Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 27, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BRKA | |
Entity Registrant Name | BERKSHIRE HATHAWAY INC. | |
Entity Central Index Key | 1,067,983 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 768,910 | |
Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,313,501,653 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | ||
ASSETS | ||||
Cash and cash equivalents | $ 25,963 | $ 28,048 | ||
Investments in fixed maturity securities | 22,933 | 23,465 | ||
Investments in equity securities | 135,020 | [1] | 122,032 | [2] |
Inventories | 16,115 | 15,727 | ||
Goodwill | 79,951 | 79,486 | ||
Total assets | 654,451 | 620,854 | ||
LIABILITIES | ||||
Income taxes, principally deferred | 82,132 | 77,944 | ||
Losses and loss adjustment expenses | 93,898 | 76,918 | ||
Total liabilities | 358,171 | 334,495 | ||
Shareholders' equity: | ||||
Common stock | 8 | 8 | ||
Capital in excess of par value | 35,699 | 35,681 | ||
Accumulated other comprehensive income | 43,070 | 37,298 | ||
Retained earnings | 215,837 | 211,777 | ||
Treasury stock, at cost | (1,763) | (1,763) | ||
Berkshire Hathaway shareholders' equity | 292,851 | 283,001 | ||
Noncontrolling interests | 3,429 | 3,358 | ||
Total shareholders' equity | 296,280 | 286,359 | ||
Total liabilities and shareholders' equity | 654,451 | 620,854 | ||
Insurance and Other [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 18,362 | 23,581 | ||
U.S. Treasury Bills | 61,052 | 47,338 | ||
Total cash, cash equivalents and U.S. Treasury Bills | 79,414 | 70,919 | ||
Investments in fixed maturity securities | 22,902 | 23,432 | ||
Investments in equity securities | 133,393 | 120,471 | ||
Other investments | 15,293 | 14,364 | ||
Investment in The Kraft Heinz Company (Fair Value: March 31, 2017 - $29,553; December 31, 2016 - $28,418) | 15,431 | 15,345 | ||
Receivables | 28,870 | 27,097 | ||
Inventories | 16,115 | 15,727 | ||
Property, plant and equipment | 19,645 | 19,325 | ||
Goodwill | 54,333 | 53,994 | ||
Other intangible assets | 33,472 | 33,481 | ||
Deferred charges reinsurance assumed | 13,830 | 8,047 | ||
Other | 7,417 | 7,126 | ||
Total assets | 440,115 | 409,328 | ||
LIABILITIES | ||||
Losses and loss adjustment expenses | 93,898 | 76,918 | ||
Unearned premiums | 16,106 | 14,245 | ||
Life, annuity and health insurance benefits | 16,375 | 15,977 | ||
Other policyholder liabilities | 7,056 | 6,714 | ||
Accounts payable, accruals and other liabilities | 20,627 | 22,164 | ||
Notes payable and other borrowings | 27,416 | 27,175 | ||
Total liabilities | 181,478 | 163,193 | ||
Railroad, Utilities and Energy [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 5,584 | 3,939 | ||
Property, plant and equipment | 124,277 | 123,759 | ||
Goodwill | 24,234 | 24,111 | ||
Regulatory assets | 4,617 | 4,457 | ||
Other | 13,557 | 13,550 | ||
Total assets | 172,269 | 169,816 | ||
LIABILITIES | ||||
Accounts payable, accruals and other liabilities | 11,031 | 11,434 | ||
Regulatory liabilities | 3,095 | 3,121 | ||
Notes payable and other borrowings | 60,925 | 59,085 | ||
Total liabilities | 75,051 | 73,640 | ||
Finance and Financial Products [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 2,017 | 528 | ||
U.S. Treasury Bills | 9,449 | 10,984 | ||
Total cash, cash equivalents and U.S. Treasury Bills | 11,466 | 11,512 | ||
Investments in fixed maturity securities | 31 | 33 | ||
Investments in equity and fixed maturity securities | 410 | 408 | ||
Investments in equity securities | 379 | 375 | ||
Other investments | 3,119 | 2,892 | ||
Loans and finance receivables | 13,365 | 13,300 | ||
Property, plant and equipment and assets held for lease | 9,723 | 9,689 | ||
Goodwill | 1,384 | 1,381 | ||
Other | 2,600 | 2,528 | ||
Total assets | 42,067 | 41,710 | ||
LIABILITIES | ||||
Accounts payable, accruals and other liabilities | 1,465 | 1,444 | ||
Derivative contract liabilities | 2,430 | 2,890 | ||
Notes payable and other borrowings | 15,615 | 15,384 | ||
Total liabilities | $ 19,510 | $ 19,718 | ||
[1] | Approximately 65% of the aggregate fair value was concentrated in the equity securities of five companies: American Express Company - $12.0 billion, Apple Inc. - $19.2 billion, The Coca-Cola Company - $17.0 billion, International Business Machines Corporation ("IBM") - $11.2 billion and Wells Fargo & Company - $27.8 billion. | |||
[2] | Approximately 62% of the aggregate fair value was concentrated in the equity securities of five companies: American Express Company - $11.2 billion, Apple Inc. - $7.1 billion, The Coca-Cola Company - $16.6 billion, IBM - $13.5 billion and Wells Fargo & Company - $27.6 billion. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Insurance and Other [Member] | ||
Investment in The Kraft Heinz Company, Fair Value | $ 29,553 | $ 28,418 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Revenues: | |||
Investment gains/losses | $ 315 | $ 1,850 | |
Total revenues | 65,187 | 52,163 | |
Costs and expenses: | |||
Insurance losses and loss adjustment expenses | 18,566 | 7,532 | |
Total costs and expenses | 59,738 | 45,947 | |
Earnings before income taxes and equity in earnings of Kraft Heinz Company | 5,449 | 6,216 | |
Equity in earnings of Kraft Heinz Company | 239 | 240 | |
Earnings before income taxes | 5,688 | 6,456 | |
Income tax expense | 1,549 | 799 | |
Net earnings | 4,139 | 5,657 | |
Less: Earnings attributable to noncontrolling interests | 79 | 68 | |
Net earnings attributable to Berkshire Hathaway shareholders | $ 4,060 | $ 5,589 | |
Class A [Member] | |||
Net earnings per share attributable to Berkshire Hathaway shareholders: | |||
Net earnings per share attributable to Berkshire Hathaway shareholders | [1] | $ 2,469 | $ 3,401 |
Average equivalent Class A Shares outstanding | [1] | 1,644,425 | 1,643,487 |
Insurance and Other [Member] | |||
Revenues: | |||
Insurance premiums earned | $ 21,753 | $ 11,124 | |
Sales and service revenues | 30,229 | 28,279 | |
Interest, dividend and other investment income | 1,162 | 1,151 | |
Investment gains/losses | 312 | 1,846 | |
Total revenues | 53,456 | 42,400 | |
Costs and expenses: | |||
Insurance losses and loss adjustment expenses | 18,566 | 7,532 | |
Life, annuity and health insurance benefits | 1,227 | 1,167 | |
Insurance underwriting expenses | 2,339 | 2,077 | |
Cost of sales and services | 24,360 | 22,796 | |
Selling, general and administrative expenses | 4,116 | 3,722 | |
Interest expense | 270 | 387 | |
Total costs and expenses | 50,878 | 37,681 | |
Railroad, Utilities and Energy [Member] | |||
Revenues: | |||
Total revenues | 9,404 | 8,845 | |
Costs and expenses: | |||
Cost of sales and operating expenses | 6,754 | 6,319 | |
Interest expense | 693 | 685 | |
Total costs and expenses | 7,447 | 7,004 | |
Finance and Financial Products [Member] | |||
Revenues: | |||
Sales and service revenues | 1,514 | 1,392 | |
Interest, dividend and other investment income | 350 | 332 | |
Investment gains/losses | 3 | 4 | |
Derivative gains/losses | 460 | (810) | |
Total revenues | 2,327 | 918 | |
Costs and expenses: | |||
Cost of sales and services | 867 | 768 | |
Selling, general and administrative expenses | 442 | 393 | |
Interest expense | 104 | 101 | |
Total costs and expenses | $ 1,413 | $ 1,262 | |
[1] | Equivalent Class B shares outstanding are 1,500 times the equivalent Class A amount. Net earnings per equivalent Class B share outstanding are one-fifteen-hundredth (1/1,500) of the equivalent Class A amount. |
Consolidated Statements of Ear5
Consolidated Statements of Earnings (Parenthetical) | 3 Months Ended |
Mar. 31, 2017 | |
Class B [Member] | |
Ratio of earnings per Class B share to earnings per Class A share | 0.000667 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 4,139 | $ 5,657 |
Other comprehensive income: | ||
Net change in unrealized appreciation of investments | 8,377 | (2,691) |
Applicable income taxes | (2,872) | 899 |
Reclassification of investment appreciation in net earnings | (305) | (1,807) |
Applicable income taxes | 107 | 632 |
Foreign currency translation | 558 | 493 |
Applicable income taxes | (69) | (30) |
Prior service cost and actuarial gains/losses of defined benefit pension plans | (10) | 4 |
Applicable income taxes | 7 | |
Other, net | 3 | (22) |
Other comprehensive income, net | 5,796 | (2,522) |
Comprehensive income | 9,935 | 3,135 |
Comprehensive income attributable to noncontrolling interests | 103 | 74 |
Comprehensive income attributable to Berkshire Hathaway shareholders | $ 9,832 | $ 3,061 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Common stock and capital in excess of par value | Accumulated other comprehensive income | Retained earnings | Treasury stock | Noncontrolling interests |
Beginning Balance at Dec. 31, 2015 | $ 258,627 | $ 35,628 | $ 33,982 | $ 187,703 | $ (1,763) | $ 3,077 |
Net earnings | 5,657 | 5,589 | 68 | |||
Other comprehensive income, net | (2,522) | (2,528) | 6 | |||
Issuance of common stock | 34 | 34 | ||||
Transactions with noncontrolling interests | 41 | 16 | 25 | |||
Ending Balance at Mar. 31, 2016 | 261,837 | 35,678 | 31,454 | 193,292 | (1,763) | 3,176 |
Beginning Balance at Dec. 31, 2016 | 286,359 | 35,689 | 37,298 | 211,777 | (1,763) | 3,358 |
Net earnings | 4,139 | 4,060 | 79 | |||
Other comprehensive income, net | 5,796 | 5,772 | 24 | |||
Issuance of common stock | 34 | 34 | ||||
Transactions with noncontrolling interests | (48) | (16) | (32) | |||
Ending Balance at Mar. 31, 2017 | $ 296,280 | $ 35,707 | $ 43,070 | $ 215,837 | $ (1,763) | $ 3,429 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net earnings | $ 4,139 | $ 5,657 |
Adjustments to reconcile net earnings to operating cash flows: | ||
Investment gains/losses | (315) | (1,850) |
Depreciation and amortization | 2,243 | 2,125 |
Other | 120 | 228 |
Changes in operating assets and liabilities: | ||
Losses and loss adjustment expenses | 16,900 | 1,454 |
Deferred charges reinsurance assumed | (5,783) | (111) |
Unearned premiums | 1,829 | 1,476 |
Receivables and originated loans | (1,197) | (1,987) |
Derivative contract assets and liabilities | (460) | 810 |
Income taxes | 1,451 | 497 |
Other | (622) | (845) |
Net cash flows from operating activities | 18,305 | 7,454 |
Cash flows from investing activities: | ||
Purchases of U.S. Treasury Bills and fixed maturity securities | (45,342) | (14,359) |
Purchases of equity securities | (10,590) | (3,059) |
Sales of U.S. Treasury Bills and fixed maturity securities | 10,048 | 1,124 |
Redemptions and maturities of U.S. Treasury Bills and fixed maturity securities | 23,990 | 3,689 |
Sales and redemptions of equity securities | 3,452 | 2,258 |
Purchases of loans and finance receivables | (52) | (175) |
Collections of loans and finance receivables | 97 | 80 |
Acquisitions of businesses, net of cash acquired | (1,599) | (30,185) |
Purchases of property, plant and equipment | (2,355) | (2,843) |
Other | (115) | (390) |
Net cash flows from investing activities | (22,466) | (43,860) |
Cash flows from financing activities: | ||
Changes in short term borrowings, net | 87 | 547 |
Other financing activities | (23) | 25 |
Net cash flows from financing activities | 2,015 | 11,613 |
Effects of foreign currency exchange rate changes | 61 | 7 |
Increase (decrease) in cash and cash equivalents | (2,085) | (24,786) |
Cash and cash equivalents: | ||
Cash and cash equivalents at beginning of year | 28,048 | 67,161 |
Cash and cash equivalents at end of first quarter | 25,963 | 42,375 |
Insurance and Other [Member] | ||
Adjustments to reconcile net earnings to operating cash flows: | ||
Investment gains/losses | (312) | (1,846) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 1,203 | 8,539 |
Repayments of borrowings | (1,130) | (381) |
Cash and cash equivalents: | ||
Cash and cash equivalents at beginning of year | 23,581 | 56,612 |
Cash and cash equivalents at end of first quarter | 18,362 | 37,620 |
Railroad, Utilities and Energy [Member] | ||
Cash flows from financing activities: | ||
Proceeds from borrowings | 2,094 | |
Repayments of borrowings | (446) | (522) |
Cash and cash equivalents: | ||
Cash and cash equivalents at beginning of year | 3,939 | 3,437 |
Cash and cash equivalents at end of first quarter | 5,584 | 2,692 |
Finance and Financial Products [Member] | ||
Adjustments to reconcile net earnings to operating cash flows: | ||
Investment gains/losses | (3) | (4) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 1,298 | 3,493 |
Repayments of borrowings | (1,068) | (88) |
Cash and cash equivalents: | ||
Cash and cash equivalents at beginning of year | 528 | 7,112 |
Cash and cash equivalents at end of first quarter | $ 2,017 | $ 2,063 |
General
General | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
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”) which includes 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. At December 31, 2016, we began presenting U.S. Treasury Bills with maturity dates greater than three months from their purchase dates separately in our Consolidated Balance Sheets. Accordingly, we revised the first quarter of 2016 Consolidated Statement of Cash Flows to reflect this change. Financial information in this Quarterly Report reflects all 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 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. In addition, changes in the fair values of liabilities associated with derivative contracts can cause significant variations in periodic net earnings. |
New accounting pronouncements
New accounting pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
New accounting pronouncements | Note 2. New accounting pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09 “Revenue from Contracts with Customers.” ASU 2014-09 applies to contracts with customers, excluding, most notably, insurance and leasing contracts. ASU 2014-09 prescribes a framework in accounting for revenues from contracts within its scope, including (a) identifying the contract, (b) identifying the performance obligations under the contract, (c) determining the transaction price, (d) allocating the transaction price to the identified performance obligations and (e) recognizing revenues as the identified performance obligations are satisfied. ASU 2014-09 also prescribes additional financial statement presentations and disclosures. We currently expect to adopt ASU 2014-09 as of January 1, 2018, under the modified retrospective method where the cumulative effect is recognized at the date of initial application. Our evaluation of ASU 2014-09 is ongoing and not complete. While we anticipate some changes to revenue recognition for certain customer contracts, we do not currently believe the adoption of ASU 2014-09 will have a material effect on our Consolidated Financial Statements. In January 2016, the FASB issued ASU 2016-01 “Financial Instruments—Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 generally requires that equity securities (excluding equity method investments) be measured at fair value with changes in fair value recognized in net income. Under existing GAAP, changes in fair value of available-for-sale equity investments are recorded in other comprehensive income. Given the current magnitude of our equity securities, the adoption of ASU 2016-01 will likely have a significant impact on the periodic net earnings reported in our Consolidated Statement of Earnings, although it will not significantly affect our comprehensive income or total shareholders’ equity. ASU 2016-01 is effective for reporting periods beginning after December 15, 2017, with the cumulative effect of the adoption made to the balance sheet as of the date of adoption. Thus, the adoption will result in a reclassification of the related accumulated unrealized appreciation currently included in accumulated other comprehensive income to retained earnings. In February 2016, the FASB issued ASU 2016-02 “Leases.” ASU 2016-02 requires a lessee to recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term, along with additional qualitative and quantitative disclosures. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the effect this standard will have on our Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13 “Financial Instruments—Credit Losses,” which provides for the recognition and measurement at the reporting date of all expected credit losses for financial assets held at amortized cost and available-for-sale debt securities. Currently, credit losses are recognized and measured when such losses become probable based on the prevailing facts and circumstances. ASU 2016-13 is effective for reporting periods beginning after December 15, 2019. We are currently evaluating the effect this standard will have on our Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04 “Simplifying the Test for Goodwill Impairment.” ASU 2017-04 eliminates the requirement to determine the implied goodwill in measuring an impairment loss. Upon adoption, a goodwill impairment will be measured as the excess of the reporting unit’s carrying value over fair value, limited to the carrying value of goodwill. ASU 2017-04 is effective for goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the effect this standard will have on our Consolidated Financial Statements. |
Significant business acquisitio
Significant business acquisitions | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Significant business acquisitions | Note 3. Significant business acquisitions Our long-held acquisition strategy is to acquire businesses at sensible prices that have consistent earning power, good returns on equity and able and honest management. Financial results attributable to business acquisitions are included in our Consolidated Financial Statements beginning on their respective acquisition dates. On January 29, 2016, Berkshire acquired all outstanding common stock of Precision Castparts Corp. (“PCC”) for $235 per share in cash pursuant to a definitive merger agreement dated August 8, 2015. The aggregate consideration paid was approximately $32.7 billion, which included the value of PCC shares we already owned. We funded the acquisition with a combination of existing cash balances and proceeds from a short-term credit facility. PCC is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power and general industrial markets. PCC is a market leader in manufacturing complex structural investment castings and forged components for aerospace markets, machined airframe components and highly engineered critical fasteners for aerospace applications, and in manufacturing airfoil castings for the aerospace and industrial gas turbine markets. PCC also is a leading producer of titanium and nickel superalloy melted and mill products for the aerospace, chemical processing, oil and gas and pollution control industries, and manufactures extruded seamless pipe, fittings and forgings for power generation and oil and gas applications. On February 29, 2016, we acquired the Duracell business from The Procter & Gamble Company (“P&G”) pursuant to a definitive agreement entered into in November 2014. Duracell is a leading manufacturer of high-performance alkaline batteries and is an innovator in wireless charging technologies. Pursuant to the agreement, we received a recapitalized Duracell Company in exchange for shares of P&G common stock held by Berkshire subsidiaries, which had a fair value of approximately $4.2 billion. Pro forma consolidated revenues and net earnings data for 2016 was not materially different from the amounts reflected in the accompanying Consolidated Financial Statements. Goodwill from these acquisitions is not amortizable for income tax purposes. The fair values of identified assets acquired and liabilities assumed and residual goodwill of PCC and Duracell at their respective acquisition dates are summarized as follows (in millions). PCC Duracell Cash and cash equivalents $ 250 $ 1,807 Inventories 3,430 319 Property, plant and equipment 2,765 359 Goodwill 16,011 866 Other intangible assets 23,527 1,550 Other assets 1,916 242 Assets acquired $ 47,899 $ 5,143 Accounts payable, accruals and other liabilities $ 2,442 $ 410 Notes payable and other borrowings 5,251 — Income taxes, principally deferred 7,548 494 Liabilities assumed $ 15,241 $ 904 Net assets $ 32,658 $ 4,239 |
Investments in fixed maturity s
Investments in fixed maturity securities | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in fixed maturity securities | Note 4. Investments in fixed maturity securities Investments in securities with fixed maturities as of March 31, 2017 and December 31, 2016 are summarized by type below (in millions). Amortized Cost Unrealized Gains Unrealized Losses Fair Value March 31, 2017 U.S. Treasury, U.S. government corporations and agencies $ 4,636 $ 14 $ (9 ) $ 4,641 States, municipalities and political subdivisions 1,051 55 (1 ) 1,105 Foreign governments 8,480 224 (35 ) 8,669 Corporate bonds 6,787 687 (7 ) 7,467 Mortgage-backed securities 937 121 (7 ) 1,051 $ 21,891 $ 1,101 $ (59 ) $ 22,933 December 31, 2016 U.S. Treasury, U.S. government corporations and agencies $ 4,519 $ 16 $ (8 ) $ 4,527 States, municipalities and political subdivisions 1,159 58 (1 ) 1,216 Foreign governments 8,860 207 (66 ) 9,001 Corporate bonds 6,899 714 (9 ) 7,604 Mortgage-backed securities 997 126 (6 ) 1,117 $ 22,434 $ 1,121 $ (90 ) $ 23,465 Investments in fixed maturity securities are reflected in our Consolidated Balance Sheets as follows (in millions). March 31, 2017 December 31, 2016 Insurance and other $ 22,902 $ 23,432 Finance and financial products 31 33 $ 22,933 $ 23,465 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 March 31, 2017, approximately 92% of foreign government holdings were rated AA or higher by at least one of the major rating agencies. Approximately 81% of foreign government holdings were issued or guaranteed by the United Kingdom, Germany, Australia or Canada. The amortized cost and estimated fair value of securities with fixed maturities at March 31, 2017 are summarized below by contractual maturity dates. Actual maturities may differ from contractual maturities due to early call or prepayment rights held by issuers. Amounts are in millions. Due in one year or less Due after one five years Due after five years through ten years Due after ten years Mortgage- securities Total Amortized cost $8,117 $ 9,898 $ 756 $2,183 $ 937 $21,891 Fair value 8,191 10,204 815 2,672 1,051 22,933 |
Investments in equity securitie
Investments in equity securities | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in equity securities | Note 5. Investments in equity securities Investments in equity securities as of March 31, 2017 and December 31, 2016 are summarized based on the primary industry of the investee in the table below (in millions). Cost Basis Unrealized Gains Unrealized Losses Fair Value March 31, 2017 * Banks, insurance and finance $ 20,431 $ 31,725 $ — $ 52,156 Consumer products 19,320 21,020 — 40,340 Commercial, industrial and other 32,707 9,973 (156 ) 42,524 $ 72,458 $ 62,718 $ (156 ) $ 135,020 * Approximately 65% of the aggregate fair value was concentrated in the equity securities of five companies: American Express Company - $12.0 billion, Apple Inc. - $19.2 billion, The Coca-Cola Company - $17.0 billion, International Business Machines Corporation (“IBM”) - $11.2 billion and Wells Fargo & Company - $27.8 billion. Cost Basis Unrealized Gains Unrealized Losses Fair Value December 31, 2016 Banks, insurance and finance $ 19,852 $ 30,572 $ — $ 50,424 Consumer products 10,657 16,760 (9 ) 27,408 Commercial, industrial and other 35,868 9,033 (701 ) 44,200 $ 66,377 $ 56,365 $ (710 ) $ 122,032 * Approximately 62% of the aggregate fair value was concentrated in the equity securities of five companies: American Express Company - $11.2 billion, Apple Inc. - $7.1 billion, The Coca-Cola Company - $16.6 billion, IBM - $13.5 billion and Wells Fargo & Company - $27.6 billion. As of March 31, 2017 and December 31, 2016, we concluded that the unrealized losses shown in the tables above were temporary. As of March 31, 2017 and December 31, 2016, unrealized losses on equity securities in a continuous unrealized loss position for more than twelve consecutive months were $39 million and $551 million, respectively. Investments in equity securities are reflected in our Consolidated Balance Sheets as follows (in millions). March 31, December 31, Insurance and other $ 133,393 $ 120,471 Railroad, utilities and energy * 1,248 1,186 Finance and financial products 379 375 $ 135,020 $ 122,032 * Included in other assets. |
Other investments
Other investments | 3 Months Ended |
Mar. 31, 2017 | |
Investments, All Other Investments [Abstract] | |
Other investments | Note 6. Other investments Other investments include preferred stock of Bank of America Corporation (“BAC”), warrants to purchase common stock of BAC and preferred stock of Restaurant Brands International, Inc. (“RBI”). Other investments are classified as available-for-sale and carried at fair value and are shown in our Consolidated Balance Sheets as follows (in millions). Cost Fair Value March 31, 2017 December 31, March 31, 2017 December 31, 2016 Insurance and other $ 6,720 $ 6,720 $ 15,293 $ 14,364 Finance and financial products 1,000 1,000 3,119 2,892 $ 7,720 $ 7,720 $ 18,412 $ 17,256 We currently own 50,000 shares of 6% Non-Cumulative Perpetual Preferred Stock of BAC (“BAC Preferred”) with a liquidation value of $100,000 per share and warrants to purchase 700,000,000 shares of common stock of BAC (“BAC Warrants”). The BAC Preferred is redeemable at the option of BAC beginning on May 7, 2019 at a redemption price of $105,000 per share (or $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). We currently own Class A 9% Cumulative Compounding Perpetual Preferred Shares of RBI (“RBI Preferred”) having a stated value of $3 billion. RBI, domiciled in Canada, franchises and operates quick service restaurants. The RBI Preferred is entitled to dividends on a cumulative basis of 9% per annum plus an additional amount, if necessary, to produce an after-tax yield to Berkshire as if the dividends were paid by a U.S.-based company. The RBI Preferred is redeemable at the option of RBI beginning on December 12, 2017. If not redeemed prior to December 12, 2024, we can cause RBI to redeem the RBI Preferred. In either case, the redemption price will be 109.9% of the stated value of such shares. |
Investments in The Kraft Heinz
Investments in The Kraft Heinz Company | 3 Months Ended |
Mar. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in The Kraft Heinz Company | Note 7. Investments in The Kraft Heinz Company In June 2013, Berkshire invested $12.25 billion in a newly-formed company, H.J. Heinz Holding Corporation (“Heinz Holding”), consisting of 425 million shares of common stock, warrants to acquire approximately 46 million additional shares of common stock at $0.01 per share and cumulative compounding preferred stock (“Preferred Stock”) with a liquidation preference of $8 billion. An affiliate of the global investment firm 3G Capital (such affiliate, “3G”) also acquired 425 million shares of Heinz Holding common stock for $4.25 billion. At that time, Berkshire and 3G each owned a 50% share of Heinz Holding common stock. Heinz Holding then acquired H.J. Heinz Company. In March 2015, Heinz Holding entered into an agreement to acquire all of the outstanding common stock of Kraft Foods Group, Inc. (“Kraft”). In June 2015, Berkshire exercised the aforementioned common stock warrants. On July 1, 2015, Berkshire and 3G also acquired new shares of Heinz Holding common stock for $5.26 billion and $4.74 billion, respectively. After these transactions, Berkshire owned approximately 52.5% of the outstanding shares of Heinz Holding. On July 2, 2015, Heinz Holding completed its acquisition of Kraft, at which time Heinz Holding was renamed The Kraft Heinz Company (“Kraft Heinz”). In connection with its acquisition of Kraft, Kraft Heinz issued one new share of Kraft Heinz common stock for each share of Kraft common stock, which reduced Berkshire’s and 3G’s ownership of outstanding shares of Kraft Heinz common stock to 26.8% and 24.2%, respectively. Berkshire currently owns 26.7% of the outstanding shares of Kraft Heinz common stock. We account for our investment in Kraft Heinz common stock pursuant to the equity method. The carrying value of this investment was approximately $15.4 billion at March 31, 2017 and $15.3 billion at December 31, 2016. Our earnings determined under the equity method for the first quarter were $239 million in 2017 and $240 million in 2016. We received dividends on the common stock of $195 million in the first quarter of 2017 and $187 million in the first quarter of 2016, which were recorded as reductions of our investment. On June 7, 2016, Kraft Heinz redeemed our Preferred Stock investment for cash of $8.32 billion. Kraft Heinz is one of the world’s largest manufacturers and marketers of food and beverage products, including condiments and sauces, cheese and dairy, meals, meats, refreshment beverages, coffee, and other grocery products. Summarized consolidated financial information of Kraft Heinz follows (in millions). April 1, 2017 December 31, 2016 Assets $120,802 $120,480 Liabilities 62,858 62,906 First Quarter 2017 2016 Sales $ 6,364 $ 6,570 Net earnings attributable to Kraft Heinz common shareholders $ 893 $ 896 |
Income taxes
Income taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Note 8. Income taxes Our consolidated effective income tax rates for the first quarter of 2017 and 2016 were 27.2% and 12.4%, respectively. Our effective income tax rate normally reflects benefits from the recurring impact of: (a) dividends received deductions applicable to certain investments in equity securities, (b) income production tax credits related to wind-powered electricity generation placed in service in the U.S. and (c) lower income tax rates applicable to earnings of certain foreign subsidiaries. On February 29, 2016, we exchanged our long-held investment in P&G common stock for the common stock of Duracell. This exchange produced a pre-tax gain of $1.1 billion for financial reporting purposes. The exchange transaction was structured as a tax-free reorganization under the Internal Revenue Code. As a result, no income taxes were payable on the excess of the fair value of the business received over the tax basis of the P&G shares exchanged and we recorded a one-time reduction of certain deferred income tax liabilities (approximately $750 million) that were recorded in 2005 in connection with our exchange of The Gillette Company common stock for P&G common stock upon the merger of those two companies. The P&G/Duracell exchange produced a 17.7 percentage point reduction in our consolidated effective income tax rate for the first quarter of 2016. |
Investment gains_losses
Investment gains/losses | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment gains/losses | Note 9. Investment gains/losses Investment gains/losses included in earnings are summarized below (in millions). First Quarter 2017 2016 Fixed maturity securities— Gross gains from sales and other disposals $ 11 $ 19 Gross losses from sales and other disposals (6 ) (3 ) Equity securities— Gross gains from sales and redemptions 425 1,807 Gross losses from sales and redemptions (125 ) (10 ) Other 10 37 $ 315 $ 1,850 We record investments in equity and fixed maturity securities classified as available-for-sale at fair value and record the difference between fair value and cost in other comprehensive income. Investment gains and losses are recognized when we sell or otherwise dispose such securities. Gains from sales and redemptions of equity securities in the first quarter of 2016 included approximately $1.1 billion from the exchange of our P&G common stock in the acquisition of Duracell. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 10. Inventories Inventories are comprised of the following (in millions). March 31, 2017 December 31, 2016 Raw materials $ 2,857 $ 2,789 Work in process and other 2,676 2,506 Finished manufactured goods 4,195 4,033 Goods acquired for resale 6,387 6,399 $ 16,115 $ 15,727 |
Receivables
Receivables | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Receivables | Note 11. Receivables Receivables of insurance and other businesses are comprised of the following (in millions). March 31, 2017 December 31, 2016 Insurance premiums receivable $ 11,022 $ 10,462 Reinsurance recoverable on unpaid losses 3,221 3,338 Trade and other receivables 14,944 13,630 Allowances for uncollectible accounts (317) (333) $ 28,870 $ 27,097 Loans and finance receivables of finance and financial products businesses are summarized as follows (in millions). March 31, 2017 December 31, 2016 Loans and finance receivables before allowances and discounts $ 13,776 $ 13,728 Allowances for uncollectible loans (177 ) (182 ) Unamortized acquisition discounts (234 ) (246 ) $ 13,365 $ 13,300 Loans and finance receivables are predominantly installment loans originated or acquired by our manufactured housing business. Provisions for loan losses in the first quarter of 2017 and 2016 were $38 million and $37 million, respectively. Loan charge-offs, net of recoveries, in the first quarter were $43 million in 2017 and $38 million in 2016. At March 31, 2017, approximately 98% of the loan balances were evaluated collectively for impairment. As a part of the evaluation process, credit quality indicators are reviewed and loans are designated as performing or non-performing. At March 31, 2017, approximately 98% of the loan balances were determined to be performing and approximately 95% of the loan balances were current as to payment status. |
Property, plant and equipment a
Property, plant and equipment and assets held for lease | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment and assets held for lease | Note 12. Property, plant and equipment and assets held for lease A summary of property, plant and equipment of our insurance and other businesses follows (in millions). Ranges of March 31, December 31, Land — $ 2,133 $ 2,108 Buildings and improvements 5 – 40 years 8,461 8,360 Machinery and equipment 3 – 25 years 20,983 20,463 Furniture, fixtures and other 2 – 15 years 4,214 4,080 35,791 35,011 Accumulated depreciation (16,146 ) (15,686 ) $ 19,645 $ 19,325 A summary of property, plant and equipment of our railroad and our utilities and energy businesses follows (in millions). Ranges of March 31, December 31, Railroad: Land — $ 6,073 $ 6,063 Track structure and other roadway 7 – 100 years 49,917 48,277 Locomotives, freight cars and other equipment 6 – 41 years 12,172 12,075 Construction in progress — 810 965 68,972 67,380 Accumulated depreciation (7,583) (6,130) 61,389 61,250 Utilities and energy: Utility generation, transmission and distribution systems 5 – 80 years 71,308 71,536 Interstate natural gas pipeline assets 3 – 80 years 6,944 6,942 Independent power plants and other assets 3 – 30 years 6,937 6,596 Construction in progress — 2,350 2,098 87,539 87,172 Accumulated depreciation (24,651) (24,663) 62,888 62,509 $ 124,277 $ 123,759 The utility generation, transmission and distribution systems and interstate natural gas pipeline assets are owned by regulated public utility and natural gas pipeline subsidiaries. Assets held for lease and property, plant and equipment of our finance and financial products businesses are summarized below (in millions). Ranges of March 31, December 31, Assets held for lease 5 – 35 years $ 11,993 $ 11,902 Land — 224 224 Buildings, machinery and other 3 – 50 years 1,335 1,302 13,552 13,428 Accumulated depreciation (3,829 ) (3,739 ) $ 9,723 $ 9,689 A summary of depreciation expense for the first quarters of 2017 and 2016 follows (in millions). First Quarter 2017 2016 Insurance and other $ 542 $ 493 Railroad, utilities and energy 1,175 1,141 Finance and financial products 159 152 $ 1,876 $ 1,786 |
Goodwill and other intangible a
Goodwill and other intangible assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | Note 13. Goodwill and other intangible assets A reconciliation of the change in the carrying value of goodwill is as follows (in millions). March 31, December 31, Balance at beginning of year $ 79,486 $ 62,708 Acquisitions of businesses 540 17,650 Other, including foreign currency translation (75 ) (872 ) Balance at end of period $ 79,951 $ 79,486 Other intangible assets are summarized as follows (in millions). March 31, 2017 December 31, 2016 Gross carrying Accumulated Gross carrying Accumulated Insurance and other $40,334 $6,862 $39,976 $6,495 Railroad, utilities and energy 901 298 898 293 $41,235 $7,160 $40,874 $6,788 Trademarks and trade names $ 5,264 $ 634 $ 5,175 $ 616 Patents and technology 4,393 2,424 4,341 2,328 Customer relationships 28,449 3,099 28,243 2,879 Other 3,129 1,003 3,115 965 $41,235 $7,160 $40,874 $6,788 Amortization expense in the first quarter was $367 million in 2017 and $339 million in 2016. Intangible assets with indefinite lives were approximately $18.7 billion as of March 31, 2017 and December 31, 2016. |
Derivative contracts
Derivative contracts | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative contracts | Note 14. Derivative contracts We are party to derivative contracts primarily through our finance and financial products and our utilities and energy businesses. Currently, the derivative contracts of our finance and financial products include equity index put option contracts written between 2004 and 2008. The liabilities and related notional values of such contracts follows (in millions). March 31, 2017 December 31, 2016 Liabilities Notional Value Liabilities Notional Value Equity index put options $ 2,430 $26,868 (1) $ 2,890 $26,497 (1) (1) Represents the aggregate undiscounted amounts payable assuming that the value of each index is zero at each contract’s expiration date. Certain of these contracts are denominated in foreign currencies. Notional amounts are based on the foreign currency exchange rates as of each balance sheet date We record derivative contract liabilities at fair value and include the changes in the fair values of such contracts 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 the derivative gains/losses included in our Consolidated Statements of Earnings follows (in millions). First Quarter 2017 2016 Equity index put options $ 460 $(796) Other — (14) $ 460 $(810) The equity index put option contracts are European style options written on four major equity indexes and expire between June 2018 and January 2026. Future payments, if any, under any given contract will be required if the prevailing index value is below the contract strike price at the expiration date. We received the premiums on these contracts at the inception dates and therefore we have no counterparty credit risk. The aggregate intrinsic value (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 $700 million at March 31, 2017 and $1.0 billion at December 31, 2016. However, these contracts may not be unilaterally terminated or fully settled before the expiration dates. Therefore, the ultimate amount of cash basis gains or losses on these contracts will not be determined for several years. The remaining weighted average life of all contracts was approximately 3.7 years at March 31, 2017. A limited number of our equity index put option contracts contain 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 March 31, 2017, we did not have any collateral posting requirements. 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, 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 and were $128 million as of March 31, 2017 and $142 million as of December 31, 2016. Derivative contract liabilities are included in accounts payable, accruals and other liabilities and were $156 million as of March 31, 2017 and $145 million as of December 31, 2016. Net derivative contract assets or liabilities of our regulated utilities that are probable of recovery through rates, are offset by regulatory liabilities or assets. 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 informat
Supplemental cash flow information | 3 Months Ended |
Mar. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental cash flow information | Note 15. Supplemental cash flow information A summary of supplemental cash flow information is presented in the following table (in millions). First Quarter 2017 2016 Cash paid during the period for: Income taxes $ 26 $ 231 Interest: Insurance and other businesses 306 181 Railroad, utilities and energy businesses 737 731 Finance and financial products businesses 78 63 Non-cash investing and financing activities: Liabilities assumed in connection with business acquisitions 142 16,842 Equity securities exchanged in connection with business acquisition — 4,239 |
Unpaid losses and loss adjustme
Unpaid losses and loss adjustment expenses | 3 Months Ended |
Mar. 31, 2017 | |
Insurance [Abstract] | |
Unpaid losses and loss adjustment expenses | Note 16. Unpaid losses and loss adjustment expenses The liabilities for unpaid losses and loss adjustment expenses (also referred to as “claim liabilities”) under our short duration property and casualty insurance and reinsurance contracts are based upon estimates of the ultimate claim costs associated with claim occurrences as of the balance sheet date and include estimates for incurred-but-not-reported (“IBNR”) claims. Reconciliations of the changes in claim liabilities for the three months ending March 31, 2017 and 2016 follows (in millions). 2017 2016 Unpaid losses and loss adjustment expenses—beginning of year: Gross liabilities $ 76,918 $ 73,144 Reinsurance recoverable and deferred charges (11,385) (10,994 ) Net balance 65,533 62,150 Incurred losses and loss adjustment expenses recorded during the period: Current accident year events 8,165 7,192 Prior accident years’ events 118 (372 ) Retroactive reinsurance and discount accretion 10,283 712 Total incurred losses and loss adjustment expenses 18,566 7,532 Paid losses and loss adjustment expenses during the period with respect to: Current accident year events (2,678) (2,421 ) Prior accident years’ events (4,222) (3,828 ) Retroactive reinsurance (429) (158 ) Total payments (7,329) (6,407 ) Foreign currency translation adjustment 77 (21 ) Unpaid losses and loss adjustment expenses—March 31: Net balance 76,847 63,254 Reinsurance recoverable and deferred charges 17,051 11,308 Gross liabilities $ 93,898 $ 74,562 Incurred losses and loss adjustment expenses in the preceding table reflect the losses and loss adjustment expenses recorded in earnings in each period related to insured events occurring in the current year and in prior years. We present incurred and paid losses under retroactive reinsurance contracts and discount accretion separately. Such amounts relate to prior years’ underlying loss events. Incurred losses and loss adjustment expenses in the first quarter of 2017 reflected increases of $118 million for prior accident years’ events compared to decreases of $372 million in the first quarter of 2016. In 2017, incurred losses for prior years’ events included increases related to our reinsurance businesses, partly offset by reductions attributable to our primary insurance operations. Incurred losses for prior years’ events in 2017 of our reinsurance operations included increases in the estimated liabilities for certain personal injury claims in the United Kingdom due to a regulatory decision that increases calculated lump sum settlement amounts. In addition, we increased liability estimates for claims under certain reinsurance contracts due to reported hurricane and earthquake losses from events in 2016, as well as for estimates of IBNR losses. Incurred losses and loss adjustment expenses in 2016 for prior accident years’ events derived primarily from our direct insurance businesses, and to a lesser extent, from our reinsurance businesses. In January 2017, Berkshire’s subsidiary, National Indemnity Company (“NICO”), entered into a retroactive reinsurance agreement with various subsidiaries of American International Group, Inc. (collectively, “AIG”). Under the agreement, NICO agreed to indemnify AIG for 80% of up to $25 billion, excess of $25 billion retained by AIG, of losses and allocated loss adjustment expenses with respect to certain commercial insurance loss events occurring in years prior to 2016, for cash consideration of $10.2 billion. The transaction became effective on February 2, 2017. Berkshire agreed to guarantee the timely payment of all amounts due to AIG under the agreement. We account for the AIG agreement as retroactive reinsurance of short-duration insurance contracts. As of the effective date, we recorded premiums earned and losses and loss adjustment expenses incurred of $10.2 billion from this contract. We also recorded unpaid losses and loss adjustment expenses of $16.4 billion, representing the estimated ultimate liabilities assumed and a deferred charge reinsurance assumed asset of $6.2 billion, representing the excess of those liabilities over the premiums earned. The deferred charge asset will be amortized over the estimated claims settlement period using the interest method based on the estimated timing and amount of future loss payments. Amortization charges are included in losses and loss adjustment expenses in the Consolidated Statements of Earnings. |
Notes payable and other borrowi
Notes payable and other borrowings | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Notes payable and other borrowings | Note 17. 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 March 31, 2017. Weighted Average Interest Rate March 31, 2017 December 31, 2016 Insurance and other: Issued by Berkshire due 2017-2047 2.1% $17,845 $17,703 Short-term subsidiary borrowings 2.7% 2,135 2,094 Other subsidiary borrowings due 2017-2045 4.0% 7,436 7,378 $27,416 $27,175 In January 2017, Berkshire issued €1.1 billion in senior unsecured notes. The notes consisted of €550 million of 0.25% notes due in 2021 and €550 million of 0.625% notes due in 2023. In January 2017, senior notes of $1.1 billion matured. Weighted March 31, December 31, Railroad, utilities and energy: Issued by Berkshire Hathaway Energy Company (“BHE”) and its subsidiaries: BHE senior unsecured debt due 2017-2045 5.1% $ 7,819 $ 7,818 Subsidiary and other debt due 2017-2064 4.7% 29,865 29,223 Issued by BNSF due 2017-2097 4.8% 23,241 22,044 $ 60,925 $ 59,085 BHE subsidiary debt represents amounts issued pursuant to separate financing agreements. Substantially all of the assets of certain BHE subsidiaries are, or may be, pledged or encumbered to support or otherwise secure 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 three months of 2017, BHE subsidiaries issued approximately $850 million of debt with maturity dates ranging from 2027 to 2047 and a weighted average interest rate of 3.6%. BNSF’s borrowings are primarily senior unsecured debentures. In March 2017, BNSF issued $1.25 billion of senior unsecured debentures consisting of $500 million of 3.25% debentures due in 2027 and $750 million of 4.125% debentures due in 2047. As of March 31, 2017, BNSF, BHE and their subsidiaries were in compliance with all applicable debt covenants. Berkshire does not guarantee any debt, borrowings or lines of credit of BNSF, BHE or their subsidiaries. Weighted March 31, December 31, Finance and financial products: Issued by Berkshire Hathaway Finance Corporation (“BHFC”) due 2017-2043 2.6% $ 14,672 $ 14,423 Issued by other subsidiaries due 2017-2036 4.9% 943 961 $ 15,615 $ 15,384 In January 2017, BHFC issued $1.3 billion of senior notes consisting of $950 million of floating rate notes due in 2019 and $350 million of floating rate notes due in 2020. In January 2017, senior notes of $1.05 billion matured. The borrowings of BHFC, a wholly owned finance subsidiary of Berkshire, are fully and unconditionally guaranteed by Berkshire. As of March 31, 2017, our subsidiaries had unused lines of credit and commercial paper capacity aggregating approximately $7.4 billion to support short-term borrowing programs and provide additional liquidity. Such unused lines of credit included about $3.9 billion related to BHE and its subsidiaries. In addition to BHFC’s borrowings, at March 31, 2017, Berkshire guaranteed approximately $3.3 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 payment obligations. |
Fair value measurements
Fair value measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Note 18. Fair value measurements Our financial assets and liabilities are summarized below as of March 31, 2017 and December 31, 2016 with fair values shown according to the fair value hierarchy (in millions). The carrying values of cash and cash equivalents, U.S. Treasury Bills, receivable and accounts payable, accruals and other liabilities are considered to be reasonable estimates of their fair values. Carrying Value Fair Value Quoted Significant Other Significant March 31, 2017 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and agencies $ 4,641 $ 4,641 $ 3,187 $ 1,454 $ — States, municipalities and political subdivisions 1,105 1,105 — 1,105 — Foreign governments 8,669 8,669 6,835 1,834 — Corporate bonds 7,467 7,467 — 7,405 62 Mortgage-backed securities 1,051 1,051 — 1,051 — Investments in equity securities 135,020 135,020 135,012 8 — Investment in Kraft Heinz common stock 15,431 29,553 29,553 — — Other investments 18,412 18,412 — — 18,412 Loans and finance receivables 13,365 13,639 — 14 13,625 Derivative contract assets (1) 128 128 1 20 107 Derivative contract liabilities: Railroad, utilities and energy (1) 156 156 3 127 26 Equity index put options 2,430 2,430 — — 2,430 Notes payable and other borrowings: Insurance and other 27,416 28,022 — 28,022 — Railroad, utilities and energy 60,925 67,655 — 67,655 — Finance and financial products 15,615 16,064 — 15,725 339 December 31, 2016 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and agencies $ 4,527 $ 4,527 $ 3,099 $1,428 $ — States, municipalities and political subdivisions 1,216 1,216 — 1,216 — Foreign governments 9,001 9,001 7,237 1,764 — Corporate bonds 7,604 7,604 — 7,540 64 Mortgage-backed securities 1,117 1,117 — 1,117 — Investments in equity securities 122,032 122,032 122,031 — 1 Investment in Kraft Heinz common stock 15,345 28,418 28,418 — — Other investments 17,256 17,256 — — 17,256 Loans and finance receivables 13,300 13,717 — 13 13,704 Derivative contract assets (1) 142 142 5 43 94 Derivative contract liabilities: Railroad, utilities and energy (1) 145 145 3 114 28 Equity index put options 2,890 2,890 — — 2,890 Notes payable and other borrowings: Insurance and other 27,175 27,712 — 27,712 — Railroad, utilities and energy 59,085 65,774 — 65,774 — Finance and financial products 15,384 15,825 — 15,469 356 (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 fair values 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 Level 2 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 three months ending March 31, 2017 and 2016 follow (in millions). Investments Investments Net Three months ending March 31, 2017 Balance at December 31, 2016 $ 64 $ 17,257 $ (2,824 ) Gains (losses) included in: Earnings — — 499 Other comprehensive income 1 1,156 (2 ) Regulatory assets and liabilities — — 1 Acquisitions, dispositions and settlements (3 ) — (23 ) Transfers into/out of Level 3 — (1 ) — Balance at March 31, 2017 $ 62 $ 18,412 $ (2,349 ) Three months ending March 31, 2016 Balance at December 31, 2015 $ 100 $ 21,403 $ (3,785 ) Gains (losses) included in: Earnings — — (766 ) Other comprehensive income 2 (1,920 ) (6 ) Regulatory assets and liabilities — — (6 ) Acquisitions, dispositions and settlements 4 — (14 ) Transfers into/out of Level 3 (1 ) — — Balance at March 31, 2016 $ 105 $ 19,483 $ (4,577 ) 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 primarily the net change in unrealized appreciation of investments and the reclassification of investment appreciation in net earnings, as appropriate in our Consolidated Statements of Comprehensive Income. Quantitative information as of March 31, 2017, 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 Techniques Unobservable Inputs Weighted Average Other investments: Preferred stocks $ 7,730 Discounted cash flow Expected duration 7 years Discount for transferability restrictions and subordination 145 basis points Common stock warrants 10,682 Warrant pricing model Discount for transferability and hedging restrictions 4% Net derivative liabilities: Equity index put options 2,430 Option pricing model Volatility 19% Our other investments currently include preferred stocks and common stock warrants that we acquired in private placement transactions. These investments are subject to contractual restrictions on transferability and may contain provisions that prevent us from economically hedging our investments. In applying discounted estimated cash flow techniques in valuing the preferred stocks, we made assumptions regarding the expected durations of the investments, as the issuers may have redemption rights. We also made estimates regarding the impact of subordination, as the preferred stocks have a lower priority in liquidation than debt instruments of the issuers. 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 and we have applied discounts with respect to such 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 contracts are illiquid and contain contract terms that are not standard in derivatives markets. For example, we are not required to post collateral under most of our contracts and certain of the contracts have relatively long durations. 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 index price, contract duration and 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 and, given the lack of observable transactions and prices, acceptable values may be subject to wide ranges. Volatility inputs represent our expectations, which consider the remaining duration of each contract and assume that the contracts will remain outstanding until the expiration dates. Increases or decreases in the volatility inputs will produce increases or decreases in the fair values of the liabilities. |
Common stock
Common stock | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Common stock | Note 19. Common stock Changes in Berkshire’s issued, treasury and outstanding common stock during the first quarter of 2017 are shown in the table below. Class A, $5 Par Value (1,650,000 shares authorized) Class B, $0.0033 Par Value (3,225,000,000 shares authorized) Issued Treasury Outstanding Issued Treasury Outstanding Balance at December 31, 2016 788,058 (11,680) 776,378 1,303,323,927 (1,409,762) 1,301,914,165 Conversions of Class A common stock to Class B common stock and exercises of replacement stock options issued in a business acquisition (7,258) — (7,258) 11,244,753 — 11,244,753 Balance at March 31, 2017 780,800 (11,680) 769,120 1,314,568,680 (1,409,762) 1,313,158,918 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 1,644,559 shares outstanding as of March 31, 2017 and 1,644,321 shares outstanding as of December 31, 2016. In addition to our common stock, 1,000,000 shares of preferred stock are authorized, but none are issued. Berkshire’s Board of Directors (“Berkshire’s Board”) has approved a common stock repurchase program under which 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 the total value of Berkshire’s consolidated cash, cash equivalents and U.S. Treasury Bills holdings below $20 billion. The repurchase program does not obligate Berkshire to repurchase any dollar amount or number of Class A or Class B shares and there is no expiration date to the program. |
Accumulated other comprehensive
Accumulated other comprehensive income | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Accumulated other comprehensive income | Note 20. Accumulated other comprehensive income A summary of the net changes in after-tax accumulated other comprehensive income attributable to Berkshire Hathaway shareholders and significant amounts reclassified out of accumulated other comprehensive income for the three months ending March 31, 2017 and 2016 follows (in millions). Unrealized Foreign Prior service Other Accumulated Three months ending March 31, 2017 Balance at December 31, 2016 $43,176 $(5,268 ) $ (593 ) $(17 ) $37,298 Other comprehensive income, net before reclassifications 5,497 475 (22 ) (6 ) 5,944 Reclassifications from accumulated other comprehensive income (198 ) — 18 8 (172 ) Balance at March 31, 2017 $48,475 $(4,793 ) $ (597 ) $(15 ) $43,070 Reclassifications from other comprehensive income into net earnings: Investment gains/losses $ (305 ) $ — $ — $— $ (305 ) Other — — 24 14 38 Reclassifications before income taxes (305 ) — 24 14 (267 ) Applicable income taxes (107 ) — 6 6 (95 ) $ (198 ) $ — $ 18 $ 8 $ (172 ) Unrealized Foreign Prior service Other Accumulated Three months ending March 31, 2016 Balance at December 31, 2015 $38,598 $(3,856 ) $(762) $ 2 $33,982 Other comprehensive income, net before reclassifications (1,791 ) 456 (14) (32 ) (1,381 ) Reclassifications from accumulated other comprehensive income (1,175 ) — 16 12 (1,147 ) Balance at March 31, 2016 $35,632 $(3,400 ) $(760) $ (18 ) $31,454 Reclassifications from other comprehensive income into net earnings: Investment gains/losses $(1,807 ) $ — $ — $ — $(1,807 ) Other — — 21 21 42 Reclassifications before income taxes (1,807 ) — 21 21 (1,765 ) Applicable income taxes (632 ) — 5 9 (618 ) $(1,175 ) $ — $ 16 $ 12 $(1,147 ) |
Contingencies and Commitments
Contingencies and Commitments | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Note 21. Contingencies and Commitments We are parties in a variety of legal actions that routinely arise out of the normal course of business, including legal actions seeking to establish liability directly through insurance contracts or indirectly through reinsurance contracts issued by Berkshire subsidiaries. Plaintiffs occasionally seek punitive or exemplary damages. We do not believe that such normal and routine litigation will have a material effect on our financial condition or results of operations. Berkshire and certain of its subsidiaries are also involved in other kinds of legal actions, some of which assert or may assert claims or seek to impose fines and penalties. We believe that any liability that may arise as a result of other pending legal actions will not have a material effect on our consolidated financial condition or results of operations. In the third quarter of 2016, NICO entered into a definitive agreement to acquire Medical Liability Mutual Insurance Company (“MLMIC”), a writer of medical professional liability insurance domiciled in New York. MLMIC’s assets and policyholders’ surplus determined under statutory accounting principles as of December 31, 2016 were approximately $5.5 billion and $2.1 billion, respectively. The acquisition price will be an amount equal to the sum of: (i) the tangible book value of MLMIC at the closing date (determined under U.S. GAAP); plus (ii) $100 million. The acquisition will involve the conversion of MLMIC from a mutual company to a stock company. The closing of the transaction is subject to various regulatory approvals, customary closing conditions and the approval of the MLMIC policyholders eligible to vote on the proposed demutualization and sale. The transaction is expected to be completed in late 2017. We own a 50% interest in a joint venture, Berkadia Commercial Mortgage LLC (“Berkadia”), with Leucadia National Corporation (“Leucadia”) owning the other 50% interest. Berkadia is a servicer of commercial real estate loans in the U.S. A significant source of funding for Berkadia’s operations is through the issuance of commercial paper, which is limited to $1.5 billion. Berkadia’s commercial paper outstanding is supported by a surety policy issued by a Berkshire insurance subsidiary. Leucadia has agreed to indemnify us for one-half of any losses we incur under the policy. |
Business segment data
Business segment data | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Business segment data | Note 22. Business segment data Our operating businesses include a large and diverse group of insurance, finance, manufacturing, service and retailing businesses. Our reportable business segments are organized in a manner that reflects how management views those business activities. Certain businesses have been grouped together for segment reporting based upon similar products or product lines, marketing, selling and distribution characteristics, even though those business units are operated under separate local management. Revenues by segment for the first quarter of 2017 and 2016 were as follows (in millions). First Quarter 2017 2016 Operating Businesses: Insurance: Underwriting: GEICO $ 6,845 $ 6,050 General Re 1,391 1,390 BHRG 11,841 2,243 BH Primary 1,676 1,441 Investment income 1,132 1,149 Total insurance 22,885 12,273 BNSF 5,185 4,767 Berkshire Hathaway Energy 4,257 4,118 Manufacturing 12,097 10,554 McLane Company 12,101 11,801 Service and retailing 6,093 5,891 Finance and financial products 1,865 1,726 64,483 51,130 Reconciliation of segments to consolidated amount: Investment and derivative gains/losses 775 1,040 Corporate, eliminations and other (71) (7) $ 65,187 $ 52,163 Earnings before income taxes by segment for the first quarter of 2017 and 2016 were as follows (in millions). First Quarter 2017 2016 Operating Businesses: Insurance: Underwriting: GEICO $ 175 $ 264 General Re (143) 42 BHRG (600) (79) BH Primary 189 121 Investment income 1,129 1,142 Total insurance 750 1,490 BNSF 1,345 1,258 Berkshire Hathaway Energy 615 569 Manufacturing 1,487 1,482 McLane Company 88 136 Service and retailing 393 324 Finance and financial products 466 478 5,144 5,737 Reconciliation of segments to consolidated amount: Investment and derivative gains/losses 775 1,040 Interest expense, not allocated to segments (211) (348) Investments in Kraft Heinz 239 240 Corporate, eliminations and other (259) (213) $ 5,688 $ 6,456 |
New accounting pronouncements (
New accounting pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
New accounting pronouncements | In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09 “Revenue from Contracts with Customers.” ASU 2014-09 applies to contracts with customers, excluding, most notably, insurance and leasing contracts. ASU 2014-09 prescribes a framework in accounting for revenues from contracts within its scope, including (a) identifying the contract, (b) identifying the performance obligations under the contract, (c) determining the transaction price, (d) allocating the transaction price to the identified performance obligations and (e) recognizing revenues as the identified performance obligations are satisfied. ASU 2014-09 also prescribes additional financial statement presentations and disclosures. We currently expect to adopt ASU 2014-09 as of January 1, 2018, under the modified retrospective method where the cumulative effect is recognized at the date of initial application. Our evaluation of ASU 2014-09 is ongoing and not complete. While we anticipate some changes to revenue recognition for certain customer contracts, we do not currently believe the adoption of ASU 2014-09 will have a material effect on our Consolidated Financial Statements. In January 2016, the FASB issued ASU 2016-01 “Financial Instruments—Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 generally requires that equity securities (excluding equity method investments) be measured at fair value with changes in fair value recognized in net income. Under existing GAAP, changes in fair value of available-for-sale equity investments are recorded in other comprehensive income. Given the current magnitude of our equity securities, the adoption of ASU 2016-01 will likely have a significant impact on the periodic net earnings reported in our Consolidated Statement of Earnings, although it will not significantly affect our comprehensive income or total shareholders’ equity. ASU 2016-01 is effective for reporting periods beginning after December 15, 2017, with the cumulative effect of the adoption made to the balance sheet as of the date of adoption. Thus, the adoption will result in a reclassification of the related accumulated unrealized appreciation currently included in accumulated other comprehensive income to retained earnings. In February 2016, the FASB issued ASU 2016-02 “Leases.” ASU 2016-02 requires a lessee to recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term, along with additional qualitative and quantitative disclosures. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the effect this standard will have on our Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13 “Financial Instruments—Credit Losses,” which provides for the recognition and measurement at the reporting date of all expected credit losses for financial assets held at amortized cost and available-for-sale debt securities. Currently, credit losses are recognized and measured when such losses become probable based on the prevailing facts and circumstances. ASU 2016-13 is effective for reporting periods beginning after December 15, 2019. We are currently evaluating the effect this standard will have on our Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04 “Simplifying the Test for Goodwill Impairment.” ASU 2017-04 eliminates the requirement to determine the implied goodwill in measuring an impairment loss. Upon adoption, a goodwill impairment will be measured as the excess of the reporting unit’s carrying value over fair value, limited to the carrying value of goodwill. ASU 2017-04 is effective for goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the effect this standard will have on our Consolidated Financial Statements. |
Significant business acquisit32
Significant business acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
PCC and Duracell [Member] | |
Schedule of estimated fair values of assets acquired and liabilities assumed | The fair values of identified assets acquired and liabilities assumed and residual goodwill of PCC and Duracell at their respective acquisition dates are summarized as follows (in millions). PCC Duracell Cash and cash equivalents $ 250 $ 1,807 Inventories 3,430 319 Property, plant and equipment 2,765 359 Goodwill 16,011 866 Other intangible assets 23,527 1,550 Other assets 1,916 242 Assets acquired $ 47,899 $ 5,143 Accounts payable, accruals and other liabilities $ 2,442 $ 410 Notes payable and other borrowings 5,251 — Income taxes, principally deferred 7,548 494 Liabilities assumed $ 15,241 $ 904 Net assets $ 32,658 $ 4,239 |
Investments in fixed maturity33
Investments in fixed maturity securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments in securities with fixed maturities | Investments in securities with fixed maturities as of March 31, 2017 and December 31, 2016 are summarized by type below (in millions). Amortized Cost Unrealized Gains Unrealized Losses Fair Value March 31, 2017 U.S. Treasury, U.S. government corporations and agencies $ 4,636 $ 14 $ (9 ) $ 4,641 States, municipalities and political subdivisions 1,051 55 (1 ) 1,105 Foreign governments 8,480 224 (35 ) 8,669 Corporate bonds 6,787 687 (7 ) 7,467 Mortgage-backed securities 937 121 (7 ) 1,051 $ 21,891 $ 1,101 $ (59 ) $ 22,933 December 31, 2016 U.S. Treasury, U.S. government corporations and agencies $ 4,519 $ 16 $ (8 ) $ 4,527 States, municipalities and political subdivisions 1,159 58 (1 ) 1,216 Foreign governments 8,860 207 (66 ) 9,001 Corporate bonds 6,899 714 (9 ) 7,604 Mortgage-backed securities 997 126 (6 ) 1,117 $ 22,434 $ 1,121 $ (90 ) $ 23,465 Investments in fixed maturity securities are reflected in our Consolidated Balance Sheets as follows (in millions). March 31, 2017 December 31, 2016 Insurance and other $ 22,902 $ 23,432 Finance and financial products 31 33 $ 22,933 $ 23,465 |
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 March 31, 2017 are summarized below by contractual maturity dates. Actual maturities may differ from contractual maturities due to early call or prepayment rights held by issuers. Amounts are in millions. Due in one year or less Due after one five years Due after five years through ten years Due after ten years Mortgage- securities Total Amortized cost $8,117 $ 9,898 $ 756 $2,183 $ 937 $21,891 Fair value 8,191 10,204 815 2,672 1,051 22,933 |
Investments in equity securit34
Investments in equity securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments in equity securities | Investments in equity securities as of March 31, 2017 and December 31, 2016 are summarized based on the primary industry of the investee in the table below (in millions). Cost Basis Unrealized Gains Unrealized Losses Fair Value March 31, 2017 * Banks, insurance and finance $ 20,431 $ 31,725 $ — $ 52,156 Consumer products 19,320 21,020 — 40,340 Commercial, industrial and other 32,707 9,973 (156 ) 42,524 $ 72,458 $ 62,718 $ (156 ) $ 135,020 * Approximately 65% of the aggregate fair value was concentrated in the equity securities of five companies: American Express Company - $12.0 billion, Apple Inc. - $19.2 billion, The Coca-Cola Company - $17.0 billion, International Business Machines Corporation (“IBM”) - $11.2 billion and Wells Fargo & Company - $27.8 billion. Cost Basis Unrealized Gains Unrealized Losses Fair Value December 31, 2016 Banks, insurance and finance $ 19,852 $ 30,572 $ — $ 50,424 Consumer products 10,657 16,760 (9 ) 27,408 Commercial, industrial and other 35,868 9,033 (701 ) 44,200 $ 66,377 $ 56,365 $ (710 ) $ 122,032 * Approximately 62% of the aggregate fair value was concentrated in the equity securities of five companies: American Express Company - $11.2 billion, Apple Inc. - $7.1 billion, The Coca-Cola Company - $16.6 billion, IBM - $13.5 billion and Wells Fargo & Company - $27.6 billion. Investments in equity securities are reflected in our Consolidated Balance Sheets as follows (in millions). March 31, December 31, Insurance and other $ 133,393 $ 120,471 Railroad, utilities and energy * 1,248 1,186 Finance and financial products 379 375 $ 135,020 $ 122,032 * Included in other assets. |
Other investments (Tables)
Other investments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments, All Other Investments [Abstract] | |
Schedule of other investments | Other investments are classified as available-for-sale and carried at fair value and are shown in our Consolidated Balance Sheets as follows (in millions). Cost Fair Value March 31, 2017 December 31, March 31, 2017 December 31, 2016 Insurance and other $ 6,720 $ 6,720 $ 15,293 $ 14,364 Finance and financial products 1,000 1,000 3,119 2,892 $ 7,720 $ 7,720 $ 18,412 $ 17,256 |
Investments in The Kraft Hein36
Investments in The Kraft Heinz Company (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized consolidated financial information of Kraft Heinz | Summarized consolidated financial information of Kraft Heinz follows (in millions). April 1, 2017 December 31, 2016 Assets $120,802 $120,480 Liabilities 62,858 62,906 First Quarter 2017 2016 Sales $ 6,364 $ 6,570 Net earnings attributable to Kraft Heinz common shareholders $ 893 $ 896 |
Investment gains_losses (Tables
Investment gains/losses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investment gains/losses | Investment gains/losses included in earnings are summarized below (in millions). First Quarter 2017 2016 Fixed maturity securities— Gross gains from sales and other disposals $ 11 $ 19 Gross losses from sales and other disposals (6 ) (3 ) Equity securities— Gross gains from sales and redemptions 425 1,807 Gross losses from sales and redemptions (125 ) (10 ) Other 10 37 $ 315 $ 1,850 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories are comprised of the following (in millions). March 31, 2017 December 31, 2016 Raw materials $ 2,857 $ 2,789 Work in process and other 2,676 2,506 Finished manufactured goods 4,195 4,033 Goods acquired for resale 6,387 6,399 $ 16,115 $ 15,727 |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Insurance and Other [Member] | |
Schedule of receivables | Receivables of insurance and other businesses are comprised of the following (in millions). March 31, 2017 December 31, 2016 Insurance premiums receivable $ 11,022 $ 10,462 Reinsurance recoverable on unpaid losses 3,221 3,338 Trade and other receivables 14,944 13,630 Allowances for uncollectible accounts (317) (333) $ 28,870 $ 27,097 |
Finance and Financial Products [Member] | |
Schedule of receivables | Loans and finance receivables of finance and financial products businesses are summarized as follows (in millions). March 31, 2017 December 31, 2016 Loans and finance receivables before allowances and discounts $ 13,776 $ 13,728 Allowances for uncollectible loans (177 ) (182 ) Unamortized acquisition discounts (234 ) (246 ) $ 13,365 $ 13,300 |
Property, plant and equipment40
Property, plant and equipment and assets held for lease (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Schedule of depreciation expense | A summary of depreciation expense for the first quarters of 2017 and 2016 follows (in millions). First Quarter 2017 2016 Insurance and other $ 542 $ 493 Railroad, utilities and energy 1,175 1,141 Finance and financial products 159 152 $ 1,876 $ 1,786 |
Insurance and Other [Member] | |
Schedule of property, plant and equipment | A summary of property, plant and equipment of our insurance and other businesses follows (in millions). Ranges of March 31, December 31, Land — $ 2,133 $ 2,108 Buildings and improvements 5 – 40 years 8,461 8,360 Machinery and equipment 3 – 25 years 20,983 20,463 Furniture, fixtures and other 2 – 15 years 4,214 4,080 35,791 35,011 Accumulated depreciation (16,146 ) (15,686 ) $ 19,645 $ 19,325 |
Railroad, Utilities and Energy [Member] | |
Schedule of property, plant and equipment | A summary of property, plant and equipment of our railroad and our utilities and energy businesses follows (in millions). Ranges of March 31, December 31, Railroad: Land — $ 6,073 $ 6,063 Track structure and other roadway 7 – 100 years 49,917 48,277 Locomotives, freight cars and other equipment 6 – 41 years 12,172 12,075 Construction in progress — 810 965 68,972 67,380 Accumulated depreciation (7,583) (6,130) 61,389 61,250 Utilities and energy: Utility generation, transmission and distribution systems 5 – 80 years 71,308 71,536 Interstate natural gas pipeline assets 3 – 80 years 6,944 6,942 Independent power plants and other assets 3 – 30 years 6,937 6,596 Construction in progress — 2,350 2,098 87,539 87,172 Accumulated depreciation (24,651) (24,663) 62,888 62,509 $ 124,277 $ 123,759 |
Finance and Financial Products [Member] | |
Schedule of property, plant and equipment | Assets held for lease and property, plant and equipment of our finance and financial products businesses are summarized below (in millions). Ranges of March 31, December 31, Assets held for lease 5 – 35 years $ 11,993 $ 11,902 Land — 224 224 Buildings, machinery and other 3 – 50 years 1,335 1,302 13,552 13,428 Accumulated depreciation (3,829 ) (3,739 ) $ 9,723 $ 9,689 |
Goodwill and other intangible41
Goodwill and other intangible assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Reconciliation of the change in goodwill | A reconciliation of the change in the carrying value of goodwill is as follows (in millions). March 31, December 31, Balance at beginning of year $ 79,486 $ 62,708 Acquisitions of businesses 540 17,650 Other, including foreign currency translation (75 ) (872 ) Balance at end of period $ 79,951 $ 79,486 |
Schedule of intangible assets | Other intangible assets are summarized as follows (in millions). March 31, 2017 December 31, 2016 Gross carrying Accumulated Gross carrying Accumulated Insurance and other $40,334 $6,862 $39,976 $6,495 Railroad, utilities and energy 901 298 898 293 $41,235 $7,160 $40,874 $6,788 Trademarks and trade names $ 5,264 $ 634 $ 5,175 $ 616 Patents and technology 4,393 2,424 4,341 2,328 Customer relationships 28,449 3,099 28,243 2,879 Other 3,129 1,003 3,115 965 $41,235 $7,160 $40,874 $6,788 |
Derivative contracts (Tables)
Derivative contracts (Tables) - Finance and Financial Products [Member] | 3 Months Ended |
Mar. 31, 2017 | |
Derivative contracts outstanding | The liabilities and related notional values of such contracts follows (in millions). March 31, 2017 December 31, 2016 Liabilities Notional Value Liabilities Notional Value Equity index put options $ 2,430 $26,868 (1) $ 2,890 $26,497 (1) (1) Represents the aggregate undiscounted amounts payable assuming that the value of each index is zero at each contract’s expiration date. Certain of these contracts are denominated in foreign currencies. Notional amounts are based on the foreign currency exchange rates as of each balance sheet date |
Derivative gains/losses included in the Consolidated Statements of Earnings | A summary of the derivative gains/losses included in our Consolidated Statements of Earnings follows (in millions). First Quarter 2017 2016 Equity index put options $ 460 $(796) Other — (14) $ 460 $(810) |
Supplemental cash flow inform43
Supplemental cash flow information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental cash flow information | A summary of supplemental cash flow information is presented in the following table (in millions). First Quarter 2017 2016 Cash paid during the period for: Income taxes $ 26 $ 231 Interest: Insurance and other businesses 306 181 Railroad, utilities and energy businesses 737 731 Finance and financial products businesses 78 63 Non-cash investing and financing activities: Liabilities assumed in connection with business acquisitions 142 16,842 Equity securities exchanged in connection with business acquisition — 4,239 |
Unpaid losses and loss adjust44
Unpaid losses and loss adjustment expenses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Insurance [Abstract] | |
Schedule of liability for unpaid claims and claims adjustment expense | Reconciliations of the changes in claim liabilities for the three months ending March 31, 2017 and 2016 follows (in millions). 2017 2016 Unpaid losses and loss adjustment expenses—beginning of year: Gross liabilities $ 76,918 $ 73,144 Reinsurance recoverable and deferred charges (11,385) (10,994 ) Net balance 65,533 62,150 Incurred losses and loss adjustment expenses recorded during the period: Current accident year events 8,165 7,192 Prior accident years’ events 118 (372 ) Retroactive reinsurance and discount accretion 10,283 712 Total incurred losses and loss adjustment expenses 18,566 7,532 Paid losses and loss adjustment expenses during the period with respect to: Current accident year events (2,678) (2,421 ) Prior accident years’ events (4,222) (3,828 ) Retroactive reinsurance (429) (158 ) Total payments (7,329) (6,407 ) Foreign currency translation adjustment 77 (21 ) Unpaid losses and loss adjustment expenses—March 31: Net balance 76,847 63,254 Reinsurance recoverable and deferred charges 17,051 11,308 Gross liabilities $ 93,898 $ 74,562 |
Notes payable and other borro45
Notes payable and other borrowings (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017. Weighted Average Interest Rate March 31, 2017 December 31, 2016 Insurance and other: Issued by Berkshire due 2017-2047 2.1% $17,845 $17,703 Short-term subsidiary borrowings 2.7% 2,135 2,094 Other subsidiary borrowings due 2017-2045 4.0% 7,436 7,378 $27,416 $27,175 |
Railroad, Utilities and Energy [Member] | |
Schedule of short and long term outstanding debt disclosure | Weighted March 31, December 31, Railroad, utilities and energy: Issued by Berkshire Hathaway Energy Company (“BHE”) and its subsidiaries: BHE senior unsecured debt due 2017-2045 5.1% $ 7,819 $ 7,818 Subsidiary and other debt due 2017-2064 4.7% 29,865 29,223 Issued by BNSF due 2017-2097 4.8% 23,241 22,044 $ 60,925 $ 59,085 |
Finance and Financial Products [Member] | |
Schedule of short and long term outstanding debt disclosure | Weighted March 31, December 31, Finance and financial products: Issued by Berkshire Hathaway Finance Corporation (“BHFC”) due 2017-2043 2.6% $ 14,672 $ 14,423 Issued by other subsidiaries due 2017-2036 4.9% 943 961 $ 15,615 $ 15,384 |
Fair value measurements (Tables
Fair value measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Financial assets and liabilities measured at fair value on a recurring basis | Our financial assets and liabilities are summarized below as of March 31, 2017 and December 31, 2016 with fair values shown according to the fair value hierarchy (in millions). The carrying values of cash and cash equivalents, U.S. Treasury Bills, receivable and accounts payable, accruals and other liabilities are considered to be reasonable estimates of their fair values. Carrying Value Fair Value Quoted Significant Other Significant March 31, 2017 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and agencies $ 4,641 $ 4,641 $ 3,187 $ 1,454 $ — States, municipalities and political subdivisions 1,105 1,105 — 1,105 — Foreign governments 8,669 8,669 6,835 1,834 — Corporate bonds 7,467 7,467 — 7,405 62 Mortgage-backed securities 1,051 1,051 — 1,051 — Investments in equity securities 135,020 135,020 135,012 8 — Investment in Kraft Heinz common stock 15,431 29,553 29,553 — — Other investments 18,412 18,412 — — 18,412 Loans and finance receivables 13,365 13,639 — 14 13,625 Derivative contract assets (1) 128 128 1 20 107 Derivative contract liabilities: Railroad, utilities and energy (1) 156 156 3 127 26 Equity index put options 2,430 2,430 — — 2,430 Notes payable and other borrowings: Insurance and other 27,416 28,022 — 28,022 — Railroad, utilities and energy 60,925 67,655 — 67,655 — Finance and financial products 15,615 16,064 — 15,725 339 December 31, 2016 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and agencies $ 4,527 $ 4,527 $ 3,099 $1,428 $ — States, municipalities and political subdivisions 1,216 1,216 — 1,216 — Foreign governments 9,001 9,001 7,237 1,764 — Corporate bonds 7,604 7,604 — 7,540 64 Mortgage-backed securities 1,117 1,117 — 1,117 — Investments in equity securities 122,032 122,032 122,031 — 1 Investment in Kraft Heinz common stock 15,345 28,418 28,418 — — Other investments 17,256 17,256 — — 17,256 Loans and finance receivables 13,300 13,717 — 13 13,704 Derivative contract assets (1) 142 142 5 43 94 Derivative contract liabilities: Railroad, utilities and energy (1) 145 145 3 114 28 Equity index put options 2,890 2,890 — — 2,890 Notes payable and other borrowings: Insurance and other 27,175 27,712 — 27,712 — Railroad, utilities and energy 59,085 65,774 — 65,774 — Finance and financial products 15,384 15,825 — 15,469 356 (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 three months ending March 31, 2017 and 2016 follow (in millions). Investments Investments Net Three months ending March 31, 2017 Balance at December 31, 2016 $ 64 $ 17,257 $ (2,824 ) Gains (losses) included in: Earnings — — 499 Other comprehensive income 1 1,156 (2 ) Regulatory assets and liabilities — — 1 Acquisitions, dispositions and settlements (3 ) — (23 ) Transfers into/out of Level 3 — (1 ) — Balance at March 31, 2017 $ 62 $ 18,412 $ (2,349 ) Three months ending March 31, 2016 Balance at December 31, 2015 $ 100 $ 21,403 $ (3,785 ) Gains (losses) included in: Earnings — — (766 ) Other comprehensive income 2 (1,920 ) (6 ) Regulatory assets and liabilities — — (6 ) Acquisitions, dispositions and settlements 4 — (14 ) Transfers into/out of Level 3 (1 ) — — Balance at March 31, 2016 $ 105 $ 19,483 $ (4,577 ) |
Fair value assets and liabilities measured on recurring basis, unobservable inputs, additional information | Quantitative information as of March 31, 2017, 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 Techniques Unobservable Inputs Weighted Average Other investments: Preferred stocks $ 7,730 Discounted cash flow Expected duration 7 years Discount for transferability restrictions and subordination 145 basis points Common stock warrants 10,682 Warrant pricing model Discount for transferability and hedging restrictions 4% Net derivative liabilities: Equity index put options 2,430 Option pricing model Volatility 19% |
Common stock (Tables)
Common stock (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Changes in issued, treasury and outstanding Berkshire common stock | Changes in Berkshire’s issued, treasury and outstanding common stock during the first quarter of 2017 are shown in the table below. Class A, $5 Par Value (1,650,000 shares authorized) Class B, $0.0033 Par Value (3,225,000,000 shares authorized) Issued Treasury Outstanding Issued Treasury Outstanding Balance at December 31, 2016 788,058 (11,680) 776,378 1,303,323,927 (1,409,762) 1,301,914,165 Conversions of Class A common stock to Class B common stock and exercises of replacement stock options issued in a business acquisition (7,258) — (7,258) 11,244,753 — 11,244,753 Balance at March 31, 2017 780,800 (11,680) 769,120 1,314,568,680 (1,409,762) 1,313,158,918 |
Accumulated other comprehensi48
Accumulated other comprehensive income (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income | A summary of the net changes in after-tax accumulated other comprehensive income attributable to Berkshire Hathaway shareholders and significant amounts reclassified out of accumulated other comprehensive income for the three months ending March 31, 2017 and 2016 follows (in millions). Unrealized Foreign Prior service Other Accumulated Three months ending March 31, 2017 Balance at December 31, 2016 $43,176 $(5,268 ) $ (593 ) $(17 ) $37,298 Other comprehensive income, net before reclassifications 5,497 475 (22 ) (6 ) 5,944 Reclassifications from accumulated other comprehensive income (198 ) — 18 8 (172 ) Balance at March 31, 2017 $48,475 $(4,793 ) $ (597 ) $(15 ) $43,070 Reclassifications from other comprehensive income into net earnings: Investment gains/losses $ (305 ) $ — $ — $— $ (305 ) Other — — 24 14 38 Reclassifications before income taxes (305 ) — 24 14 (267 ) Applicable income taxes (107 ) — 6 6 (95 ) $ (198 ) $ — $ 18 $ 8 $ (172 ) Unrealized Foreign Prior service Other Accumulated Three months ending March 31, 2016 Balance at December 31, 2015 $38,598 $(3,856 ) $(762) $ 2 $33,982 Other comprehensive income, net before reclassifications (1,791 ) 456 (14) (32 ) (1,381 ) Reclassifications from accumulated other comprehensive income (1,175 ) — 16 12 (1,147 ) Balance at March 31, 2016 $35,632 $(3,400 ) $(760) $ (18 ) $31,454 Reclassifications from other comprehensive income into net earnings: Investment gains/losses $(1,807 ) $ — $ — $ — $(1,807 ) Other — — 21 21 42 Reclassifications before income taxes (1,807 ) — 21 21 (1,765 ) Applicable income taxes (632 ) — 5 9 (618 ) $(1,175 ) $ — $ 16 $ 12 $(1,147 ) |
Business segment data (Tables)
Business segment data (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of revenues and earnings by segment | Revenues by segment for the first quarter of 2017 and 2016 were as follows (in millions). First Quarter 2017 2016 Operating Businesses: Insurance: Underwriting: GEICO $ 6,845 $ 6,050 General Re 1,391 1,390 BHRG 11,841 2,243 BH Primary 1,676 1,441 Investment income 1,132 1,149 Total insurance 22,885 12,273 BNSF 5,185 4,767 Berkshire Hathaway Energy 4,257 4,118 Manufacturing 12,097 10,554 McLane Company 12,101 11,801 Service and retailing 6,093 5,891 Finance and financial products 1,865 1,726 64,483 51,130 Reconciliation of segments to consolidated amount: Investment and derivative gains/losses 775 1,040 Corporate, eliminations and other (71) (7) $ 65,187 $ 52,163 Earnings before income taxes by segment for the first quarter of 2017 and 2016 were as follows (in millions). First Quarter 2017 2016 Operating Businesses: Insurance: Underwriting: GEICO $ 175 $ 264 General Re (143) 42 BHRG (600) (79) BH Primary 189 121 Investment income 1,129 1,142 Total insurance 750 1,490 BNSF 1,345 1,258 Berkshire Hathaway Energy 615 569 Manufacturing 1,487 1,482 McLane Company 88 136 Service and retailing 393 324 Finance and financial products 466 478 5,144 5,737 Reconciliation of segments to consolidated amount: Investment and derivative gains/losses 775 1,040 Interest expense, not allocated to segments (211) (348) Investments in Kraft Heinz 239 240 Corporate, eliminations and other (259) (213) $ 5,688 $ 6,456 |
Significant business acquisit50
Significant business acquisitions - Narrative (Detail) - USD ($) $ / shares in Units, $ in Millions | Feb. 29, 2016 | Jan. 29, 2016 | Mar. 31, 2016 |
Business Acquisition [Line Items] | |||
Fair value of shares exchanged | $ 4,239 | ||
Precision Castparts Corp. [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition, cash price per share | $ 235 | ||
Aggregate consideration paid for business acquisition | $ 32,700 | ||
Duracell Company [Member] | Procter & Gamble Company [Member] | |||
Business Acquisition [Line Items] | |||
Fair value of shares exchanged | $ 4,239 |
Significant business acquisit51
Significant business acquisitions - Estimated fair values of assets acquired and liabilities assumed (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Feb. 29, 2016 | Jan. 29, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 79,951 | $ 79,486 | $ 62,708 | ||
Precision Castparts Corp. [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 250 | ||||
Inventories | 3,430 | ||||
Property, plant and equipment | 2,765 | ||||
Goodwill | 16,011 | ||||
Other intangible assets | 23,527 | ||||
Other assets | 1,916 | ||||
Assets acquired | 47,899 | ||||
Accounts payable, accruals and other liabilities | 2,442 | ||||
Notes payable and other borrowings | 5,251 | ||||
Income taxes, principally deferred | 7,548 | ||||
Liabilities assumed | 15,241 | ||||
Net assets | $ 32,658 | ||||
Duracell Company [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 1,807 | ||||
Inventories | 319 | ||||
Property, plant and equipment | 359 | ||||
Goodwill | 866 | ||||
Other intangible assets | 1,550 | ||||
Other assets | 242 | ||||
Assets acquired | 5,143 | ||||
Accounts payable, accruals and other liabilities | 410 | ||||
Income taxes, principally deferred | 494 | ||||
Liabilities assumed | 904 | ||||
Net assets | $ 4,239 |
Investments in fixed maturity52
Investments in fixed maturity securities (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | $ 21,891 | $ 22,434 |
Unrealized gains on fixed maturity securities | 1,101 | 1,121 |
Unrealized losses on fixed maturity securities | (59) | (90) |
Fair value of fixed maturity securities | 22,933 | 23,465 |
U.S. Treasury, U.S. government corporations and agencies [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 4,636 | 4,519 |
Unrealized gains on fixed maturity securities | 14 | 16 |
Unrealized losses on fixed maturity securities | (9) | (8) |
Fair value of fixed maturity securities | 4,641 | 4,527 |
States, municipalities and political subdivisions [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 1,051 | 1,159 |
Unrealized gains on fixed maturity securities | 55 | 58 |
Unrealized losses on fixed maturity securities | (1) | (1) |
Fair value of fixed maturity securities | 1,105 | 1,216 |
Foreign governments [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 8,480 | 8,860 |
Unrealized gains on fixed maturity securities | 224 | 207 |
Unrealized losses on fixed maturity securities | (35) | (66) |
Fair value of fixed maturity securities | 8,669 | 9,001 |
Corporate bonds [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 6,787 | 6,899 |
Unrealized gains on fixed maturity securities | 687 | 714 |
Unrealized losses on fixed maturity securities | (7) | (9) |
Fair value of fixed maturity securities | 7,467 | 7,604 |
Mortgage-backed securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 937 | 997 |
Unrealized gains on fixed maturity securities | 121 | 126 |
Unrealized losses on fixed maturity securities | (7) | (6) |
Fair value of fixed maturity securities | $ 1,051 | $ 1,117 |
Investments in fixed maturity53
Investments in fixed maturity securities - Carrying value by segment (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Summary of Investment Holdings [Line Items] | ||
Investments in fixed maturity securities | $ 22,933 | $ 23,465 |
Insurance and Other [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investments in fixed maturity securities | 22,902 | 23,432 |
Finance and Financial Products [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investments in fixed maturity securities | $ 31 | $ 33 |
Investments in fixed maturity54
Investments in fixed maturity securities - Narrative (Detail) - Foreign governments [Member] | Mar. 31, 2017 |
AA or Higher Credit Rating [Member] | |
Summary of Investment Holdings [Line Items] | |
Percentage of fixed maturity investments by credit rating | 92.00% |
United Kingdom, Germany, Australia or Canada [Member] | |
Summary of Investment Holdings [Line Items] | |
Percentage of fixed maturity investments by geographic location | 81.00% |
Investments in fixed maturity55
Investments in fixed maturity securities - Amortized cost and estimated fair value of securities with fixed maturities (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Summary of Investment Holdings [Line Items] | ||
Due in one year or less - amortized cost | $ 8,117 | |
Due after one year through five years - amortized cost | 9,898 | |
Due after five years through ten years - amortized cost | 756 | |
Due after ten years - amortized cost | 2,183 | |
Amortized cost of fixed maturity securities | 21,891 | $ 22,434 |
Due in one year or less - fair value | 8,191 | |
Due after one year through five years - fair value | 10,204 | |
Due after five years through ten years - fair value | 815 | |
Due after ten years - fair value | 2,672 | |
Fair value of fixed maturity securities | 22,933 | 23,465 |
Mortgage-backed securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of mortgage-backed securities | 937 | |
Amortized cost of fixed maturity securities | 937 | 997 |
Fair value of mortgage-backed securities | 1,051 | |
Fair value of fixed maturity securities | $ 1,051 | $ 1,117 |
Investments in equity securit56
Investments in equity securities (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | ||
Summary of Investment Holdings [Line Items] | ||||
Cost basis of investments | $ 72,458 | $ 66,377 | ||
Unrealized gains on investments | 62,718 | 56,365 | ||
Unrealized losses on investments | (156) | (710) | ||
Fair value of investments | 135,020 | [1] | 122,032 | [2] |
Banks, insurance and finance [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost basis of investments | 20,431 | 19,852 | ||
Unrealized gains on investments | 31,725 | 30,572 | ||
Fair value of investments | 52,156 | 50,424 | ||
Consumer products [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost basis of investments | 19,320 | 10,657 | ||
Unrealized gains on investments | 21,020 | 16,760 | ||
Unrealized losses on investments | (9) | |||
Fair value of investments | 40,340 | 27,408 | ||
Commercial, industrial and other [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost basis of investments | 32,707 | 35,868 | ||
Unrealized gains on investments | 9,973 | 9,033 | ||
Unrealized losses on investments | (156) | (701) | ||
Fair value of investments | $ 42,524 | $ 44,200 | ||
[1] | Approximately 65% of the aggregate fair value was concentrated in the equity securities of five companies: American Express Company - $12.0 billion, Apple Inc. - $19.2 billion, The Coca-Cola Company - $17.0 billion, International Business Machines Corporation ("IBM") - $11.2 billion and Wells Fargo & Company - $27.8 billion. | |||
[2] | Approximately 62% of the aggregate fair value was concentrated in the equity securities of five companies: American Express Company - $11.2 billion, Apple Inc. - $7.1 billion, The Coca-Cola Company - $16.6 billion, IBM - $13.5 billion and Wells Fargo & Company - $27.6 billion. |
Investments in equity securit57
Investments in equity securities (Parenthetical) (Detail) $ in Millions | Mar. 31, 2017USD ($)Company | Dec. 31, 2016USD ($)Company | ||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | $ 135,020 | [1] | $ 122,032 | [2] |
Equity Securities [Member] | Investment Concentration [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration percentage | 65.00% | 62.00% | ||
Number of companies in concentration percentage | Company | 5 | 5 | ||
American Express Company [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | $ 12,000 | $ 11,200 | ||
Apple Inc. [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | 19,200 | 7,100 | ||
The Coca-Cola Company [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | 17,000 | 16,600 | ||
IBM [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | 11,200 | 13,500 | ||
Wells Fargo & Company [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | $ 27,800 | $ 27,600 | ||
[1] | Approximately 65% of the aggregate fair value was concentrated in the equity securities of five companies: American Express Company - $12.0 billion, Apple Inc. - $19.2 billion, The Coca-Cola Company - $17.0 billion, International Business Machines Corporation ("IBM") - $11.2 billion and Wells Fargo & Company - $27.8 billion. | |||
[2] | Approximately 62% of the aggregate fair value was concentrated in the equity securities of five companies: American Express Company - $11.2 billion, Apple Inc. - $7.1 billion, The Coca-Cola Company - $16.6 billion, IBM - $13.5 billion and Wells Fargo & Company - $27.6 billion. |
Investments in equity securit58
Investments in equity securities - Narrative (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Equity Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Unrealized losses related to securities that have been in an unrealized loss position for more than 12 months | $ 39 | $ 551 |
Investments in equity securit59
Investments in equity securities - Fair value by segment (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | |||
Summary of Investment Holdings [Line Items] | |||||
Investments in equity securities | $ 135,020 | [1] | $ 122,032 | [2] | |
Insurance and Other [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investments in equity securities | 133,393 | 120,471 | |||
Railroad, Utilities and Energy [Member] | Other Assets [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investments in equity securities | [3] | 1,248 | 1,186 | ||
Finance and Financial Products [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investments in equity securities | $ 379 | $ 375 | |||
[1] | Approximately 65% of the aggregate fair value was concentrated in the equity securities of five companies: American Express Company - $12.0 billion, Apple Inc. - $19.2 billion, The Coca-Cola Company - $17.0 billion, International Business Machines Corporation ("IBM") - $11.2 billion and Wells Fargo & Company - $27.8 billion. | ||||
[2] | Approximately 62% of the aggregate fair value was concentrated in the equity securities of five companies: American Express Company - $11.2 billion, Apple Inc. - $7.1 billion, The Coca-Cola Company - $16.6 billion, IBM - $13.5 billion and Wells Fargo & Company - $27.6 billion. | ||||
[3] | Included in other assets. |
Other investments (Detail)
Other investments (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Insurance and Other [Member] | ||
Other Investments [Line Items] | ||
Other investments, Fair Value | $ 15,293 | $ 14,364 |
Finance and Financial Products [Member] | ||
Other Investments [Line Items] | ||
Other investments, Fair Value | 3,119 | 2,892 |
Available-for-sale Securities [Member] | ||
Other Investments [Line Items] | ||
Other investments, Cost | 7,720 | 7,720 |
Other investments, Fair Value | 18,412 | 17,256 |
Available-for-sale Securities [Member] | Insurance and Other [Member] | ||
Other Investments [Line Items] | ||
Other investments, Cost | 6,720 | 6,720 |
Other investments, Fair Value | 15,293 | 14,364 |
Available-for-sale Securities [Member] | Finance and Financial Products [Member] | ||
Other Investments [Line Items] | ||
Other investments, Cost | 1,000 | 1,000 |
Other investments, Fair Value | $ 3,119 | $ 2,892 |
Other investments - Narrative (
Other investments - Narrative (Detail) - Available-for-sale Securities [Member] | 3 Months Ended |
Mar. 31, 2017USD ($)$ / sharesshares | |
Bank of America Corporation [Member] | Non-Cumulative Perpetual Preferred Stock [Member] | |
Other Investments [Line Items] | |
Investment, number of shares owned | shares | 50,000 |
Investment in preferred stock, stated dividend rate | 6.00% |
Investment in preferred stock, liquidation value per share | $ / shares | $ 100,000 |
Preferred stock redemption period start date | May 7, 2019 |
Redemption value of Perpetual Preferred Stock, per share | $ / shares | $ 105,000 |
Redemption value of Perpetual Preferred Stock, aggregate value | $ | $ 5,250,000,000 |
Bank of America Corporation [Member] | Warrants Expiring 2021 [Member] | |
Other Investments [Line Items] | |
Number of common shares that can be purchased | shares | 700,000,000 |
Aggregate cost to exercise warrants | $ | $ 5,000,000,000 |
Exercise price for warrants, per share | $ / shares | $ 7.142857 |
RBI [Member] | Class A 9% Cumulative Compounding Perpetual Preferred Stock [Member] | |
Other Investments [Line Items] | |
Investment in preferred stock, stated dividend rate | 9.00% |
Preferred stock redemption period start date | Dec. 12, 2017 |
Stated value of equity securities | $ | $ 3,000,000,000 |
Preferred stock redemption at option of holder start date | Dec. 12, 2024 |
Preferred stock redemption price percentage | 109.90% |
Investments in The Kraft Hein62
Investments in The Kraft Heinz Company - Narrative (Detail) - USD ($) $ / shares in Units, $ in Millions | Jun. 07, 2016 | Jul. 02, 2015 | Jul. 01, 2015 | Jun. 30, 2013 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method earnings on common stock | $ 239 | $ 240 | |||||
Berkshire Hathaway Inc. (Parent) [Member] | Kraft Heinz (previously Heinz Holding) [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investment ownership percentage | 52.50% | 50.00% | |||||
Equity method investment ownership percentage after transactions | 26.80% | 26.70% | |||||
Investment in common stock | $ 15,400 | $ 15,300 | |||||
Equity method earnings on common stock | 239 | 240 | |||||
Common stock dividends received | $ 195 | $ 187 | |||||
3G Capital (venture partner) [Member] | Kraft Heinz (previously Heinz Holding) [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investment ownership percentage | 50.00% | ||||||
Equity method investment ownership percentage after transactions | 24.20% | ||||||
Common Stock, Cumulative Compounding Preferred Stock and Warrants [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Kraft Heinz (previously Heinz Holding) [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Purchase of preferred stock, common stock and warrants | $ 12,250 | ||||||
Common Stock [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Kraft Heinz (previously Heinz Holding) [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of shares acquired | 425,000,000 | ||||||
Number of common shares that can be purchased | 46,000,000 | ||||||
Exercise price for warrants, per share | $ 0.01 | ||||||
Purchase of common stock | $ 5,260 | ||||||
Common Stock [Member] | 3G Capital (venture partner) [Member] | Kraft Heinz (previously Heinz Holding) [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of shares acquired | 425,000,000 | ||||||
Purchase of common stock | $ 4,740 | $ 4,250 | |||||
Cumulative Compounding Preferred Stock [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Kraft Heinz (previously Heinz Holding) [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in preferred stock, liquidation value | $ 8,000 | ||||||
Redemption of preferred stock | $ 8,320 | ||||||
Kraft [Member] | Kraft Heinz (previously Heinz Holding) [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ratio of common stock shares issued per Kraft common stock share | 1 |
Investments in The Kraft Hein63
Investments in The Kraft Heinz Company - Consolidated financial information (Detail) - Kraft Heinz (previously Heinz Holding) [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 01, 2017 | Apr. 03, 2016 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Assets | $ 120,480 | ||
Liabilities | $ 62,906 | ||
Sales | $ 6,570 | ||
Net earnings attributable to Kraft Heinz common shareholders | $ 896 | ||
Subsequent Event [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Assets | $ 120,802 | ||
Liabilities | 62,858 | ||
Sales | 6,364 | ||
Net earnings attributable to Kraft Heinz common shareholders | $ 893 |
Income taxes - Narrative (Detai
Income taxes - Narrative (Detail) - USD ($) $ in Millions | Feb. 29, 2016 | Mar. 31, 2017 | Mar. 31, 2016 |
Income Taxes [Line Items] | |||
Effective income tax rate | 27.20% | 12.40% | |
Investment gains/losses | $ 315 | $ 1,850 | |
Common Stock [Member] | Procter & Gamble Company [Member] | Duracell Company [Member] | |||
Income Taxes [Line Items] | |||
Investment gains/losses | $ 1,100 | 1,100 | |
Reduction of certain deferred income tax liabilities | $ 750 | ||
Effective income tax rate reduction related to exchange of investment securities | 17.70% |
Investment gains_losses (Detail
Investment gains/losses (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Gain (Loss) on Investments [Line Items] | ||
Investment gains/losses | $ 315 | $ 1,850 |
Fixed Maturities [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Gross gains from sales, redemptions and other disposals | 11 | 19 |
Gross losses from sales, redemptions and other disposals | (6) | (3) |
Equity Securities [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Gross gains from sales, redemptions and other disposals | 425 | 1,807 |
Gross losses from sales, redemptions and other disposals | (125) | (10) |
Other Types of Investments [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Other investment gains/losses | $ 10 | $ 37 |
Investment gains_losses - Narra
Investment gains/losses - Narrative (Detail) - USD ($) $ in Millions | Feb. 29, 2016 | Mar. 31, 2017 | Mar. 31, 2016 |
Gain (Loss) on Investments [Line Items] | |||
Investment gains/losses | $ 315 | $ 1,850 | |
Duracell Company [Member] | Common Stock [Member] | Procter & Gamble Company [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Investment gains/losses | $ 1,100 | $ 1,100 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 2,857 | $ 2,789 |
Work in process and other | 2,676 | 2,506 |
Finished manufactured goods | 4,195 | 4,033 |
Goods acquired for resale | 6,387 | 6,399 |
Total inventory | $ 16,115 | $ 15,727 |
Receivables (Detail)
Receivables (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Finance and Financial Products [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and finance receivables before allowances and discounts | $ 13,776 | $ 13,728 |
Allowances for uncollectible loans | (177) | (182) |
Unamortized acquisition discounts | (234) | (246) |
Total loans and finance receivables of finance and financial products businesses | 13,365 | 13,300 |
Insurance and Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Insurance premiums receivable | 11,022 | 10,462 |
Reinsurance recoverable on unpaid losses | 3,221 | 3,338 |
Trade and other receivables | 14,944 | 13,630 |
Allowances for uncollectible accounts | (317) | (333) |
Total receivables of insurance and other businesses | $ 28,870 | $ 27,097 |
Receivables - Narrative (Detail
Receivables - Narrative (Detail) - Loans and finance receivables [Member] - Finance and Financial Products [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Provisions for loan losses | $ 38 | $ 37 |
Loan charge-offs, net of recoveries | $ 43 | $ 38 |
Percent of loan balances evaluated collectively for impairment | 98.00% | |
Percent of loan balances that are performing | 98.00% | |
Percent of loan balances that are current as to payment status | 95.00% |
Property, plant and equipment70
Property, plant and equipment and assets held for lease (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Finance and Financial Products [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment and assets held for lease, gross | $ 13,552 | $ 13,428 |
Property, plant and equipment and assets held for lease, accumulated depreciation | (3,829) | (3,739) |
Total property, plant and equipment and assets held for lease, net | 9,723 | 9,689 |
Finance and Financial Products [Member] | Assets held for lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment and assets held for lease, gross | $ 11,993 | 11,902 |
Finance and Financial Products [Member] | Assets held for lease [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 5 years | |
Finance and Financial Products [Member] | Assets held for lease [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 35 years | |
Finance and Financial Products [Member] | Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment and assets held for lease, gross | $ 224 | 224 |
Finance and Financial Products [Member] | Buildings, machinery and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment and assets held for lease, gross | $ 1,335 | 1,302 |
Finance and Financial Products [Member] | Buildings, machinery and other [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 3 years | |
Finance and Financial Products [Member] | Buildings, machinery and other [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 50 years | |
Insurance and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 35,791 | 35,011 |
Property, plant and equipment, accumulated depreciation | (16,146) | (15,686) |
Total property, plant and equipment, net | 19,645 | 19,325 |
Insurance and Other [Member] | Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,133 | 2,108 |
Insurance and Other [Member] | Buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 8,461 | 8,360 |
Insurance and Other [Member] | Buildings and improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 5 years | |
Insurance and Other [Member] | Buildings and improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 40 years | |
Insurance and Other [Member] | Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 20,983 | 20,463 |
Insurance and Other [Member] | Machinery and equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 3 years | |
Insurance and Other [Member] | Machinery and equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 25 years | |
Insurance and Other [Member] | Furniture, fixtures and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,214 | 4,080 |
Insurance and Other [Member] | Furniture, fixtures and other [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 2 years | |
Insurance and Other [Member] | Furniture, fixtures and other [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 15 years | |
Railroad [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 68,972 | 67,380 |
Property, plant and equipment, accumulated depreciation | (7,583) | (6,130) |
Total property, plant and equipment, net | 61,389 | 61,250 |
Railroad [Member] | Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,073 | 6,063 |
Railroad [Member] | Track structure and other roadway [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 49,917 | 48,277 |
Railroad [Member] | Track structure and other roadway [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 7 years | |
Railroad [Member] | Track structure and other roadway [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 100 years | |
Railroad [Member] | Locomotives, freight cars and other equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 12,172 | 12,075 |
Railroad [Member] | Locomotives, freight cars and other equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 6 years | |
Railroad [Member] | Locomotives, freight cars and other equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 41 years | |
Railroad [Member] | Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 810 | 965 |
Utilities and Energy [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 87,539 | 87,172 |
Property, plant and equipment, accumulated depreciation | (24,651) | (24,663) |
Total property, plant and equipment, net | 62,888 | 62,509 |
Utilities and Energy [Member] | Utility generation, transmission and distribution systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 71,308 | 71,536 |
Utilities and Energy [Member] | Utility generation, transmission and distribution systems [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 5 years | |
Utilities and Energy [Member] | Utility generation, transmission and distribution systems [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 80 years | |
Utilities and Energy [Member] | Interstate natural gas pipeline assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 6,944 | 6,942 |
Utilities and Energy [Member] | Interstate natural gas pipeline assets [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 3 years | |
Utilities and Energy [Member] | Interstate natural gas pipeline assets [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 80 years | |
Utilities and Energy [Member] | Independent power plants and other assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 6,937 | 6,596 |
Utilities and Energy [Member] | Independent power plants and other assets [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 3 years | |
Utilities and Energy [Member] | Independent power plants and other assets [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 30 years | |
Utilities and Energy [Member] | Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,350 | 2,098 |
Railroad, Utilities and Energy [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, net | $ 124,277 | $ 123,759 |
Property, plant and equipment71
Property, plant and equipment and assets held for lease - Depreciation expense (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 1,876 | $ 1,786 |
Insurance and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | 542 | 493 |
Railroad, Utilities and Energy [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | 1,175 | 1,141 |
Finance and Financial Products [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 159 | $ 152 |
Goodwill and other intangible72
Goodwill and other intangible assets - Goodwill (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance at beginning of year | $ 79,486 | $ 62,708 |
Acquisitions of businesses | 540 | 17,650 |
Other, including foreign currency translation | (75) | (872) |
Balance at end of period | $ 79,951 | $ 79,486 |
Goodwill and other intangible73
Goodwill and other intangible assets - Intangible assets (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 41,235 | $ 40,874 |
Accumulated amortization | 7,160 | 6,788 |
Insurance and Other [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 40,334 | 39,976 |
Accumulated amortization | 6,862 | 6,495 |
Railroad, Utilities and Energy [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 901 | 898 |
Accumulated amortization | 298 | 293 |
Trademarks and trade names [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 5,264 | 5,175 |
Accumulated amortization | 634 | 616 |
Other intangible assets [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 3,129 | 3,115 |
Accumulated amortization | 1,003 | 965 |
Patents and technology [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 4,393 | 4,341 |
Accumulated amortization | 2,424 | 2,328 |
Customer relationships [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 28,449 | 28,243 |
Accumulated amortization | $ 3,099 | $ 2,879 |
Goodwill and other intangible74
Goodwill and other intangible assets - Intangible assets - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 367 | $ 339 | |
Intangible assets with indefinite lives, excluding goodwill | $ 18,700 | $ 18,700 |
Derivative contracts (Detail)
Derivative contracts (Detail) - Finance and Financial Products [Member] - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Liabilities | $ 2,430 | $ 2,890 | |
Not Designated as Hedging Instrument [Member] | Equity Index Put Options [Member] | |||
Derivative [Line Items] | |||
Liabilities | 2,430 | 2,890 | |
Notional Value | [1] | $ 26,868 | $ 26,497 |
[1] | Represents the aggregate undiscounted amounts payable assuming that the value of each index is zero at each contract's expiration date. Certain of these contracts are denominated in foreign currencies. Notional amounts are based on the foreign currency exchange rates as of each balance sheet date. |
Derivative contracts - gains an
Derivative contracts - gains and losses (Detail) - Finance and Financial Products [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains/losses | $ 460 | $ (810) |
Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains/losses | 460 | (810) |
Not Designated as Hedging Instrument [Member] | Equity Index Put Options [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains/losses | $ 460 | (796) |
Not Designated as Hedging Instrument [Member] | Other [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains/losses | $ (14) |
Derivative contracts - Narrativ
Derivative contracts - Narrative (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Finance and Financial Products [Member] | ||
Derivative [Line Items] | ||
Liabilities | $ 2,430,000,000 | $ 2,890,000,000 |
Finance and Financial Products [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Collateral posting requirements under contracts with collateral provisions | 0 | |
Additional collateral posting requirements | 1,100,000,000 | |
Finance and Financial Products [Member] | Not Designated as Hedging Instrument [Member] | Equity Index Put Options [Member] | ||
Derivative [Line Items] | ||
Aggregate intrinsic value of equity index put option contracts | $ 700,000,000 | 1,000,000,000 |
Weighted average remaining life of derivative contracts | 3 years 8 months 12 days | |
Liabilities | $ 2,430,000,000 | 2,890,000,000 |
Finance and Financial Products [Member] | Not Designated as Hedging Instrument [Member] | Equity Index Put Options [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity month and year | 2018-06 | |
Finance and Financial Products [Member] | Not Designated as Hedging Instrument [Member] | Equity Index Put Options [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity month and year | 2026-01 | |
Other Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Assets | $ 128,000,000 | 142,000,000 |
Accounts Payable, Accruals and Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liabilities | $ 156,000,000 | $ 145,000,000 |
Supplemental cash flow inform78
Supplemental cash flow information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Supplemental Cash Flow Information [Line Items] | ||
Cash paid during the period for income taxes | $ 26 | $ 231 |
Liabilities assumed in connection with business acquisitions | 142 | 16,842 |
Equity securities exchanged in connection with business acquisition | 4,239 | |
Insurance and Other [Member] | ||
Supplemental Cash Flow Information [Line Items] | ||
Cash paid during the period for interest | 306 | 181 |
Railroad, Utilities and Energy [Member] | ||
Supplemental Cash Flow Information [Line Items] | ||
Cash paid during the period for interest | 737 | 731 |
Finance and Financial Products [Member] | ||
Supplemental Cash Flow Information [Line Items] | ||
Cash paid during the period for interest | $ 78 | $ 63 |
Unpaid losses and loss adjust79
Unpaid losses and loss adjustment expenses - Reconciliation of changes in claim liabilities (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Unpaid losses and loss adjustment expenses: | ||
Gross liabilities at beginning of period | $ 76,918 | $ 73,144 |
Reinsurance recoverable and deferred charges at beginning of period | (11,385) | (10,994) |
Net balance at beginning of period | 65,533 | 62,150 |
Incurred losses and loss adjustment expenses recorded during the period: | ||
Current accident year events | 8,165 | 7,192 |
Prior accident years' events | 118 | (372) |
Retroactive reinsurance and discount accretion | 10,283 | 712 |
Total incurred losses and loss adjustment expenses | 18,566 | 7,532 |
Paid losses and loss adjustment expenses during the period with respect to: | ||
Current accident year events | (2,678) | (2,421) |
Prior accident years' events | (4,222) | (3,828) |
Retroactive reinsurance | (429) | (158) |
Total payments | (7,329) | (6,407) |
Foreign currency translation adjustment | 77 | (21) |
Net balance at end of period | 76,847 | 63,254 |
Reinsurance recoverable and deferred charges at end of period | 17,051 | 11,308 |
Gross liabilities at end of period | $ 93,898 | $ 74,562 |
Unpaid losses and loss adjust80
Unpaid losses and loss adjustment expenses - Narrative (Detail) - USD ($) | Feb. 02, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Incurred losses for (reductions of) prior accident years excluding discount and deferred charge changes | $ 118,000,000 | $ (372,000,000) | |||
Losses and loss adjustment expenses | 10,283,000,000 | 712,000,000 | |||
Unpaid losses and loss adjustment expenses | $ 93,898,000,000 | $ 74,562,000,000 | $ 76,918,000,000 | $ 73,144,000,000 | |
NICO [Member] | AIG [Member] | Retroactive Reinsurance Agreement [Member] | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Percentage of losses and allocated loss adjustment expenses reinsured in excess of retained amount | 80.00% | ||||
Losses and allocated loss adjustment expenses retained amount | $ 25,000,000,000 | ||||
Reinsurance cash consideration | 10,200,000,000 | ||||
Premiums earned | 10,200,000,000 | ||||
Losses and loss adjustment expenses | 10,200,000,000 | ||||
Unpaid losses and loss adjustment expenses | 16,400,000,000 | ||||
Deferred charges reinsurance assumed | 6,200,000,000 | ||||
Maximum [Member] | NICO [Member] | AIG [Member] | Retroactive Reinsurance Agreement [Member] | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Losses and allocated loss adjustment expenses reinsured in excess of retained amount | $ 25,000,000,000 |
Notes payable and other borro81
Notes payable and other borrowings (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Insurance and Other [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 27,416 | $ 27,175 |
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 17,845 | 17,703 |
Weighted average interest rate, percentage | 2.10% | |
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,017 | |
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,047 | |
Insurance and Other [Member] | Insurance and Other Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 2,135 | 2,094 |
Other borrowings | $ 7,436 | 7,378 |
Short-term debt, weighted average interest rate | 2.70% | |
Weighted average interest rate, percentage | 4.00% | |
Insurance and Other [Member] | Insurance and Other Subsidiaries [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,017 | |
Insurance and Other [Member] | Insurance and Other Subsidiaries [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,045 | |
Railroad, Utilities and Energy [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 60,925 | 59,085 |
Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate, percentage | 5.10% | |
Senior unsecured debt | $ 7,819 | 7,818 |
Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,017 | |
Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,045 | |
Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 29,865 | 29,223 |
Weighted average interest rate, percentage | 4.70% | |
Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,017 | |
Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,064 | |
Railroad, Utilities and Energy [Member] | BNSF [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 23,241 | 22,044 |
Weighted average interest rate, percentage | 4.80% | |
Railroad, Utilities and Energy [Member] | BNSF [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,017 | |
Railroad, Utilities and Energy [Member] | BNSF [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,097 | |
Finance and Financial Products [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 15,615 | 15,384 |
Finance and Financial Products [Member] | Berkshire Hathaway Finance Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 14,672 | 14,423 |
Weighted average interest rate, percentage | 2.60% | |
Finance and Financial Products [Member] | Berkshire Hathaway Finance Corporation [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,017 | |
Finance and Financial Products [Member] | Berkshire Hathaway Finance Corporation [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,043 | |
Finance and Financial Products [Member] | Other Finance Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 943 | $ 961 |
Weighted average interest rate, percentage | 4.90% | |
Finance and Financial Products [Member] | Other Finance Subsidiaries [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,017 | |
Finance and Financial Products [Member] | Other Finance Subsidiaries [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,036 |
Notes payable and other borro82
Notes payable and other borrowings - Narrative (Detail) € in Millions, $ in Millions | 1 Months Ended | ||
Jan. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Jan. 31, 2017EUR (€) | |
Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of debt issued | € | € 1,100 | ||
Senior Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of borrowings | $ 1,100 | ||
Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate, percentage | 4.70% | ||
Railroad, Utilities and Energy [Member] | BNSF [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate, percentage | 4.80% | ||
Railroad, Utilities and Energy [Member] | Senior Unsecured Debentures [Member] | BNSF [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of debt issued | $ 1,250 | ||
Finance and Financial Products [Member] | Berkshire Hathaway Finance Corporation [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate, percentage | 2.60% | ||
Finance and Financial Products [Member] | Senior Notes [Member] | Berkshire Hathaway Finance Corporation [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of debt issued | 1,300 | ||
Repayments of borrowings | $ 1,050 | ||
Notes Due 2021 at 0.25% [Member] | Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of debt issued | € | € 550 | ||
Debt instrument, interest rate, stated percentage | 0.25% | 0.25% | |
Notes Due 2023 at 0.625% [Member] | Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of debt issued | € | € 550 | ||
Debt instrument, interest rate, stated percentage | 0.625% | 0.625% | |
Debt Due 2027 to 2047 [Member] | Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of debt issued | $ 850 | ||
Weighted average interest rate, percentage | 3.60% | ||
Debentures Due 2027 at 3.25% [Member] | Railroad, Utilities and Energy [Member] | Senior Unsecured Debentures [Member] | BNSF [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of debt issued | $ 500 | ||
Debt instrument, interest rate, stated percentage | 3.25% | ||
Debentures Due 2047 at 4.125% [Member] | Railroad, Utilities and Energy [Member] | Senior Unsecured Debentures [Member] | BNSF [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of debt issued | $ 750 | ||
Debt instrument, interest rate, stated percentage | 4.125% | ||
Notes Due 2019, Floating Rate [Member] | Finance and Financial Products [Member] | Senior Notes [Member] | Berkshire Hathaway Finance Corporation [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of debt issued | $ 950 | ||
Notes Due 2020, Floating Rate [Member] | Finance and Financial Products [Member] | Senior Notes [Member] | Berkshire Hathaway Finance Corporation [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of debt issued | $ 350 |
Notes payable and other borro83
Notes payable and other borrowings - Credit agreements - Narrative (Detail) $ in Billions | Mar. 31, 2017USD ($) |
Line of Credit and Commercial Paper Facilities [Member] | Berkshire Hathaway Subsidiaries [Member] | |
Line of Credit Facility [Line Items] | |
Unused lines of credit available | $ 7.4 |
Line of Credit and Commercial Paper Facilities [Member] | Berkshire Hathaway Energy Company and Subsidiaries [Member] | |
Line of Credit Facility [Line Items] | |
Unused lines of credit available | 3.9 |
Subsidiaries Excluding Berkshire Hathaway Finance Corporation [Member] | Berkshire Hathaway Inc. (Parent) [Member] | |
Line of Credit Facility [Line Items] | |
Guarantee obligation | $ 3.3 |
Fair value measurements - Finan
Fair value measurements - Financial assets and liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | $ 22,933 | $ 23,465 | |||
Investments in equity securities | 135,020 | [1] | 122,032 | [2] | |
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 | 60,925 | 59,085 | |||
Insurance and Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 22,902 | 23,432 | |||
Investments in equity securities | 133,393 | 120,471 | |||
Other investments | 15,293 | 14,364 | |||
Notes payable and other borrowings - carrying value | 27,416 | 27,175 | |||
Finance and Financial Products [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 31 | 33 | |||
Investments in equity securities | 379 | 375 | |||
Other investments | 3,119 | 2,892 | |||
Loans and finance receivables - carrying value | 13,365 | 13,300 | |||
Derivative contract liabilities | 2,430 | 2,890 | |||
Notes payable and other borrowings - carrying value | 15,615 | 15,384 | |||
Other Assets [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in equity securities | [3] | 1,248 | 1,186 | ||
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 | 4,641 | 4,527 | |||
States, municipalities and political subdivisions [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,105 | 1,216 | |||
Foreign governments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 8,669 | 9,001 | |||
Corporate bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 7,467 | 7,604 | |||
Mortgage-backed securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,051 | 1,117 | |||
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 | 135,012 | 122,031 | |||
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 | 8 | ||||
Loans and finance receivables - fair value | 14 | 13 | |||
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 | 67,655 | 65,774 | |||
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 | 28,022 | 27,712 | |||
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 | 15,725 | 15,469 | |||
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 | 1 | ||||
Other investments | 18,412 | 17,256 | |||
Loans and finance receivables - fair value | 13,625 | 13,704 | |||
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 | 339 | 356 | |||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Index Put Options [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | 2,430 | 2,890 | |||
Fair Value, Measurements, Recurring [Member] | Other Assets [Member] | Quoted Prices (Level 1) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract assets | [4] | 1 | 5 | ||
Fair Value, Measurements, Recurring [Member] | Other Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract assets | [4] | 20 | 43 | ||
Fair Value, Measurements, Recurring [Member] | Other Assets [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract assets | [4] | 107 | 94 | ||
Fair Value, Measurements, Recurring [Member] | Accounts Payable, Accruals and Other Liabilities [Member] | Quoted Prices (Level 1) [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | [4] | 3 | 3 | ||
Fair Value, Measurements, Recurring [Member] | Accounts Payable, Accruals and Other Liabilities [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] | |||||
Derivative contract liabilities | [4] | 127 | 114 | ||
Fair Value, Measurements, Recurring [Member] | Accounts Payable, Accruals and Other Liabilities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | [4] | 26 | 28 | ||
Fair Value, Measurements, Recurring [Member] | Kraft Heinz (previously Heinz Holding) [Member] | Quoted Prices (Level 1) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment in Kraft Heinz common stock - fair value | 29,553 | 28,418 | |||
Fair Value, Measurements, Recurring [Member] | U.S. Treasury, U.S. government corporations and agencies [Member] | Quoted Prices (Level 1) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 3,187 | 3,099 | |||
Fair Value, Measurements, Recurring [Member] | U.S. Treasury, U.S. government corporations and agencies [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,454 | 1,428 | |||
Fair Value, Measurements, Recurring [Member] | States, municipalities and political subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,105 | 1,216 | |||
Fair Value, Measurements, Recurring [Member] | Foreign governments [Member] | Quoted Prices (Level 1) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 6,835 | 7,237 | |||
Fair Value, Measurements, Recurring [Member] | Foreign governments [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,834 | 1,764 | |||
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 7,405 | 7,540 | |||
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 62 | 64 | |||
Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,051 | 1,117 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in equity securities | 135,020 | 122,032 | |||
Other investments | 18,412 | 17,256 | |||
Loans and finance receivables - carrying value | 13,365 | 13,300 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings - carrying value | 60,925 | 59,085 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Insurance and Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings - carrying value | 27,416 | 27,175 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [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 | 15,615 | 15,384 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Equity Index Put Options [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | 2,430 | 2,890 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Other Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract assets | [4] | 128 | 142 | ||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Accounts Payable, Accruals and Other Liabilities [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | [4] | 156 | 145 | ||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Kraft Heinz (previously Heinz Holding) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment in Kraft Heinz common stock - carrying value | 15,431 | 15,345 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | U.S. Treasury, U.S. government corporations and agencies [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 4,641 | 4,527 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [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 | 1,105 | 1,216 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Foreign governments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 8,669 | 9,001 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Corporate bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 7,467 | 7,604 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Mortgage-backed securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,051 | 1,117 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in equity securities | 135,020 | 122,032 | |||
Other investments | 18,412 | 17,256 | |||
Loans and finance receivables - fair value | 13,639 | 13,717 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings - fair value | 67,655 | 65,774 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Insurance and Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings - fair value | 28,022 | 27,712 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [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 | 16,064 | 15,825 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Equity Index Put Options [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | 2,430 | 2,890 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Other Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract assets | [4] | 128 | 142 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Accounts Payable, Accruals and Other Liabilities [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | [4] | 156 | 145 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Kraft Heinz (previously Heinz Holding) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment in Kraft Heinz common stock - fair value | 29,553 | 28,418 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | U.S. Treasury, U.S. government corporations and agencies [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 4,641 | 4,527 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [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 | 1,105 | 1,216 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Foreign governments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 8,669 | 9,001 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Corporate bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 7,467 | 7,604 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Mortgage-backed securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | $ 1,051 | $ 1,117 | |||
[1] | Approximately 65% of the aggregate fair value was concentrated in the equity securities of five companies: American Express Company - $12.0 billion, Apple Inc. - $19.2 billion, The Coca-Cola Company - $17.0 billion, International Business Machines Corporation ("IBM") - $11.2 billion and Wells Fargo & Company - $27.8 billion. | ||||
[2] | Approximately 62% of the aggregate fair value was concentrated in the equity securities of five companies: American Express Company - $11.2 billion, Apple Inc. - $7.1 billion, The Coca-Cola Company - $16.6 billion, IBM - $13.5 billion and Wells Fargo & Company - $27.6 billion. | ||||
[3] | Included in other assets. | ||||
[4] | Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities. |
Fair value measurements - Signi
Fair value measurements - Significant unobservable inputs (Detail) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value Measurements Significant Unobservable Inputs [Line Items] | ||
Net derivative contract liabilities - Beginning Balance | $ (2,824) | $ (3,785) |
Net derivative contract liabilities - Gains (losses) included in earnings | 499 | (766) |
Net derivative contract liabilities - Gains (losses) included in other comprehensive income | (2) | (6) |
Net derivative contract liabilities - Gains (losses) included in regulatory assets and liabilities | 1 | (6) |
Net derivative contract liabilities - Acquisitions, dispositions and settlements | (23) | (14) |
Net derivative contract liabilities - Ending Balance | (2,349) | (4,577) |
Fixed Maturities [Member] | ||
Fair Value Measurements Significant Unobservable Inputs [Line Items] | ||
Beginning Balance | 64 | 100 |
Gains (losses) included in other comprehensive income | 1 | 2 |
Acquisitions, dispositions and settlements | (3) | 4 |
Transfers into/out of Level 3 | (1) | |
Ending Balance | 62 | 105 |
Equity Securities and Other Investments [Member] | ||
Fair Value Measurements Significant Unobservable Inputs [Line Items] | ||
Beginning Balance | 17,257 | 21,403 |
Gains (losses) included in other comprehensive income | 1,156 | (1,920) |
Net derivative contract liabilities - Transfers into/out of Level 3 | (1) | |
Ending Balance | $ 18,412 | $ 19,483 |
Fair value measurements - Other
Fair value measurements - Other information (Detail) - Significant Unobservable Inputs (Level 3) [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Preferred Stock [Member] | Discounted Cash Flow [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Other investments, Fair Value | $ 7,730 |
Common Stock Warrants [Member] | Warrant Pricing Model [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Other investments, Fair Value | 10,682 |
Equity Index Put Options [Member] | Option Pricing Model [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Derivative liabilities, Fair Value | $ 2,430 |
Other Investments [Member] | Preferred Stock [Member] | Discounted Cash Flow [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair value, unobservable input, expected duration | 7 years |
Fair value, unobservable input, discount for transferability restrictions and subordination | 1.45% |
Other Investments [Member] | Common Stock Warrants [Member] | Warrant Pricing Model [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair value, unobservable input, discount for transferability and hedging restrictions | 4.00% |
Net Derivative Liabilities [Member] | Equity Index Put Options [Member] | Option Pricing Model [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair value, unobservable input, volatility | 19.00% |
Common stock (Detail)
Common stock (Detail) - shares | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Class A [Member] | ||
Class of Stock [Line Items] | ||
Shares issued | 780,800 | 788,058 |
Treasury shares | (11,680) | (11,680) |
Shares outstanding | 769,120 | 776,378 |
Conversions of Class A common stock to Class B common stock and exercises of replacement stock options issued in a business acquisition | (7,258) | |
Class B [Member] | ||
Class of Stock [Line Items] | ||
Shares issued | 1,314,568,680 | 1,303,323,927 |
Treasury shares | (1,409,762) | (1,409,762) |
Shares outstanding | 1,313,158,918 | 1,301,914,165 |
Conversions of Class A common stock to Class B common stock and exercises of replacement stock options issued in a business acquisition | 11,244,753 |
Common stock (Parenthetical) (D
Common stock (Parenthetical) (Detail) | Mar. 31, 2017$ / sharesshares |
Class A [Member] | |
Class of Stock [Line Items] | |
Common Stock, par value per share | $ / shares | $ 5 |
Common Stock, shares authorized | shares | 1,650,000 |
Class B [Member] | |
Class of Stock [Line Items] | |
Common Stock, par value per share | $ / shares | $ 0.0033 |
Common Stock, shares authorized | shares | 3,225,000,000 |
Common stock - Narrative (Detai
Common stock - Narrative (Detail) | 3 Months Ended | |
Mar. 31, 2017USD ($)Voteshares | Dec. 31, 2016shares | |
Class of Stock [Line Items] | ||
Preferred Stock, shares authorized | 1,000,000 | |
Preferred Stock, shares issued | 0 | |
Class B [Member] | ||
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 | Vote | 0.0001 | |
Number of shares of Class B stock obtainable from converting one Class A share | 1,500 | |
Class A [Member] | ||
Class of Stock [Line Items] | ||
Number of votes entitled per share, number | Vote | 1 | |
Class A equivalent shares outstanding | 1,644,559 | 1,644,321 |
Common Stock Repurchase Program [Member] | ||
Class of Stock [Line Items] | ||
Shares repurchase, authorization description | Berkshire's Board of Directors ("Berkshire's Board") has approved a common stock repurchase program under which 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. | |
Minimum cash, cash equivalents and U.S. Treasury Bills threshold after repurchase of common stock shares, amount | $ | $ 20,000,000,000 |
Accumulated other comprehensi90
Accumulated other comprehensive income (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 286,359 | $ 258,627 |
Ending Balance | 296,280 | 261,837 |
Unrealized appreciation of investments, net [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 43,176 | 38,598 |
Other comprehensive income, net before reclassifications | 5,497 | (1,791) |
Reclassifications from accumulated other comprehensive income | (198) | (1,175) |
Ending Balance | 48,475 | 35,632 |
Foreign currency translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (5,268) | (3,856) |
Other comprehensive income, net before reclassifications | 475 | 456 |
Ending Balance | (4,793) | (3,400) |
Prior service and actuarial gains/losses of defined benefit pension plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (593) | (762) |
Other comprehensive income, net before reclassifications | (22) | (14) |
Reclassifications from accumulated other comprehensive income | 18 | 16 |
Ending Balance | (597) | (760) |
Other AOCI transactions [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (17) | 2 |
Other comprehensive income, net before reclassifications | (6) | (32) |
Reclassifications from accumulated other comprehensive income | 8 | 12 |
Ending Balance | (15) | (18) |
Accumulated other comprehensive income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 37,298 | 33,982 |
Other comprehensive income, net before reclassifications | 5,944 | (1,381) |
Reclassifications from accumulated other comprehensive income | (172) | (1,147) |
Ending Balance | $ 43,070 | $ 31,454 |
Accumulated other comprehensi91
Accumulated other comprehensive income - Reclassified Amounts (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Investment gains/losses | $ (315) | $ (1,850) |
Unrealized appreciation of investments, net [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassifications before income taxes | (305) | (1,807) |
Applicable income taxes | (107) | (632) |
Total amounts reclassified from other comprehensive income into net earnings | (198) | (1,175) |
Unrealized appreciation of investments, net [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Investment gains/losses | (305) | (1,807) |
Prior service and actuarial gains/losses of defined benefit pension plans [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassifications before income taxes | 24 | 21 |
Applicable income taxes | 6 | 5 |
Total amounts reclassified from other comprehensive income into net earnings | 18 | 16 |
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 | 24 | 21 |
Other AOCI transactions [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassifications before income taxes | 14 | 21 |
Applicable income taxes | 6 | 9 |
Total amounts reclassified from other comprehensive income into net earnings | 8 | 12 |
Other AOCI transactions [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other | 14 | 21 |
Accumulated other comprehensive income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassifications before income taxes | (267) | (1,765) |
Applicable income taxes | (95) | (618) |
Total amounts reclassified from other comprehensive income into net earnings | (172) | (1,147) |
Accumulated other comprehensive income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Investment gains/losses | (305) | (1,807) |
Other | $ 38 | $ 42 |
Contingencies and Commitments -
Contingencies and Commitments - Narrative (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Insurance Group [Member] | |||
Contingencies and Commitments [Line Items] | |||
Reimbursement rate from joint venture partner of Company's surety bond claim losses | 50.00% | ||
Berkadia Commercial Mortgage (investee) [Member] | |||
Contingencies and Commitments [Line Items] | |||
Voting interest in investee | 50.00% | ||
Berkadia Commercial Mortgage (investee) [Member] | Commercial Paper [Member] | |||
Contingencies and Commitments [Line Items] | |||
Maximum outstanding balance of commercial paper borrowings | $ 1,500,000,000 | ||
Leucadia National Corporation (venture partner) [Member] | Berkadia Commercial Mortgage (investee) [Member] | |||
Contingencies and Commitments [Line Items] | |||
Voting interest in investee | 50.00% | ||
NICO [Member] | Purchase Agreement [Member] | Medical Liability Mutual Insurance Company [Member] | |||
Contingencies and Commitments [Line Items] | |||
Statutory assets | $ 5,500,000,000 | ||
Statutory policyholders' surplus | $ 2,100,000,000 | ||
Acquisition price in addition to tangible book value of acquiree | $ 100,000,000 |
Business segment data - Revenue
Business segment data - Revenues by segment (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 65,187 | $ 52,163 |
Operating Businesses [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 64,483 | 51,130 |
Operating Businesses [Member] | Insurance Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Interest, dividend and other investment income | 1,132 | 1,149 |
Revenues | 22,885 | 12,273 |
Operating Businesses [Member] | Insurance Group [Member] | GEICO [Member] | ||
Segment Reporting Information [Line Items] | ||
Premiums earned | 6,845 | 6,050 |
Operating Businesses [Member] | Insurance Group [Member] | General Re [Member] | ||
Segment Reporting Information [Line Items] | ||
Premiums earned | 1,391 | 1,390 |
Operating Businesses [Member] | Insurance Group [Member] | BHRG [Member] | ||
Segment Reporting Information [Line Items] | ||
Premiums earned | 11,841 | 2,243 |
Operating Businesses [Member] | Insurance Group [Member] | BH Primary [Member] | ||
Segment Reporting Information [Line Items] | ||
Premiums earned | 1,676 | 1,441 |
Operating Businesses [Member] | BNSF [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 5,185 | 4,767 |
Operating Businesses [Member] | Berkshire Hathaway Energy [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 4,257 | 4,118 |
Operating Businesses [Member] | Manufacturing Businesses [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 12,097 | 10,554 |
Operating Businesses [Member] | McLane Company [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 12,101 | 11,801 |
Operating Businesses [Member] | Service and Retailing Businesses [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 6,093 | 5,891 |
Operating Businesses [Member] | Finance and Financial Products Reportable Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,865 | 1,726 |
Segment Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Investment and derivative gains/losses | 775 | 1,040 |
Corporate, Eliminations and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ (71) | $ (7) |
Business segment data - Earning
Business segment data - Earnings before income taxes by segment (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Earnings before income taxes | $ 5,688 | $ 6,456 |
Operating Businesses [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 5,144 | 5,737 |
Operating Businesses [Member] | Insurance Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 750 | 1,490 |
Operating Businesses [Member] | Insurance Group [Member] | GEICO [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 175 | 264 |
Operating Businesses [Member] | Insurance Group [Member] | General Re [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | (143) | 42 |
Operating Businesses [Member] | Insurance Group [Member] | BHRG [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | (600) | (79) |
Operating Businesses [Member] | Insurance Group [Member] | BH Primary [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 189 | 121 |
Operating Businesses [Member] | Insurance Group [Member] | Interest, Dividend and Other Investment Income [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 1,129 | 1,142 |
Operating Businesses [Member] | BNSF [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 1,345 | 1,258 |
Operating Businesses [Member] | Berkshire Hathaway Energy [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 615 | 569 |
Operating Businesses [Member] | Manufacturing Businesses [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 1,487 | 1,482 |
Operating Businesses [Member] | McLane Company [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 88 | 136 |
Operating Businesses [Member] | Service and Retailing Businesses [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 393 | 324 |
Operating Businesses [Member] | Finance and Financial Products Reportable Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 466 | 478 |
Segment Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Investment and derivative gains/losses | 775 | 1,040 |
Interest expense | (211) | (348) |
Segment Reconciling Items [Member] | Kraft Heinz (previously Heinz Holding) [Member] | ||
Segment Reporting Information [Line Items] | ||
Investments in Kraft Heinz | 239 | 240 |
Corporate, Eliminations and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | $ (259) | $ (213) |