Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 30, 2013 | Oct. 24, 2013 | Oct. 24, 2013 | |
Class A [Member] | Class B [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Trading Symbol | 'BRKA | ' | ' |
Entity Registrant Name | 'BERKSHIRE HATHAWAY INC | ' | ' |
Entity Central Index Key | '0001067983 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 863,949 | 1,169,869,720 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $42,079 | $46,992 |
Investments in equity securities | 106,765 | 87,662 |
Inventories | 9,880 | 9,675 |
Goodwill | 54,735 | 54,523 |
Total assets | 458,081 | 427,452 |
LIABILITIES | ' | ' |
Income taxes, principally deferred | 50,849 | 44,494 |
Total liabilities | 246,650 | 235,864 |
SHAREHOLDERS' EQUITY | ' | ' |
Common stock | 8 | 8 |
Capital in excess of par value | 36,082 | 37,230 |
Accumulated other comprehensive income | 34,897 | 27,500 |
Retained earnings | 138,758 | 124,272 |
Treasury stock, at cost | -1,363 | -1,363 |
Berkshire Hathaway shareholders' equity | 208,382 | 187,647 |
Noncontrolling interests | 3,049 | 3,941 |
Total shareholders' equity | 211,431 | 191,588 |
Total liabilities and shareholders' equity | 458,081 | 427,452 |
Insurance and Other [Member] | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | 35,337 | 42,358 |
Investments in fixed maturity securities | 28,872 | 31,449 |
Investments in equity securities | 104,893 | 86,467 |
Other investments | 23,732 | 16,057 |
Receivables | 27,145 | 21,753 |
Inventories | 9,880 | 9,675 |
Property, plant and equipment | 19,461 | 19,188 |
Goodwill | 33,356 | 33,274 |
Other | 19,016 | 17,875 |
Total assets | 301,692 | 278,096 |
LIABILITIES | ' | ' |
Losses and loss adjustment expenses | 64,818 | 64,160 |
Unearned premiums | 11,670 | 10,237 |
Life, annuity and health insurance benefits | 11,326 | 10,943 |
Accounts payable, accruals and other liabilities | 21,755 | 21,149 |
Notes payable and other borrowings | 13,023 | 13,535 |
Total liabilities | 122,592 | 120,024 |
Railroad, Utilities and Energy [Member] | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | 4,691 | 2,570 |
Property, plant and equipment | 91,095 | 87,684 |
Goodwill | 20,343 | 20,213 |
Other | 14,450 | 13,441 |
Total assets | 130,579 | 123,908 |
LIABILITIES | ' | ' |
Accounts payable, accruals and other liabilities | 13,533 | 13,113 |
Notes payable and other borrowings | 40,016 | 36,156 |
Total liabilities | 53,549 | 49,269 |
Finance and Financial Products [Member] | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | 2,051 | 2,064 |
Investments in fixed maturity securities | 663 | 842 |
Other investments | 5,275 | 4,952 |
Loans and finance receivables | 12,838 | 12,809 |
Goodwill | 1,036 | 1,036 |
Other | 3,947 | 3,745 |
Total assets | 25,810 | 25,448 |
LIABILITIES | ' | ' |
Accounts payable, accruals and other liabilities | 1,103 | 1,099 |
Derivative contract liabilities | 5,847 | 7,933 |
Notes payable and other borrowings | 12,710 | 13,045 |
Total liabilities | $19,660 | $22,077 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Revenues: | ' | ' | ' | ' | ||||
Investment gains/losses | $1,714 | $917 | $2,711 | $936 | ||||
Total revenues | 46,541 | 41,050 | 135,101 | 117,743 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Total costs and expenses | 39,163 | 35,114 | 113,537 | 102,261 | ||||
Earnings before income taxes | 7,378 | 5,936 | 21,564 | 15,482 | ||||
Income tax expense | 2,225 | 1,882 | 6,782 | 4,831 | ||||
Net earnings | 5,153 | 4,054 | 14,782 | 10,651 | ||||
Less: Earnings attributable to noncontrolling interests | 100 | 134 | 296 | 378 | ||||
Net earnings attributable to Berkshire Hathaway | 5,053 | 3,920 | 14,486 | 10,273 | ||||
Average common shares outstanding | 1,643,779 | [1] | 1,652,184 | [1] | 1,643,522 | [1] | 1,651,549 | [1] |
Class A [Member] | ' | ' | ' | ' | ||||
Net earnings per share attributable to Berkshire Hathaway shareholders: | ' | ' | ' | ' | ||||
Net earnings per share attributable to Berkshire Hathaway shareholders | $3,074 | [1] | $2,373 | [1] | $8,814 | [1] | $6,220 | [1] |
Insurance and Other [Member] | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ||||
Insurance premiums earned | 9,270 | 8,851 | 27,462 | 25,344 | ||||
Sales and service revenues | 23,890 | 20,982 | 70,181 | 61,060 | ||||
Interest, dividend and other investment income | 1,119 | 994 | 3,740 | 3,481 | ||||
Investment gains/losses | 1,640 | 725 | 2,529 | 720 | ||||
Total revenues | 35,919 | 31,552 | 103,912 | 90,605 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Insurance losses and loss adjustment expenses | 5,466 | 5,016 | 15,879 | 14,373 | ||||
Life, annuity and health insurance benefits | 1,575 | 1,284 | 3,899 | 3,727 | ||||
Insurance underwriting expenses | 1,966 | 1,943 | 5,206 | 5,594 | ||||
Cost of sales and services | 19,399 | 16,992 | 57,056 | 49,409 | ||||
Selling, general and administrative expenses | 2,909 | 2,573 | 8,689 | 7,477 | ||||
Interest expense | 109 | 105 | 317 | 314 | ||||
Total costs and expenses | 31,424 | 27,913 | 91,046 | 80,894 | ||||
Railroad, Utilities and Energy [Member] | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ||||
Operating revenues | 8,984 | 8,353 | 25,645 | 23,971 | ||||
Other | 59 | 66 | 176 | 154 | ||||
Total revenues | 9,043 | 8,419 | 25,821 | 24,125 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Cost of sales and operating expenses | 6,429 | 5,930 | 18,634 | 17,567 | ||||
Interest expense | 472 | 439 | 1,371 | 1,306 | ||||
Total costs and expenses | 6,901 | 6,369 | 20,005 | 18,873 | ||||
Finance and Financial Products [Member] | ' | ' | ' | ' | ||||
Revenues: | ' | ' | ' | ' | ||||
Interest, dividend and other investment income | 341 | 366 | 1,024 | 1,113 | ||||
Investment gains/losses | 74 | 192 | 182 | 216 | ||||
Derivative gains/losses | 427 | -118 | 2,094 | -184 | ||||
Other | 737 | 639 | 2,068 | 1,868 | ||||
Total revenues | 1,579 | 1,079 | 5,368 | 3,013 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Interest expense | 125 | 148 | 395 | 459 | ||||
Other | 713 | 684 | 2,091 | 2,035 | ||||
Total costs and expenses | $838 | $832 | $2,486 | $2,494 | ||||
[1] | Average shares outstanding include average Class A common shares and average Class B common shares determined on an equivalent Class A common stock basis. Net earnings per common share attributable to Berkshire Hathaway shown above represents net earnings per equivalent Class A common share. Net earnings per Class B common share is equal to one-fifteen-hundredth (1/1,500) of such amount. |
Consolidated_Statements_of_Ear1
Consolidated Statements of Earnings (Parenthetical) (Class B [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Class B [Member] | ' |
Ratio of earnings per Class B share to earnings per Class A share | 0.000667 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net earnings | $5,153 | $4,054 | $14,782 | $10,651 |
Other comprehensive income: | ' | ' | ' | ' |
Net change in unrealized appreciation of investments | 1,598 | 5,034 | 12,650 | 14,888 |
Applicable income taxes | -527 | -1,703 | -4,371 | -5,170 |
Reclassification of investment appreciation in net earnings | -360 | -718 | -1,135 | -693 |
Applicable income taxes | 126 | 252 | 397 | 243 |
Foreign currency translation | 549 | 446 | -304 | 128 |
Applicable income taxes | -56 | -16 | 37 | -9 |
Prior service cost and actuarial gains/losses of defined benefit pension plans | -17 | -2 | 95 | 47 |
Applicable income taxes | 4 | -3 | -26 | -19 |
Other, net | 46 | 17 | 66 | -2 |
Other comprehensive income, net | 1,363 | 3,307 | 7,409 | 9,413 |
Comprehensive income | 6,516 | 7,361 | 22,191 | 20,064 |
Comprehensive income attributable to noncontrolling interests | 131 | 172 | 296 | 395 |
Comprehensive income attributable to Berkshire Hathaway shareholders | $6,385 | $7,189 | $21,895 | $19,669 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common stock and capital in excess of par value | Accumulated other comprehensive income | Retained earnings | Treasury stock | Noncontrolling interests |
In Millions, unless otherwise specified | ||||||
Balance at Dec. 31, 2011 | $168,961 | $37,815 | $17,654 | $109,448 | ($67) | $4,111 |
Net earnings | 10,651 | ' | ' | 10,273 | ' | 378 |
Other comprehensive income, net | 9,413 | ' | 9,396 | ' | ' | 17 |
Issuance (repurchase) of common stock | 83 | 83 | ' | ' | ' | ' |
Changes in noncontrolling interests: | ' | ' | ' | ' | ' | ' |
Interests acquired and other transactions | -34 | ' | ' | ' | ' | -34 |
Balance at Sep. 30, 2012 | 189,074 | 37,898 | 27,050 | 119,721 | -67 | 4,472 |
Balance at Dec. 31, 2012 | 191,588 | 37,238 | 27,500 | 124,272 | -1,363 | 3,941 |
Net earnings | 14,782 | ' | ' | 14,486 | ' | 296 |
Other comprehensive income, net | 7,409 | ' | 7,409 | ' | ' | ' |
Issuance (repurchase) of common stock | 80 | 80 | ' | ' | ' | ' |
Changes in noncontrolling interests: | ' | ' | ' | ' | ' | ' |
Interests acquired and other transactions | -2,428 | -1,228 | -12 | ' | ' | -1,188 |
Balance at Sep. 30, 2013 | $211,431 | $36,090 | $34,897 | $138,758 | ($1,363) | $3,049 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net earnings | $14,782 | $10,651 |
Adjustments to reconcile net earnings to operating cash flows: | ' | ' |
Investment (gains) losses | -2,711 | -936 |
Depreciation | 4,036 | 3,814 |
Other | 983 | 641 |
Changes in operating assets and liabilities before business acquisitions: | ' | ' |
Losses and loss adjustment expenses | 682 | -435 |
Deferred charges reinsurance assumed | -203 | 204 |
Unearned premiums | 1,432 | 2,136 |
Receivables and originated loans | -359 | -1,759 |
Derivative contract assets and liabilities | -1,927 | -104 |
Income taxes | 2,566 | 724 |
Other assets | -280 | -316 |
Other liabilities | 1,736 | 1,540 |
Net cash flows from operating activities | 20,737 | 16,160 |
Cash flows from investing activities: | ' | ' |
Purchases of fixed maturity securities | -5,246 | -6,684 |
Purchases of equity securities | -7,818 | -6,454 |
Purchases of other investments | -12,250 | ' |
Sales of fixed maturity securities | 2,137 | 2,607 |
Redemptions and maturities of fixed maturity securities | 4,739 | 4,646 |
Sales of equity securities | 2,938 | 7,006 |
Purchases of loans and finance receivables | -446 | -546 |
Collections of loans and finance receivables | 565 | 1,098 |
Acquisitions of businesses, net of cash acquired | -830 | -1,831 |
Purchases of property, plant and equipment | -7,727 | -7,193 |
Other | -1,526 | -115 |
Net cash flows from investing activities | -25,464 | -7,466 |
Cash flows from financing activities: | ' | ' |
Change in short-term borrowings, net | -1,269 | -989 |
Acquisitions of noncontrolling interests and other | -3,064 | -76 |
Net cash flows from financing activities | -213 | 1,679 |
Effects of foreign currency exchange rate changes | 27 | 104 |
Increase (decrease) in cash and cash equivalents | -4,913 | 10,477 |
Cash and cash equivalents: | ' | ' |
Cash and cash equivalents at beginning of year | 46,992 | 37,299 |
Cash and cash equivalents at end of first nine months | 42,079 | 47,776 |
Insurance and Other [Member] | ' | ' |
Adjustments to reconcile net earnings to operating cash flows: | ' | ' |
Investment (gains) losses | -2,529 | -720 |
Depreciation | 1,497 | 1,443 |
Cash flows from financing activities: | ' | ' |
Proceeds from borrowings | 2,608 | 1,796 |
Repayments of borrowings | -2,811 | -1,962 |
Cash and cash equivalents: | ' | ' |
Cash and cash equivalents at beginning of year | 42,358 | 33,513 |
Cash and cash equivalents at end of first nine months | 35,337 | 41,820 |
Railroad, Utilities and Energy [Member] | ' | ' |
Adjustments to reconcile net earnings to operating cash flows: | ' | ' |
Depreciation | 2,403 | 2,235 |
Cash flows from financing activities: | ' | ' |
Proceeds from borrowings | 5,496 | 4,699 |
Repayments of borrowings | -836 | -1,137 |
Cash and cash equivalents: | ' | ' |
Cash and cash equivalents at beginning of year | 2,570 | 2,246 |
Cash and cash equivalents at end of first nine months | 4,691 | 4,119 |
Finance and Financial Products [Member] | ' | ' |
Adjustments to reconcile net earnings to operating cash flows: | ' | ' |
Investment (gains) losses | -182 | -216 |
Cash flows from financing activities: | ' | ' |
Proceeds from borrowings | 2,506 | 2,357 |
Repayments of borrowings | -2,843 | -3,009 |
Cash and cash equivalents: | ' | ' |
Cash and cash equivalents at beginning of year | 2,064 | 1,540 |
Cash and cash equivalents at end of first nine months | $2,051 | $1,837 |
General
General | 9 Months Ended |
Sep. 30, 2013 | |
General | ' |
Note 1. General | |
The accompanying unaudited Consolidated Financial Statements include the accounts of Berkshire Hathaway Inc. (“Berkshire” or “Company”) consolidated with the accounts of all its subsidiaries and affiliates in which Berkshire holds controlling financial interests as of the financial statement date. In these notes the terms “us,” “we” or “our” refer to Berkshire and its consolidated subsidiaries. Reference is made to Berkshire’s most recently issued Annual Report on Form 10-K (“Annual Report”) that included information necessary or useful to understanding Berkshire’s businesses and financial statement presentations. Our significant accounting policies and practices were presented as Note 1 to the Consolidated Financial Statements included in the Annual Report. In this Report, certain immaterial amounts related to 2012 periods have been reclassified to conform to the current year presentation. Financial information in this Report reflects any adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary to a fair statement of results for the interim periods in accordance with accounting principles generally accepted in the United States (“GAAP”). | |
For a number of reasons, our results for interim periods are not normally indicative of results to be expected for the year. The timing and magnitude of catastrophe losses incurred by insurance subsidiaries and the estimation error inherent to the process of determining liabilities for unpaid losses of insurance subsidiaries can be relatively more significant to results of interim periods than to results for a full year. Variations in the amount and timing of investment gains/losses can cause significant variations in periodic net earnings. Investment gains/losses are recorded when investments are disposed or are other-than-temporarily impaired or when investments are carried at fair value and the unrealized gains and losses are included in earnings. In addition, changes in the fair value of derivative assets/liabilities associated with derivative contracts can cause significant variations in periodic net earnings. |
New_accounting_pronouncements
New accounting pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
New accounting pronouncements | ' |
Note 2. New accounting pronouncements | |
In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-02 requires additional disclosures concerning the amounts reclassified out of each component of accumulated other comprehensive income and into net earnings during the reporting period. We adopted ASU 2013-02 on January 1, 2013 and the required disclosures are included in Note 17. | |
In December 2011, the FASB issued ASU 2011-11, “Disclosures about Offsetting Assets and Liabilities” and in January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” ASU 2011-11, as clarified, enhances disclosures surrounding offsetting (netting) assets and liabilities. The standard applies to derivatives, repurchase agreements and securities lending transactions and requires companies to disclose gross and net information about financial instruments and derivatives eligible for offset and to disclose financial instruments and derivatives subject to master netting arrangements in financial statements. In July 2012, the FASB issued ASU 2012-02, “Testing Indefinite-Lived Intangible Assets for Impairment.” ASU 2012-02 allows an entity to first assess qualitative factors in determining whether events and circumstances indicate that it is more-likely-than not that an indefinite-lived intangible asset is impaired. If an entity determines that it is not more-likely-than not that the indefinite-lived intangible asset is impaired, then the entity is not required to perform a quantitative impairment test. ASU’s 2011-11 and 2012-02 were adopted on January 1, 2013 and had an immaterial effect on our Consolidated Financial Statements. | |
In February 2013, the FASB issued ASU 2013-04, “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date.” ASU 2013-04 requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the amount the reporting entity agreed to pay plus additional amounts the reporting entity expects to pay on behalf of its co-obligors. The guidance further provides for disclosure of the nature and amount of the obligation. ASU 2013-04 is effective for interim and annual reporting periods beginning after December 15, 2013. In July 2013, the FASB issued ASU 2013-11 “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013-11 provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists and is effective for fiscal years beginning after December 15, 2013. We are currently evaluating the effect these standards will have on our Consolidated Financial Statements. |
Significant_business_acquisiti
Significant business acquisitions | 9 Months Ended |
Sep. 30, 2013 | |
Significant business acquisitions | ' |
Note 3. Significant business acquisitions | |
Our long-held acquisition strategy is to acquire businesses with consistent earning power, good returns on equity and able and honest management and at sensible prices. In 2013 and 2012, we completed several smaller-sized business acquisitions, most of which were considered as “bolt-on” acquisitions to several of our existing business operations. Aggregate consideration paid for business acquisitions for the first nine months of 2013 was approximately $830 million and for the year ended December 31, 2012 was approximately $3.2 billion, which included $438 million for entities that will develop, construct and subsequently operate renewable energy generation facilities. We do not believe that these acquisitions were material, individually or in the aggregate, to our Consolidated Financial Statements. |
Investments_in_fixed_maturity_
Investments in fixed maturity securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments in fixed maturity securities | ' | ||||||||||||||||||||||||
Note 4. Investments in fixed maturity securities | |||||||||||||||||||||||||
Investments in securities with fixed maturities as of September 30, 2013 and December 31, 2012 are summarized by type below (in millions). | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
U.S. Treasury, U.S. government corporations and agencies | $ | 2,537 | $ | 21 | $ | (6 | ) | $ | 2,552 | ||||||||||||||||
States, municipalities and political subdivisions | 2,397 | 141 | (5 | ) | 2,533 | ||||||||||||||||||||
Foreign governments | 10,225 | 213 | (68 | ) | 10,370 | ||||||||||||||||||||
Corporate bonds | 10,136 | 1,806 | (10 | ) | 11,932 | ||||||||||||||||||||
Mortgage-backed securities | 1,918 | 237 | (7 | ) | 2,148 | ||||||||||||||||||||
$ | 27,213 | $ | 2,418 | $ | (96 | ) | $ | 29,535 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
U.S. Treasury, U.S. government corporations and agencies | $ | 2,742 | $ | 33 | $ | — | $ | 2,775 | |||||||||||||||||
States, municipalities and political subdivisions | 2,735 | 178 | — | 2,913 | |||||||||||||||||||||
Foreign governments | 11,098 | 302 | (45 | ) | 11,355 | ||||||||||||||||||||
Corporate bonds | 10,410 | 2,254 | (3 | ) | 12,661 | ||||||||||||||||||||
Mortgage-backed securities | 2,276 | 318 | (7 | ) | 2,587 | ||||||||||||||||||||
$ | 29,261 | $ | 3,085 | $ | (55 | ) | $ | 32,291 | |||||||||||||||||
Investments in fixed maturity securities are reflected in our Consolidated Balance Sheets as follows (in millions). | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Insurance and other | $ | 28,872 | $ | 31,449 | |||||||||||||||||||||
Finance and financial products | 663 | 842 | |||||||||||||||||||||||
$ | 29,535 | $ | 32,291 | ||||||||||||||||||||||
Investments in foreign government securities include securities issued by national and provincial government entities as well as instruments that are unconditionally guaranteed by such entities. As of September 30, 2013, approximately 94% of foreign government holdings were rated AA or higher by at least one of the major rating agencies and securities issued or guaranteed by Germany, the United Kingdom, Australia, Canada and the Netherlands represented approximately 81% of the investments. Unrealized losses on all fixed maturity investments in a continuous unrealized loss position for more than twelve consecutive months were $12 million as of September 30, 2013 and $9 million as of December 31, 2012. | |||||||||||||||||||||||||
The amortized cost and estimated fair value of securities with fixed maturities at September 30, 2013 are summarized below by contractual maturity dates. Actual maturities will differ from contractual maturities because issuers of certain of the securities retain early call or prepayment rights. Amounts are in millions. | |||||||||||||||||||||||||
Due in one | Due after one | Due after five | Due after | Mortgage- | Total | ||||||||||||||||||||
year or less | year through | years through | ten years | backed | |||||||||||||||||||||
five years | ten years | securities | |||||||||||||||||||||||
Amortized cost | $ | 6,733 | $ | 11,297 | $ | 4,411 | $ | 2,854 | $ | 1,918 | $ | 27,213 | |||||||||||||
Fair value | 6,916 | 12,249 | 4,970 | 3,252 | 2,148 | 29,535 |
Investments_in_equity_securiti
Investments in equity securities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Investments in equity securities | ' | ||||||||||||||||
Note 5. Investments in equity securities | |||||||||||||||||
Investments in equity securities as of September 30, 2013 and December 31, 2012 are summarized based on the primary industry of the investee in the table below (in millions). | |||||||||||||||||
Cost Basis | Unrealized | Unrealized | Fair | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
September 30, 2013 | |||||||||||||||||
Banks, insurance and finance | $ | 22,424 | $ | 22,302 | $ | — | $ | 44,726 | |||||||||
Consumer products | 7,173 | 16,114 | — | 23,287 | |||||||||||||
Commercial, industrial and other | 29,128 | 9,957 | (333 | ) | 38,752 | ||||||||||||
$ | 58,725 | $ | 48,373 | $ | (333 | ) | $ | 106,765 | |||||||||
December 31, 2012 | |||||||||||||||||
Banks, insurance and finance | $ | 18,600 | $ | 14,753 | $ | (2 | ) | $ | 33,351 | ||||||||
Consumer products | 7,546 | 14,917 | — | 22,463 | |||||||||||||
Commercial, industrial and other | 24,361 | 7,687 | (200 | ) | 31,848 | ||||||||||||
$ | 50,507 | $ | 37,357 | $ | (202 | ) | $ | 87,662 | |||||||||
As of September 30, 2013, approximately 55% of the fair value of our equity securities was concentrated within four companies. As of September 30, 2013 and December 31, 2012, we concluded that there were no unrealized losses that were other-than-temporary. Our conclusions were based on: (a) our ability and intent to hold the securities to recovery; (b) our assessment that the underlying business and financial condition of each of these issuers was favorable; (c) our opinion that the relative price declines were not significant; and (d) our belief that it was reasonably possible that market prices will increase to and exceed our cost in a relatively short period of time. As of September 30, 2013 and December 31, 2012, unrealized losses on equity securities in a continuous unrealized loss position for more than twelve consecutive months were $75 million and $45 million, respectively. | |||||||||||||||||
Investments in equity securities are reflected in our Consolidated Balance Sheets as follows (in millions). | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Insurance and other | $ | 104,893 | $ | 86,467 | |||||||||||||
Railroad, utilities and energy * | 1,004 | 675 | |||||||||||||||
Finance and financial products * | 868 | 520 | |||||||||||||||
$ | 106,765 | $ | 87,662 | ||||||||||||||
* | Included in other assets. |
Other_investments
Other investments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Other investments | ' | ||||||||||||||||
Note 6. Other investments | |||||||||||||||||
As of September 30, 2013, other investments include various securities of Wm. Wrigley Jr. Company (“Wrigley”), The Dow Chemical Company (“Dow”), Bank of America Corporation (“BAC”) and H.J. Heinz Holding Corporation (“Heinz Holding”), a newly formed holding company that acquired the H.J. Heinz Company (“Heinz”) on June 7, 2013. A summary of other investments follows (in millions). | |||||||||||||||||
Cost | Unrealized | Fair | Carrying | ||||||||||||||
Basis | Gains | Value | Value | ||||||||||||||
September 30, 2013 | |||||||||||||||||
Fixed maturity and equity securities: | |||||||||||||||||
Insurance and other | $ | 7,841 | $ | 3,862 | $ | 11,703 | $ | 11,681 | |||||||||
Finance and financial products | 3,052 | 2,223 | 5,275 | 5,275 | |||||||||||||
Investments in Heinz Holding | 12,250 | — | 12,250 | 12,051 | |||||||||||||
$ | 23,143 | $ | 6,085 | $ | 29,228 | $ | 29,007 | ||||||||||
December 31, 2012 | |||||||||||||||||
Fixed maturity and equity securities: | |||||||||||||||||
Insurance and other | $ | 13,109 | $ | 3,823 | $ | 16,932 | $ | 16,057 | |||||||||
Finance and financial products | 3,148 | 1,804 | 4,952 | 4,952 | |||||||||||||
$ | 16,257 | $ | 5,627 | $ | 21,884 | $ | 21,009 | ||||||||||
In October 2008, we acquired 50,000 shares of 10% Cumulative Perpetual Preferred Stock of GS (“GS Preferred”) and warrants to purchase 43,478,260 shares of common stock of GS (“GS Warrants”) for a combined cost of $5 billion. In October 2008, we also acquired 30,000 shares of 10% Cumulative Perpetual Preferred Stock of GE (“GE Preferred”) and warrants to purchase 134,831,460 shares of common stock of GE (“GE Warrants”) for a combined cost of $3 billion. The GS Preferred and GE Preferred shares were fully redeemed by GS and GE in 2011. | |||||||||||||||||
When originally issued, the GS Warrants were exercisable for an aggregate cost of $5 billion ($115/share), and the GE Warrants were exercisable for an aggregate cost of $3 billion ($22.25/share). In the first quarter of 2013, the GE Warrants and GS Warrants agreements were amended to provide solely for cashless exercises, whereupon we would receive shares of GE and GS based on the excess, if any, of the market prices, as defined, over the exercise prices, without payment of additional consideration. In October 2013, the GS Warrants and GE Warrants were exercised and we received 13,062,594 shares of GS common stock and 10,710,644 shares of GE common stock with an aggregate fair value of approximately $2.4 billion. In the first nine months of 2013, the aggregate gains associated with our investments in the GS Warrants and GE Warrants (approximately $1.4 billion) were included in earnings. As a result of the aforementioned exercises, we included our investments in the GE Warrants and the GS Warrants as components of investments in equity securities (see Note 5) beginning as of September 30, 2013. | |||||||||||||||||
In October 2008, we acquired $4.4 billion par amount of 11.45% Wrigley subordinated notes due in 2018 and $2.1 billion of 5% Wrigley preferred stock. These investments were made in conjunction with Mars, Incorporated’s (“Mars”) acquisition of Wrigley. On August 30, 2013, the subordinated note agreement was amended to permit a repurchase of all of the Wrigley subordinated notes on October 1, 2013 at a specified price of 115.45% of par. On September 12, 2013, Wrigley and Mars notified us that they were repurchasing all of the subordinated notes on October 1, 2013 for $5.08 billion, plus accrued interest. As a result, we recognized a pre-tax investment gain of $680 million in earnings in the third quarter of 2013. The amount due from the repurchase is included in receivables of Insurance and Other in our Consolidated Balance Sheet. The Wrigley subordinated notes were previously classified as held-to-maturity and were carried at cost. The Wrigley preferred stock is classified as available-for-sale and recorded in our financial statements at fair value. | |||||||||||||||||
In 2009, we also acquired $1.0 billion par amount of Wrigley senior notes due in December 2013 and 2014. We currently own $800 million and an unconsolidated joint venture in which we hold a 50% economic interest owns $200 million of the Wrigley senior notes. The Wrigley senior notes are classified as held-to-maturity and we carry these investments at cost, adjusted for foreign currency exchange rate changes that apply to certain of the senior notes. | |||||||||||||||||
In 2009, we acquired 3,000,000 shares of Series A Cumulative Convertible Perpetual Preferred Stock of Dow (“Dow Preferred”) for a cost of $3 billion. Under certain conditions, we can convert each share of the Dow Preferred into 24.201 shares of Dow common stock (equivalent to a conversion price of $41.32 per share). Beginning in April 2014, if Dow’s common stock price exceeds $53.72 per share for any 20 trading days in a consecutive 30-day window, Dow, at its option, at any time, in whole or in part, may convert the Dow Preferred into Dow common stock at the then applicable conversion rate. The Dow Preferred is entitled to dividends at a rate of 8.5% per annum. | |||||||||||||||||
On September 1, 2011, we acquired 50,000 shares of 6% Cumulative Perpetual Preferred Stock of BAC (“BAC Preferred”) and warrants to purchase 700,000,000 shares of common stock of BAC (“BAC Warrants”) for a combined cost of $5 billion. The BAC Preferred is redeemable at any time by BAC at a price of $105,000 per share ($5.25 billion in aggregate). The BAC Warrants expire in 2021 and are exercisable for an additional aggregate cost of $5 billion ($7.142857/share). | |||||||||||||||||
On February 13, 2013, Berkshire and an affiliate of the global investment firm 3G Capital (such affiliate, “3G”), through a newly formed holding company, Heinz Holding, entered into a definitive merger agreement to acquire Heinz. The transaction to acquire Heinz was completed on June 7, 2013. Under the terms of the merger agreement, Heinz shareholders received $72.50 in cash for each outstanding share of common stock, or approximately $23.25 billion in the aggregate. On June 7, 2013, Berkshire and 3G each made equity investments in Heinz Holding, which, together with debt financing obtained by Heinz Holding, was used to acquire Heinz. | |||||||||||||||||
Heinz is one of the world’s leading marketers and producers of healthy, convenient and affordable foods specializing in ketchup, sauces, meals, soups, snacks and infant nutrition. Heinz is a global family of leading branded products, including Heinz® Ketchup, sauces, soups, beans, pasta and infant foods (representing over one third of Heinz’s total sales), Ore-Ida® potato products, Weight Watchers® Smart Ones® entrées, T.G.I. Friday’s® snacks, and Plasmon® infant nutrition. | |||||||||||||||||
Berkshire’s investments in Heinz Holding consist of 425 million shares of common stock, warrants to acquire approximately 46 million additional shares of common stock, and cumulative compounding preferred stock (“Preferred Stock”) with a liquidation preference of $8 billion. The aggregate cost of these investments was $12.25 billion. 3G acquired 425 million shares of Heinz Holding common stock for $4.25 billion. In addition, Heinz Holding has reserved 39.6 million shares of common stock for issuance under stock options to management of Heinz. | |||||||||||||||||
The Preferred Stock possesses no voting rights except as required by law or for certain matters specified in the Heinz Holding charter. The Preferred Stock is entitled to dividends at 9% per annum whether or not declared, is senior in priority to the common stock and is callable after June 7, 2016 at the liquidation value plus an applicable premium and any accrued and unpaid dividends. Under the Heinz Holding charter and a shareholders’ agreement entered into as of the acquisition date (the “shareholders’ agreement”), after June 7, 2021, Berkshire can cause Heinz Holding to attempt to sell shares of common stock through public offerings or other issuances (“redemption offerings”), the proceeds of which would be required to be used to redeem any outstanding shares of Preferred Stock. The warrants are exercisable for one cent per share and expire on June 7, 2018. | |||||||||||||||||
Berkshire and 3G each currently own 50% of the outstanding shares of common stock and possess equal voting interests in Heinz Holding. Under the shareholders’ agreement, unless and until Heinz Holding engages in a public offering, Berkshire and 3G each must approve all significant transactions and governance matters involving Heinz Holding and Heinz so long as Berkshire and 3G each continue to hold at least 66% of their initial common stock investments, except for (i) the declaration and payment of dividends on the Preferred Stock, and actions related to a Heinz Holding call of the Preferred Stock, for which Berkshire does not have a vote or approval right, and (ii) redemption offerings and redemptions resulting therefrom, which may only be triggered by Berkshire. No dividends may be paid on the common stock if there are any unpaid dividends on the Preferred Stock. | |||||||||||||||||
We are accounting for our investments in Heinz Holding common stock and common stock warrants on the equity method. Accordingly, we included our proportionate share of net earnings and other comprehensive income available to common stockholders in our Consolidated Statements of Earnings and Other Comprehensive Income beginning as of June 7, 2013. We have concluded that our investment in Preferred Stock represents an equity investment and since it does not have a readily determinable market value, it is carried at cost in our Consolidated Balance Sheet. Dividends earned in connection with the Preferred Stock and our share of Heinz Holding’s net loss attributable to common stockholders for the period from June 7, 2013 through July 28, 2013 are included in interest, dividend and other investment income of Insurance and Other in the Consolidated Statement of Earnings. | |||||||||||||||||
Heinz’s most recent fiscal year ended April 28, 2013 and its most recently available financial statements are for the quarterly period ending July 28, 2013. Accordingly, we have reported our proportionate share of net earnings and other comprehensive income on a two month lag basis. Summarized financial information of Heinz Holding follows (in millions). | |||||||||||||||||
As of July 28, | |||||||||||||||||
2013 | |||||||||||||||||
Assets | $ | 38,464 | |||||||||||||||
Liabilities | 21,862 | ||||||||||||||||
For the period | |||||||||||||||||
June 7, 2013 through | |||||||||||||||||
July 28, 2013 | |||||||||||||||||
Sales | $ | 1,527 | |||||||||||||||
Net earnings (loss) | (76 | ) |
Investment_gainslosses
Investment gains/losses | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Investment gains/losses | ' | ||||||||||||||||
Note 7. Investment gains/losses | |||||||||||||||||
Investment gains/losses, including other-than-temporary impairment (“OTTI”) losses, are summarized below (in millions). | |||||||||||||||||
Third Quarter | First Nine Months | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Fixed maturity securities — | |||||||||||||||||
Gross gains from sales and other disposals | $ | 727 | $ | 77 | $ | 809 | $ | 168 | |||||||||
Gross losses from sales and other disposals | (55 | ) | — | (147 | ) | (345 | ) | ||||||||||
Equity securities — | |||||||||||||||||
Gross gains from sales and other disposals | 548 | 645 | 918 | 1,218 | |||||||||||||
Gross losses from sales and other disposals | (37 | ) | (4 | ) | (57 | ) | (11 | ) | |||||||||
OTTI losses | (143 | ) | — | (228 | ) | (337 | ) | ||||||||||
Other | 674 | 199 | 1,416 | 243 | |||||||||||||
$ | 1,714 | $ | 917 | $ | 2,711 | $ | 936 | ||||||||||
Investment gains/losses are reflected in the Consolidated Statements of Earnings as follows (in millions). | |||||||||||||||||
Third Quarter | First Nine Months | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Insurance and other | $ | 1,640 | $ | 725 | $ | 2,529 | $ | 720 | |||||||||
Finance and financial products | 74 | 192 | 182 | 216 | |||||||||||||
$ | 1,714 | $ | 917 | $ | 2,711 | $ | 936 | ||||||||||
We record investments in equity and fixed maturity securities that are classified as available-for-sale at fair value with the difference between fair value and cost recorded in other comprehensive income. OTTI losses recognized in earnings represent reductions in the cost basis of the investment, but not the fair value. Accordingly, the OTTI losses that are included in earnings are generally offset by a corresponding credit to other comprehensive income and therefore have no net effect on shareholders’ equity as of the balance sheet date. In the first nine months of 2013 and 2012, the OTTI losses related to bonds issued by Texas Competitive Electric Holdings. Other investment gains/losses in 2013 primarily consisted of gains related to the valuations of the GS and GE warrants. |
Receivables
Receivables | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Receivables | ' | ||||||||
Note 8. Receivables | |||||||||
Receivables of insurance and other businesses are comprised of the following (in millions). | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Insurance premiums receivable | $ | 8,080 | $ | 7,845 | |||||
Reinsurance recoverable on unpaid losses | 3,081 | 2,925 | |||||||
Trade and other receivables | 16,363 | 11,369 | |||||||
Allowances for uncollectible accounts | (379 | ) | (386 | ) | |||||
$ | 27,145 | $ | 21,753 | ||||||
As of September 30, 2013, trade and other receivables included $5.08 billion in connection with Mars/Wrigley’s repurchase of the Wrigley subordinated notes. This receivable was collected in full on October 1, 2013. | |||||||||
Loans and finance receivables of finance and financial products businesses are comprised of the following (in millions). | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Consumer installment loans and finance receivables | $ | 12,540 | $ | 12,701 | |||||
Commercial loans and finance receivables | 642 | 469 | |||||||
Allowances for uncollectible loans | (344 | ) | (361 | ) | |||||
$ | 12,838 | $ | 12,809 | ||||||
Allowances for uncollectible loans predominantly relate to consumer installment loans. Provisions for loan losses for the first nine months of 2013 and 2012 were $192 million and $243 million, respectively. Loan charge-offs, net of recoveries, for the first nine months were $209 million in 2013 and $256 million in 2012. Loan amounts are net of unamortized acquisition discounts of $418 million at September 30, 2013 and $459 million at December 31, 2012. At September 30, 2013, approximately 98% of consumer installment loan balances were evaluated collectively for impairment whereas about 70% of commercial loan balances were evaluated individually for impairment. As a part of the evaluation process, credit quality indicators are reviewed and loans are designated as performing or non-performing. At September 30, 2013, approximately 98% of consumer installment and commercial loan balances were determined to be performing and approximately 94% of those balances were current as to payment status. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventories | ' | ||||||||
Note 9. Inventories | |||||||||
Inventories are comprised of the following (in millions). | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 1,815 | $ | 1,699 | |||||
Work in process and other | 854 | 883 | |||||||
Finished manufactured goods | 3,313 | 3,187 | |||||||
Goods acquired for resale | 3,898 | 3,906 | |||||||
$ | 9,880 | $ | 9,675 | ||||||
Property_plant_and_equipment
Property, plant and equipment | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Property, plant and equipment | ' | ||||||||||||
Note 10. Property, plant and equipment | |||||||||||||
Property, plant and equipment of our insurance and other businesses is comprised of the following (in millions). | |||||||||||||
Ranges of | September 30, | December 31, | |||||||||||
estimated useful life | 2013 | 2012 | |||||||||||
Land | — | $ | 1,104 | $ | 1,048 | ||||||||
Buildings and improvements | 2 – 40 years | 6,261 | 6,074 | ||||||||||
Machinery and equipment | 3 – 20 years | 16,008 | 15,436 | ||||||||||
Furniture, fixtures and other | 2 – 20 years | 2,934 | 2,736 | ||||||||||
Assets held for lease | 12 – 30 years | 7,111 | 6,731 | ||||||||||
33,418 | 32,025 | ||||||||||||
Accumulated depreciation | (13,957 | ) | (12,837 | ) | |||||||||
$ | 19,461 | $ | 19,188 | ||||||||||
Depreciation expense of insurance and other businesses for the first nine months of 2013 and 2012 was $1,497 million and $1,443 million, respectively. | |||||||||||||
Property, plant and equipment of our railroad, utilities and energy businesses is comprised of the following (in millions). | |||||||||||||
Ranges of | September 30, | December 31, | |||||||||||
estimated useful life | 2013 | 2012 | |||||||||||
Railroad: | |||||||||||||
Land | — | $ | 5,968 | $ | 5,950 | ||||||||
Track structure and other roadway | 5 – 100 years | 39,420 | 38,255 | ||||||||||
Locomotives, freight cars and other equipment | 5 – 37 years | 7,082 | 6,528 | ||||||||||
Construction in progress | — | 1,112 | 963 | ||||||||||
Utilities and energy: | |||||||||||||
Utility generation, distribution and transmission system | 5 – 80 years | 43,899 | 42,682 | ||||||||||
Interstate pipeline assets | 3 – 80 years | 6,388 | 6,354 | ||||||||||
Independent power plants and other assets | 3 – 30 years | 2,424 | 1,860 | ||||||||||
Construction in progress | — | 3,504 | 2,647 | ||||||||||
109,797 | 105,239 | ||||||||||||
Accumulated depreciation | (18,702 | ) | (17,555 | ) | |||||||||
$ | 91,095 | $ | 87,684 | ||||||||||
Railroad property, plant and equipment includes the land, other roadway, track structure and rolling stock (primarily locomotives and freight cars) of BNSF. The utility generation, distribution and transmission system and interstate pipeline assets are the regulated assets of public utility and natural gas pipeline subsidiaries. Depreciation expense of the railroad, utilities and energy businesses for the first nine months of 2013 and 2012 was $2,403 million and $2,235 million, respectively. |
Goodwill_and_other_intangible_
Goodwill and other intangible assets | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Goodwill and other intangible assets | ' | ||||||||||||||||
Note 11. Goodwill and other intangible assets | |||||||||||||||||
A reconciliation of the change in the carrying value of goodwill is as follows (in millions). | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Balance at beginning of year | $ | 54,523 | $ | 53,213 | |||||||||||||
Acquisitions of businesses | 322 | 1,442 | |||||||||||||||
Other, including foreign currency translation | (110 | ) | (132 | ) | |||||||||||||
Balance at end of period | $ | 54,735 | $ | 54,523 | |||||||||||||
Intangible assets other than goodwill are included in other assets in our Consolidated Balance Sheets and are summarized by type as follows (in millions). | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Gross carrying | Accumulated | Gross carrying | Accumulated | ||||||||||||||
amount | amortization | amount | amortization | ||||||||||||||
Insurance and other | $ | 12,013 | $ | 3,525 | $ | 11,737 | $ | 2,994 | |||||||||
Railroad, utilities and energy | 2,198 | 1,147 | 2,163 | 913 | |||||||||||||
$ | 14,211 | $ | 4,672 | $ | 13,900 | $ | 3,907 | ||||||||||
Trademarks and trade names | $ | 2,865 | $ | 326 | $ | 2,819 | $ | 278 | |||||||||
Patents and technology | 5,162 | 2,470 | 5,014 | 2,059 | |||||||||||||
Customer relationships | 4,660 | 1,421 | 4,565 | 1,155 | |||||||||||||
Other | 1,524 | 455 | 1,502 | 415 | |||||||||||||
$ | 14,211 | $ | 4,672 | $ | 13,900 | $ | 3,907 | ||||||||||
Amortization expense was $797 million for the first nine months of 2013 and $760 million for the first nine months of 2012. Intangible assets with indefinite lives as of September 30, 2013 and December 31, 2012 were $2,344 million and $2,328 million, respectively. |
Derivative_contracts
Derivative contracts | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Derivative contracts | ' | ||||||||||||||||||||||||
Note 12. Derivative contracts | |||||||||||||||||||||||||
Derivative contracts are used primarily in our finance and financial products and energy businesses. Substantially all of the derivative contracts of our finance and financial products businesses are not designated as hedges for financial reporting purposes. Changes in the fair values of such contracts are reported in earnings as derivative gains/losses. We entered into these contracts with the expectation that the premiums received would exceed the amounts ultimately paid to counterparties. A summary of derivative contracts of our finance and financial products businesses follows (in millions). | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Assets (3) | Liabilities | Notional | Assets (3) | Liabilities | Notional | ||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||
Equity index put options | $ | — | $ | 5,355 | $ | 31,925 | (1) | $ | — | $ | 7,502 | $ | 33,357 | (1) | |||||||||||
Credit default | 4 | 478 | 8,510 | (2) | 41 | 429 | 11,691 | (2) | |||||||||||||||||
Other, principally interest rate and foreign currency | 8 | 14 | 130 | 2 | |||||||||||||||||||||
$ | 12 | $ | 5,847 | $ | 171 | $ | 7,933 | ||||||||||||||||||
(1) | Represents the aggregate undiscounted amount payable at the contract expiration dates assuming that the value of each index is zero at each contract’s expiration date. | ||||||||||||||||||||||||
(2) | Represents the maximum undiscounted future value of losses payable under the contracts, if all underlying issuers default and the residual value of the specified obligations is zero. | ||||||||||||||||||||||||
(3) | Included in other assets of finance and financial products businesses. | ||||||||||||||||||||||||
Derivative gains/losses of our finance and financial products businesses included in our Consolidated Statements of Earnings were as follows (in millions). | |||||||||||||||||||||||||
Third Quarter | First Nine Months | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Equity index put options | $ | 519 | $ | (534 | ) | $ | 2,155 | $ | (1,018 | ) | |||||||||||||||
Credit default | (128 | ) | 316 | (43 | ) | 827 | |||||||||||||||||||
Other, principally interest rate and foreign currency | 36 | 100 | (18 | ) | 7 | ||||||||||||||||||||
$ | 427 | $ | (118 | ) | $ | 2,094 | $ | (184 | ) | ||||||||||||||||
The equity index put option contracts are European style options written on four major equity indexes. Future payments, if any, under any given contract will be required if the underlying index value is below the strike price at the contract expiration date. We received the premiums on these contracts in full at the contract inception dates and therefore have no counterparty credit risk. We have written no new contracts since February 2008. | |||||||||||||||||||||||||
The aggregate intrinsic value (which is the undiscounted liability assuming the contracts are settled based on the index values and foreign currency exchange rates as of the balance sheet date) of our equity index put option contracts was approximately $2.3 billion at September 30, 2013 and $3.9 billion at December 31, 2012. However, these contracts may not be unilaterally terminated or fully settled before the expiration dates which occur between June 2018 and January 2026. Therefore, the ultimate amount of cash basis gains or losses on these contracts will not be determined for many years. The remaining weighted average life of all contracts was approximately 7.25 years at September 30, 2013. | |||||||||||||||||||||||||
Our credit default contracts were written on various indexes of non-investment grade (or “high yield”) corporate issuers, as well as investment grade corporate and state/municipal debt issuers. These contracts cover the loss in value of specified debt obligations of the issuers arising from default events, which are usually from their failure to make payments or bankruptcy. Loss amounts are subject to contract limits. We have written no new contracts since February 2009. | |||||||||||||||||||||||||
State/municipality credit default contract exposures as of September 30, 2013 currently relate to more than 500 debt issues with maturities ranging from 2019 to 2054 and have an aggregate notional value of approximately $7.8 billion. The underlying debt issues have a weighted average maturity of approximately 18.0 years. Pursuant to the contract terms, future loss payments, if any, cannot be settled before the maturity dates of the underlying obligations. | |||||||||||||||||||||||||
The aggregate notional value of individual investment grade and high-yield corporate credit default contracts in-force as of September 30, 2013 was $718 million. All of these contracts will expire during the fourth quarter of 2013. Premiums under individual corporate credit default contracts are, generally, due from counterparties on a quarterly basis over the terms of the contracts. Otherwise, we have no counterparty credit risk under our credit default contracts because all premiums were received at the inception of the contracts. | |||||||||||||||||||||||||
With limited exceptions, our equity index put option and credit default contracts contain no collateral posting requirements with respect to changes in the fair value or intrinsic value of the contracts and/or a downgrade of Berkshire’s credit ratings. As of September 30, 2013, our collateral posting requirements under contracts with collateral provisions were zero compared to $40 million at December 31, 2012. If Berkshire’s credit ratings (currently AA from Standard & Poor’s and Aa2 from Moody’s) are downgraded below either A- by Standard & Poor’s or A3 by Moody’s, additional collateral of up to $1.1 billion could be required to be posted. | |||||||||||||||||||||||||
Our regulated utility subsidiaries are exposed to variations in the prices of fuel required to generate electricity, wholesale electricity purchased and sold and natural gas supplied for customers. Derivative instruments, including forward purchases and sales, futures, swaps and options, are used to manage a portion of these price risks. Derivative contract assets are included in other assets of railroad, utilities and energy businesses and were $61 million and $49 million as of September 30, 2013 and December 31, 2012, respectively. Derivative contract liabilities are included in accounts payable, accruals and other liabilities of railroad, utilities and energy businesses and were $176 million and $234 million as of September 30, 2013 and December 31, 2012, respectively. Unrealized gains and losses under the contracts of our regulated utilities that are probable of recovery through rates are recorded as regulatory assets or liabilities. Unrealized gains or losses on contracts accounted for as cash flow or fair value hedges are recorded in other comprehensive income or in net earnings, as appropriate. |
Supplemental_cash_flow_informa
Supplemental cash flow information | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Supplemental cash flow information | ' | ||||||||
Note 13. Supplemental cash flow information | |||||||||
A summary of supplemental cash flow information for the first nine months of 2013 and 2012 is presented in the following table (in millions). | |||||||||
First Nine Months | |||||||||
2013 | 2012 | ||||||||
Cash paid during the period for: | |||||||||
Income taxes | $ | 4,028 | $ | 2,896 | |||||
Interest: | |||||||||
Insurance and other businesses | 321 | 290 | |||||||
Railroad, utilities and energy businesses | 1,507 | 1,393 | |||||||
Finance and financial products businesses | 401 | 471 | |||||||
Non-cash investing and financing activities: | |||||||||
Liabilities assumed in connection with business acquisitions | 275 | 793 |
Notes_payable_and_other_borrow
Notes payable and other borrowings | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Notes payable and other borrowings | ' | ||||||||||||
Note 14. Notes payable and other borrowings | |||||||||||||
Notes payable and other borrowings are summarized below (in millions). The weighted average interest rates and maturity date ranges shown in the following tables are based on borrowings as of September 30, 2013. | |||||||||||||
Weighted | September 30, | December 31, | |||||||||||
Average | 2013 | 2012 | |||||||||||
Interest Rate | |||||||||||||
Insurance and other: | |||||||||||||
Issued by Berkshire parent company due 2013-2047 | 2.7 | % | $ | 8,305 | $ | 8,323 | |||||||
Short-term subsidiary borrowings | 0.3 | % | 1,063 | 1,416 | |||||||||
Other subsidiary borrowings due 2013-2035 | 5.9 | % | 3,655 | 3,796 | |||||||||
$ | 13,023 | $ | 13,535 | ||||||||||
In January 2013, Berkshire issued $2.6 billion of senior notes with interest rates ranging from 0.8% to 4.5% and maturities that range from 2016 to 2043. In February 2013, Berkshire repaid $2.6 billion of maturing senior notes. | |||||||||||||
Weighted | September 30, | December 31, | |||||||||||
Average | 2013 | 2012 | |||||||||||
Interest Rate | |||||||||||||
Railroad, utilities and energy: | |||||||||||||
Issued by MidAmerican Energy Holdings Company (“MidAmerican”) and its subsidiaries: | |||||||||||||
MidAmerican senior unsecured debt due 2014-2037 | 6.3 | % | $ | 4,621 | $ | 4,621 | |||||||
Subsidiary and other debt due 2013-2043 | 5 | % | 18,329 | 17,002 | |||||||||
Issued by BNSF due 2013-2097 | 5.3 | % | 17,066 | 14,533 | |||||||||
$ | 40,016 | $ | 36,156 | ||||||||||
MidAmerican subsidiary debt represents amounts issued pursuant to separate financing agreements. All, or substantially all, of the assets of certain MidAmerican subsidiaries are, or may be, pledged or encumbered to support or otherwise secure the debt. These borrowing arrangements generally contain various covenants including, but not limited to, leverage ratios, interest coverage ratios and debt service coverage ratios. During the first nine months of 2013, MidAmerican subsidiaries issued term debt of $2.5 billion in the aggregate. MidAmerican and subsidiaries repaid approximately $1.4 billion of debt in 2013. In March 2013, BNSF issued $1.5 billion in debentures consisting of $700 million of 3.0% debentures due in 2023 and $800 million of 4.45% debentures due in 2043. In August 2013, BNSF issued $1.5 billion in debentures consisting of $800 million of 3.85% debentures due in 2023 and $700 million of 5.15% debentures due in 2043. BNSF’s borrowings are primarily unsecured. As of September 30, 2013, BNSF and MidAmerican and their subsidiaries were in compliance with all applicable debt covenants. Berkshire does not guarantee any debt or other borrowings of BNSF, MidAmerican or their subsidiaries. | |||||||||||||
Weighted | September 30, | December 31, | |||||||||||
Average | 2013 | 2012 | |||||||||||
Interest Rate | |||||||||||||
Finance and financial products: | |||||||||||||
Issued by Berkshire Hathaway Finance Corporation (“BHFC”) due 2013-2043 | 3.5 | % | $ | 11,182 | $ | 11,186 | |||||||
Issued by other subsidiaries due 2013-2036 | 4.7 | % | 1,528 | 1,859 | |||||||||
$ | 12,710 | $ | 13,045 | ||||||||||
The borrowings of BHFC, a wholly owned finance subsidiary of Berkshire, are fully and unconditionally guaranteed by Berkshire. During the first nine months of 2013, BHFC issued $2.5 billion aggregate of new senior notes consisting of $275 million of 1.6% senior notes due in 2017, $225 million of 3.0% senior notes due in 2022, $500 million of 1.3% senior notes due in 2018, $500 million of 4.3% senior notes due in 2043, $600 million of 0.95% senior notes due in 2016 and $400 million of 2.0% senior notes due in 2018. During the first nine months of 2013, BHFC repaid $500 million of maturing senior notes in January, $1.0 billion of maturing senior notes in May and $1.0 billion of maturing senior notes in August. In October 2013, an additional $950 million of senior notes matured, and BHFC issued $950 million of additional senior notes at that time. | |||||||||||||
Our subsidiaries have approximately $5.9 billion in the aggregate of unused lines of credit and commercial paper capacity at September 30, 2013, to support short-term borrowing programs and provide additional liquidity. In addition to borrowings of BHFC, as of September 30, 2013, Berkshire guaranteed approximately $4.1 billion of other subsidiary borrowings. 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 present and future payment obligations. |
Fair_value_measurements
Fair value measurements | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair value measurements | ' | ||||||||||||||||||||
Note 15. Fair value measurements | |||||||||||||||||||||
Our financial assets and liabilities are summarized below as of September 30, 2013 and December 31, 2012 with fair values shown according to the fair value hierarchy (in millions). The carrying values of cash and cash equivalents, accounts receivable and accounts payable, accruals and other liabilities are considered to be reasonable estimates of their fair values. | |||||||||||||||||||||
Carrying | Fair Value | Quoted | Significant Other | Significant | |||||||||||||||||
Value | Prices | Observable Inputs | Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Investments in fixed maturity securities: | |||||||||||||||||||||
U.S. Treasury, U.S. government corporations and agencies | $ | 2,552 | $ | 2,552 | $ | 2,113 | $ | 438 | $ | 1 | |||||||||||
States, municipalities and political subdivisions | 2,533 | 2,533 | — | 2,533 | — | ||||||||||||||||
Foreign governments | 10,370 | 10,370 | 6,524 | 3,846 | — | ||||||||||||||||
Corporate bonds | 11,932 | 11,932 | — | 11,311 | 621 | ||||||||||||||||
Mortgage-backed securities | 2,148 | 2,148 | — | 2,148 | — | ||||||||||||||||
Investments in equity securities | 106,765 | 106,765 | 106,695 | 63 | 7 | ||||||||||||||||
Other investments carried at fair value | 16,085 | 16,085 | — | — | 16,085 | ||||||||||||||||
Other investments carried at cost | 12,922 | 13,143 | — | — | 13,143 | ||||||||||||||||
Loans and finance receivables | 12,838 | 12,016 | — | 493 | 11,523 | ||||||||||||||||
Derivative contract assets (1) | 73 | 73 | 1 | 19 | 53 | ||||||||||||||||
Derivative contract liabilities: | |||||||||||||||||||||
Railroad, utilities and energy (1) | 176 | 176 | 4 | 164 | 8 | ||||||||||||||||
Finance and financial products: | |||||||||||||||||||||
Equity index put options | 5,355 | 5,355 | — | — | 5,355 | ||||||||||||||||
Credit default | 478 | 478 | — | — | 478 | ||||||||||||||||
Other | 14 | 14 | — | 14 | — | ||||||||||||||||
Notes payable and other borrowings: | |||||||||||||||||||||
Insurance and other | 13,023 | 13,357 | — | 13,357 | — | ||||||||||||||||
Railroad, utilities and energy | 40,016 | 43,098 | — | 43,098 | — | ||||||||||||||||
Finance and financial products | 12,710 | 13,139 | — | 12,420 | 719 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Investments in fixed maturity securities: | |||||||||||||||||||||
U.S. Treasury, U.S. government corporations and agencies | $ | 2,775 | $ | 2,775 | $ | 1,225 | $ | 1,549 | $ | 1 | |||||||||||
States, municipalities and political subdivisions | 2,913 | 2,913 | — | 2,912 | 1 | ||||||||||||||||
Foreign governments | 11,355 | 11,355 | 4,571 | 6,784 | — | ||||||||||||||||
Corporate bonds | 12,661 | 12,661 | — | 12,011 | 650 | ||||||||||||||||
Mortgage-backed securities | 2,587 | 2,587 | — | 2,587 | — | ||||||||||||||||
Investments in equity securities | 87,662 | 87,662 | 87,563 | 64 | 35 | ||||||||||||||||
Other investments carried at fair value | 15,750 | 15,750 | — | — | 15,750 | ||||||||||||||||
Other investments carried at cost | 5,259 | 6,134 | — | — | 6,134 | ||||||||||||||||
Loans and finance receivables | 12,809 | 11,991 | — | 304 | 11,687 | ||||||||||||||||
Derivative contract assets (1) | 220 | 220 | 1 | 128 | 91 | ||||||||||||||||
Derivative contract liabilities: | |||||||||||||||||||||
Railroad, utilities and energy (1) | 234 | 234 | 10 | 217 | 7 | ||||||||||||||||
Finance and financial products: | |||||||||||||||||||||
Equity index put options | 7,502 | 7,502 | — | — | 7,502 | ||||||||||||||||
Credit default | 429 | 429 | — | — | 429 | ||||||||||||||||
Other | 2 | 2 | — | 2 | — | ||||||||||||||||
Notes payable and other borrowings: | |||||||||||||||||||||
Insurance and other | 13,535 | 14,284 | — | 14,284 | — | ||||||||||||||||
Railroad, utilities and energy | 36,156 | 42,074 | — | 42,074 | — | ||||||||||||||||
Finance and financial products | 13,045 | 14,005 | — | 13,194 | 811 | ||||||||||||||||
-1 | Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities. | ||||||||||||||||||||
The fair values of substantially all of our financial instruments were measured using market or income approaches. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, the estimates presented are not necessarily indicative of the amounts that could be realized in an actual current market exchange. The use of alternative market assumptions and/or estimation methodologies may have a material effect on the estimated fair value. | |||||||||||||||||||||
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. Substantially all of our investments in equity securities are traded on an exchange in active markets and fair values are based on the closing prices as of the balance sheet date. | |||||||||||||||||||||
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. Fair values of investments in fixed maturity securities and notes payable and other borrowings are primarily based on price evaluations which incorporate market prices for identical instruments in inactive markets and market data available for instruments with similar characteristics. Pricing evaluations generally reflect discounted expected future cash flows, which incorporate yield curves for instruments with similar characteristics, such as credit rating, estimated duration 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 we 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 pricing assets or liabilities. Fair value measurements of non-exchange traded derivative contracts and certain other investments are based primarily on valuation models, discounted cash flow models or other valuation techniques that are believed to be used by market participants. | |||||||||||||||||||||
Reconciliations of assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the first nine months of 2013 and 2012 follow (in millions). | |||||||||||||||||||||
Investments | Investments | Other | Net | ||||||||||||||||||
in fixed | in equity | investments | derivative | ||||||||||||||||||
maturity | securities | contract | |||||||||||||||||||
securities | liabilities | ||||||||||||||||||||
Balance at December 31, 2011 | $ | 784 | $ | 22 | $ | 11,669 | $ | (9,908 | ) | ||||||||||||
Gains (losses) included in: | |||||||||||||||||||||
Earnings | — | — | — | (199 | ) | ||||||||||||||||
Other comprehensive income | 6 | 13 | 2,776 | 3 | |||||||||||||||||
Regulatory assets and liabilities | — | — | — | — | |||||||||||||||||
Acquisitions, dispositions and settlements | (8 | ) | — | — | 186 | ||||||||||||||||
Transfers into (out of) Level 3 | (129 | ) | — | — | — | ||||||||||||||||
Balance at September 30, 2012 | $ | 653 | $ | 35 | $ | 14,445 | $ | (9,918 | ) | ||||||||||||
Balance at December 31, 2012 | $ | 652 | $ | 35 | $ | 15,750 | $ | (7,847 | ) | ||||||||||||
Gains (losses) included in: | |||||||||||||||||||||
Earnings | — | 3 | 520 | 2,119 | |||||||||||||||||
Other comprehensive income | (12 | ) | — | 1,310 | (5 | ) | |||||||||||||||
Regulatory assets and liabilities | — | — | — | 1 | |||||||||||||||||
Dispositions | (18 | ) | — | — | — | ||||||||||||||||
Settlements, net | — | (31 | ) | — | (56 | ) | |||||||||||||||
Transfers into (out of) Level 3 | — | — | (1,495 | ) | — | ||||||||||||||||
Balance at September 30, 2013 | $ | 622 | $ | 7 | $ | 16,085 | $ | (5,788 | ) | ||||||||||||
Gains and losses included in earnings are included as components of investment gains/losses, derivative gains/losses and other revenues, as appropriate and are primarily related to changes in the values of derivative contracts and settlement transactions. Gains and losses included in other comprehensive income are included as components of the net change in unrealized appreciation of investments and the reclassification of investment appreciation in earnings, as appropriate in the Consolidated Statements of Comprehensive Income. | |||||||||||||||||||||
In the second quarter of 2013, we transferred the fair value measurements of the GS Warrants and GE Warrants out of Level 3 because we concluded that the unobservable inputs were no longer significant. | |||||||||||||||||||||
Quantitative information as of September 30, 2013, with respect to assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follows (in millions). | |||||||||||||||||||||
Fair value | Principal valuation | Unobservable Input | Weighted | ||||||||||||||||||
techniques | Average | ||||||||||||||||||||
Other investments: | |||||||||||||||||||||
Preferred stocks | $ | 11,857 | Discounted cash flow | Expected duration | 6 years | ||||||||||||||||
Discount for transferability restrictions and subordination | 97 basis | ||||||||||||||||||||
points | |||||||||||||||||||||
Common stock warrants | 4,228 | Warrant pricing model | Discount for transferability and hedging restrictions | 21 | % | ||||||||||||||||
Net derivative liabilities: | |||||||||||||||||||||
Equity index put options | 5,355 | Option pricing model | Volatility | 21 | % | ||||||||||||||||
Credit default-states/municipalities | 478 | Discounted cash flow | Credit spreads | 98 basis | |||||||||||||||||
points | |||||||||||||||||||||
For certain credit default and other derivative contracts where we could not corroborate that the fair values or the inputs were observable in the market, fair values were based on non-binding price indications obtained from third party sources. Management reviewed these values relative to the terms of the contracts, the current facts, circumstances and market conditions, and concluded they were reasonable. We did not adjust these prices and therefore, they have been excluded from the preceding table. | |||||||||||||||||||||
Our other investments that are carried at fair value consist of a few relatively large private placement transactions and include perpetual preferred stocks and common stock warrants. These investments are subject to contractual restrictions on transferability and/or provisions that prevent us from economically hedging our investments. In applying discounted estimated cash flow techniques in valuing the perpetual preferred stocks, we made assumptions regarding the expected durations of the investments, as the issuers may have the right to redeem or convert these investments. We also made estimates regarding the impact of subordination, as the preferred stocks have a lower priority in liquidation than investment grade debt instruments of the issuers, which affected the discount rates. In valuing the common stock warrants, we used a warrant valuation model. While most of the inputs to the model are observable, we are subject to the aforementioned contractual restrictions. We have applied discounts with respect to the contractual restrictions. Increases or decreases to these inputs would result in decreases or increases to the fair values of the investments. | |||||||||||||||||||||
Our equity index put option and credit default contracts are not exchange traded and certain contract terms are not standard in derivatives markets. For example, we are not required to post collateral under most of our contracts and many contracts have long durations, and therefore are illiquid. For these and other reasons, we classified these contracts as Level 3. The methods we use to value these contracts are those that we believe market participants would use in determining exchange prices with respect to our contracts. | |||||||||||||||||||||
We value equity index put option contracts based on the Black-Scholes option valuation model. Inputs to this model include current index price, contract duration, dividend and interest rate inputs (including a Berkshire non-performance input) which are observable. However, we believe that the valuation of long-duration options using any model is inherently subjective, given the lack of observable transactions and prices, and acceptable values may be subject to wide ranges. Expected volatility inputs represent our expectations after considering the remaining duration of each contract and that the contracts will remain outstanding until the expiration dates without offsetting transactions occurring in the interim. Increases or decreases in the volatility inputs will produce increases or decreases in the fair values of the liabilities. | |||||||||||||||||||||
Our state and municipality credit default contract values reflect credit spreads, contract durations, interest rates, bond prices and other inputs believed to be used by market participants in estimating fair value. We utilize discounted cash flow valuation models, which incorporate the aforementioned inputs as well as our own estimates of credit spreads for states and municipalities where there is no observable input. Increases or decreases to the credit spreads will produce increases or decreases in the fair values of the liabilities. |
Common_stock
Common stock | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Common stock | ' | ||||||||||||||||||||||||
Note 16. Common stock | |||||||||||||||||||||||||
Changes in Berkshire’s issued and outstanding common stock during the first nine months of 2013 are shown in the table below. | |||||||||||||||||||||||||
Class A, $5 Par Value | Class B, $0.0033 Par Value | ||||||||||||||||||||||||
(1,650,000 shares authorized) | (3,225,000,000 shares authorized) | ||||||||||||||||||||||||
Issued | Treasury | Outstanding | Issued | Treasury | Outstanding | ||||||||||||||||||||
Balance at December 31, 2012 | 904,528 | (9,573 | ) | 894,955 | 1,123,393,956 | (1,408,484 | ) | 1,121,985,472 | |||||||||||||||||
Conversions of Class A common stock to Class B common stock and exercises of replacement stock options issued in a business acquisition | (30,363 | ) | — | (30,363 | ) | 46,882,626 | — | 46,882,626 | |||||||||||||||||
Balance at September 30, 2013 | 874,165 | (9,573 | ) | 864,592 | 1,170,276,582 | (1,408,484 | ) | 1,168,868,098 | |||||||||||||||||
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 equivalent 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 1,643,837 shares outstanding as of September 30, 2013 and 1,642,945 shares outstanding as of December 31, 2012. In addition to our common stock, 1,000,000 shares of preferred stock are authorized, but none of which are issued and outstanding. | |||||||||||||||||||||||||
In 2011, Berkshire’s Board of Directors (“Berkshire’s Board”) approved a common stock repurchase program. Under the program, as amended in December 2012, Berkshire may repurchase its Class A and Class B shares at prices no higher than a 20% premium over the book value of the shares. Berkshire may repurchase shares in the open market or through privately negotiated transactions. Berkshire’s Board authorization does not specify a maximum number of shares to be repurchased. However, repurchases will not be made if they would reduce Berkshire’s consolidated cash equivalent holdings below $20 billion. The repurchase program is expected to continue indefinitely and the amount of repurchases will depend entirely upon the level of cash available, the attractiveness of investment and business opportunities either at hand or on the horizon, and the degree of discount of the market price relative to management’s estimate of intrinsic value. The repurchase program does not obligate Berkshire to repurchase any dollar amount or number of Class A or Class B shares. |
Accumulated_other_comprehensiv
Accumulated other comprehensive income | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Accumulated other comprehensive income | ' | ||||||||||||||||||||
Note 17. Accumulated other comprehensive income | |||||||||||||||||||||
A summary of the net changes in after-tax accumulated other comprehensive income and significant amounts reclassified out of accumulated other comprehensive income attributable to Berkshire Hathaway shareholders for the nine-month period ended September 30, 2013 follows (in millions). | |||||||||||||||||||||
Unrealized | Foreign | Prior service | Other | Accumulated | |||||||||||||||||
appreciation of | currency | and actuarial | other | ||||||||||||||||||
investments, net | translation | gains/losses of | comprehensive | ||||||||||||||||||
defined benefit | income | ||||||||||||||||||||
pension plans | |||||||||||||||||||||
Balance at December 31, 2012 | $ | 29,254 | $ | (120 | ) | $ | (1,601 | ) | $ | (33 | ) | $ | 27,500 | ||||||||
Other comprehensive income (loss) before reclassifications | 8,252 | (191 | ) | (17 | ) | 49 | 8,093 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (738 | ) | (31 | ) | 81 | 4 | (684 | ) | |||||||||||||
Transactions with noncontrolling interests | — | (12 | ) | — | — | (12 | ) | ||||||||||||||
7,514 | (234 | ) | 64 | 53 | 7,397 | ||||||||||||||||
Balance at September 30, 2013 | $ | 36,768 | $ | (354 | ) | $ | (1,537 | ) | $ | 20 | $ | 34,897 | |||||||||
Amounts reclassified from other comprehensive income into net earnings for the first nine months of 2013 are included on the following line items: | |||||||||||||||||||||
Investment gains/losses: | |||||||||||||||||||||
Insurance and other | $ | (1,062 | ) | $ | — | $ | — | $ | — | $ | (1,062 | ) | |||||||||
Finance and financial products | (73 | ) | — | — | — | (73 | ) | ||||||||||||||
Other (1) | — | (31 | ) | 114 | 8 | 91 | |||||||||||||||
Reclassifications before income taxes | (1,135 | ) | (31 | ) | 114 | 8 | (1,044 | ) | |||||||||||||
Applicable income taxes | (397 | ) | — | 33 | 4 | (360 | ) | ||||||||||||||
$ | (738 | ) | $ | (31 | ) | $ | 81 | $ | 4 | $ | (684 | ) | |||||||||
(1) | Amounts are included on various line items, and are immaterial individually and in the aggregate. |
Contingencies_and_Commitments
Contingencies and Commitments | 9 Months Ended |
Sep. 30, 2013 | |
Contingencies and Commitments | ' |
Note 18. Contingencies and Commitments | |
We have owned a controlling interest in Marmon Holdings, Inc. (“Marmon”) since 2008. On June 28, 2013, Berkshire acquired approximately 16% of the then outstanding Marmon noncontrolling interests for approximately $238 million and we currently own about 91.7% of Marmon’s outstanding common stock. We are contractually required to acquire substantially all of the remaining noncontrolling interests of Marmon no later than March 31, 2014, for an amount that will be based on Marmon’s 2013 operating results. On April 29, 2013, Berkshire acquired the remaining noncontrolling interests of IMC International Metalworking Companies B.V., the parent company of Iscar, for consideration of $2.05 billion. Berkshire now owns 100% of IMC International Metalworking Companies B.V. The differences between the consideration paid and the carrying amounts of these acquired noncontrolling interests were recorded as reductions in Berkshire’s shareholders’ equity of approximately $1.2 billion. | |
On May 29, 2013, MidAmerican announced that it would acquire NV Energy, Inc. (“NV Energy”), an energy holding company serving approximately 1.3 million electric and natural gas customers in Nevada. Under the terms of the agreement, MidAmerican will purchase all outstanding shares of NV Energy’s common stock for $23.75 per share in cash, or approximately $5.6 billion in the aggregate. NV Energy’s shareholders approved the transaction on September 25, 2013. The acquisition is subject to other customary closing conditions and the receipt of required state and federal approvals and is expected to be completed in the first quarter of 2014. | |
On October 16, 2013, Marmon announced it would acquire the beverage dispensing and merchandising operations of British engineering company, IMI plc for approximately 690 million Euros ($1.1 billion), subject to certain adjustments for the amounts of working capital, cash and debt at the closing date. The acquisition is subject to certain regulatory approvals and is expected to close in early 2014. |
Business_segment_data
Business segment data | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Business segment data | ' | ||||||||||||||||
Note 19. Business segment data | |||||||||||||||||
Revenues by segment for the third quarter and first nine months of 2013 and 2012 were as follows (in millions). | |||||||||||||||||
Third Quarter | First Nine Months | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Operating Businesses: | |||||||||||||||||
Insurance group: | |||||||||||||||||
Premiums earned: | |||||||||||||||||
GEICO | $ | 4,730 | $ | 4,240 | $ | 13,726 | $ | 12,388 | |||||||||
General Re | 1,454 | 1,445 | 4,422 | 4,342 | |||||||||||||
Berkshire Hathaway Reinsurance Group | 2,219 | 2,578 | 6,918 | 6,983 | |||||||||||||
Berkshire Hathaway Primary Group | 867 | 588 | 2,396 | 1,631 | |||||||||||||
Investment income | 1,084 | 981 | 3,628 | 3,436 | |||||||||||||
Total insurance group | 10,354 | 9,832 | 31,090 | 28,780 | |||||||||||||
BNSF | 5,651 | 5,343 | 16,257 | 15,407 | |||||||||||||
Finance and financial products | 1,078 | 1,006 | 3,092 | 2,981 | |||||||||||||
Marmon | 1,753 | 1,795 | 5,299 | 5,451 | |||||||||||||
McLane Company | 11,547 | 9,534 | 33,707 | 26,611 | |||||||||||||
MidAmerican | 3,392 | 3,076 | 9,564 | 8,718 | |||||||||||||
Other businesses | 10,691 | 9,616 | 31,492 | 28,800 | |||||||||||||
44,466 | 40,202 | 130,501 | 116,748 | ||||||||||||||
Reconciliation of segments to consolidated amount: | |||||||||||||||||
Investment and derivative gains/losses | 2,141 | 799 | 4,805 | 752 | |||||||||||||
Eliminations and other | (66 | ) | 49 | (205 | ) | 243 | |||||||||||
$ | 46,541 | $ | 41,050 | $ | 135,101 | $ | 117,743 | ||||||||||
Earnings before income taxes by segment for the third quarter and first nine months of 2013 and 2012 were as follows (in millions). | |||||||||||||||||
Third Quarter | First Nine Months | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Operating Businesses: | |||||||||||||||||
Insurance group: | |||||||||||||||||
Underwriting gain (loss): | |||||||||||||||||
GEICO | $ | 307 | $ | 435 | $ | 909 | $ | 714 | |||||||||
General Re | 63 | 154 | 182 | 373 | |||||||||||||
Berkshire Hathaway Reinsurance Group | (206 | ) | (102 | ) | 1,159 | 320 | |||||||||||
Berkshire Hathaway Primary Group | 99 | 121 | 228 | 243 | |||||||||||||
Net investment income | 1,078 | 976 | 3,609 | 3,421 | |||||||||||||
Total insurance group | 1,341 | 1,584 | 6,087 | 5,071 | |||||||||||||
BNSF | 1,556 | 1,508 | 4,242 | 3,903 | |||||||||||||
Finance and financial products | 253 | 175 | 631 | 527 | |||||||||||||
Marmon | 306 | 293 | 886 | 869 | |||||||||||||
McLane Company | 126 | 130 | 372 | 305 | |||||||||||||
MidAmerican | 586 | 542 | 1,574 | 1,349 | |||||||||||||
Other businesses | 1,363 | 1,210 | 3,837 | 3,609 | |||||||||||||
5,531 | 5,442 | 17,629 | 15,633 | ||||||||||||||
Reconciliation of segments to consolidated amount: | |||||||||||||||||
Investment and derivative gains/losses | 2,141 | 799 | 4,805 | 752 | |||||||||||||
Interest expense, excluding interest allocated to operating businesses | (80 | ) | (52 | ) | (226 | ) | (196 | ) | |||||||||
Eliminations and other | (214 | ) | (253 | ) | (644 | ) | (707 | ) | |||||||||
$ | 7,378 | $ | 5,936 | $ | 21,564 | $ | 15,482 | ||||||||||
New_accounting_pronouncements_
New accounting pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
New accounting pronouncements | ' |
In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-02 requires additional disclosures concerning the amounts reclassified out of each component of accumulated other comprehensive income and into net earnings during the reporting period. We adopted ASU 2013-02 on January 1, 2013 and the required disclosures are included in Note 17. | |
In December 2011, the FASB issued ASU 2011-11, “Disclosures about Offsetting Assets and Liabilities” and in January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” ASU 2011-11, as clarified, enhances disclosures surrounding offsetting (netting) assets and liabilities. The standard applies to derivatives, repurchase agreements and securities lending transactions and requires companies to disclose gross and net information about financial instruments and derivatives eligible for offset and to disclose financial instruments and derivatives subject to master netting arrangements in financial statements. In July 2012, the FASB issued ASU 2012-02, “Testing Indefinite-Lived Intangible Assets for Impairment.” ASU 2012-02 allows an entity to first assess qualitative factors in determining whether events and circumstances indicate that it is more-likely-than not that an indefinite-lived intangible asset is impaired. If an entity determines that it is not more-likely-than not that the indefinite-lived intangible asset is impaired, then the entity is not required to perform a quantitative impairment test. ASU’s 2011-11 and 2012-02 were adopted on January 1, 2013 and had an immaterial effect on our Consolidated Financial Statements. | |
In February 2013, the FASB issued ASU 2013-04, “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date.” ASU 2013-04 requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the amount the reporting entity agreed to pay plus additional amounts the reporting entity expects to pay on behalf of its co-obligors. The guidance further provides for disclosure of the nature and amount of the obligation. ASU 2013-04 is effective for interim and annual reporting periods beginning after December 15, 2013. In July 2013, the FASB issued ASU 2013-11 “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013-11 provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists and is effective for fiscal years beginning after December 15, 2013. We are currently evaluating the effect these standards will have on our Consolidated Financial Statements. |
Investments_in_fixed_maturity_1
Investments in fixed maturity securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Schedule of investments in securities with fixed maturities | ' | ||||||||||||||||||||||||
Investments in securities with fixed maturities as of September 30, 2013 and December 31, 2012 are summarized by type below (in millions). | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
U.S. Treasury, U.S. government corporations and agencies | $ | 2,537 | $ | 21 | $ | (6 | ) | $ | 2,552 | ||||||||||||||||
States, municipalities and political subdivisions | 2,397 | 141 | (5 | ) | 2,533 | ||||||||||||||||||||
Foreign governments | 10,225 | 213 | (68 | ) | 10,370 | ||||||||||||||||||||
Corporate bonds | 10,136 | 1,806 | (10 | ) | 11,932 | ||||||||||||||||||||
Mortgage-backed securities | 1,918 | 237 | (7 | ) | 2,148 | ||||||||||||||||||||
$ | 27,213 | $ | 2,418 | $ | (96 | ) | $ | 29,535 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
U.S. Treasury, U.S. government corporations and agencies | $ | 2,742 | $ | 33 | $ | — | $ | 2,775 | |||||||||||||||||
States, municipalities and political subdivisions | 2,735 | 178 | — | 2,913 | |||||||||||||||||||||
Foreign governments | 11,098 | 302 | (45 | ) | 11,355 | ||||||||||||||||||||
Corporate bonds | 10,410 | 2,254 | (3 | ) | 12,661 | ||||||||||||||||||||
Mortgage-backed securities | 2,276 | 318 | (7 | ) | 2,587 | ||||||||||||||||||||
$ | 29,261 | $ | 3,085 | $ | (55 | ) | $ | 32,291 | |||||||||||||||||
Investments in fixed maturity securities are reflected in our Consolidated Balance Sheets as follows (in millions). | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Insurance and other | $ | 28,872 | $ | 31,449 | |||||||||||||||||||||
Finance and financial products | 663 | 842 | |||||||||||||||||||||||
$ | 29,535 | $ | 32,291 | ||||||||||||||||||||||
Schedule of amortized cost and estimated fair value of securities with fixed maturities | ' | ||||||||||||||||||||||||
The amortized cost and estimated fair value of securities with fixed maturities at September 30, 2013 are summarized below by contractual maturity dates. Actual maturities will differ from contractual maturities because issuers of certain of the securities retain early call or prepayment rights. Amounts are in millions. | |||||||||||||||||||||||||
Due in one | Due after one | Due after five | Due after | Mortgage- | Total | ||||||||||||||||||||
year or less | year through | years through | ten years | backed | |||||||||||||||||||||
five years | ten years | securities | |||||||||||||||||||||||
Amortized cost | $ | 6,733 | $ | 11,297 | $ | 4,411 | $ | 2,854 | $ | 1,918 | $ | 27,213 | |||||||||||||
Fair value | 6,916 | 12,249 | 4,970 | 3,252 | 2,148 | 29,535 |
Investments_in_equity_securiti1
Investments in equity securities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Schedule of investments in equity securities | ' | ||||||||||||||||
Investments in equity securities as of September 30, 2013 and December 31, 2012 are summarized based on the primary industry of the investee in the table below (in millions). | |||||||||||||||||
Cost Basis | Unrealized | Unrealized | Fair | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
September 30, 2013 | |||||||||||||||||
Banks, insurance and finance | $ | 22,424 | $ | 22,302 | $ | — | $ | 44,726 | |||||||||
Consumer products | 7,173 | 16,114 | — | 23,287 | |||||||||||||
Commercial, industrial and other | 29,128 | 9,957 | (333 | ) | 38,752 | ||||||||||||
$ | 58,725 | $ | 48,373 | $ | (333 | ) | $ | 106,765 | |||||||||
December 31, 2012 | |||||||||||||||||
Banks, insurance and finance | $ | 18,600 | $ | 14,753 | $ | (2 | ) | $ | 33,351 | ||||||||
Consumer products | 7,546 | 14,917 | — | 22,463 | |||||||||||||
Commercial, industrial and other | 24,361 | 7,687 | (200 | ) | 31,848 | ||||||||||||
$ | 50,507 | $ | 37,357 | $ | (202 | ) | $ | 87,662 | |||||||||
As of September 30, 2013, approximately 55% of the fair value of our equity securities was concentrated within four companies. As of September 30, 2013 and December 31, 2012, we concluded that there were no unrealized losses that were other-than-temporary. Our conclusions were based on: (a) our ability and intent to hold the securities to recovery; (b) our assessment that the underlying business and financial condition of each of these issuers was favorable; (c) our opinion that the relative price declines were not significant; and (d) our belief that it was reasonably possible that market prices will increase to and exceed our cost in a relatively short period of time. As of September 30, 2013 and December 31, 2012, unrealized losses on equity securities in a continuous unrealized loss position for more than twelve consecutive months were $75 million and $45 million, respectively. | |||||||||||||||||
Investments in equity securities are reflected in our Consolidated Balance Sheets as follows (in millions). | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Insurance and other | $ | 104,893 | $ | 86,467 | |||||||||||||
Railroad, utilities and energy * | 1,004 | 675 | |||||||||||||||
Finance and financial products * | 868 | 520 | |||||||||||||||
$ | 106,765 | $ | 87,662 | ||||||||||||||
* | Included in other assets. |
Other_investments_Tables
Other investments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Schedule of other investments | ' | ||||||||||||||||
A summary of other investments follows (in millions). | |||||||||||||||||
Cost | Unrealized | Fair | Carrying | ||||||||||||||
Basis | Gains | Value | Value | ||||||||||||||
September 30, 2013 | |||||||||||||||||
Fixed maturity and equity securities: | |||||||||||||||||
Insurance and other | $ | 7,841 | $ | 3,862 | $ | 11,703 | $ | 11,681 | |||||||||
Finance and financial products | 3,052 | 2,223 | 5,275 | 5,275 | |||||||||||||
Investments in Heinz Holding | 12,250 | — | 12,250 | 12,051 | |||||||||||||
$ | 23,143 | $ | 6,085 | $ | 29,228 | $ | 29,007 | ||||||||||
December 31, 2012 | |||||||||||||||||
Fixed maturity and equity securities: | |||||||||||||||||
Insurance and other | $ | 13,109 | $ | 3,823 | $ | 16,932 | $ | 16,057 | |||||||||
Finance and financial products | 3,148 | 1,804 | 4,952 | 4,952 | |||||||||||||
$ | 16,257 | $ | 5,627 | $ | 21,884 | $ | 21,009 | ||||||||||
Summarized financial information of Heinz Holding | ' | ||||||||||||||||
Summarized financial information of Heinz Holding follows (in millions). | |||||||||||||||||
As of July 28, | |||||||||||||||||
2013 | |||||||||||||||||
Assets | $ | 38,464 | |||||||||||||||
Liabilities | 21,862 | ||||||||||||||||
For the period | |||||||||||||||||
June 7, 2013 through | |||||||||||||||||
July 28, 2013 | |||||||||||||||||
Sales | $ | 1,527 | |||||||||||||||
Net earnings (loss) | (76 | ) |
Investment_gainslosses_Tables
Investment gains/losses (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Investment gains/losses including other-than-temporary impairment losses on investments | ' | ||||||||||||||||
Investment gains/losses, including other-than-temporary impairment (“OTTI”) losses, are summarized below (in millions). | |||||||||||||||||
Third Quarter | First Nine Months | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Fixed maturity securities — | |||||||||||||||||
Gross gains from sales and other disposals | $ | 727 | $ | 77 | $ | 809 | $ | 168 | |||||||||
Gross losses from sales and other disposals | (55 | ) | — | (147 | ) | (345 | ) | ||||||||||
Equity securities — | |||||||||||||||||
Gross gains from sales and other disposals | 548 | 645 | 918 | 1,218 | |||||||||||||
Gross losses from sales and other disposals | (37 | ) | (4 | ) | (57 | ) | (11 | ) | |||||||||
OTTI losses | (143 | ) | — | (228 | ) | (337 | ) | ||||||||||
Other | 674 | 199 | 1,416 | 243 | |||||||||||||
$ | 1,714 | $ | 917 | $ | 2,711 | $ | 936 | ||||||||||
Investment gains/losses are reflected in the Consolidated Statements of Earnings as follows (in millions). | |||||||||||||||||
Third Quarter | First Nine Months | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Insurance and other | $ | 1,640 | $ | 725 | $ | 2,529 | $ | 720 | |||||||||
Finance and financial products | 74 | 192 | 182 | 216 | |||||||||||||
$ | 1,714 | $ | 917 | $ | 2,711 | $ | 936 | ||||||||||
Receivables_Tables
Receivables (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Insurance and Other [Member] | ' | ||||||||
Schedule of receivables | ' | ||||||||
Receivables of insurance and other businesses are comprised of the following (in millions). | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Insurance premiums receivable | $ | 8,080 | $ | 7,845 | |||||
Reinsurance recoverable on unpaid losses | 3,081 | 2,925 | |||||||
Trade and other receivables | 16,363 | 11,369 | |||||||
Allowances for uncollectible accounts | (379 | ) | (386 | ) | |||||
$ | 27,145 | $ | 21,753 | ||||||
Finance and Financial Products [Member] | ' | ||||||||
Schedule of receivables | ' | ||||||||
Loans and finance receivables of finance and financial products businesses are comprised of the following (in millions). | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Consumer installment loans and finance receivables | $ | 12,540 | $ | 12,701 | |||||
Commercial loans and finance receivables | 642 | 469 | |||||||
Allowances for uncollectible loans | (344 | ) | (361 | ) | |||||
$ | 12,838 | $ | 12,809 | ||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Schedule of inventories | ' | ||||||||
Inventories are comprised of the following (in millions). | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 1,815 | $ | 1,699 | |||||
Work in process and other | 854 | 883 | |||||||
Finished manufactured goods | 3,313 | 3,187 | |||||||
Goods acquired for resale | 3,898 | 3,906 | |||||||
$ | 9,880 | $ | 9,675 | ||||||
Property_plant_and_equipment_T
Property, plant and equipment (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Insurance and Other [Member] | ' | ||||||||||||
Schedule of property, plant and equipment | ' | ||||||||||||
Property, plant and equipment of our insurance and other businesses is comprised of the following (in millions). | |||||||||||||
Ranges of | September 30, | December 31, | |||||||||||
estimated useful life | 2013 | 2012 | |||||||||||
Land | — | $ | 1,104 | $ | 1,048 | ||||||||
Buildings and improvements | 2 – 40 years | 6,261 | 6,074 | ||||||||||
Machinery and equipment | 3 – 20 years | 16,008 | 15,436 | ||||||||||
Furniture, fixtures and other | 2 – 20 years | 2,934 | 2,736 | ||||||||||
Assets held for lease | 12 – 30 years | 7,111 | 6,731 | ||||||||||
33,418 | 32,025 | ||||||||||||
Accumulated depreciation | (13,957 | ) | (12,837 | ) | |||||||||
$ | 19,461 | $ | 19,188 | ||||||||||
Railroad, Utilities and Energy [Member] | ' | ||||||||||||
Schedule of property, plant and equipment | ' | ||||||||||||
Property, plant and equipment of our railroad, utilities and energy businesses is comprised of the following (in millions). | |||||||||||||
Ranges of | September 30, | December 31, | |||||||||||
estimated useful life | 2013 | 2012 | |||||||||||
Railroad: | |||||||||||||
Land | — | $ | 5,968 | $ | 5,950 | ||||||||
Track structure and other roadway | 5 – 100 years | 39,420 | 38,255 | ||||||||||
Locomotives, freight cars and other equipment | 5 – 37 years | 7,082 | 6,528 | ||||||||||
Construction in progress | — | 1,112 | 963 | ||||||||||
Utilities and energy: | |||||||||||||
Utility generation, distribution and transmission system | 5 – 80 years | 43,899 | 42,682 | ||||||||||
Interstate pipeline assets | 3 – 80 years | 6,388 | 6,354 | ||||||||||
Independent power plants and other assets | 3 – 30 years | 2,424 | 1,860 | ||||||||||
Construction in progress | — | 3,504 | 2,647 | ||||||||||
109,797 | 105,239 | ||||||||||||
Accumulated depreciation | (18,702 | ) | (17,555 | ) | |||||||||
$ | 91,095 | $ | 87,684 | ||||||||||
Goodwill_and_other_intangible_1
Goodwill and other intangible assets (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Reconciliation of the change in goodwill | ' | ||||||||||||||||
A reconciliation of the change in the carrying value of goodwill is as follows (in millions). | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Balance at beginning of year | $ | 54,523 | $ | 53,213 | |||||||||||||
Acquisitions of businesses | 322 | 1,442 | |||||||||||||||
Other, including foreign currency translation | (110 | ) | (132 | ) | |||||||||||||
Balance at end of period | $ | 54,735 | $ | 54,523 | |||||||||||||
Schedule of intangible assets | ' | ||||||||||||||||
Intangible assets other than goodwill are included in other assets in our Consolidated Balance Sheets and are summarized by type as follows (in millions). | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Gross carrying | Accumulated | Gross carrying | Accumulated | ||||||||||||||
amount | amortization | amount | amortization | ||||||||||||||
Insurance and other | $ | 12,013 | $ | 3,525 | $ | 11,737 | $ | 2,994 | |||||||||
Railroad, utilities and energy | 2,198 | 1,147 | 2,163 | 913 | |||||||||||||
$ | 14,211 | $ | 4,672 | $ | 13,900 | $ | 3,907 | ||||||||||
Trademarks and trade names | $ | 2,865 | $ | 326 | $ | 2,819 | $ | 278 | |||||||||
Patents and technology | 5,162 | 2,470 | 5,014 | 2,059 | |||||||||||||
Customer relationships | 4,660 | 1,421 | 4,565 | 1,155 | |||||||||||||
Other | 1,524 | 455 | 1,502 | 415 | |||||||||||||
$ | 14,211 | $ | 4,672 | $ | 13,900 | $ | 3,907 | ||||||||||
Derivative_contracts_Tables
Derivative contracts (Tables) (Finance and Financial Products [Member]) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Finance and Financial Products [Member] | ' | ||||||||||||||||||||||||
Derivative contracts outstanding | ' | ||||||||||||||||||||||||
A summary of derivative contracts of our finance and financial products businesses follows (in millions). | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Assets (3) | Liabilities | Notional | Assets (3) | Liabilities | Notional | ||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||
Equity index put options | $ | — | $ | 5,355 | $ | 31,925 | (1) | $ | — | $ | 7,502 | $ | 33,357 | (1) | |||||||||||
Credit default | 4 | 478 | 8,510 | (2) | 41 | 429 | 11,691 | (2) | |||||||||||||||||
Other, principally interest rate and foreign currency | 8 | 14 | 130 | 2 | |||||||||||||||||||||
$ | 12 | $ | 5,847 | $ | 171 | $ | 7,933 | ||||||||||||||||||
(1) | Represents the aggregate undiscounted amount payable at the contract expiration dates assuming that the value of each index is zero at each contract’s expiration date. | ||||||||||||||||||||||||
(2) | Represents the maximum undiscounted future value of losses payable under the contracts, if all underlying issuers default and the residual value of the specified obligations is zero. | ||||||||||||||||||||||||
(3) | Included in other assets of finance and financial products businesses. | ||||||||||||||||||||||||
Derivative gains/losses included in the Consolidated Statements of Earnings | ' | ||||||||||||||||||||||||
Derivative gains/losses of our finance and financial products businesses included in our Consolidated Statements of Earnings were as follows (in millions). | |||||||||||||||||||||||||
Third Quarter | First Nine Months | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Equity index put options | $ | 519 | $ | (534 | ) | $ | 2,155 | $ | (1,018 | ) | |||||||||||||||
Credit default | (128 | ) | 316 | (43 | ) | 827 | |||||||||||||||||||
Other, principally interest rate and foreign currency | 36 | 100 | (18 | ) | 7 | ||||||||||||||||||||
$ | 427 | $ | (118 | ) | $ | 2,094 | $ | (184 | ) | ||||||||||||||||
Supplemental_cash_flow_informa1
Supplemental cash flow information (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Schedule of Cash Flow Supplemental Disclosures | ' | ||||||||
A summary of supplemental cash flow information for the first nine months of 2013 and 2012 is presented in the following table (in millions). | |||||||||
First Nine Months | |||||||||
2013 | 2012 | ||||||||
Cash paid during the period for: | |||||||||
Income taxes | $ | 4,028 | $ | 2,896 | |||||
Interest: | |||||||||
Insurance and other businesses | 321 | 290 | |||||||
Railroad, utilities and energy businesses | 1,507 | 1,393 | |||||||
Finance and financial products businesses | 401 | 471 | |||||||
Non-cash investing and financing activities: | |||||||||
Liabilities assumed in connection with business acquisitions | 275 | 793 |
Notes_payable_and_other_borrow1
Notes payable and other borrowings (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Insurance and Other [Member] | ' | ||||||||||||
Schedule of short and long term outstanding debt disclosure | ' | ||||||||||||
Notes payable and other borrowings are summarized below (in millions). The weighted average interest rates and maturity date ranges shown in the following tables are based on borrowings as of September 30, 2013. | |||||||||||||
Weighted | September 30, | December 31, | |||||||||||
Average | 2013 | 2012 | |||||||||||
Interest Rate | |||||||||||||
Insurance and other: | |||||||||||||
Issued by Berkshire parent company due 2013-2047 | 2.7 | % | $ | 8,305 | $ | 8,323 | |||||||
Short-term subsidiary borrowings | 0.3 | % | 1,063 | 1,416 | |||||||||
Other subsidiary borrowings due 2013-2035 | 5.9 | % | 3,655 | 3,796 | |||||||||
$ | 13,023 | $ | 13,535 | ||||||||||
Railroad, Utilities and Energy [Member] | ' | ||||||||||||
Schedule of short and long term outstanding debt disclosure | ' | ||||||||||||
Weighted | September 30, | December 31, | |||||||||||
Average | 2013 | 2012 | |||||||||||
Interest Rate | |||||||||||||
Railroad, utilities and energy: | |||||||||||||
Issued by MidAmerican Energy Holdings Company (“MidAmerican”) and its subsidiaries: | |||||||||||||
MidAmerican senior unsecured debt due 2014-2037 | 6.3 | % | $ | 4,621 | $ | 4,621 | |||||||
Subsidiary and other debt due 2013-2043 | 5 | % | 18,329 | 17,002 | |||||||||
Issued by BNSF due 2013-2097 | 5.3 | % | 17,066 | 14,533 | |||||||||
$ | 40,016 | $ | 36,156 | ||||||||||
Finance and Financial Products [Member] | ' | ||||||||||||
Schedule of short and long term outstanding debt disclosure | ' | ||||||||||||
Weighted | September 30, | December 31, | |||||||||||
Average | 2013 | 2012 | |||||||||||
Interest Rate | |||||||||||||
Finance and financial products: | |||||||||||||
Issued by Berkshire Hathaway Finance Corporation (“BHFC”) due 2013-2043 | 3.5 | % | $ | 11,182 | $ | 11,186 | |||||||
Issued by other subsidiaries due 2013-2036 | 4.7 | % | 1,528 | 1,859 | |||||||||
$ | 12,710 | $ | 13,045 |
Fair_value_measurements_Tables
Fair value measurements (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Financial assets and liabilities measured at fair value on a recurring basis | ' | ||||||||||||||||||||
Our financial assets and liabilities are summarized below as of September 30, 2013 and December 31, 2012 with fair values shown according to the fair value hierarchy (in millions). The carrying values of cash and cash equivalents, accounts receivable and accounts payable, accruals and other liabilities are considered to be reasonable estimates of their fair values. | |||||||||||||||||||||
Carrying | Fair Value | Quoted | Significant Other | Significant | |||||||||||||||||
Value | Prices | Observable Inputs | Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Investments in fixed maturity securities: | |||||||||||||||||||||
U.S. Treasury, U.S. government corporations and agencies | $ | 2,552 | $ | 2,552 | $ | 2,113 | $ | 438 | $ | 1 | |||||||||||
States, municipalities and political subdivisions | 2,533 | 2,533 | — | 2,533 | — | ||||||||||||||||
Foreign governments | 10,370 | 10,370 | 6,524 | 3,846 | — | ||||||||||||||||
Corporate bonds | 11,932 | 11,932 | — | 11,311 | 621 | ||||||||||||||||
Mortgage-backed securities | 2,148 | 2,148 | — | 2,148 | — | ||||||||||||||||
Investments in equity securities | 106,765 | 106,765 | 106,695 | 63 | 7 | ||||||||||||||||
Other investments carried at fair value | 16,085 | 16,085 | — | — | 16,085 | ||||||||||||||||
Other investments carried at cost | 12,922 | 13,143 | — | — | 13,143 | ||||||||||||||||
Loans and finance receivables | 12,838 | 12,016 | — | 493 | 11,523 | ||||||||||||||||
Derivative contract assets (1) | 73 | 73 | 1 | 19 | 53 | ||||||||||||||||
Derivative contract liabilities: | |||||||||||||||||||||
Railroad, utilities and energy (1) | 176 | 176 | 4 | 164 | 8 | ||||||||||||||||
Finance and financial products: | |||||||||||||||||||||
Equity index put options | 5,355 | 5,355 | — | — | 5,355 | ||||||||||||||||
Credit default | 478 | 478 | — | — | 478 | ||||||||||||||||
Other | 14 | 14 | — | 14 | — | ||||||||||||||||
Notes payable and other borrowings: | |||||||||||||||||||||
Insurance and other | 13,023 | 13,357 | — | 13,357 | — | ||||||||||||||||
Railroad, utilities and energy | 40,016 | 43,098 | — | 43,098 | — | ||||||||||||||||
Finance and financial products | 12,710 | 13,139 | — | 12,420 | 719 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Investments in fixed maturity securities: | |||||||||||||||||||||
U.S. Treasury, U.S. government corporations and agencies | $ | 2,775 | $ | 2,775 | $ | 1,225 | $ | 1,549 | $ | 1 | |||||||||||
States, municipalities and political subdivisions | 2,913 | 2,913 | — | 2,912 | 1 | ||||||||||||||||
Foreign governments | 11,355 | 11,355 | 4,571 | 6,784 | — | ||||||||||||||||
Corporate bonds | 12,661 | 12,661 | — | 12,011 | 650 | ||||||||||||||||
Mortgage-backed securities | 2,587 | 2,587 | — | 2,587 | — | ||||||||||||||||
Investments in equity securities | 87,662 | 87,662 | 87,563 | 64 | 35 | ||||||||||||||||
Other investments carried at fair value | 15,750 | 15,750 | — | — | 15,750 | ||||||||||||||||
Other investments carried at cost | 5,259 | 6,134 | — | — | 6,134 | ||||||||||||||||
Loans and finance receivables | 12,809 | 11,991 | — | 304 | 11,687 | ||||||||||||||||
Derivative contract assets (1) | 220 | 220 | 1 | 128 | 91 | ||||||||||||||||
Derivative contract liabilities: | |||||||||||||||||||||
Railroad, utilities and energy (1) | 234 | 234 | 10 | 217 | 7 | ||||||||||||||||
Finance and financial products: | |||||||||||||||||||||
Equity index put options | 7,502 | 7,502 | — | — | 7,502 | ||||||||||||||||
Credit default | 429 | 429 | — | — | 429 | ||||||||||||||||
Other | 2 | 2 | — | 2 | — | ||||||||||||||||
Notes payable and other borrowings: | |||||||||||||||||||||
Insurance and other | 13,535 | 14,284 | — | 14,284 | — | ||||||||||||||||
Railroad, utilities and energy | 36,156 | 42,074 | — | 42,074 | — | ||||||||||||||||
Finance and financial products | 13,045 | 14,005 | — | 13,194 | 811 | ||||||||||||||||
-1 | Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities. | ||||||||||||||||||||
Reconciliations of assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) | ' | ||||||||||||||||||||
Reconciliations of assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the first nine months of 2013 and 2012 follow (in millions). | |||||||||||||||||||||
Investments | Investments | Other | Net | ||||||||||||||||||
in fixed | in equity | investments | derivative | ||||||||||||||||||
maturity | securities | contract | |||||||||||||||||||
securities | liabilities | ||||||||||||||||||||
Balance at December 31, 2011 | $ | 784 | $ | 22 | $ | 11,669 | $ | (9,908 | ) | ||||||||||||
Gains (losses) included in: | |||||||||||||||||||||
Earnings | — | — | — | (199 | ) | ||||||||||||||||
Other comprehensive income | 6 | 13 | 2,776 | 3 | |||||||||||||||||
Regulatory assets and liabilities | — | — | — | — | |||||||||||||||||
Acquisitions, dispositions and settlements | (8 | ) | — | — | 186 | ||||||||||||||||
Transfers into (out of) Level 3 | (129 | ) | — | — | — | ||||||||||||||||
Balance at September 30, 2012 | $ | 653 | $ | 35 | $ | 14,445 | $ | (9,918 | ) | ||||||||||||
Balance at December 31, 2012 | $ | 652 | $ | 35 | $ | 15,750 | $ | (7,847 | ) | ||||||||||||
Gains (losses) included in: | |||||||||||||||||||||
Earnings | — | 3 | 520 | 2,119 | |||||||||||||||||
Other comprehensive income | (12 | ) | — | 1,310 | (5 | ) | |||||||||||||||
Regulatory assets and liabilities | — | — | — | 1 | |||||||||||||||||
Dispositions | (18 | ) | — | — | — | ||||||||||||||||
Settlements, net | — | (31 | ) | — | (56 | ) | |||||||||||||||
Transfers into (out of) Level 3 | — | — | (1,495 | ) | — | ||||||||||||||||
Balance at September 30, 2013 | $ | 622 | $ | 7 | $ | 16,085 | $ | (5,788 | ) | ||||||||||||
Fair value assets and liabilities measured on recurring basis, unobservable inputs, additional information | ' | ||||||||||||||||||||
Quantitative information as of September 30, 2013, with respect to assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follows (in millions). | |||||||||||||||||||||
Fair value | Principal valuation | Unobservable Input | Weighted | ||||||||||||||||||
techniques | Average | ||||||||||||||||||||
Other investments: | |||||||||||||||||||||
Preferred stocks | $ | 11,857 | Discounted cash flow | Expected duration | 6 years | ||||||||||||||||
Discount for transferability restrictions and subordination | 97 basis | ||||||||||||||||||||
points | |||||||||||||||||||||
Common stock warrants | 4,228 | Warrant pricing model | Discount for transferability and hedging restrictions | 21 | % | ||||||||||||||||
Net derivative liabilities: | |||||||||||||||||||||
Equity index put options | 5,355 | Option pricing model | Volatility | 21 | % | ||||||||||||||||
Credit default-states/municipalities | 478 | Discounted cash flow | Credit spreads | 98 basis | |||||||||||||||||
points |
Common_stock_Tables
Common stock (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Changes in issued and outstanding Berkshire common stock | ' | ||||||||||||||||||||||||
Changes in Berkshire’s issued and outstanding common stock during the first nine months of 2013 are shown in the table below. | |||||||||||||||||||||||||
Class A, $5 Par Value | Class B, $0.0033 Par Value | ||||||||||||||||||||||||
(1,650,000 shares authorized) | (3,225,000,000 shares authorized) | ||||||||||||||||||||||||
Issued | Treasury | Outstanding | Issued | Treasury | Outstanding | ||||||||||||||||||||
Balance at December 31, 2012 | 904,528 | (9,573 | ) | 894,955 | 1,123,393,956 | (1,408,484 | ) | 1,121,985,472 | |||||||||||||||||
Conversions of Class A common stock to Class B common stock and exercises of replacement stock options issued in a business acquisition | (30,363 | ) | — | (30,363 | ) | 46,882,626 | — | 46,882,626 | |||||||||||||||||
Balance at September 30, 2013 | 874,165 | (9,573 | ) | 864,592 | 1,170,276,582 | (1,408,484 | ) | 1,168,868,098 | |||||||||||||||||
Accumulated_other_comprehensiv1
Accumulated other comprehensive income (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Schedule of accumulated other comprehensive income | ' | ||||||||||||||||||||
A summary of the net changes in after-tax accumulated other comprehensive income and significant amounts reclassified out of accumulated other comprehensive income attributable to Berkshire Hathaway shareholders for the nine-month period ended September 30, 2013 follows (in millions). | |||||||||||||||||||||
Unrealized | Foreign | Prior service | Other | Accumulated | |||||||||||||||||
appreciation of | currency | and actuarial | other | ||||||||||||||||||
investments, net | translation | gains/losses of | comprehensive | ||||||||||||||||||
defined benefit | income | ||||||||||||||||||||
pension plans | |||||||||||||||||||||
Balance at December 31, 2012 | $ | 29,254 | $ | (120 | ) | $ | (1,601 | ) | $ | (33 | ) | $ | 27,500 | ||||||||
Other comprehensive income (loss) before reclassifications | 8,252 | (191 | ) | (17 | ) | 49 | 8,093 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (738 | ) | (31 | ) | 81 | 4 | (684 | ) | |||||||||||||
Transactions with noncontrolling interests | — | (12 | ) | — | — | (12 | ) | ||||||||||||||
7,514 | (234 | ) | 64 | 53 | 7,397 | ||||||||||||||||
Balance at September 30, 2013 | $ | 36,768 | $ | (354 | ) | $ | (1,537 | ) | $ | 20 | $ | 34,897 | |||||||||
Amounts reclassified from other comprehensive income into net earnings for the first nine months of 2013 are included on the following line items: | |||||||||||||||||||||
Investment gains/losses: | |||||||||||||||||||||
Insurance and other | $ | (1,062 | ) | $ | — | $ | — | $ | — | $ | (1,062 | ) | |||||||||
Finance and financial products | (73 | ) | — | — | — | (73 | ) | ||||||||||||||
Other (1) | — | (31 | ) | 114 | 8 | 91 | |||||||||||||||
Reclassifications before income taxes | (1,135 | ) | (31 | ) | 114 | 8 | (1,044 | ) | |||||||||||||
Applicable income taxes | (397 | ) | — | 33 | 4 | (360 | ) | ||||||||||||||
$ | (738 | ) | $ | (31 | ) | $ | 81 | $ | 4 | $ | (684 | ) | |||||||||
(1) | Amounts are included on various line items, and are immaterial individually and in the aggregate. |
Business_segment_data_Tables
Business segment data (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Schedule of revenues and earnings by segment | ' | ||||||||||||||||
Revenues by segment for the third quarter and first nine months of 2013 and 2012 were as follows (in millions). | |||||||||||||||||
Third Quarter | First Nine Months | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Operating Businesses: | |||||||||||||||||
Insurance group: | |||||||||||||||||
Premiums earned: | |||||||||||||||||
GEICO | $ | 4,730 | $ | 4,240 | $ | 13,726 | $ | 12,388 | |||||||||
General Re | 1,454 | 1,445 | 4,422 | 4,342 | |||||||||||||
Berkshire Hathaway Reinsurance Group | 2,219 | 2,578 | 6,918 | 6,983 | |||||||||||||
Berkshire Hathaway Primary Group | 867 | 588 | 2,396 | 1,631 | |||||||||||||
Investment income | 1,084 | 981 | 3,628 | 3,436 | |||||||||||||
Total insurance group | 10,354 | 9,832 | 31,090 | 28,780 | |||||||||||||
BNSF | 5,651 | 5,343 | 16,257 | 15,407 | |||||||||||||
Finance and financial products | 1,078 | 1,006 | 3,092 | 2,981 | |||||||||||||
Marmon | 1,753 | 1,795 | 5,299 | 5,451 | |||||||||||||
McLane Company | 11,547 | 9,534 | 33,707 | 26,611 | |||||||||||||
MidAmerican | 3,392 | 3,076 | 9,564 | 8,718 | |||||||||||||
Other businesses | 10,691 | 9,616 | 31,492 | 28,800 | |||||||||||||
44,466 | 40,202 | 130,501 | 116,748 | ||||||||||||||
Reconciliation of segments to consolidated amount: | |||||||||||||||||
Investment and derivative gains/losses | 2,141 | 799 | 4,805 | 752 | |||||||||||||
Eliminations and other | (66 | ) | 49 | (205 | ) | 243 | |||||||||||
$ | 46,541 | $ | 41,050 | $ | 135,101 | $ | 117,743 | ||||||||||
Earnings before income taxes by segment for the third quarter and first nine months of 2013 and 2012 were as follows (in millions). | |||||||||||||||||
Third Quarter | First Nine Months | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Operating Businesses: | |||||||||||||||||
Insurance group: | |||||||||||||||||
Underwriting gain (loss): | |||||||||||||||||
GEICO | $ | 307 | $ | 435 | $ | 909 | $ | 714 | |||||||||
General Re | 63 | 154 | 182 | 373 | |||||||||||||
Berkshire Hathaway Reinsurance Group | (206 | ) | (102 | ) | 1,159 | 320 | |||||||||||
Berkshire Hathaway Primary Group | 99 | 121 | 228 | 243 | |||||||||||||
Net investment income | 1,078 | 976 | 3,609 | 3,421 | |||||||||||||
Total insurance group | 1,341 | 1,584 | 6,087 | 5,071 | |||||||||||||
BNSF | 1,556 | 1,508 | 4,242 | 3,903 | |||||||||||||
Finance and financial products | 253 | 175 | 631 | 527 | |||||||||||||
Marmon | 306 | 293 | 886 | 869 | |||||||||||||
McLane Company | 126 | 130 | 372 | 305 | |||||||||||||
MidAmerican | 586 | 542 | 1,574 | 1,349 | |||||||||||||
Other businesses | 1,363 | 1,210 | 3,837 | 3,609 | |||||||||||||
5,531 | 5,442 | 17,629 | 15,633 | ||||||||||||||
Reconciliation of segments to consolidated amount: | |||||||||||||||||
Investment and derivative gains/losses | 2,141 | 799 | 4,805 | 752 | |||||||||||||
Interest expense, excluding interest allocated to operating businesses | (80 | ) | (52 | ) | (226 | ) | (196 | ) | |||||||||
Eliminations and other | (214 | ) | (253 | ) | (644 | ) | (707 | ) | |||||||||
$ | 7,378 | $ | 5,936 | $ | 21,564 | $ | 15,482 | ||||||||||
Significant_business_acquisiti1
Significant business acquisitions - Narrative (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
Series of Individually Immaterial Business Acquisitions [Member] | Renewable Energy Generation Entities [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Aggregate consideration paid for acquisitions | $830 | $1,831 | $3,200 | $438 |
Investments_in_fixed_maturity_2
Investments in fixed maturity securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Summary of Investment Holdings [Line Items] | ' | ' |
Unrealized Gains on Investments | $48,373 | $37,357 |
Unrealized Losses on Investments | -333 | -202 |
Fixed Maturities [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Amortized Cost of Investments | 27,213 | 29,261 |
Unrealized Gains on Investments | 2,418 | 3,085 |
Unrealized Losses on Investments | -96 | -55 |
Fair Value of Investments | 29,535 | 32,291 |
Fixed Maturities [Member] | U.S. Treasury, U.S. government corporations and agencies [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Amortized Cost of Investments | 2,537 | 2,742 |
Unrealized Gains on Investments | 21 | 33 |
Unrealized Losses on Investments | -6 | ' |
Fair Value of Investments | 2,552 | 2,775 |
Fixed Maturities [Member] | States, municipalities and political subdivisions [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Amortized Cost of Investments | 2,397 | 2,735 |
Unrealized Gains on Investments | 141 | 178 |
Unrealized Losses on Investments | -5 | ' |
Fair Value of Investments | 2,533 | 2,913 |
Fixed Maturities [Member] | Foreign governments [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Amortized Cost of Investments | 10,225 | 11,098 |
Unrealized Gains on Investments | 213 | 302 |
Unrealized Losses on Investments | -68 | -45 |
Fair Value of Investments | 10,370 | 11,355 |
Fixed Maturities [Member] | Corporate bonds [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Amortized Cost of Investments | 10,136 | 10,410 |
Unrealized Gains on Investments | 1,806 | 2,254 |
Unrealized Losses on Investments | -10 | -3 |
Fair Value of Investments | 11,932 | 12,661 |
Fixed Maturities [Member] | Mortgage-backed securities [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Amortized Cost of Investments | 1,918 | 2,276 |
Unrealized Gains on Investments | 237 | 318 |
Unrealized Losses on Investments | -7 | -7 |
Fair Value of Investments | $2,148 | $2,587 |
Investments_in_fixed_maturity_3
Investments in fixed maturity securities - Narrative (Detail) (Fixed Maturities [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Summary of Investment Holdings [Line Items] | ' | ' |
Unrealized losses related to securities that have been in an unrealized loss position for more than 12 months | $12 | $9 |
Foreign governments [Member] | Germany, the United Kingdom, Australia, Canada and the Netherlands [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Percentage of fixed maturity investments by geographic location | 81.00% | ' |
Foreign governments [Member] | AA or Higher Credit Rating [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Percentage of fixed maturity investments by credit rating | 94.00% | ' |
Investments_in_fixed_maturity_4
Investments in fixed maturity securities - Amortized cost and estimated fair value of securities with fixed maturities (Detail) (Fixed Maturities [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Summary of Investment Holdings [Line Items] | ' | ' |
Due in one year or less - amortized cost | $6,733 | ' |
Due after one year through five years - amortized cost | 11,297 | ' |
Due after five years through ten years - amortized cost | 4,411 | ' |
Due after ten years - amortized cost | 2,854 | ' |
Total - amortized cost | 27,213 | ' |
Due in one year or less - fair value | 6,916 | ' |
Due after one year through five years - fair value | 12,249 | ' |
Due after five years through ten years - fair value | 4,970 | ' |
Due after ten years - fair value | 3,252 | ' |
Fair Value of Investments | 29,535 | 32,291 |
Mortgage-backed securities [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Mortgage-backed securities - amortized cost | 1,918 | ' |
Mortgage-backed securities - fair value | 2,148 | ' |
Fair Value of Investments | $2,148 | $2,587 |
Investments_in_equity_securiti2
Investments in equity securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Summary of Investment Holdings [Line Items] | ' | ' |
Cost Basis of Investments | $58,725 | $50,507 |
Unrealized Gains on Investments | 48,373 | 37,357 |
Unrealized Losses on Investments | -333 | -202 |
Fair Value of Investments | 106,765 | 87,662 |
Banks, insurance and finance [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Cost Basis of Investments | 22,424 | 18,600 |
Unrealized Gains on Investments | 22,302 | 14,753 |
Unrealized Losses on Investments | ' | -2 |
Fair Value of Investments | 44,726 | 33,351 |
Consumer products [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Cost Basis of Investments | 7,173 | 7,546 |
Unrealized Gains on Investments | 16,114 | 14,917 |
Fair Value of Investments | 23,287 | 22,463 |
Commercial, industrial and other [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Cost Basis of Investments | 29,128 | 24,361 |
Unrealized Gains on Investments | 9,957 | 7,687 |
Unrealized Losses on Investments | -333 | -200 |
Fair Value of Investments | $38,752 | $31,848 |
Investments_in_equity_securiti3
Investments in equity securities - Narrative (Detail) (Equity Securities [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Investment Concentration [Member] | ||
Item | |||
Summary of Investment Holdings [Line Items] | ' | ' | ' |
Concentration percentage | ' | ' | 55.00% |
Number of companies in concentration percentage | ' | ' | 4 |
Unrealized losses related to securities that have been in an unrealized loss position for more than 12 months | $75 | $45 | ' |
Investments_in_equity_securiti4
Investments in equity securities - Fair value by segment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Investments in equity securities | $106,765 | $87,662 | ||
Insurance and Other [Member] | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Investments in equity securities | 104,893 | 86,467 | ||
Railroad, Utilities and Energy [Member] | Other Assets [Member] | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Investments in equity securities | 1,004 | [1] | 675 | [1] |
Finance and Financial Products [Member] | Other Assets [Member] | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Investments in equity securities | $868 | [1] | $520 | [1] |
[1] | Included in other assets. |
Other_investments_Detail
Other investments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Insurance and Other [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Carrying Value | $23,732 | $16,057 |
Finance and Financial Products [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Carrying Value | 5,275 | 4,952 |
Other Investments [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Cost Basis | 23,143 | 16,257 |
Unrealized Gains | 6,085 | 5,627 |
Fair Value | 29,228 | 21,884 |
Carrying Value | 29,007 | 21,009 |
Other Investments [Member] | Heinz Holding [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Cost Basis | 12,250 | ' |
Fair Value | 12,250 | ' |
Carrying Value | 12,051 | ' |
Other Investments [Member] | Insurance and Other [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Cost Basis | 7,841 | 13,109 |
Unrealized Gains | 3,862 | 3,823 |
Fair Value | 11,703 | 16,932 |
Carrying Value | 11,681 | 16,057 |
Other Investments [Member] | Finance and Financial Products [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Cost Basis | 3,052 | 3,148 |
Unrealized Gains | 2,223 | 1,804 |
Fair Value | 5,275 | 4,952 |
Carrying Value | $5,275 | $4,952 |
Other_investments_Narrative_De
Other investments - Narrative (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 60 Months Ended | 1 Months Ended | 60 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 57 Months Ended | 1 Months Ended | 25 Months Ended | 1 Months Ended | 0 Months Ended | 4 Months Ended | 4 Months Ended | 9 Months Ended | 4 Months Ended | 4 Months Ended | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2008 | Oct. 31, 2008 | Oct. 31, 2013 | Sep. 30, 2013 | Oct. 31, 2008 | Oct. 31, 2008 | Oct. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2009 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2008 | Oct. 31, 2008 | Sep. 30, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2009 | Sep. 30, 2013 | Sep. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 07, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | |
Corporate Joint Venture [Member] | Goldman Sachs Group Inc [Member] | Goldman Sachs Group Inc [Member] | Goldman Sachs Group Inc [Member] | Goldman Sachs Group Inc [Member] | General Electric Company [Member] | General Electric Company [Member] | General Electric Company [Member] | General Electric Company [Member] | Wm Wrigley Jr Company [Member] | Wm Wrigley Jr Company [Member] | Wm Wrigley Jr Company [Member] | Wm Wrigley Jr Company [Member] | Wm Wrigley Jr Company [Member] | Wm Wrigley Jr Company [Member] | Wm Wrigley Jr Company [Member] | Wm Wrigley Jr Company [Member] | Wm Wrigley Jr Company [Member] | Wm Wrigley Jr Company [Member] | The Dow Chemical Company [Member] | The Dow Chemical Company [Member] | The Dow Chemical Company [Member] | Bank of America Corporation [Member] | Bank of America Corporation [Member] | Bank of America Corporation [Member] | Bank of America Corporation [Member] | Heinz Holding [Member] | Heinz Holding [Member] | Heinz Holding [Member] | Heinz Holding [Member] | Heinz Holding [Member] | Heinz Holding [Member] | Heinz Holding [Member] | Heinz Holding [Member] | Heinz Holding [Member] | Heinz Holding [Member] | Heinz Holding [Member] | Heinz Holding [Member] | Goldman Sachs and General Electric [Member] | Goldman Sachs and General Electric [Member] | ||||||
Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Equity Securities [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Equity Securities [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Heinz [Member] | Heinz [Member] | 3G Capital (venture partner) [Member] | 3G Capital (venture partner) [Member] | 3G Capital (venture partner) [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Equity Securities [Member] | |||||||
Cumulative Perpetual Preferred Stock [Member] | Cumulative Perpetual Preferred Stock and Warrants [Member] | Subsequent Event [Member] | Cumulative Perpetual Preferred Stock [Member] | Cumulative Perpetual Preferred Stock and Warrants [Member] | Subsequent Event [Member] | Senior Notes Due 2013 and 2014 [Member] | Senior Notes Due 2013 and 2014 [Member] | Subordinated Debt Due 2018 [Member] | Subordinated Debt Due 2018 [Member] | Subordinated Debt Due 2018 [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Corporate Joint Venture [Member] | Series A Cumulative Convertible Perpetual Preferred Stock [Member] | Series A Cumulative Convertible Perpetual Preferred Stock [Member] | Series A Cumulative Convertible Perpetual Preferred Stock [Member] | Cumulative Perpetual Preferred Stock [Member] | Cumulative Perpetual Preferred Stock [Member] | Cumulative Perpetual Preferred Stock and Warrants [Member] | Warrants Expiring 2021 [Member] | Stock Options [Member] | Common Stock [Member] | Common Stock [Member] | Heinz [Member] | Warrants Expiring June 7, 2018 [Member] | Cumulative Compounding Preferred Stock [Member] | Cumulative Compounding Preferred Stock [Member] | Common Stock, Cumulative Compounding Preferred Stock and Warrants [Member] | Berkshire Hathaway (Parent) [Member] | Berkshire Hathaway (Parent) [Member] | Berkshire Hathaway (Parent) [Member] | Common Stock Warrants [Member] | Subsequent Event [Member] | ||||||||||
Held-to-maturity Securities [Member] | Held-to-maturity Securities [Member] | Held-to-maturity Securities [Member] | Held-to-maturity Securities [Member] | Held-to-maturity Securities [Member] | Available-for-sale Securities [Member] | Available-for-sale Securities [Member] | Subordinated Debt Due 2018 [Member] | Subordinated Debt Due 2018 [Member] | Senior Notes Due 2013 and 2014 [Member] | Management [Member] | Common Stock [Member] | Heinz [Member] | |||||||||||||||||||||||||||||||||
Held-to-maturity Securities [Member] | Held-to-maturity Securities [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Other Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment, number of shares purchased | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | 50,000 | ' | ' | ' | ' | ' | ' | 425,000,000 | ' | ' | ' | ' | ' | ' | 425,000,000 | ' | ' | ' |
Investment in preferred stock, stated dividend rate | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | 8.50% | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' |
Number of common shares that can be purchased | ' | ' | ' | ' | ' | ' | 43,478,260 | ' | ' | ' | 134,831,460 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000,000 | ' | ' | ' | ' | ' | 46,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount paid for an investment | ' | ' | $12,250,000,000 | ' | ' | ' | ' | ' | $5,000,000,000 | ' | ' | ' | $3,000,000,000 | ' | ' | ' | ' | ' | ' | $2,100,000,000 | ' | ' | ' | ' | ' | $3,000,000,000 | ' | ' | ' | $5,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,250,000,000 | ' | ' | ' | ' | ' |
Aggregate cost to exercise warrants | ' | ' | ' | ' | ' | ' | 5,000,000,000 | ' | ' | ' | 3,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price for warrants, per share | ' | ' | ' | ' | ' | ' | $115 | ' | ' | ' | $22.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.14 | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares received upon cashless exercise of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,062,594 | ' | ' | ' | 10,710,644 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of equity securities | 106,765,000,000 | ' | 106,765,000,000 | ' | 87,662,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000,000 |
Investment gains/losses | 1,714,000,000 | 917,000,000 | 2,711,000,000 | 936,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 680,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000,000 | ' |
Acquisition of debt investments, par value when acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' | 4,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in debt securities, stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Specified price for repurchase of notes, percentage of par value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from repurchase of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,080,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment owned, face value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment ownership percentage | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Conversion ratio of preferred stock into common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24.201 | ' | 24.201 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock conversion price, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $41.32 | ' | $41.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock threshold price, per share, to trigger the issuer's option to convert preferred stock into common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $53.72 | ' | $53.72 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum number of trading days in a consecutive-day period that the issuer's common stock price must exceed to trigger the issuer's option to convert preferred stock to common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Range of trading days in a consecutive day period, number of days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption value of Cumulative Perpetual Preferred Stock, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $105,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption value of Cumulative Perpetual Preferred Stock, aggregate value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cash price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $72.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate cash paid for acquiree's equity securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,250,000,000 | ' | 4,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in preferred stock, liquidation value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,000,000,000 | $8,000,000,000 | ' | ' | ' | ' | ' | ' |
Common shares reserved for issuance under options to management of acquiree | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in preferred stock, call feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Callable after June 7, 2016 at the liquidation value plus an applicable premium and any accrued and unpaid dividends | ' | ' | ' | ' | ' | ' |
Minimum percentage of initial common stock investment required to be held to maintain approval rights over significant transactions and governance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66.00% | ' | ' | ' | ' | ' | ' | 66.00% | ' | ' |
Other_investments_Summarized_f
Other investments - Summarized financial information of Heinz Holding (Detail) (Other Investments [Member], Heinz Holding [Member], USD $) | 2 Months Ended |
In Millions, unless otherwise specified | Jul. 28, 2013 |
Other Investments [Member] | Heinz Holding [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Assets | $38,464 |
Liabilities | 21,862 |
Sales | 1,527 |
Net earnings (loss) | ($76) |
Investment_gainslosses_Detail
Investment gains/losses (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' |
OTTI losses | ($143) | ' | ($228) | ($337) |
Investment gains/losses | 1,714 | 917 | 2,711 | 936 |
Insurance and Other [Member] | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Investment gains/losses | 1,640 | 725 | 2,529 | 720 |
Finance and Financial Products [Member] | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Investment gains/losses | 74 | 192 | 182 | 216 |
Fixed Maturities [Member] | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Gross gains from sales and other disposals | 727 | 77 | 809 | 168 |
Gross losses from sales and other disposals | -55 | ' | -147 | -345 |
Equity Securities [Member] | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Gross gains from sales and other disposals | 548 | 645 | 918 | 1,218 |
Gross losses from sales and other disposals | -37 | -4 | -57 | -11 |
Other Types Of Investments [Member] | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Investment gains/losses | $674 | $199 | $1,416 | $243 |
Investment_gainslosses_Narrati
Investment gains/losses - Narrative (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Gain (Loss) on Investments [Line Items] | ' | ' | ' |
OTTI losses | $143 | $228 | $337 |
Bonds [Member] | Texas Competitive Electric Holdings [Member] | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' |
OTTI losses | ' | $228 | $337 |
Receivables_Detail
Receivables (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Insurance and Other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Insurance premiums receivable | $8,080 | $7,845 |
Reinsurance recoverable on unpaid losses | 3,081 | 2,925 |
Trade and other receivables | 16,363 | 11,369 |
Allowances for uncollectible accounts | -379 | -386 |
Receivables | 27,145 | 21,753 |
Finance and Financial Products [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Consumer installment loans and finance receivables | 12,540 | 12,701 |
Commercial loans and finance receivables | 642 | 469 |
Allowances for uncollectible loans | -344 | -361 |
Total loans and finance receivables of finance and financial products businesses | $12,838 | $12,809 |
Receivables_Narrative_Detail
Receivables - Narrative (Detail) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Insurance and Other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Trade and other receivables | $16,363 | ' | $11,369 |
Receivable related to repurchase of Wrigley subordinated notes [Member] | Insurance and Other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Trade and other receivables | 5,080 | ' | ' |
Consumer installment loans and finance receivables [Member] | Finance and Financial Products [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Provisions for loan losses | 192 | 243 | ' |
Loan charge-offs, net of recoveries | 209 | 256 | ' |
Unamortized acquisition discounts on loans | $418 | ' | $459 |
Percent of loan balances evaluated collectively for impairment | 98.00% | ' | ' |
Commercial loans and finance receivables [Member] | Finance and Financial Products [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Percent of loan balances evaluated individually for impairment | 70.00% | ' | ' |
Loans and finance receivables [Member] | Finance and Financial Products [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Percent of loan balances that are performing | 98.00% | ' | ' |
Percent of loan balances that are current as to payment status | 94.00% | ' | ' |
Inventories_Detail
Inventories (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials | $1,815 | $1,699 |
Work in process and other | 854 | 883 |
Finished manufactured goods | 3,313 | 3,187 |
Goods acquired for resale | 3,898 | 3,906 |
Total inventory | $9,880 | $9,675 |
Property_plant_and_equipment_D
Property, plant and equipment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Railroad [Member] | Railroad [Member] | Railroad [Member] | Railroad [Member] | Railroad [Member] | Railroad [Member] | Railroad [Member] | Railroad [Member] | Utilities and Energy [Member] | Utilities and Energy [Member] | Utilities and Energy [Member] | Utilities and Energy [Member] | Utilities and Energy [Member] | Utilities and Energy [Member] | Utilities and Energy [Member] | Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] |
Buildings and improvements [Member] | Buildings and improvements [Member] | Machinery and equipment [Member] | Machinery and equipment [Member] | Furniture, fixtures and other [Member] | Furniture, fixtures and other [Member] | Assets held for lease [Member] | Assets held for lease [Member] | Land [Member] | Land [Member] | Land [Member] | Land [Member] | Track structure and other roadway [Member] | Track structure and other roadway [Member] | Locomotives, freight cars and other equipment [Member] | Locomotives, freight cars and other equipment [Member] | Construction in progress [Member] | Construction in progress [Member] | Utility generation, distribution and transmission system [Member] | Utility generation, distribution and transmission system [Member] | Interstate pipeline assets [Member] | Interstate pipeline assets [Member] | Independent power plants and other assets [Member] | Independent power plants and other assets [Member] | Construction in progress [Member] | Construction in progress [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Railroad [Member] | Railroad [Member] | Utilities and Energy [Member] | Utilities and Energy [Member] | Utilities and Energy [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Railroad [Member] | Railroad [Member] | Utilities and Energy [Member] | Utilities and Energy [Member] | Utilities and Energy [Member] | |||||
Buildings and improvements [Member] | Machinery and equipment [Member] | Furniture, fixtures and other [Member] | Assets held for lease [Member] | Track structure and other roadway [Member] | Locomotives, freight cars and other equipment [Member] | Utility generation, distribution and transmission system [Member] | Interstate pipeline assets [Member] | Independent power plants and other assets [Member] | Buildings and improvements [Member] | Machinery and equipment [Member] | Furniture, fixtures and other [Member] | Assets held for lease [Member] | Track structure and other roadway [Member] | Locomotives, freight cars and other equipment [Member] | Utility generation, distribution and transmission system [Member] | Interstate pipeline assets [Member] | Independent power plants and other assets [Member] | |||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | $33,418 | $32,025 | $6,261 | $6,074 | $16,008 | $15,436 | $2,934 | $2,736 | $7,111 | $6,731 | $1,104 | $1,048 | $5,968 | $5,950 | $39,420 | $38,255 | $7,082 | $6,528 | $1,112 | $963 | $43,899 | $42,682 | $6,388 | $6,354 | $2,424 | $1,860 | $3,504 | $2,647 | $109,797 | $105,239 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated depreciation | -13,957 | -12,837 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18,702 | -17,555 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total property, plant and equipment, net | $19,461 | $19,188 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $91,095 | $87,684 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '3 years | '2 years | '12 years | '5 years | '5 years | '5 years | '3 years | '3 years | '40 years | '20 years | '20 years | '30 years | '100 years | '37 years | '80 years | '80 years | '30 years |
Property_plant_and_equipment_N
Property, plant and equipment - Narrative (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciation expense | $4,036 | $3,814 |
Insurance and Other [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciation expense | 1,497 | 1,443 |
Railroad, Utilities and Energy [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciation expense | $2,403 | $2,235 |
Goodwill_and_other_intangible_2
Goodwill and other intangible assets (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Balance at beginning of year | $54,523 | $53,213 |
Acquisitions of businesses | 322 | 1,442 |
Other, including foreign currency translation | -110 | -132 |
Balance at end of period | $54,735 | $54,523 |
Goodwill_and_other_intangible_3
Goodwill and other intangible assets - Intangible assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | $14,211 | $13,900 |
Accumulated amortization | 4,672 | 3,907 |
Trademarks and trade names [Member] | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 2,865 | 2,819 |
Accumulated amortization | 326 | 278 |
Patents and technology [Member] | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 5,162 | 5,014 |
Accumulated amortization | 2,470 | 2,059 |
Customer relationships [Member] | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 4,660 | 4,565 |
Accumulated amortization | 1,421 | 1,155 |
Other Intangible Assets [Member] | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 1,524 | 1,502 |
Accumulated amortization | 455 | 415 |
Insurance and Other [Member] | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 12,013 | 11,737 |
Accumulated amortization | 3,525 | 2,994 |
Railroad, Utilities and Energy [Member] | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 2,198 | 2,163 |
Accumulated amortization | $1,147 | $913 |
Goodwill_and_other_intangible_4
Goodwill and other intangible assets - Intangible assets - Narrative (Detail) (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Finite-lived Intangible Assets [Member] | Finite-lived Intangible Assets [Member] | Unclassified Indefinite-lived Intangible Assets [Member] | Unclassified Indefinite-lived Intangible Assets [Member] | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | $797 | $760 | ' | ' |
Intangible assets with indefinite lives, excluding goodwill | ' | ' | $2,344 | $2,328 |
Derivative_contracts_Detail
Derivative contracts (Detail) (Finance and Financial Products [Member], Not Designated as Hedging Instrument [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Derivative [Line Items] | ' | ' | ||
Liabilities | $5,847 | $7,933 | ||
Equity Index Put Options [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Liabilities | 5,355 | 7,502 | ||
Notional Value | 31,925 | [1] | 33,357 | [1] |
Credit Default Contracts [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Liabilities | 478 | 429 | ||
Notional Value | 8,510 | [2] | 11,691 | [2] |
Other, principally interest rate and foreign currency [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Liabilities | 14 | 2 | ||
Other Assets [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Assets | 12 | [3] | 171 | [3] |
Other Assets [Member] | Credit Default Contracts [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Assets | 4 | [3] | 41 | [3] |
Other Assets [Member] | Other, principally interest rate and foreign currency [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Assets | $8 | [3] | $130 | [3] |
[1] | Represents the aggregate undiscounted amount payable at the contract expiration dates assuming that the value of each index is zero at each contract's expiration date. | |||
[2] | Represents the maximum undiscounted future value of losses payable under the contracts, if all underlying issuers default and the residual value of the specified obligations is zero. | |||
[3] | Included in other assets of finance and financial products businesses. |
Derivative_contracts_gains_and
Derivative contracts - gains and losses (Detail) (Finance and Financial Products [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative gains/losses | $427 | ($118) | $2,094 | ($184) |
Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative gains/losses | 427 | -118 | 2,094 | -184 |
Not Designated as Hedging Instrument [Member] | Equity Index Put Options [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative gains/losses | 519 | -534 | 2,155 | -1,018 |
Not Designated as Hedging Instrument [Member] | Credit Default Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative gains/losses | -128 | 316 | -43 | 827 |
Not Designated as Hedging Instrument [Member] | Other, principally interest rate and foreign currency [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative gains/losses | $36 | $100 | ($18) | $7 |
Derivative_contracts_Narrative
Derivative contracts - Narrative (Detail) (Not Designated as Hedging Instrument [Member], USD $) | 9 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2012 | |||
Finance and Financial Products [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Collateral posting requirements under contracts with collateral provisions | $0 | $40,000,000 | ||
Additional collateral posting requirements | 1,100,000,000 | ' | ||
Liabilities | 5,847,000,000 | 7,933,000,000 | ||
Finance and Financial Products [Member] | Other Assets [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Assets | 12,000,000 | [1] | 171,000,000 | [1] |
Finance and Financial Products [Member] | Equity Index Put Options [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Aggregate intrinsic value of equity index put option contracts | 2,300,000,000 | 3,900,000,000 | ||
Maturity date, range, start | 'June 2018 | ' | ||
Maturity date, range, end | 'January 2026 | ' | ||
Weighted average remaining life of derivative contract | '7 years 3 months | ' | ||
Liabilities | 5,355,000,000 | 7,502,000,000 | ||
Finance and Financial Products [Member] | Credit Default Contracts - Individual Corporate and High Yield Corporate [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional amount of derivatives expiring within one year | 718,000,000 | ' | ||
Finance and Financial Products [Member] | Credit Default Contracts - States and Municipalities [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Maturity date, range, start | '2019 | ' | ||
Maturity date, range, end | '2054 | ' | ||
Weighted average remaining life of derivative contract | '18 years | ' | ||
Notional value | 7,800,000,000 | ' | ||
Railroad, Utilities and Energy [Member] | Other Assets [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Assets | 61,000,000 | 49,000,000 | ||
Railroad, Utilities and Energy [Member] | Accounts Payable, Accruals and Other Liabilities [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Liabilities | $176,000,000 | $234,000,000 | ||
[1] | Included in other assets of finance and financial products businesses. |
Supplemental_cash_flow_informa2
Supplemental cash flow information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Cash Flow Information [Line Items] | ' | ' |
Cash paid during the period for income taxes | $4,028 | $2,896 |
Non-cash investing activity - liabilities assumed in connection with business acquisitions | 275 | 793 |
Insurance and Other [Member] | ' | ' |
Supplemental Cash Flow Information [Line Items] | ' | ' |
Cash paid during the period for interest | 321 | 290 |
Railroad, Utilities and Energy [Member] | ' | ' |
Supplemental Cash Flow Information [Line Items] | ' | ' |
Cash paid during the period for interest | 1,507 | 1,393 |
Finance and Financial Products [Member] | ' | ' |
Supplemental Cash Flow Information [Line Items] | ' | ' |
Cash paid during the period for interest | $401 | $471 |
Notes_payable_and_other_borrow2
Notes payable and other borrowings (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Finance and Financial Products [Member] | Finance and Financial Products [Member] | Finance and Financial Products [Member] | Finance and Financial Products [Member] | Finance and Financial Products [Member] | Finance and Financial Products [Member] | Finance and Financial Products [Member] | Finance and Financial Products [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] |
MidAmerican [Member] | MidAmerican [Member] | MidAmerican [Member] | MidAmerican Subsidiaries [Member] | MidAmerican Subsidiaries [Member] | MidAmerican Subsidiaries [Member] | BNSF [Member] | BNSF [Member] | BNSF [Member] | Berkshire Hathaway Finance Corporation [Member] | Berkshire Hathaway Finance Corporation [Member] | Berkshire Hathaway Finance Corporation [Member] | Other Finance Subsidiaries [Member] | Other Finance Subsidiaries [Member] | Other Finance Subsidiaries [Member] | Berkshire Hathaway (Parent) [Member] | Berkshire Hathaway (Parent) [Member] | Berkshire Hathaway (Parent) [Member] | Insurance and Other Subsidiaries [Member] | Insurance and Other Subsidiaries [Member] | Insurance and Other Subsidiaries [Member] | |||||||
Debt [Member] | Debt [Member] | Debt [Member] | Debt [Member] | Debt [Member] | Debt [Member] | Debt [Member] | |||||||||||||||||||||
Notes payable and other borrowings [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date, range, start | ' | ' | ' | ' | '2014 | ' | ' | '2013 | ' | ' | '2013 | ' | ' | ' | ' | '2013 | ' | ' | '2013 | ' | ' | ' | ' | '2013 | ' | ' | '2013 |
Maturity date, range, end | ' | ' | ' | ' | '2037 | ' | ' | '2043 | ' | ' | '2097 | ' | ' | ' | ' | '2043 | ' | ' | '2036 | ' | ' | ' | ' | '2047 | ' | ' | '2035 |
Short-term debt, weighted average interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' |
Senior unsecured debt | ' | ' | $4,621 | $4,621 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Interest Rate, percentage | ' | ' | 6.30% | ' | ' | 5.00% | ' | ' | 5.30% | ' | ' | ' | ' | 3.50% | ' | ' | 4.70% | ' | ' | ' | ' | 2.70% | ' | ' | 5.90% | ' | ' |
Notes payable and other borrowings | 40,016 | 36,156 | ' | ' | ' | 18,329 | 17,002 | ' | 17,066 | 14,533 | ' | 12,710 | 13,045 | 11,182 | 11,186 | ' | 1,528 | 1,859 | ' | 13,023 | 13,535 | 8,305 | 8,323 | ' | ' | ' | ' |
Short-term borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,063 | 1,416 | ' |
Other borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,655 | $3,796 | ' |
Notes_payable_and_other_borrow3
Notes payable and other borrowings - Narrative (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Jan. 31, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Insurance and Other [Member] | Insurance and Other [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Finance and Financial Products [Member] | Finance and Financial Products [Member] | Berkshire Hathaway (Parent) [Member] | Berkshire Hathaway (Parent) [Member] | Berkshire Hathaway (Parent) [Member] | Berkshire Hathaway (Parent) [Member] | Berkshire Hathaway (Parent) [Member] | Berkshire Hathaway (Parent) [Member] | MidAmerican Subsidiaries [Member] | Mid American and Subsidiaries [Member] | BNSF [Member] | BNSF [Member] | BNSF [Member] | BNSF [Member] | BNSF [Member] | BNSF [Member] | BNSF [Member] | BNSF [Member] | BNSF [Member] | BNSF [Member] | BNSF [Member] | Berkshire Hathaway Subsidiaries [Member] | Berkshire Hathaway Finance Corporation [Member] | Berkshire Hathaway Finance Corporation [Member] | Berkshire Hathaway Finance Corporation [Member] | Berkshire Hathaway Finance Corporation [Member] | Berkshire Hathaway Finance Corporation [Member] | Berkshire Hathaway Finance Corporation [Member] | Berkshire Hathaway Finance Corporation [Member] | Berkshire Hathaway Finance Corporation [Member] | Berkshire Hathaway Finance Corporation [Member] | Berkshire Hathaway Finance Corporation [Member] | Berkshire Hathaway Finance Corporation [Member] | |
Subsidiaries Excluding Berkshire Hathaway Finance Corporation [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes Due 2013 and 2014 [Member] | Term Debt [Member] | Railroad, Utilities and Energy [Member] | Debentures [Member] | Debentures [Member] | Debentures [Member] | Debentures Due 2023 at 3.0% [Member] | Debentures Due 2023 at 3.0% [Member] | Debentures Due 2043 at 4.45% [Member] | Debentures Due 2043 at 4.45% [Member] | Debentures Due 2023 at 3.85% [Member] | Debentures Due 2023 at 3.85% [Member] | Debentures Due 2043 at 5.15% [Member] | Debentures Due 2043 at 5.15% [Member] | Line of Credit and Commercial Paper Facilities [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes Due 2017 at 1.6% [Member] | Senior Notes Due 2022 at 3.0% [Member] | Senior Notes Due 2018 at 1.3% [Member] | Senior Notes Due 2043 at 4.3% [Member] | Senior Notes Due 2016 at 0.95% [Member] | Senior Notes Due 2018 at 2.0% [Member] | |||||||
Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Insurance and Other [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Railroad, Utilities and Energy [Member] | Finance and Financial Products [Member] | Finance and Financial Products [Member] | Finance and Financial Products [Member] | Finance and Financial Products [Member] | Subsequent Event [Member] | Finance and Financial Products [Member] | Finance and Financial Products [Member] | Finance and Financial Products [Member] | Finance and Financial Products [Member] | Finance and Financial Products [Member] | Finance and Financial Products [Member] | ||||||||||
Minimum [Member] | Maximum [Member] | Finance and Financial Products [Member] | |||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of debt issued | ' | ' | ' | ' | ' | ' | ' | $2,600,000,000 | ' | ' | ' | ' | $2,500,000,000 | ' | $1,500,000,000 | $1,500,000,000 | ' | $700,000,000 | ' | $800,000,000 | ' | $800,000,000 | ' | $700,000,000 | ' | ' | ' | ' | ' | $2,500,000,000 | $950,000,000 | $275,000,000 | $225,000,000 | $500,000,000 | $500,000,000 | $600,000,000 | $400,000,000 |
Issuance date | ' | ' | ' | ' | ' | ' | ' | ' | 'January 2013 | ' | ' | ' | ' | ' | ' | ' | 'March and August 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.80% | 4.50% | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | 4.45% | ' | 3.85% | ' | 5.15% | ' | ' | ' | ' | ' | ' | 1.60% | 3.00% | 1.30% | 4.30% | 0.95% | 2.00% |
Maturity date, range, start | ' | ' | ' | ' | ' | ' | ' | ' | '2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date, range, end | ' | ' | ' | ' | ' | ' | ' | ' | '2043 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of long-term debt | 2,811,000,000 | 1,962,000,000 | 836,000,000 | 1,137,000,000 | 2,843,000,000 | 3,009,000,000 | ' | ' | ' | ' | ' | 2,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | 1,000,000,000 | 500,000,000 | ' | 950,000,000 | ' | ' | ' | ' | ' | ' |
Unused lines of credit available | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantee obligation | ' | ' | ' | ' | ' | ' | $4,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_value_measurements_Financ
Fair value measurements - Financial assets and liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in equity securities | $106,765 | $87,662 | ||
Railroad, Utilities and Energy [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Notes payable and other borrowings - carrying value | 40,016 | 36,156 | ||
Railroad, Utilities and Energy [Member] | Other Assets [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in equity securities | 1,004 | [1] | 675 | [1] |
Finance and Financial Products [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in fixed maturity securities | 663 | 842 | ||
Other investments carried at cost | 5,275 | 4,952 | ||
Loans and finance receivables - carrying value | 12,838 | 12,809 | ||
Derivative contract liabilities | 5,847 | 7,933 | ||
Notes payable and other borrowings - carrying value | 12,710 | 13,045 | ||
Finance and Financial Products [Member] | Other Assets [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in equity securities | 868 | [1] | 520 | [1] |
Insurance and Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in fixed maturity securities | 28,872 | 31,449 | ||
Investments in equity securities | 104,893 | 86,467 | ||
Other investments carried at cost | 23,732 | 16,057 | ||
Notes payable and other borrowings - carrying value | 13,023 | 13,535 | ||
Fixed Maturities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in fixed maturity securities | 29,535 | 32,291 | ||
Fixed Maturities [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 | 2,552 | 2,775 | ||
Fixed Maturities [Member] | States, municipalities and political subdivisions [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in fixed maturity securities | 2,533 | 2,913 | ||
Fixed Maturities [Member] | Foreign governments [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in fixed maturity securities | 10,370 | 11,355 | ||
Fixed Maturities [Member] | Corporate bonds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in fixed maturity securities | 11,932 | 12,661 | ||
Fixed Maturities [Member] | Mortgage-backed securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in fixed maturity securities | 2,148 | 2,587 | ||
Other Investments [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments carried at fair value | 29,228 | 21,884 | ||
Other investments carried at cost | 29,007 | 21,009 | ||
Other Investments [Member] | Finance and Financial Products [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments carried at fair value | 5,275 | 4,952 | ||
Other investments carried at cost | 5,275 | 4,952 | ||
Other Investments [Member] | Insurance and Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments carried at fair value | 11,703 | 16,932 | ||
Other investments carried at cost | 11,681 | 16,057 | ||
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 | 106,695 | 87,563 | ||
Fair Value, Measurements, Recurring [Member] | Quoted Prices (Level 1) [Member] | Other Assets [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative contract assets | 1 | [2] | 1 | [2] |
Fair Value, Measurements, Recurring [Member] | Quoted Prices (Level 1) [Member] | Railroad, Utilities and Energy [Member] | Accounts Payable, Accruals and Other Liabilities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative contract liabilities | 4 | [2] | 10 | [2] |
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 | 63 | 64 | ||
Loans and finance receivables - fair value | 493 | 304 | ||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other Assets [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative contract assets | 19 | [2] | 128 | [2] |
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 - fair value | 43,098 | 42,074 | ||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Railroad, Utilities and Energy [Member] | Accounts Payable, Accruals and Other Liabilities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative contract liabilities | 164 | [2] | 217 | [2] |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Finance and Financial Products [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Notes payable and other borrowings - fair value | 12,420 | 13,194 | ||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Finance and Financial Products [Member] | Other, principally interest rate and foreign currency [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative contract liabilities | 14 | 2 | ||
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 - fair value | 13,357 | 14,284 | ||
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 | 7 | 35 | ||
Loans and finance receivables - fair value | 11,523 | 11,687 | ||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Assets [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative contract assets | 53 | [2] | 91 | [2] |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Railroad, Utilities and Energy [Member] | Accounts Payable, Accruals and Other Liabilities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative contract liabilities | 8 | [2] | 7 | [2] |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Finance and Financial Products [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Notes payable and other borrowings - fair value | 719 | 811 | ||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Finance and Financial Products [Member] | Equity Index Put Options [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative contract liabilities | 5,355 | 7,502 | ||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Finance and Financial Products [Member] | Credit Default Contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative contract liabilities | 478 | 429 | ||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [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 | 2,113 | 1,225 | ||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [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 | 6,524 | 4,571 | ||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [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 | 438 | 1,549 | ||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Significant Other Observable Inputs (Level 2) [Member] | States, municipalities and political subdivisions [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in fixed maturity securities | 2,533 | 2,912 | ||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [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 | 3,846 | 6,784 | ||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [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 | 11,311 | 12,011 | ||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in fixed maturity securities | 2,148 | 2,587 | ||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Significant Unobservable Inputs (Level 3) [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 | 1 | 1 | ||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Significant Unobservable Inputs (Level 3) [Member] | States, municipalities and political subdivisions [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in fixed maturity securities | ' | 1 | ||
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [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 | 621 | 650 | ||
Fair Value, Measurements, Recurring [Member] | Other Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments carried at fair value | 16,085 | 15,750 | ||
Other investments carried at cost | 13,143 | 6,134 | ||
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in equity securities | 106,765 | 87,662 | ||
Loans and finance receivables - carrying value | 12,838 | 12,809 | ||
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Other Assets [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative contract assets | 73 | [2] | 220 | [2] |
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Railroad, Utilities and Energy [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Notes payable and other borrowings - carrying value | 40,016 | 36,156 | ||
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Railroad, Utilities and Energy [Member] | Accounts Payable, Accruals and Other Liabilities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative contract liabilities | 176 | [2] | 234 | [2] |
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Finance and Financial Products [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Notes payable and other borrowings - carrying value | 12,710 | 13,045 | ||
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Finance and Financial Products [Member] | Equity Index Put Options [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative contract liabilities | 5,355 | 7,502 | ||
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Finance and Financial Products [Member] | Credit Default Contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative contract liabilities | 478 | 429 | ||
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Finance and Financial Products [Member] | Other, principally interest rate and foreign currency [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative contract liabilities | 14 | 2 | ||
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Insurance and Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Notes payable and other borrowings - carrying value | 13,023 | 13,535 | ||
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Maturities [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 | 2,552 | 2,775 | ||
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | States, municipalities and political subdivisions [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in fixed maturity securities | 2,533 | 2,913 | ||
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Foreign governments [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in fixed maturity securities | 10,370 | 11,355 | ||
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Corporate bonds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in fixed maturity securities | 11,932 | 12,661 | ||
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Mortgage-backed securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in fixed maturity securities | 2,148 | 2,587 | ||
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Other Investments [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments carried at fair value | 16,085 | 15,750 | ||
Other investments carried at cost | 12,922 | 5,259 | ||
Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in equity securities | 106,765 | 87,662 | ||
Loans and finance receivables - fair value | 12,016 | 11,991 | ||
Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | Other Assets [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative contract assets | 73 | [2] | 220 | [2] |
Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | Railroad, Utilities and Energy [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Notes payable and other borrowings - fair value | 43,098 | 42,074 | ||
Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | Railroad, Utilities and Energy [Member] | Accounts Payable, Accruals and Other Liabilities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative contract liabilities | 176 | [2] | 234 | [2] |
Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | Finance and Financial Products [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Notes payable and other borrowings - fair value | 13,139 | 14,005 | ||
Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | Finance and Financial Products [Member] | Equity Index Put Options [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative contract liabilities | 5,355 | 7,502 | ||
Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | Finance and Financial Products [Member] | Credit Default Contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative contract liabilities | 478 | 429 | ||
Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | Finance and Financial Products [Member] | Other, principally interest rate and foreign currency [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivative contract liabilities | 14 | 2 | ||
Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | Insurance and Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Notes payable and other borrowings - fair value | 13,357 | 14,284 | ||
Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Maturities [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 | 2,552 | 2,775 | ||
Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | States, municipalities and political subdivisions [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in fixed maturity securities | 2,533 | 2,913 | ||
Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Foreign governments [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in fixed maturity securities | 10,370 | 11,355 | ||
Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Corporate bonds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in fixed maturity securities | 11,932 | 12,661 | ||
Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Mortgage-backed securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Investments in fixed maturity securities | 2,148 | 2,587 | ||
Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | Other Investments [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments carried at fair value | 16,085 | 15,750 | ||
Other investments carried at cost | $13,143 | $6,134 | ||
[1] | Included in other assets. | |||
[2] | Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities. |
Fair_value_measurements_Signif
Fair value measurements - Significant unobservable inputs (Detail) (Significant Unobservable Inputs (Level 3) [Member], USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net Derivative Contract (Liabilities) [Member] | ' | ' |
Fair value measurements Significant unobservable inputs [Line Items] | ' | ' |
Beginning Balance | ($7,847) | ($9,908) |
Gains (losses) included in earnings | 2,119 | -199 |
Gains (losses) included in other comprehensive income | -5 | 3 |
Gains (losses) included in regulatory assets and liabilities | 1 | ' |
Acquisitions, dispositions and settlements | ' | 186 |
Settlements, net | -56 | ' |
Ending Balance | -5,788 | -9,918 |
Fixed Maturities [Member] | ' | ' |
Fair value measurements Significant unobservable inputs [Line Items] | ' | ' |
Beginning Balance | 652 | 784 |
Gains (losses) included in other comprehensive income | -12 | 6 |
Dispositions | -18 | ' |
Acquisitions, dispositions and settlements | ' | -8 |
Transfers into (out of) Level 3 | ' | -129 |
Ending Balance | 622 | 653 |
Equity Securities [Member] | ' | ' |
Fair value measurements Significant unobservable inputs [Line Items] | ' | ' |
Beginning Balance | 35 | 22 |
Gains (losses) included in earnings | 3 | ' |
Gains (losses) included in other comprehensive income | ' | 13 |
Settlements, net | -31 | ' |
Ending Balance | 7 | 35 |
Other Investments [Member] | ' | ' |
Fair value measurements Significant unobservable inputs [Line Items] | ' | ' |
Beginning Balance | 15,750 | 11,669 |
Gains (losses) included in earnings | 520 | ' |
Gains (losses) included in other comprehensive income | 1,310 | 2,776 |
Transfers into (out of) Level 3 | -1,495 | ' |
Ending Balance | $16,085 | $14,445 |
Fair_value_measurements_Other_
Fair value measurements - Other information (Detail) (Significant Unobservable Inputs (Level 3) [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Discounted Cash Flow Method [Member] | Net Derivative Contract Liabilities [Member] | Credit Default Contracts - States and Municipalities [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Fair value, unobservable input, credit spreads | 0.98% |
Fair value of liability | $478 |
Pricing Model, Option [Member] | Net Derivative Contract Liabilities [Member] | Equity Index Put Options [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Fair value, unobservable input, volatility | 21.00% |
Fair value of liability | 5,355 |
Other Investments [Member] | Preferred Stock [Member] | Discounted Cash Flow Method [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Fair value, unobservable input, expected duration | '6 years |
Fair value, unobservable input, discount for transferability restrictions and subordination | 0.97% |
Fair value of asset | 11,857 |
Other Investments [Member] | Common Stock Warrants [Member] | Pricing Model, Warrant [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Fair value, unobservable input, discount for transferability and hedging restrictions | 21.00% |
Fair value of asset | $4,228 |
Common_stock_Detail
Common stock (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Class A [Member] | ' |
Class of Stock [Line Items] | ' |
Shares issued, beginning of year (in shares) | 904,528 |
Conversions of Class A common stock to Class B common stock and exercises of replacement stock options issued in a business acquisition | -30,363 |
Shares issued, end of period (in shares) | 874,165 |
Treasury shares, beginning of year | -9,573 |
Treasury shares, end of period | -9,573 |
Outstanding, beginning of year (in shares) | 894,955 |
Outstanding, end of period (in shares) | 864,592 |
Class B [Member] | ' |
Class of Stock [Line Items] | ' |
Shares issued, beginning of year (in shares) | 1,123,393,956 |
Conversions of Class A common stock to Class B common stock and exercises of replacement stock options issued in a business acquisition | 46,882,626 |
Shares issued, end of period (in shares) | 1,170,276,582 |
Treasury shares, beginning of year | -1,408,484 |
Treasury shares, end of period | -1,408,484 |
Outstanding, beginning of year (in shares) | 1,121,985,472 |
Outstanding, end of period (in shares) | 1,168,868,098 |
Common_stock_Parenthetical_Det
Common stock (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 |
Class A [Member] | ' |
Class of Stock [Line Items] | ' |
Common Stock, par value per share | $5 |
Common Stock, shares authorized | 1,650,000 |
Class B [Member] | ' |
Class of Stock [Line Items] | ' |
Common Stock, par value per share | $0.00 |
Common Stock, shares authorized | 3,225,000,000 |
Common_stock_Narrative_Detail
Common stock - Narrative (Detail) (USD $) | 9 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Class B [Member] | Class A [Member] | Class A [Member] | Preferred Stock [Member] | Common Stock [Member] | |
Vote | Vote | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Ratio of net earnings per equivalent common share and dividend and distribution rights of Class B shares to Class A shares | 0.000667 | ' | ' | ' | ' |
Number of votes entitled per share, number | 0.0001 | 1 | ' | ' | ' |
Number of shares of Class B stock obtainable from converting one Class A share | 1,500 | ' | ' | ' | ' |
Class A equivalent shares outstanding | ' | 1,643,837 | 1,642,945 | ' | ' |
Preferred Stock, shares authorized | ' | ' | ' | 1,000,000 | ' |
Preferred Stock, shares issued | ' | ' | ' | 0 | ' |
Preferred Stock, shares outstanding | ' | ' | ' | 0 | ' |
Shares repurchase, authorization description | ' | ' | ' | ' | 'In 2011, Berkshire's Board of Directors ("Berkshire's Board") approved a common stock repurchase program. Under the program, as amended in December 2012, Berkshire may repurchase its Class A and Class B shares at prices no higher than a 20% premium over the book value of the shares. Berkshire may repurchase shares in the open market or through privately negotiated transactions. Berkshire's Board authorization does not specify a maximum number of shares to be repurchased. |
Minimum cash equivalent threshold after repurchase of common stock shares, amount | ' | ' | ' | ' | $20,000,000,000 |
Accumulated_other_comprehensiv2
Accumulated other comprehensive income - Rollforward (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Portion Attributable to Berkshire Hathaway Shareholders [Member] | Unrealized appreciation of investments, net [Member] | Foreign currency translation [Member] | Prior service and actuarial gains/losses of defined benefit pension plans [Member] | Other AOCI transactions [Member] | ||
Portion Attributable to Berkshire Hathaway Shareholders [Member] | Portion Attributable to Berkshire Hathaway Shareholders [Member] | Portion Attributable to Berkshire Hathaway Shareholders [Member] | Portion Attributable to Berkshire Hathaway Shareholders [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | $34,897 | $27,500 | $27,500 | $29,254 | ($120) | ($1,601) | ($33) |
Other comprehensive income (loss) before reclassifications | ' | ' | 8,093 | 8,252 | -191 | -17 | 49 |
Amounts reclassified from accumulated other comprehensive income | ' | ' | -684 | -738 | -31 | 81 | 4 |
Transactions with noncontrolling interests | ' | ' | -12 | ' | -12 | ' | ' |
Net changes in current period | ' | ' | 7,397 | 7,514 | -234 | 64 | 53 |
Ending Balance | $34,897 | $27,500 | $34,897 | $36,768 | ($354) | ($1,537) | $20 |
Accumulated_other_comprehensiv3
Accumulated other comprehensive income - Reclassified Amounts (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |
Investment gains/losses | $1,714 | $917 | $2,711 | $936 | |
Reclassifications before income taxes | 7,378 | 5,936 | 21,564 | 15,482 | |
Applicable income taxes | 2,225 | 1,882 | 6,782 | 4,831 | |
Total amounts reclassified from other comprehensive income into net earnings | 5,153 | 4,054 | 14,782 | 10,651 | |
Insurance and Other [Member] | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |
Investment gains/losses | 1,640 | 725 | 2,529 | 720 | |
Finance and Financial Products [Member] | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |
Investment gains/losses | 74 | 192 | 182 | 216 | |
Portion Attributable to Berkshire Hathaway Shareholders [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |
Other | ' | ' | 91 | [1] | ' |
Reclassifications before income taxes | ' | ' | -1,044 | ' | |
Applicable income taxes | ' | ' | -360 | ' | |
Total amounts reclassified from other comprehensive income into net earnings | ' | ' | -684 | ' | |
Portion Attributable to Berkshire Hathaway Shareholders [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Insurance and Other [Member] | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |
Investment gains/losses | ' | ' | -1,062 | ' | |
Portion Attributable to Berkshire Hathaway Shareholders [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Finance and Financial Products [Member] | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |
Investment gains/losses | ' | ' | -73 | ' | |
Portion Attributable to Berkshire Hathaway Shareholders [Member] | Unrealized appreciation of investments, net [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |
Reclassifications before income taxes | ' | ' | -1,135 | ' | |
Applicable income taxes | ' | ' | -397 | ' | |
Total amounts reclassified from other comprehensive income into net earnings | ' | ' | -738 | ' | |
Portion Attributable to Berkshire Hathaway Shareholders [Member] | Unrealized appreciation of investments, net [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Insurance and Other [Member] | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |
Investment gains/losses | ' | ' | -1,062 | ' | |
Portion Attributable to Berkshire Hathaway Shareholders [Member] | Unrealized appreciation of investments, net [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Finance and Financial Products [Member] | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |
Investment gains/losses | ' | ' | -73 | ' | |
Portion Attributable to Berkshire Hathaway Shareholders [Member] | Foreign currency translation [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |
Other | ' | ' | -31 | [1] | ' |
Reclassifications before income taxes | ' | ' | -31 | ' | |
Total amounts reclassified from other comprehensive income into net earnings | ' | ' | -31 | ' | |
Portion Attributable to Berkshire Hathaway Shareholders [Member] | Prior service and actuarial gains/losses of defined benefit pension plans [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |
Other | ' | ' | 114 | [1] | ' |
Reclassifications before income taxes | ' | ' | 114 | ' | |
Applicable income taxes | ' | ' | 33 | ' | |
Total amounts reclassified from other comprehensive income into net earnings | ' | ' | 81 | ' | |
Portion Attributable to Berkshire Hathaway Shareholders [Member] | Other AOCI transactions [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |
Other | ' | ' | 8 | [1] | ' |
Reclassifications before income taxes | ' | ' | 8 | ' | |
Applicable income taxes | ' | ' | 4 | ' | |
Total amounts reclassified from other comprehensive income into net earnings | ' | ' | $4 | ' | |
[1] | Amounts are included on various line items, and are immaterial individually and in the aggregate. |
Contingencies_and_Commitments_
Contingencies and Commitments - Narrative (Detail) | 9 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 5 Months Ended | |||
Sep. 30, 2013 | Jun. 28, 2013 | Sep. 30, 2013 | Oct. 16, 2013 | Oct. 16, 2013 | Apr. 29, 2013 | Sep. 30, 2013 | 29-May-13 | |
USD ($) | Marmon [Member] | Marmon [Member] | Marmon [Member] | Marmon [Member] | IMC International Metalworking Companies B.V. [Member] | IMC International Metalworking Companies B.V. [Member] | MidAmerican [Member] | |
USD ($) | IMI plc Beverage Dispensing and Merchandising Operations [Member] | IMI plc Beverage Dispensing and Merchandising Operations [Member] | USD ($) | NV Energy [Member] | ||||
Subsequent Event [Member] | Subsequent Event [Member] | USD ($) | ||||||
USD ($) | EUR (€) | |||||||
Commitments and Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of noncontrolling interests outstanding, percentage | ' | 16.00% | ' | ' | ' | ' | ' | ' |
Payment to acquire noncontrolling interest | ' | $238,000,000 | ' | ' | ' | $2,050,000,000 | ' | ' |
Percentage of shares owned after stock transactions | ' | ' | 91.70% | ' | ' | ' | 100.00% | ' |
Reduction of shareholders' equity for purchase of noncontrolling interests | 1,200,000,000 | ' | ' | ' | ' | ' | ' | ' |
Potential business acquisition, cash price per share | ' | ' | ' | ' | ' | ' | ' | $23.75 |
Cash committed to be paid for a potential business acquisition | ' | ' | ' | $1,100,000,000 | € 690,000,000 | ' | ' | $5,600,000,000 |
Business_segment_data_Detail
Business segment data (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | $46,541 | $41,050 | $135,101 | $117,743 |
Total earnings before income taxes | 7,378 | 5,936 | 21,564 | 15,482 |
Operating Businesses [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 44,466 | 40,202 | 130,501 | 116,748 |
Earnings before income taxes from operating businesses | 5,531 | 5,442 | 17,629 | 15,633 |
Operating Businesses [Member] | Geico [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Premiums earned | 4,730 | 4,240 | 13,726 | 12,388 |
Earnings before income taxes from operating businesses | 307 | 435 | 909 | 714 |
Operating Businesses [Member] | General Re [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Premiums earned | 1,454 | 1,445 | 4,422 | 4,342 |
Earnings before income taxes from operating businesses | 63 | 154 | 182 | 373 |
Operating Businesses [Member] | Berkshire Hathaway Reinsurance Group [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Premiums earned | 2,219 | 2,578 | 6,918 | 6,983 |
Earnings before income taxes from operating businesses | -206 | -102 | 1,159 | 320 |
Operating Businesses [Member] | Berkshire Hathaway Primary Group [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Premiums earned | 867 | 588 | 2,396 | 1,631 |
Earnings before income taxes from operating businesses | 99 | 121 | 228 | 243 |
Operating Businesses [Member] | Berkshire Hathaway Insurance Group Investment Income [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Interest, dividend and other investment income | 1,084 | 981 | 3,628 | 3,436 |
Earnings before income taxes from operating businesses | 1,078 | 976 | 3,609 | 3,421 |
Operating Businesses [Member] | Berkshire Hathaway Insurance Group [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 10,354 | 9,832 | 31,090 | 28,780 |
Earnings before income taxes from operating businesses | 1,341 | 1,584 | 6,087 | 5,071 |
Operating Businesses [Member] | BNSF [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 5,651 | 5,343 | 16,257 | 15,407 |
Earnings before income taxes from operating businesses | 1,556 | 1,508 | 4,242 | 3,903 |
Operating Businesses [Member] | Finance and Financial Products Reportable Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 1,078 | 1,006 | 3,092 | 2,981 |
Earnings before income taxes from operating businesses | 253 | 175 | 631 | 527 |
Operating Businesses [Member] | Marmon [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 1,753 | 1,795 | 5,299 | 5,451 |
Earnings before income taxes from operating businesses | 306 | 293 | 886 | 869 |
Operating Businesses [Member] | McLane Company [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 11,547 | 9,534 | 33,707 | 26,611 |
Earnings before income taxes from operating businesses | 126 | 130 | 372 | 305 |
Operating Businesses [Member] | MidAmerican [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 3,392 | 3,076 | 9,564 | 8,718 |
Earnings before income taxes from operating businesses | 586 | 542 | 1,574 | 1,349 |
Operating Businesses [Member] | Other Businesses [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 10,691 | 9,616 | 31,492 | 28,800 |
Earnings before income taxes from operating businesses | 1,363 | 1,210 | 3,837 | 3,609 |
Intersegment Eliminations and Other Reconciling Items [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Investment and derivative gains/losses | 2,141 | 799 | 4,805 | 752 |
Revenues | -66 | 49 | -205 | 243 |
Interest expense | -80 | -52 | -226 | -196 |
Earnings before income taxes from operating businesses | ($214) | ($253) | ($644) | ($707) |