 30 years | |||
Maximum [Member] | Machinery, Equipment and Other [Member] | Utilities and Energy [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 10 years | |||
Maximum [Member] | Machinery and equipment [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 25 years | |||
Maximum [Member] | Furniture, fixtures and other [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 15 years | |||
Maximum [Member] | Track structure and other roadway [Member] | Railroad [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 100 years | |||
Maximum [Member] | Locomotives, freight cars and other equipment [Member] | Railroad [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 45 years | |||
Maximum [Member] | Utility generation, transmission and distribution systems [Member] | Utilities and Energy [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 80 years | |||
Maximum [Member] | Interstate natural gas pipeline assets [Member] | Utilities and Energy [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 80 years | |||
Maximum [Member] | Independent power plants and other assets [Member] | Utilities and Energy [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 50 years | |||
Maximum [Member] | Equipment held for lease [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 35 years | |||
Minimum [Member] | Occidental Petroleum Corporation [Member] | Occidental Common Stock [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Voting interests of investee | 20% | |||
Minimum [Member] | Buildings and improvements [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 5 years | |||
Minimum [Member] | Buildings and improvements [Member] | Utilities and Energy [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 10 years | |||
Minimum [Member] | Machinery, Equipment and Other [Member] | Utilities and Energy [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 3 years | |||
Minimum [Member] | Machinery and equipment [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 3 years | |||
Minimum [Member] | Furniture, fixtures and other [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 3 years | |||
Minimum [Member] | Track structure and other roadway [Member] | Railroad [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 10 years | |||
Minimum [Member] | Locomotives, freight cars and other equipment [Member] | Railroad [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 6 years | |||
Minimum [Member] | Utility generation, transmission and distribution systems [Member] | Utilities and Energy [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 5 years | |||
Minimum [Member] | Interstate natural gas pipeline assets [Member] | Utilities and Energy [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 3 years | |||
Minimum [Member] | Independent power plants and other assets [Member] | Utilities and Energy [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 2 years | |||
Minimum [Member] | Equipment held for lease [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated useful life (in years) | 3 years | |||
ASU 2018-12 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Change in accounting principle, accounting standards update, adopted | true | |||
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2023 | |||
ASU 2018-12 [Member] | Revision of Prior Period, Adjustment [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net earnings (loss) attributable to Berkshire Hathaway shareholders | $ 60 | $ 142 |
Significant accounting polici_5
Significant accounting policies and practices - Summary of effects of adopting ASU 2018-12 on selected financial statement line items (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Jan. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2018-12 [Member] | Accounting Standards Update 2018-12 [Member] | |||
Life, annuity and health insurance benefits | $ 27,295 | $ 20,213 | $ 19,753 | ||
Income taxes, principally deferred | $ 72,403 | 93,009 | 77,368 | ||
Accumulated other comprehensive income | (9,994) | (3,763) | (5,052) | ||
Retained earnings | 443,949 | 607,350 | 511,127 | ||
Berkshire Hathaway shareholders’ equity | 436,736 | 561,273 | 473,424 | ||
Insurance And Other [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Life, annuity and health insurance benefits | 28,836 | 20,213 | 19,753 | ||
Other policyholder liabilities | $ 10,367 | $ 11,545 | $ 11,370 | ||
Previously Reported [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Income taxes, principally deferred | $ 74,098 | ||||
Accumulated other comprehensive income | (4,243) | ||||
Retained earnings | 444,626 | ||||
Berkshire Hathaway shareholders’ equity | 443,164 | ||||
Previously Reported [Member] | Insurance And Other [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Life, annuity and health insurance benefits | 21,616 | ||||
Other policyholder liabilities | 8,670 | ||||
Revision of Prior Period, Adjustment [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Income taxes, principally deferred | (1,695) | ||||
Accumulated other comprehensive income | (5,751) | ||||
Retained earnings | (677) | ||||
Berkshire Hathaway shareholders’ equity | (6,428) | ||||
Revision of Prior Period, Adjustment [Member] | Insurance And Other [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Life, annuity and health insurance benefits | 7,220 | ||||
Other policyholder liabilities | $ 1,697 |
Significant business acquisit_3
Significant business acquisitions - Narrative (Detail) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | |||||||
Sep. 01, 2023 USD ($) | Jan. 31, 2023 USD ($) | Oct. 19, 2022 USD ($) | Jan. 31, 2024 USD ($) | Jan. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) Store Location | Dec. 31, 2023 USD ($) Store Location | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Aug. 31, 2023 | |
Business Acquisition [Line Items] | ||||||||||
Revenues | $ 254,906 | $ 207,771 | $ 191,252 | |||||||
Net Income (Loss) | $ 96,223 | $ (22,759) | $ 89,937 | |||||||
Alleghany Corporation [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, effective date of acquisition | Oct. 19, 2022 | |||||||||
Business acquisition, cash consideration | $ 11,500 | |||||||||
Pilot Travel Centers LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of additional interest acquired | 41.40% | |||||||||
Business acquisition, cash consideration | $ 8,200 | |||||||||
Economic interest | 38.60% | 38.60% | 38.60% | 38.60% | ||||||
Economic interest after subsequent acquisition | 80% | 80% | ||||||||
Revenues | $ 51,700 | |||||||||
Net Income (Loss) | $ 603 | |||||||||
One-time, non-cash remeasurement gain recognized | $ 3,000 | |||||||||
Pilot Travel Centers LLC [Member] | Subsequent Event [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, cash consideration | $ 2,600 | |||||||||
Economic interest after subsequent acquisition | 100% | |||||||||
Pilot Travel Centers LLC [Member] | U.S. and Canada [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of fuel only retail locations | Location | 75 | 75 | ||||||||
Pilot Travel Centers LLC [Member] | Travel Center Locations [Member] | U.S. States [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of places retail locations located | Location | 44 | 44 | ||||||||
Pilot Travel Centers LLC [Member] | Travel Center Locations [Member] | Canadian Provinces [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of places retail locations located | Location | 5 | 5 | ||||||||
Pilot Travel Centers LLC [Member] | Minimum [Member] | Travel Center Locations [Member] | U.S. and Canada [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of retail | Store | 650 | 650 | ||||||||
Berkshire Hathaway Energy [Member] | Cove Point LNG LP [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, effective date of acquisition | Sep. 01, 2023 | |||||||||
Business acquisition, cash consideration | $ 3,300 | |||||||||
Excess consideration paid for acquiring noncontrolling Interest | $ 667 | |||||||||
Berkshire Hathaway Energy [Member] | Cove Point LNG LP [Member] | General Partner [Member] | Cove Point [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Economic interest | 100% | |||||||||
Berkshire Hathaway Energy [Member] | Cove Point LNG LP [Member] | Limited Partner [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of additional interest acquired | 50% | |||||||||
Economic interest | 25% | |||||||||
Economic interest after subsequent acquisition | 75% |
Significant business acquisit_4
Significant business acquisitions - Summary of preliminary values of identified assets acquired and liabilities assumed (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | [1] | Jan. 31, 2023 | Dec. 31, 2022 | [1] | Oct. 19, 2022 | Dec. 31, 2021 |
Assets acquired | |||||||
Goodwill | $ 84,626 | $ 78,119 | $ 73,875 | ||||
Pilot Travel Centers LLC [Member] | |||||||
Assets acquired | |||||||
Property, plant and equipment | $ 8,015 | ||||||
Goodwill | 6,605 | ||||||
Other intangible assets | 6,853 | ||||||
Other assets | 7,047 | ||||||
Assets acquired | 28,520 | ||||||
Net assets | 14,365 | ||||||
Liabilities assumed and noncontrolling interests | |||||||
Notes payable | 5,876 | ||||||
Other liabilities | 4,918 | ||||||
Liabilities assumed | 10,794 | ||||||
Noncontrolling interests, predominantly redeemable | 3,361 | ||||||
Liabilities assumed and noncontrolling interests | $ 14,155 | ||||||
Alleghany Corporation [Member] | |||||||
Assets acquired | |||||||
Cash, cash equivalents and U.S. Treasury Bills | $ 3,762 | ||||||
Investments in fixed maturity and equity securities | 15,982 | ||||||
Loans, receivables and other assets | 9,287 | ||||||
Goodwill | 3,900 | ||||||
Other intangible assets | 2,659 | ||||||
Assets acquired | 35,590 | ||||||
Net assets | 11,505 | ||||||
Liabilities assumed and noncontrolling interests | |||||||
Unpaid losses and loss adjustment expenses | 15,080 | ||||||
Unearned premiums | 3,536 | ||||||
Notes payable | 2,169 | ||||||
Other liabilities | 3,300 | ||||||
Liabilities assumed | $ 24,085 | ||||||
[1] Net of accumulated goodwill impairments of $ 11.1 billion as of December 31, 2023 and $ 11.0 billion as of December 31, 2022. |
Significant business acquisit_5
Significant business acquisitions - Summary of unaudited pro forma consolidated earnings (Detail) - Alleghany and PTC Acquisitions [Member] $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares | |
Business Acquisition [Line Items] | |
Revenues | $ 383,115 |
Net earnings (loss) attributable to Berkshire Hathaway shareholders | $ (23,947) |
Common Class A [Member] | |
Business Acquisition [Line Items] | |
Net earnings (loss) per equivalent Class A common share | $ / shares | $ (16,303) |
Investments in fixed maturity_3
Investments in fixed maturity securities (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | $ 23,525 | $ 25,173 |
Unrealized gains on fixed maturity securities | 334 | 395 |
Unrealized losses on fixed maturity securities | (101) | (440) |
Fair value of fixed maturity securities | 23,758 | 25,128 |
U.S. Treasury, U.S. government corporations and agencies [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 10,308 | 10,039 |
Unrealized gains on fixed maturity securities | 14 | 12 |
Unrealized losses on fixed maturity securities | (53) | (249) |
Fair value of fixed maturity securities | 10,269 | 9,802 |
Foreign governments [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 11,788 | 10,454 |
Unrealized gains on fixed maturity securities | 58 | 50 |
Unrealized losses on fixed maturity securities | (41) | (177) |
Fair value of fixed maturity securities | 11,805 | 10,327 |
Corporate bonds [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 1,212 | 1,945 |
Unrealized gains on fixed maturity securities | 241 | 256 |
Unrealized losses on fixed maturity securities | (4) | (6) |
Fair value of fixed maturity securities | 1,449 | 2,195 |
Other [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 217 | 2,735 |
Unrealized gains on fixed maturity securities | 21 | 77 |
Unrealized losses on fixed maturity securities | (3) | (8) |
Fair value of fixed maturity securities | $ 235 | $ 2,804 |
Investments in fixed maturity_4
Investments in fixed maturity securities - Narrative (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Summary of Investment Holdings [Line Items] | ||
Investment, Type [Extensible Enumeration] | us-gaap:USTreasuryBillSecuritiesMember | us-gaap:USTreasuryBillSecuritiesMember |
AA or Higher Credit Rating [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of fixed maturity investments by credit rating | 95% | |
Investment, Type [Extensible Enumeration] | Debt Security, Government, Non-US [Member] |
Investments in fixed maturity_5
Investments in fixed maturity securities - Amortized cost and estimated fair value of securities with fixed maturities (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Summary of Investment Holdings [Line Items] | ||
Due in one year or less - amortized cost | $ 18,888 | |
Due after one year through five years - amortized cost | 3,744 | |
Due after five years through ten years - amortized cost | 611 | |
Due after ten years - amortized cost | 128 | |
Amortized cost of mortgage-backed securities | 154 | |
Amortized cost of fixed maturity securities | 23,525 | $ 25,173 |
Due in one year or less - fair value | 18,875 | |
Due after one year through five years - fair value | 3,754 | |
Due after five years through ten years - fair value | 823 | |
Due after ten years - fair value | 138 | |
Fair value of mortgage-backed securities | 168 | |
Fair value of fixed maturity securities | $ 23,758 | $ 25,128 |
Investments in equity securit_3
Investments in equity securities (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | [1] | Dec. 31, 2022 | [2] |
Summary of Investment Holdings [Line Items] | ||||
Cost Basis | $ 109,416 | $ 131,610 | ||
Net Unrealized Gains | 244,426 | 177,183 | ||
Fair Value | 353,842 | 308,793 | ||
Banks, insurance and finance [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost Basis | 27,136 | 25,893 | ||
Net Unrealized Gains | 51,176 | 43,663 | ||
Fair Value | 78,312 | 69,556 | ||
Consumer products [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost Basis | 34,248 | 40,508 | ||
Net Unrealized Gains | 166,895 | 112,384 | ||
Fair Value | 201,143 | 152,892 | ||
Commercial, industrial and other [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost Basis | 48,032 | 65,209 | ||
Net Unrealized Gains | 26,355 | 21,136 | ||
Fair Value | $ 74,387 | $ 86,345 | ||
[1] Approximately 79 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 28.4 billion; Apple Inc. – $ 174.3 billion; Bank of America Corporation – $ 34.8 billion; The Coca-Cola Company – $ 23.6 billion and Chevron Corporation – $ 18.8 billion). Approximately 75 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 22.4 billion; Apple Inc. – $ 119.0 billion; Bank of America Corporation – $ 34.2 billion; The Coca-Cola Company – $ 25.4 billion and Chevron Corporation – $ 30.0 billion). |
Investments in equity securit_4
Investments in equity securities (Parenthetical) (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) Company | Dec. 31, 2022 USD ($) Company | |||
Summary of Investment Holdings [Line Items] | ||||
Equity Securities, Fv-Ni | $ 353,842 | [1] | $ 308,793 | [2] |
American Express Company [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Equity Securities, Fv-Ni | 28,400 | 22,400 | ||
Apple Inc. [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Equity Securities, Fv-Ni | 174,300 | 119,000 | ||
Bank of America Corporation [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Equity Securities, Fv-Ni | 34,800 | 34,200 | ||
Coca Cola Company [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Equity Securities, Fv-Ni | 23,600 | 25,400 | ||
Chevron Corporation [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Equity Securities, Fv-Ni | $ 18,800 | $ 30,000 | ||
Equity Securities [Member] | American Express Company, Apple Inc., Bank of America Corporation, The Coca-Cola Company and Chevron Corporation [Member] | Investment Concentration [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration percentage | 79% | 75% | ||
Number of companies in concentration percentage | Company | 5 | 5 | ||
[1] Approximately 79 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 28.4 billion; Apple Inc. – $ 174.3 billion; Bank of America Corporation – $ 34.8 billion; The Coca-Cola Company – $ 23.6 billion and Chevron Corporation – $ 18.8 billion). Approximately 75 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 22.4 billion; Apple Inc. – $ 119.0 billion; Bank of America Corporation – $ 34.2 billion; The Coca-Cola Company – $ 25.4 billion and Chevron Corporation – $ 30.0 billion). |
Investments in equity securit_5
Investments in equity securities - Narrative (Detail) - USD ($) $ / shares in Units, $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Aug. 04, 2022 | Dec. 31, 2019 | |
American Express Company [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Investment owned, common shares outstanding | 151,600,000 | ||
Investment owned, percent of common shares outstanding | 21% | ||
Occidental Petroleum Corporation [Member] | Investment Commitment [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Number of common shares that can be purchased | 83,860,000 | ||
Exercise price for warrants, per share | $ 59.62 | ||
Warrants exercisable period after the date preferred stock is fully redeemed | 1 year | ||
Occidental Petroleum Corporation [Member] | Occidental Common Stock [Member] | Minimum [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Equity method investment ownership percentage | 20% | ||
Occidental Petroleum Corporation [Member] | Cumulative Perpetual Preferred Stock [Member] | Investment Commitment [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Investment in preferred stock, liquidation value | $ 8.5 | ||
Investment in preferred stock, stated dividend rate | 8% | ||
Investment in preferred stock, redemption year start | 2029 | ||
Investment in preferred stock, redemption price percentage of liquidation value | 105% | ||
Liquidation value of mandatory redemption notifications | $ 1.5 | ||
Investment in preferred stock, mandatory redemption price percentage of liquidation value | 110% | ||
Occidental Petroleum Corporation [Member] | Cumulative Perpetual Preferred Stock and Warrants [Member] | Investment Commitment [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Investment commitment amount | $ 10 |
Equity method investments - Nar
Equity method investments - Narrative (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 29,066,000,000 | $ 28,050,000,000 | ||
Equity method earnings | $ 1,973,000,000 | 1,863,000,000 | $ 886,000,000 | |
The Kraft Heinz Company [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method investment ownership percentage | 26.70% | |||
Percentage of excess of carrying values over fair values of investments | 9% | |||
Equity method investments | $ 13,230,000,000 | 12,937,000,000 | ||
Equity method earnings | $ 758,000,000 | 628,000,000 | 269,000,000 | |
Berkadia Commercial Mortgage LLC [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method investment ownership percentage | 50% | |||
Berkadia Commercial Mortgage LLC [Member] | Commercial Paper [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Maximum outstanding balance of commercial paper borrowings | $ 1,500,000,000 | |||
Berkadia Commercial Mortgage LLC [Member] | Jefferies Financial Group Inc. [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method investment ownership percentage | 50% | |||
Pilot Travel Centers LLC [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method investments | 3,200,000,000 | |||
Equity method earnings | $ 105,000,000 | 812,000,000 | $ 474,000,000 | |
Occidental Petroleum Corporation [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method investment ownership percentage | 27.80% | |||
Percentage of excess of carrying values over fair values of investments | 6% | |||
Equity method investments | $ 15,410,000,000 | 11,484,000,000 | ||
Equity method earnings | $ 1,077,000,000 | $ 323,000,000 | ||
Occidental Petroleum Corporation [Member] | Common Stock [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Excess of carrying value of investment over investees equity | $ 9,600,000,000 |
Equity Method Investments - Sum
Equity Method Investments - Summary of carrying value and fair value of investments (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Carrying Value | $ 29,066 | $ 28,050 |
Kraft Heinz [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying Value | 13,230 | 12,937 |
Fair Value | 12,035 | 13,249 |
Occidental [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying Value | 15,410 | 11,484 |
Fair Value | 14,552 | 12,242 |
Other [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying Value | $ 426 | $ 3,629 |
Equity Method Investments - S_2
Equity Method Investments - Summary of earnings and distributions received from equity method investments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity in Earnings | $ 1,973 | $ 1,863 | $ 886 |
Distributions Received | 721 | 829 | 1,578 |
Kraft Heinz [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in Earnings | 758 | 628 | 269 |
Distributions Received | 521 | 521 | 521 |
Occidental [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in Earnings | 1,077 | 323 | |
Distributions Received | 142 | 24 | |
Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in Earnings | 138 | 912 | 617 |
Distributions Received | $ 58 | $ 284 | $ 1,057 |
Equity method investments - Una
Equity method investments - Unaudited financial information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 25, 2021 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Assets | $ 1,069,978 | $ 948,465 | $ 959,388 | ||
Liabilities | 499,208 | 466,784 | |||
Sales/ Total revenues and other income | 364,482 | 302,020 | $ 276,185 | ||
The Kraft Heinz Company [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Assets | 90,339 | 90,513 | |||
Liabilities | 40,617 | 41,643 | |||
Sales/ Total revenues and other income | 26,640 | 26,485 | $ 26,042 | ||
Net earnings attributable to common shareholders | $ 2,855 | 2,363 | $ 1,012 | ||
Occidental Petroleum Corporation [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Assets | $ 71,827 | 72,609 | |||
Liabilities | 42,515 | $ 42,524 | |||
Sales/ Total revenues and other income | 29,715 | ||||
Net earnings attributable to common shareholders | $ 4,471 |
Investment and derivative con_3
Investment and derivative contract gains (losses) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Equity securities - Change in unrealized investment gains (losses) during the year on securities held at the end of the year | $ 69,144 | $ (63,120) | $ 76,375 |
Equity securities - Investment gains (losses) during the year on securities sold | 2,698 | (3,927) | 997 |
Equity securities - Investment gains (losses), total | 71,842 | (67,047) | 77,372 |
Fixed maturity securities - Gross realized gains | 139 | 134 | 85 |
Fixed maturity securities - Gross realized losses | (86) | (684) | (29) |
Other | 2,960 | (26) | 148 |
Investment gains (losses) | 74,855 | (67,623) | 77,576 |
Derivative contract gains (losses) | (276) | 966 | |
Investment and derivative contract gains (losses) | $ 74,855 | $ (67,899) | $ 78,542 |
Investment and derivative con_4
Investment and derivative contract gains (losses) - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Sales of equity securities | $ 40,631 | $ 33,664 | $ 15,849 | |
Taxable gains (losses) on sales of equity securities | $ 5,000 | $ 769 | $ 3,600 | |
Pilot Travel Centers LLC [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Equity interest ownership percentage | 38.60% | 38.60% | ||
Other Investment gains from remeasurement | $ 3,000 |
Loans and finance receivables_2
Loans and finance receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||||
Loans and finance receivables before allowances and discounts | $ 26,289 | $ 24,664 | ||
Allowances for credit losses | (950) | (856) | $ (765) | $ (712) |
Unamortized acquisition discounts and points | (658) | (600) | ||
Loans and finance receivables | $ 24,681 | $ 23,208 |
Loans and finance receivables -
Loans and finance receivables - Schedule of reconciliation of allowance for credit losses on loans and finance receivables (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for Credit Loss [Abstract] | |||
Balance at the beginning of the year | $ 856 | $ 765 | $ 712 |
Provision for credit losses | 169 | 124 | 88 |
Charge-offs, net of recoveries | (75) | (33) | (35) |
Balance at December 31 | $ 950 | $ 856 | $ 765 |
Loans and finance receivables_3
Loans and finance receivables - Narrative (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Aggregated carrying value | $ 26,289 | $ 24,664 |
Term Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Aggregated carrying value | $ 850 | $ 1,900 |
Manufactured and Site-built Home Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balances considered to be current as to payment status | 96% |
Loans and finance receivables_4
Loans and finance receivables - Summary of performing and non-performing home loans before discounts and allowances by year of loan origination (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and financing receivables by origination year, Total | $ 26,289 | $ 24,664 |
Manufactured Housing Loan Balances [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and financing receivables by origination year, 2023 | 5,724 | |
Loans and financing receivables by origination year, 2022 | 4,379 | |
Loans and financing receivables by origination year, 2021 | 3,338 | |
Loans and financing receivables by origination year, 2020 | 2,587 | |
Loans and financing receivables by origination year, 2019 | 1,831 | |
Loans and financing receivables by origination year, Prior | 7,485 | |
Loans and financing receivables by origination year, Total | 25,344 | |
Performing [Member] | Manufactured Housing Loan Balances [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and financing receivables by origination year, 2023 | 5,716 | |
Loans and financing receivables by origination year, 2022 | 4,368 | |
Loans and financing receivables by origination year, 2021 | 3,321 | |
Loans and financing receivables by origination year, 2020 | 2,575 | |
Loans and financing receivables by origination year, 2019 | 1,820 | |
Loans and financing receivables by origination year, Prior | 7,432 | |
Loans and financing receivables by origination year, Total | 25,232 | |
Non-Performing [Member] | Manufactured Housing Loan Balances [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and financing receivables by origination year, 2023 | 8 | |
Loans and financing receivables by origination year, 2022 | 11 | |
Loans and financing receivables by origination year, 2021 | 17 | |
Loans and financing receivables by origination year, 2020 | 12 | |
Loans and financing receivables by origination year, 2019 | 11 | |
Loans and financing receivables by origination year, Prior | 53 | |
Loans and financing receivables by origination year, Total | $ 112 |
Other receivables (Detail)
Other receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Insurance and Other [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Insurance premiums receivable | $ 19,052 | $ 18,395 | |
Reinsurance recoverables | 7,060 | 7,106 | |
Trade receivables | 14,449 | 14,510 | |
Other | 4,269 | 4,154 | |
Allowances for credit losses | (656) | (675) | |
Other receivables | 44,174 | 43,490 | $ 44,174 |
Railroad, Utilities and Energy [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Trade receivables | 6,034 | 4,182 | |
Other | 1,228 | 754 | |
Allowances for credit losses | (176) | (141) | |
Receivables | $ 7,086 | $ 4,795 | $ 7,086 |
Other receivables - Narrative (
Other receivables - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Aggregate provisions for credit losses on receivables | $ 513 | $ 409 | $ 441 |
Charge-offs, net of recoveries | 474 | 432 | $ 420 |
Railroad, Utilities and Energy [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Trade receivables | 6,034 | $ 4,182 | |
Railroad, Utilities and Energy [Member] | PTC [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Trade receivables | $ 2,100 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 6,026 | $ 6,381 |
Work in process and other | 3,345 | 3,464 |
Finished manufactured goods | 4,969 | 5,739 |
Goods acquired for resale | 9,819 | 9,782 |
Total inventory | $ 24,159 | $ 25,366 |
Inventories - Narrative (Detail
Inventories - Narrative (Detail) - Railroad, Utilities and Energy [Member] - Other Assets [Member] $ in Billions | Dec. 31, 2023 USD ($) |
Inventory [Line Items] | |
Inventory | $ 4.2 |
PTC [Member] | |
Inventory [Line Items] | |
Inventory | $ 1.7 |
Property, plant and equipment (
Property, plant and equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Insurance and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 48,634 | $ 46,298 |
Property, plant and equipment, accumulated depreciation | (26,604) | (25,185) |
Total property, plant and equipment, net | 22,030 | 21,113 |
Insurance and Other [Member] | Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 28,010 | 26,690 |
Insurance and Other [Member] | Furniture, fixtures and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 5,566 | 4,847 |
Insurance and Other [Member] | Land, buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 15,058 | 14,761 |
Railroad [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 89,663 | 85,124 |
Property, plant and equipment, accumulated depreciation | (19,464) | (17,899) |
Total property, plant and equipment, net | 70,199 | 67,225 |
Railroad [Member] | Land, track structure and other roadway [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 71,692 | 67,350 |
Railroad [Member] | Locomotives, freight cars and other equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 16,256 | 16,031 |
Railroad [Member] | Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,715 | 1,743 |
Utilities and Energy [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 148,148 | 131,094 |
Property, plant and equipment, accumulated depreciation | (40,731) | (38,051) |
Total property, plant and equipment, net | 107,417 | 93,043 |
Utilities and Energy [Member] | Utility generation, transmission and distribution systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 96,195 | 92,759 |
Utilities and Energy [Member] | Interstate natural gas pipeline assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 19,226 | 18,328 |
Utilities and Energy [Member] | Independent power plants and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 14,781 | 14,650 |
Utilities and Energy [Member] | Land, buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,540 | |
Utilities and Energy [Member] | Machinery, equipment, and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,855 | |
Utilities and Energy [Member] | Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 9,551 | 5,357 |
Railroad, Utilities and Energy [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, net | $ 177,616 | $ 160,268 |
Property, plant and equipment -
Property, plant and equipment - Depreciation expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 9,392 | $ 8,457 | $ 8,308 |
Insurance and Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | 2,388 | 2,276 | 2,318 |
Railroad, Utilities and Energy [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 7,004 | $ 6,181 | $ 5,990 |
Equipment held for lease (Detai
Equipment held for lease (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Equipment held for lease, gross | $ 28,144 | $ 25,491 |
Equipment held for lease, accumulated depreciation | (11,197) | (9,907) |
Equipment held for lease, net | 16,947 | 15,584 |
Railcars [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Equipment held for lease, gross | 10,031 | 9,612 |
Aircraft [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Equipment held for lease, gross | 12,537 | 10,667 |
Other [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Equipment held for lease, gross | $ 5,576 | $ 5,212 |
Equipment held for lease - Narr
Equipment held for lease - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Depreciation expense for equipment held for lease | $ 1,266 | $ 1,209 | $ 1,158 |
Equipment held for lease - Summ
Equipment held for lease - Summary of fixed and variable operating lease revenues (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Lease, Lease Income [Abstract] | |||
Fixed lease revenue | $ 5,902 | $ 5,184 | $ 4,482 |
Variable lease revenue | 2,514 | 2,330 | 1,506 |
Total | $ 8,416 | $ 7,514 | $ 5,988 |
Equipment held for lease - Su_2
Equipment held for lease - Summary of remaining operating lease receipts (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Abstract] | |
2024 | $ 3,942 |
2025 | 3,077 |
2026 | 2,346 |
2027 | 1,569 |
2028 | 771 |
Thereafter | 283 |
Total | $ 11,988 |
Leases - Summary of Information
Leases - Summary of Information related to operating leases (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Right-of-use assets | $ 5,277 | $ 4,975 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other | Other |
Lease liabilities | $ 5,299 | $ 4,939 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | us-gaap:AccountsPayableAndOtherAccruedLiabilities | us-gaap:AccountsPayableAndOtherAccruedLiabilities |
Weighted average remaining term in years | 7 years | 7 years |
Weighted average discount rate used to measure lease liabilities | 4.20% | 3.70% |
Leases - Summary of remaining o
Leases - Summary of remaining operating lease payments (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Lease Liabilities, Payments Due [Abstract] | ||
Year 1 | $ 1,422 | $ 1,283 |
Year 2 | 1,172 | 1,073 |
Year 3 | 815 | 822 |
Year 4 | 666 | 560 |
Year 5 | 463 | 449 |
Thereafter | 1,680 | 1,464 |
Total lease payments | 6,218 | 5,651 |
Amount representing interest | (919) | (712) |
Lease liabilities | $ 5,299 | $ 4,939 |
Leases - Components of operatin
Leases - Components of operating lease expenses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease, Cost [Abstract] | |||
Operating lease expense | $ 1,535 | $ 1,361 | $ 1,426 |
Short-term lease expense | 219 | 233 | 154 |
Variable lease expense | 216 | 217 | 223 |
Total lease expenses | $ 1,970 | $ 1,811 | $ 1,803 |
Goodwill and other intangible_3
Goodwill and other intangible assets - Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Balance at the beginning of the year | $ 78,119 | [1] | $ 73,875 | |
Business acquisitions | 7,347 | 4,657 | ||
Other, including acquisition period remeasurements and foreign currency translation | (840) | (413) | ||
Balance at the end of the year | [1] | $ 84,626 | $ 78,119 | |
[1] Net of accumulated goodwill impairments of $ 11.1 billion as of December 31, 2023 and $ 11.0 billion as of December 31, 2022. |
Goodwill and other intangible_4
Goodwill and other intangible assets - Goodwill (Parenthetical) (Detail) - USD ($) $ in Billions | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Accumulated goodwill impairments | $ 11.1 | $ 11 |
Goodwill and other intangible_5
Goodwill and other intangible assets - Intangible assets (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Insurance and Other [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 43,988 | $ 42,461 |
Accumulated amortization | 14,661 | 13,274 |
Net carrying value | 29,327 | 29,187 |
Railroad, Utilities and Energy [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 8,858 | 1,914 |
Accumulated amortization | 1,045 | 622 |
Net carrying value | 7,813 | 1,292 |
Trademarks and trade names [Member] | Insurance and Other [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 5,619 | 5,603 |
Accumulated amortization | 846 | 822 |
Net carrying value | 4,773 | 4,781 |
Trademarks and trade names [Member] | Railroad, Utilities and Energy [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 3,592 | 217 |
Accumulated amortization | 98 | 39 |
Net carrying value | 3,494 | 178 |
Customer relationships [Member] | Insurance and Other [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 28,305 | 27,765 |
Accumulated amortization | 7,901 | 7,174 |
Net carrying value | 20,404 | 20,591 |
Other intangible assets [Member] | Insurance and Other [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 4,826 | 4,150 |
Accumulated amortization | 1,805 | 1,530 |
Net carrying value | 3,021 | 2,620 |
Other intangible assets [Member] | Railroad, Utilities and Energy [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,174 | 190 |
Accumulated amortization | 156 | 42 |
Net carrying value | 1,018 | 148 |
Customer relationships and contracts [Member] | Railroad, Utilities and Energy [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 4,092 | 1,507 |
Accumulated amortization | 791 | 541 |
Net carrying value | 3,301 | 966 |
Patents and technology [Member] | Insurance and Other [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 5,238 | 4,943 |
Accumulated amortization | 4,109 | 3,748 |
Net carrying value | $ 1,129 | $ 1,195 |
Goodwill and other intangible_6
Goodwill and other intangible assets - Intangible assets - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||
Intangible asset amortization expense | $ 1,828 | $ 1,233 | $ 1,252 |
Estimated amortization expense - 2024 | 2,059 | ||
Estimated amortization expense - 2025 | 1,988 | ||
Estimated amortization expense - 2026 | 1,898 | ||
Estimated amortization expense - 2027 | 1,754 | ||
Estimated amortization expense - 2028 | 1,684 | ||
Intangible assets with indefinite lives, excluding goodwill | 18,900 | $ 18,300 | |
Railroad, Utilities and Energy [Member] | PTC [Member] | Other Assets [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||
Other intangible assets | $ 6,600 |
Supplemental cash flow inform_3
Supplemental cash flow information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Cash Flow Information [Line Items] | |||
Cash paid during the period for income taxes | $ 7,765 | $ 4,236 | $ 5,412 |
Non-cash investing and financing activities: | |||
Liabilities assumed in connection with business acquisitions | 10,938 | 24,186 | 102 |
Operating lease liabilities arising from obtaining right-of-use assets | 1,645 | 1,118 | 687 |
Insurance and Other [Member] | |||
Supplemental Cash Flow Information [Line Items] | |||
Cash paid during the period for interest | 1,272 | 1,150 | 1,227 |
Railroad, Utilities and Energy [Member] | |||
Supplemental Cash Flow Information [Line Items] | |||
Cash paid during the period for interest | $ 3,725 | $ 3,195 | $ 3,162 |
Dividend restrictions - Insur_2
Dividend restrictions - Insurance subsidiaries (Detail) - USD ($) $ in Billions | Dec. 31, 2023 | Dec. 31, 2022 |
Statutory Accounting Practices [Line Items] | ||
Investments in fixed maturity and equity securities and short-term investments on deposit with U.S. state insurance authorities | $ 5.2 | $ 4.9 |
Principal Insurance Subsidiaries [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Amount available for payment of dividends without prior regulatory approval during 2024 | 31 | |
United States Based Property and Casualty Insurance Subsidiaries [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Statutory shareholders' equity | $ 303 | $ 272 |
Unpaid losses and loss adjust_3
Unpaid losses and loss adjustment expenses - Reconciliation of changes in claim liabilities (Detail) - Property and Casualty Insurance and Reinsurance, Excluding Retroactive Reinsurance [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Gross liabilities at beginning of year | $ 107,472 | $ 86,664 | $ 79,854 |
Reinsurance recoverable on unpaid losses at beginning of year | (5,025) | (2,960) | (2,912) |
Net liabilities at beginning of year | 102,447 | 83,704 | 76,942 |
Incurred losses and loss adjustment expenses, current accident year | 59,244 | 59,463 | 52,099 |
Incurred losses and loss adjustment expenses, prior accident years | (3,541) | (2,672) | (3,116) |
Total incurred losses and loss adjustment expenses | 55,703 | 56,791 | 48,983 |
Paid losses and loss adjustment expenses, current accident year | (25,184) | (27,236) | (22,897) |
Paid losses and loss adjustment expenses, prior accident years | (27,065) | (23,083) | (18,904) |
Total paid losses and loss adjustment expenses | (52,249) | (50,319) | (41,801) |
Foreign currency effect | 288 | (508) | (420) |
Net liabilities of acquired businesses | 12,779 | ||
Net liabilities at end of year | 106,189 | 102,447 | 83,704 |
Reinsurance recoverable on unpaid losses at end of year | 4,893 | 5,025 | 2,960 |
Gross liabilities at end of year | $ 111,082 | $ 107,472 | $ 86,664 |
Unpaid losses and loss adjust_4
Unpaid losses and loss adjustment expenses - Narrative (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property and Casualty Insurance and Reinsurance, Excluding Retroactive Reinsurance [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, current accident year | $ 59,244,000,000 | $ 59,463,000,000 | $ 52,099,000,000 |
Incurred losses and loss adjustment expenses, prior accident years | $ (3,541,000,000) | $ (2,672,000,000) | $ (3,116,000,000) |
Prior years' losses incurred as a percentage of net liabilities | 3.50% | 3.20% | 4% |
Liabilities for environmental, asbestos and latent injury exposures | $ 2,000,000,000 | $ 2,100,000,000 | |
Property and Casualty Insurance and Reinsurance, Excluding Retroactive Reinsurance [Member] | Catastrophe [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, current accident year | 925,000,000 | 3,100,000,000 | $ 2,900,000,000 |
Minimum losses per event each accident year | 150,000,000 | ||
Property and Casualty Insurance and Reinsurance, Excluding Retroactive Reinsurance [Member] | Hurricane Ian [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, current accident year | 2,500,000,000 | ||
Property and Casualty Insurance and Reinsurance, Excluding Retroactive Reinsurance [Member] | Hurricane Ida [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, current accident year | 1,500,000,000 | ||
Property and Casualty Reinsurance, Excluding Retroactive Reinsurance [Member] | Primary Insurance Businesses [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | (2,100,000,000) | (1,100,000,000) | (2,400,000,000) |
Property and Casualty Reinsurance, Excluding Retroactive Reinsurance [Member] | Property And Casualty Reinsurance [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years | $ (1,400,000,000) | $ (1,600,000,000) | $ (718,000,000) |
Unpaid losses and loss adjust_5
Unpaid losses and loss adjustment expenses - Reconciliation of unpaid losses and allocated loss adjustment expenses to balance sheet liability (Detail) - Insurance Group [Member] $ in Millions | Dec. 31, 2023 USD ($) |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |
Unpaid losses and ALAE, net | $ 100,502 |
Reinsurance recoverable | 4,647 |
Unallocated loss adjustment expenses | 2,467 |
Other losses and loss adjustment expenses | 3,466 |
Unpaid losses and loss adjustment expenses | 111,082 |
GEICO [Member] | Physical Damage [Member] | |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |
Unpaid losses and ALAE, net | 737 |
Reinsurance recoverable | 4 |
GEICO [Member] | Auto Liability [Member] | |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |
Unpaid losses and ALAE, net | 20,477 |
Reinsurance recoverable | 900 |
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |
Unpaid losses and ALAE, net | 9,166 |
Reinsurance recoverable | 26 |
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |
Unpaid losses and ALAE, net | 21,230 |
Reinsurance recoverable | 1,547 |
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |
Unpaid losses and ALAE, net | 16,499 |
Reinsurance recoverable | 689 |
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |
Unpaid losses and ALAE, net | 32,393 |
Reinsurance recoverable | $ 1,481 |
Unpaid losses and loss adjust_6
Unpaid losses and loss adjustment expenses - Incurred and paid losses and allocated loss adjustment expenses (Detail) - Insurance Group [Member] Claim in Thousands, $ in Millions | Dec. 31, 2023 USD ($) Claim | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | [1] | Dec. 31, 2020 USD ($) | [1] | Dec. 31, 2019 USD ($) | [1] | Dec. 31, 2018 USD ($) | [1] | Dec. 31, 2017 USD ($) | [1] | Dec. 31, 2016 USD ($) | [1] | Dec. 31, 2015 USD ($) | [1] | Dec. 31, 2014 USD ($) | [1] | |
Claims Development [Line Items] | |||||||||||||||||||
Unpaid losses and ALAE, net | $ 100,502 | ||||||||||||||||||
GEICO [Member] | Physical Damage [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 25,972 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 25,298 | ||||||||||||||||||
Unpaid losses and ALAE, net | 737 | ||||||||||||||||||
GEICO [Member] | Physical Damage [Member] | 2022 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 13,699 | $ 14,138 | |||||||||||||||||
Cumulative Paid Losses and ALAE | 13,731 | 13,251 | [1] | ||||||||||||||||
IBNR and Case Development Liabilities | $ (56) | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 9,161 | ||||||||||||||||||
GEICO [Member] | Physical Damage [Member] | 2023 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 12,273 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 11,567 | ||||||||||||||||||
IBNR and Case Development Liabilities | $ (691) | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 7,295 | ||||||||||||||||||
GEICO [Member] | Physical Damage [Member] | 2022-2023 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Unpaid losses and ALAE, net | $ 674 | ||||||||||||||||||
GEICO [Member] | Physical Damage [Member] | Before 2022 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Net unpaid losses and ALAE for accident years before earliest accident year presented | 63 | ||||||||||||||||||
GEICO [Member] | Auto Liability [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 83,841 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 64,093 | ||||||||||||||||||
Unpaid losses and ALAE, net | 20,477 | ||||||||||||||||||
GEICO [Member] | Auto Liability [Member] | 2019 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 16,168 | 16,151 | [1] | $ 16,191 | $ 16,678 | $ 16,901 | |||||||||||||
Cumulative Paid Losses and ALAE | 15,593 | 15,084 | [1] | 13,851 | 11,671 | 6,742 | |||||||||||||
IBNR and Case Development Liabilities | $ 348 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 2,797 | ||||||||||||||||||
GEICO [Member] | Auto Liability [Member] | 2020 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 13,593 | 13,697 | [1] | 14,024 | 14,637 | ||||||||||||||
Cumulative Paid Losses and ALAE | 12,608 | 11,794 | [1] | 9,839 | 5,395 | ||||||||||||||
IBNR and Case Development Liabilities | $ 666 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 2,123 | ||||||||||||||||||
GEICO [Member] | Auto Liability [Member] | 2021 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 17,229 | 17,457 | [1] | 17,481 | |||||||||||||||
Cumulative Paid Losses and ALAE | 14,863 | 12,681 | [1] | 6,450 | |||||||||||||||
IBNR and Case Development Liabilities | $ 1,559 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 2,446 | ||||||||||||||||||
GEICO [Member] | Auto Liability [Member] | 2022 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 18,903 | 19,645 | [1] | ||||||||||||||||
Cumulative Paid Losses and ALAE | 13,838 | 7,614 | [1] | ||||||||||||||||
IBNR and Case Development Liabilities | $ 3,316 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 2,360 | ||||||||||||||||||
GEICO [Member] | Auto Liability [Member] | 2023 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 17,948 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 7,191 | ||||||||||||||||||
IBNR and Case Development Liabilities | $ 5,567 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 1,804 | ||||||||||||||||||
GEICO [Member] | Auto Liability [Member] | 2019-2023 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Unpaid losses and ALAE, net | $ 19,748 | ||||||||||||||||||
GEICO [Member] | Auto Liability [Member] | Before 2019 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Net unpaid losses and ALAE for accident years before earliest accident year presented | 729 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 14,960 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 6,277 | ||||||||||||||||||
Unpaid losses and ALAE, net | 9,166 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | 2014 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 1,007 | 1,029 | [1] | 1,033 | 1,061 | 1,127 | $ 1,218 | $ 1,246 | $ 1,305 | $ 1,375 | $ 1,370 | ||||||||
Cumulative Paid Losses and ALAE | 869 | 840 | [1] | 788 | 752 | 671 | 540 | 396 | 238 | 106 | 21 | ||||||||
IBNR and Case Development Liabilities | $ 45 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 11 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | 2015 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 1,016 | 1,033 | [1] | 1,093 | 1,157 | 1,218 | 1,290 | 1,269 | 1,342 | 1,374 | |||||||||
Cumulative Paid Losses and ALAE | 843 | 799 | [1] | 719 | 663 | 543 | 382 | 218 | 108 | 23 | |||||||||
IBNR and Case Development Liabilities | $ 55 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 12 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | 2016 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 1,188 | 1,216 | [1] | 1,288 | 1,341 | 1,394 | 1,414 | 1,416 | 1,392 | ||||||||||
Cumulative Paid Losses and ALAE | 908 | 822 | [1] | 712 | 620 | 461 | 274 | 115 | 22 | ||||||||||
IBNR and Case Development Liabilities | $ 105 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 15 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | 2017 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 1,315 | 1,349 | [1] | 1,382 | 1,474 | 1,495 | 1,499 | 1,466 | |||||||||||
Cumulative Paid Losses and ALAE | 877 | 739 | [1] | 582 | 457 | 300 | 128 | 27 | |||||||||||
IBNR and Case Development Liabilities | $ 117 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 21 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | 2018 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 1,606 | 1,616 | [1] | 1,580 | 1,659 | 1,650 | 1,602 | ||||||||||||
Cumulative Paid Losses and ALAE | 949 | 728 | [1] | 543 | 367 | 166 | 35 | ||||||||||||
IBNR and Case Development Liabilities | $ 205 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 24 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | 2019 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 1,534 | 1,614 | [1] | 1,663 | 1,691 | 1,670 | |||||||||||||
Cumulative Paid Losses and ALAE | 757 | 536 | [1] | 314 | 160 | 39 | |||||||||||||
IBNR and Case Development Liabilities | $ 320 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 21 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | 2020 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 1,631 | 1,698 | [1] | 1,751 | 1,704 | ||||||||||||||
Cumulative Paid Losses and ALAE | 531 | 321 | [1] | 148 | 34 | ||||||||||||||
IBNR and Case Development Liabilities | $ 615 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 32 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | 2021 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 1,787 | 1,855 | [1] | 1,852 | |||||||||||||||
Cumulative Paid Losses and ALAE | 333 | 136 | [1] | 36 | |||||||||||||||
IBNR and Case Development Liabilities | $ 1,053 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 25 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | 2022 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 1,912 | 1,927 | [1] | ||||||||||||||||
Cumulative Paid Losses and ALAE | 182 | 38 | [1] | ||||||||||||||||
IBNR and Case Development Liabilities | $ 1,403 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 20 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | 2023 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 1,964 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 28 | ||||||||||||||||||
IBNR and Case Development Liabilities | $ 1,781 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 17 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | Before 2014 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Net unpaid losses and ALAE for accident years before earliest accident year presented | $ 483 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | Short Duration Insurance Contracts Accident Years 2014 Through 2023 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Unpaid losses and ALAE, net | 8,683 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 44,065 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 23,422 | ||||||||||||||||||
Unpaid losses and ALAE, net | 21,230 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | 2014 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 1,810 | 1,829 | [1] | 1,861 | 1,875 | 1,906 | 1,901 | 1,970 | 2,036 | 2,064 | 2,138 | ||||||||
Cumulative Paid Losses and ALAE | 1,646 | 1,617 | [1] | 1,600 | 1,557 | 1,504 | 1,407 | 1,269 | 1,002 | 683 | 286 | ||||||||
IBNR and Case Development Liabilities | $ 115 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 103 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | 2015 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 2,358 | 2,393 | [1] | 2,408 | 2,402 | 2,428 | 2,426 | 2,455 | 2,539 | 2,580 | |||||||||
Cumulative Paid Losses and ALAE | 2,070 | 2,041 | [1] | 1,966 | 1,873 | 1,766 | 1,507 | 1,187 | 804 | 329 | |||||||||
IBNR and Case Development Liabilities | $ 201 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 120 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | 2016 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 2,840 | 2,864 | [1] | 2,825 | 2,815 | 2,772 | 2,793 | 2,848 | 2,931 | ||||||||||
Cumulative Paid Losses and ALAE | 2,377 | 2,303 | [1] | 2,140 | 1,998 | 1,765 | 1,359 | 908 | 373 | ||||||||||
IBNR and Case Development Liabilities | $ 361 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 125 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | 2017 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 3,321 | 3,320 | [1] | 3,322 | 3,310 | 3,299 | 3,337 | 3,473 | |||||||||||
Cumulative Paid Losses and ALAE | 2,673 | 2,492 | [1] | 2,279 | 2,050 | 1,645 | 1,133 | 480 | |||||||||||
IBNR and Case Development Liabilities | $ 422 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 143 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | 2018 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 4,177 | 4,091 | [1] | 4,030 | 3,967 | 3,886 | 3,998 | ||||||||||||
Cumulative Paid Losses and ALAE | 3,120 | 2,746 | [1] | 2,324 | 1,902 | 1,340 | 583 | ||||||||||||
IBNR and Case Development Liabilities | $ 643 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 163 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | 2019 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 4,847 | 4,763 | [1] | 4,692 | 4,623 | 4,584 | |||||||||||||
Cumulative Paid Losses and ALAE | 3,430 | 2,898 | [1] | 2,214 | 1,598 | 725 | |||||||||||||
IBNR and Case Development Liabilities | $ 867 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 184 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | 2020 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 4,774 | 4,775 | [1] | 4,881 | 5,030 | ||||||||||||||
Cumulative Paid Losses and ALAE | 2,598 | 2,066 | [1] | 1,498 | 736 | ||||||||||||||
IBNR and Case Development Liabilities | $ 1,467 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 156 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | 2021 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 5,882 | 5,856 | [1] | 5,899 | |||||||||||||||
Cumulative Paid Losses and ALAE | 2,440 | 1,751 | [1] | 869 | |||||||||||||||
IBNR and Case Development Liabilities | $ 2,455 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 316 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | 2022 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 6,757 | 6,796 | [1] | ||||||||||||||||
Cumulative Paid Losses and ALAE | 2,012 | 962 | [1] | ||||||||||||||||
IBNR and Case Development Liabilities | $ 3,646 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 308 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | 2023 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 7,299 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 1,056 | ||||||||||||||||||
IBNR and Case Development Liabilities | $ 5,187 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 132 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | Before 2014 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Net unpaid losses and ALAE for accident years before earliest accident year presented | $ 587 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | Short Duration Insurance Contracts Accident Years 2014 Through 2023 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Unpaid losses and ALAE, net | 20,643 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 55,885 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 39,855 | ||||||||||||||||||
Unpaid losses and ALAE, net | 16,499 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | 2014 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 2,376 | 2,373 | [1] | 2,393 | 2,400 | 2,432 | 2,508 | 2,567 | 2,725 | 2,849 | 3,095 | ||||||||
Cumulative Paid Losses and ALAE | 2,295 | 2,272 | [1] | 2,242 | 2,218 | 2,187 | 2,135 | 2,059 | 1,899 | 1,520 | 572 | ||||||||
IBNR and Case Development Liabilities | 27 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | 2015 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 3,272 | 3,248 | [1] | 3,255 | 3,253 | 3,232 | 3,237 | 2,847 | 3,414 | 3,605 | |||||||||
Cumulative Paid Losses and ALAE | 2,933 | 2,860 | [1] | 2,807 | 2,721 | 2,538 | 2,429 | 2,210 | 1,804 | 671 | |||||||||
IBNR and Case Development Liabilities | 60 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | 2016 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 4,106 | 4,117 | [1] | 4,139 | 4,150 | 4,155 | 4,192 | 4,515 | 3,926 | ||||||||||
Cumulative Paid Losses and ALAE | 3,820 | 3,741 | [1] | 3,632 | 3,436 | 3,167 | 2,677 | 2,214 | 915 | ||||||||||
IBNR and Case Development Liabilities | 26 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | 2017 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 5,612 | 5,631 | [1] | 5,713 | 5,791 | 5,918 | 6,096 | 6,397 | |||||||||||
Cumulative Paid Losses and ALAE | 5,454 | 5,364 | [1] | 5,171 | 4,936 | 4,583 | 3,508 | 1,348 | |||||||||||
IBNR and Case Development Liabilities | 64 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | 2018 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 5,249 | 5,299 | [1] | 5,293 | 5,437 | 5,579 | 5,486 | ||||||||||||
Cumulative Paid Losses and ALAE | 4,473 | 4,265 | [1] | 4,020 | 3,735 | 3,093 | 1,208 | ||||||||||||
IBNR and Case Development Liabilities | 172 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | 2019 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 4,527 | 4,574 | [1] | 4,901 | 5,129 | 4,986 | |||||||||||||
Cumulative Paid Losses and ALAE | 4,058 | 3,898 | [1] | 3,566 | 2,848 | 1,012 | |||||||||||||
IBNR and Case Development Liabilities | 162 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | 2020 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 6,657 | 6,876 | [1] | 7,208 | 6,928 | ||||||||||||||
Cumulative Paid Losses and ALAE | 5,298 | 4,634 | [1] | 3,584 | 1,255 | ||||||||||||||
IBNR and Case Development Liabilities | 610 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | 2021 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 7,640 | 7,976 | [1] | 8,103 | |||||||||||||||
Cumulative Paid Losses and ALAE | 5,414 | 4,095 | [1] | 1,624 | |||||||||||||||
IBNR and Case Development Liabilities | 896 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | 2022 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 8,453 | 8,880 | [1] | ||||||||||||||||
Cumulative Paid Losses and ALAE | 4,333 | 1,814 | [1] | ||||||||||||||||
IBNR and Case Development Liabilities | 2,228 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | 2023 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 7,993 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 1,777 | ||||||||||||||||||
IBNR and Case Development Liabilities | 4,140 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | Before 2014 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Unpaid losses and ALAE, net | 469 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | Short Duration Insurance Contracts Accident Years 2014 Through 2023 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Unpaid losses and ALAE, net | 16,030 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 49,870 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 27,044 | ||||||||||||||||||
Unpaid losses and ALAE, net | 32,393 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | 2014 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 3,265 | 3,298 | [1] | 3,334 | 3,446 | 3,472 | 3,456 | 3,557 | 3,619 | 3,672 | 3,507 | ||||||||
Cumulative Paid Losses and ALAE | 2,560 | 2,493 | [1] | 2,405 | 2,311 | 2,103 | 1,917 | 1,662 | 1,390 | 1,002 | $ 429 | ||||||||
IBNR and Case Development Liabilities | 424 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | 2015 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 3,312 | 3,310 | [1] | 3,364 | 3,401 | 3,438 | 3,580 | 3,668 | 3,628 | 3,422 | |||||||||
Cumulative Paid Losses and ALAE | 2,590 | 2,481 | [1] | 2,345 | 2,197 | 2,003 | 1,731 | 1,431 | 995 | $ 446 | |||||||||
IBNR and Case Development Liabilities | 373 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | 2016 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 3,773 | 3,746 | [1] | 3,775 | 3,819 | 3,870 | 3,902 | 3,998 | 3,788 | ||||||||||
Cumulative Paid Losses and ALAE | 2,963 | 2,789 | [1] | 2,613 | 2,420 | 2,149 | 1,801 | 1,359 | $ 654 | ||||||||||
IBNR and Case Development Liabilities | 416 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | 2017 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 4,222 | 4,165 | [1] | 4,176 | 4,244 | 4,351 | 4,474 | 4,039 | |||||||||||
Cumulative Paid Losses and ALAE | 3,171 | 2,945 | [1] | 2,727 | 2,478 | 1,829 | 1,311 | $ 607 | |||||||||||
IBNR and Case Development Liabilities | 547 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | 2018 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 5,370 | 5,285 | [1] | 5,358 | 5,489 | 5,537 | 4,886 | ||||||||||||
Cumulative Paid Losses and ALAE | 3,954 | 3,637 | [1] | 3,258 | 2,792 | 1,742 | $ 695 | ||||||||||||
IBNR and Case Development Liabilities | 756 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | 2019 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 5,695 | 5,736 | [1] | 5,902 | 6,043 | 5,572 | |||||||||||||
Cumulative Paid Losses and ALAE | 3,736 | 3,190 | [1] | 2,423 | 1,872 | $ 841 | |||||||||||||
IBNR and Case Development Liabilities | 1,228 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | 2020 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 6,093 | 6,047 | [1] | 6,231 | 6,214 | ||||||||||||||
Cumulative Paid Losses and ALAE | 3,379 | 2,715 | [1] | 1,905 | $ 868 | ||||||||||||||
IBNR and Case Development Liabilities | 1,750 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | 2021 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 5,957 | 6,285 | [1] | 6,310 | |||||||||||||||
Cumulative Paid Losses and ALAE | 2,661 | 1,785 | [1] | $ 766 | |||||||||||||||
IBNR and Case Development Liabilities | 2,299 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | 2022 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 6,112 | 6,061 | [1] | ||||||||||||||||
Cumulative Paid Losses and ALAE | 1,338 | $ 622 | [1] | ||||||||||||||||
IBNR and Case Development Liabilities | 3,505 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | 2023 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 6,071 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 692 | ||||||||||||||||||
IBNR and Case Development Liabilities | 4,656 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | Before 2014 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Net unpaid losses and ALAE for accident years before earliest accident year presented | 9,567 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | Short Duration Insurance Contracts Accident Years 2014 Through 2023 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Unpaid losses and ALAE, net | $ 22,826 | ||||||||||||||||||
[1] Unaudited required supplemental information |
Unpaid losses and loss adjust_7
Unpaid losses and loss adjustment expenses - Average historical claims duration (Detail) - Insurance Group [Member] | Dec. 31, 2023 |
GEICO [Member] | Physical Damage [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred losses, net of reinsurance, year one | 97% |
Average annual percentage payout of incurred losses, net of reinsurance, year two | 3% |
GEICO [Member] | Auto Liability [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred losses, net of reinsurance, year one | 41% |
Average annual percentage payout of incurred losses, net of reinsurance, year two | 31% |
Average annual percentage payout of incurred losses, net of reinsurance, year three | 13% |
Average annual percentage payout of incurred losses, net of reinsurance, year four | 7% |
Average annual percentage payout of incurred losses, net of reinsurance, year five | 4% |
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred losses, net of reinsurance, year one | 2% |
Average annual percentage payout of incurred losses, net of reinsurance, year two | 8% |
Average annual percentage payout of incurred losses, net of reinsurance, year three | 12% |
Average annual percentage payout of incurred losses, net of reinsurance, year four | 14% |
Average annual percentage payout of incurred losses, net of reinsurance, year five | 13% |
Average annual percentage payout of incurred losses, net of reinsurance, year six | 12% |
Average annual percentage payout of incurred losses, net of reinsurance, year seven | 8% |
Average annual percentage payout of incurred losses, net of reinsurance, year eight | 6% |
Average annual percentage payout of incurred losses, net of reinsurance, year nine | 5% |
Average annual percentage payout of incurred losses, net of reinsurance, year ten | 3% |
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred losses, net of reinsurance, year one | 15% |
Average annual percentage payout of incurred losses, net of reinsurance, year two | 18% |
Average annual percentage payout of incurred losses, net of reinsurance, year three | 14% |
Average annual percentage payout of incurred losses, net of reinsurance, year four | 13% |
Average annual percentage payout of incurred losses, net of reinsurance, year five | 9% |
Average annual percentage payout of incurred losses, net of reinsurance, year six | 6% |
Average annual percentage payout of incurred losses, net of reinsurance, year seven | 5% |
Average annual percentage payout of incurred losses, net of reinsurance, year eight | 3% |
Average annual percentage payout of incurred losses, net of reinsurance, year nine | 1% |
Average annual percentage payout of incurred losses, net of reinsurance, year ten | 2% |
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred losses, net of reinsurance, year one | 22% |
Average annual percentage payout of incurred losses, net of reinsurance, year two | 35% |
Average annual percentage payout of incurred losses, net of reinsurance, year three | 15% |
Average annual percentage payout of incurred losses, net of reinsurance, year four | 8% |
Average annual percentage payout of incurred losses, net of reinsurance, year five | 4% |
Average annual percentage payout of incurred losses, net of reinsurance, year six | 4% |
Average annual percentage payout of incurred losses, net of reinsurance, year seven | 2% |
Average annual percentage payout of incurred losses, net of reinsurance, year eight | 2% |
Average annual percentage payout of incurred losses, net of reinsurance, year nine | 2% |
Average annual percentage payout of incurred losses, net of reinsurance, year ten | 1% |
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred losses, net of reinsurance, year one | 14% |
Average annual percentage payout of incurred losses, net of reinsurance, year two | 17% |
Average annual percentage payout of incurred losses, net of reinsurance, year three | 13% |
Average annual percentage payout of incurred losses, net of reinsurance, year four | 11% |
Average annual percentage payout of incurred losses, net of reinsurance, year five | 8% |
Average annual percentage payout of incurred losses, net of reinsurance, year six | 6% |
Average annual percentage payout of incurred losses, net of reinsurance, year seven | 5% |
Average annual percentage payout of incurred losses, net of reinsurance, year eight | 4% |
Average annual percentage payout of incurred losses, net of reinsurance, year nine | 3% |
Average annual percentage payout of incurred losses, net of reinsurance, year ten | 2% |
Retroactive reinsurance contr_3
Retroactive reinsurance contracts - Reconciliation of changes in claim liabilities and incurred losses and loss adjustment expenses (Detail) - Retroactive Reinsurance [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Balance at the beginning of the year | $ 35,415 | $ 37,855 | $ 40,623 |
Total incurred losses and loss adjustment expenses | 1,484 | 855 | 981 |
Paid losses and loss adjustment expenses | (1,934) | (2,358) | (1,889) |
Foreign currency effect | 57 | (168) | (58) |
Balance at December 31 | 34,647 | 35,415 | 37,855 |
Unpaid Losses and Loss Adjustment Expenses [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, current accident year | 153 | ||
Incurred losses and loss adjustment expenses, prior years' contracts | 1,109 | 86 | (974) |
Total incurred losses and loss adjustment expenses | 1,109 | 86 | (821) |
Deferred Charges Reinsurance Assumed [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Total incurred losses and loss adjustment expenses | $ 375 | $ 769 | $ 1,802 |
Retroactive reinsurance contr_4
Retroactive reinsurance contracts - Narrative (Detail) - Retroactive Reinsurance [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effects of Reinsurance [Line Items] | |||
Insurance losses and loss adjustment expenses | $ 1,484 | $ 855 | $ 981 |
Increase in incurred losses and loss adjustment expenses | 650 | ||
Unamortized deferred charges of retroactive reinsurance contracts | 9,500 | 9,900 | |
Liabilities for environmental, asbestos and latent injury claims | 12,200 | 12,100 | |
Unpaid Losses and Loss Adjustment Expenses [Member] | |||
Effects of Reinsurance [Line Items] | |||
Insurance losses and loss adjustment expenses | $ 1,109 | $ 86 | $ (821) |
Long-duration insurance contr_3
Long-duration insurance contracts - Summary of life, annuity and health insurance benefits liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Life, annuity and health insurance benefits | $ 20,213 | $ 19,753 | $ 27,295 |
Periodic Payment Annuities [Member] | |||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Life, annuity and health insurance benefits | 11,212 | 10,640 | 16,153 |
Life and Health [Member] | |||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Life, annuity and health insurance benefits | 5,749 | 5,879 | 7,688 |
Other liabilities [Member] | |||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |||
Life, annuity and health insurance benefits | $ 3,252 | $ 3,234 | $ 3,454 |
Long-duration insurance contr_4
Long-duration insurance contracts - Summary of changes in discounted present values of expected future policy benefits and expected future net premiums (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||
Balance at January 1 | $ 20,213 | $ 19,753 | $ 27,295 |
Periodic Payment Annuities [Member] | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||
Balance at beginning of year | 10,640 | 16,153 | 17,122 |
Balance at beginning of year at original discount rate | 11,549 | 11,261 | 10,569 |
Effect of actual from expected experience | 5 | 121 | 8 |
Change in benefits, net | (470) | (297) | 138 |
Interest accrual | 537 | 535 | 528 |
Foreign currency effect | 60 | (71) | 18 |
Ending balance at original discount rate | 11,681 | 11,549 | 11,261 |
Effect of changes in discount rate assumptions | (469) | (909) | 4,892 |
Expected future policy benefits at December 31 | 11,212 | 10,640 | 16,153 |
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||
Balance at January 1 | 11,212 | 10,640 | 16,153 |
Liability for future policy benefits at December 31, net of reinsurance recoverables | 11,212 | 10,640 | 16,153 |
Life and Health [Member] | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||
Balance at beginning of year | 52,008 | 63,648 | 66,528 |
Balance at beginning of year at original discount rate | 63,584 | 60,133 | 58,247 |
Effect of cash flow assumption changes | (829) | 2,261 | (354) |
Effect of actual from expected experience | (352) | 927 | 1,011 |
Change in benefits, net | 1,616 | 671 | 394 |
Interest accrual | 1,787 | 1,644 | 1,670 |
Foreign currency effect | 65 | (2,052) | (835) |
Ending balance at original discount rate | 65,871 | 63,584 | 60,133 |
Effect of changes in discount rate assumptions | (13,206) | (11,576) | 3,515 |
Expected future policy benefits at December 31 | 52,665 | 52,008 | 63,648 |
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||
Balance at beginning of year | 46,129 | 55,960 | 58,198 |
Balance at beginning of year at original discount rate | 56,535 | 53,277 | 51,370 |
Effect of cash flow assumption changes | (880) | 2,163 | (270) |
Effect of actual from expected experience | (181) | 676 | 572 |
Change in premiums, net | 1,645 | 928 | 908 |
Interest accrual | 1,566 | 1,434 | 1,444 |
Foreign currency effect | 46 | (1,943) | (747) |
Ending balance at original discount rate | 58,731 | 56,535 | 53,277 |
Effect of changes in discount rate assumptions | (11,815) | (10,406) | 2,683 |
Expected future net premiums at December 31 | 46,916 | 46,129 | 55,960 |
Balance at January 1 | 5,749 | 5,879 | 7,688 |
Reinsurance recoverables | (1,571) | (1,559) | (2,152) |
Liability for future policy benefits at December 31, net of reinsurance recoverables | $ 4,178 | $ 4,320 | $ 5,536 |
Long-duration insurance contr_5
Long-duration insurance contracts - Summary of undiscounted and discounted expected future gross premiums to be collected and undiscounted expected future benefits for periodic payment annuities and life and health insurance (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Periodic Payment Annuities [Member] | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Undiscounted expected future benefits | $ 31,066 | $ 31,156 | $ 30,260 |
Life and Health [Member] | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Undiscounted expected future gross premiums | 117,078 | 109,321 | 102,768 |
Discounted expected future gross premiums | 66,692 | 66,460 | 64,378 |
Undiscounted expected future benefits | $ 111,630 | $ 104,544 | $ 98,224 |
Long-duration insurance contr_6
Long-duration insurance contracts - Summary of gross premiums earned and net interest expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Periodic Payment Annuities [Member] | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Gross Premiums | $ 582 | $ 655 | |
Net Interest Expense | $ 537 | 535 | 528 |
Life and Health [Member] | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Gross Premiums | 3,627 | 3,760 | 3,906 |
Net Interest Expense | $ 221 | $ 210 | $ 226 |
Long-duration insurance contr_7
Long-duration insurance contracts - Summary of weighted average discount rates, interest accretion rates established at contract inception and the average contract duration (Detail) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Periodic Payment Annuities [Member] | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Weighted average discount rate | 5.10% | 5.30% | 2.70% |
Weighted average accretion rate | 4.80% | 4.80% | 4.90% |
Weighted average duration (in years) | 18 years | 17 years | 22 years |
Life and Health [Member] | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Weighted average discount rate | 5.10% | 4.70% | 2.40% |
Weighted average accretion rate | 3.30% | 3.40% | 3.40% |
Weighted average duration (in years) | 13 years | 14 years | 15 years |
Notes payable and other borro_3
Notes payable and other borrowings (Detail) € in Millions, £ in Millions, $ in Millions, ¥ in Billions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 GBP (£) | Dec. 31, 2023 JPY (¥) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | € 6,850 | £ 1,750 | ¥ 1,259 | ||
Principal payments on debt - 2024 | $ 13,859 | ||||
Principal payments on debt - 2025 | 7,048 | ||||
Principal payments on debt - 2026 | 6,053 | ||||
Principal payments on debt - 2027 | 4,549 | ||||
Principal payments on debt - 2028 | 6,433 | ||||
Berkshire Hathaway Inc. (Parent) [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | 18,781 | $ 21,393 | |||
Principal payments on debt - 2024 | 1,900 | ||||
Principal payments on debt - 2025 | 2,000 | ||||
Principal payments on debt - 2026 | 4,400 | ||||
Principal payments on debt - 2027 | 2,000 | ||||
Principal payments on debt - 2028 | 1,400 | ||||
Insurance and Other [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | 42,692 | 46,538 | |||
Principal payments on debt - 2024 | 3,295 | ||||
Principal payments on debt - 2025 | 3,076 | ||||
Principal payments on debt - 2026 | 4,499 | ||||
Principal payments on debt - 2027 | 2,877 | ||||
Principal payments on debt - 2028 | 1,413 | ||||
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | U.S. Dollar Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 3,740 | 6,231 | |||
Weighted average interest rate, percentage | 3.50% | 3.50% | 3.50% | 3.50% | |
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | U.S. Dollar Denominated [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2025 | ||||
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | U.S. Dollar Denominated [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2047 | ||||
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Euro Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 6,145 | 7,344 | |||
Weighted average interest rate, percentage | 1.10% | 1.10% | 1.10% | 1.10% | |
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Euro Denominated [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2024 | ||||
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Euro Denominated [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2041 | ||||
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Japanese Yen Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 8,896 | 7,818 | |||
Weighted average interest rate, percentage | 0.80% | 0.80% | 0.80% | 0.80% | |
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Japanese Yen Denominated [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2024 | ||||
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Japanese Yen Denominated [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2060 | ||||
Insurance and Other [Member] | Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 4,696 | 5,967 | |||
Short-term debt | $ 1,187 | 1,310 | |||
Weighted average interest rate, percentage | 4.50% | 4.50% | 4.50% | 4.50% | |
Short-term borrowings, weighted average interest rate | 7.30% | 7.30% | 7.30% | 7.30% | |
Insurance and Other [Member] | Subsidiaries [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2024 | ||||
Insurance and Other [Member] | Subsidiaries [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2051 | ||||
Insurance and Other [Member] | Subsidiaries [Member] | U.S. Dollar Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 14,463 | 14,458 | |||
Weighted average interest rate, percentage | 3.60% | 3.60% | 3.60% | 3.60% | |
Insurance and Other [Member] | Subsidiaries [Member] | U.S. Dollar Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2027 | ||||
Insurance and Other [Member] | Subsidiaries [Member] | U.S. Dollar Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2052 | ||||
Insurance and Other [Member] | Subsidiaries [Member] | Euro Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 1,374 | 1,332 | |||
Weighted average interest rate, percentage | 1.80% | 1.80% | 1.80% | 1.80% | |
Insurance and Other [Member] | Subsidiaries [Member] | Euro Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2030 | ||||
Insurance and Other [Member] | Subsidiaries [Member] | Euro Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2034 | ||||
Insurance and Other [Member] | Subsidiaries [Member] | Great Britain Pound Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 2,191 | 2,078 | |||
Weighted average interest rate, percentage | 2.50% | 2.50% | 2.50% | 2.50% | |
Insurance and Other [Member] | Subsidiaries [Member] | Great Britain Pound Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2039 | ||||
Insurance and Other [Member] | Subsidiaries [Member] | Great Britain Pound Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2059 | ||||
Railroad, Utilities and Energy [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 85,579 | 76,206 | |||
Principal payments on debt - 2024 | 10,564 | ||||
Principal payments on debt - 2025 | 3,972 | ||||
Principal payments on debt - 2026 | 1,554 | ||||
Principal payments on debt - 2027 | 1,672 | ||||
Principal payments on debt - 2028 | $ 5,020 | ||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy ("BHE") [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate, percentage | 4.40% | 4.40% | 4.40% | 4.40% | |
Senior unsecured debt | $ 13,101 | 13,996 | |||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy ("BHE") [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2025 | ||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy ("BHE") [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2053 | ||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 39,072 | 37,639 | |||
Weighted average interest rate, percentage | 4.40% | 4.40% | 4.40% | 4.40% | |
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2024 | ||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2064 | ||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy and Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Short-term debt | $ 4,148 | 1,119 | |||
Short-term borrowings, weighted average interest rate | 5.90% | 5.90% | 5.90% | 5.90% | |
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Pilot Travel Centers ("PTC") and Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 5,776 | ||||
Weighted average interest rate, percentage | 7.20% | 7.20% | 7.20% | 7.20% | |
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Pilot Travel Centers ("PTC") and Subsidiaries [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2024 | ||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Pilot Travel Centers ("PTC") and Subsidiaries [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2028 | ||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Burlington Northern Santa Fe ("BNSF") and subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 23,482 | $ 23,452 | |||
Weighted average interest rate, percentage | 4.60% | 4.60% | 4.60% | 4.60% | |
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Burlington Northern Santa Fe ("BNSF") and subsidiaries [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2024 | ||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Burlington Northern Santa Fe ("BNSF") and subsidiaries [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2097 |
Notes payable and other borro_4
Notes payable and other borrowings - Narrative (Detail) € in Millions, £ in Millions, $ in Millions, ¥ in Billions | 12 Months Ended | |||||||
Dec. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 JPY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 JPY (¥) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 GBP (£) | |
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | ¥ 1,259 | € 6,850 | £ 1,750 | |||||
Berkshire Hathaway Inc. (Parent) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of borrowings | $ 4,310 | $ 602 | $ 2,167 | |||||
Notes payable and other borrowings | 18,781 | 21,393 | ||||||
Gain (loss) attributable to changes in foreign currency exchange rates | 371 | 1,401 | 1,281 | |||||
Line Of Credit [Member] | Subsidiaries [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused lines of credit available | 9,400 | |||||||
Line Of Credit [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy and Subsidiaries [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused lines of credit available | 6,000 | |||||||
Insurance and Other [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | 42,692 | 46,538 | ||||||
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Subsidiaries Excluding Berkshire Hathaway Finance Corporation [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Guarantee obligation | $ 2,700 | |||||||
Insurance and Other [Member] | Subsidiaries [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate, percentage | 4.50% | 4.50% | 4.50% | 4.50% | ||||
Notes payable and other borrowings | $ 4,696 | 5,967 | ||||||
Short-Term Debt | $ 1,187 | 1,310 | ||||||
Insurance and Other [Member] | Subsidiaries [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt maturity year | 2024 | 2024 | ||||||
Insurance and Other [Member] | Subsidiaries [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt maturity year | 2051 | 2051 | ||||||
Insurance and Other [Member] | Senior Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of borrowings | $ 4,300 | |||||||
Insurance and Other [Member] | Senior Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Berkshire Hathaway Finance Corporation [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Gain (loss) attributable to changes in foreign currency exchange rates | 217 | 1,700 | $ 1,300 | |||||
Insurance and Other [Member] | Senior Notes [Member] | Debt Due 2026 To 2058 [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount of debt issued | $ 2,050 | ¥ 286.4 | ||||||
Weighted average interest rate, percentage | 1.15% | 1.15% | 1.15% | 1.15% | ||||
Insurance and Other [Member] | Senior Notes [Member] | Debt Due 2026 To 2058 [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt maturity year | 2026 | 2026 | ||||||
Insurance and Other [Member] | Senior Notes [Member] | Debt Due 2026 To 2058 [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt maturity year | 2058 | 2058 | ||||||
Railroad, Utilities and Energy [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 85,579 | 76,206 | ||||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy and Subsidiaries [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Short-Term Debt | $ 4,148 | $ 1,119 | ||||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy ("BHE") [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate, percentage | 4.40% | 4.40% | 4.40% | 4.40% | ||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Minimum [Member] | Berkshire Hathaway Energy ("BHE") [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt maturity year | 2025 | 2025 | ||||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Maximum [Member] | Berkshire Hathaway Energy ("BHE") [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt maturity year | 2053 | 2053 | ||||||
Railroad, Utilities and Energy [Member] | Term Debt [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy and Subsidiaries [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of borrowings | $ 3,700 | |||||||
Railroad, Utilities and Energy [Member] | Term Debt [Member] | Subsidiaries [Member] | BNSF [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of borrowings | 1,600 | |||||||
Railroad, Utilities and Energy [Member] | Term Debt [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy ("BHE") [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount of debt issued | $ 4,200 | |||||||
Weighted average interest rate, percentage | 5.70% | 5.70% | 5.70% | 5.70% | ||||
Railroad, Utilities and Energy [Member] | Term Debt [Member] | Subsidiaries [Member] | Forecast [Member] | Berkshire Hathaway Energy ("BHE") [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount of debt issued | $ 5,100 | |||||||
Weighted average interest rate, percentage | 5.40% | |||||||
Short-Term Debt | $ 2,800 | |||||||
Railroad, Utilities and Energy [Member] | Term Debt [Member] | Subsidiaries [Member] | Minimum [Member] | Berkshire Hathaway Energy ("BHE") [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt maturity year | 2033 | 2033 | ||||||
Railroad, Utilities and Energy [Member] | Term Debt [Member] | Subsidiaries [Member] | Minimum [Member] | Forecast [Member] | Berkshire Hathaway Energy ("BHE") [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt maturity year | 2029 | |||||||
Railroad, Utilities and Energy [Member] | Term Debt [Member] | Subsidiaries [Member] | Maximum [Member] | Berkshire Hathaway Energy ("BHE") [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt maturity year | 2055 | 2055 | ||||||
Railroad, Utilities and Energy [Member] | Term Debt [Member] | Subsidiaries [Member] | Maximum [Member] | Forecast [Member] | Berkshire Hathaway Energy ("BHE") [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt maturity year | 2055 | |||||||
Railroad, Utilities and Energy [Member] | Senior Unsecured Debenture [Member] | Term Debt [Member] | Subsidiaries [Member] | BNSF [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, interest rate, stated percentage | 5.20% | 5.20% | 5.20% | 5.20% | ||||
Debt maturity year | 2054 | 2054 | ||||||
Railroad, Utilities and Energy [Member] | Senior Unsecured Debenture [Member] | 5.2% Debentures Due [Member] | Subsidiaries [Member] | BNSF [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount of debt issued | $ 1,600 |
Income taxes - Liabilities (Det
Income taxes - Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 |
Income Tax Disclosure [Abstract] | |||
Currently payable | $ 185 | $ 511 | |
Deferred | 92,344 | 76,417 | |
Other | 480 | 440 | |
Income taxes, principally deferred | $ 93,009 | $ 77,368 | $ 72,403 |
Income taxes - Deferred income
Income taxes - Deferred income taxes (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred income tax liabilities: | ||
Investments, including unrealized appreciation | $ 56,766 | $ 41,150 |
Deferred charges reinsurance assumed | 1,994 | 2,073 |
Property, plant and equipment and equipment held for lease | 32,991 | 32,080 |
Goodwill and other intangible assets | 7,546 | 7,010 |
Other | 4,452 | 5,162 |
Deferred income tax liabilities | 103,749 | 87,475 |
Deferred income tax assets: | ||
Unpaid losses and loss adjustment expenses | (1,255) | (1,290) |
Unearned premiums | (1,285) | (1,196) |
Accrued liabilities | (2,626) | (1,790) |
Regulatory liabilities | (1,248) | (1,323) |
Deferred revenue | (2,282) | (1,880) |
Other | (2,709) | (3,579) |
Deferred income tax assets | (11,405) | (11,058) |
Net deferred income tax liability | $ 92,344 | $ 76,417 |
Income taxes - Income tax expen
Income taxes - Income tax expense (benefit) components (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income tax expense: | |||
U.S. Federal | $ 20,764 | $ (10,316) | $ 20,384 |
U.S. State | 763 | 762 | (527) |
Foreign | 1,492 | 1,052 | 1,055 |
Total income taxes | 23,019 | (8,502) | 20,912 |
Income tax expense: | |||
Current | 7,642 | 4,815 | 5,326 |
Deferred | 15,377 | (13,317) | 15,586 |
Total income taxes | $ 23,019 | $ (8,502) | $ 20,912 |
Income taxes - Income tax exp_2
Income taxes - Income tax expense (benefit) reconciliation (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income tax expense reconciliation | ||||
Earnings (loss) before income taxes | $ 120,166 | $ (30,500) | $ 111,861 | |
Hypothetical income tax expense (benefit) at the U.S. federal statutory rate | 25,235 | (6,405) | 23,491 | |
Dividends received deduction and tax-exempt interest | (678) | (512) | (457) | |
State income taxes, less U.S. federal income tax effect | 603 | 602 | (417) | |
U.S. income tax credits | [1] | (2,186) | (2,187) | (1,860) |
Other differences, net | 45 | 155 | ||
Total income taxes | $ 23,019 | $ (8,502) | $ 20,912 | |
Effective income tax rate | 19.20% | 27.90% | 18.70% | |
[1] U.S. income tax credits derive primarily from production tax credits associated with wind-energy generation of BHE and tax credits arising from affordable housing investments. |
Income taxes - Narrative (Detai
Income taxes - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes [Line Items] | ||
Income tax liabilities with federal taxing authority settled through year | 2011 | |
Income tax liabilities with state and foreign jurisdictions estimated settlement year | 2024 | |
Unrecognized tax benefits | $ 480 | $ 440 |
Unrecognized tax benefits that would impact effective tax rate | $ 420 | |
Earliest Tax Year [Member] | ||
Income Taxes [Line Items] | ||
Income Tax Examination, Year under Examination | 2014 | |
Latest Tax Year [Member] | ||
Income Taxes [Line Items] | ||
Income Tax Examination, Year under Examination | 2019 | |
Tax Year 2012 [Member] | ||
Income Taxes [Line Items] | ||
Income Tax Examination, Year under Examination | 2012 | |
Tax Year 2013 [Member] | ||
Income Taxes [Line Items] | ||
Income Tax Examination, Year under Examination | 2013 |
Fair value measurements - Finan
Fair value measurements - Financial assets and liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | $ 23,758 | $ 25,128 | |||
Investments in equity securities | 353,842 | [1] | 308,793 | [2] | |
Insurance and Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 23,758 | 25,128 | |||
Investments in equity securities | 353,842 | 308,793 | |||
The Kraft Heinz Company [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity method investments, fair value | 12,035 | 13,249 | |||
U.S. Treasury, U.S. government corporations and agencies [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 10,269 | 9,802 | |||
Foreign governments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 11,805 | 10,327 | |||
Corporate bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,449 | 2,195 | |||
Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 235 | 2,804 | |||
Fair Value, Measurements, Recurring [Member] | Quoted Prices (Level 1) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in equity securities | 343,358 | 296,610 | |||
Derivative contract assets | [3] | $ 39 | $ 56 | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |||
Derivative contract liabilities | [3] | $ 7 | $ 8 | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | |||
Fair Value, Measurements, Recurring [Member] | Quoted Prices (Level 1) [Member] | The Kraft Heinz Company and Occidental Petroleum Corporation [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity method investments, fair value | $ 26,587 | $ 25,491 | |||
Fair Value, Measurements, Recurring [Member] | Quoted Prices (Level 1) [Member] | U.S. Treasury, U.S. government corporations and agencies [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 10,234 | 9,733 | |||
Fair Value, Measurements, Recurring [Member] | Quoted Prices (Level 1) [Member] | Foreign governments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 11,559 | 9,854 | |||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in equity securities | 10 | 9 | |||
Loans and finance receivables | 892 | 1,513 | |||
Derivative contract assets | [3] | $ 282 | $ 474 | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |||
Derivative contract liabilities | [3] | $ 111 | $ 122 | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | |||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings | $ 81,036 | $ 67,651 | |||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Insurance and Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings | 39,153 | 41,061 | |||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury, U.S. government corporations and agencies [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 35 | 69 | |||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign governments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 246 | 473 | |||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 860 | 1,546 | |||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 235 | 2,804 | |||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in equity securities | 10,474 | 12,174 | |||
Loans and finance receivables | 23,298 | 21,915 | |||
Derivative contract assets | [3] | $ 13 | $ 59 | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |||
Derivative contract liabilities | [3] | $ 95 | $ 112 | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | |||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Insurance and Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings | $ 31 | $ 900 | |||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 589 | 649 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in equity securities | 353,842 | 308,793 | |||
Loans and finance receivables | 24,681 | 23,208 | |||
Derivative contract assets | [3] | $ 334 | $ 589 | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |||
Derivative contract liabilities | [3] | $ 213 | $ 242 | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings | $ 85,579 | $ 76,206 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Insurance and Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings | 42,692 | 46,538 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | The Kraft Heinz Company and Occidental Petroleum Corporation [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity method investments, fair value | 28,640 | 24,421 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | U.S. Treasury, U.S. government corporations and agencies [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 10,269 | 9,802 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Foreign governments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 11,805 | 10,327 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Corporate bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,449 | 2,195 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 235 | 2,804 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in equity securities | 353,842 | 308,793 | |||
Loans and finance receivables | 24,190 | 23,428 | |||
Derivative contract assets | [3] | $ 334 | $ 589 | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |||
Derivative contract liabilities | [3] | $ 213 | $ 242 | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings | $ 81,036 | $ 67,651 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Insurance and Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings | 39,184 | 41,961 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | The Kraft Heinz Company and Occidental Petroleum Corporation [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity method investments, fair value | 26,587 | 25,491 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | U.S. Treasury, U.S. government corporations and agencies [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 10,269 | 9,802 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Foreign governments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 11,805 | 10,327 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Corporate bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,449 | 2,195 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | $ 235 | $ 2,804 | |||
[1] Approximately 79 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 28.4 billion; Apple Inc. – $ 174.3 billion; Bank of America Corporation – $ 34.8 billion; The Coca-Cola Company – $ 23.6 billion and Chevron Corporation – $ 18.8 billion). Approximately 75 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 22.4 billion; Apple Inc. – $ 119.0 billion; Bank of America Corporation – $ 34.2 billion; The Coca-Cola Company – $ 25.4 billion and Chevron Corporation – $ 30.0 billion). Assets are included in other assets, and liabilities are included in accounts payable, accruals and other liabilities. |
Fair value measurements - Signi
Fair value measurements - Significant unobservable inputs (Detail) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity Index Put Option Contract Liabilities [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative contract liabilities - Beginning Balance | $ (1,065) | ||
Derivative contract liabilities - Gains (losses) included in earnings | $ 966 | ||
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Nonoperating Gains (Losses) | ||
Derivative contract liabilities - Transfers out of Level 3 | $ 99 | ||
Equity Securities [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | $ 12,169 | $ 11,480 | 8,978 |
Gains (losses) included in earnings | $ (40) | $ 689 | $ 1,902 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Nonoperating Gains (Losses) | Nonoperating Gains (Losses) | Nonoperating Gains (Losses) |
Acquisitions, dispositions and settlements | $ (1,661) | $ 1,100 | |
Transfers out of Level 3 | (500) | ||
Ending Balance | $ 10,468 | $ 12,169 | $ 11,480 |
Fair value measurements - Other
Fair value measurements - Other information (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments in equity securities | $ 353,842 | [1] | $ 308,793 | [2] |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments in equity securities | 10,474 | $ 12,174 | ||
Significant Unobservable Inputs (Level 3) [Member] | Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | Discounted Cash Flow [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments in equity securities | 8,688 | |||
Significant Unobservable Inputs (Level 3) [Member] | Common Stock Warrants [Member] | Fair Value, Measurements, Recurring [Member] | Warrant Pricing Model [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments in equity securities | $ 1,780 | |||
Significant Unobservable Inputs (Level 3) [Member] | Measurement Input, Expected Term | Weighted Average [Member] | Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | Discounted Cash Flow [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable inputs, term | 6 years | |||
Significant Unobservable Inputs (Level 3) [Member] | Measurement Input, Expected Term | Weighted Average [Member] | Common Stock Warrants [Member] | Fair Value, Measurements, Recurring [Member] | Warrant Pricing Model [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable inputs, term | 6 years | |||
Significant Unobservable Inputs (Level 3) [Member] | Discount for Transferability Restrictions and Subordination [Member] | Weighted Average [Member] | Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | Discounted Cash Flow [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable inputs | 0.0372 | |||
Significant Unobservable Inputs (Level 3) [Member] | Measurement Input, Option Volatility | Weighted Average [Member] | Common Stock Warrants [Member] | Fair Value, Measurements, Recurring [Member] | Warrant Pricing Model [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable inputs | 0.41 | |||
[1] Approximately 79 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 28.4 billion; Apple Inc. – $ 174.3 billion; Bank of America Corporation – $ 34.8 billion; The Coca-Cola Company – $ 23.6 billion and Chevron Corporation – $ 18.8 billion). Approximately 75 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 22.4 billion; Apple Inc. – $ 119.0 billion; Bank of America Corporation – $ 34.2 billion; The Coca-Cola Company – $ 25.4 billion and Chevron Corporation – $ 30.0 billion). |
Common stock - Narrative (Detai
Common stock - Narrative (Detail) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) Vote shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | |
Class of Stock [Line Items] | ||||
Preferred Stock, shares authorized | 1,000,000 | |||
Preferred Stock, shares issued | 0 | |||
Economic equivalent of Class B share to Class A share | 0.0667% | 0.0667% | ||
Common Stock Repurchase Program [Member] | ||||
Class of Stock [Line Items] | ||||
Shares repurchase, authorization description | Berkshire’s common stock repurchase program, as amended, permits Berkshire to repurchase shares any time that Warren Buffett, Berkshire’s Chairman of the Board and Chief Executive Officer, believes that the repurchase price is below Berkshire’s intrinsic value, conservatively determined. | |||
Minimum cash, cash equivalents and U.S. Treasury Bill threshold after repurchase of common stock shares, amount | $ | $ 30,000,000,000 | |||
Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Number of votes entitled per share, number | Vote | 1 | |||
Shares outstanding | 567,775 | 591,564 | 617,113 | 643,931 |
Class B [Member] | ||||
Class of Stock [Line Items] | ||||
Number of votes entitled per share, number | Vote | 0.0001 | |||
Number of shares of Class B stock obtainable from converting one Class A share | 1,500 | |||
Shares outstanding | 1,310,561,508 | 1,302,254,076 | 1,290,474,503 | 1,350,043,471 |
Equivalent Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Shares outstanding | 1,441,483 | 1,459,733 |
Common stock (Detail)
Common stock (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class A [Member] | |||
Class of Stock [Line Items] | |||
Shares issued, beginning balance | 651,450 | 665,901 | 678,523 |
Treasury shares, beginning balance | (59,886) | (48,788) | (34,592) |
Shares outstanding, beginning balance | 591,564 | 617,113 | 643,931 |
Conversions of Class A to Class B common stock | (12,122) | (14,451) | (12,622) |
Conversions of Class A to Class B common stock, Outstanding | (12,122) | (14,451) | (12,622) |
Treasury stock acquired | (11,667) | (11,098) | (14,196) |
Shares issued, ending balance | 639,328 | 651,450 | 665,901 |
Treasury shares, ending balance | (71,553) | (59,886) | (48,788) |
Shares outstanding, ending balance | 567,775 | 591,564 | 617,113 |
Class B [Member] | |||
Class of Stock [Line Items] | |||
Shares issued, beginning balance | 1,509,969,352 | 1,488,292,852 | 1,469,359,852 |
Treasury shares, beginning balance | (207,715,276) | (197,818,349) | (119,316,381) |
Shares outstanding, beginning balance | 1,302,254,076 | 1,290,474,503 | 1,350,043,471 |
Conversions of Class A to Class B common stock | 18,183,000 | 21,676,500 | 18,933,000 |
Conversions of Class A to Class B common stock, Outstanding | 18,183,000 | 21,676,500 | 18,933,000 |
Treasury stock acquired | (9,875,568) | (9,896,927) | (78,501,968) |
Shares issued, ending balance | 1,528,152,352 | 1,509,969,352 | 1,488,292,852 |
Treasury shares, ending balance | (217,590,844) | (207,715,276) | (197,818,349) |
Shares outstanding, ending balance | 1,310,561,508 | 1,302,254,076 | 1,290,474,503 |
Common stock (Parenthetical) (D
Common stock (Parenthetical) (Detail) | Dec. 31, 2023 $ / shares shares |
Class A [Member] | |
Class of Stock [Line Items] | |
Common Stock, par value per share | $ / shares | $ 5 |
Common Stock, shares authorized | shares | 1,650,000 |
Class B [Member] | |
Class of Stock [Line Items] | |
Common Stock, par value per share | $ / shares | $ 0.0033 |
Common Stock, shares authorized | shares | 3,225,000,000 |
Revenue from contracts with cus
Revenue from contracts with customers disaggregated by reportable segment and source of revenue (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | $ 254,906 | $ 207,771 | $ 191,252 |
Other revenues | 109,576 | 94,249 | 84,933 |
Total revenues | 364,482 | 302,020 | 276,185 |
Industrial and Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 28,299 | 24,765 | 22,343 |
Building [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 20,119 | 22,762 | 19,604 |
Consumer [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 17,702 | 19,912 | 18,540 |
Grocery and Convenience Store Distribution [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 31,524 | 32,599 | 31,245 |
Food and Beverage Distribution [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 19,040 | 19,388 | 17,332 |
Auto Sales [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 10,747 | 10,486 | 9,966 |
Other Retail and Wholesale Distribution [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 22,001 | 20,126 | 18,895 |
Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 36,053 | 37,416 | 35,063 |
Electricity, Natural Gas and Fuel [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 69,421 | 20,317 | 18,264 |
Manufacturing Businesses [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 70,633 | 71,634 | 64,811 |
Other revenues | 4,650 | 4,016 | 3,766 |
Total revenues | 75,283 | 75,650 | 68,577 |
Manufacturing Businesses [Member] | Industrial and Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 28,066 | 24,566 | 22,184 |
Manufacturing Businesses [Member] | Building [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 20,119 | 22,762 | 19,604 |
Manufacturing Businesses [Member] | Consumer [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 17,702 | 19,912 | 18,540 |
Manufacturing Businesses [Member] | Other Retail and Wholesale Distribution [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 3,289 | 3,195 | 2,997 |
Manufacturing Businesses [Member] | Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 1,457 | 1,199 | 1,486 |
McLane [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 51,643 | 53,090 | 49,328 |
Other revenues | 171 | 119 | 122 |
Total revenues | 51,814 | 53,209 | 49,450 |
McLane [Member] | Grocery and Convenience Store Distribution [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 31,524 | 32,599 | 31,245 |
McLane [Member] | Food and Beverage Distribution [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 19,040 | 19,388 | 17,332 |
McLane [Member] | Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 1,079 | 1,103 | 751 |
Service and Retailing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 32,743 | 32,055 | 30,146 |
Other revenues | 7,136 | 6,154 | 4,601 |
Total revenues | 39,879 | 38,209 | 34,747 |
Service and Retailing [Member] | Industrial and Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 233 | 199 | 159 |
Service and Retailing [Member] | Auto Sales [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 10,747 | 10,486 | 9,966 |
Service and Retailing [Member] | Other Retail and Wholesale Distribution [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 16,289 | 16,931 | 15,898 |
Service and Retailing [Member] | Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 5,474 | 4,439 | 4,123 |
BNSF [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 23,724 | 25,742 | 23,120 |
Other revenues | 67 | 60 | 57 |
Total revenues | 23,791 | 25,802 | 23,177 |
BNSF [Member] | Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 23,724 | 25,742 | 23,120 |
Berkshire Hathaway Energy [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 24,702 | 25,250 | 23,847 |
Other revenues | 1,258 | 1,097 | 1,205 |
Total revenues | 25,960 | 26,347 | 25,052 |
Berkshire Hathaway Energy [Member] | Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 4,055 | 4,933 | 5,583 |
Berkshire Hathaway Energy [Member] | Electricity, Natural Gas and Fuel [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 20,647 | 20,317 | 18,264 |
Pilot Travel Centers ("PTC") [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 51,461 | ||
Other revenues | 203 | ||
Total revenues | 51,664 | ||
Pilot Travel Centers ("PTC") [Member] | Other Retail and Wholesale Distribution [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 2,423 | ||
Pilot Travel Centers ("PTC") [Member] | Service [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 264 | ||
Pilot Travel Centers ("PTC") [Member] | Electricity, Natural Gas and Fuel [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 48,774 | ||
Insurance, Corporate and Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Other revenues | 96,091 | 82,803 | 75,182 |
Total revenues | $ 96,091 | $ 82,803 | $ 75,182 |
Revenue from contracts with c_2
Revenue from contracts with customers transaction price allocated to significant unsatisfied remaining performance obligations and timing of when performance obligations expected to be satisfied (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Electricity, Natural Gas and Fuel [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 23,058 |
Electricity, Natural Gas and Fuel [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 3,039 |
Performance obligations expected to be satisfied, period | 1 year |
Electricity, Natural Gas and Fuel [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 20,019 |
Performance obligations expected to be satisfied, period | |
Other Sales and Service Contracts [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 8,344 |
Other Sales and Service Contracts [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 3,163 |
Performance obligations expected to be satisfied, period | 1 year |
Other Sales and Service Contracts [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 5,181 |
Performance obligations expected to be satisfied, period |
Revenue from contracts with c_3
Revenue from contracts with customers transaction price allocated to significant unsatisfied remaining performance obligations and timing of when performance obligations expected to be satisfied (Detail 1) $ in Millions | Dec. 31, 2023 USD ($) |
Electricity, Natural Gas and Fuel [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 23,058 |
Other Sales and Service Contracts [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 8,344 |
Pension plans - Net periodic pe
Pension plans - Net periodic pension expense (Detail) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Components of net periodic pension expense | |||
Service cost | $ 111 | $ 181 | $ 257 |
Interest cost | 640 | 482 | 410 |
Expected return on plan assets | (785) | (975) | (1,008) |
Other | 2 | 156 | 203 |
Net periodic pension expense | $ (32) | $ (156) | $ (138) |
Pension plans - Defined benefit
Pension plans - Defined benefit pension plans - Narrative (Detail) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 12,767 | $ 12,738 | $ 18,792 |
Amounts recognized in the Consolidated Balance Sheets: | |||
Funded status reflected in assets | 1,823 | 1,510 | |
Funded status reflected in liabilities | 1,211 | 1,656 | |
ABO | 12,300 | 12,200 | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||
2024 | 895 | ||
2025 | 886 | ||
2026 | 885 | ||
2027 | 896 | ||
2028 | 885 | ||
2029 - 2033 | 4,434 | ||
Expected contribution to pension plans during the next year | 118 | ||
Unfunded Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 1,000 | $ 1,100 |
Pension plans - Projected benef
Pension plans - Projected benefit obligation, plan assets and net funded status (Detail) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Benefit obligations | |||
Balance at the beginning of the year | $ 12,738 | $ 18,792 | |
Service cost | 111 | 181 | $ 257 |
Interest cost | $ 640 | $ 482 | 410 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense | |
Benefits paid | $ (852) | $ (835) | |
Settlements paid | (448) | (842) | |
Actuarial (gains) losses and other | 578 | (5,040) | |
Balance at the end of the year | 12,767 | 12,738 | 18,792 |
Plan assets | |||
Balance at the beginning of the year | 12,592 | 18,620 | |
Employer contributions | 145 | 162 | |
Benefits paid | (852) | (835) | |
Settlements paid | (448) | (842) | |
Actual return on plan assets | 1,783 | (4,133) | |
Other | 159 | (380) | |
Balance at the end of the year | 13,379 | 12,592 | 18,620 |
Funded status - net (asset) liability | (612) | 146 | |
Berkshire Hathaway Energy ("BHE") [Member] | |||
Benefit obligations | |||
Balance at the beginning of the year | 3,215 | 4,780 | |
Service cost | 21 | 36 | |
Interest cost | $ 167 | $ 118 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense | |
Benefits paid | $ (274) | $ (250) | |
Settlements paid | (164) | ||
Actuarial (gains) losses and other | 140 | (1,305) | |
Balance at the end of the year | 3,269 | 3,215 | 4,780 |
Plan assets | |||
Balance at the beginning of the year | 3,376 | 5,158 | |
Employer contributions | 27 | 29 | |
Benefits paid | (274) | (250) | |
Settlements paid | (164) | ||
Actual return on plan assets | 271 | (1,162) | |
Other | 71 | (235) | |
Balance at the end of the year | 3,471 | 3,376 | 5,158 |
Funded status - net (asset) liability | (202) | (161) | |
Other [Member] | |||
Benefit obligations | |||
Balance at the beginning of the year | 9,523 | 14,012 | |
Service cost | 90 | 145 | |
Interest cost | $ 473 | $ 364 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense | |
Benefits paid | $ (578) | $ (585) | |
Settlements paid | (448) | (678) | |
Actuarial (gains) losses and other | 438 | (3,735) | |
Balance at the end of the year | 9,498 | 9,523 | 14,012 |
Plan assets | |||
Balance at the beginning of the year | 9,216 | 13,462 | |
Employer contributions | 118 | 133 | |
Benefits paid | (578) | (585) | |
Settlements paid | (448) | (678) | |
Actual return on plan assets | 1,512 | (2,971) | |
Other | 88 | (145) | |
Balance at the end of the year | 9,908 | 9,216 | $ 13,462 |
Funded status - net (asset) liability | $ (410) | $ 307 |
Pension plans - Schedule of inf
Pension plans - Schedule of information for plans with PBOs and ABOs in excess of plan assets (Detail) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
PBOs | $ 5,679 | $ 6,422 |
Plan assets | 4,469 | 4,766 |
ABOs | 1,246 | 5,594 |
Plan assets | $ 222 | $ 4,234 |
Pension plans - Additional tabu
Pension plans - Additional tabular disclosures (Detail) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate applicable to PBOs | 5% | 5.20% | 2.70% |
Expected long-term rate of return on plan assets | 6% | 5.90% | 6.10% |
Rate of compensation increase | 2.60% | 2.50% | 2.60% |
Discount rate applicable to net periodic pension expense | 5.30% | 2.90% | 2.40% |
Amounts recognized in other comprehensive income: | |||
Accumulated other comprehensive income (loss), beginning of the year | $ (738) | $ (485) | |
Amount included in net periodic pension expense | (12) | 123 | |
Actuarial gains (losses) and other | 589 | (376) | |
Accumulated other comprehensive income (loss), end of the year | $ (161) | $ (738) | $ (485) |
Pension plans - Fair value of p
Pension plans - Fair value of plan assets (Detail) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 13,379 | $ 12,592 | $ 18,620 |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 449 | 602 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,487 | 7,673 | |
Fixed Maturity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,138 | 2,152 | |
Investment Funds and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,305 | 2,165 | |
Quoted Prices (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,797 | 9,161 | |
Quoted Prices (Level 1) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 370 | 523 | |
Quoted Prices (Level 1) [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,808 | 7,112 | |
Quoted Prices (Level 1) [Member] | Fixed Maturity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,277 | 1,328 | |
Quoted Prices (Level 1) [Member] | Investment Funds and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 342 | 198 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,745 | 1,618 | |
Significant Other Observable Inputs (Level 2) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 79 | 79 | |
Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 543 | 321 | |
Significant Other Observable Inputs (Level 2) [Member] | Fixed Maturity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 851 | 824 | |
Significant Other Observable Inputs (Level 2) [Member] | Investment Funds and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 272 | 394 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 188 | 282 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 136 | 240 | |
Significant Unobservable Inputs (Level 3) [Member] | Fixed Maturity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10 | ||
Significant Unobservable Inputs (Level 3) [Member] | Investment Funds and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 42 | 42 | |
Investments Carried at Net Asset Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,649 | 1,531 | |
Investments Carried at Net Asset Value [Member] | Investment Funds and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 1,649 | $ 1,531 |
Pension plans - Defined contrib
Pension plans - Defined contribution pension plans - Narrative (Detail) - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan [Abstract] | |||
Contributions to defined contribution plans | $ 1.1 | $ 0.8 | $ 1 |
Accumulated other comprehensi_3
Accumulated other comprehensive income (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Jan. 01, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 473,424 | |||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2018-12 [Member] | Accounting Standards Update 2018-12 [Member] | ||
Ending Balance | $ 436,736 | 561,273 | $ 473,424 | |
Previously Reported [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 443,164 | $ 443,164 | ||
Unrealized gains (losses) on investments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 536 | (187) | 369 | 536 |
Other comprehensive income | 377 | (556) | (167) | |
Ending Balance | 190 | (187) | 369 | |
Unrealized gains (losses) on investments [Member] | Previously Reported [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 536 | 536 | ||
Foreign currency translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (3,082) | (6,142) | (4,092) | (3,082) |
Other comprehensive income | 749 | (2,050) | (1,010) | |
Ending Balance | (5,393) | (6,142) | (4,092) | |
Foreign currency translation [Member] | Previously Reported [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (3,082) | (3,082) | ||
Long duration insurance contracts [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (5,751) | 1,541 | (4,096) | (5,751) |
Other comprehensive income | (188) | 5,637 | 1,655 | |
Ending Balance | 1,353 | 1,541 | (4,096) | |
Long duration insurance contracts [Member] | Effect of adoption of ASU 2018-12 [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (5,751) | (5,751) | ||
Defined benefit pension plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (1,645) | (552) | (347) | (1,645) |
Other comprehensive income | 455 | (205) | 1,298 | |
Ending Balance | (97) | (552) | (347) | |
Defined benefit pension plans [Member] | Previously Reported [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (1,645) | (1,645) | ||
Other AOCI transactions [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (52) | 288 | 43 | (52) |
Other comprehensive income | (104) | 245 | 95 | |
Ending Balance | 184 | 288 | 43 | |
Other AOCI transactions [Member] | Previously Reported [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (52) | (52) | ||
Accumulated other comprehensive income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (9,994) | (5,052) | (8,123) | (9,994) |
Other comprehensive income | 1,289 | 3,071 | 1,871 | |
Ending Balance | $ (3,763) | $ (5,052) | (8,123) | |
Accumulated other comprehensive income [Member] | Previously Reported [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (4,243) | (4,243) | ||
Accumulated other comprehensive income [Member] | Effect of adoption of ASU 2018-12 [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (5,751) | $ (5,751) |
Business segment data - Revenue
Business segment data - Revenues (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 364,482 | $ 302,020 | $ 276,185 |
BNSF [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 23,791 | 25,802 | 23,177 |
Berkshire Hathaway Energy ("BHE") [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 25,960 | 26,347 | 25,052 |
PTC [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 51,664 | ||
Manufacturing Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 75,283 | 75,650 | 68,577 |
McLane [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 51,814 | 53,209 | 49,450 |
Service and Retailing [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 39,879 | 38,209 | 34,747 |
Operating Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 364,653 | 301,884 | 276,512 |
Operating Businesses [Member] | Insurance Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums earned | 83,403 | 74,576 | 69,460 |
Interest, dividend and other investment income | 11,619 | 7,734 | 5,662 |
Total revenues | 95,022 | 82,310 | 75,122 |
Operating Businesses [Member] | Insurance Group [Member] | GEICO [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums earned | 39,264 | 38,984 | 37,706 |
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Primary Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums earned | 17,129 | 13,746 | 11,575 |
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Reinsurance Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums earned | 27,010 | 21,846 | 20,179 |
Operating Businesses [Member] | BNSF [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 23,876 | 25,888 | 23,282 |
Operating Businesses [Member] | Berkshire Hathaway Energy ("BHE") [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 26,008 | 26,393 | 25,096 |
Operating Businesses [Member] | PTC [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 51,739 | ||
Operating Businesses [Member] | Manufacturing Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 75,405 | 75,781 | 68,730 |
Operating Businesses [Member] | McLane [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 52,607 | 53,209 | 49,450 |
Operating Businesses [Member] | Service and Retailing [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 39,996 | 38,303 | 34,832 |
Corporate, Eliminations and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ (171) | $ 136 | $ (327) |
Business segment data - Earning
Business segment data - Earnings (loss) before income taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Investment and derivative gains (losses) | $ 74,855 | $ (67,899) | $ 78,542 |
Interest expense, not allocated to segments | (5,003) | (4,352) | (4,172) |
Non-controlled businesses | 1,973 | 1,863 | 886 |
Earnings (loss) before income taxes | 120,166 | (30,500) | 111,861 |
Operating Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 43,637 | 34,775 | 32,466 |
Interest expense, not allocated to segments | (4,630) | (3,946) | (3,828) |
Operating Businesses [Member] | Insurance Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 18,494 | 7,702 | 6,760 |
Investment income | 11,581 | 7,724 | 5,649 |
Operating Businesses [Member] | Insurance Group [Member] | GEICO [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 3,635 | (1,880) | 1,259 |
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Reinsurance Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 1,904 | 1,465 | (755) |
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Primary Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 1,374 | 393 | 607 |
Operating Businesses [Member] | Insurance Group [Member] | Insurance Underwriting [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 6,913 | (22) | 1,111 |
Operating Businesses [Member] | BNSF [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 6,614 | 7,708 | 7,861 |
Interest expense, not allocated to segments | (1,048) | (1,025) | (1,032) |
Operating Businesses [Member] | Berkshire Hathaway Energy ("BHE") [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 940 | 3,146 | 3,293 |
Interest expense, not allocated to segments | (2,283) | (2,140) | (2,054) |
Operating Businesses [Member] | PTC [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 968 | ||
Interest expense, not allocated to segments | (414) | ||
Operating Businesses [Member] | Manufacturing Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 11,445 | 11,177 | 9,841 |
Interest expense, not allocated to segments | (784) | (739) | (704) |
Operating Businesses [Member] | McLane [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 455 | 271 | 230 |
Operating Businesses [Member] | Service and Retailing [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 4,721 | 4,771 | 4,481 |
Interest expense, not allocated to segments | (101) | (42) | (38) |
Segment Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Investment and derivative gains (losses) | 74,855 | (67,899) | 78,542 |
Interest expense, not allocated to segments | (426) | (420) | (455) |
Non-controlled businesses | 1,973 | 1,863 | 886 |
Corporate, Eliminations and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 127 | 1,181 | 422 |
Interest expense, not allocated to segments | $ 53 | $ 14 | $ 111 |
Business segment data - Additio
Business segment data - Additional tabular disclosures (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Segment Reporting Information [Line Items] | |||||
Interest expense | $ 5,003 | $ 4,352 | $ 4,172 | ||
Income tax expense | 23,019 | (8,502) | 20,912 | ||
Capital expenditures | 19,409 | 15,464 | 13,276 | ||
Goodwill at year-end | 84,626 | [1] | 78,119 | [1] | 73,875 |
Assets | 1,069,978 | 948,465 | 959,388 | ||
Operating Businesses [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest expense | 4,630 | 3,946 | 3,828 | ||
Income tax expense | 6,910 | 4,981 | 5,141 | ||
Capital expenditures | 19,409 | 15,464 | 13,276 | ||
Depreciation of tangible assets | 10,658 | 9,666 | 9,465 | ||
Goodwill at year-end | 84,626 | 78,119 | 73,875 | ||
Identifiable assets at year-end | 921,210 | 807,701 | 815,743 | ||
Operating Businesses [Member] | Insurance Group [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income tax expense | 3,497 | 1,247 | 1,083 | ||
Capital expenditures | 68 | 82 | 62 | ||
Depreciation of tangible assets | 72 | 69 | 72 | ||
Goodwill at year-end | 16,563 | 16,548 | 15,181 | ||
Identifiable assets at year-end | 538,860 | 459,917 | 483,417 | ||
Operating Businesses [Member] | BNSF [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest expense | 1,048 | 1,025 | 1,032 | ||
Income tax expense | 1,527 | 1,763 | 1,871 | ||
Capital expenditures | 3,920 | 3,532 | 2,910 | ||
Depreciation of tangible assets | 2,581 | 2,479 | 2,406 | ||
Goodwill at year-end | 15,350 | 14,852 | 14,852 | ||
Identifiable assets at year-end | 79,227 | 77,752 | 76,586 | ||
Operating Businesses [Member] | Berkshire Hathaway Energy ("BHE") [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest expense | 2,283 | 2,140 | 2,054 | ||
Income tax expense | (2,022) | (1,629) | (1,153) | ||
Capital expenditures | 9,148 | 7,505 | 6,611 | ||
Depreciation of tangible assets | 3,913 | 3,702 | 3,584 | ||
Goodwill at year-end | 11,804 | 11,745 | 11,906 | ||
Identifiable assets at year-end | 124,383 | 118,114 | 113,447 | ||
Operating Businesses [Member] | PTC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest expense | 414 | ||||
Income tax expense | 169 | ||||
Capital expenditures | 705 | ||||
Depreciation of tangible assets | 510 | ||||
Goodwill at year-end | 6,605 | ||||
Identifiable assets at year-end | 21,404 | ||||
Operating Businesses [Member] | Manufacturing Businesses [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest expense | 784 | 739 | 704 | ||
Income tax expense | 2,487 | 2,403 | 2,193 | ||
Capital expenditures | 2,714 | 2,477 | 2,100 | ||
Depreciation of tangible assets | 2,099 | 2,021 | 2,037 | ||
Goodwill at year-end | 27,831 | 28,460 | 25,463 | ||
Identifiable assets at year-end | 115,875 | 113,578 | 107,231 | ||
Operating Businesses [Member] | McLane [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income tax expense | 117 | 66 | 61 | ||
Capital expenditures | 264 | 93 | 106 | ||
Depreciation of tangible assets | 208 | 176 | 189 | ||
Goodwill at year-end | 232 | 232 | 232 | ||
Identifiable assets at year-end | 6,861 | 7,049 | 6,841 | ||
Operating Businesses [Member] | Service and Retailing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest expense | 101 | 42 | 38 | ||
Income tax expense | 1,135 | 1,131 | 1,086 | ||
Capital expenditures | 2,590 | 1,775 | 1,487 | ||
Depreciation of tangible assets | 1,275 | 1,219 | 1,177 | ||
Goodwill at year-end | 6,241 | 6,282 | 6,241 | ||
Identifiable assets at year-end | 34,600 | 31,291 | 28,221 | ||
Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest expense | 426 | 420 | 455 | ||
Investment and derivative gains/losses, tax | 15,930 | (14,166) | 16,025 | ||
Interest expense, not allocated to segments, tax | (90) | (88) | (96) | ||
Non-controlled businesses, tax | 223 | 334 | 82 | ||
Goodwill at year-end | 84,626 | 78,119 | 73,875 | ||
Corporate, Eliminations and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest expense | (53) | (14) | (111) | ||
Income tax expense | 46 | 437 | (240) | ||
Identifiable assets at year-end | $ 64,142 | $ 62,645 | $ 69,770 | ||
[1] Net of accumulated goodwill impairments of $ 11.1 billion as of December 31, 2023 and $ 11.0 billion as of December 31, 2022. |
Business segment data - Insuran
Business segment data - Insurance premiums by type (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property/Casualty [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written - Direct | $ 61,990 | $ 56,700 | $ 53,829 |
Premiums written - Assumed | 20,751 | 15,143 | 12,461 |
Premiums written - Ceded | (2,402) | (1,155) | (1,015) |
Premiums written | 80,339 | 70,688 | 65,275 |
Premiums earned - Direct | 60,437 | 55,879 | 52,139 |
Premiums earned - Assumed | 20,442 | 14,184 | 12,072 |
Premiums earned - Ceded | (2,548) | (1,293) | (1,054) |
Premiums earned | 78,331 | 68,770 | 63,157 |
Life/Health [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written - Direct | 582 | 646 | |
Premiums written - Assumed | 5,126 | 5,222 | 5,670 |
Premiums written - Ceded | (33) | (37) | (40) |
Premiums written | 5,093 | 5,767 | 6,276 |
Premiums earned - Direct | 582 | 646 | |
Premiums earned - Assumed | 5,105 | 5,263 | 5,698 |
Premiums earned - Ceded | (33) | (39) | (41) |
Premiums earned | $ 5,072 | $ 5,806 | $ 6,303 |
Business segment data - Insur_2
Business segment data - Insurance premiums by geographic area (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property/Casualty [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | $ 80,339 | $ 70,688 | $ 65,275 |
Life/Health [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 5,093 | 5,767 | 6,276 |
United States [Member] | Property/Casualty [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 67,831 | 59,648 | 55,451 |
United States [Member] | Life/Health [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 1,285 | 2,107 | 2,143 |
Asia Pacific [Member] | Property/Casualty [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 5,306 | 4,699 | 3,822 |
Asia Pacific [Member] | Life/Health [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 1,760 | 1,704 | 2,030 |
Western Europe [Member] | Property/Casualty [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 5,014 | 4,901 | 4,613 |
Western Europe [Member] | Life/Health [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 1,323 | 1,235 | 1,298 |
All Other [Member] | Property/Casualty [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 2,188 | 1,440 | 1,389 |
All Other [Member] | Life/Health [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | $ 725 | $ 721 | $ 805 |
Business segment data - Narrati
Business segment data - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Sales | $ 364,482 | $ 302,020 | $ 276,185 |
Sales, Service and Leasing Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | $ 164,100 | $ 165,000 | $ 151,000 |
United States [Member] | Geographic Concentration [Member] | Sales, Service and Leasing Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration percentage | 85% | 86% | 85% |
United States [Member] | Geographic Concentration [Member] | Property, Plant and Equipment and Equipment Held for Lease [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration percentage | 90% | ||
Railroad, Utilities and Energy [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | $ 101,415 | $ 52,149 | $ 48,229 |
Railroad, Utilities and Energy [Member] | United States [Member] | Geographic Concentration [Member] | Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration percentage | 94% | 96% | 96% |
Contingencies and commitments -
Contingencies and commitments - Narrative (Detail) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Feb. 13, 2024 Plaintiff | Feb. 01, 2024 USD ($) | Oct. 31, 2023 USD ($) Cases | Jul. 29, 2022 a Structure People | Jan. 31, 2024 USD ($) Plaintiff People | Sep. 30, 2023 Trial ClassMember | Jun. 30, 2023 USD ($) Wildfire Plaintiff | Sep. 30, 2020 a Structure | Jun. 30, 2023 People | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Commitments and Contingencies [Line Items] | |||||||||||
Purchase commitments - 2024 | $ 10,000,000,000 | ||||||||||
Purchase commitments - 2025 | 4,000,000,000 | ||||||||||
Purchase commitments - 2026 | 3,000,000,000 | ||||||||||
Purchase commitments - 2027 | 3,000,000,000 | ||||||||||
Purchase commitments - 2028 | $ 2,000,000,000 | ||||||||||
Multnomah County Circuit Court Oregon [Member] | Subsequent Event [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Loss contingency, accrual interest rate | 9% | ||||||||||
Subsidiaries [Member] | Berkshire Hathaway Energy [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Percentage of subsidiary ownership | 92% | ||||||||||
Berkshire Hathaway Energy Company [Member] | 2020 Wildfires [Member] | Subsequent Event [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Number of jury verdicts | People | 2 | ||||||||||
Berkshire Hathaway Energy Company [Member] | PacifiCorp [Member] | Wildfires [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Estimated pre-tax probable loss | $ 2,400,000,000 | ||||||||||
Loss contingency, pre tax probable loss before insurance recoveries | 1,900,000,000 | $ 225,000,000 | |||||||||
Loss contingency, probable losses net of expected insurance recoveries | 1,700,000,000 | 64,000,000 | |||||||||
Berkshire Hathaway Energy Company [Member] | PacifiCorp [Member] | 2020 Wildfires [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Legal settlements amount paid | 631,000,000 | $ 53,000,000 | |||||||||
Number of named plaintiffs | Plaintiff | 17 | ||||||||||
Loss contingency, sought amount | 8,000,000,000 | ||||||||||
Loss contingency, awarded value | $ 90,000,000 | ||||||||||
Number of structures destroyed | Structure | 2,000 | ||||||||||
Number of jury verdicts | People | 2 | ||||||||||
Multiplier used to determine economic and non-economic damages | 0.25 | ||||||||||
Number of wildfires associated to complaints | Wildfire | 4 | ||||||||||
Berkshire Hathaway Energy Company [Member] | PacifiCorp [Member] | 2020 Wildfires [Member] | Subsequent Event [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Number of named plaintiffs | Plaintiff | 9 | ||||||||||
Loss contingency, awarded value | $ 62,000,000 | ||||||||||
Multiplier used to determine economic and non-economic damages | 0.25 | ||||||||||
Berkshire Hathaway Energy Company [Member] | PacifiCorp [Member] | 2022 Wildfire [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Number of acres aggregate of wildfire | a | 60,000 | ||||||||||
Number of structures destroyed | Structure | 185 | ||||||||||
Number of structures damaged | Structure | 11 | ||||||||||
Number of injuries in wildfire | People | 12 | ||||||||||
Number of fatalities in wildfire | People | 4 | ||||||||||
Berkshire Hathaway Energy Company [Member] | PacifiCorp [Member] | Multnomah County Circuit Court Oregon 10 Class Members [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Loss contingency, number of trials | Trial | 2 | ||||||||||
Berkshire Hathaway Energy Company [Member] | PacifiCorp [Member] | Multnomah County Circuit Court Oregon [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Loss contingency, number of trials | Trial | 3 | ||||||||||
Loss contingency number of class members | ClassMember | 10 | ||||||||||
Berkshire Hathaway Energy Company [Member] | PacifiCorp [Member] | Multnomah County Circuit Court Oregon [Member] | Subsequent Event [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Number of named plaintiffs | Plaintiff | 9 | ||||||||||
Berkshire Hathaway Energy Company [Member] | PacifiCorp [Member] | Economic Damages [Member] | 2020 Wildfires [Member] | Subsequent Event [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Loss contingency, awarded value | $ 12,000,000 | $ 6,000,000 | |||||||||
Berkshire Hathaway Energy Company [Member] | PacifiCorp [Member] | Economic and Property Damages [Member] | 2020 Wildfires [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Loss contingency, awarded value | $ 4,000,000 | ||||||||||
Berkshire Hathaway Energy Company [Member] | PacifiCorp [Member] | Non-Economic Damages [Member] | 2020 Wildfires [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Loss contingency, awarded value | 68,000,000 | ||||||||||
Berkshire Hathaway Energy Company [Member] | PacifiCorp [Member] | Non-Economic Damages [Member] | 2020 Wildfires [Member] | Subsequent Event [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Loss contingency, awarded value | $ 56,000,000 | ||||||||||
Berkshire Hathaway Energy Company [Member] | PacifiCorp [Member] | Punitive Damages [Member] | 2020 Wildfires [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Loss contingency, awarded value | $ 18,000,000 | ||||||||||
Berkshire Hathaway Energy Company [Member] | PacifiCorp [Member] | Punitive Damages [Member] | 2020 Wildfires [Member] | Subsequent Event [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Loss contingency, awarded value | $ 16,000,000 | ||||||||||
Berkshire Hathaway Energy Company [Member] | PacifiCorp [Member] | Cross-appeal to January 2024 Limited Judgment and Money Award [Member] | 2020 Wildfires [Member] | Subsequent Event [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Number of named plaintiffs | Plaintiff | 17 | ||||||||||
Berkshire Hathaway Energy Company [Member] | HomeServices of America [Member] | Antitrust Cases [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Loss contingency, sought amount | 9,000,000,000 | ||||||||||
Number of cases | Cases | 11 | ||||||||||
Berkshire Hathaway Energy Company [Member] | HomeServices of America [Member] | Antitrust Cases [Member] | Inestimable Loss [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Number of cases | Cases | 10 | ||||||||||
Berkshire Hathaway Energy Company [Member] | HomeServices of America [Member] | Antitrust Cases [Member] | Trial Commenced [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Loss contingency, awarded value | $ 1,800,000,000 | ||||||||||
Number of cases | Cases | 1 | ||||||||||
Berkshire Hathaway Energy Company [Member] | Minimum [Member] | PacifiCorp [Member] | 2020 Wildfires [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Number of acres aggregate of wildfire | a | 500,000 | ||||||||||
Berkshire Hathaway Energy Company [Member] | Maximum [Member] | HomeServices of America [Member] | Antitrust Cases [Member] | Trial Commenced [Member] | |||||||||||
Commitments and Contingencies [Line Items] | |||||||||||
Estimated pre-tax probable loss | $ 5,400,000,000 |
Condensed Financial Informati_2
Condensed Financial Information - Balance Sheets (Detail) € in Millions, £ in Millions, $ in Millions, ¥ in Billions | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 GBP (£) | Dec. 31, 2023 JPY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 01, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Assets: | ||||||||
Equity method investments | $ 29,066 | $ 28,050 | ||||||
Total assets | 1,069,978 | 948,465 | $ 959,388 | |||||
Liabilities and Shareholders’ Equity: | ||||||||
Income taxes, principally deferred | 93,009 | 77,368 | $ 72,403 | |||||
Notes payable and other borrowings | € 6,850 | £ 1,750 | ¥ 1,259 | |||||
Total liabilities | 499,208 | 466,784 | ||||||
Berkshire Hathaway shareholders’ equity | 561,273 | 473,424 | $ 436,736 | |||||
Total liabilities and shareholders' equity | 1,069,978 | 948,465 | ||||||
The Kraft Heinz Company [Member] | ||||||||
Assets: | ||||||||
Equity method investments | 13,230 | 12,937 | ||||||
Berkshire Hathaway Inc. (Parent) [Member] | ||||||||
Assets: | ||||||||
Cash and cash equivalents | 5,566 | 2,777 | $ 18,797 | $ 12,329 | ||||
Short-term investments in U.S. Treasury Bills | 16,140 | 17,628 | ||||||
Investments in and advances to consolidated subsidiaries | 546,566 | 463,094 | ||||||
Other assets | 16 | 12 | ||||||
Total assets | 581,518 | 496,448 | ||||||
Liabilities and Shareholders’ Equity: | ||||||||
Accounts payable, accrued interest and other liabilities | 235 | 355 | ||||||
Income taxes, principally deferred | 1,229 | 1,276 | ||||||
Notes payable and other borrowings | 18,781 | 21,393 | ||||||
Total liabilities | 20,245 | 23,024 | ||||||
Berkshire Hathaway shareholders’ equity | 561,273 | 473,424 | ||||||
Total liabilities and shareholders' equity | 581,518 | 496,448 | ||||||
Berkshire Hathaway Inc. (Parent) [Member] | The Kraft Heinz Company [Member] | ||||||||
Assets: | ||||||||
Equity method investments | $ 13,230 | $ 12,937 |
Condensed Financial Informati_3
Condensed Financial Information - Statements of Earnings and Comprehensive Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
From consolidated subsidiaries: | |||
Investment gains (losses) | $ 74,855 | $ (67,623) | $ 77,576 |
Equity method earnings | 1,973 | 1,863 | 886 |
Total revenues | 364,482 | 302,020 | 276,185 |
Cost and expense items: | |||
Interest expense | 5,003 | 4,352 | 4,172 |
Income tax expense (benefit) | 23,019 | (8,502) | 20,912 |
Total costs and expenses | 321,144 | 266,484 | 243,752 |
Net earnings (loss) attributable to Berkshire Hathaway shareholders | 96,223 | (22,759) | 89,937 |
Comprehensive income attributable to Berkshire Hathaway shareholders | 97,512 | (19,688) | 91,808 |
The Kraft Heinz Company [Member] | |||
From consolidated subsidiaries: | |||
Equity method earnings | 758 | 628 | 269 |
Berkshire Hathaway Inc. (Parent) [Member] | |||
From consolidated subsidiaries: | |||
Dividends and distributions | 9,717 | 15,724 | 13,462 |
Undistributed earnings (losses) | 85,550 | (39,579) | 74,961 |
Total income from consolidated subsidiaries | 95,267 | (23,855) | 88,423 |
Investment gains (losses) | (7) | (34) | 35 |
Other income | 906 | 413 | 73 |
Total revenues | 96,924 | (22,848) | 88,800 |
Cost and expense items: | |||
General and administrative | 244 | 131 | 136 |
Interest expense | 636 | 513 | 444 |
Foreign exchange gains on non-U.S. Dollar denominated debt | (371) | (1,401) | (1,281) |
Income tax expense (benefit) | 192 | 668 | (436) |
Total costs and expenses | 701 | (89) | (1,137) |
Net earnings (loss) attributable to Berkshire Hathaway shareholders | 96,223 | (22,759) | 89,937 |
Other comprehensive income attributable to Berkshire Hathaway shareholders | 1,289 | 3,071 | 1,871 |
Comprehensive income attributable to Berkshire Hathaway shareholders | 97,512 | (19,688) | 91,808 |
Berkshire Hathaway Inc. (Parent) [Member] | The Kraft Heinz Company [Member] | |||
From consolidated subsidiaries: | |||
Equity method earnings | $ 758 | $ 628 | $ 269 |
Condensed Financial Informati_4
Condensed Financial Information - Statements of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net earnings (loss) attributable to Berkshire Hathaway shareholders | $ 96,223 | $ (22,759) | $ 89,937 |
Adjustments to reconcile net earnings (loss) to operating cash flows: | |||
Investment (gains) losses | (74,855) | 67,623 | (77,576) |
Income taxes payable | 14,865 | (12,872) | 15,330 |
Other | (6,023) | (4,206) | (3,382) |
Net cash flows from operating activities | 49,196 | 37,350 | 39,427 |
Cash flows from investing activities: | |||
Other | 685 | 239 | 770 |
Net cash flows from investing activities | (32,663) | (87,601) | 29,392 |
Cash flows from financing activities: | |||
Acquisitions of treasury stock | (9,171) | (7,854) | (27,061) |
Other | (4,147) | (1,979) | (695) |
Net cash flows from financing activities | (14,405) | (1,662) | (28,508) |
Increase (decrease) in cash and cash equivalents and restricted cash | 2,244 | (52,307) | 40,310 |
Other cash flow information: | |||
Income taxes paid | 7,765 | 4,236 | 5,412 |
Berkshire Hathaway Inc. (Parent) [Member] | |||
Cash flows from operating activities: | |||
Net earnings (loss) attributable to Berkshire Hathaway shareholders | 96,223 | (22,759) | 89,937 |
Adjustments to reconcile net earnings (loss) to operating cash flows: | |||
Investment (gains) losses | 7 | 34 | (35) |
Undistributed (earnings) losses of consolidated subsidiaries | (85,550) | 39,579 | (74,961) |
Non-cash dividends from subsidiaries | (1,811) | (7,220) | (2,126) |
Income taxes payable | (44) | 661 | (389) |
Other | (1,214) | (1,833) | (1,038) |
Net cash flows from operating activities | 7,611 | 8,462 | 11,388 |
Cash flows from investing activities: | |||
Investments in and advances to consolidated subsidiaries, net | 2,649 | (11,852) | (174) |
Purchases of U.S. Treasury Bills | (27,278) | (44,187) | (34,988) |
Sales and maturities of U.S. Treasury Bills | 31,234 | 37,915 | 57,296 |
Other | 128 | ||
Net cash flows from investing activities | 6,605 | (17,996) | 22,134 |
Cash flows from financing activities: | |||
Proceeds from borrowings | 2,054 | 1,970 | 2,174 |
Repayments of borrowings | (4,310) | (602) | (2,167) |
Acquisitions of treasury stock | (9,171) | (7,854) | (27,061) |
Net cash flows from financing activities | (11,427) | (6,486) | (27,054) |
Increase (decrease) in cash and cash equivalents and restricted cash | 2,789 | (16,020) | 6,468 |
Cash and cash equivalents at the beginning of the year | 2,777 | 18,797 | 12,329 |
Cash and cash equivalents at the end of the year | 5,566 | 2,777 | 18,797 |
Other cash flow information: | |||
Income taxes paid | 5,630 | 2,259 | 3,403 |
Interest paid | $ 297 | $ 332 | $ 377 |
Note to Condensed Financial Inf
Note to Condensed Financial Information - Narrative (Detail) $ in Millions, € in Billions, ¥ in Billions | 12 Months Ended | ||||||
Oct. 19, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 JPY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 JPY (¥) | Dec. 31, 2023 EUR (€) | |
Condensed Financial Statements, Captions [Line Items] | |||||||
Debt maturities: 2024 | $ 13,859 | ||||||
Debt maturities: 2025 | 7,048 | ||||||
Debt maturities: 2026 | 6,053 | ||||||
Debt maturities: 2027 | 4,549 | ||||||
Debt maturities: 2028 | 6,433 | ||||||
Alleghany Corporation [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Business acquisition, cash consideration | $ 11,500 | ||||||
Business acquisition, effective date of acquisition | Oct. 19, 2022 | ||||||
Insurance and Other [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Debt maturities: 2024 | 3,295 | ||||||
Debt maturities: 2025 | 3,076 | ||||||
Debt maturities: 2026 | 4,499 | ||||||
Debt maturities: 2027 | 2,877 | ||||||
Debt maturities: 2028 | 1,413 | ||||||
Berkshire Hathaway Inc. (Parent) [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Repayments of borrowings | 4,310 | $ 602 | $ 2,167 | ||||
Principal amount of debt issued | ¥ 1,259 | € 5.6 | |||||
Debt maturities: 2024 | 1,900 | ||||||
Debt maturities: 2025 | 2,000 | ||||||
Debt maturities: 2026 | 4,400 | ||||||
Debt maturities: 2027 | 2,000 | ||||||
Debt maturities: 2028 | 1,400 | ||||||
Guarantees of subsidiary debt | 20,900 | ||||||
Berkshire Hathaway Inc. (Parent) [Member] | Insurance and Other [Member] | Senior Notes [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Repayments of borrowings | 4,300 | ||||||
Berkshire Hathaway Inc. (Parent) [Member] | Insurance and Other [Member] | Senior Notes [Member] | Debt Due 2026 To 2058 [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Principal amount of debt issued | $ 2,050 | ¥ 286.4 | |||||
Weighted average interest rate, percentage | 1.15% | 1.15% | 1.15% | ||||
Berkshire Hathaway Inc. (Parent) [Member] | Insurance and Other [Member] | Senior Notes [Member] | Debt Due 2026 To 2058 [Member] | Minimum [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Debt maturity year | 2026 | 2026 | |||||
Berkshire Hathaway Inc. (Parent) [Member] | Insurance and Other [Member] | Senior Notes [Member] | Debt Due 2026 To 2058 [Member] | Maximum [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Debt maturity year | 2058 | 2058 | |||||
Berkshire Hathaway Inc. (Parent) [Member] | The Kraft Heinz Company [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Equity method investment ownership percentage after transactions | 26.70% | 26.70% |