. states international regulators Association Supervisors developing standards practices principles framework regulation-national insurance groups. IAIS developing capital standards groups consolidated group approach evaluating comparable capital standard entities. standards supervision coordination risk management governance.


IAIS standards. insurance departments NAIC IAIS standards. regulators formed supervisory colleges communication regulators. Nebraska Department of Insurance supervisor chairs supervisory college.


. regulators require insurance groups annual report Own Risk Solvency Assessment lead supervisor. NAIC adopted group capital calculation Aggregation Method. calculation supervisor understand capital group. developing tools liquidity assessments.


insurance companies capital. surplus. $303 billion December 31, 2023. subsidiaries rated AA+ Standard Poor’s A++ A. M. financial ability


Terrorism Risk Insurance Act 2002 established. Treasury federal reinsurance terrorism losses. insurers. extends December 31, 2027 Reauthorization Act 2019. Department Treasury certifying terrorism. reinsurance insured loss exceeds $200 million.


reinsurance TRIA insurers terrorism notice premium federal share losses. TRIA excludes insurance burglary theft surety professional liability. Reinsurers not required terrorism eligible federal reinsurance losses.


terrorism federal government insurers 80% insured losses deductible. deductible 20% premium year. deductible Berkshire’s insurance $2. 5 billion 2024. program limit $100 billion federal reinsurance TRIA year.


insurance regulation varies non-U. S. licensing solvency auditing financial reporting jurisdiction.


variations size structure resources non. S. insurance. insurers risk-based approach.


non-U. S insurance operations subsidiaries branches. Germany Kingdom. Ireland Luxembourg Australia South Africa branches. jurisdictions local capital. licensing retention data privacy. companies multinational U. S. laws.


regulatory bodies impact Berkshire international jurisdictions potential effect insurance group industry economic developments. 2016, U. K. withdrawal January 31, 2020. Berkshire Hathaway European Insurance DAC property casualty insurance EU. Berkshire presence London Brexit.


insurance GEICO Berkshire Hathaway Primary Group Reinsurance Group. Alleghany Corporation acquired Berkshire October 19, 2022. subsidiaries property reinsurance insurance non. insurance Primary reinsurance Reinsurance. non-insurance manufacturing services.


retroactive reinsurance annuity up premiums estimated claims Berkshire expects underwriting profit reject inadequately priced risks. profit earned premiums losses policy acquisition expenses. income investments. information underwriting.


headquartered Chevy Chase Maryland. subsidiaries Government Employees Insurance Company entities. offer automobile insurance 50 states District Columbia motorcycles all-terrain recreational boats commercial fleets. Marketing direct Internet telephone captive agents. agency homeowners renters condominium life identity protection insurance.


GEICO competes insurance markets sales State Farm Allstate Progressive USAA. data 2022 five largest insurers market share 61. 2% GEICO’s third largest 13. 8%.


Seasonal variations insurance not significant. extraordinary weather automobile claims.


State insurance departments regulate insurance rates. Competition price customer service. GEICO’s marketing satisfaction competitive rates value. GEICO uses claims staff. name reputation assets protected registrations.


Berkshire Hathaway Primary independently insurers coverages policyholders U. S. operations discussed.


Indemnity Company Nebraska affiliates underwrite liability insurance excess. nationwide agents brokers.


Berkshire Hathaway Homestate Companies workers’ compensation automobile property diverse. national reach first-dollar deductible compensation states. NICO Primary BHHC Omaha Nebraska.


Berkshire Hathaway Insurance offers commercial property casualty executive professional insurance coverages. writes excess policies non-admitted U. Boston Massachusetts regional offices. international offices Australia Canada New Zealand Asia Europe. wholesale retail brokers agents.


Alleghany’s property casualty insurance business U. RSUI Group. CapSpecialty. specialty insurance property professional directors’ officers’ general. independent wholesale brokers retail agents agents.


MedPro Group insurance. provides insurance claims safety risk physicians surgeons dentists healthcare professionals hospitals senior care facilities. international liability insurance specialized accident health insurance colleges. Fort Wayne Indiana.


. Liability Insurance Company five specialty insurers commercial professional. markets 50 states District Columbia Canada. specialty insurance products. Wayne Pennsylvania. Hathaway GUARD Insurance Companies five commercial homeowners policies 450,000 businesses homeowners. independent agents retail wholesale brokers. Wilkes-Barre Pennsylvania.


Berkshire Hathaway Insurance offer commercial insurance workers’ compensation property auto liability small business. sold biBERK. Threeinsurance. Stamford Connecticut. MLMIC Insurance New York medical professionals hospitals. Albany New York.


Berkshire Hathaway Reinsurance offers coverages property casualty life health risks. 26 countries. NICO General Re Corporation Transatlantic Reinsurance Company. NICO Group General Re Group. Stamford Connecticut TransRe Group New York.


Reinsurance contracts treaty facultative. Treaty coverage risks ceded by facultative risks. contracts classified quota-share excess. quota-share reinsurer shares in original premiums losses. Excess reinsurance indemnification loss excess agreed amount. quota-share excess contracts limits indemnification.


type volume business market conditions premium rates coverage terms. underwriting price adequacy insurance markets timing large transactions.


NICO Group offers property reinsurance quota catastrophe treaty reinsurance primary insurance risks. business premium transactions. annual reinsurance premium 20% quota-share agreement. renewed January 1, 2023 expiration December 31, 2029. multi-line insurer Australia New Zealand Asia-Pacific countries.


General Re Group global property casualty reinsurance. contracts quota-share excess. treaties facultative. North America Reinsurance licensed District Columbia states except Hawaii accredited reinsurer. branch offices U. S. Canada.


General Re Group includes Indemnity Genesis Insurance specialty surplus property casualty professional liability coverages. marketed wholesale brokers underwriters program administrators.


General reinsurance Reinsurance Cologne subsidiaries branches brokers Faraday Underwriting. owns agent Syndicate 435 Lloyd’s London 100% results Syndicate 435.


TransRe Group provides pro-rata excess-loss reinsurance property casualty. Contracts U. S. foreign markets subsidiaries branches. brokers direct.


Group. premiums Asia-Pacific U. Europe. underwrites life disability supplemental health critical illness long-term care.


Berkshire Hathaway Life Insurance affiliates traditional life insurance. reinsure death income variable annuity risks.


Retroactive reinsurance contracts indemnify companies adverse claims loss events policies. Coverage excess losses no additional retention. subject limits indemnification large. asbestos environmental latent injury claims.


time-value-money retroactive reinsurance contract prices terms loss payments decades. losses exceed premiums losses amortization deferred charge assets. business policyholder funds benefit reflected future.


BHLN writes annuity reinsures obligations. receives agrees payments decades. injury compensation claims structured settlements. retroactive reinsurance time-value-money annuity premiums losses time-value liabilities. curtailed annuity business 2023 conditions.


subsidiaries hold invested assets. portfolios managed Chief Executive Officer managers. include equity securities fixed maturity securities short-term investments. no target allocations asset liability durations. equity securities insurance industry.


Invested assets shareholder capital funds policyholders insurance reinsurance. policyholder funds. unpaid losses expenses life annuity health liabilities unearned premiums liabilities receivables deferred policy costs charges reinsurance contracts. grown $123 billion 2018 to $169 billion 2023. cost net pre-tax earnings float.


Burlington Northern Santa Fe Fort Worth Texas operates North. 37,000 employees 2023 32,000 labor union.


Midwest Northwest Western Southwestern Southeastern regions ports. BNSF Railway transports agricultural industries. Freight revenues agreements prices quotations. economic international national regional.


BNSF routes cities ports western southern U. S. Canada Mexico. serves smaller markets 200 shortline railroads. marketing agreements reach. 2023 34% freight revenues consumer 25% industrial 24% agricultural 17% coal.


BNSF subject federal state laws. Rail operations Surface Transportation Board Federal Railroad Administration. Occupational Safety Health Administration Environmental Protection Agency Canadian. STB disputes rates routes services sale abandonment rail lines extensions construction merger acquisition carriers. proceedings profitability BNSF.


DOT OSHA EPA safety health environmental rail hazardous materials. BNSF Railway materials. State agencies regulate health safety federal law.


BNSF’s rail operations subject federal regulations discharges emissions toxic substances waste hazardous materials. increase costs liabilities. Environmental risks chemicals hazardous materials.


BNSF’s land holdings used for industrial leased discharges. federal state BNSF liable for cleanup enforcement costs fault. subject to claims parties investigation cleanup restoration environmental costs statutes common law properties impacted BNSF operations.


diesel fuel locomotives 80% BNSF emissions 2018. sustainability model 30% reduction-emissions by 2030 2018. fuel efficiency renewable diesel fuel. battery-electric hydrogen locomotives evaluated-tested.


BNSF Railway competitive. deregulated motor carriers railroads river barges ships pipelines price service. high service truck lines subsidized infrastructure empty mileage non-bulk time-sensitive freight. expansion vehicles markets. efficiencies productivity.


railroads franchises competition intensifies. BNSF Western. Union Pacific Railroad Company. Class I regional operate BNSF Railway.


92% Hathaway Energy Des Moines Iowa. 2017 acquired 38. 6% Pilot Travel Centers Knoxville Tennessee. 2023 equity. acquired 41. 4% PTC. subsidiary February 1, 2023. January 16, 2024 20% wholly-owned Berkshire subsidiary. fuel distribution energy products.


BHE global energy company subsidiaries. interests four. utility companies. 3 million retail customers five. natural gas pipeline 21,000 miles pipeline 21 billion cubic feet gas day. electric transmission Britain Canada renewable power natural gas export import storage. owns residential real estate. franchises. employs 24,000.


BHE’s. utilities include PacifiCorp MidAmerican Energy Company Energy. Nevada Power Sierra Pacific. PacifiCorp utility Oregon Utah Oregon Wyoming Washington Idaho California. economy rural urban manufacturing. dominates economic fluctuations. PacifiCorp buys sells electricity wholesale.


MEC regulated gas utility Iowa Illinois South Dakota Nebraska. base electronic data storage agricultural manufacturing government service centers. sells gas wholesale.


Nevada Power southern Sierra Pacific northern Nevada. Power Pacific gaming mining recreation warehousing manufacturing governmental. utilities sell gas wholesale.


integrated BHE’s. S utilities own 30,100 megawatts capacity. business seasonal variations electricity natural gas heating. electric summer natural gas winter.


gas pipelines BHE GT&S Northern Natural Gas Kern River Transmission. acquired


BHE GT&S Virginia operates three interstate gas systems 5,400 miles seventeen underground storage fields eastern U. interconnected gas transmission network utilities customers. industry leader liquefied natural gas investments ownership facilities eastern.


Northern Natural Nebraska operates largest interstate natural gas pipeline system. Texas Upper Peninsula. 14,200 miles. interconnected basins transportation services utilities customers. operates three underground gas storage facilities two gas storage units. seasonal swings demand highest demand November March.


Kern River operates interstate natural gas pipeline 1,400 miles Rocky Mountains Utah Nevada California. transports utilities oil energy financial institutions.


businesses Northern Powergrid distribution network northeast England 10,000 square miles. charge tariffs serve 4. million end-users. AltaLink. utility Calgary Alberta. transmit load centers cities industrial plants 87,000 mile. serves 85% population. subsidiaries power projects 5,900 megawatts California Texas Illinois Nebraska Montana Australia New York Arizona Canada Minnesota Kansas Iowa Hawaii. wind solar geothermal hydro. invested $7. 3 billion wind projects.


U. S. utilities federal agencies. Federal Energy Regulatory Commission Federal Power Act Energy Policy Act 2005 statutes. regulates rates transmission reliability utility accounting securities construction hydroelectric. civil penalties $1. 5 million Federal Power Act. MEC Nuclear Regulatory Commission Atomic Energy Act 1954 25% ownership Quad Cities Nuclear Station.


exceptions U. S. utilities serve retail customers territories obligation provide service. purchase energy from alternative suppliers customers generate own energy. state regulatory commissions established retail electric natural gas rates cost-of-service utility recover costs earn return on investments. retail electric rates. based on traditional bundled services rates available for transmission-only distribution-only services.


Northern Powergrid charge fees distribution systems Gas Electricity Markets Authority. price control April 1 2023 March 2028.


AltaLink regulated Alberta Utilities Commission Electric Utilities Public Utilities Act Hydro Electric Energy Act. electricity transmission sector activities tariffs rates construction operations financing. AltaLink applications approval tariffs Alberta Electric System Operator transmission facilities terms conditions. independent oversees integrated electrical system wholesale electricity market. safe economic operation long transmission system planning.


natural gas pipelines federal state agencies. BHE GT&S Northern Natural Kern River FERC Natural Gas Act Policy Act 1978. regulates rates charges terms conditions service construction pipelines storage natural gas export facilities. Interstate companies Office Pipeline Safety DOT. safety regulations Natural Gas Pipeline Safety Act 1968 safety requirements design construction maintenance interstate.


BHE energy businesses federal laws air climate change emissions water coal ash disposal operations. Federal Clean Air Act levy penalties noncompliance fines injunctive relief.


Federal Clean Air Act state laws regulations emissions air quality emissions. laws impact facilities reduce emissions. state federal clean energy standards low non renewable impact electricity generators natural gas providers.


December 2015, agreement 195 nations climate change Paris Agreement. temperature increase below 2 degrees Celsius 1. 5 degrees Celsius GHG emissions climate neutrality mid-century commitments contributions measures inventories report new commitments five years. U. S reduce GHG emissions 26% to 28% 2005 2025. effective November 4, 2016. November 4, 2020. President Biden accepted January 20, 2021. reentry February 19, 2021. New commitments April 2021. cut GHG emissions 50% to 52% 2005 2030 100% carbon pollution-free electricity 2035. states reduce GHG emissions clean renewable energy.


2019 EPA repealed Clean Power Plan issued Affordable Clean Energy rule. reduction coal power plants heat rate improvements technologies measures. source. January 19, 2021 D. C. Circuit Court Appeals vacated rule. October 2021. Supreme Court appeal. Arguments February 2022 June 30, 2022. GHG emissions Clean Air Act. Clean Power Plan exceeded powers EPA measures. May 2023 EPA proposed new rules GHG emissions power. January 1, 2030. subcategorized fuel type. coal carbon capture sequestration. natural gas limit 1,300 1,500 pounds carbon dioxide per megawatt hour. gas high-load turbines carbon capture sequestration co-fueling hydrogen. new turbines co-fueling hydrogen 30% 96% blend rates by 2038.EPA May.


November 2021 proposed methane emissions oil natural gas industry. proposals requirements modified reconstructed reduce nationwide. supplemental proposal 2022. rule finalized December 2023. sources five years comply state plans.


BHE subsidiaries reliable affordable safe clean energy GHG emissions. primary source GHG power plants coal natural gas. works regulators energy needs costs reliability sources. invested renewable generation storage


$34. 1 billion 2023 ceased 18 units. 2023 reduced GHG emissions 34% 2005. renewable low-carbon generation cease 15 units 2025 2030 50% reduction GHG 2030.


HomeServices America. residential estate. S. mortgage banking title closing insurance warranties relocation. operates 50 names 41,000 agents 900 offices 34 states District Columbia.


300 franchisees 1,500 offices 48,000 real estate agents U. S. Berkshire Hathaway HomeServices Real Living names marks training advertising.


estate volumes higher second third quarters. competitive subject real estate market conditions.


PTC operates 650 75 fuel 44. states five provinces Pilot Flying wholesale. sells diesel 140 locations. sold 16 billion gallons 2023. 3 billion gallons low carbon 325 million gallons diesel exhaust.


PTC opened charging 18 centers agreement General Motors network 2,000 500. 2026. signed Volvo 2022 charging network trucks. PTC 26,700 employees 2023 2,160 travel centers.


travel centers interstate highway offer petroleum products merchandise food services amenities consumers travelers drivers. operators Love’s Stops independent operators centers. top 10 customers diesel less 15% gallons top 10 suppliers less than 50% gallons. sell third party centers. water disposal oil fields.


PTC subject federal state laws. pollutants remediation hazardous waste. Penalties non-compliance. petroleum tanks dispensers wells retirement.


subsidiaries industrial building consumer products. industrial products manufacture aerospace power chemicals metal cutting tools. building products homes flooring insulation roofing components paint coatings bricks masonry. consumer products recreational vehicles batteries apparel footwear. 184,000 people end 2023.


Castparts. Oswego manufactures components castings forgings fasteners aerostructures aerospace power energy. manufactures castings forgings armament medical nickel titanium alloys cobalt alloys aerospace chemical processing oil gas pollution control fasteners automotive specialty alloys heat testing grinder pumps components low-pressure sewer auxiliary equipment gas monitoring power generation metalworking tools.


casting ceramic molds metal components complex shapes tolerances finishes. PCC engines airframes medical implants armament vehicles. high temperature carbon ceramic components next-generation aerospace engines.


PCC forging aerospace power generation. nickel titanium. nickel alloys castings oil gas chemical processing pollution control. titanium aerospace power generation energy medical industrial.


PCC developer manufacturer fasteners aerostructures components aerospace. aerospace power energy construction automotive farm shipbuilding medical appliances recreation.


PCC customers aerospace Airbus Electric Rolls Royce Pratt &Whitney. majority sales from customer orders long-term agreements. terms termination payment. order cancellations delays.


COVID-19 2020 build rate reductions aerospace 2021. 2022 domestic international. Domestic surpassed 2019 international below 2019. forecasts growth demand air travel products.


PCC competition markets. Components products produced by competitors same. PCC believes advantages high quality competitive prices alternative same components. PCC leading supplier in principal markets. customer relationships technical expertise-art facilities dedicated employees competitive advantages.


raw materials PCC nickel titanium cobalt tantalum hafnium molybdenum few. required alloys. availability costs cartels politics labor relations inflation.


PCC subject federal environmental laws water discharges air emissions waste management materials environmental cleanup. Laws environmental standards stringent air water quality climate change GHG emissions. PCC additional capital environmental matters.


Lubrizol Corporation Wickliffe Ohio specialty chemical performance materials manufactures supplies technologies global transportation industrial consumer markets. operates Additives Advanced Materials engineered materials life sciences.


Lubrizol engine transmission fluids gear oils driveline lubricants fuels metalworking fluids compressor lubricants. products beauty home medical devices performance coatings sporting goods plumbing fire sprinkler. leader competitors Infineum. Chevron Oronite Afton Chemical.


patent portfolio Lubrizol leadership scientific formulation market expertise demand quality value. leverages scientific knowledge performance sustainability requirements. patents invests intellectual property innovative products. uses specialty commodity chemical raw materials. feedstocks petroleum petrochemicals obtainable several sources. long-term supply contracts.


Lubrizol 100 offices laboratories production warehouses six continents North America Europe Asia South America. markets products direct sales agents distributors. customers oil companies. largest customers suppliers. 2023 no customer 10% revenues. COVID-19 supply chain weather fires materials operations.


Lubrizol expends capital safety employees communities operational excellence cybersecurity. supply compliance regulations environmental footprint.


Lubrizol subject laws environment limit waste emissions safety regulate trade. policies risks financial liability chemical plants safety risks capital expenditures costs liabilities.


largest multinational manufacturers consumable precision carbide metal cutting tools industrial. brand names NTK®. Tool—Flo® BSW Supermill®. facilities Israel U. South Korea Japan Germany Italy Switzerland India China.


IMC six product lines milling parting grooving turning hole round. products split cemented tungsten carbide inserts steel tool holders. Inserts sales earnings. Metal cutting inserts consumed. manufactures engineered inserts technical requirements. engineers develop.


sales network manufacturing center. customer base diverse multinational automotive aerospace engineering machinery. operates warehouse Israel U. Belgium South Korea Japan China. sales offices support inventory management.


IMC metal cutting tools global market. includes participants manufacturers multinational businesses Sandvik Kennametal. distribution networks. Kyocera Mitsubishi Sumitomo Ceratizit Korloy.


tungsten powder cutting tools. IMC’s products tungsten. supplies adequate disruption availability prices.


IMC environmental rules regulations. environmental preservation pollution prevention. production facilities standards follow regulations.


Marmon Holdings. Chicago Illinois global industrial organization eleven business groups 100 businesses. 400 facilities U. S. 16 countries. groups.


Foodservice Technologies manufactures beverage dispensing cooling restaurants owners providers. Operations based. facilities. Mexico China Italy. sold. Europe Asia.


Water Technologies manufactures equipment residential industrial. Operations U. India Poland centers. Italy.


plastic aluminum tubing extrusions transmission emissions chassis dry van trailers truck components. U. S. Mexico Canada Europe Asia.


Solutions digital merchandising fixtures shopping handling security carts. S Czech Republic.


Metal Services pipe tubing aerospace construction agricultural. Operations based. India Poland Singapore. Netherlands Canada Mexico.


produces wire residential commercial buildings specialty wire energy transit aerospace defense industrial. Operations. Canada India England. Business India China.


Plumbing Refrigeration copper tubing brass aluminum stainless-steel fittings plumbing heating coils ducting air units heat pipe aluminum brass. raw materials aluminum copper. U. S. Canada.


fasteners masonry anchoring polymer anchoring gloves protective wear gear drives fan pump drives wind machines wheels axles gears rail mining lead acid batteries service. Operations U. S. K. Canada China.


Rail Leasing railcars containers movers rail track construction tank heads cylinders.


Union Tank Car Company Rail Leasing leading designer builder lessor. Procor owns 119,000 railcars chemical petrochemical energy agricultural. manufactures. maintenance 100 locations North America.


UTLX diversified customer base industries. cyclicality competition high-quality products services niche markets. Railcars leased multiple-year terms renewed expiration. selective capital investment utilization rates high.


Intermodal containers leased EXSIF. lessor fleet 75,000 units chemical producers logistics operators. Russia 7,300 containers.


Crane Services mobile cranes North America Australia 1,100 cranes energy mining petrochemical infrastructure markets. leased equipment-only. seasonality warmer months.


develops manufactures distributes devices neurosurgery biologics aesthetics powered. care outcomes. Operations U. Europe China business North South America Asia Australia.


2024 Marmon includes Scott Fetzer companies. manufacture distribute finance residential industrial institutional. Rail Medical government. environmental matters remediation. follows federal state local regulations.


CTB. Milford Indiana designer manufacturer marketer agricultural systems solutions preserving grain producing poultry processing poultry. supports distributors dealers.


CTB competes manufacturers suppliers. Competition price value reputation quality design customer service distributors dealers. brand names distribution network diversified product line support high. manufactures galvanized steel steel wire stainless steel polymer. availability adequate.


LiquidPower Products. Houston Texas leader drag reduction flow potential flexibility efficiencies. develops flow solutions 20 countries 50 million barrels hydrocarbon liquids. DRA full-service solution technology manufacturing support supply chain injection equipment service. laws environment waste emissions.


group W Steel structural steel fabricator. operates 19 plants. projects semiconductor plants stadiums high-rise buildings mining hangars military automotive international. backlog. acquired Alleghany 2022 headquarters Oklahoma City.


Clayton Homes. Knoxville off modular CrossMod. delivered 43,000 off-site 10,000 site homes. financing services price service location delivery.


Clayton off-site homes designed engineered U. S. December 2023 backlog $799 million 200%. sells centers realtors subdivision channels. financing acceptance. financing loan underwriting.


2015, expanded nine builders 18 states 290 subdivisions. 67,000 homesites backlog $1. 6 billion December 2023.


access housing inputs lumber steel resin. 2021 2022 availability pricing volatile. shortages reduced labor increased time-process inventory. constraints 2022 improved availability pricing cancellations demand new construction.


Clayton’s low interest rate strong residential construction market. interest rates. slowed demand new construction pre-existing homes.


Clayton’s home building business environmental erosion stormwater protection. loans Consumer Financial Protection Bureau state. Department Housing Urban Development National Mortgage Association-sponsored enterprises.


Shaw Industries Group. Dalton Georgia manufacturer distributor carpet tile flooring. manufactures 4,400 styles tufted carpet wood resilient flooring residential commercial names private labels. patterns colors textures. finishing. U. S. China U. K. distributes tile Europe Southeast Asia. hardwood vinyl laminate floor products. project management installation services.


Shaw operates Sports Turf Shawgrass Southwest Greens turf greens landscape turf. 2021 Watershed Geosynthetics environmental solutions utility waste erosion control mining. renewable energy. PowerCap® solar arrays landfills roof tops underutilized spaces.


Shaw products sold 43,000 retailers distributors users. marketed 1,900 sales accounts. distribution facilities seven carpet nine hard surfaces-service three 30 redistribution centers delivery distributors.


Shaw tufted nylon polypropylene polyester recycled. 2023 processed 93% yarn. raw materials costs impacted petro-chemical gas. soft-flooring materials recycled. cost changes prices.


soft floor covering industry competitors. manufacturers hard surfaces flooring. carpet 39% U. consumption flooring. measures quality style price service.


Johns Manville Corporation Denver Colorado manufacturer marketer building industrial commercial reinforcement fiberglass nonwovens. residential automotive transportation air handling appliance HVAC filtration waterproofing flooring interiors aerospace wind energy. Fiberglass.


patents licenses patent. operates 40 facilities North America Europe conducts research development Littleton Colorado U. S. Europe.


Fiberglass earthen materials recycled glass. JM’s products contain chemical agents chemical petrochemical materials roofing specialized products. uses recycled material needs. raw materials available production levels.


operations federal state environmental laws liability discharge hazardous substances chemical substances. Clean Air Clean Water Act Toxic Substances Control Act Resource Conservation Recovery Act Comprehensive Environmental Response Compensation Liability Act EPA. Canadian European laws. JM monitors regulations impact. capital projects address environmental compliance.


sells products channels contractors distributors retailers manufacturers fabricators. operates competitive markets regional. leadership markets. products compete value differentiation customization quality service. Sales seasonal construction activity second quarters.


MiTek Industries. Chesterfield Missouri residential commercial. sales 60 countries 20 countries.


residential MiTek supplier connector construction hardware software computer-driven machinery. customers manufacturers roof floor trusses wall panels. sells hardware distributors stores-yourself.


MiTek hot dipped galvanized sheet steel. variations cost availability.


Benjamin Moore Co. Montvale New Jersey residential industrial coatings. committed innovation sustainable. portfolio includes Element Ultra. brands specialty paints Coronado® Insl-x®.


Benjamin Moore coatings available 8,000 paint retailers 4,000 Ace Hardware U. S. Canada 72 countries. Moore preferred paint supplier Ace stores 2019. relationship expanded since 2019. Clark private brands.


Benjamin Moore allows order coatings samples center delivery retailer.


Moore manufacturers retailers. quality innovation expertise service price advantage. stores merchandisers home centers Sherwin-Williams PPG Industries. Home Depot. Lowe’s.


significant materials Benjamin Moore titanium dioxide monomers polymers pigments. purchased materials. supply constraints COVID-19 2022 alleviated 2023. returned normal production.


Moore complies environment safety products environmental standards. past environmental matters monitoring remediation.


Acme Brick Company Fort Worth manufactures clay bricks concrete block. products flooring masonry products. sold South Central Southeastern U. homebuilders masonry contractors.


Acme operates 12 clay brick four states three Texas. demand seasonal higher subject construction cyclical. owns leases mineral rights raw materials. adequate.


brick industry EPA Maximum Control Technology Standards. National Emission Standards Hazardous Air Pollutants. emission limits pollutants acidic gases. brick plants comply Rule.


Forest River. Elkhart Indiana manufacturer recreational vehicles utility trailers buses pontoon boats U. S. Canada. facilities six states leading manufacturer. Utility trailers. Buses. Pontoon boats Berkshire South Bay Trifecta.


RV industry competitive. price design quality service. consolidated companies largest market share 42% 2023. Forest River 33%. subject National Traffic Motor Vehicle Safety Act safety standards. S. Department of Transportation Canadian government. member Recreational Vehicle Industry Association safety standards. products comply standards.


Fruit Loom. Bowling Green Kentucky manufacturer distributor apparel athletic apparel sports equipment. mass merchandise mid-tier chains wholesale. Radiant mass merchandise Lily of mid-tier chains department stores. sells athletic apparel team dealers retailers Russell.


knitting finishing cutting sewing packaging apparel. North American Honduras. cutting sewing Central America Caribbean Asia. European sourced Europe Asia sewn. athletic equipment goods apparel sourced contractors Asia.


. cotton. polyester main FOL’s products. fibers purchased third parties supplier. Supply chain disruptions 2021 2022 alternative sources. engaged additional supplier. markets competitive domestic foreign manufacturers distributors. Competition product features quality service price.


Garan New York designs manufactures imports sells apparel children infants. sold brands. subsidiaries U. S. Central America Asia. products sold distribution centers. Fechheimer Brothers Company manufactures distributes uniforms public service safety. Cincinnati Ohio.


BH Shoe Holdings Group Greenwich manufactures distributes shoes footwear Double-H. Brooks Sports. Seattle Washington markets sells performance footwear apparel retailers consumers Brooks® brand. shoes outside U. S. sold department stores chains specialty stores catalogs Internet retail stores.


Duracell Chicago Illinois leading manufacturer alkaline lithium batteries. manufactures U. S. Europe China sales centers. sells retailers distributors. 31% global alkaline battery. raw materials steel zinc manganese nickel.


consumer products group Jazwares acquired 2022 Alleghany. Sunrise Florida leading global toy products manufacturer brands Hello Star Adopt. virtual games costumes products pets. sells 100 countries.


Richline Group. operates Jewelry Digital LeachGarner Rio Grande Inverness. diamond gem chains artisans manufacturers wholesalers aerospace. Albecca. Suwanee operates U. 11 countries Larson-Juhl®. designs manufactures distributes framing products wood metal moulding matboard foamboard glass supplies. art printing fulfillment.


service businesses provide grocery foodservice aviation training shared aircraft ownership electronic components. franchising media logistics. employed 55,000 2023.


McLane Company. 50 states discount retailers wholesale clubs drug stores military bases. customers Walmart. 7-Eleven. Yum! Brands. 3%. high volume rapid inventory expense controls. grocery foodservice beverage.


McLane’s Temple Texas market share serves national chains outlets. 47,500 locations. operates 26 facilities 20 states.


McLane’s Carrollton Texas quick casual products. 47 facilities 22 states. 32,700 restaurants.


McLane spirits wine beer. Empire Distributors centers Georgia North Carolina Colorado. 29,200 locations southeastern.


FlightSafety International. aviation training simulation. Textron Aviation Training technology training pilots attendants dispatchers business commercial military aircraft. simulators U. S. Australia Brazil Canada France Japan Singapore Norway South Africa U. K. environmental regulations. instructors simulators qualified Federal Aviation Administration agencies.


FlightSafety flight simulators visual systems displays devices. airlines government military organizations. facilities Oklahoma Illinois. simulators courseware technology safety standards. invests research development new equipment training programs.


NetJets Inc. leader private aviation operates large diverse fleet offers personalized solutions standards. headquarters Columbus Ohio European operations Lisbon Portugal. shared ownership concept needs scale flexibility access large fleet. ownership programs available corporate flight departments capacity.


NetJets’ programs safety service guaranteed availability predictable costs liquidity. shared aircraft ownership programs aircraft flight hours annually. offers prepaid flight cards solutions management sales acquisition ground support flight operation Card.


NetJets FAA Portuguese Civil Aviation Authority European Union Aviation Safety Agency. registration maintenance qualifications airport operations security. training pilots attendants mechanics specialists represented.


. Fort Worth Texas distributor passive electromechanical semiconductor components. base OEMs manufacturers military commercial engineers. distribution agreements suppliers product cost new lines products. operates sales offices distribution centers 100 locations North South Europe Asia.


services industries telecommunications medical computers military automotive electronics. businesses design production high-volume. Mouser subsidiary lower internet.


XTRA Corporation St. Louis Missouri equipment lessor. manages fleet 90,000 units 47 facilities. trailers temperature-controlled vans flatbed trailers.-road trailers North America. lease seasonal geographic needs purchasing. broad selection quick response times.


Dairy Queen. develops 7,500 restaurants DQ Grill Orange dairy desserts beverages foods fruit drinks. Business Wire. transmits news filings photos journalists professionals. NX network. CORT Services rental furniture. revenue retail sales. WPLG. ABC Miami/Ft. Lauderdale. operates WPLG-TV local10. com MeTV South Florida Heroes & Icons Network. Charter Brokerage Holdings. logistics provider petroleum chemical industries.


group IPS Services acquired Alleghany 2022. operates globally provides design validation construction controls consulting manufacturing biotech sciences industrial commercial retail industries. services regulations.


retailing businesses automotive home furnishings products. employed 26,000 2023. Information.


Berkshire Hathaway Automotive. automotive. 108 franchises 83 dealerships. sell used vehicles maintenance service contracts protection aftermarket. arranges financing. operates 31 collision centers two auto auctions fluid maintenance.


Dealership Arizona Texas 75%. BHA agreements 27 manufacturers revenue Toyota/Lexus General Motors Ford/Lincoln Nissan Honda. 90% revenue dealerships.


retail automotive industry competitive. BHA competition groups franchised dealerships Internet. retail price transparency franchised dealers acquire vehicles location customer service transaction speed.


BHA’s relationships with automobile manufacturers governed by framework agreements. provisions management operation acquisition ownership dealerships. Failure dealerships. dealerships manufacturer.


dealerships operate under franchise agreements with manufacturer sell vehicles offer parts service market area use trademarks. agreements contain requirements restrictions management termination non-renewal. States franchise laws protection difficult for manufacturer to terminate outside bankruptcy “good cause” law.


BHA develops administers vehicle protection life accident health insurance. develops training programs finance insurance personnel.


home furnishings Nebraska Furniture Mart. Willey Home Furnishings. Star Furniture Company Jordan’s Furniture. offer furniture bedding accessories. Willey sell household appliances electronics floor coverings financing. costs volume value.


NFM complexes. 5 million feet Omaha Clive Kansas Colony Texas. Homemakers Furniture Urbandale Iowa 600,000 square feet. largest retailer. Willey Salt Lake operates ten stores three distribution centers. 1. 3 million feet four Utah Meridian Idaho Nevada Sacramento.


Jordan’s eight locations 1 million square feet Massachusetts New Hampshire Rhode Island Maine Connecticut. 800,000 square foot center Taunton. largest retailer Hampshire unique arrangements. 700,000 square feet 10 locations seven Houston.


Borsheim Jewelry. Omaha Nebraska. high-volume retailer jewelry watches crystal china stemware flatware gifts collectibles. Helzberg’s Diamond Shops North Kansas City Missouri 166 stores 34 states 400,000 square feet. malls. Ben Bridge Corporation Seattle operates 35 jewelry stores malls nine states. Thirty-three upscale diamonds high-end timepieces. One Breitling Rolex.


Candy Shops produces chocolates confectionery quality Los Angeles San Francisco Burlingame. operates 250 stores states 115 seasonal locations. half revenues fourth quarter.


Pampered Chef Ltd. seller kitchenware U. S. Canada Germany Austria France China. portfolio 400 items cutlery grilling entertaining. cooking consultants online.


Oriental Trading retailer party seasonal arts crafts toys school supplies games. Omaha Nebraska serves four million customers annually consumers schools churches offices. products designs. operates brands Oriental Fun Morris HalloweenExpress. digital print marketing.


Louis Motorrad Hamburg leading retailer motorcycle clothing equipment. 50,000 products clothing equipment leisure. 80 stores Germany Austria online languages.


Revenue earnings taxes assets Note 26 Financial Statements Item 8. Additional investments fixed maturity equity securities Notes 3 4.


December 2023 Berkshire 26. 7% Kraft Heinz 27. 8% Occidental Petroleum Corporation. Heinz manufactures markets food beverage cheese. Occidental energy company oil gas chemicals. purchase market process oil gas carbon. subsidiaries 50% Berkadia Commercial Mortgage. Note 5 Financial Statements.


Berkshire website. annual reports corporate governance documents press releases shareholder reports links. reports SEC Form 10-K 10-Q 8-K amendments accessed. Electronic copies accessed. obtained request Berkshire Hathaway. 3555 Farnam Street Omaha NE 68131 Corporate Secretary.


Berkshire subsidiaries “we subject risks uncertainties business operations described below. not only. Additional risks unknown immaterial impair operations.


acts hurt.


nuclear biological chemical losses operations. operations loss life destruction facilities property damage. share risks businesses.


rely on technology. systems subject viruses malicious codes unauthorized access phishing denial-of-service-attacks. expect attacks future. disruption service interruptions safety security events regulatory compliance operational difficulties. Attacks loss assets remediation costs reputational damage.


taken steps risks continuity disaster recovery impact analysis disruption intrusion affect results financial condition liquidity. unable acquire develop protect rights new technology competitive disadvantage financial liquidity.


Cyber-attacks affect facilities systems information. Political economic financial market instability assets business interruptions lost revenues higher commodity prices fuel lower energy consumption unstable markets security repair costs. risks affect financial results. instability terrorism cyber war capital. share risks businesses.


Geopolitical events business securities.


risks adverse geopolitical rising conflicts. Government policies actions affect businesses reduced sales costs restricted supply damage loss life. share risks businesses.


dependent investment capital decisions.


investment capital allocation Warren. Buffett Chairman Chief Executive Officer 93. 2018 Board. Gregory Abel Vice Chairman-insurance. Ajit Jain insurance. Jain report. Buffett. capital.


services personnel particularly. Buffett unavailable adverse effect operations. replacement. Berkshire’s Board agreed. Abel replace. Buffett. Board monitors risk could alter view. succession plan managers units mitigate risk.


need personnel businesses.


decentralized business model management manage changes environments. need personnel serve customers suppliers stakeholders. inability recruit train retain managers affect results financial condition liquidity subsidiaries Berkshire.


concentrated equity securities loss.


concentrate high equity investments insurance small issuers. decline investments consolidated shareholders’ equity earnings.


large equity securities insurance subsidiaries decreases fair values statutory surplus. large surplus competitive advantage-term decline claims-paying new insurance future underwriting profits.


Competition technology lower earnings.


operating businesses face competition markets. manage growth competitive advantages factors technological changes erode strengthening. future results depend on protecting enhancing advantages. If unsuccessful results may decline.


Unfavorable conditions reduce earnings access markets.


businesses subject to economic cycles economy industries. deteriorations inflation effect operations. utilities energy business utilize debt depend on access borrowed funds capital markets. access capital restricted cost funding increases operations affected.


Epidemics hurt businesses.


epidemics pandemics affect operations equity securities portfolio. due to closures restrictions disruption supply chains reduction demand credit losses volatility global markets. share risks with businesses.


impact future results.


financial markets crises recessions social environmental issues regulatory initiatives adopted United States. banks financial institutions products environmental global-warming. impact businesses varying. Increased regulatory compliance costs operating economic interests. predict financial position results cash flows.


Data privacy regulations enacted jurisdictions. security personal information systems networks facilities. Failure reputational damage economic penalties.


Climate change impact businesses.


climate change regulation GHG emissions businesses. hurricanes floods wildfires extreme weather events risks impacts. frequency extreme weather assets non-insurance produce losses. extreme weather losses insurance operations price risk climate profit risk-transfer needs.


GHG policies accelerate transition lower-GHG economy increase costs businesses BNSF BHE 90% Berkshire’s direct emissions. failure climate change financial results.


tolerance underwriting risk losses.


paid for risk assumed we assume more risk single event than insurer. could incur significant loss from single catastrophe event natural disaster terrorism cyber-attacks. employ underwriting practices mitigate losses correlations avoid policies pre-tax losses $15 billion. losses manifest risk mitigation strategies not. provisions policies risk limitations exclusions coverage not enforceable court nullify void legislation. for insurance losses may lower earnings.


principal cost property casualty insurance business claims. policies receive premiums promise pay losses future. decades before claims reported settled. recorded liabilities unpaid losses adequate after balance sheet date. Estimating insurance claim costs imprecise. claims policies. industry practices legal conditions change issues emerge new liability. changes financial obligations coverage beyond underwriting intent. changes apparent after contracts. full extent liability known years after contract. estimated unpaid losses large ($146 billion at December 31, small increase lower earnings.


affect operating results allocate capital.


insurance businesses regulation in jurisdictions. regulations to types business rates capital restrictions investments. restrict dividend payments to Berkshire. U. S. state international regulators developing regulatory mechanisms large insurance groups group capital liquidity governance risk management. changes in regulations impact results restrict allocate capital.


railroad business through BNSF subject to laws regulations rates taxes operations health safety labor environmental matters. Failure business. Governments change BNSF recourse for adverse effects. changes risks capital expenditures.


BNSF revenue from transportation energy commodities particularly coal. changes government policies coal revenues earnings. BNSF toxic chemicals hazardous materials. release to claims losses penalties environmental remediation obligations. Changes regulation rail impact determine prices capital improvements operations financial condition liquidity.


utilities energy businesses under BHE regulated by federal state foreign authorities. laws regulations complex dynamic subject to. affect. decisions acquiring businesses constructing disposing retiring assets maintaining facilities transmission distribution pipeline safety environmental requirements setting rates establishing capital structures issuing debt managing transactions paying dividends. Failure air quality climate change emissions water quality coal ash disposal changes process financial results.


railroad business requires capital investment network. utilities energy businesses require capital construct maintain generation transmission distribution systems. assets operational investment. failure capital projects recoverable through rates. capital improvements funded through debt BNSF BHE. Disruptions debt markets access funding affect operations liquidity capital resources.


Berkshire recognizes processes identifying managing cybersecurity threats. implemented framework cybersecurity information management businesses. framework permits Business Group solutions identify manage mitigate risks risks. framework compliance reporting cyber events risks.


Business Group’s Chief Officer senior management cybersecurity program risks. reports shared with Berkshire’s internal audit group risk management. incident reporting process cybersecurity events Berkshire. third parties assess audit educate implement cybersecurity.


Berkshire Business Groups rely on third-party providers products. dependence exposes us impact cyber-attack. cyber-attack financial operational reputational Berkshire. monitor risks providers.


Audit Committee Berkshire’s cybersecurity risk program. receives reports cybersecurity incidents. cybersecurity trends deficiencies. approves updates workplan internal audit group technology cybersecurity risks. procedures penetration testing attack simulations vulnerability assessments reviews audits. determined senior management.


Audit oversight senior management Berkshire’s Businesses Groups information systems. Group cybersecurity events Berkshire. management reviews SEC.


properties summarized. railroad utilities energy utilize physical assets.


BNSF Railway operates 32,500 miles 28 states three provinces. owns 23,000 route miles 9,000 miles trackage rights tracks. December 31, 2023 Railway system 50,000 miles track.


BNSF operates facilities transportation infrastructure locomotives freight cars. owns leases equipment. facilities include yards terminals locomotive shops operations center computers telecommunications signal systems. Transfer facilities rail-to-rail intermodal transfer 25 intermodal hubs. owns 7,500 locomotives 72,800 freight cars.


BNSF properties. 2023 recorded $2. 5 billion repairs.


BHE’s energy properties electricity natural gas businesses. generation transmission distribution coal mining assets. natural gas distribution pipelines storage gas compressor stations meter stations. transmission distribution assets within utility service territories. rights-of-way mineral water rights. properties pledged encumbered security subsidiary debt.BHE affiliates facilities December 31, 2023 Source Capacity Capacity Wind MEC Renewables Wyoming Texas Nebraska California Illinois Oregon Kansas Natural gas Utah Iowa Illinois Washington Wyoming Oregon New York Texas Arizona Canada,250,971 Coal Colorado Montana,174 Solar Australia Texas Arizona Iowa Minnesota Nevada,120 Hydroelectric Oregon Idaho Utah Hawaii Montana Illinois Wyoming Nuclear Geothermal Utah,764


Net Capacity represents ratings limitations interconnection power purchase intermittent resources total capability summer. intermittent rating manufacturer’s capability. Net Owned Capacity ownership.


December 2023 subsidiaries electric facilities Nevada Wyoming California 1,284 MW. battery storage Nevada 220 MW construction 100 MW.


MEC NV Energy 27,900 miles 1,670 substations gas 28,500 miles.


Northern Powergrid 17,100 miles 44,000 miles underground 790 substations. 8,300 miles 310 substations.


BHE GT&S system 5,400 miles natural gas storage Maryland New York Ohio Pennsylvania West South Carolina Georgia. 17 underground storage fields. 75% gas export facility Maryland three facilities Alabama Florida Pennsylvania.


Northern system 14,200 miles gas 5,800 mainline transmission 8,400 miles branch. Iowa Nebraska Minnesota Wisconsin South Dakota Michigan Illinois Kansas Texas Oklahoma New Mexico. Storage Iowa two Kansas two units Minnesota.


1,400 miles gas pipelines Wyoming Rocky Mountains California.


PTC 600 travel. Pilot Flying J 90% 10%. 12 fuel 37 mixing 47 cardlock ethanol plant water disposal oil.


properties Berkshire’s business segments summarized Properties Business type Insurance GEICO. claims centers####91 BHRG.####34 25 countries BH Primary.####55. 8 countries Manufacturing.####178####461/Showroom####208 subdivisions. 61 countries####102/Warehouses####437 Service. facilities/Hangars####86/Distribution####140 facilities/Showroom/Retail####38. 18 countries facilities McLane. centers####28 Retailing.####25####467. 7 countries/Offices/Warehouses


Berkshire subsidiaries parties legal actions liability insurance reinsurance contracts. Plaintiffs seek punitive exemplary damages. believe litigation financial condition results operations.


to Note 27 Consolidated Financial Statements litigation Berkshire subsidiaries. subsidiaries involved in legal actions assert claims impose fines penalties. liability actions financial condition results.


mine safety violations Dodd-Frank Reform Act Exhibit 95 10-K.


officers. Buffett Gregory. Abel Chairman Non-Insurance Operations Ajit Jain Insurance Marc. Hamburg Vice-President Chief Financial Officer


executive officer serves by-laws Registrant first meeting Board Directors successor chosen dies resigns disqualified.


Investors cautioned statements document press releases oral statements Berkshire officials “forward-looking” Private Securities Litigation Reform Act 1995. statements include predictive future events “expects. statements future financial performance business strategies future Berkshire actions. based on expectations projections subject to risks uncertainties assumptions Berkshire subsidiaries economic market factors industries. not guarantees future performance no intention update.


events results differ from statements due to factors. risk factors performance include changes prices fixed maturity equity securities losses from derivative contracts catastrophic events conflict terrorism cyber-attack losses epidemics pandemics outbreaks results access to borrowed funds changes laws regulations insurance utilities energy finance federal income tax laws economic market factors prices securities industries.


Equity Security Purchases Securities


Berkshire’s B stock New York Stock Exchange symbols.


Berkshire 1,200 A 18,000 B February 12 2024. 323,000 A 1,307,000,000 B owners.


Berkshire 1967.


stock repurchase program permits Class A B shares Warren Buffett repurchase price below intrinsic value. Repurchases open market privately transactions. A B common stock repurchased fourth quarter 2023. shares purchased price paid per share repurchased October Class A common stock#522,756. B common stock November#536,048. B common stock. December A#541,062. B common stock


program maximum Berkshire Class A B no expiration date. Berkshire repurchase stock reduce consolidated cash equivalents. Treasury Bills less $30 billion.


chart $100 Berkshire stock Standard Poor’s 500 Index Property Casualty Insurance Index.


return Standard Poor’s indices.


difficult develop peer group Berkshire. owns subsidiaries property insurance. Standard Poor’s Property Casualty Insurance Index.


Discussion Financial Operations


earnings Berkshire Hathaway shareholders past three years disaggregated. taxes noncontrolling interests. Insurance,428 BNSF Berkshire Hathaway Energy Pilot Travel Centers Manufacturing service retailing,120 Non businesses Investment gains,612,340 Net earnings Berkshire Hathaway shareholders,223,759


Berkshire 20% 50%.


subsidiaries business activities. manage businesses decentralized. few centralized functions. senior management team capital allocation investment selection Chief Executive. business segment data 26 Financial Statements read.


businesses impacted by actions COVID-19 virus global geopolitical conflicts supply chain disruptions actions inflation. predict future economic effects.


earnings $5. 4 billion 2023 losses $30 million 2022 $870 million 2021. losses GEICO premium claims. 2021 losses $2. 4 billion $2. 3 billion. claims costs GEICO. Earnings increased $60 million 2022 $142 million 2021.


earnings increased $3. billion. 2023 $1. billion 2022. 9%). short-term interest rates earnings.


earnings BNSF declined. 4% 2023 unchanged 2021. freight volumes non costs fuel. 2022 higher revenue offset freight higher fuel costs.


After-tax earnings utilities energy declined. 3% 2023 increased 9. 3% 2021. 2023. utilities wildfire loss estimates lower real estate brokerage. increase 2022 earnings natural gas lower real estate brokerage.


Note 2 increased ownership PTC. 6% 80% January 31, 2023 consolidating February 1, 2023. 2021 2022 earnings. equity non-controlled businesses.


Earnings manufacturing service retailing increased 2. 0% 2023 12. 5% 2021. Earnings reflected increases non-insurance businesses acquired 2022 offset lower earnings service retailing. results 2022 mixed. customer demand good demand continued 2023.


Investment derivative contract gains three years equity securities unrealized gains losses market price changes. gains losses meaningless results performance. caused volatility earnings. after-tax non-cash remeasurement gain $2. 4 billion first quarter 2023 38. 6% interest PTC accounting method.


earnings exchange gains $200 million 2023 $1. billion 2022. billion 2021 non. debt Berkshire.


management views insurance businesses underwriting investing. Underwriting unit managers Chairman CEO Warren. Buffett investment managers. underwriting without investment income gains losses. income insurance results. investment gains losses non-operating. not meaningful results.


catastrophe reinsurance. pre-tax losses $150 million. 2023 cyclone floods New Zealand hailstorm Italy. 2022 Hurricane Ian floods Australia 2021 Hurricane Ida Europe Winter.


unpaid losses expenses affect underwriting results. Unpaid loss estimates $146 billion December 2023 $143 billion 2022. include foreign currency gains losses non. Dollar liabilities. rate fluctuations.


insurance reinsurance property casualty life health. GEICO Berkshire Hathaway Primary. acquired Alleghany Corporation October 2022. insurance RSUI. CapSpecialty. reinsurance Transatlantic Reinsurance Company. Alleghany Insurance BH Primary TransRe Group BHRG.


strive pre-tax earnings premiums insurance losses expenses categories except retroactive reinsurance. Time-value-money prices. receive premiums contract available investment. claim payments decades exceed premiums losses deferred amortization liability discount accretion.


insurance summarized millions. pre-tax earnings 2022 2021 revised ASU 2018-12. GEICO,635 Berkshire Hathaway Primary Group Hathaway Reinsurance Group Pre earnings Income taxes noncontrolling interests Net earnings,428 income tax rate.


GEICO writes private automobile insurance 50 states District Columbia. markets policies direct response apply Internet telephone. operates agency homeowners renters insurance. summary underwriting results millions. Premiums written,107,395 Premiums earned,264. Losses adjustment expenses.,999. Underwriting expenses,815.,448. Total losses expenses.,864######104. Pre-tax underwriting earnings,880


pre-tax earnings 2023 premiums lower claims frequencies estimates advertising costs. claims severities repair labor costs medical inflation. losses 2022 higher frequencies severities cost inflation. GEICO sought rate increases 2022 2023. reduced advertising expenditures policies-force.


written $730 million. 9%) 2023. 8%) rate.-force. earned increased $280 million. 7% 2023.


expenses decreased $4. 5 billion (12. 4% 2023. loss ratio 81. 0% 12. points. higher premiums lower claims frequencies claims estimates severities.


Claims frequencies 2023 lower property damage collision eight increased bodily injury two. severities higher all coverages property damage collision bodily injury seven. expenses $1. 5 billion 2023 $653 million 2022. reductions. 2022 offset property damage.


Underwriting expenses declined $752 million. 5% 2023. ratio 9. 7%. reduced advertising expenses improved leverage. earnings insurance agency expenses.


written increased $712 million. 9%) 2022 rate offset policies-force. Voluntary policies-force declined. 9% average premiums increased. 5%. earned increased $1. 3 billion. 4% GEICO Giveback program reduction April October.


expenses increased $5. 3 billion (17. 1%) 2021. loss ratio 93. 1% 2022. claims severities loss.


Claims frequencies higher property damage bodily injury collision personal injury. severities higher property damage collision bodily injury. expenses $653 million 2022 $1. 8 billion 2021. $400 million Hurricane Ian $375 million Hurricane Ida 2021.


Underwriting expenses decreased $881 million. 2%) advertising employee costs. expense ratio 11. 7%. 8 higher premiums.


Berkshire Hathaway Primary Group commercial insurance healthcare workers’ compensation automobile liability property specialty coverages. insurers Hathaway Specialty Insurance Homestate MedPro Group GUARD National Indemnity Company Direct U. Liability Insurance Company. includes RSUI CapSpecialty October 2022. Premiums Premiums earned,129. Losses expenses,224. Underwriting expenses. Total losses expenses,755.,353.,968. Pre-tax underwriting earnings


increased $3. billion (24. 1%) 2023. RSUI CapSpecialty$2. BHSI. increased $2. billion. 1%) 2022 BHSI USLI BHHC MedPro Group (10%) RSUI CapSpecialty$435 million.


expenses increased. billion. 2023 2022. billion. loss ratio decreased. lower losses catastrophes business RSUI CapSpecialty.


losses catastrophes $37 million 2023 $641 million 2022. $537 million 2023 $428 million 2022 medical liability property losses. 2021 losses $433 million $631 million.


insurers workers’ compensation commercial liability insurance costs high severity claim-tails. liabilities adverse rulings.


Underwriting expenses $1. billion. $603 million (21. 1%). premiums business mix RSUI CapSpecialty.


Berkshire Hathaway Reinsurance offers excess quota-share subsidiaries General Reinsurance Corporation TransRe Group. life health Berkshire Hathaway Life Insurance Company Nebraska. assume risks retroactive contracts NICO annuity contracts BHLN.


summary premiums pre-tax results millions. ASU 2018-12 increased earnings $76 million 2022 reduced losses $175 million 2021. earned-tax earnings (loss Property/casualty,740,180 Life/health,072,224 Retroactive reinsurance(1,541 Periodic payment annuity Variable annuity,010,179


property/casualty reinsurance results millions. Premiums written,149 Premiums earned.,740. Losses adjustment expenses,664.,605. Underwriting expenses.,255. Total losses expenses,430.,860.,073. Pre-tax underwriting earnings


2023 increased. 8% 2022 19. $5. 3 billion $1. billion TransRe. 2023 $1. 1 billion (7. 1%) 12. 9%. new property business higher rates. property retrocede risks. earnings catastrophe loss.


expenses $2. billion 2023 $727 million 2022. ratio declined. $3. 2 billion $638 million. decreased $509 million. $89 million. Losses catastrophes $900 million 2023 $2. billion 2022 $2. billion. $1. 4 billion 2023 $1. 6 billion 2022 $718 million casualty losses.


expenses increased $2. billion 2023. ratio increased. declined. foreign currency rates non. liabilities business mix TransRe Group. losses $189 million 2023 gains $371 million 2022 $173 million 2021.


summary life/health reinsurance results millions. Premiums written Premiums earned,072.,224. Life health benefits.,112. Underwriting expenses,125.####19. Total benefits expenses####93.,115####97. Pre underwriting earnings (loss


earnings 2023 $134 million. reinsurance contracts reduced premiums $164 million expenses $298 million. premiums unchanged benefits decreased. 3%. underwriting expense ratio increased. commutations.


Premiums declined $436 million. 8%) volume Asia-Pacific. benefits declined $637 million (13. 4% pandemic claims. Africa India Latin America.


losses reinsurance deferred charges. losses $57 million 2023 $168 million 2022 $58 million 2021. losses $1. billion 2023 $836 million $840 million 2021.


liabilities increased $1. 1 billion quarter 2023 losses $650 million. asbestos environmental. increased $86 million 2022 reduced $974 million 2021. reductions earnings $142 million.


losses $34. 6 billion 2023 $768 million. Unamortized deferred charges $9. 5 billion $375 million. Deferred amortization earnings.


payment annuity business price demand sensitive supply settlements. volumes change prices competition. 2022 prices declined not written new business.


annuity contracts losses liabilities. losses $60 million 2023 gains $71 million 2022 losses $18 million 2021.


losses $590 million 2023 $694 million 2022 $554 million 2021. $130 million reinsurance. Discounted annuity liabilities $15. 2 billion December 2023 $4. billion life contingencies. adopted ASU 2018-12 January 2023 adjustments.


variable annuity contracts $233 million 2023 $467 million 2022 $169 million 2021. interest. contracts run-off.


summary net investment income insurance operations millions. change Dividend income,500,060. Interest investment income. Pre investment income. Income taxes noncontrolling interests Net investment income#9,567#4,807 income tax rate.


Dividend income declined $539 million. 9%) 2023 increased $979 million (19. 3% 2021. reduction dispositions higher dividend rates. increase equity. $34 million 2023 $46 million 2022 $121 million 2021 BHE stock. deducted earnings. varies portfolio.


income increased $4. billion 2023 $1. 1 billion 2022. interest rates Alleghany’s insurance subsidiaries. balances short-term investments. Treasury Bills. liquidity safety yield.


assets insurance shareholder capital liabilities contracts. unpaid losses expenses retroactive reinsurance life annuity health unearned premiums reduced insurance premiums reinsurance receivables deferred charges costs. discount rate changes excluded float. Float $169 billion 2023 $164 billion 2022 $147 billion 2021. gains 2023 2021 cost float negative. losses 2022 $22 million cost float nominal.


cash investments insurance December 2023 2022. Cash equivalents. Treasury Bills Equity securities maturity securities,998,303,165


maturity investments December 31, 2023 millions. Cost Gains Value. Treasury. agencies,300 Foreign governments Corporate bonds,386,617


. government obligations rated AA+. 95% foreign government obligations rated AA. securities national provincial.


Burlington Northern Santa Fe operates largest North America 32,500 miles 28 states. operates three Canadian provinces. classifies business groups consumer industrial agricultural coal. summary earnings millions. change Railroad revenues,474,203. expenses Compensation benefits,253######4,696. Fuel,766. Purchased services. Depreciation amortization. Equipment rents materials,147######1,763. Total,702.Railroad earnings,811 Interest expense(1,048 Other revenues Pre-tax earnings Income taxes Net earnings,087 income tax rate.


summary freight volumes business group/units thousands. change Consumer products,202#5,673. Industrial products#1,605#1,709. Agricultural products,165,200#1,224. Coal#1,468#1,529.#9,549,135. 7.


Railroad revenues declined. 2023 volume. 7% revenue car. 6% lower fuel surcharge price. Pre-tax earnings $6. billion. 2% lower non costs.


revenues declined. 2023 $7. 9 billion 2022 volume decrease. 4% lower revenue car/unit. lower shipments imports loss customer rates demand. offset automotive volume production.


revenues $5. 7 billion 2023. 8% 2022 car volume decrease. 8%. demand chemicals plastics minerals paper lumber steel.


revenues. $5. 6 billion 2023 volume. 9% higher revenue car. lower grain exports domestic renewable diesel.


revenues coal declined. 4% $3. 8 billion 2023. 0% revenue. demand lower gas prices.


Railroad expenses. billion 2023 $541 million. 3%. revenues. 68. 4%. Fuel expenses declined $897 million. 6% prices improved efficiency. Compensation benefits expenses $247 million. 7% headcount wage inflation. revenues 90%.


Railroad revenues increased. 9% 18. 9% car/unit surcharge lower volumes. 8%. pre-tax earnings decreased 1. 9%. lower volumes offset yield surcharge.


revenues. 2022 $9. 2 billion 2021 revenue volume decrease. 3%. lower intermodal shipments West Coast imports.


revenues industrial $5. 6 billion 2022. 6% 2021 revenue car offset volume decrease. 3%. petroleum crude building steel mineral.


revenues. $5. 7 billion 2022. car offset volumes. decrease grain exports fertilizer shipments renewable diesel feedstocks.


coal. $3. 9 billion 2022 revenue. volumes unchanged.


Railroad expenses $16. 6 billion 2022 $2. 9 billion. 2%) 2021. revenues increased. 65. 9%. fuel benefits. increased $557 million. 9%) wage inflation health welfare costs productivity. Fuel $1. 8 billion. 6% fuel prices volumes. Equipment rents materials expenses $384 million. 8%) inflation higher casualty costs.


own 92% Berkshire Hathaway Energy Company global energy. interests PacifiCorp MidAmerican Energy Company NV Energy. natural gas pipelines five interstate liquefied gas export import storage facility. Alberta renewable unregulated retail. residential real estate brokerage franchises States.


rates energy services based costs taxes return capital subject regulatory approval. costs results. summary BHE’s net earnings millions.Revenues Energy,280 Real estate,215 Other income Total revenue,096 Costs Energy cost sales expenses Real estate costs Interest expense Total costs expenses,803 Pre earnings,293 Income tax benefit Net earnings taxes Noncontrolling interests BHE subsidiaries Net earnings BHE,047 stock dividends earnings Berkshire Hathaway shareholders income tax rate.


tax credits wind.


discussion BHE’s results based after-tax earnings energy businesses. summary net earnings BHE (dollars millions. change U. S. utilities#906,295,211. Natural gas pipelines. Other energy businesses,356######987. Real estate brokerage. Corporate interest other(439.#2,610,352,047.


. utilities Oregon Utah Wyoming Iowa Illinois Nevada.-tax earnings decreased $1. 4 billion 2023 2022. energy expenses pre-tax loss $1. 6 billion wildfires 2020 2022 California. 27. interest expense lower utility margin. offset interest income lower depreciation amortization expense.


. margin $7. 5 billion 2023 $170 million. 2%) 2022. volumes wholesale rates increased energy costs retail rates. volumes decreased. 8%. PacifiCorp. Energy. 3% MEC weather higher usage average.


earnings natural gas pipelines increased $39 million (3. 8%) 2023 2022. 50% Cove Point gas September 1 2023 expenses.


-tax earnings decreased $332 million (24. 5% 2023 2022. earnings Northern Powergrid unfavorable natural gas write-off lower production deferred tax Energy Profits Levy. renewable energy retail services. lower income tax benefits operating expenses lower solar wind generation debt extinguishment gains.


earnings real estate brokerage decreased $87 million. 2023 2022. revenues margins 19% reduction 28% decrease. rising interest rates home sales.


earnings increased $27 million 2023 tax adjustments expense April 2022 debt issuance.


. utilities earnings increased $84 million 2022 2021. margin $157 million production tax credits wind PacifiCorp MEC expenses taxes. regulatory MEC NV Energy maintenance depreciation pre loss accruals $60 million Wildfires.


. electric margin $7. billion 2022 $586 million. 3% 2021. revenue pricing volumes offset thermal generation power costs. volumes increased. 4%. 3% MEC. 2% Energy higher customer usage average weather.


gas after-tax earnings increased $233 million 2022 2021. BHE GT&S storage non income tax adjustments.


energy after-tax earnings increased $369 million 2022 2021. due wind tax $200 million income tax expense $109 million corporate income tax 19% 25% April 1, 2023. renewable energy new gas solar offset lower earnings natural gas foreign currency translation. wind tax losses increased income tax benefits.


earnings decreased $287 million 2022 2021. revenues 11% reduction mortgage 40% decrease homeowner refinancing rising interest rates.


earnings decreased $94 million 2022. tax higher interest expense debt.


PTC operates travel centers Pilot Flying J fuel retail locations. wholesale marketing platforms. revenues marketing activities.


2023 owned 38. 6% interest PTC equity. 6% earnings 2022 2021 equity Consolidated Statements Earnings. earnings non businesses page K-56.


January 2023 acquired. 4% PTC 80%. Statements Earnings February 1, 2023. earnings eleven months. Months Revenues,739 Cost Operating expenses Interest Pre earnings Income taxes interests earnings Hathaway shareholders


consolidated pre earnings 2023 2022 summarized. Revenues costs expenses 2022 first 2023 Statements eleven months 2023 Statements. Change Revenues,756,739. Cost sales,196,602. Operating expenses. Interest expense. Pre-tax earnings.


revenues diesel gasoline. Revenues $56. 8 billion decline $16. billion. 2022. lower prices. sold 16. 2 billion gallons 18. 4 billion 2022. decline wholesale marketing. lower. Depreciation amortization expense $832 million $436 million 2022. accounting February 2023. Interest expense increased $213 million higher rates.


summary revenues earnings manufacturing service retailing businesses (dollars millions. change Revenues Manufacturing,405. Service retailing,282.,008,293#153,012. Pre earnings Manufacturing,445,177#9,841. Service retailing,042######4,711.,552. Income taxes noncontrolling interests Net earnings,759#12,512 income tax rate. Pre earnings percentage revenues.


Excludes acquisition expenses amortization assets acquisitions.-tax expenses $693 million 2023 $681 million 2022 $690 million 2021. K-35 table K-57.


manufacturing group includes industrial building consumer businesses. summary revenues pre earnings millions. change Revenues Industrial products,884,824,176. Building products,896######24,974. Consumer products,061######15,580.,405#75,781 Pre earnings Industrial products#4,862#4,469. Building products,390. Consumer products.,445,177 Pre-tax earnings percentage revenues Industrial products. Building products. Consumer products.


industrial products group metal aerospace power Castparts. chemicals Lubrizol cutting tools Marmon 100 businesses eleven groups equipment leasing intermodal mobile crane industries. equipment livestock agricultural industries diverse markets Fetzer LiquidPower. October 2022 structural steel W&W|AFCO Steel Alleghany acquisition. manufacturers Marmon.


2023 $4. billion. 2%) pre-tax earnings $824 million. 9%). Pre-tax earnings. 3%.


revenues $9. 3 billion 2023 $1. 7 billion. 7% 2022. aerospace. increase higher demand power. forecasts growth demand air travel aerospace.


pre-tax earnings $1. 5 billion 2023 increase. 0% 2022. improved results sales manufacturing efficiencies aerospace offset losses energy. manufacturing safety increasing demand. growth production aerospace demand.


revenues $6. 4 billion 2023. 0% 2022. 7. 9% foreign currency offset higher prices. decline market weakness inventory.


pre-tax earnings 2023 unchanged 2022. recoveries $11 million $242 million 2022 fires Rockton Rouen. higher higher prices product raw material costs lower sales volumes higher operating expenses.


revenues $11. 9 billion 2023 $1. 2 billion. 6% 2022. Emissions. increase. Rail Leasing Water Technologies Medical Metal Services Crane Services volumes pricing improvements. Electrical Metal Plumbing Refrigeration impacted lower metals prices Transportation Products reduced demand.


pre-tax earnings increased. 1%. acquisitions $90 million losses $90 million shutdown Rail Leasing. eight groups increased. Rail Leasing Water Technologies Plumbing Refrigeration lower Electrical Metals Services Medical.


revenues increased 8. 0% $4. 0 billion 2023 2022. acquisitions sales growth higher interest income lower revenues Asia-Pacific currency. conflicts. pre-tax earnings increased 6. 9% higher interest income operating earnings. offset raw material costs sales mix conflicts. products manufactured Israel. operations not impacted terrorist attack conflicts.


Revenues industrial $2. billion. 4% pre-tax earnings $393 million. 8%) Pre-tax earnings. 8%.


revenues $7. 5 billion 2022 $1. 1 billion. 5% 2021. demand aerospace. delivery rates narrow rebounded pandemic. wide-body low Boeing 787. resumed 2022.


pre-tax earnings $1. 2 billion 2022. 6% 2021. labor $59 million reduction pension.


revenues $6. 7 billion 2022. 2% 2021. increase prices offset lower volumes currency. volumes restricted supply constraints unplanned plant maintenance production. increase driven escalating raw materials utilities packaging shipping freight.


pre-tax earnings increased. 6% 2022. insurance recoveries $242 million $55 million Rockton Rouen fires. losses $36 million $257 million underperforming Advanced Materials. impacted raw material costs lower sales volumes maintenance expenses foreign currency higher selling prices. 2021 winter storms closures lost sales costs.


revenues $10. 7 billion 2022 $934 million. 6% 2021. Transportation Retail Solutions Metal Services Crane 82%. volumes prices truck trailer shopping cart metal services mining infrastructure. transit oil utility restaurant increased. offset lower lease revenues Rail Leasing renewal fewer-party tank sales.


pre-tax earnings increased. 3% 2022 2021. Transportation Metal Services Retail Crane volumes pricing Rail Leasing renewal losses shutdown Russia.


revenues increased. 5% $3. 7 billion 2022 sales offset. lower sales China Russia-Ukraine conflict. pre-tax earnings decreased 2. 5% lower margins higher raw material costs. currency Russian-Ukraine conflict.


building products home construction lending financial services flooring insulation roofing bricks masonry Building paint coatings Moore.


Revenues building products decreased $2. 9 billion (10. 1%) pre-tax earnings $602 million. 6% 2023. 1%. 6%. low interest strong construction markets. mortgage interest. slowed demand. mitigated construction low supplies pre-existing homes.


Clayton revenues $11. 4 billion $1. 3 billion. decreased $1. 6 billion. $8. 8 billion lower sales product. sales declined. 7%. Financial services revenues increased. 2% interest loan balances. $23. 8 billion 2023 $2. 5 billion.


Clayton Homes $2. billion 2023 $326 million. 8%) 2022. lower financial services. decline reduction sales lower margin higher operating expenses. financial services interest loan loss provisions higher insurance claims.


revenues $14. 5 billion 2023. 2022. lower volumes product mix offset prices.


Pre-tax earnings $2. 1 billion 2023. 4%. revenues. 7%. decrease. lower sales volumes reduced efficiencies losses restructurings closures divestitures offset raw materials energy reduced freight shipping utilities. higher prices demand divestiture sales.


building products increased $3. 9 billion. 7% pre-tax earnings $1. 4 billion. 3%. 6% 13. 6% 2021 strong demand higher sales volumes. interest rates. construction.


Clayton revenues $12. 7 billion $2. 2 billion. increased $2. 1 billion (25. 1%) $10. 4 billion prices. New sales. 2%. site-built. fourth quarter declined. order backlog. Financial services revenues. 7%. Loan balances $21. 3 billion $2. 5 billion. loan foreclosures fourth quarter.


Clayton Homes $2. billion 2022 $685 million. 2021. sales income.


revenues building $16. 2 billion 2022 increase. 8% 2021. due higher prices higher volumes changes. cost inflation 2021 drove.


Pre-tax earnings $2. 4 billion 2022 41. 9% 2021. Pre-tax earnings revenues 15. 0% 3. increase 2021. higher prices strong demand divestitures sales reduced restructuring charges. winter storms reduced sales production costs.


consumer products vehicles apparel footwear Fruit of Loom Garan. Shoe Brooks Sports alkaline batteries. picture framing Jazwares toy company Alleghany acquisition.


Consumer products declined $1. 5 billion. Forest River apparel Jazwares $1. 3 billion $240 million.


Forest River revenues declined. 2% 2023 29. 3% decline sales. vehicle sales 2021 2022. 2023 declined interest rates inflation macroeconomic. offset increased bus commercial business.


apparel footwear declined $452 million. 4% 2023. reduced apparel volumes prices. revenues flat.


Pre earnings consumer increased $46 million. 0% 2023 2022. Jazwares acquisition apparel footwear Forest River Duracell. inventories operations. Forest River lower sales volumes Duracell restructuring costs.


products revenues increased $481 million (3. 1%) 2022 2021. 0% increase Forest River Jazwares acquisition offset apparel footwear Duracell revenues. 7%. fourth quarter 2022 declined. 7% recreational vehicle sales. apparel footwear. decline volumes.


Pre-tax earnings consumer products declined $456 million. 0% 2022. 9. 5%. apparel footwear. Duracell. Forest River. 6%


apparel businesses affected 2022 low sales manufacturing input costs. supply 2021 elevated inventories.-size operations reduce inventories. earnings declined lower sales inflation foreign currency.


Earnings Forest River increased 2022 due unit sales prices offset materials costs. sales earnings declined second 2022 2021.


summary revenues pre earnings service retailing businesses (dollars millions. change vs Revenues Service,588,006,872. Retailing,960. McLane,209######49,450.,603#91,512 Pre-tax earnings Service,995#3,047#2,672. Retailing####1,726######1,724######1,809. McLane.,176,042 Pre-tax earnings percentage revenues Service. Retailing. McLane.


service group. largest NetJets FlightSafety shared ownership technology training TTI distributor electronics. franchise service restaurants lease equipment furniture logistics petroleum chemical distribute electronic news regulatory filings television station Miami. October 19, 2022 IPS-Integrated Project Services facilities construction services.


group increased $1. 6 billion. 3% 2023. IPS $1. 3 billion $358 million 2022. aviation increased. 5% flight hours higher rates.


Revenues TTI declined. 7% 2023 2022. acquisitions foreign currency declined. 2%. revenue growth 2021 2022. orders slowed Asia-Pacific inventory price competition. 2024.


Pre-tax earnings decreased $52 million. 7% 2023 $3. 0 billion. 14. 5%. 5 2022. lower TTI businesses offset aviation IPS acquisition. TTI declined. 3% reduced sales higher operating expenses foreign currency gains. 14. 4% average aircraft higher rates.


Service group revenues increased $3. 1 billion (19. 7% 2022 TTI aviation services IPS acquisition. TTI increased. 4%. orders elevated inventory. aviation services increased. 2%. training hours customer flight hours fuel surcharges. offset sales mix.


Pre-tax earnings increased $375 million (14. 0% $3. billion. 0%. 2021. TTI. 4% aviation services. smaller businesses. TTI sales margin foreign currency legal settlement 2021. aviation training hours restructuring costs FlightSafety. smaller businesses increased $106 million (19. 3% higher revenues cost leverage.


largest Berkshire Hathaway Automotive. 67% revenue 2023. 80 dealerships new pre-owned repair. insures contracts. four home furnishings. furniture appliances flooring electronics. furnishings 18% revenues 2023.


businesses See’s Candies Pampered Chef Oriental Trading Company school Detlev Louis Motorrad motorcycle accessories Germany.


Retailing revenues increased $111 million. 6% BHA. increased. 9%. new vehicle increased. 6% pre-owned declined. 4%. unit sales increased. 7%. 7% new 4. 7% pre-owned. inventory below supply. parts increased. 6%. revenues declined. 6% 8. 6% decline home furnishings.


group pre-tax earnings $1. 7 billion 2023 unchanged 2022. increased. 7% parts finance operations higher investment income expenses vehicle floor plan interest. profit margin declined.-tax earnings declined $168 million. 8%) 2023. 3% decrease home furnishings divestiture jewelry.


Retailing revenues increased $337 million. 8%) BHA. revenues increased. 1%. increased. 9% higher prices 4. 5% decline units. sales constrained supplies. parts increased. 1%. home furnishings declined 2. 6% declined 8. lower sales Pampered Chef.


Pre-tax earnings group decreased $85 million. 7% margin rate decreased. 8. 9%. earnings increased. 4% inventory. declined.-tax earnings decreased $233 million (23. reduced earnings home furnishings See’s Candies Pampered Chef.


McLane Company. operates wholesale grocery non retailers stores restaurants. distilled spirits wine beer. high sales low profit. Walmart 7-Eleven Yum! Brands. Grocery 62% sales 2023 foodservice remainder. curtailment purchasing revenues earnings.


Revenues $52. billion 2023 $602 million. 1%). grocery foodservice declined. 8%. 2% beverage increased. lower volumes.


Pre-tax earnings $184 million. 9%) 2023 2022. income fuel expenses personnel.


Revenues $53. billion 2022 $3. billion. 2021. grocery. 4% foodservice beverage.


Pre-tax earnings increased $41 million. 8%) 2022 2021. margin grocery foodservice offset personnel fuel insurance. McLane’s labor fuel inventory.


earnings Kraft Heinz Occidental Petroleum PTC Berkadia. earnings increased $222 million 2023 earnings Occidental. adopted equity Occidental August 4 2022. earnings increased $724 million Kraft Heinz PTC Occidental.


after-tax earnings Kraft Heinz $790 million 2023 $550 million 2022 $317 million 2021 $126 million 2023 $157 million $259 million 2021. equity one-quarter lag.-tax earnings $851 million 2023 $258 million 2022. discontinued equity method. PTC. February 1 2023. after-tax equity earnings decreased $559 million 2023 increased $267 million 2022.


summary investment derivative contract gains millions. Investment gains,855 Derivative contract gains before taxes noncontrolling interests,899,542 taxes,287,202 Net earnings,873,612,340 income tax rate.


Unrealized gains losses from market prices equity securities included in reported earnings volatility net earnings. foreign currency exchange rates non-U. S. issuers. subsidiaries.


gains $69. billion 2023 losses $63. billion 2022 $76. 4 billion 2021. pre-tax gains losses value gains $2. 7 billion 2023 losses $3. billion 2022 gains $1. billion 2021. Taxable gains $5. billion 2023 $769 million 2022 $3. 6 billion 2021. non pre-tax gain $3. billion interest PTC.


believe investment gains losses market prices meaningless understanding earnings economic performance. gains earnings little analytical predictive value.


contract gains losses 2022 2021 equity liabilities. contracts expired exposure.


summary after-tax earnings millions. Acquisition accounting expenses Corporate interest expense foreign currency(305 Foreign currency gains Berkshire BHFC. Dollar earnings


After-tax acquisition accounting expenses charges method acquisitions. amortization intangible assets.


currency exchange rate gains Berkshire’s BHFC’s Euro Pound Japanese Yen debt. gains losses revaluation. Dollars. gains. Dollar. value. gains losses magnitude borrowings volatility. Berkshire investment income intercompany interest income corporate expenses unallocated income taxes. Investment income increased $483 million 2023 higher interest rates.


Consolidated Balance Sheet liquidity strong capital. equity 2023 $561. 3 billion $87. billion 2022. Net earnings $96. 2 billion after-tax gains $58. 9 billion.


Berkshire’s stock repurchase program Class A B shares below value determined Warren Buffett Chairman. maximum amount. indefinitely. cash equivalents. Treasury Bills below $30 billion. Financial strength liquidity Berkshire. paid $9. 2 billion 2023 Class A B.


December 31, 2023. Treasury Bills $163. 3 billion $133. billion. $377. 6 billion. paid $16. 5 billion proceeds $40. 6 billion. January 2023 acquired. PTC $8. 2 billion. 2024 20% $2. 6 billion.


borrowings 2023 $128. billion 95% Berkshire BHFC BNSF BHE PTC. issued $7. billion paid $11. billion. $18. 2024 $11. 2025. 2026 $8. 2027. 2028.


Berkshire debt 2023 $18. 8 billion $2. 6 billion. issued. 4 billion $2. billion repaid $4. 3 billion. decreased $371 million.


borrowings BHFC $18. billion December 31, 2023 unchanged 2022. loans Clayton Homes equipment leasing. Berkshire guarantees principal interest.


debt $23. 5 billion. issued $1. 6 billion. 2054 repaid $1. 6 billion. subsidiaries $4. 2 billion. 7% 2033 2055 repaid $3. 7 billion. $5. 1 billion. 4% 2029 2055 repaid $2. 8 billion. PTC $5. 8 billion. Berkshire BNSF BHE PTC.


businesses cash $37 $49 billion. consolidated expenditures $19. 4 billion 2023 BNSF BHE $13. 1 billion. expenditures. 2024 $14. 3 billion. 2023 BHE subsidiary acquired 50% Cove Point LNG $3. 3 billion.


party contracts cash payments. annual debt maturities five Note 19 Consolidated Financial Statements. interest $4 billion $5 billion five years. obligations lease repurchase. payments $1. 9 2024 $1. 7 2025. 5 2026. 8 2027. 9 2028.


obligated pay claims property casualty insurance. liabilities retroactive reinsurance $146 billion December 31, 2023. payments 2024 $37 billion. timing payments future events uncertain. payments vary. funded cash.


obligations goods reflected Consolidated Financial Statements recognized goods delivered provided. December 31, 2023 obligations fuel capacity transmission maintenance capital BHE BNSF aircraft NetJets materials. future payments $22 billion $10 billion 2024.


accounting policies require estimates judgments Consolidated Financial Statements. estimates involve uncertainty. amounts adjusted new information. discussion accounting policies judgments December 31, 2023 follows.


record unpaid losses loss adjustment expenses unpaid estimates ultimate amounts balance sheet date. timing loss payments claim reporting final determination loss adjustment settlement process.


balance sheet liabilities reported incurred-reported. loss occurrence settlement-tail. Property short casualty longer decades. Casualty susceptible contract interpretations. legal environment judicial process claim-tails.


consolidated liabilities reinsurance December 2023 $146 billion 76% GEICO Berkshire Hathaway Reinsurance Group. losses.


GEICO writes insurance. 2023 unpaid losses $24. 4 billion liabilities $23. 4 billion. claim reserving methodologies. assumptions claim loss. methods Bornhuetter-Ferguson chain-ladder.


liability estimates uninsured uncertain longer claim-tails establish estimates. December 31, 2023 liabilities 28% reserves. select factors liabilities.


test claim liabilities actuarial projections closure models loss triangles. analyzes projects ultimate cost.


liability estimates 2022 reduced $1. 5 billion 2023 pre-tax earnings. assumptions 2023 recent frequency severity. Future frequency severity.


BI claims possible average severities change one percentage point projected December 31, 2023. one percentage point increase BI severities $210 million liabilities pre-tax earnings. economic forces BI severity other injury coverages.


liabilities reinsurance contracts NICO General Re TransRe Groups. property unpaid losses expenses December 31, 2023. liabilities,455 IBNR liabilities,769 unpaid losses expenses,264,224,488 Reinsurance recoverable,170 Net unpaid losses expenses,743,318


unpaid losses adjustment expenses property casualty coverages excess-loss quota-share treaties. lines business ceding company loss. allocate losses estimates.


extent timing reliability loss information varies coverage terms. Reinsurance terms conditions standardization evolve insurance.


loss facultative excess contracts insurance. excess quota-share contracts summary. recoverable losses case loss estimates. Ceding companies provide IBNR loss estimates.


Loss reporting reinsurers slower insurers. U. S. reporting required quarterly 30 to 90 days after outside. vary annually 90 to 180 days after. reinsurers assume cede risks delays. impact reporting delays coverage contractual reporting terms magnitude claim.


reinsurers premium loss data level removed from claimant risk loss incomplete inaccurate outside coverage terms. maintain procedures determine information contract terms. reinsurance contracts access ceding records audit information. disputes arise claims. resolve disputes negotiation. If contracts provide arbitration alternative resolution. no coverage disputes results financial condition.


liability estimates reinsurance loss information. rely ceding estimates. evaluate use estimate. December 2023 estimates exceeded $575 million workers’ compensation claims 10 years ago. reviews claims adjust estimates.


liabilities pricing underwriting actuarial methodologies historical data loss industry benchmarks. estimate IBNR liabilities requires judgment actuaries business mix volume claim reporting inflation social legal environment terms conditions contracts. methodologies


Paid incurred loss methods consider loss emergence patterns ratios year. Factors include reporting settlement practices reviews policy terms coverage loss trends legal trends. influence selections loss patterns.


Incurred paid loss Bornhuetter-Ferguson methods consider reporting patterns losses unpaid losses.


Frequency severity methods anticipated claims severity rely development patterns. processes estimating liabilities rely per-policy assessment ultimate cost loss historical development patterns.


reinsurance liabilities contract-by-contract loss estimates ceding company IBNR liabilities anticipated loss ratio loss estimate. Liabilities adjusted revised judgment IBNR liabilities unreported claims. loss ratios revised include major catastrophe events.


claim liability estimation short-tail lines property paid loss development Bornhuetter-Ferguson methods. property catastrophe risk aviation excess-loss contracts generate low severity losses. rely contract ultimate cost.


long-tail lines casualty methods maturity business estimates priced loss mature paid incurred.


2023 workers’ compensation losses less. reduced losses $116 million. increases ten percent loss ratios $1. 0 billion IBNR liabilities pre-tax earnings. assumptions increase.


casualty losses reduced liabilities $225 million 2023. portfolios increases five percent loss patterns ratios increase IBNR liabilities pre-tax earnings $2 billion outcomes $2 billion possible.


liabilities asbestos environmental claims significant 2023. Net liabilities $2. 0 billion December 31, 2023. Loss estimations difficult changing legal environment increases exposures.


retroactive reinsurance contracts. December 2023 unpaid losses $34. 6 billion deferred charges $9. 5 billion.


contracts subject indemnification expect losses retroactive policies not exceed $50 billion. changes asbestos environmental mass tort unlikely losses develop 15% liability.


establish liability estimates trends patterns project losses. apply probability factors outcome. monitor loss payment activity reports information. re-estimate losses deviations.


retroactive reinsurance contracts include asbestos environmental tort claims. estimated liabilities asbestos $12. 2 billion at December 31, 2023. receive companies. analysis reinsured losses. apply industry trends projections data. Judgments consider legal regulatory environment. Legal reform legislation liabilities.


Deferred charges retroactive reinsurance contracts liability unpaid losses premiums. charged pre-tax earnings timing loss. adjust balances timing. contracts December 2023 amortization expense 2024 $900 million.


increased liabilities contracts $1. billion quarter 2023 asbestos environmental casualty exposures.-tax loss $650 million.


Consolidated Balance Sheet December 2023 includes goodwill $84. 6 billion assets $18. 9 billion. evaluate impairment annually.


Goodwill indefinite-lived asset impairment reviews fair values units. methods market quotations multiples earnings. discounted future earnings cash flow. assumptions revenues expenses cash flows capital expenditures discount rate inputs. judgment management required. subjectivity uncertainty cash flows earnings results differ forecasts. carrying value exceeds fair value excess charged earnings impairment loss. exceeds fair value excess charged impairment loss.


December 31, 2023 concluded goodwill Consolidated Balance Sheet not impaired. fair value estimates units affected effects COVID-19 assumptions economic performance predict. fair value estimates variations.


goodwill review 2023 nine units 20%. Precision Castparts. three. value PCC $32. 6 billion $29. 7 billion 10%. goodwill $7. 5 billion. three PTC Jazwares IPS. December 2023 $21. 5 billion exceeded. 5%. Goodwill $8. 5 billion. five units $4. 4 billion exceeded 10%. goodwill $1. 3 billion.


Consolidated Balance Sheets include assets liabilities risks. equity interest commodity prices. investment portfolios volatility. risks business activities.


Investments equity securities significant portfolio. excellent economics management each company. equity investments few issuers. December 31, 2023 79% value five companies.


hold equity securities short-term price volatility past. maintain shareholder capital liquidity safety volatility.


table summarizes investments equity securities effects 30% increase decrease market prices. 30% increase reflect best worst scenario. results declines equity markets concentrations portfolio. amounts millions. Price Change Increase Net Earnings December 31, 2023 Investments equity securities,842 increase,281 decrease December 31, 2022 increase,087,344 decrease,688,195


estimated taxes.


invest bonds loans interest rate instruments. strategy interest rates appropriate credit risk. issue debt operations acquisitions purposes. maintain high credit ratings minimize cost debt. products match maturities assets liabilities.


values fixed maturity investments loans receivables notes borrowings fluctuate interest rates. translate into values. affected creditworthiness prepayment options alternative investments liquidity market conditions.