Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 25, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity File Number | 001-14905 | |
Entity Tax Identification Number | 47-0813844 | |
Entity Address, Address Line One | 3555 Farnam Street | |
Entity Address, City or Town | Omaha | |
Entity Address, State or Province | NE | |
Entity Address, Postal Zip Code | 68131 | |
City Area Code | 402 | |
Local Phone Number | 346-1400 | |
Entity Registrant Name | BERKSHIRE HATHAWAY INC | |
Entity Central Index Key | 0001067983 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 585,848 | |
Security 12b Title | Class A Common Stock | |
Trading Symbol | BRK.A | |
Security Exchange Name | NYSE | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,295,970,861 | |
Security 12b Title | Class B Common Stock | |
Trading Symbol | BRK.B | |
Security Exchange Name | NYSE | |
M 1.300 Senior Notes Due 2024 [Member] | ||
Document Information [Line Items] | ||
Security 12b Title | 1.300% Senior Notes due 2024 | |
Trading Symbol | BRK24 | |
Security Exchange Name | NYSE | |
M 0.000 Senior Notes Due 2025 [Member] | ||
Document Information [Line Items] | ||
Security 12b Title | 0.000% Senior Notes due 2025 | |
Trading Symbol | BRK25 | |
Security Exchange Name | NYSE | |
M 1.125 Senior Notes Due 2027 [Member] | ||
Document Information [Line Items] | ||
Security 12b Title | 1.125% Senior Notes due 2027 | |
Trading Symbol | BRK27 | |
Security Exchange Name | NYSE | |
M 2.150 Senior Notes Due 2028 [Member] | ||
Document Information [Line Items] | ||
Security 12b Title | 2.150% Senior Notes due 2028 | |
Trading Symbol | BRK28 | |
Security Exchange Name | NYSE | |
M 1.500 Senior Notes Due 2030 [Member] | ||
Document Information [Line Items] | ||
Security 12b Title | 1.500% Senior Notes due 2030 | |
Trading Symbol | BRK30 | |
Security Exchange Name | NYSE | |
M 2.000 Senior Notes Due 2034 [Member] | ||
Document Information [Line Items] | ||
Security 12b Title | 2.000% Senior Notes due 2034 | |
Trading Symbol | BRK34 | |
Security Exchange Name | NYSE | |
M 1.625 Senior Notes Due 2035 [Member] | ||
Document Information [Line Items] | ||
Security 12b Title | 1.625% Senior Notes due 2035 | |
Trading Symbol | BRK35 | |
Security Exchange Name | NYSE | |
M 2.375 Senior Notes Due 2039 [Member] | ||
Document Information [Line Items] | ||
Security 12b Title | 2.375% Senior Notes due 2039 | |
Trading Symbol | BRK39 | |
Security Exchange Name | NYSE | |
M 0.500 Senior Notes Due 2041 [Member] | ||
Document Information [Line Items] | ||
Security 12b Title | 0.500% Senior Notes due 2041 | |
Trading Symbol | BRK41 | |
Security Exchange Name | NYSE | |
M 2.625 Senior Notes Due 2059 [Member] | ||
Document Information [Line Items] | ||
Security 12b Title | 2.625% Senior Notes due 2059 | |
Trading Symbol | BRK59 | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets € in Millions, £ in Millions, $ in Millions, ¥ in Billions | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |||
ASSETS | |||||
Investments in fixed maturity securities | $ 22,566 | $ 25,128 | |||
Investments in equity securities | 328,161 | [1] | 308,793 | [2] | |
Equity method investments | 26,403 | 28,050 | |||
Loans and finance receivables | 23,144 | 23,208 | |||
Inventories | 25,499 | 25,366 | |||
Equipment held for lease | 15,674 | 15,584 | |||
Goodwill | [3] | 83,502 | 78,119 | ||
Total assets | 997,072 | 948,465 | |||
LIABILITIES | |||||
Life, annuity and health insurance benefits | 19,937 | ||||
Income taxes, principally deferred | 86,206 | 77,368 | |||
Total liabilities | 480,812 | 466,784 | |||
Redeemable noncontrolling interests | 3,183 | ||||
Shareholders’ equity: | |||||
Common stock | 8 | 8 | |||
Capital in excess of par value | 35,156 | 35,167 | |||
Accumulated other comprehensive income | (4,976) | (5,052) | |||
Retained earnings | 546,631 | 511,127 | |||
Treasury stock, at cost | (72,265) | (67,826) | |||
Berkshire Hathaway shareholders’ equity | 504,554 | 473,424 | |||
Noncontrolling interests | 8,523 | 8,257 | |||
Total shareholders’ equity | 513,077 | 481,681 | |||
Total liabilities and shareholders' equity | 997,072 | 948,465 | |||
Insurance and Other [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | [4] | 23,805 | 32,260 | ||
Short-term investments in U.S. Treasury Bills | 103,869 | 92,774 | |||
Investments in fixed maturity securities | 22,566 | 25,128 | |||
Investments in equity securities | 328,161 | 308,793 | |||
Equity method investments | 26,403 | 28,050 | |||
Loans and finance receivables | 23,144 | 23,208 | |||
Other receivables | 45,674 | 43,490 | |||
Inventories | 25,499 | 25,366 | |||
Property, plant and equipment | 21,208 | 21,113 | |||
Equipment held for lease | 15,674 | 15,584 | |||
Goodwill | 50,997 | 51,522 | |||
Other intangible assets | 30,001 | 29,187 | |||
Deferred charges - retroactive reinsurance | 9,699 | 9,870 | |||
Other | 19,729 | 19,657 | |||
Total assets | 746,429 | 726,002 | |||
LIABILITIES | |||||
Unpaid losses and loss adjustment expenses | 107,957 | 107,472 | |||
Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts | 35,063 | 35,415 | |||
Unearned premiums | 30,359 | 28,657 | |||
Life, annuity and health insurance benefits | 19,937 | 19,753 | |||
Other policyholder liabilities | 11,231 | 11,370 | |||
Accounts payable, accruals and other liabilities | 32,842 | 33,201 | |||
Aircraft repurchase liabilities and unearned lease revenues | 7,052 | 6,820 | |||
Notes payable and other borrowings | 41,436 | 46,538 | |||
Total liabilities | 285,877 | 289,226 | |||
Railroad, Utilities and Energy [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | [4] | 2,942 | 3,551 | ||
Receivables | 6,814 | 4,795 | |||
Property, plant and equipment | 168,973 | 160,268 | |||
Goodwill | 32,505 | 26,597 | |||
Regulatory assets | 5,557 | 5,062 | |||
Other | 33,852 | 22,190 | |||
Total assets | 250,643 | 222,463 | |||
LIABILITIES | |||||
Accounts payable, accruals and other liabilities | 19,683 | 16,615 | |||
Regulatory liabilities | 6,858 | 7,369 | |||
Notes payable and other borrowings | 82,188 | 76,206 | |||
Total liabilities | $ 108,729 | $ 100,190 | |||
[1] Approximately 77 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 25.0 billion; Apple Inc. – $ 151.0 billion; Bank of America Corporation – $ 29.5 billion; The Coca-Cola Company – $ 24.8 billion and Chevron Corporation – $ 21.6 billion). Approximately 75 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 22.4 billion; Apple Inc. – $ 119.0 billion; Bank of America Corporation – $ 34.2 billion; The Coca-Cola Company – $ 25.4 billion and Chevron Corporation – $ 30.0 billion). Net of accumulated goodwill impairments of $ 11.0 billion as of March 31, 2023 and December 31, 2022 . Includes U.S. Treasury Bills with maturities of three months or less when purchased of $ 3.6 billion at March 31, 2023 and $ 2.6 billion at December 31, 2022. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Billions | Mar. 31, 2023 | Dec. 31, 2022 |
U.S. Treasury Bills [Member] | ||
Cash equivalents | $ 3.6 | $ 2.6 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Revenues: | |||
Leasing revenues | $ 2,044 | $ 1,672 | |
Total revenues | 85,393 | 70,843 | |
Investment and derivative contract gains (losses) | 34,758 | (1,978) | |
Costs and expenses: | |||
Total costs and expenses | 76,087 | 62,247 | |
Earnings before income taxes and equity method earnings | 44,064 | 6,618 | |
Equity method earnings | 688 | 339 | |
Earnings before income taxes | 44,752 | 6,957 | |
Income tax expense | 8,995 | 1,252 | |
Net earnings | 35,757 | 5,705 | |
Earnings attributable to noncontrolling interests | 253 | 125 | |
Net earnings attributable to Berkshire Hathaway shareholders | $ 35,504 | $ 5,580 | |
Equivalent Class A [Member] | |||
Earnings per share: | |||
Net earnings per average equivalent | $ 24,377 | $ 3,784 | |
Average equivalent shares outstanding | 1,456,438 | 1,474,703 | |
Equivalent Class B [Member] | |||
Earnings per share: | |||
Net earnings per average equivalent | [1] | $ 16.25 | $ 2.52 |
Average equivalent shares outstanding | 2,184,657,109 | 2,212,054,009 | |
Insurance and Other [Member] | |||
Revenues: | |||
Insurance premiums earned | $ 19,796 | $ 17,488 | |
Sales and service revenues | 38,388 | 37,862 | |
Leasing revenues | 2,044 | 1,672 | |
Interest, dividend and other investment income | 3,229 | 1,862 | |
Total revenues | 63,457 | 58,884 | |
Costs and expenses: | |||
Insurance losses and loss adjustment expenses | 14,221 | 13,332 | |
Life, annuity and health insurance benefits | 785 | 1,337 | |
Insurance underwriting expenses | 3,587 | 2,604 | |
Cost of sales and services | 30,319 | 29,785 | |
Cost of leasing | 1,477 | 1,232 | |
Selling, general and administrative expenses | 5,602 | 4,251 | |
Interest expense | 328 | 264 | |
Total costs and expenses | 56,319 | 52,805 | |
Railroad, Utilities and Energy [Member] | |||
Revenues: | |||
Freight rail transportation revenues | 6,001 | 5,944 | |
Utility and energy operating revenues | 14,917 | 4,818 | |
Service revenues and other income | 1,018 | 1,197 | |
Total revenues | 21,936 | 11,959 | |
Costs and expenses: | |||
Freight rail transportation expenses | 4,161 | 3,925 | |
Utilities and energy cost of sales and other expenses | 13,846 | 3,591 | |
Other expenses | 871 | 1,156 | |
Interest expense | 890 | 770 | |
Total costs and expenses | $ 19,768 | $ 9,442 | |
[1] Class B shares are economically equivalent to one-fifteen-hundredth of a Class A share. Accordingly, net earnings per average equivalent Class B share outstanding is equal to one-fifteen-hundredth of the equivalent Class A amount. See Note 19. |
Consolidated Statements of Ea_2
Consolidated Statements of Earnings (Parenthetical) | Mar. 31, 2023 |
Income Statement [Abstract] | |
Economic equivalent of Class B share to Class A share | 0.0667% |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 35,757 | $ 5,705 |
Other comprehensive income: | ||
Unrealized gains (losses) on investments | 247 | (236) |
Applicable income taxes | (53) | 51 |
Foreign currency translation | 249 | (315) |
Applicable income taxes | 6 | (11) |
Long duration insurance contract discount rate changes | (367) | 3,078 |
Applicable income taxes | 76 | (659) |
Defined benefit pension plans | 50 | 26 |
Applicable income taxes | (6) | (5) |
Other, net | (120) | 87 |
Other comprehensive income, net | 82 | 2,016 |
Comprehensive income | 35,839 | 7,721 |
Comprehensive income attributable to noncontrolling interests | 259 | 122 |
Comprehensive income attributable to Berkshire Hathaway shareholders | $ 35,580 | $ 7,599 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Common stock and capital in excess of par value | Accumulated other comprehensive income | Retained earnings | Treasury Stock | Noncontrolling interests | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Common stock and capital in excess of par value | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Accumulated other comprehensive income | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Retained earnings | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Treasury Stock | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Noncontrolling interests | Originally, Previously reported [Member] | Originally, Previously reported [Member] Common stock and capital in excess of par value | Originally, Previously reported [Member] Accumulated other comprehensive income | Originally, Previously reported [Member] Retained earnings | Originally, Previously reported [Member] Treasury Stock | Originally, Previously reported [Member] Noncontrolling interests | Effect of adoption of ASU 2018-12 [Member] | Effect of adoption of ASU 2018-12 [Member] Accumulated other comprehensive income | Effect of adoption of ASU 2018-12 [Member] Retained earnings |
Beginning Balance at Dec. 31, 2021 | $ 514,930 | $ 35,600 | $ (4,027) | $ 534,421 | $ (59,795) | $ 8,731 | $ 510,299 | $ 35,600 | $ (8,123) | $ 533,886 | $ (59,795) | $ 8,731 | $ (4,631) | $ (4,096) | $ (535) | ||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update201812 [Member] | ||||||||||||||||||||
Net earnings | $ 5,705 | 5,580 | 125 | $ 5,585 | |||||||||||||||||
Other comprehensive income, net | 2,016 | 2,019 | (3) | (404) | |||||||||||||||||
Acquisition of common stock | (3,111) | (3,111) | |||||||||||||||||||
Transactions with noncontrolling interests and other | (135) | (6) | (129) | ||||||||||||||||||
Ending Balance at Mar. 31, 2022 | 514,774 | 35,594 | (6,104) | 539,466 | (62,906) | 8,724 | |||||||||||||||
Beginning Balance at Dec. 31, 2022 | $ 481,681 | 35,175 | (5,052) | 511,127 | (67,826) | 8,257 | $ 480,617 | $ 35,175 | $ (6,591) | $ 511,602 | $ (67,826) | $ 8,257 | $ 1,064 | $ 1,539 | $ (475) | ||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update201812 [Member] | ||||||||||||||||||||
Net earnings | $ 35,757 | 35,504 | 253 | ||||||||||||||||||
Other comprehensive income, net | 82 | 76 | 6 | ||||||||||||||||||
Acquisition of common stock | (4,439) | (4,439) | |||||||||||||||||||
Transactions with noncontrolling interests and other | (4) | (11) | 7 | ||||||||||||||||||
Ending Balance at Mar. 31, 2023 | $ 513,077 | $ 35,164 | $ (4,976) | $ 546,631 | $ (72,265) | $ 8,523 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Cash flows from operating activities: | |||
Net earnings | $ 35,757 | $ 5,705 | |
Adjustments to reconcile net earnings to operating cash flows: | |||
Investment (gains) losses | (34,758) | 1,735 | |
Depreciation and amortization | 3,051 | 2,703 | |
Other | (1,293) | (960) | |
Changes in operating assets and liabilities: | |||
Unpaid losses and loss adjustment expenses | 22 | 558 | |
Deferred charges - retroactive reinsurance | 172 | 215 | |
Unearned premiums | 1,686 | 1,912 | |
Receivables and originated loans | (922) | (3,536) | |
Inventories | (15) | (1,842) | |
Other assets | (987) | (328) | |
Other liabilities | (2,649) | (165) | |
Income taxes | 8,629 | 829 | |
Net cash flows from operating activities | 8,693 | 6,826 | |
Cash flows from investing activities: | |||
Purchases of equity securities | (2,873) | (51,119) | |
Sales of equity securities | 13,283 | 9,724 | |
Purchases of U.S. Treasury Bills and fixed maturity securities | (45,515) | (58,746) | |
Sales of U.S. Treasury Bills and fixed maturity securities | 12,982 | 37,795 | |
Redemptions and maturities of U.S. Treasury Bills and fixed maturity securities | 25,364 | 6,571 | |
Acquisitions of businesses, net of cash acquired | (7,629) | (34) | |
Purchases of property, plant and equipment and equipment held for lease | (3,713) | (3,090) | |
Other | 182 | 333 | |
Net cash flows from investing activities | (7,919) | (58,566) | |
Cash flows from financing activities: | |||
Changes in short term borrowings, net | 1,098 | (183) | |
Acquisition of treasury stock | (4,450) | (3,180) | |
Other, principally transactions with noncontrolling interests | (380) | (367) | |
Net cash flows from financing activities | (9,922) | 2,643 | |
Effects of foreign currency exchange rate changes | 47 | 53 | |
Increase (decrease) in cash and cash equivalents and restricted cash | (9,101) | (49,044) | |
Cash and cash equivalents and restricted cash at beginning of year | 36,399 | 88,706 | |
Cash and cash equivalents and restricted cash at end of first quarter | 27,298 | 39,662 | |
Restricted cash, included in other assets at beginning of year | 588 | 522 | |
Restricted cash, included in other assets at end of first quarter | $ 551 | $ 549 | |
Restricted Cash and Cash Equivalents, Asset, Statement of Financial Position [Extensible List] | Other | Other | |
Insurance and Other [Member] | |||
Cash flows from financing activities: | |||
Proceeds from borrowings | $ 6,977 | ||
Repayments of borrowings | $ (4,946) | (614) | |
Cash and cash equivalents at beginning of year | 32,260 | [1] | 85,319 |
Cash and cash equivalents at end of first quarter | 23,805 | [1] | 35,542 |
Railroad, Utilities and Energy [Member] | |||
Cash flows from financing activities: | |||
Proceeds from borrowings | 405 | ||
Repayments of borrowings | (1,244) | (395) | |
Cash and cash equivalents at beginning of year | 3,551 | [1] | 2,865 |
Cash and cash equivalents at end of first quarter | $ 2,942 | [1] | $ 3,571 |
[1] Includes U.S. Treasury Bills with maturities of three months or less when purchased of $ 3.6 billion at March 31, 2023 and $ 2.6 billion at December 31, 2022. |
General
General | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
General | Note 1. General The accompanying unaudited Consolidated Financial Statements include the accounts of Berkshire Hathaway Inc. (“Berkshire” or “Company”) consolidated with the accounts of all its subsidiaries and affiliates in which Berkshire holds controlling financial interests as of the financial statement date. In these notes, the terms “us,” “we” or “our” refer to Berkshire and its consolidated subsidiaries. Reference is made to Berkshire’s most recently issued Annual Report on Form 10-K (“Annual Report”), which includes information necessary or useful to understanding Berkshire’s businesses and financial statement presentations. Our significant accounting policies and practices were presented as Note 1 to the Consolidated Financial Statements included in the Annual Report. Financial information in this Quarterly Report reflects all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary to a fair statement of results for the interim periods in accordance with accounting principles generally accepted in the United States (“GAAP”). For a number of reasons, our results for interim periods are not normally indicative of results to be expected for the year. The timing and magnitude of catastrophe losses incurred by insurance subsidiaries and the estimation error inherent to the process of determining liabilities for unpaid losses of insurance subsidiaries can be more significant to results of interim periods than to results for a full year. Given the size of our equity security investment portfolio, changes in market prices and the related changes in unrealized gains and losses on equity securities will produce significant volatility in our interim and annual earnings. In addition, the magnitude of gains and losses from the periodic revaluation of certain assets and liabilities denominated in foreign currencies and asset impairment charges may cause significant variations in periodic net earnings. To varying degrees, the consequences of the COVID-19 pandemic continue to affect our operating businesses. Significant government and private sector actions have been taken since 2020 to control the spread and mitigate the economic effects of the virus and its variants. The development of geopolitical conflicts, supply chain disruptions and government actions to slow inflation in recent years have produced varying effects on our operating businesses. The economic effects from these events over longer terms cannot be reasonably estimated at this time. Accordingly, significant estimates used in the preparation of our financial statements, including those associated with evaluations of certain long-lived assets, goodwill and other intangible assets for impairment, expected credit losses on amounts owed to us and the estimations of certain losses assumed under insurance and reinsurance contracts, may be subject to significant adjustments in future periods. |
New accounting pronouncements
New accounting pronouncements | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Changes And Error Corrections [Abstract] | |
New accounting pronouncements | Note 2. New accounting pronouncements We adopted Accounting Standards Update 2018-12 “Targeted Improvements to the Accounting for Long Duration Contracts” (“ASU 2018-12”) as of January 1, 2023, which modifies the accounting, reporting and disclosures related to long duration insurance contracts and most significantly the measurement of our long duration life, annuity and health benefit liabilities. ASU 2018-12 was applied retrospectively to contracts in-force beginning as of January 1, 2021 (the “transition date”). The Consolidated Financial Statements for 2022 and 2021 were revised to reflect the effects of the adoption of ASU 2018-12. As of the transition date, the after-tax impact of changes in cash flow assumptions were recorded in retained earnings and the after-tax effect of changes in discount rates assumptions were recorded in accumulated other comprehensive income. The effects of the adoption of ASU 2018-12 on our Consolidated Financial Statements as of January 1, 2021 and for the years ending December 31, 2022 and 2021 are included in Part II, Item 5 of this Report. Beginning as of January 1, 2021, the cash flow assumptions used in measuring benefit liabilities are reviewed at least annually, with the effects of assumption changes recorded in earnings. Further, the discount rate assumptions used in measuring benefit liabilities are revised each quarterly reporting period based on the prevailing observable upper-medium grade (generally considered to be single A-rated credit ratings) corporate bond yields that reflect the duration characteristics and currency attributes of the liabilities, using interpolation for durations between the observable yields. Changes to benefits liabilities arising from changes in discount rate assumptions are recorded in other comprehensive income. In measuring benefit liabilities and amortizing capitalized acquisition costs under long duration insurance contracts, we generally aggregate contracts by issuance year. ASU 2018-12 also requires certain disclosures for long duration insurance liabilities. See Note 16. Notes to Consolidated Financial Statements (Continued) Note 2. New accounting pronouncements (Continued) The effects from adopting ASU 2018-12 on affected line items from our Consolidated Statement of Earnings and Comprehensive Income for the quarter ended March 31, 2022 follows in millions, except per share amounts. First Quarter 2022 Previously reported Increase (decrease) As revised Revenues: Insurance premiums earned $ 17,492 $ ( 4 ) $ 17,488 Costs and expenses: Life, annuity and health insurance benefits 1,323 14 1,337 Insurance underwriting expenses 2,767 ( 163 ) 2,604 Earnings before income taxes 6,812 145 6,957 Income tax expense 1,227 25 1,252 Net earnings 5,585 120 5,705 Net earnings attributable to Berkshire Hathaway shareholders $ 5,460 $ 120 $ 5,580 Other comprehensive income: Foreign currency translation ( 316 ) 1 ( 315 ) Long duration insurance contracts — 2,419 2,419 Other comprehensive income, net ( 404 ) 2,420 2,016 Comprehensive income attributable to Berkshire Hathaway shareholders $ 5,059 $ 2,540 $ 7,599 Net earnings per average equivalent Class A share $ 3,702 $ 82 $ 3,784 Net earnings per average equivalent Class B share $ 2.47 $ 0.05 $ 2.52 |
Significant business acquisitio
Significant business acquisitions | 3 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Significant business acquisitions | Note 3. Significant business acquisitions Our long-held acquisition strategy is to acquire businesses that have consistent earning power, good returns on equity and able and honest management. Financial results attributable to business acquisitions are included in our Consolidated Financial Statements beginning on their respective acquisition dates. On January 31, 2023, we acquired an additional 41.4 % interest in Pilot Travel Centers, LLC (“Pilot”) for approximately $ 8.2 billion. We previously owned a 38.6 % interest in Pilot and accounted for that investment under the equity method. We now control Pilot for financial reporting purposes. We applied the equity method through the end of January 2023 and began consolidating Pilot’s financial statements in our Consolidated Financial Statements on February 1, 2023. Pilot is headquartered in Knoxville, Tennessee and operates travel centers in North America (primarily under the names Pilot or Flying J) with more than 650 travel center locations across 43 U.S. states and six Canadian provinces. Pilot also has over 150 retail locations in the U.S. and Canada where it sells diesel fuel through various arrangements with third party travel centers. Among its business activities, Pilot operates large wholesale fuel and fuel marketing platforms in the U.S. and operates a water hauling and disposal business in the oil fields sector. As Pilot’s most significant business activities include involve purchasing and selling fuel (energy) on a wholesale and retail basis, and engaging in other energy-related business activities, including oil field services, we have included Pilot within the railroad, utilities and energy sections of our Consolidated Balance Sheet and Consolidated Statement of Earnings beginning February 1, 2023. Pilot’s revenues and net earnings attributable to Berkshire shareholders included in Berkshire’s Consolidated Financial Statements for the two months ending March 31, 2023 were $ 9.5 billion and $ 83 million, respectively. Our equity method earnings from Pilot for the month of January 2023 were $ 105 million. In applying the acquisition method of accounting, we were required to remeasure our previously held 38.6 % investment in Pilot to fair value. In the first quarter of 2023, we recognized a one-time, non-cash remeasurement gain of approximately $ 3.0 billion, representing the excess of the fair value of that interest over the carrying value under the equity method, as a component of investment gains (losses). Notes to Consolidated Financial Statements (Continued) Note 3. Significant business acquisitions ( Continued) Under the terms of an agreement, the holder of the remaining noncontrolling interest in Pilot has the option to require us to redeem for cash, all or a portion of the interest beginning in 2024. The cash consideration will be based on Pilot’s future earnings, cash and debt. We have concluded that the remaining Pilot noncontrolling interest represents a redeemable interest under GAAP and are presenting such interests between liabilities and shareholders’ equity in the Consolidated Balance Sheet. We valued the noncontrolling interest at fair value as of the acquisition date. Thereafter, we will increase or decrease the redeemable noncontrolling interest by the share of the earnings or losses attributable to the interest and will further adjust the balance, as appropriate, if the current estimated redemption value exceeds the carrying value. The preliminary values of the Pilot identified assets acquired, liabilities assumed and redeemable noncontrolling interests are summarized as follows (in millions). Valuations of certain assets and liabilities, including property plant and equipment, other intangible assets and goodwill, as of the acquisition date have not been finalized at this time and are provisional. Pilot Property, plant and equipment $ 8,136 Goodwill and other intangible assets 13,347 Other 6,934 Assets acquired $ 28,417 Notes payable $ 5,876 Other 4,789 Liabilities assumed 10,665 Noncontrolling interests, predominantly redeemable 3,370 Net assets $ 14,382 On October 19, 2022 , Berkshire acquired all of the outstanding common stock of Alleghany Corporation (“Alleghany”) for approximately $ 11.5 billion, which included the value of certain Alleghany equity awards, pursuant to a definitive agreement and plan of merger dated as of March 20, 2022 . Alleghany operates a group of property and casualty reinsurance and insurance businesses. It also owns a portfolio of non-financial businesses. A summary of the preliminary values of the Alleghany identified assets acquired and liabilities assumed as of October 19, 2022 follows (in millions). Valuations of certain assets, such as intangible assets and goodwill, and certain liabilities as of the acquisition date have not been finalized at this time and are provisional. Alleghany Cash, cash equivalents and U.S. Treasury Bills $ 3,762 Investments in fixed maturity and equity securities 15,982 Loans and other receivables 5,650 Goodwill and other intangible assets 6,559 Other 3,637 Assets acquired $ 35,590 Unpaid losses and loss adjustment expenses $ 15,080 Unearned premiums 3,536 Notes payable 2,169 Other 3,300 Liabilities assumed 24,085 Net assets $ 11,505 The following table sets forth certain unaudited pro forma consolidated earnings data for the three months ended March 31, 2022 as if the Alleghany and Pilot acquisitions were consummated on the same terms at the beginning of 2022 (in millions, except per share amounts). March 31, Revenues $ 87,548 Net earnings attributable to Berkshire Hathaway shareholders 5,666 Net earnings per equivalent Class A common share 3,842 |
Investments in fixed maturity s
Investments in fixed maturity securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments Debt And Equity Securities [Abstract] | |
Investments in fixed maturity securities | Note 4. Investments in fixed maturity securities Investments in fixed maturity securities as of March 31, 2023 and December 31, 2022 are summarized by type below (in millions). Amortized Unrealized Unrealized Fair March 31, 2023 U.S. Treasury, U.S. government corporations and agencies $ 9,588 $ 8 $ ( 191 ) $ 9,405 Foreign governments 11,184 48 ( 144 ) 11,088 Corporate bonds 1,532 263 ( 4 ) 1,791 Other 261 24 ( 3 ) 282 $ 22,565 $ 343 $ ( 342 ) $ 22,566 December 31, 2022 U.S. Treasury, U.S. government corporations and agencies $ 10,039 $ 12 $ ( 249 ) $ 9,802 Foreign governments 10,454 50 ( 177 ) 10,327 Corporate bonds 1,945 256 ( 6 ) 2,195 Other 2,735 77 ( 8 ) 2,804 $ 25,173 $ 395 $ ( 440 ) $ 25,128 The fair value of investments in U.S. Treasury securities as of March 31, 2023 included approximately $ 8.8 billion of securities that mature in 2023 and 2024 . As of March 31, 2023, approximately 93 % of our foreign government holdings were rated AA or higher by at least one of the major rating agencies. The amortized cost and estimated fair value of fixed maturity securities at March 31, 2023 are summarized below by contractual maturity dates. Amounts are in millions. Actual maturities may differ from contractual maturities due to prepayment rights held by issuers. Due in one Due after one Due after five Due after Mortgage- Total Amortized cost $ 14,038 $ 7,426 $ 780 $ 139 $ 182 $ 22,565 Fair value 13,832 7,370 1,016 149 199 22,566 |
Investments in equity securitie
Investments in equity securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments Debt And Equity Securities [Abstract] | |
Investments in equity securities | Note 5. Investments in equity securities Investments in equity securities as of March 31, 2023 and December 31, 2022 are summarized as follows (in millions). Cost Basis Net Unrealized Fair Value March 31, 2023* Banks, insurance and finance $ 24,023 $ 41,292 $ 65,315 Consumer products 40,003 144,506 184,509 Commercial, industrial and other 57,316 21,021 78,337 $ 121,342 $ 206,819 $ 328,161 —————— * Approximately 77 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 25.0 billion; Apple Inc. – $ 151.0 billion; Bank of America Corporation – $ 29.5 billion; The Coca-Cola Company – $ 24.8 billion and Chevron Corporation – $ 21.6 billion). Cost Basis Net Unrealized Fair Value December 31, 2022* Banks, insurance and finance $ 25,893 $ 43,663 $ 69,556 Consumer products 40,508 112,384 152,892 Commercial, industrial and other 65,209 21,136 86,345 $ 131,610 $ 177,183 $ 308,793 —————— * Approximately 75 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 22.4 billion; Apple Inc. – $ 119.0 billion; Bank of America Corporation – $ 34.2 billion; The Coca-Cola Company – $ 25.4 billion and Chevron Corporation – $ 30.0 billion). Notes to Consolidated Financial Statements (Continued) Note 5. Investments in equity securities (Continued) During 2022, we began to acquire common stock of Occidental Petroleum Corporation (“Occidental”). Our aggregate voting interest in Occidental exceeded 20 % on August 4, 2022 and we adopted the equity method as of that date. See Note 6. We report our investments in Occidental Cumulative Perpetual Preferred Stock and Occidental common stock warrants at fair value as equity securities, as such interests are not in-substance common stock under GAAP and are not eligible for the equity method. As of March 31, 2023, our investment in Occidental preferred stock had an aggregate liquidation value of approximately $ 9.5 billion. During March of 2023, Occidental issued mandatory redemption notifications at a price of 110 % of the liquidation value, plus accrued and unpaid dividends for $ 474 million of preferred stock liquidation value due to excess distributions by Occidental to its common stockholders, as defined under the agreement. The preferred stock accrues dividends at 8 % per annum and is redeemable at the option of Occidental commencing in 2029 at a redemption price equal to 105 % of the liquidation preference, plus any accumulated and unpaid dividends. Our investment in Occidental warrants allows us to purchase up to 83.86 million shares of Occidental common stock at an exercise price of $ 59.62 per share. The warrants are exercisable in whole or in part until one year after the redemption of the preferred stock. As of March 31, 2023, we owned 151.6 million shares of American Express Company (“American Express”) common stock representing 20.4 % of the American Express outstanding common stock. Since 1995, we have been party to an agreement with American Express whereby we agreed to vote a significant portion of our shares in accordance with the recommendations of the American Express Board of Directors. We have also agreed to passivity commitments as requested by the Board of Governors of the Federal Reserve System, which collectively, in our judgment, restrict our ability to exercise significant influence over the operating and financial policies of American Express. Accordingly, we do not use the equity method with respect to our investment in American Express common stock and we continue to record our investment at fair value. |
Equity method investments
Equity method investments | 3 Months Ended |
Mar. 31, 2023 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity method investments | Note 6. Equity method investments Berkshire and its subsidiaries hold investments in certain businesses that are accounted for pursuant to the equity method. Currently, the most significant of these are our investments in the common stock of The Kraft Heinz Company (“Kraft Heinz”) and Occidental. We own 26.5 % of Kraft Heinz common stock and we own 23.5 % of Occidental common stock, which excludes the potential effect of the exercise of the Occidental common stock warrants that are included in investments in equity securities. Kraft Heinz manufactures and markets food and beverage products, including condiments and sauces, cheese and dairy, meals, meats, refreshment beverages, coffee and other grocery products. Occidental is an international energy company, whose activities include oil and natural gas exploration, development and production, and chemicals manufacturing businesses. Occidental’s midstream businesses purchase, market, gather, process, transport and store various oil, natural gas, carbon dioxide and other products. Occidental’s financial information is not available in time for concurrent reporting in our Consolidated Financial Statements. Therefore, we report the equity method effects for Occidental on a one-quarter lag. Our earnings in the first quarter of 2023 included our share of Occidental’s earnings from its fourth quarter of 2022. The common stock of Kraft Heinz and Occidental are publicly traded. The fair values and carrying values of these investments in addition to the carrying values of our other significant equity method investments are summarized as follows (in millions). Carrying Value Fair Value March 31, December 31, March 31, December 31, Kraft Heinz $ 13,033 $ 12,937 $ 12,585 $ 13,249 Occidental 12,927 11,484 13,217 12,242 Other 443 3,629 $ 26,403 $ 28,050 Our other significant equity method investments included Pilot through January 31, 2023. Beginning February 1, 2023, we ceased accounting for Pilot under the equity method and began consolidating Pilot for financial reporting purposes. Our investment in Pilot under the equity method was $ 3.2 billion at December 31, 2022. Other significant equity method investments also included our 50 % interest in Berkadia Commercial Mortgage LLC (“Berkadia”) with Jefferies Financial Group Inc. (“Jefferies”) owning the other 50 % interest. Berkadia provides capital solutions, investment sales advisory and mortgage servicing for multifamily and commercial real estate. Berkadia’s commercial paper borrowing capacity (currently limited to $ 1.5 billion) is supported by a surety policy issued by a Berkshire insurance subsidiary. Jefferies is obligated to indemnify us for one-half of any losses incurred under the policy. The carrying values of our investments in Kraft Heinz and Berkadia approximate our share of the net equity of each of these entities. The carrying value of our investment in Occidental common stock exceeded our share of its shareholders’ equity as of December 31, 2022 by approximately $ 8 billion. Based upon the limited information available to us, we concluded the excess represents goodwill. Notes to Consolidated Financial Statements (Continued) Note 6. Equity method investments (Continued) Our earnings and distributions received from equity method investments are summarized in the table below (in millions). As previously indicated, we are reporting the equity method effects for Occidental on a one-quarter lag. Thus, the earnings we recorded in the first quarter of 2023 related to Occidental’s earnings for the fourth quarter of 2022. Equity method earnings attributable to Pilot were $ 105 million for the month ending January 31, 2023 and $ 107 million for the first quarter of 2022. Equity in Earnings Distributions Received First Quarter First Quarter 2023 2022 2023 2022 Kraft Heinz $ 222 $ 206 $ 130 $ 130 Occidental 370 — 25 — Other 96 133 — 2 $ 688 $ 339 $ 155 $ 132 Summarized consolidated financial information of Kraft Heinz follows (in millions). April 1, December 31, Assets $ 90,943 $ 90,513 Liabilities 41,590 41,643 First Quarter 2023 2022 Sales $ 6,489 $ 6,045 Net earnings attributable to Kraft Heinz common shareholders 836 776 Summarized consolidated financial information of Occidental follows (in millions). December 31, Assets $ 72,609 Liabilities 42,524 Quarter ending Total revenues and other income $ 8,326 Net earnings attributable to Occidental common shareholders 1,727 |
Investment and derivative contr
Investment and derivative contract gains (losses) | 3 Months Ended |
Mar. 31, 2023 | |
Investments Debt And Equity Securities [Abstract] | |
Investment and derivative contract gains (losses) | Note 7. Investment and derivative contract gains (losses) Investment and derivative contract gains (losses) in the first quarter of 2023 and 2022 are summarized as follows (in millions). First Quarter 2023 2022 Investment gains (losses): Equity securities: Change in unrealized investment gains (losses) during the period on $ 31,317 $ ( 1,775 ) Investment gains on securities sold during the period 370 89 31,687 ( 1,686 ) Fixed maturity securities: Gross realized gains 124 6 Gross realized losses ( 52 ) ( 49 ) Other 2,999 ( 6 ) Investment gains (losses) 34,758 ( 1,735 ) Derivative contract gains (losses) — ( 243 ) $ 34,758 $ ( 1,978 ) Notes to Consolidated Financial Statements (Continued) Note 7. Investment and derivative contract gains (losses) (Continued) Equity securities gains and losses include unrealized gains and losses from changes in fair values during the period on equity securities we still own, as well as gains and losses on securities we sold during the period. As reflected in the Consolidated Statements of Cash Flows, we received proceeds from sales of equity securities of approximately $ 13.3 billion in the first quarter of 2023 and $ 9.7 billion in the first quarter of 2022. In the preceding table, investment gains and losses on equity securities sold during the period represent the difference between the sales proceeds and the fair value of the equity securities sold at the beginning of the applicable period or, if later, the purchase date. Taxable gains and losses on equity securities sold are generally the difference between the proceeds from sales and original cost. Equity securities sold produced taxable gains of $ 2.2 billion in the first quarter of 2023 compared to taxable losses of $ 739 million in 2022. Other investment gains in the first quarter of 2023 included approximately $ 3 billion from the remeasurement of our pre-existing 38.6 % interest in Pilot through the application of acquisition accounting under GAAP. See Note 3. As of March 31, 2023, our exposure to losses in the future under our two outstanding equity index put option contracts is insignificant. |
Loans and finance receivables
Loans and finance receivables | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Loans and finance receivables | Note 8. Loans and finance receivables Loans and finance receivables are summarized as follows (in millions). March 31, December 31, Loans and finance receivables before allowances and discounts $ 24,629 $ 24,664 Allowances for credit losses ( 876 ) ( 856 ) Unamortized acquisition discounts and points ( 609 ) ( 600 ) $ 23,144 $ 23,208 Loans and finance receivables are principally manufactured home loans, and to a lesser extent, commercial loans and site-built home loans. Reconciliations of the allowance for credit losses on loans and finance receivables for the first quarter of 2023 and 2022 follow (in millions). First Quarter 2023 2022 Balance at beginning of year $ 856 $ 765 Provision for credit losses 37 22 Charge-offs, net of recoveries ( 17 ) ( 6 ) Balance at March 31 $ 876 $ 781 As of March 31, 2023, substantially all manufactured and site-built home loans were evaluated collectively for impairment. As of March 31, 2023, we considered approximately 97 % of these loans to be current as to payment status. A summary of performing and non-performing home loans before discounts and allowances by year of loan origination as of March 31, 2023 follows (in millions). Origination Year 2023 2022 2021 2020 2019 Prior Total Performing $ 1,845 $ 4,830 $ 3,549 $ 2,752 $ 1,956 $ 8,204 $ 23,136 Non-performing 2 4 11 10 7 47 81 $ 1,847 $ 4,834 $ 3,560 $ 2,762 $ 1,963 $ 8,251 $ 23,217 We are also a lender under commercial loan agreements. These loans had an aggregate principal value of approximately $ 1.4 billion at March 31, 2023 and $ 1.9 billion at December 31, 2022. The largest commercial loan is currently to Seritage Growth Properties, with an unpaid principal balance of $ 800 million at March 31, 2023. Our commercial loans are generally secured by mortgages on real estate properties or by other assets and substantially all of these loans are current as to payment status. |
Other receivables
Other receivables | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Other receivables | Note 9. Other receivables Other receivables are comprised of the following (in millions). Receivables of the railroad, utilities and energy businesses at March 31, 2023 included approximately $ 2.1 billion related to Pilot. March 31, December 31, Insurance and other: Insurance premiums receivable $ 19,212 $ 18,395 Reinsurance recoverables 7,191 7,106 Trade receivables 15,069 14,510 Other 4,871 4,154 Allowances for credit losses ( 669 ) ( 675 ) $ 45,674 $ 43,490 Railroad, utilities and energy: Trade receivables $ 5,855 $ 4,182 Other 1,112 754 Allowances for credit losses ( 153 ) ( 141 ) $ 6,814 $ 4,795 Provisions for credit losses in the first quarter with respect to receivables summarized above were $ 151 million in 2023 and $ 92 million in 2022. Charge-offs, net of recoveries, in the first quarter were $ 149 million in 2023 and $ 95 million in 2022. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 10. Inventories Inventories of our insurance and other businesses are comprised of the following (in millions). March 31, December 31, Raw materials $ 6,484 $ 6,381 Work in process and other 3,365 3,464 Finished manufactured goods 5,955 5,739 Goods acquired for resale 9,695 9,782 $ 25,499 $ 25,366 Inventories of our railroad, utilities and energy businesses are included in other assets and were approximately $ 4.4 billion at March 31, 2023, of which approximately $ 2.2 billion was attributable to Pilot. |
Property, plant and equipment i
Property, plant and equipment including equipment held for lease | 3 Months Ended |
Mar. 31, 2023 | |
Property, plant and equipment including equipment held for lease | Note 11. Property, plant and equipment A summary of property, plant and equipment of our insurance and other businesses follows (in millions). March 31, December 31, Land, buildings and improvements $ 14,533 $ 14,761 Machinery and equipment 27,190 26,690 Furniture, fixtures and other 5,193 4,847 46,916 46,298 Accumulated depreciation ( 25,708 ) ( 25,185 ) $ 21,208 $ 21,113 Notes to Consolidated Financial Statements (Continued) Note 11. Property, plant and equipment (Continued) A summary of property, plant and equipment of railroad and utilities and energy businesses follows (in millions). The utility generation, transmission and distribution systems and interstate natural gas pipeline assets are owned by regulated public utility and natural gas pipeline subsidiaries. Assets of Pilot are included in land, buildings, improvements and other within the utilities and energy section of the following table. March 31, December 31, Railroad: Land, track structure and other roadway $ 67,861 $ 67,350 Locomotives, freight cars and other equipment 16,003 16,031 Construction in progress 1,773 1,743 85,637 85,124 Accumulated depreciation ( 18,334 ) ( 17,899 ) 67,303 67,225 Utilities and energy: Utility generation, transmission and distribution systems 93,123 92,759 Interstate natural gas pipeline assets 18,492 18,328 Independent power plants and other assets 14,610 14,650 Land, buildings, improvements and other 8,205 — Construction in progress 6,246 5,357 140,676 131,094 Accumulated depreciation ( 39,006 ) ( 38,051 ) 101,670 93,043 $ 168,973 $ 160,268 Depreciation expense for the first three months of 2023 and 2022 is summarized below (in millions). First Quarter 2023 2022 Insurance and other $ 575 $ 564 Railroad, utilities and energy 1,739 1,542 $ 2,314 $ 2,106 |
Equipment held for lease [Member] | |
Property, plant and equipment including equipment held for lease | Note 12. Equipment held for lease Equipment held for lease includes railcars, aircraft and other equipment, including over-the-road trailers, intermodal tank containers, cranes, storage units and furniture. Equipment held for lease is summarized below (in millions). March 31, December 31, Railcars $ 9,662 $ 9,612 Aircraft 10,928 10,667 Other 5,268 5,212 25,858 25,491 Accumulated depreciation ( 10,184 ) ( 9,907 ) $ 15,674 $ 15,584 Depreciation expense for equipment held for lease in the first quarter was $ 308 million in 2023 and $ 294 million in 2022. Fixed and variable operating lease revenues for the first quarter of 2023 and 2022 are summarized below (in millions). First Quarter 2023 2022 Fixed lease revenue $ 1,417 $ 1,188 Variable lease revenue 627 484 $ 2,044 $ 1,672 |
Goodwill and other intangible a
Goodwill and other intangible assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | Note 13. Goodwill and other intangible assets Reconciliations of the changes in the carrying value of goodwill for the first three months of 2023 and for the year ended December 31, 2022 follow (in millions). March 31, December 31, Balance at beginning of year $ 78,119 $ 73,875 Business acquisitions 6,112 4,657 Other, including foreign currency translation ( 729 ) ( 413 ) Balance at end of period* $ 83,502 $ 78,119 —————— * Net of accumulated goodwill impairments of $ 11.0 billion as of March 31, 2023 and December 31, 2022 . The gross carrying amounts and accumulated amortization of other intangible assets are summarized below (in millions). March 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Insurance and other: Customer relationships $ 28,247 $ 7,376 $ 20,871 $ 27,765 $ 7,174 $ 20,591 Trademarks and trade names 5,605 832 4,773 5,603 822 4,781 Patents and technology 5,010 3,832 1,178 4,943 3,748 1,195 Other 4,775 1,596 3,179 4,150 1,530 2,620 $ 43,637 $ 13,636 $ 30,001 $ 42,461 $ 13,274 $ 29,187 Railroad, utilities and energy: Customer relationships and contracts $ 6,214 $ 612 $ 5,602 $ 1,507 $ 541 $ 966 Trademarks and trade names 2,566 44 2,522 217 39 178 Other 658 47 611 190 42 148 $ 9,438 $ 703 $ 8,735 $ 1,914 $ 622 $ 1,292 Other intangible assets of the railroad, utilities and energy businesses are included in other assets. The net carrying value of such assets at March 31, 2023 included $ 7.4 billion related to Pilot. Intangible asset amortization expense in the first quarter was $ 429 million in 2023 and $ 303 million in 2022. Intangible assets with indefinite lives were $ 20.9 billion as of March 31, 2023 and $ 18.3 billion as of December 31, 2022 and primarily related to certain customer relationships and trademarks and trade names. |
Unpaid losses and loss adjustme
Unpaid losses and loss adjustment expenses | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Unpaid losses and loss adjustment expenses | Note 14. Unpaid losses and loss adjustment expenses Our liabilities for unpaid losses and loss adjustment expenses (also referred to as “claim liabilities”) under property and casualty insurance and reinsurance contracts are based upon estimates of the ultimate claim costs associated with claim occurrences as of the balance sheet date and include estimates for incurred-but-not-reported (“IBNR”) claims. A reconciliation of the changes in claim liabilities, excluding liabilities under retroactive reinsurance contracts (see Note 15), for each of the three-month periods ending March 31, 2023 and 2022 follows (in millions). 2023 2022 Balances at beginning of year: Gross liabilities $ 107,472 $ 86,664 Reinsurance recoverable on unpaid losses ( 5,025 ) ( 2,960 ) Net liabilities 102,447 83,704 Incurred losses and loss adjustment expenses: Current accident year 14,776 13,375 Prior accident years ( 740 ) ( 251 ) Total 14,036 13,124 Paid losses and loss adjustment expenses: Current accident year ( 3,841 ) ( 3,908 ) Prior accident years ( 9,747 ) ( 8,091 ) Total ( 13,588 ) ( 11,999 ) Foreign currency effect 93 ( 106 ) Balances at March 31: Net liabilities 102,988 84,723 Reinsurance recoverable on unpaid losses 4,969 2,944 Gross liabilities $ 107,957 $ 87,667 Incurred losses and loss adjustment expenses shown in the preceding table were recorded in earnings and related to insured events occurring in the current year (“current accident year”) and events occurring in all prior years (“prior accident years”). Incurred and paid losses and loss adjustment expenses are net of reinsurance recoveries. In the first quarter, we recorded net reductions of estimated ultimate liabilities for prior accident years of $ 740 million in 2023 and $ 251 million in 2022, which produced corresponding reductions in incurred losses and loss adjustment expenses in those periods. These reductions, as percentages of the net liabilities at the beginning of each year, were 0.7 % in 2023 and 0.3 % in 2022. We reduced estimated ultimate liabilities for prior accident years of primary insurance businesses in the first quarter by $ 379 million in 2023 and $ 114 million in 2022. In 2023, the reductions were driven by private passenger auto claims, whereas the decreases in 2022 were primarily attributable to private passenger auto, medical professional liability and workers’ compensation claims, partly offset by increases with respect to other casualty claims. In the first quarter, estimated ultimate liabilities for prior accident years of property and casualty reinsurance businesses were reduced $ 361 million in 2023 and $ 137 million in 2022. |
Retroactive reinsurance contrac
Retroactive reinsurance contracts | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Retroactive reinsurance contracts | Note 15. Retroactive reinsurance contracts Retroactive reinsurance policies provide indemnification of losses and loss adjustment expenses of short-duration insurance contracts with respect to underlying loss events that occurred prior to the contract inception date. Claims payments may commence immediately after the contract date or, when applicable, after a contractual retention amount has been reached. Reconciliations of the changes in estimated liabilities for retroactive reinsurance unpaid losses and loss adjustment expenses and incurred losses and loss adjustment expenses to the amounts recorded in the Consolidated Statements of Earnings for each of the three-month periods ended March 31, 2023 and 2022 follow (in millions). 2023 2022 Balances at beginning of year $ 35,415 $ 37,855 Incurred losses and loss adjustment expenses: Current year contracts — — Prior years’ contracts 14 ( 7 ) Total 14 ( 7 ) Paid losses and loss adjustment expenses ( 372 ) ( 547 ) Foreign currency effect 6 ( 5 ) Balances at March 31 $ 35,063 $ 37,296 Incurred losses and loss adjustment expenses above $ 14 $ ( 7 ) Deferred charge amortization and adjustments 171 215 Incurred losses and loss adjustment expenses included in the Consolidated $ 185 $ 208 In the preceding table, classifications of incurred losses and loss adjustment expenses are based on the inception dates of the contracts, which reflect when our exposure to losses began. Incurred losses and loss adjustment expenses in the Consolidated Statements of Earnings include changes in estimated liabilities and related deferred charge asset amortization and adjustments arising from the changes in estimated timing and amount of future loss payments. Unamortized deferred charges related to retroactive reinsurance contracts were $ 9.7 billion at March 31, 2023 and $ 10.4 billion at March 31, 2022. |
Long duration insurance contrac
Long duration insurance contracts | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Long duration insurance contracts | Note 16. Long duration insurance contracts We write periodic payment annuity and life and health insurance contracts. A summary of the impacts of adopting ASU 2018-12 on our periodic payment annuity and life and health insurance benefits liabilities as of the January 1, 2021 transition date follows in millions. Periodic payment Life and health Total Balance at December 31, 2020, as previously reported $ 10,974 $ 10,642 $ 21,616 Reclassifications to other policyholder liabilities ( 286 ) ( 929 ) ( 1,215 ) Balance at December 31, 2020 after reclassifications 10,688 9,713 20,401 Change in discount rate assumptions 6,553 1,447 8,000 Change in cash flow assumptions ( 117 ) 552 435 Balance as of January 1, 2021 $ 17,124 $ 11,712 $ 28,836 The reclassifications to other policyholder liabilities are primarily related to certain liabilities arising under our variable annuity guarantee reinsurance contracts. These liabilities are not classified as life, annuity and health insurance benefits liabilities under ASU 2018-12. A summary of our life, annuity and health insurance benefits liabilities as of March 31, 2023 and 2022, disaggregated for our two primary product categories, periodic payment annuities and life and health insurance, follows (in millions). Other liabilities primarily consist of incurred-but-not-reported claims and claims in the course of settlement. March 31, 2023 2022 Periodic payment annuities $ 11,174 $ 13,867 Life and health 5,633 6,792 Other liabilities 3,130 3,524 $ 19,937 $ 24,183 Notes to Consolidated Financial Statements (Continued) Note 16. Long duration insurance contracts (Continued) Reconciliations of our periodic payment annuity and life and health insurance benefits liabilities for the first three months of 2023 and 2022 follow (in millions). The information reflects the changes in discounted present values of expected future policy benefits and expected future net premiums. In this context, net premiums represent the portion of expected gross premiums that are required to provide for future policy benefits and variable expenses. Periodic payment annuities Life and health 2023 2022 2023 2022 Expected future policy benefits: Balance at beginning of period $ 10,640 $ 16,153 $ 52,008 $ 63,648 Balance at beginning of period at original discount rate 11,549 11,261 63,584 60,133 Impact of cash flow assumption changes — — ( 1 ) 486 Effect of actual from expected results 1 1 ( 519 ) 90 Change in benefits, net ( 116 ) 43 ( 747 ) ( 517 ) Interest accrual 133 135 425 404 Foreign currency effect 19 ( 23 ) 47 ( 167 ) Ending balance at original discount rate 11,586 11,417 62,789 60,429 Effect of changes in discount rate assumptions ( 412 ) 2,450 ( 12,169 ) ( 2,386 ) Expected future policy benefits at March 31 $ 11,174 $ 13,867 $ 50,620 $ 58,043 Expected future net premiums: Balance at beginning of period $ 46,129 $ 55,960 Balance at beginning of period at original discount rate 56,535 53,277 Impact of cash flow assumption changes 2 458 Effect of actual from expected results ( 413 ) 22 Change in premiums, net ( 660 ) ( 357 ) Interest accrual 371 351 Foreign currency effect 47 ( 184 ) Ending balance at original discount rate 55,882 53,567 Effect of changes in discount rate assumptions ( 10,895 ) ( 2,316 ) Expected future net premiums at March 31 $ 44,987 $ 51,251 Liability for future policy benefits at March 31 $ 11,174 $ 13,867 $ 5,633 $ 6,792 Reinsurance recoverables — — ( 1,565 ) ( 1,857 ) Liability for future policy benefits at March 31, $ 11,174 $ 13,867 $ 4,068 $ 4,935 The undiscounted and discounted expected future gross premiums to be collected and undiscounted expected future benefits for periodic payment annuities and life and health insurance as of March 31, 2023 and 2022 are summarized below (in millions). Undiscounted expected Discounted expected Undiscounted expected 2023 2022 2023 2022 2023 2022 Periodic payment annuities $ — $ — $ — $ — $ 31,244 $ 30,647 Life and health 107,831 105,433 64,421 63,904 102,881 100,529 Gross premiums earned on long duration contracts are included in insurance premiums earned and interest expense associated with long duration insurance contracts is included as a component of life, annuity and health benefits expenses in our Consolidated Statements of Earnings. Gross premiums earned and interest expense for the first three months of 2023 and 2022 were as follows (in millions). Gross Premiums Interest Expense 2023 2022 2023 2022 Periodic payment annuities $ — $ 169 $ 133 $ 135 Life and health 1,004 1,143 54 53 Notes to Consolidated Financial Statements (Continued) Note 16. Long duration insurance contracts (Continued) The weighted average current discount rates and interest accretion rates established at contract inception for the periodic payment annuities and life and health insurance are summarized below. March 31, 2023 2022 Periodic payment annuities Weighted average discount rate 5.0 % 3.6 % Weighted average accretion rate 4.8 % 4.9 % Weighted average duration (in years) 18 20 Life and health Weighted average discount rate 4.9 % 3.4 % Weighted average accretion rate 3.2 % 3.5 % Weighted average duration (in years) 14 14 Deferred policy acquisition costs for our long duration insurance contracts were $ 748 million at March 31, 2023 and $ 631 million at March 31, 2022. We also reinsure closed blocks of guaranteed minimum death and living benefits associated with variable annuity products, referred to as market risk benefits. Such liabilities are included in other policyholder liabilities and are measured at estimated fair value under ASU 2018-12. Such liabilities were approximately $ 1.2 billion as of March 31, 2023 and $ 1.25 billion as of December 31, 2022. During the first quarter of 2023, we reduced liability estimates by $ 65 million, for the effects of changes in securities markets, interest rates and other inputs used to estimate liabilities. Cash settlements during the first quarter of 2023 were insignificant. |
Notes payable and other borrowi
Notes payable and other borrowings | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Notes payable and other borrowings | Note 17. Notes payable and other borrowings Notes payable and other borrowings of our insurance and other businesses are summarized below (in millions). The weighted average interest rates and maturity date ranges are based on borrowings as of March 31, 2023. Weighted March 31, December 31, Insurance and other: Berkshire Hathaway Inc. (“Berkshire”): U.S. Dollar denominated due 2025 - 2047 3.5 % $ 3,733 $ 6,231 Euro denominated due 2024 - 2041 1.1 % 6,029 7,344 Japanese Yen denominated due 2023 - 2060 0.7 % 7,716 7,818 Berkshire Hathaway Finance Corporation (“BHFC”): U.S. Dollar denominated due 2027 - 2052 3.6 % 14,459 14,458 Great Britain Pound denominated due 2039 - 2059 2.5 % 2,122 2,078 Euro denominated due 2030 - 2034 1.8 % 1,349 1,332 Other subsidiary borrowings due 2023 - 2051 4.7 % 4,924 5,967 Subsidiary short-term borrowings 6.3 % 1,104 1,310 $ 41,436 $ 46,538 Notes to Consolidated Financial Statements (Continued) Note 17. Notes payable and other borrowings (Continued) In the first quarter of 2023, Berkshire repaid approximately $ 3.9 billion of maturing senior notes. Borrowings of BHFC, a wholly owned finance subsidiary of Berkshire, consist of senior unsecured notes used to fund manufactured housing loans originated or acquired and equipment held for lease of certain subsidiaries. In April 2023, Berkshire issued ¥ 164.4 billion (approximately $ 1.2 billion) of senior notes and repaid ¥ 56.3 billion of maturing senior notes. BHFC borrowings are fully and unconditionally guaranteed by Berkshire. Berkshire also guarantees certain debt of other subsidiaries, aggregating approximately $ 2.7 billion at March 31, 2023. Generally, Berkshire’s guarantee of a subsidiary’s debt obligation is an absolute, unconditional and irrevocable guarantee for the full and prompt payment when due of all payment obligations. The carrying values of Berkshire and BHFC non-U.S. Dollar denominated senior notes (€ 6.85 billion, £ 1.75 billion and ¥ 1,029 billion par at March 31, 2023) reflect the applicable exchange rates as of each balance sheet date. The effects of changes in foreign currency exchange rates during the period are recorded in earnings as a component of selling, general and administrative expenses. Changes in the exchange rates produced pre-tax losses of $ 26 million in the first quarter of 2023 and pre-tax gains of $ 716 million in the first quarter of 2022. Notes payable and other borrowings of our railroad, utilities and energy businesses are summarized below (in millions). The weighted average interest rates and maturity date ranges are based on borrowings as of March 31, 2023. Weighted March 31, December 31, Railroad, utilities and energy: Berkshire Hathaway Energy Company (“BHE”) and subsidiaries: BHE senior unsecured debt due 2023 - 2053 4.4 % $ 13,597 $ 13,996 Subsidiary and other debt due 2023 - 2064 4.3 % 37,553 37,639 Short-term borrowings 5.6 % 1,819 1,119 Pilot Travel Centers (“Pilot”) and subsidiaries: Pilot borrowings due 2023 - 2028 6.6 % 5,878 — Short-term borrowings 6.2 % 594 — Burlington Northern Santa Fe (“BNSF”) and subsidiaries due 2023 - 2097 4.6 % 22,747 23,452 $ 82,188 $ 76,206 BHE subsidiary debt represents amounts issued pursuant to separate financing agreements. Substantially all of the assets of certain BHE subsidiaries are, or may be, pledged or encumbered to support or otherwise secure such debt. These borrowing arrangements generally contain various covenants, including covenants which pertain to leverage ratios, interest coverage ratios and/or debt service coverage ratios. Pilot’s borrowings primarily represent syndicated loans. BNSF’s borrowings are primarily senior unsecured debentures. As of March 31, 2023, BNSF, Pilot, BHE and their subsidiaries were in compliance with all applicable debt covenants. Berkshire does not guarantee any debt, borrowings or lines of credit of BNSF, BHE, Pilot or their subsidiaries. Our subsidiaries have unused lines of credit and commercial paper capacity to support short-term borrowing programs and provide additional liquidity. Unused lines of credit were approximately $ 13.1 billion at March 31, 2023, which included approximately $ 9.0 billion related to BHE and its subsidiaries. |
Fair value measurements
Fair value measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Note 18. Fair value measurements Our financial assets and liabilities are summarized below as of March 31, 2023 and December 31, 2022, with fair values shown according to the fair value hierarchy (in millions). The carrying values of cash and cash equivalents, U.S. Treasury Bills, other receivables and accounts payable, accruals and other liabilities are considered to be reasonable estimates of or otherwise approximate the fair values. Carrying Fair Value Quoted Significant Significant March 31, 2023 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations $ 9,405 $ 9,405 $ 9,370 $ 35 $ — Foreign governments 11,088 11,088 10,738 350 — Corporate bonds 1,791 1,791 — 1,109 682 Other 282 282 — 282 — Investments in equity securities 328,161 328,161 316,550 12 11,599 Investments in Kraft Heinz & Occidental common stock 25,960 25,802 25,802 — — Loans and finance receivables 23,144 23,736 — 1,241 22,495 Derivative contract assets (1) 504 504 132 340 32 Derivative contract liabilities (1) 287 287 11 109 167 Notes payable and other borrowings: Insurance and other 41,436 37,534 — 37,502 32 Railroad, utilities and energy 82,188 77,743 — 77,743 — December 31, 2022 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations $ 9,802 $ 9,802 $ 9,733 $ 69 $ — Foreign governments 10,327 10,327 9,854 473 — Corporate bonds 2,195 2,195 — 1,546 649 Other 2,804 2,804 — 2,804 — Investments in equity securities 308,793 308,793 296,610 9 12,174 Investments in Kraft Heinz & Occidental common stock 24,421 25,491 25,491 — — Loans and finance receivables 23,208 23,428 — 1,513 21,915 Derivative contract asset s (1) 589 589 56 474 59 Derivative contract liabiliti es (1) 242 242 8 122 112 Notes payable and other borrowings: Insurance and other 46,538 41,961 — 41,061 900 Railroad, utilities and energy 76,206 67,651 — 67,651 — —————— (1) Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities. Notes to Consolidated Financial Statements (Continued) Note 18. Fair value measurements (Continued) The fair values of substantially all of our financial instruments were measured using market or income approaches. The hierarchy for measuring fair value consists of Levels 1 through 3, which are described below. Level 1 – Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets. Level 2 – Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar assets or liabilities exchanged in active or inactive markets; quoted prices for identical assets or liabilities exchanged in inactive markets; other inputs that may be considered in fair value determinations of the assets or liabilities, such as interest rates and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Pricing evaluations generally reflect discounted expected future cash flows, which incorporate yield curves for instruments with similar characteristics, such as credit ratings, estimated durations and yields for other instruments of the issuer or entities in the same industry sector. Level 3 – Inputs include unobservable inputs used in the measurement of assets and liabilities. Management is required to use its own assumptions regarding unobservable inputs because there is little, if any, market activity in the assets or liabilities and it may be unable to corroborate the related observable inputs. Unobservable inputs require management to make certain projections and assumptions about the information that would be used by market participants in valuing assets or liabilities. Reconciliations of significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the three months ended March 31, 2023 and 2022 follow (in millions). Balance at Gains (losses) Acquisitions, Transfers out of Balance at Investments in equity securities : 2023 $ 12,169 $ ( 54 ) $ ( 521 ) $ — $ 11,594 2022 11,480 855 — — 12,335 Quantitative information as of March 31, 2023 for the significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follows (dollars in millions). Fair Principal Valuation Unobservable Weighted Investments in equity securities: Preferred stock $ 9,602 Discounted cash flow Expected duration 6 years Discounts for liquidity 372 bps Common stock warrants 1,992 Warrant pricing model Expected duration 6 years Volatility 40 % Investments in equity securities in the preceding table include our investments in certain preferred stock and common stock warrants that do not have readily determinable market values as defined under GAAP. These investments are private placements with contractual terms that restrict transfers and currently prevent us from economically hedging our investments. We applied discounted cash flow techniques in valuing the preferred stock and we made assumptions regarding the expected duration of the investment and the effects of liquidity and subordination in liquidation. In valuing the common stock warrants, we used a warrant valuation model. While most of the inputs to the model are observable, we made assumptions regarding the expected duration and volatility of the warrants. |
Common stock
Common stock | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Common stock | Note 19. Common stock Changes in Berkshire’s issued, treasury and outstanding common stock during the first quarter of 2023 are shown in the table below. In addition to our common stock, 1,000,000 shares of preferred stock are authorized, but none are issued. Class A, $ 5 Par Value 1,650,000 shares authorized) Class B, $ 0.0033 Par Value 3,225,000,000 shares authorized) Issued Treasury Outstanding Issued Treasury Outstanding Balances at December 31, 2022 651,450 ( 59,886 ) 591,564 1,509,969,352 ( 207,715,276 ) 1,302,254,076 Conversions of Class A to ( 359 ) — ( 359 ) 538,500 — 538,500 Treasury stock acquired — ( 5,103 ) ( 5,103 ) — ( 6,716,864 ) ( 6,716,864 ) Balances at March 31, 2023 651,091 ( 64,989 ) 586,102 1,510,507,852 ( 214,432,140 ) 1,296,075,712 Each Class A common share is entitled to one vote per share. Class B common stock possesses dividend and distribution rights equal to one-fifteen-hundredth (1/1,500) of such rights of Class A common stock. Each Class B common share possesses voting rights equal to one-ten-thousandth (1/10,000) of the voting rights of a Class A share. Unless otherwise required under Delaware General Corporation Law, Class A and Class B common shares vote as a single class. Each share of Class A common stock is convertible, at the option of the holder, into 1,500 shares of Class B common stock. Class B common stock is not convertible into Class A common stock. On an equivalent Class A common stock basis, there were 1,450,152 shares outstanding as of March 31, 2023 and 1,459,733 shares outstanding as of December 31, 2022. Since we have two classes of common stock, we provide earnings per share data on the Consolidated Statements of Earnings for average equivalent Class A shares outstanding and average equivalent Class B shares outstanding. Class B shares are economically equivalent to one-fifteen-hundredth ( 1/1,500 ) of a Class A share. Average equivalent Class A shares outstanding represents average Class A shares outstanding plus one-fifteen-hundredth ( 1/1,500 ) of the average Class B shares outstanding. Average equivalent Class B shares outstanding represents average Class B shares outstanding plus 1,500 times the average Class A shares outstanding. Berkshire’s common stock repurchase program permits Berkshire to repurchase its shares any time that Warren Buffett, Berkshire’s Chairman of the Board and Chief Executive Officer, and Charlie Munger, Vice Chairman of the Board, believe that the repurchase price is below Berkshire’s intrinsic value, conservatively determined. The program continues to allow share repurchases in the open market or through privately negotiated transactions and does not specify a maximum number of shares to be repurchased. However, repurchases will not be made if they would reduce the total value of Berkshire’s consolidated cash, cash equivalents and U.S. Treasury Bill holdings below $ 30 billion. The repurchase program does not obligate Berkshire to repurchase any specific dollar amount or number of Class A or Class B shares and there is no expiration date to the program. |
Income taxes
Income taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Note 20. Income taxes Our consolidated effective income tax rates were 20.1 % in the first quarter of 2023 compared to 18.0 % in the first quarter of 2022. Our effective income tax rate normally reflects recurring benefits from dividends-received deductions applicable to investments in certain equity securities and production tax credits related to wind-powered electricity generation placed in service in the U.S. Our periodic effective income tax rate will also vary due to the changes in mix of pre-tax earnings, including investment gains or losses with respect to our investments in equity securities, the amount of non-deductible goodwill impairment charges and other expenses and the underlying income tax rates applicable in the various taxing jurisdictions. |
Accumulated other comprehensive
Accumulated other comprehensive income | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Accumulated other comprehensive income | Note 21. Accumulated other comprehensive income A summary of the net changes in after-tax accumulated other comprehensive income attributable to Berkshire Hathaway shareholders for the three months ending March 31, 2023 and 2022 follows (in millions). Unrealized Foreign currency translation Long duration insurance contracts Defined benefit pension plans Other Total First quarter of 2023 Beginning of year as previously reported $ ( 187 ) $ ( 6,140 ) $ — $ ( 552 ) $ 288 $ ( 6,591 ) Adoption of ASU 2018-12 — ( 2 ) 1,541 — — 1,539 Beginning balance as revised ( 187 ) ( 6,142 ) 1,541 ( 552 ) 288 ( 5,052 ) Other comprehensive income 194 244 ( 291 ) 44 ( 115 ) 76 Balance at end of period $ 7 $ ( 5,898 ) $ 1,250 $ ( 508 ) $ 173 $ ( 4,976 ) First quarter of 2022 Beginning of year as previously reported $ 369 $ ( 4,092 ) $ — $ ( 347 ) $ 43 $ ( 4,027 ) Adoption of ASU 2018-12 — — ( 4,096 ) — — ( 4,096 ) Beginning balance as revised 369 ( 4,092 ) ( 4,096 ) ( 347 ) 43 ( 8,123 ) Other comprehensive income ( 186 ) ( 314 ) 2,419 20 80 2,019 Balance at end of period $ 183 $ ( 4,406 ) $ ( 1,677 ) $ ( 327 ) $ 123 $ ( 6,104 ) |
Supplemental cash flow informat
Supplemental cash flow information | 3 Months Ended |
Mar. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental cash flow information | Note 22. Supplemental cash flow information A summary of supplemental cash flow information is presented in the following table (in millions). First Quarter 2023 2022 Cash paid during the period for: Income taxes $ 312 $ 336 Interest: Insurance and other 491 365 Railroad, utilities and energy 799 708 Non-cash investing and financing activities: Liabilities assumed in connection with business acquisitions 10,747 9 |
Contingencies and Commitments
Contingencies and Commitments | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Note 23. Contingencies and commitments We are parties in a variety of legal actions that routinely arise out of the normal course of business, including legal actions seeking to establish liability directly through insurance contracts or indirectly through reinsurance contracts issued by Berkshire subsidiaries. Plaintiffs occasionally seek punitive or exemplary damages. We do not believe that such normal and routine litigation will have a material effect on our financial condition or results of operations. Berkshire and certain of its subsidiaries are also involved in other kinds of legal actions, some of which assert or may assert claims or seek to impose fines and penalties. We currently believe that any liability that may arise as a result of other pending legal actions will not have a material effect on our consolidated financial condition or results of operations. |
Revenues from contracts with cu
Revenues from contracts with customers | 3 Months Ended |
Mar. 31, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Revenues from contracts with customers | Note 24. Revenues from contracts with customers The following tables summarize customer contract revenues disaggregated by reportable segment and the source of the revenue for the first quarter of 2023 and 2022 (in millions). Revenues from Pilot in 2023 are for the two months ending March 31, 2023. Other revenues, which are not considered to be revenues from contracts with customers under GAAP, are primarily insurance premiums earned, interest, dividend and other investment income and leasing revenues. Manufacturing McLane Service BNSF Berkshire Pilot Insurance, Total Three months ending March 31, 2023 Manufactured products: Industrial and commercial products $ 7,229 $ — $ 65 $ — $ — $ — $ — $ 7,294 Building products 4,758 — — — — — — 4,758 Consumer products 4,035 — — — — — — 4,035 Grocery and convenience store distribution — 7,793 — — — — — 7,793 Food and beverage distribution — 4,762 — — — — — 4,762 Auto sales — — 2,565 — — — — 2,565 Other retail and wholesale distribution 799 — 4,230 — — 422 — 5,451 Service 354 284 1,326 5,985 811 21 — 8,781 Electricity, natural gas and fuel — — — — 5,291 9,015 — 14,306 Total 17,175 12,839 8,186 5,985 6,102 9,458 — 59,745 Other revenues 1,090 42 1,716 16 337 38 22,409 25,648 $ 18,265 $ 12,881 $ 9,902 $ 6,001 $ 6,439 $ 9,496 $ 22,409 $ 85,393 Three months ending March 31, 2022 Manufactured products: Industrial and commercial products $ 5,932 $ — $ 49 $ — $ — $ — $ — $ 5,981 Building products 5,419 — — — — — — 5,419 Consumer products 5,093 — — — — — — 5,093 Grocery and convenience store distribution — 7,706 — — — — — 7,706 Food and beverage distribution — 4,562 — — — — — 4,562 Auto sales — — 2,527 — — — — 2,527 Other retail and wholesale distribution 722 — 4,175 — — — — 4,897 Service 264 214 1,006 5,931 1,112 — — 8,527 Electricity and natural gas — — — — 4,714 — — 4,714 Total 17,430 12,482 7,757 5,931 5,826 — — 49,426 Other revenues 955 32 1,334 13 189 — 18,894 21,417 $ 18,385 $ 12,514 $ 9,091 $ 5,944 $ 6,015 $ — $ 18,894 $ 70,843 A summary of the transaction price allocated to the significant unsatisfied remaining performance obligations relating to contracts with expected durations in excess of one year as of March 31, 2023 and the timing of when the performance obligations are expected to be satisfied follows (in millions). Less than Greater than Total Electricity, natural gas and fuel $ 3,331 $ 20,146 $ 23,477 Other sales and service contracts 3,346 5,134 8,480 |
Business segment data
Business segment data | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Business segment data | Note 25. Business segment data Our operating businesses include a large and diverse group of insurance, manufacturing, service and retailing businesses. We organize our reportable business segments in a manner that reflects how management views those business activities. Certain businesses are grouped together for segment reporting based upon similar products or product lines and marketing, selling and distribution characteristics, even though those business units are operated under separate local management. We acquired control of Pilot Travel Centers (“Pilot”) on January 31, 2023. Pilot’s revenues, costs and earnings are included in our Consolidated Financial Statements and is considered a reportable segment beginning February 1, 2023. In this presentation, the revenues and pre-tax earnings of the Pilot segment are for the two months ending March 31, 2023. Previously, our earnings from Pilot were determined under the equity method and are included in earnings from equity method investments. Revenues and earnings before income taxes by segment for the first quarter of 2023 and 2022 were as follows (in millions). First Quarter 2023 2022 Revenues of Operating Businesses Insurance: Underwriting: GEICO $ 9,626 $ 9,554 Berkshire Hathaway Primary Group 3,961 3,118 Berkshire Hathaway Reinsurance Group 6,209 4,816 Investment income 2,392 1,364 Total insurance 22,188 18,852 BNSF 6,019 5,968 Berkshire Hathaway Energy (“BHE”) 6,451 6,020 Pilot Travel Centers (“Pilot”) 9,508 — Manufacturing 18,289 18,421 McLane 13,059 12,515 Service and retailing 9,931 9,115 85,445 70,891 Reconciliation of segments to consolidated amount Corporate, eliminations and other ( 52 ) ( 48 ) $ 85,393 $ 70,843 First Quarter 2023 2022 Earnings Before Income Taxes of Operating Businesses Insurance: Underwriting: GEICO $ 703 $ ( 178 ) Berkshire Hathaway Primary Group 268 92 Berkshire Hathaway Reinsurance Group 231 301 Investment income 2,385 1,361 Total insurance 3,587 1,576 BNSF 1,649 1,809 BHE 223 713 Pilot 136 — Manufacturing 2,611 2,824 McLane 113 82 Service and retailing 1,221 1,135 9,540 8,139 Reconciliation of segments to consolidated amount Investment and derivative gains (losses) 34,758 ( 1,978 ) Interest expense, not allocated to segments ( 114 ) ( 104 ) Equity method investments 688 339 Corporate, eliminations and other ( 120 ) 561 $ 44,752 $ 6,957 |
New accounting pronouncements (
New accounting pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Changes And Error Corrections [Abstract] | |
New accounting pronouncements | We adopted Accounting Standards Update 2018-12 “Targeted Improvements to the Accounting for Long Duration Contracts” (“ASU 2018-12”) as of January 1, 2023, which modifies the accounting, reporting and disclosures related to long duration insurance contracts and most significantly the measurement of our long duration life, annuity and health benefit liabilities. ASU 2018-12 was applied retrospectively to contracts in-force beginning as of January 1, 2021 (the “transition date”). The Consolidated Financial Statements for 2022 and 2021 were revised to reflect the effects of the adoption of ASU 2018-12. As of the transition date, the after-tax impact of changes in cash flow assumptions were recorded in retained earnings and the after-tax effect of changes in discount rates assumptions were recorded in accumulated other comprehensive income. The effects of the adoption of ASU 2018-12 on our Consolidated Financial Statements as of January 1, 2021 and for the years ending December 31, 2022 and 2021 are included in Part II, Item 5 of this Report. Beginning as of January 1, 2021, the cash flow assumptions used in measuring benefit liabilities are reviewed at least annually, with the effects of assumption changes recorded in earnings. Further, the discount rate assumptions used in measuring benefit liabilities are revised each quarterly reporting period based on the prevailing observable upper-medium grade (generally considered to be single A-rated credit ratings) corporate bond yields that reflect the duration characteristics and currency attributes of the liabilities, using interpolation for durations between the observable yields. Changes to benefits liabilities arising from changes in discount rate assumptions are recorded in other comprehensive income. In measuring benefit liabilities and amortizing capitalized acquisition costs under long duration insurance contracts, we generally aggregate contracts by issuance year. ASU 2018-12 also requires certain disclosures for long duration insurance liabilities. See Note 16. Notes to Consolidated Financial Statements (Continued) Note 2. New accounting pronouncements (Continued) The effects from adopting ASU 2018-12 on affected line items from our Consolidated Statement of Earnings and Comprehensive Income for the quarter ended March 31, 2022 follows in millions, except per share amounts. First Quarter 2022 Previously reported Increase (decrease) As revised Revenues: Insurance premiums earned $ 17,492 $ ( 4 ) $ 17,488 Costs and expenses: Life, annuity and health insurance benefits 1,323 14 1,337 Insurance underwriting expenses 2,767 ( 163 ) 2,604 Earnings before income taxes 6,812 145 6,957 Income tax expense 1,227 25 1,252 Net earnings 5,585 120 5,705 Net earnings attributable to Berkshire Hathaway shareholders $ 5,460 $ 120 $ 5,580 Other comprehensive income: Foreign currency translation ( 316 ) 1 ( 315 ) Long duration insurance contracts — 2,419 2,419 Other comprehensive income, net ( 404 ) 2,420 2,016 Comprehensive income attributable to Berkshire Hathaway shareholders $ 5,059 $ 2,540 $ 7,599 Net earnings per average equivalent Class A share $ 3,702 $ 82 $ 3,784 Net earnings per average equivalent Class B share $ 2.47 $ 0.05 $ 2.52 |
New accounting pronouncements_2
New accounting pronouncements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Changes And Error Corrections [Abstract] | |
Summary of effects from adopting ASU 2018-12 on affected line items consolidated statement of earnings and comprehensive income | The effects from adopting ASU 2018-12 on affected line items from our Consolidated Statement of Earnings and Comprehensive Income for the quarter ended March 31, 2022 follows in millions, except per share amounts. First Quarter 2022 Previously reported Increase (decrease) As revised Revenues: Insurance premiums earned $ 17,492 $ ( 4 ) $ 17,488 Costs and expenses: Life, annuity and health insurance benefits 1,323 14 1,337 Insurance underwriting expenses 2,767 ( 163 ) 2,604 Earnings before income taxes 6,812 145 6,957 Income tax expense 1,227 25 1,252 Net earnings 5,585 120 5,705 Net earnings attributable to Berkshire Hathaway shareholders $ 5,460 $ 120 $ 5,580 Other comprehensive income: Foreign currency translation ( 316 ) 1 ( 315 ) Long duration insurance contracts — 2,419 2,419 Other comprehensive income, net ( 404 ) 2,420 2,016 Comprehensive income attributable to Berkshire Hathaway shareholders $ 5,059 $ 2,540 $ 7,599 Net earnings per average equivalent Class A share $ 3,702 $ 82 $ 3,784 Net earnings per average equivalent Class B share $ 2.47 $ 0.05 $ 2.52 |
Significant business acquisit_2
Significant business acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Business Acquisition [Line Items] | |
Summary of unaudited pro forma consolidated earnings | The following table sets forth certain unaudited pro forma consolidated earnings data for the three months ended March 31, 2022 as if the Alleghany and Pilot acquisitions were consummated on the same terms at the beginning of 2022 (in millions, except per share amounts). March 31, Revenues $ 87,548 Net earnings attributable to Berkshire Hathaway shareholders 5,666 Net earnings per equivalent Class A common share 3,842 |
Pilot Travel Centers L L C [Member] | |
Business Acquisition [Line Items] | |
Summary of preliminary values of identified assets acquired and liabilities assumed | The preliminary values of the Pilot identified assets acquired, liabilities assumed and redeemable noncontrolling interests are summarized as follows (in millions). Valuations of certain assets and liabilities, including property plant and equipment, other intangible assets and goodwill, as of the acquisition date have not been finalized at this time and are provisional. Pilot Property, plant and equipment $ 8,136 Goodwill and other intangible assets 13,347 Other 6,934 Assets acquired $ 28,417 Notes payable $ 5,876 Other 4,789 Liabilities assumed 10,665 Noncontrolling interests, predominantly redeemable 3,370 Net assets $ 14,382 |
Alleghany Corporation [Member] | |
Business Acquisition [Line Items] | |
Summary of preliminary values of identified assets acquired and liabilities assumed | A summary of the preliminary values of the Alleghany identified assets acquired and liabilities assumed as of October 19, 2022 follows (in millions). Valuations of certain assets, such as intangible assets and goodwill, and certain liabilities as of the acquisition date have not been finalized at this time and are provisional. Alleghany Cash, cash equivalents and U.S. Treasury Bills $ 3,762 Investments in fixed maturity and equity securities 15,982 Loans and other receivables 5,650 Goodwill and other intangible assets 6,559 Other 3,637 Assets acquired $ 35,590 Unpaid losses and loss adjustment expenses $ 15,080 Unearned premiums 3,536 Notes payable 2,169 Other 3,300 Liabilities assumed 24,085 Net assets $ 11,505 |
Investments in fixed maturity_2
Investments in fixed maturity securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of investments in securities with fixed maturities | Investments in fixed maturity securities as of March 31, 2023 and December 31, 2022 are summarized by type below (in millions). Amortized Unrealized Unrealized Fair March 31, 2023 U.S. Treasury, U.S. government corporations and agencies $ 9,588 $ 8 $ ( 191 ) $ 9,405 Foreign governments 11,184 48 ( 144 ) 11,088 Corporate bonds 1,532 263 ( 4 ) 1,791 Other 261 24 ( 3 ) 282 $ 22,565 $ 343 $ ( 342 ) $ 22,566 December 31, 2022 U.S. Treasury, U.S. government corporations and agencies $ 10,039 $ 12 $ ( 249 ) $ 9,802 Foreign governments 10,454 50 ( 177 ) 10,327 Corporate bonds 1,945 256 ( 6 ) 2,195 Other 2,735 77 ( 8 ) 2,804 $ 25,173 $ 395 $ ( 440 ) $ 25,128 |
Schedule of amortized cost and estimated fair value of securities with fixed maturities | The amortized cost and estimated fair value of fixed maturity securities at March 31, 2023 are summarized below by contractual maturity dates. Amounts are in millions. Actual maturities may differ from contractual maturities due to prepayment rights held by issuers. Due in one Due after one Due after five Due after Mortgage- Total Amortized cost $ 14,038 $ 7,426 $ 780 $ 139 $ 182 $ 22,565 Fair value 13,832 7,370 1,016 149 199 22,566 |
Investments in equity securit_2
Investments in equity securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of investments in equity securities | Investments in equity securities as of March 31, 2023 and December 31, 2022 are summarized as follows (in millions). Cost Basis Net Unrealized Fair Value March 31, 2023* Banks, insurance and finance $ 24,023 $ 41,292 $ 65,315 Consumer products 40,003 144,506 184,509 Commercial, industrial and other 57,316 21,021 78,337 $ 121,342 $ 206,819 $ 328,161 —————— * Approximately 77 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 25.0 billion; Apple Inc. – $ 151.0 billion; Bank of America Corporation – $ 29.5 billion; The Coca-Cola Company – $ 24.8 billion and Chevron Corporation – $ 21.6 billion). Cost Basis Net Unrealized Fair Value December 31, 2022* Banks, insurance and finance $ 25,893 $ 43,663 $ 69,556 Consumer products 40,508 112,384 152,892 Commercial, industrial and other 65,209 21,136 86,345 $ 131,610 $ 177,183 $ 308,793 —————— * Approximately 75 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 22.4 billion; Apple Inc. – $ 119.0 billion; Bank of America Corporation – $ 34.2 billion; The Coca-Cola Company – $ 25.4 billion and Chevron Corporation – $ 30.0 billion). |
Equity method investments (Tabl
Equity method investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Summary of carrying value and fair value of investments | The common stock of Kraft Heinz and Occidental are publicly traded. The fair values and carrying values of these investments in addition to the carrying values of our other significant equity method investments are summarized as follows (in millions). Carrying Value Fair Value March 31, December 31, March 31, December 31, Kraft Heinz $ 13,033 $ 12,937 $ 12,585 $ 13,249 Occidental 12,927 11,484 13,217 12,242 Other 443 3,629 $ 26,403 $ 28,050 |
Summary of earnings and distributions received from equity method investments | Equity in Earnings Distributions Received First Quarter First Quarter 2023 2022 2023 2022 Kraft Heinz $ 222 $ 206 $ 130 $ 130 Occidental 370 — 25 — Other 96 133 — 2 $ 688 $ 339 $ 155 $ 132 |
Summarized unaudited financial information of Kraft Heinz | Summarized consolidated financial information of Kraft Heinz follows (in millions). April 1, December 31, Assets $ 90,943 $ 90,513 Liabilities 41,590 41,643 First Quarter 2023 2022 Sales $ 6,489 $ 6,045 Net earnings attributable to Kraft Heinz common shareholders 836 776 Summarized consolidated financial information of Occidental follows (in millions). December 31, Assets $ 72,609 Liabilities 42,524 Quarter ending Total revenues and other income $ 8,326 Net earnings attributable to Occidental common shareholders 1,727 |
Investment and derivative con_2
Investment and derivative contract gains (losses) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of investment and derivative gains (losses) | Investment and derivative contract gains (losses) in the first quarter of 2023 and 2022 are summarized as follows (in millions). First Quarter 2023 2022 Investment gains (losses): Equity securities: Change in unrealized investment gains (losses) during the period on $ 31,317 $ ( 1,775 ) Investment gains on securities sold during the period 370 89 31,687 ( 1,686 ) Fixed maturity securities: Gross realized gains 124 6 Gross realized losses ( 52 ) ( 49 ) Other 2,999 ( 6 ) Investment gains (losses) 34,758 ( 1,735 ) Derivative contract gains (losses) — ( 243 ) $ 34,758 $ ( 1,978 ) |
Loans and finance receivables (
Loans and finance receivables (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of receivables | Other receivables are comprised of the following (in millions). Receivables of the railroad, utilities and energy businesses at March 31, 2023 included approximately $ 2.1 billion related to Pilot. March 31, December 31, Insurance and other: Insurance premiums receivable $ 19,212 $ 18,395 Reinsurance recoverables 7,191 7,106 Trade receivables 15,069 14,510 Other 4,871 4,154 Allowances for credit losses ( 669 ) ( 675 ) $ 45,674 $ 43,490 Railroad, utilities and energy: Trade receivables $ 5,855 $ 4,182 Other 1,112 754 Allowances for credit losses ( 153 ) ( 141 ) $ 6,814 $ 4,795 |
Loans and Finance Receivables [Member] | |
Schedule of receivables | Loans and finance receivables are summarized as follows (in millions). March 31, December 31, Loans and finance receivables before allowances and discounts $ 24,629 $ 24,664 Allowances for credit losses ( 876 ) ( 856 ) Unamortized acquisition discounts and points ( 609 ) ( 600 ) $ 23,144 $ 23,208 |
Schedule of reconciliation of allowance for credit losses on loans and finance receivables | Loans and finance receivables are principally manufactured home loans, and to a lesser extent, commercial loans and site-built home loans. Reconciliations of the allowance for credit losses on loans and finance receivables for the first quarter of 2023 and 2022 follow (in millions). First Quarter 2023 2022 Balance at beginning of year $ 856 $ 765 Provision for credit losses 37 22 Charge-offs, net of recoveries ( 17 ) ( 6 ) Balance at March 31 $ 876 $ 781 |
Manufactured Housing Loan Balances [Member] | |
Summary of performing and non-performing home loans before discounts and allowances by year of loan origination | A summary of performing and non-performing home loans before discounts and allowances by year of loan origination as of March 31, 2023 follows (in millions). Origination Year 2023 2022 2021 2020 2019 Prior Total Performing $ 1,845 $ 4,830 $ 3,549 $ 2,752 $ 1,956 $ 8,204 $ 23,136 Non-performing 2 4 11 10 7 47 81 $ 1,847 $ 4,834 $ 3,560 $ 2,762 $ 1,963 $ 8,251 $ 23,217 |
Other receivables (Tables)
Other receivables (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Schedule of receivables | Other receivables are comprised of the following (in millions). Receivables of the railroad, utilities and energy businesses at March 31, 2023 included approximately $ 2.1 billion related to Pilot. March 31, December 31, Insurance and other: Insurance premiums receivable $ 19,212 $ 18,395 Reinsurance recoverables 7,191 7,106 Trade receivables 15,069 14,510 Other 4,871 4,154 Allowances for credit losses ( 669 ) ( 675 ) $ 45,674 $ 43,490 Railroad, utilities and energy: Trade receivables $ 5,855 $ 4,182 Other 1,112 754 Allowances for credit losses ( 153 ) ( 141 ) $ 6,814 $ 4,795 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories of our insurance and other businesses are comprised of the following (in millions). March 31, December 31, Raw materials $ 6,484 $ 6,381 Work in process and other 3,365 3,464 Finished manufactured goods 5,955 5,739 Goods acquired for resale 9,695 9,782 $ 25,499 $ 25,366 |
Property, plant and equipment_2
Property, plant and equipment including equipment held for lease (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of depreciation expense | Depreciation expense for the first three months of 2023 and 2022 is summarized below (in millions). First Quarter 2023 2022 Insurance and other $ 575 $ 564 Railroad, utilities and energy 1,739 1,542 $ 2,314 $ 2,106 |
Insurance and Other [Member] | |
Schedule of property, plant and equipment | A summary of property, plant and equipment of our insurance and other businesses follows (in millions). March 31, December 31, Land, buildings and improvements $ 14,533 $ 14,761 Machinery and equipment 27,190 26,690 Furniture, fixtures and other 5,193 4,847 46,916 46,298 Accumulated depreciation ( 25,708 ) ( 25,185 ) $ 21,208 $ 21,113 |
Railroad, Utilities and Energy [Member] | |
Schedule of property, plant and equipment | A summary of property, plant and equipment of railroad and utilities and energy businesses follows (in millions). The utility generation, transmission and distribution systems and interstate natural gas pipeline assets are owned by regulated public utility and natural gas pipeline subsidiaries. Assets of Pilot are included in land, buildings, improvements and other within the utilities and energy section of the following table. March 31, December 31, Railroad: Land, track structure and other roadway $ 67,861 $ 67,350 Locomotives, freight cars and other equipment 16,003 16,031 Construction in progress 1,773 1,743 85,637 85,124 Accumulated depreciation ( 18,334 ) ( 17,899 ) 67,303 67,225 Utilities and energy: Utility generation, transmission and distribution systems 93,123 92,759 Interstate natural gas pipeline assets 18,492 18,328 Independent power plants and other assets 14,610 14,650 Land, buildings, improvements and other 8,205 — Construction in progress 6,246 5,357 140,676 131,094 Accumulated depreciation ( 39,006 ) ( 38,051 ) 101,670 93,043 $ 168,973 $ 160,268 |
Equipment held for lease (Table
Equipment held for lease (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property Plant And Equipment [Abstract] | |
Summary of equipment held for lease | Equipment held for lease includes railcars, aircraft and other equipment, including over-the-road trailers, intermodal tank containers, cranes, storage units and furniture. Equipment held for lease is summarized below (in millions). March 31, December 31, Railcars $ 9,662 $ 9,612 Aircraft 10,928 10,667 Other 5,268 5,212 25,858 25,491 Accumulated depreciation ( 10,184 ) ( 9,907 ) $ 15,674 $ 15,584 |
Summary of fixed and variable operating lease revenues | Fixed and variable operating lease revenues for the first quarter of 2023 and 2022 are summarized below (in millions). First Quarter 2023 2022 Fixed lease revenue $ 1,417 $ 1,188 Variable lease revenue 627 484 $ 2,044 $ 1,672 |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Reconciliation of the change in goodwill | Reconciliations of the changes in the carrying value of goodwill for the first three months of 2023 and for the year ended December 31, 2022 follow (in millions). March 31, December 31, Balance at beginning of year $ 78,119 $ 73,875 Business acquisitions 6,112 4,657 Other, including foreign currency translation ( 729 ) ( 413 ) Balance at end of period* $ 83,502 $ 78,119 —————— * Net of accumulated goodwill impairments of $ 11.0 billion as of March 31, 2023 and December 31, 2022 . |
Schedule of intangible assets | The gross carrying amounts and accumulated amortization of other intangible assets are summarized below (in millions). March 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Insurance and other: Customer relationships $ 28,247 $ 7,376 $ 20,871 $ 27,765 $ 7,174 $ 20,591 Trademarks and trade names 5,605 832 4,773 5,603 822 4,781 Patents and technology 5,010 3,832 1,178 4,943 3,748 1,195 Other 4,775 1,596 3,179 4,150 1,530 2,620 $ 43,637 $ 13,636 $ 30,001 $ 42,461 $ 13,274 $ 29,187 Railroad, utilities and energy: Customer relationships and contracts $ 6,214 $ 612 $ 5,602 $ 1,507 $ 541 $ 966 Trademarks and trade names 2,566 44 2,522 217 39 178 Other 658 47 611 190 42 148 $ 9,438 $ 703 $ 8,735 $ 1,914 $ 622 $ 1,292 |
Unpaid losses and loss adjust_2
Unpaid losses and loss adjustment expenses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Schedule of liability for unpaid claims and claims adjustment expense | A reconciliation of the changes in claim liabilities, excluding liabilities under retroactive reinsurance contracts (see Note 15), for each of the three-month periods ending March 31, 2023 and 2022 follows (in millions). 2023 2022 Balances at beginning of year: Gross liabilities $ 107,472 $ 86,664 Reinsurance recoverable on unpaid losses ( 5,025 ) ( 2,960 ) Net liabilities 102,447 83,704 Incurred losses and loss adjustment expenses: Current accident year 14,776 13,375 Prior accident years ( 740 ) ( 251 ) Total 14,036 13,124 Paid losses and loss adjustment expenses: Current accident year ( 3,841 ) ( 3,908 ) Prior accident years ( 9,747 ) ( 8,091 ) Total ( 13,588 ) ( 11,999 ) Foreign currency effect 93 ( 106 ) Balances at March 31: Net liabilities 102,988 84,723 Reinsurance recoverable on unpaid losses 4,969 2,944 Gross liabilities $ 107,957 $ 87,667 |
Retroactive reinsurance contr_2
Retroactive reinsurance contracts (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Reconciliation of changes in claim liabilities and incurred losses and loss adjustment expenses | Reconciliations of the changes in estimated liabilities for retroactive reinsurance unpaid losses and loss adjustment expenses and incurred losses and loss adjustment expenses to the amounts recorded in the Consolidated Statements of Earnings for each of the three-month periods ended March 31, 2023 and 2022 follow (in millions). 2023 2022 Balances at beginning of year $ 35,415 $ 37,855 Incurred losses and loss adjustment expenses: Current year contracts — — Prior years’ contracts 14 ( 7 ) Total 14 ( 7 ) Paid losses and loss adjustment expenses ( 372 ) ( 547 ) Foreign currency effect 6 ( 5 ) Balances at March 31 $ 35,063 $ 37,296 Incurred losses and loss adjustment expenses above $ 14 $ ( 7 ) Deferred charge amortization and adjustments 171 215 Incurred losses and loss adjustment expenses included in the Consolidated $ 185 $ 208 |
Long duration insurance contr_2
Long duration insurance contracts (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Summary of periodic payment annuity and life and health insurance benefits liabilities | We write periodic payment annuity and life and health insurance contracts. A summary of the impacts of adopting ASU 2018-12 on our periodic payment annuity and life and health insurance benefits liabilities as of the January 1, 2021 transition date follows in millions. Periodic payment Life and health Total Balance at December 31, 2020, as previously reported $ 10,974 $ 10,642 $ 21,616 Reclassifications to other policyholder liabilities ( 286 ) ( 929 ) ( 1,215 ) Balance at December 31, 2020 after reclassifications 10,688 9,713 20,401 Change in discount rate assumptions 6,553 1,447 8,000 Change in cash flow assumptions ( 117 ) 552 435 Balance as of January 1, 2021 $ 17,124 $ 11,712 $ 28,836 |
Summary of life, annuity and health insurance benefits liabilities | A summary of our life, annuity and health insurance benefits liabilities as of March 31, 2023 and 2022, disaggregated for our two primary product categories, periodic payment annuities and life and health insurance, follows (in millions). Other liabilities primarily consist of incurred-but-not-reported claims and claims in the course of settlement. March 31, 2023 2022 Periodic payment annuities $ 11,174 $ 13,867 Life and health 5,633 6,792 Other liabilities 3,130 3,524 $ 19,937 $ 24,183 |
Summary of changes in discounted present values of expected future policy benefits and expected future net premiums | In this context, net premiums represent the portion of expected gross premiums that are required to provide for future policy benefits and variable expenses. Periodic payment annuities Life and health 2023 2022 2023 2022 Expected future policy benefits: Balance at beginning of period $ 10,640 $ 16,153 $ 52,008 $ 63,648 Balance at beginning of period at original discount rate 11,549 11,261 63,584 60,133 Impact of cash flow assumption changes — — ( 1 ) 486 Effect of actual from expected results 1 1 ( 519 ) 90 Change in benefits, net ( 116 ) 43 ( 747 ) ( 517 ) Interest accrual 133 135 425 404 Foreign currency effect 19 ( 23 ) 47 ( 167 ) Ending balance at original discount rate 11,586 11,417 62,789 60,429 Effect of changes in discount rate assumptions ( 412 ) 2,450 ( 12,169 ) ( 2,386 ) Expected future policy benefits at March 31 $ 11,174 $ 13,867 $ 50,620 $ 58,043 Expected future net premiums: Balance at beginning of period $ 46,129 $ 55,960 Balance at beginning of period at original discount rate 56,535 53,277 Impact of cash flow assumption changes 2 458 Effect of actual from expected results ( 413 ) 22 Change in premiums, net ( 660 ) ( 357 ) Interest accrual 371 351 Foreign currency effect 47 ( 184 ) Ending balance at original discount rate 55,882 53,567 Effect of changes in discount rate assumptions ( 10,895 ) ( 2,316 ) Expected future net premiums at March 31 $ 44,987 $ 51,251 Liability for future policy benefits at March 31 $ 11,174 $ 13,867 $ 5,633 $ 6,792 Reinsurance recoverables — — ( 1,565 ) ( 1,857 ) Liability for future policy benefits at March 31, $ 11,174 $ 13,867 $ 4,068 $ 4,935 |
Summary of undiscounted and discounted expected future gross premiums to be collected and undiscounted expected future benefits for periodic payment annuities and life and health insurance | The undiscounted and discounted expected future gross premiums to be collected and undiscounted expected future benefits for periodic payment annuities and life and health insurance as of March 31, 2023 and 2022 are summarized below (in millions). Undiscounted expected Discounted expected Undiscounted expected 2023 2022 2023 2022 2023 2022 Periodic payment annuities $ — $ — $ — $ — $ 31,244 $ 30,647 Life and health 107,831 105,433 64,421 63,904 102,881 100,529 |
Summary of gross premiums earned and interest expense | Gross premiums earned on long duration contracts are included in insurance premiums earned and interest expense associated with long duration insurance contracts is included as a component of life, annuity and health benefits expenses in our Consolidated Statements of Earnings. Gross premiums earned and interest expense for the first three months of 2023 and 2022 were as follows (in millions). Gross Premiums Interest Expense 2023 2022 2023 2022 Periodic payment annuities $ — $ 169 $ 133 $ 135 Life and health 1,004 1,143 54 53 |
Summary of weighted average current discount rates and interest accretion rates | The weighted average current discount rates and interest accretion rates established at contract inception for the periodic payment annuities and life and health insurance are summarized below. March 31, 2023 2022 Periodic payment annuities Weighted average discount rate 5.0 % 3.6 % Weighted average accretion rate 4.8 % 4.9 % Weighted average duration (in years) 18 20 Life and health Weighted average discount rate 4.9 % 3.4 % Weighted average accretion rate 3.2 % 3.5 % Weighted average duration (in years) 14 14 |
Notes payable and other borro_2
Notes payable and other borrowings (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of short and long term outstanding debt disclosure | Notes payable and other borrowings of our insurance and other businesses are summarized below (in millions). The weighted average interest rates and maturity date ranges are based on borrowings as of March 31, 2023. Weighted March 31, December 31, Insurance and other: Berkshire Hathaway Inc. (“Berkshire”): U.S. Dollar denominated due 2025 - 2047 3.5 % $ 3,733 $ 6,231 Euro denominated due 2024 - 2041 1.1 % 6,029 7,344 Japanese Yen denominated due 2023 - 2060 0.7 % 7,716 7,818 Berkshire Hathaway Finance Corporation (“BHFC”): U.S. Dollar denominated due 2027 - 2052 3.6 % 14,459 14,458 Great Britain Pound denominated due 2039 - 2059 2.5 % 2,122 2,078 Euro denominated due 2030 - 2034 1.8 % 1,349 1,332 Other subsidiary borrowings due 2023 - 2051 4.7 % 4,924 5,967 Subsidiary short-term borrowings 6.3 % 1,104 1,310 $ 41,436 $ 46,538 |
Railroad, Utilities and Energy [Member] | |
Schedule of short and long term outstanding debt disclosure | Weighted March 31, December 31, Railroad, utilities and energy: Berkshire Hathaway Energy Company (“BHE”) and subsidiaries: BHE senior unsecured debt due 2023 - 2053 4.4 % $ 13,597 $ 13,996 Subsidiary and other debt due 2023 - 2064 4.3 % 37,553 37,639 Short-term borrowings 5.6 % 1,819 1,119 Pilot Travel Centers (“Pilot”) and subsidiaries: Pilot borrowings due 2023 - 2028 6.6 % 5,878 — Short-term borrowings 6.2 % 594 — Burlington Northern Santa Fe (“BNSF”) and subsidiaries due 2023 - 2097 4.6 % 22,747 23,452 $ 82,188 $ 76,206 |
Fair value measurements (Tables
Fair value measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial assets and liabilities measured at fair value on a recurring basis | Our financial assets and liabilities are summarized below as of March 31, 2023 and December 31, 2022, with fair values shown according to the fair value hierarchy (in millions). The carrying values of cash and cash equivalents, U.S. Treasury Bills, other receivables and accounts payable, accruals and other liabilities are considered to be reasonable estimates of or otherwise approximate the fair values. Carrying Fair Value Quoted Significant Significant March 31, 2023 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations $ 9,405 $ 9,405 $ 9,370 $ 35 $ — Foreign governments 11,088 11,088 10,738 350 — Corporate bonds 1,791 1,791 — 1,109 682 Other 282 282 — 282 — Investments in equity securities 328,161 328,161 316,550 12 11,599 Investments in Kraft Heinz & Occidental common stock 25,960 25,802 25,802 — — Loans and finance receivables 23,144 23,736 — 1,241 22,495 Derivative contract assets (1) 504 504 132 340 32 Derivative contract liabilities (1) 287 287 11 109 167 Notes payable and other borrowings: Insurance and other 41,436 37,534 — 37,502 32 Railroad, utilities and energy 82,188 77,743 — 77,743 — December 31, 2022 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations $ 9,802 $ 9,802 $ 9,733 $ 69 $ — Foreign governments 10,327 10,327 9,854 473 — Corporate bonds 2,195 2,195 — 1,546 649 Other 2,804 2,804 — 2,804 — Investments in equity securities 308,793 308,793 296,610 9 12,174 Investments in Kraft Heinz & Occidental common stock 24,421 25,491 25,491 — — Loans and finance receivables 23,208 23,428 — 1,513 21,915 Derivative contract asset s (1) 589 589 56 474 59 Derivative contract liabiliti es (1) 242 242 8 122 112 Notes payable and other borrowings: Insurance and other 46,538 41,961 — 41,061 900 Railroad, utilities and energy 76,206 67,651 — 67,651 — —————— (1) Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities. |
Reconciliations of significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) | Reconciliations of significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the three months ended March 31, 2023 and 2022 follow (in millions). Balance at Gains (losses) Acquisitions, Transfers out of Balance at Investments in equity securities : 2023 $ 12,169 $ ( 54 ) $ ( 521 ) $ — $ 11,594 2022 11,480 855 — — 12,335 |
Fair value assets and liabilities measured on recurring basis, unobservable inputs, additional information | Quantitative information as of March 31, 2023 for the significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follows (dollars in millions). Fair Principal Valuation Unobservable Weighted Investments in equity securities: Preferred stock $ 9,602 Discounted cash flow Expected duration 6 years Discounts for liquidity 372 bps Common stock warrants 1,992 Warrant pricing model Expected duration 6 years Volatility 40 % |
Common stock (Tables)
Common stock (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Changes in issued, treasury and outstanding Berkshire common stock | Changes in Berkshire’s issued, treasury and outstanding common stock during the first quarter of 2023 are shown in the table below. In addition to our common stock, 1,000,000 shares of preferred stock are authorized, but none are issued. Class A, $ 5 Par Value 1,650,000 shares authorized) Class B, $ 0.0033 Par Value 3,225,000,000 shares authorized) Issued Treasury Outstanding Issued Treasury Outstanding Balances at December 31, 2022 651,450 ( 59,886 ) 591,564 1,509,969,352 ( 207,715,276 ) 1,302,254,076 Conversions of Class A to ( 359 ) — ( 359 ) 538,500 — 538,500 Treasury stock acquired — ( 5,103 ) ( 5,103 ) — ( 6,716,864 ) ( 6,716,864 ) Balances at March 31, 2023 651,091 ( 64,989 ) 586,102 1,510,507,852 ( 214,432,140 ) 1,296,075,712 |
Accumulated other comprehensi_2
Accumulated other comprehensive income (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income | A summary of the net changes in after-tax accumulated other comprehensive income attributable to Berkshire Hathaway shareholders for the three months ending March 31, 2023 and 2022 follows (in millions). Unrealized Foreign currency translation Long duration insurance contracts Defined benefit pension plans Other Total First quarter of 2023 Beginning of year as previously reported $ ( 187 ) $ ( 6,140 ) $ — $ ( 552 ) $ 288 $ ( 6,591 ) Adoption of ASU 2018-12 — ( 2 ) 1,541 — — 1,539 Beginning balance as revised ( 187 ) ( 6,142 ) 1,541 ( 552 ) 288 ( 5,052 ) Other comprehensive income 194 244 ( 291 ) 44 ( 115 ) 76 Balance at end of period $ 7 $ ( 5,898 ) $ 1,250 $ ( 508 ) $ 173 $ ( 4,976 ) First quarter of 2022 Beginning of year as previously reported $ 369 $ ( 4,092 ) $ — $ ( 347 ) $ 43 $ ( 4,027 ) Adoption of ASU 2018-12 — — ( 4,096 ) — — ( 4,096 ) Beginning balance as revised 369 ( 4,092 ) ( 4,096 ) ( 347 ) 43 ( 8,123 ) Other comprehensive income ( 186 ) ( 314 ) 2,419 20 80 2,019 Balance at end of period $ 183 $ ( 4,406 ) $ ( 1,677 ) $ ( 327 ) $ 123 $ ( 6,104 ) |
Supplemental cash flow inform_2
Supplemental cash flow information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental cash flow information | A summary of supplemental cash flow information is presented in the following table (in millions). First Quarter 2023 2022 Cash paid during the period for: Income taxes $ 312 $ 336 Interest: Insurance and other 491 365 Railroad, utilities and energy 799 708 Non-cash investing and financing activities: Liabilities assumed in connection with business acquisitions 10,747 9 |
Revenues from contracts with _2
Revenues from contracts with customers (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from contracts with customers disaggregated by reportable segment and source of revenue | The following tables summarize customer contract revenues disaggregated by reportable segment and the source of the revenue for the first quarter of 2023 and 2022 (in millions). Revenues from Pilot in 2023 are for the two months ending March 31, 2023. Other revenues, which are not considered to be revenues from contracts with customers under GAAP, are primarily insurance premiums earned, interest, dividend and other investment income and leasing revenues. Manufacturing McLane Service BNSF Berkshire Pilot Insurance, Total Three months ending March 31, 2023 Manufactured products: Industrial and commercial products $ 7,229 $ — $ 65 $ — $ — $ — $ — $ 7,294 Building products 4,758 — — — — — — 4,758 Consumer products 4,035 — — — — — — 4,035 Grocery and convenience store distribution — 7,793 — — — — — 7,793 Food and beverage distribution — 4,762 — — — — — 4,762 Auto sales — — 2,565 — — — — 2,565 Other retail and wholesale distribution 799 — 4,230 — — 422 — 5,451 Service 354 284 1,326 5,985 811 21 — 8,781 Electricity, natural gas and fuel — — — — 5,291 9,015 — 14,306 Total 17,175 12,839 8,186 5,985 6,102 9,458 — 59,745 Other revenues 1,090 42 1,716 16 337 38 22,409 25,648 $ 18,265 $ 12,881 $ 9,902 $ 6,001 $ 6,439 $ 9,496 $ 22,409 $ 85,393 Three months ending March 31, 2022 Manufactured products: Industrial and commercial products $ 5,932 $ — $ 49 $ — $ — $ — $ — $ 5,981 Building products 5,419 — — — — — — 5,419 Consumer products 5,093 — — — — — — 5,093 Grocery and convenience store distribution — 7,706 — — — — — 7,706 Food and beverage distribution — 4,562 — — — — — 4,562 Auto sales — — 2,527 — — — — 2,527 Other retail and wholesale distribution 722 — 4,175 — — — — 4,897 Service 264 214 1,006 5,931 1,112 — — 8,527 Electricity and natural gas — — — — 4,714 — — 4,714 Total 17,430 12,482 7,757 5,931 5,826 — — 49,426 Other revenues 955 32 1,334 13 189 — 18,894 21,417 $ 18,385 $ 12,514 $ 9,091 $ 5,944 $ 6,015 $ — $ 18,894 $ 70,843 |
Transaction price allocated to significant unsatisfied remaining performance obligations and timing of when performance obligations expected to be satisfied | A summary of the transaction price allocated to the significant unsatisfied remaining performance obligations relating to contracts with expected durations in excess of one year as of March 31, 2023 and the timing of when the performance obligations are expected to be satisfied follows (in millions). Less than Greater than Total Electricity, natural gas and fuel $ 3,331 $ 20,146 $ 23,477 Other sales and service contracts 3,346 5,134 8,480 |
Business segment data (Tables)
Business segment data (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of revenues and earnings before income taxes by segment | Our operating businesses include a large and diverse group of insurance, manufacturing, service and retailing businesses. We organize our reportable business segments in a manner that reflects how management views those business activities. Certain businesses are grouped together for segment reporting based upon similar products or product lines and marketing, selling and distribution characteristics, even though those business units are operated under separate local management. We acquired control of Pilot Travel Centers (“Pilot”) on January 31, 2023. Pilot’s revenues, costs and earnings are included in our Consolidated Financial Statements and is considered a reportable segment beginning February 1, 2023. In this presentation, the revenues and pre-tax earnings of the Pilot segment are for the two months ending March 31, 2023. Previously, our earnings from Pilot were determined under the equity method and are included in earnings from equity method investments. Revenues and earnings before income taxes by segment for the first quarter of 2023 and 2022 were as follows (in millions). First Quarter 2023 2022 Revenues of Operating Businesses Insurance: Underwriting: GEICO $ 9,626 $ 9,554 Berkshire Hathaway Primary Group 3,961 3,118 Berkshire Hathaway Reinsurance Group 6,209 4,816 Investment income 2,392 1,364 Total insurance 22,188 18,852 BNSF 6,019 5,968 Berkshire Hathaway Energy (“BHE”) 6,451 6,020 Pilot Travel Centers (“Pilot”) 9,508 — Manufacturing 18,289 18,421 McLane 13,059 12,515 Service and retailing 9,931 9,115 85,445 70,891 Reconciliation of segments to consolidated amount Corporate, eliminations and other ( 52 ) ( 48 ) $ 85,393 $ 70,843 First Quarter 2023 2022 Earnings Before Income Taxes of Operating Businesses Insurance: Underwriting: GEICO $ 703 $ ( 178 ) Berkshire Hathaway Primary Group 268 92 Berkshire Hathaway Reinsurance Group 231 301 Investment income 2,385 1,361 Total insurance 3,587 1,576 BNSF 1,649 1,809 BHE 223 713 Pilot 136 — Manufacturing 2,611 2,824 McLane 113 82 Service and retailing 1,221 1,135 9,540 8,139 Reconciliation of segments to consolidated amount Investment and derivative gains (losses) 34,758 ( 1,978 ) Interest expense, not allocated to segments ( 114 ) ( 104 ) Equity method investments 688 339 Corporate, eliminations and other ( 120 ) 561 $ 44,752 $ 6,957 |
New accounting pronouncements -
New accounting pronouncements - Summary of effects from adopting ASU 2018-12 on affected line items consolidated statement of earnings and comprehensive income (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Costs and Expenses [Abstract] | |||
Earnings (loss) before income taxes | $ 44,752 | $ 6,957 | |
Income Tax Expense (Benefit) | 8,995 | 1,252 | |
Net earnings | 35,757 | 5,705 | |
Net earnings attributable to Berkshire Hathaway shareholders | 35,504 | 5,580 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Foreign currency translation | 249 | (315) | |
Long duration insurance contracts | 2,419 | ||
Other comprehensive income, net | 82 | 2,016 | |
Comprehensive income attributable to Berkshire Hathaway shareholders | $ 35,580 | $ 7,599 | |
Equivalent Class A [Member] | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Net earnings per average equivalent | $ 24,377 | $ 3,784 | |
Equivalent Class B [Member] | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Net earnings per average equivalent | [1] | $ 16.25 | $ 2.52 |
Insurance And Other [Member] | |||
Revenues [Abstract] | |||
Insurance premiums earned | $ 19,796 | $ 17,488 | |
Costs and Expenses [Abstract] | |||
Life, annuity and health insurance benefits | 785 | 1,337 | |
Insurance underwriting expenses | $ 3,587 | 2,604 | |
Previously Reported [Member] | |||
Costs and Expenses [Abstract] | |||
Earnings (loss) before income taxes | 6,812 | ||
Income Tax Expense (Benefit) | 1,227 | ||
Net earnings | 5,585 | ||
Net earnings attributable to Berkshire Hathaway shareholders | 5,460 | ||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Foreign currency translation | (316) | ||
Other comprehensive income, net | (404) | ||
Comprehensive income attributable to Berkshire Hathaway shareholders | $ 5,059 | ||
Previously Reported [Member] | Equivalent Class A [Member] | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Net earnings per average equivalent | $ 3,702 | ||
Previously Reported [Member] | Equivalent Class B [Member] | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Net earnings per average equivalent | $ 2.47 | ||
Previously Reported [Member] | Insurance And Other [Member] | |||
Revenues [Abstract] | |||
Insurance premiums earned | $ 17,492 | ||
Costs and Expenses [Abstract] | |||
Life, annuity and health insurance benefits | 1,323 | ||
Insurance underwriting expenses | 2,767 | ||
Revision of Prior Period, Adjustment [Member] | |||
Costs and Expenses [Abstract] | |||
Earnings (loss) before income taxes | 145 | ||
Income Tax Expense (Benefit) | 25 | ||
Net earnings | 120 | ||
Net earnings attributable to Berkshire Hathaway shareholders | 120 | ||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Foreign currency translation | 1 | ||
Long duration insurance contracts | 2,419 | ||
Other comprehensive income, net | 2,420 | ||
Comprehensive income attributable to Berkshire Hathaway shareholders | $ 2,540 | ||
Revision of Prior Period, Adjustment [Member] | Equivalent Class A [Member] | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Net earnings per average equivalent | $ 82 | ||
Revision of Prior Period, Adjustment [Member] | Equivalent Class B [Member] | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Net earnings per average equivalent | $ 0.05 | ||
Revision of Prior Period, Adjustment [Member] | Insurance And Other [Member] | |||
Revenues [Abstract] | |||
Insurance premiums earned | $ (4) | ||
Costs and Expenses [Abstract] | |||
Life, annuity and health insurance benefits | 14 | ||
Insurance underwriting expenses | $ (163) | ||
[1] Class B shares are economically equivalent to one-fifteen-hundredth of a Class A share. Accordingly, net earnings per average equivalent Class B share outstanding is equal to one-fifteen-hundredth of the equivalent Class A amount. See Note 19. |
Significant business acquisit_3
Significant business acquisitions - Narrative (Detail) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | |||
Jan. 31, 2023 USD ($) | Oct. 19, 2022 USD ($) | Jan. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) Location Store | Mar. 31, 2023 USD ($) Location Store | Mar. 31, 2022 USD ($) | |
Business Acquisition [Line Items] | ||||||
Revenues | $ 59,745 | $ 49,426 | ||||
Net earnings attributable to Berkshire shareholders | 35,504 | 5,580 | ||||
Equity method earnings | $ 688 | $ 339 | ||||
Pilot Travel Centers LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Equity method earnings | $ 105 | |||||
Pilot Travel Centers LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of additional interest acquired | 41.40% | |||||
Business acquisition, cash consideration | $ 8,200 | |||||
Equity interest ownership percentage | 38.60% | 38.60% | 38.60% | 38.60% | ||
Revenues | $ 9,500 | |||||
Net earnings attributable to Berkshire shareholders | $ 83 | |||||
One-time, non-cash remeasurement gain recognized | $ 3,000 | |||||
Pilot Travel Centers LLC [Member] | Canadian Provinces [Member] | Travel Center Locations [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of places retail locations located | Location | 6 | 6 | ||||
Pilot Travel Centers LLC [Member] | U.S. States [Member] | Travel Center Locations [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of places retail locations located | Location | 43 | 43 | ||||
Pilot Travel Centers LLC [Member] | U.S. and Canada [Member] | Retail Site [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of retail | Store | 150 | 150 | ||||
Pilot Travel Centers LLC [Member] | U.S. and Canada [Member] | Travel Center Locations [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of retail | Store | 650 | 650 | ||||
Alleghany Corporation [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, cash consideration | $ 11,500 | |||||
Business acquisition, effective date of acquisition | Oct. 19, 2022 | |||||
Business acquisition, agreement date | Mar. 20, 2022 |
Significant business acquisit_4
Significant business acquisitions - Summary of preliminary values of identified assets acquired and liabilities assumed (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Oct. 19, 2022 |
Pilot Travel Centers LLC [Member] | ||
Business Acquisition [Line Items] | ||
Property, plant and equipment | $ 8,136 | |
Goodwill and other intangible assets | 13,347 | |
Other | 6,934 | |
Assets acquired | 28,417 | |
Notes payable | 5,876 | |
Other | 4,789 | |
Liabilities assumed | 10,665 | |
Noncontrolling interests, predominantly redeemable | 3,370 | |
Net assets | $ 14,382 | |
Alleghany Corporation [Member] | ||
Business Acquisition [Line Items] | ||
Cash, cash equivalents and U.S. Treasury Bills | $ 3,762 | |
Investments in fixed maturity and equity securities | 15,982 | |
Loans and other receivables | 5,650 | |
Goodwill and other intangible assets | 6,559 | |
Other | 3,637 | |
Assets acquired | 35,590 | |
Unpaid losses and loss adjustment expenses | 15,080 | |
Unearned premiums | 3,536 | |
Notes payable | 2,169 | |
Other | 3,300 | |
Liabilities assumed | 24,085 | |
Net assets | $ 11,505 |
Significant business acquisit_5
Significant business acquisitions - Summary of unaudited pro forma consolidated earnings (Detail) - Alleghany and Pilot Acquisitions [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
Business Acquisition [Line Items] | |
Revenues | $ 87,548 |
Net earnings attributable to Berkshire Hathaway shareholders | 5,666 |
Net earnings per equivalent Class A common share | $ 3,842 |
Investments in fixed maturity_3
Investments in fixed maturity securities (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | $ 22,565 | $ 25,173 |
Unrealized gains on fixed maturity securities | 343 | 395 |
Unrealized losses on fixed maturity securities | (342) | (440) |
Fair value of fixed maturity securities | 22,566 | 25,128 |
U.S. Treasury, U.S. government corporations and agencies [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 9,588 | 10,039 |
Unrealized gains on fixed maturity securities | 8 | 12 |
Unrealized losses on fixed maturity securities | (191) | (249) |
Fair value of fixed maturity securities | 9,405 | 9,802 |
Foreign governments [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 11,184 | 10,454 |
Unrealized gains on fixed maturity securities | 48 | 50 |
Unrealized losses on fixed maturity securities | (144) | (177) |
Fair value of fixed maturity securities | 11,088 | 10,327 |
Corporate bonds [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 1,532 | 1,945 |
Unrealized gains on fixed maturity securities | 263 | 256 |
Unrealized losses on fixed maturity securities | (4) | (6) |
Fair value of fixed maturity securities | 1,791 | 2,195 |
Other [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 261 | 2,735 |
Unrealized gains on fixed maturity securities | 24 | 77 |
Unrealized losses on fixed maturity securities | (3) | (8) |
Fair value of fixed maturity securities | $ 282 | $ 2,804 |
Investments in fixed maturity_4
Investments in fixed maturity securities - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Summary of Investment Holdings [Line Items] | ||
Fair value of fixed maturity securities | $ 22,566 | $ 25,128 |
US Treasury Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Fair value of fixed maturity securities | $ 8,800 | |
Fixed maturity securities, maturity year | 2023 and 2024 | |
Foreign governments [Member] | AA or Higher Credit Rating [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of fixed maturity investments by credit rating | 93% |
Investments in fixed maturity_5
Investments in fixed maturity securities - Amortized cost and estimated fair value of securities with fixed maturities (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Summary of Investment Holdings [Line Items] | ||
Due in one year or less - amortized cost | $ 14,038 | |
Due after one year through five years - amortized cost | 7,426 | |
Due after five years through ten years - amortized cost | 780 | |
Due after ten years - amortized cost | 139 | |
Amortized cost of mortgage-backed securities | 182 | |
Amortized cost of fixed maturity securities | 22,565 | $ 25,173 |
Due in one year or less - fair value | 13,832 | |
Due after one year through five years - fair value | 7,370 | |
Due after five years through ten years - fair value | 1,016 | |
Due after ten years - fair value | 149 | |
Fair value of mortgage-backed securities | 199 | |
Fair value of fixed maturity securities | $ 22,566 | $ 25,128 |
Investments in equity securit_3
Investments in equity securities (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | [1] | Dec. 31, 2022 | [2] |
Summary of Investment Holdings [Line Items] | ||||
Cost Basis | $ 121,342 | $ 131,610 | ||
Net Unrealized Gains | 206,819 | 177,183 | ||
Fair Value | 328,161 | 308,793 | ||
Banks, insurance and finance [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost Basis | 24,023 | 25,893 | ||
Net Unrealized Gains | 41,292 | 43,663 | ||
Fair Value | 65,315 | 69,556 | ||
Consumer products [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost Basis | 40,003 | 40,508 | ||
Net Unrealized Gains | 144,506 | 112,384 | ||
Fair Value | 184,509 | 152,892 | ||
Commercial, industrial and other [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost Basis | 57,316 | 65,209 | ||
Net Unrealized Gains | 21,021 | 21,136 | ||
Fair Value | $ 78,337 | $ 86,345 | ||
[1] Approximately 77 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 25.0 billion; Apple Inc. – $ 151.0 billion; Bank of America Corporation – $ 29.5 billion; The Coca-Cola Company – $ 24.8 billion and Chevron Corporation – $ 21.6 billion). Approximately 75 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 22.4 billion; Apple Inc. – $ 119.0 billion; Bank of America Corporation – $ 34.2 billion; The Coca-Cola Company – $ 25.4 billion and Chevron Corporation – $ 30.0 billion). |
Investments in equity securit_4
Investments in equity securities (Parenthetical) (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 USD ($) Company | Dec. 31, 2022 USD ($) Company | |||
Summary of Investment Holdings [Line Items] | ||||
Equity Securities Fv Ni | $ 328,161 | [1] | $ 308,793 | [2] |
American Express Company [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Equity Securities Fv Ni | 25,000 | 22,400 | ||
Apple Inc. [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Equity Securities Fv Ni | 151,000 | 119,000 | ||
Bank of America Corporation [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Equity Securities Fv Ni | 29,500 | 34,200 | ||
Coca Cola Company [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Equity Securities Fv Ni | 24,800 | 25,400 | ||
Chevron Corporation [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Equity Securities Fv Ni | $ 21,600 | $ 30,000 | ||
Equity Securities [Member] | American Express Company, Apple Inc., Bank of America Corporation, The Coca-Cola Company and Chevron Corporation [Member] | Investment Concentration [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration percentage | 77% | 75% | ||
Number of companies in concentration percentage | Company | 5 | 5 | ||
[1] Approximately 77 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 25.0 billion; Apple Inc. – $ 151.0 billion; Bank of America Corporation – $ 29.5 billion; The Coca-Cola Company – $ 24.8 billion and Chevron Corporation – $ 21.6 billion). Approximately 75 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 22.4 billion; Apple Inc. – $ 119.0 billion; Bank of America Corporation – $ 34.2 billion; The Coca-Cola Company – $ 25.4 billion and Chevron Corporation – $ 30.0 billion). |
Investments in equity securit_5
Investments in equity securities - Narrative (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Aug. 04, 2022 | |
American Express Company [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, common shares outstanding | 151,600,000 | |
Investment owned, percent of common shares outstanding | 20.40% | |
Occidental Petroleum Corporation [Member] | Investment Commitment [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Number of common shares that can be purchased | 83,860,000 | |
Exercise price for warrants, per share | $ 59.62 | |
Warrants exercisable period after redemption of preferred stock | 1 year | |
Occidental Petroleum Corporation [Member] | Occidental Common Stock [Member] | Minimum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Equity method investment ownership percentage | 20% | |
Occidental Petroleum Corporation [Member] | Cumulative Perpetual Preferred Stock [Member] | Investment Commitment [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment in preferred stock, liquidation value | $ 9,500 | |
Investment in preferred stock, stated dividend rate | 8% | |
Investment in preferred stock, redemption year start | 2029 | |
Investment in preferred stock, redemption price percentage of liquidation value | 105% | |
Liquidation value of mandatory redemption notifications | $ 474 | |
Investment in preferred stock, mandatory redemption price percentage of liquidation value | 110% |
Equity method investments - Nar
Equity method investments - Narrative (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 26,403,000,000 | $ 28,050,000,000 | ||
Equity method earnings | $ 688,000,000 | $ 339,000,000 | ||
The Kraft Heinz Company [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment ownership percentage | 26.50% | |||
Equity method investments | $ 13,033,000,000 | 12,937,000,000 | ||
Equity method earnings | $ 222,000,000 | 206,000,000 | ||
Occidental Petroleum Corporation [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment ownership percentage | 23.50% | |||
Equity method investments | $ 12,927,000,000 | 11,484,000,000 | ||
Equity method earnings | $ 370,000,000 | |||
Occidental Petroleum Corporation [Member] | Common Stock [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Excess of carrying value of investment over investees equity | 8,000,000,000 | |||
Berkadia Commercial Mortgage LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment ownership percentage | 50% | |||
Berkadia Commercial Mortgage LLC [Member] | Jefferies Financial Group Inc. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment ownership percentage | 50% | |||
Berkadia Commercial Mortgage LLC [Member] | Commercial Paper [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Maximum outstanding balance of commercial paper borrowings | $ 1,500,000,000 | |||
Pilot Travel Centers LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 3,200,000,000 | |||
Equity method earnings | $ 105,000,000 | $ 107,000,000 |
Equity Method Investments - Sum
Equity Method Investments - Summary of carrying value and fair value of investments (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule Of Equity Method Investments [Line Items] | ||
Carrying Value | $ 26,403 | $ 28,050 |
Kraft Heinz [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Carrying Value | 13,033 | 12,937 |
Fair Value | 12,585 | 13,249 |
Occidental [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Carrying Value | 12,927 | 11,484 |
Fair Value | 13,217 | 12,242 |
Other [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Carrying Value | $ 443 | $ 3,629 |
Equity Method Investments - S_2
Equity Method Investments - Summary of earnings and distributions received from equity method investments (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Equity Method Investments [Line Items] | ||
Equity in Earnings | $ 688 | $ 339 |
Distributions Received | 155 | 132 |
Kraft Heinz [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity in Earnings | 222 | 206 |
Distributions Received | 130 | 130 |
Occidental [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity in Earnings | 370 | |
Distributions Received | 25 | |
Other [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity in Earnings | $ 96 | 133 |
Distributions Received | $ 2 |
Equity method investments - Una
Equity method investments - Unaudited financial information (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Apr. 01, 2023 | |
Schedule of Equity Method Investments [Line Items] | ||||
Assets | $ 997,072 | $ 948,465 | ||
Sales/ Total revenues and other income | 85,393 | $ 70,843 | ||
Subsequent Event [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Assets | $ 90,943 | |||
Liabilities | $ 41,590 | |||
The Kraft Heinz Company [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Assets | 90,513 | |||
Liabilities | 41,643 | |||
Sales/ Total revenues and other income | 6,489 | 6,045 | ||
Net earnings attributable to common shareholders | $ 836 | $ 776 | ||
Occidental Petroleum Corporation [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Assets | 72,609 | |||
Liabilities | 42,524 | |||
Sales/ Total revenues and other income | 8,326 | |||
Net earnings attributable to common shareholders | $ 1,727 |
Investment and derivative con_3
Investment and derivative contract gains (losses) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | ||
Equity securities - Change in unrealized investment gains (losses) during the period on securities held at the end of the period | $ 31,317 | $ (1,775) |
Equity securities - Investment gains (losses) on securities sold during the period | 370 | 89 |
Equity securities - Investment gains (losses), total | 31,687 | (1,686) |
Fixed maturity securities - Gross realized gains | 124 | 6 |
Fixed maturity securities - Gross realized losses | (52) | (49) |
Other | 2,999 | (6) |
Investment gains (losses) | 34,758 | (1,735) |
Derivative contract gains (losses) | (243) | |
Investment and derivative contract gains (losses) | $ 34,758 | $ (1,978) |
Investment and derivative con_4
Investment and derivative contract gains (losses) - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jan. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Sales of equity securities | $ 13,283 | $ 9,724 | |
Taxable gains (losses) on sales of equity securities | 2,200 | $ (739) | |
Pilot Travel Centers LLC [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Investment gains from remeasurement | $ 3,000 | ||
Equity interest ownership percentage | 38.60% | 38.60% |
Loans and finance receivables_2
Loans and finance receivables (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||||
Loans and finance receivables before allowances and discounts | $ 24,629 | $ 24,664 | ||
Allowances for credit losses | (876) | (856) | $ (781) | $ (765) |
Unamortized acquisition discounts and points | (609) | (600) | ||
Loans and finance receivables | $ 23,144 | $ 23,208 |
Loans and finance receivables -
Loans and finance receivables - Schedule of reconciliation of allowance for credit losses on loans and finance receivables (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Allowance for Credit Loss [Abstract] | ||
Balance at beginning of year | $ 856 | $ 765 |
Provision for credit losses | 37 | 22 |
Charge-offs, net of recoveries | (17) | (6) |
Balance at March 31 | $ 876 | $ 781 |
Loans and finance receivables_3
Loans and finance receivables - Narrative (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Aggregated carrying value | $ 24,629 | $ 24,664 |
Term Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Aggregated carrying value | 1,400 | $ 1,900 |
Seritage Growth Properties [Member] | Term Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Aggregated carrying value | $ 800 | |
Manufactured and Site-built Home Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balances considered to be current as to payment status | 97% |
Loans and finance receivables_4
Loans and finance receivables - Summary of performing and non-performing home loans before discounts and allowances by year of loan origination (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and financing receivables by origination year, Total | $ 24,629 | $ 24,664 |
Manufactured Housing Loan Balances [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and financing receivables by origination year, 2023 | 1,847 | |
Loans and financing receivables by origination year, 2022 | 4,834 | |
Loans and financing receivables by origination year, 2021 | 3,560 | |
Loans and financing receivables by origination year, 2020 | 2,762 | |
Loans and financing receivables by origination year, 2019 | 1,963 | |
Loans and financing receivables by origination year, Prior | 8,251 | |
Loans and financing receivables by origination year, Total | 23,217 | |
Performing [Member] | Manufactured Housing Loan Balances [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and financing receivables by origination year, 2023 | 1,845 | |
Loans and financing receivables by origination year, 2022 | 4,830 | |
Loans and financing receivables by origination year, 2021 | 3,549 | |
Loans and financing receivables by origination year, 2020 | 2,752 | |
Loans and financing receivables by origination year, 2019 | 1,956 | |
Loans and financing receivables by origination year, Prior | 8,204 | |
Loans and financing receivables by origination year, Total | 23,136 | |
Non-Performing [Member] | Manufactured Housing Loan Balances [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and financing receivables by origination year, 2023 | 2 | |
Loans and financing receivables by origination year, 2022 | 4 | |
Loans and financing receivables by origination year, 2021 | 11 | |
Loans and financing receivables by origination year, 2020 | 10 | |
Loans and financing receivables by origination year, 2019 | 7 | |
Loans and financing receivables by origination year, Prior | 47 | |
Loans and financing receivables by origination year, Total | $ 81 |
Other receivables (Detail)
Other receivables (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Insurance and Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Insurance premiums receivable | $ 19,212 | $ 18,395 |
Reinsurance recoverables | 7,191 | 7,106 |
Trade receivables | 15,069 | 14,510 |
Other | 4,871 | 4,154 |
Allowances for credit losses | (669) | (675) |
Other receivables | 45,674 | 43,490 |
Railroad, Utilities and Energy [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade receivables | 5,855 | 4,182 |
Other | 1,112 | 754 |
Allowances for credit losses | (153) | (141) |
Receivables | $ 6,814 | $ 4,795 |
Other receivables - Narrative (
Other receivables - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Provisions for credit losses on receivables | $ 151 | $ 92 | |
Charge-offs, net of recoveries | 149 | $ 95 | |
Railroad, Utilities and Energy [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Trade receivables | 5,855 | $ 4,182 | |
Railroad, Utilities and Energy [Member] | Pilot [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Trade receivables | $ 2,100 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 6,484 | $ 6,381 |
Work in process and other | 3,365 | 3,464 |
Finished manufactured goods | 5,955 | 5,739 |
Goods acquired for resale | 9,695 | 9,782 |
Total inventory | $ 25,499 | $ 25,366 |
Inventories - Narrative (Detail
Inventories - Narrative (Detail) - Railroad, Utilities and Energy [Member] - Other Assets [Member] $ in Billions | Mar. 31, 2023 USD ($) |
Inventory [Line Items] | |
Inventory | $ 4.4 |
Pilot [Member] | |
Inventory [Line Items] | |
Inventory | $ 2.2 |
Property, plant and equipment (
Property, plant and equipment (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Insurance and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 46,916 | $ 46,298 |
Property, plant and equipment, accumulated depreciation | (25,708) | (25,185) |
Total property, plant and equipment, net | 21,208 | 21,113 |
Insurance and Other [Member] | Land, buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 14,533 | 14,761 |
Insurance and Other [Member] | Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 27,190 | 26,690 |
Insurance and Other [Member] | Furniture, fixtures and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 5,193 | 4,847 |
Railroad [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 85,637 | 85,124 |
Property, plant and equipment, accumulated depreciation | (18,334) | (17,899) |
Total property, plant and equipment, net | 67,303 | 67,225 |
Railroad [Member] | Land, track structure and other roadway [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 67,861 | 67,350 |
Railroad [Member] | Locomotives, freight cars and other equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 16,003 | 16,031 |
Railroad [Member] | Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,773 | 1,743 |
Utilities and Energy [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 140,676 | 131,094 |
Property, plant and equipment, accumulated depreciation | (39,006) | (38,051) |
Total property, plant and equipment, net | 101,670 | 93,043 |
Utilities and Energy [Member] | Utility generation, transmission and distribution systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 93,123 | 92,759 |
Utilities and Energy [Member] | Interstate natural gas pipeline assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 18,492 | 18,328 |
Utilities and Energy [Member] | Independent power plants and other assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 14,610 | 14,650 |
Utilities and Energy [Member] | Land, buildings, improvements and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 8,205 | |
Utilities and Energy [Member] | Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,246 | 5,357 |
Railroad, Utilities and Energy [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, net | $ 168,973 | $ 160,268 |
Property, plant and equipment -
Property, plant and equipment - Depreciation expense (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 2,314 | $ 2,106 |
Insurance and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | 575 | 564 |
Railroad, Utilities and Energy [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 1,739 | $ 1,542 |
Equipment held for lease (Detai
Equipment held for lease (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Equipment held for lease, gross | $ 25,858 | $ 25,491 |
Equipment held for lease, accumulated depreciation | (10,184) | (9,907) |
Equipment held for lease, net | 15,674 | 15,584 |
Railcars [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Equipment held for lease, gross | 9,662 | 9,612 |
Aircraft [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Equipment held for lease, gross | 10,928 | 10,667 |
Other [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Equipment held for lease, gross | $ 5,268 | $ 5,212 |
Equipment held for lease - Narr
Equipment held for lease - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Depreciation expense for equipment held for lease | $ 308 | $ 294 |
Equipment held for lease - Summ
Equipment held for lease - Summary of fixed and variable operating lease revenues (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating Leases Lease Income [Abstract] | ||
Fixed lease revenue | $ 1,417 | $ 1,188 |
Variable lease revenue | 627 | 484 |
Total | $ 2,044 | $ 1,672 |
Goodwill and other intangible_3
Goodwill and other intangible assets - Goodwill (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | |||
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Balance at beginning of year | $ 78,119 | [1] | $ 73,875 | |
Business acquisitions | 6,112 | 4,657 | ||
Other, including foreign currency translation | (729) | (413) | ||
Balance at end of period | [1] | $ 83,502 | $ 78,119 | |
[1] Net of accumulated goodwill impairments of $ 11.0 billion as of March 31, 2023 and December 31, 2022 . |
Goodwill and other intangible_4
Goodwill and other intangible assets - Goodwill (Parenthetical) (Detail) - USD ($) $ in Billions | Mar. 31, 2023 | Dec. 31, 2022 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Accumulated goodwill impairments | $ 11 | $ 11 |
Goodwill and other intangible_5
Goodwill and other intangible assets - Intangible assets (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Insurance and Other [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 43,637 | $ 42,461 |
Accumulated amortization | 13,636 | 13,274 |
Net carrying value | 30,001 | 29,187 |
Railroad, Utilities and Energy [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 9,438 | 1,914 |
Accumulated amortization | 703 | 622 |
Net carrying value | 8,735 | 1,292 |
Customer relationships [Member] | Insurance and Other [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 28,247 | 27,765 |
Accumulated amortization | 7,376 | 7,174 |
Net carrying value | 20,871 | 20,591 |
Trademarks and trade names [Member] | Insurance and Other [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 5,605 | 5,603 |
Accumulated amortization | 832 | 822 |
Net carrying value | 4,773 | 4,781 |
Trademarks and trade names [Member] | Railroad, Utilities and Energy [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 2,566 | 217 |
Accumulated amortization | 44 | 39 |
Net carrying value | 2,522 | 178 |
Customer relationships and contracts [Member] | Railroad, Utilities and Energy [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 6,214 | 1,507 |
Accumulated amortization | 612 | 541 |
Net carrying value | 5,602 | 966 |
Other intangible assets [Member] | Insurance and Other [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 4,775 | 4,150 |
Accumulated amortization | 1,596 | 1,530 |
Net carrying value | 3,179 | 2,620 |
Other intangible assets [Member] | Railroad, Utilities and Energy [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 658 | 190 |
Accumulated amortization | 47 | 42 |
Net carrying value | 611 | 148 |
Patents and technology [Member] | Insurance and Other [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 5,010 | 4,943 |
Accumulated amortization | 3,832 | 3,748 |
Net carrying value | $ 1,178 | $ 1,195 |
Goodwill and other intangible_6
Goodwill and other intangible assets - Intangible assets - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible asset amortization expense | $ 429 | $ 303 |
Intangible assets with indefinite lives, excluding goodwill | 20,900 | $ 18,300 |
Railroad, Utilities and Energy [Member] | Pilot [Member] | Other Assets [Member] | ||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
Net carrying value | $ 7,400 |
Unpaid losses and loss adjust_3
Unpaid losses and loss adjustment expenses - Reconciliation of changes in claim liabilities (Detail) - Property and Casualty Insurance and Reinsurance, Excluding Retroactive Reinsurance [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Gross liabilities at beginning of year | $ 107,472 | $ 86,664 |
Reinsurance recoverable on unpaid losses at beginning of year | (5,025) | (2,960) |
Net liabilities at beginning of year | 102,447 | 83,704 |
Incurred losses and loss adjustment expenses, current accident year | 14,776 | 13,375 |
Incurred losses and loss adjustment expenses, prior accident years | (740) | (251) |
Total incurred losses and loss adjustment expenses | 14,036 | 13,124 |
Paid losses and loss adjustment expenses, current accident year | (3,841) | (3,908) |
Paid losses and loss adjustment expenses, prior accident years | (9,747) | (8,091) |
Total paid losses and loss adjustment expenses | (13,588) | (11,999) |
Foreign currency effect | 93 | (106) |
Net liabilities at end of period | 102,988 | 84,723 |
Reinsurance recoverable on unpaid losses at end of period | 4,969 | 2,944 |
Gross liabilities at end of period | $ 107,957 | $ 87,667 |
Unpaid losses and loss adjust_4
Unpaid losses and loss adjustment expenses - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property and Casualty Insurance and Reinsurance, Excluding Retroactive Reinsurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred losses and loss adjustment expenses, prior accident years | $ (740) | $ (251) |
Prior years' losses incurred as a percentage of net liabilities | 0.70% | 0.30% |
Property and Casualty Reinsurance, Excluding Retroactive Reinsurance [Member] | Primary Insurance Businesses [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred losses and loss adjustment expenses, prior accident years | $ (379) | $ (114) |
Property and Casualty Reinsurance, Excluding Retroactive Reinsurance [Member] | Property and Casualty Reinsurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred losses and loss adjustment expenses, prior accident years | $ (361) | $ (137) |
Retroactive reinsurance contr_3
Retroactive reinsurance contracts - Reconciliation of changes in claim liabilities and incurred losses and loss adjustment expenses (Detail) - Retroactive Reinsurance [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Balances at beginning of year | $ 35,415 | $ 37,855 |
Total incurred losses and loss adjustment expenses | 185 | 208 |
Paid losses and loss adjustment expenses | (372) | (547) |
Foreign currency effect | 6 | (5) |
Balances at March 31 | 35,063 | 37,296 |
Unpaid Losses and Loss Adjustment Expenses [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred losses and loss adjustment expenses, prior accident years | 14 | (7) |
Total incurred losses and loss adjustment expenses | 14 | (7) |
Deferred Charges Reinsurance Assumed [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Total incurred losses and loss adjustment expenses | $ 171 | $ 215 |
Retroactive reinsurance contr_4
Retroactive reinsurance contracts - Narrative (Detail) - USD ($) $ in Billions | Mar. 31, 2023 | Mar. 31, 2022 |
Retroactive Reinsurance [Member] | ||
Effects Of Reinsurance [Line Items] | ||
Unamortized deferred charges of retroactive reinsurance contracts | $ 9.7 | $ 10.4 |
Long duration insurance contr_3
Long duration insurance contracts - Summary of periodic payment annuity and life and health Insurance benefits liabilities (Detail) - ASU 2018-12 [Member] - USD ($) $ in Millions | Jan. 01, 2021 | Dec. 31, 2020 |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Reclassifications to other policyholder liabilities | $ (1,215) | |
Balance at December 31, 2020 after reclassifications | $ 20,401 | |
Change in discount rate assumptions | 8,000 | |
Change in cash flow assumptions | 435 | |
Balance as of January 1, 2021 | 28,836 | |
Previously Reported [Member] | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Balance at December 31, 2020, as previously reported | 21,616 | |
Balance as of January 1, 2021 | 21,616 | |
Periodic Payment Annuities [Member] | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Reclassifications to other policyholder liabilities | (286) | |
Balance at December 31, 2020 after reclassifications | 10,688 | |
Change in discount rate assumptions | 6,553 | |
Change in cash flow assumptions | (117) | |
Balance as of January 1, 2021 | 17,124 | |
Periodic Payment Annuities [Member] | Previously Reported [Member] | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Balance at December 31, 2020, as previously reported | 10,974 | |
Balance as of January 1, 2021 | 10,974 | |
Life and Health [Member] | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Reclassifications to other policyholder liabilities | (929) | |
Balance at December 31, 2020 after reclassifications | 9,713 | |
Change in discount rate assumptions | 1,447 | |
Change in cash flow assumptions | 552 | |
Balance as of January 1, 2021 | 11,712 | |
Life and Health [Member] | Previously Reported [Member] | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Balance at December 31, 2020, as previously reported | $ 10,642 | |
Balance as of January 1, 2021 | $ 10,642 |
Long duration insurance contr_4
Long duration insurance contracts - Summary of life, annuity and health insurance benefits liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Life, annuity and health insurance benefits | $ 19,937 | $ 24,183 |
Periodic Payment Annuities [Member] | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Life, annuity and health insurance benefits | 11,174 | 13,867 |
Life and Health [Member] | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Life, annuity and health insurance benefits | 5,633 | 6,792 |
Other liabilities [Member] | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Life, annuity and health insurance benefits | $ 3,130 | $ 3,524 |
Long duration insurance contr_5
Long duration insurance contracts - Summary of changes in discounted present values of expected future policy benefits and expected future net premiums (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||
Liability for future policy benefits at March 31 | $ 19,937 | $ 24,183 |
Periodic Payment Annuities [Member] | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||
Balance at beginning of period | 10,640 | 16,153 |
Balance at beginning of period at original discount rate | 11,549 | 11,261 |
Effect of actual from expected results | 1 | 1 |
Change in benefits, net | (116) | 43 |
Interest accrual | 133 | 135 |
Foreign currency effect | 19 | (23) |
Ending balance at original discount rate | 11,586 | 11,417 |
Effect of changes in discount rate assumptions | (412) | 2,450 |
Expected future policy benefits at March 31 | 11,174 | 13,867 |
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||
Liability for future policy benefits at March 31 | 11,174 | 13,867 |
Liability for future policy benefits at March 31, net of reinsurance recoverables | 11,174 | 13,867 |
Life and Health [Member] | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||
Balance at beginning of period | 52,008 | 63,648 |
Balance at beginning of period at original discount rate | 63,584 | 60,133 |
Impact of cash flow assumption changes | (1) | 486 |
Effect of actual from expected results | (519) | 90 |
Change in benefits, net | (747) | (517) |
Interest accrual | 425 | 404 |
Foreign currency effect | 47 | (167) |
Ending balance at original discount rate | 62,789 | 60,429 |
Effect of changes in discount rate assumptions | (12,169) | (2,386) |
Expected future policy benefits at March 31 | 50,620 | 58,043 |
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||
Balance at beginning of period | 46,129 | 55,960 |
Balance at beginning of period at original discount rate | 56,535 | 53,277 |
Impact of cash flow assumption changes | 2 | 458 |
Effect of actual from expected results | (413) | 22 |
Change in premiums, net | (660) | (357) |
Interest accrual | 371 | 351 |
Foreign currency effect | 47 | (184) |
Ending balance at original discount rate | 55,882 | 53,567 |
Effect of changes in discount rate assumptions | (10,895) | (2,316) |
Expected future net premiums at March 31 | 44,987 | 51,251 |
Liability for future policy benefits at March 31 | 5,633 | 6,792 |
Reinsurance recoverables | (1,565) | (1,857) |
Liability for future policy benefits at March 31, net of reinsurance recoverables | $ 4,068 | $ 4,935 |
Long duration insurance contr_6
Long duration insurance contracts - Summary of undiscounted and discounted expected future gross premiums to be collected and undiscounted expected future benefits for periodic payment annuities and life and health insurance (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Periodic Payment Annuities [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Undiscounted expected future benefits | $ 31,244 | $ 30,647 |
Life and Health [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Undiscounted expected future gross premiums | 107,831 | 105,433 |
Discounted expected future gross premiums | 64,421 | 63,904 |
Undiscounted expected future benefits | $ 102,881 | $ 100,529 |
Long duration insurance contr_7
Long duration insurance contracts - Summary of gross premiums earned and interest expense (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Periodic Payment Annuities [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Gross Premiums | $ 169 | |
Interest Expense | $ 133 | 135 |
Life and Health [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Gross Premiums | 1,004 | 1,143 |
Interest Expense | $ 54 | $ 53 |
Long duration insurance contr_8
Long duration insurance contracts - Summary of weighted average current discount rates and interest accretion rates established at contract inception (Detail) | Mar. 31, 2023 | Mar. 31, 2022 |
Periodic Payment Annuities [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Weighted average discount rate | 5% | 3.60% |
Weighted average accretion rate | 4.80% | 4.90% |
Weighted average duration (in years) | 18 years | 20 years |
Life and Health [Member] | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Weighted average discount rate | 4.90% | 3.40% |
Weighted average accretion rate | 3.20% | 3.50% |
Weighted average duration (in years) | 14 years | 14 years |
Long duration insurance contr_9
Long duration insurance contracts - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
Liability for Future Policy Benefit, Activity [Line Items] | |||
Guaranteed minimum death and living benefits associated with variable annuity products liability | $ 1,200 | $ 1,250 | |
Reduction in liability for effects of changes in securities markets interest rates and other inputs used to estimate liabilities | 65 | ||
Long Duration Contracts [Member] | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Deferred policy acquisition costs | $ 748 | $ 631 |
Notes payable and other borro_3
Notes payable and other borrowings (Detail) € in Millions, £ in Millions, $ in Millions, ¥ in Billions | 3 Months Ended | ||||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 EUR (€) | Mar. 31, 2023 GBP (£) | Mar. 31, 2023 JPY (¥) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | € 6,850 | £ 1,750 | ¥ 1,029 | ||
Insurance and Other [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 41,436 | $ 46,538 | |||
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | U.S. Dollar Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 3,733 | 6,231 | |||
Weighted average interest rate, percentage | 3.50% | 3.50% | 3.50% | 3.50% | |
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | U.S. Dollar Denominated [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2025 | ||||
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | U.S. Dollar Denominated [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2047 | ||||
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Euro Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 6,029 | 7,344 | |||
Weighted average interest rate, percentage | 1.10% | 1.10% | 1.10% | 1.10% | |
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Euro Denominated [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2024 | ||||
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Euro Denominated [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2041 | ||||
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Japanese Yen Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 7,716 | 7,818 | |||
Weighted average interest rate, percentage | 0.70% | 0.70% | 0.70% | 0.70% | |
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Japanese Yen Denominated [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2023 | ||||
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Japanese Yen Denominated [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2060 | ||||
Insurance and Other [Member] | Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 4,924 | 5,967 | |||
Short-term debt | $ 1,104 | 1,310 | |||
Weighted average interest rate, percentage | 4.70% | 4.70% | 4.70% | 4.70% | |
Short-term borrowings, weighted average interest rate | 6.30% | 6.30% | 6.30% | 6.30% | |
Insurance and Other [Member] | Subsidiaries [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2023 | ||||
Insurance and Other [Member] | Subsidiaries [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2051 | ||||
Insurance and Other [Member] | Subsidiaries [Member] | U.S. Dollar Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 14,459 | 14,458 | |||
Weighted average interest rate, percentage | 3.60% | 3.60% | 3.60% | 3.60% | |
Insurance and Other [Member] | Subsidiaries [Member] | U.S. Dollar Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2027 | ||||
Insurance and Other [Member] | Subsidiaries [Member] | U.S. Dollar Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2052 | ||||
Insurance and Other [Member] | Subsidiaries [Member] | Euro Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 1,349 | 1,332 | |||
Weighted average interest rate, percentage | 1.80% | 1.80% | 1.80% | 1.80% | |
Insurance and Other [Member] | Subsidiaries [Member] | Euro Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2030 | ||||
Insurance and Other [Member] | Subsidiaries [Member] | Euro Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2034 | ||||
Insurance and Other [Member] | Subsidiaries [Member] | Great Britain Pound Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 2,122 | 2,078 | |||
Weighted average interest rate, percentage | 2.50% | 2.50% | 2.50% | 2.50% | |
Insurance and Other [Member] | Subsidiaries [Member] | Great Britain Pound Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2039 | ||||
Insurance and Other [Member] | Subsidiaries [Member] | Great Britain Pound Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2059 | ||||
Railroad, Utilities and Energy [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 82,188 | 76,206 | |||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Pilot Travel Centers ("Pilot") [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | 5,878 | ||||
Short-term debt | $ 594 | ||||
Weighted average interest rate, percentage | 6.60% | 6.60% | 6.60% | 6.60% | |
Short-term borrowings, weighted average interest rate | 6.20% | 6.20% | 6.20% | 6.20% | |
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Minimum [Member] | Pilot Travel Centers ("Pilot") [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2023 | ||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Maximum [Member] | Pilot Travel Centers ("Pilot") [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2028 | ||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate, percentage | 4.40% | 4.40% | 4.40% | 4.40% | |
Senior unsecured debt | $ 13,597 | 13,996 | |||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2023 | ||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2053 | ||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 37,553 | 37,639 | |||
Weighted average interest rate, percentage | 4.30% | 4.30% | 4.30% | 4.30% | |
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2023 | ||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2064 | ||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy and Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Short-term debt | $ 1,819 | 1,119 | |||
Short-term borrowings, weighted average interest rate | 5.60% | 5.60% | 5.60% | 5.60% | |
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Burlington Northern Santa Fe ("BNSF") and subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 22,747 | $ 23,452 | |||
Weighted average interest rate, percentage | 4.60% | 4.60% | 4.60% | 4.60% | |
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Burlington Northern Santa Fe ("BNSF") and subsidiaries [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2023 | ||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Burlington Northern Santa Fe ("BNSF") and subsidiaries [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2097 |
Notes payable and other borro_4
Notes payable and other borrowings - Narrative (Detail) € in Millions, £ in Millions, $ in Millions, ¥ in Billions | 1 Months Ended | 3 Months Ended | ||||||
Apr. 30, 2023 USD ($) | Apr. 30, 2023 JPY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2023 JPY (¥) | Mar. 31, 2023 EUR (€) | Mar. 31, 2023 GBP (£) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | ¥ 1,029 | € 6,850 | £ 1,750 | |||||
Line of Credit and Commercial Paper Facilities [Member] | Subsidiaries [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused lines of credit available | $ 13,100 | |||||||
Line of Credit and Commercial Paper Facilities [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy and Subsidiaries [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused lines of credit available | 9,000 | |||||||
Insurance and Other [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | 41,436 | $ 46,538 | ||||||
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Subsidiaries Excluding Berkshire Hathaway Finance Corporation [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Guarantee obligation | 2,700 | |||||||
Insurance and Other [Member] | Subsidiaries [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | 4,924 | $ 5,967 | ||||||
Insurance and Other [Member] | Senior Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of borrowings | 3,900 | |||||||
Insurance and Other [Member] | Senior Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Berkshire Hathaway Finance Corporation [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Gains (loss) attributable to changes in foreign currency exchange rates | $ (26) | $ 716 | ||||||
Insurance and Other [Member] | Subsequent Event [Member] | Senior Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of borrowings | ¥ | ¥ 56.3 | |||||||
Principal amount of debt issued | $ 1,200 | ¥ 164.4 |
Fair value measurements - Finan
Fair value measurements - Financial assets and liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | $ 22,566 | $ 25,128 | |||
Investments in equity securities | 328,161 | [1] | 308,793 | [2] | |
Insurance and Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 22,566 | 25,128 | |||
Investments in equity securities | 328,161 | 308,793 | |||
The Kraft Heinz Company [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity method investments, fair value | 12,585 | 13,249 | |||
U.S. Treasury, U.S. government corporations and agencies [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 9,405 | 9,802 | |||
Foreign governments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 11,088 | 10,327 | |||
Corporate bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,791 | 2,195 | |||
Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 282 | 2,804 | |||
Fair Value, Measurements, Recurring [Member] | Quoted Prices (Level 1) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in equity securities | 316,550 | 296,610 | |||
Derivative contract assets | [3] | $ 132 | $ 56 | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other | Other | |||
Derivative contract liabilities | [3] | $ 11 | $ 8 | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable, accruals and other liabilities | Accounts payable, accruals and other liabilities | |||
Fair Value, Measurements, Recurring [Member] | Quoted Prices (Level 1) [Member] | The Kraft Heinz Company and Occidental Petroleum Corporation [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity method investments, fair value | $ 25,802 | $ 25,491 | |||
Fair Value, Measurements, Recurring [Member] | Quoted Prices (Level 1) [Member] | U.S. Treasury, U.S. government corporations and agencies [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 9,370 | 9,733 | |||
Fair Value, Measurements, Recurring [Member] | Quoted Prices (Level 1) [Member] | Foreign governments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 10,738 | 9,854 | |||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in equity securities | 12 | 9 | |||
Loans and finance receivables | 1,241 | 1,513 | |||
Derivative contract assets | [3] | $ 340 | $ 474 | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other | Other | |||
Derivative contract liabilities | [3] | $ 109 | $ 122 | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable, accruals and other liabilities | Accounts payable, accruals and other liabilities | |||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Insurance and Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings | $ 37,502 | $ 41,061 | |||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings | 77,743 | 67,651 | |||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury, U.S. government corporations and agencies [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 35 | 69 | |||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign governments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 350 | 473 | |||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,109 | 1,546 | |||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 282 | 2,804 | |||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in equity securities | 11,599 | 12,174 | |||
Loans and finance receivables | 22,495 | 21,915 | |||
Derivative contract assets | [3] | $ 32 | $ 59 | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other | Other | |||
Derivative contract liabilities | [3] | $ 167 | $ 112 | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable, accruals and other liabilities | Accounts payable, accruals and other liabilities | |||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Insurance and Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings | $ 32 | $ 900 | |||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 682 | 649 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in equity securities | 328,161 | 308,793 | |||
Loans and finance receivables | 23,144 | 23,208 | |||
Derivative contract assets | [3] | $ 504 | $ 589 | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other | Other | |||
Derivative contract liabilities | [3] | $ 287 | $ 242 | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable, accruals and other liabilities | Accounts payable, accruals and other liabilities | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Insurance and Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings | $ 41,436 | $ 46,538 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings | 82,188 | 76,206 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | The Kraft Heinz Company and Occidental Petroleum Corporation [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity method investments, fair value | 25,960 | 24,421 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | U.S. Treasury, U.S. government corporations and agencies [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 9,405 | 9,802 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Foreign governments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 11,088 | 10,327 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Corporate bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,791 | 2,195 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 282 | 2,804 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in equity securities | 328,161 | 308,793 | |||
Loans and finance receivables | 23,736 | 23,428 | |||
Derivative contract assets | [3] | $ 504 | $ 589 | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other | Other | |||
Derivative contract liabilities | [3] | $ 287 | $ 242 | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable, accruals and other liabilities | Accounts payable, accruals and other liabilities | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Insurance and Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings | $ 37,534 | $ 41,961 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings | 77,743 | 67,651 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | The Kraft Heinz Company and Occidental Petroleum Corporation [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity method investments, fair value | 25,802 | 25,491 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | U.S. Treasury, U.S. government corporations and agencies [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 9,405 | 9,802 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Foreign governments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 11,088 | 10,327 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Corporate bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,791 | 2,195 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | $ 282 | $ 2,804 | |||
[1] Approximately 77 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 25.0 billion; Apple Inc. – $ 151.0 billion; Bank of America Corporation – $ 29.5 billion; The Coca-Cola Company – $ 24.8 billion and Chevron Corporation – $ 21.6 billion). Approximately 75 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 22.4 billion; Apple Inc. – $ 119.0 billion; Bank of America Corporation – $ 34.2 billion; The Coca-Cola Company – $ 25.4 billion and Chevron Corporation – $ 30.0 billion). Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities. |
Fair value measurements - Signi
Fair value measurements - Significant unobservable inputs (Detail) - Significant Unobservable Inputs (Level 3) [Member] - Equity Securities [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 12,169 | $ 11,480 |
Gains (losses) included in earnings | $ (54) | $ 855 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Nonoperating Gains (Losses) | Nonoperating Gains (Losses) |
Acquisitions, dispositions and settlements | $ (521) | |
Ending Balance | $ 11,594 | $ 12,335 |
Fair value measurements - Other
Fair value measurements - Other information (Detail) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments in equity securities | $ 328,161 | [1] | $ 308,793 | [2] |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments in equity securities | 11,599 | $ 12,174 | ||
Significant Unobservable Inputs (Level 3) [Member] | Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | Discounted Cash Flow [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments in equity securities | 9,602 | |||
Significant Unobservable Inputs (Level 3) [Member] | Common Stock Warrants [Member] | Fair Value, Measurements, Recurring [Member] | Warrant Pricing Model [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments in equity securities | $ 1,992 | |||
Significant Unobservable Inputs (Level 3) [Member] | Measurement Input, Expected Term | Weighted Average [Member] | Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | Discounted Cash Flow [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable inputs, term | 6 years | |||
Significant Unobservable Inputs (Level 3) [Member] | Measurement Input, Expected Term | Weighted Average [Member] | Common Stock Warrants [Member] | Fair Value, Measurements, Recurring [Member] | Warrant Pricing Model [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable inputs, term | 6 years | |||
Significant Unobservable Inputs (Level 3) [Member] | Discounts for Liquidity and Subordination [Member] | Weighted Average [Member] | Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | Discounted Cash Flow [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable inputs | 0.0372 | |||
Significant Unobservable Inputs (Level 3) [Member] | Measurement Input, Option Volatility | Weighted Average [Member] | Common Stock Warrants [Member] | Fair Value, Measurements, Recurring [Member] | Warrant Pricing Model [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable inputs | 0.40 | |||
[1] Approximately 77 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 25.0 billion; Apple Inc. – $ 151.0 billion; Bank of America Corporation – $ 29.5 billion; The Coca-Cola Company – $ 24.8 billion and Chevron Corporation – $ 21.6 billion). Approximately 75 % of the aggregate fair value was concentrated in five companies (American Express Company – $ 22.4 billion; Apple Inc. – $ 119.0 billion; Bank of America Corporation – $ 34.2 billion; The Coca-Cola Company – $ 25.4 billion and Chevron Corporation – $ 30.0 billion). |
Common stock - Narrative (Detai
Common stock - Narrative (Detail) | 3 Months Ended | |
Mar. 31, 2023 USD ($) Vote shares | Dec. 31, 2022 shares | |
Class of Stock [Line Items] | ||
Preferred Stock, shares authorized | 1,000,000 | |
Preferred Stock, shares issued | 0 | |
Economic equivalent of Class B share to Class A share | 0.0667% | |
Common Stock Repurchase Program [Member] | ||
Class of Stock [Line Items] | ||
Shares repurchase, authorization description | Berkshire’s common stock repurchase program permits Berkshire to repurchase its shares any time that Warren Buffett, Berkshire’s Chairman of the Board and Chief Executive Officer, and Charlie Munger, Vice Chairman of the Board, believe that the repurchase price is below Berkshire’s intrinsic value, conservatively determined. | |
Minimum cash, cash equivalents and U.S. Treasury Bill threshold after repurchase of common stock shares, amount | $ | $ 30,000,000,000 | |
Class A [Member] | ||
Class of Stock [Line Items] | ||
Number of votes entitled per share, number | Vote | 1 | |
Shares outstanding | 586,102 | 591,564 |
Class B [Member] | ||
Class of Stock [Line Items] | ||
Number of votes entitled per share, number | Vote | 0.0001 | |
Number of shares of Class B stock obtainable from converting one Class A share | 1,500 | |
Shares outstanding | 1,296,075,712 | 1,302,254,076 |
Equivalent Class A [Member] | ||
Class of Stock [Line Items] | ||
Shares outstanding | 1,450,152 | 1,459,733 |
Common stock (Detail)
Common stock (Detail) | 3 Months Ended |
Mar. 31, 2023 shares | |
Class A [Member] | |
Class of Stock [Line Items] | |
Shares issued, beginning balance | 651,450 |
Treasury shares, beginning balance | (59,886) |
Shares outstanding, beginning balance | 591,564 |
Conversions of Class A to Class B common stock | (359) |
Conversions of Class A to Class B common stock, Outstanding | (359) |
Treasury stock acquired | (5,103) |
Shares issued, ending balance | 651,091 |
Treasury shares, ending balance | (64,989) |
Shares outstanding, ending balance | 586,102 |
Class B [Member] | |
Class of Stock [Line Items] | |
Shares issued, beginning balance | 1,509,969,352 |
Treasury shares, beginning balance | (207,715,276) |
Shares outstanding, beginning balance | 1,302,254,076 |
Conversions of Class A to Class B common stock | 538,500 |
Conversions of Class A to Class B common stock, Outstanding | 538,500 |
Treasury stock acquired | (6,716,864) |
Shares issued, ending balance | 1,510,507,852 |
Treasury shares, ending balance | (214,432,140) |
Shares outstanding, ending balance | 1,296,075,712 |
Common stock (Parenthetical) (D
Common stock (Parenthetical) (Detail) | Mar. 31, 2023 $ / shares shares |
Class A [Member] | |
Class of Stock [Line Items] | |
Common Stock, par value per share | $ / shares | $ 5 |
Common Stock, shares authorized | shares | 1,650,000 |
Class B [Member] | |
Class of Stock [Line Items] | |
Common Stock, par value per share | $ / shares | $ 0.0033 |
Common Stock, shares authorized | shares | 3,225,000,000 |
Income taxes - Narrative (Detai
Income taxes - Narrative (Detail) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 20.10% | 18% |
Accumulated other comprehensi_3
Accumulated other comprehensive income (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 473,424 | |
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update201812 [Member] | Accounting Standards Update201812 [Member] |
Ending Balance | $ 504,554 | |
Unrealized gains (losses) on investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (187) | $ 369 |
Other comprehensive income, net | 194 | (186) |
Ending Balance | (7) | 183 |
Foreign currency translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (6,142) | (4,092) |
Other comprehensive income, net | 244 | (314) |
Ending Balance | (5,898) | (4,406) |
Long duration insurance contracts [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 1,541 | (4,096) |
Other comprehensive income, net | (291) | 2,419 |
Ending Balance | 1,250 | (1,677) |
Defined benefit pension plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (552) | (347) |
Other comprehensive income, net | 44 | 20 |
Ending Balance | (508) | (327) |
Other AOCI transactions [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 288 | 43 |
Other comprehensive income, net | (115) | 80 |
Ending Balance | 173 | 123 |
Accumulated other comprehensive income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (5,052) | (8,123) |
Other comprehensive income, net | 76 | 2,019 |
Ending Balance | (4,976) | (6,104) |
Previously Reported [Member] | Unrealized gains (losses) on investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (187) | 369 |
Previously Reported [Member] | Foreign currency translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (6,140) | (4,092) |
Previously Reported [Member] | Defined benefit pension plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (552) | (347) |
Previously Reported [Member] | Other AOCI transactions [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 288 | 43 |
Previously Reported [Member] | Accumulated other comprehensive income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (6,591) | (4,027) |
Effect of adoption of ASU 2018-12 [Member] | Foreign currency translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (2) | |
Effect of adoption of ASU 2018-12 [Member] | Long duration insurance contracts [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 1,541 | (4,096) |
Effect of adoption of ASU 2018-12 [Member] | Accumulated other comprehensive income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 1,539 | $ (4,096) |
Supplemental cash flow inform_3
Supplemental cash flow information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Supplemental Cash Flow Information [Line Items] | ||
Cash paid during the period for income taxes | $ 312 | $ 336 |
Noncash Investing and Financing Items [Abstract] | ||
Liabilities assumed in connection with business acquisitions | 10,747 | 9 |
Insurance and Other [Member] | ||
Supplemental Cash Flow Information [Line Items] | ||
Cash paid during the period for interest | 491 | 365 |
Railroad, Utilities and Energy [Member] | ||
Supplemental Cash Flow Information [Line Items] | ||
Cash paid during the period for interest | $ 799 | $ 708 |
Revenue from contracts with cus
Revenue from contracts with customers disaggregated by reportable segment and source of revenue (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 59,745 | $ 49,426 |
Other revenues | 25,648 | 21,417 |
Total revenues | 85,393 | 70,843 |
Industrial and Commercial Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 7,294 | 5,981 |
Building Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 4,758 | 5,419 |
Consumer Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 4,035 | 5,093 |
Grocery and Convenience Store Distribution [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 7,793 | 7,706 |
Food and Beverage Distribution [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 4,762 | 4,562 |
Auto Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 2,565 | 2,527 |
Other Retail and Wholesale Distribution [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 5,451 | 4,897 |
Service [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 8,781 | 8,527 |
Electricity and Natural Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 4,714 | |
Electricity, Natural Gas and Fuel [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 14,306 | |
Manufacturing Businesses [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 17,175 | 17,430 |
Other revenues | 1,090 | 955 |
Total revenues | 18,265 | 18,385 |
Manufacturing Businesses [Member] | Industrial and Commercial Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 7,229 | 5,932 |
Manufacturing Businesses [Member] | Building Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 4,758 | 5,419 |
Manufacturing Businesses [Member] | Consumer Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 4,035 | 5,093 |
Manufacturing Businesses [Member] | Other Retail and Wholesale Distribution [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 799 | 722 |
Manufacturing Businesses [Member] | Service [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 354 | 264 |
McLane [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 12,839 | 12,482 |
Other revenues | 42 | 32 |
Total revenues | 12,881 | 12,514 |
McLane [Member] | Grocery and Convenience Store Distribution [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 7,793 | 7,706 |
McLane [Member] | Food and Beverage Distribution [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 4,762 | 4,562 |
McLane [Member] | Service [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 284 | 214 |
Service and Retailing [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 8,186 | 7,757 |
Other revenues | 1,716 | 1,334 |
Total revenues | 9,902 | 9,091 |
Service and Retailing [Member] | Industrial and Commercial Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 65 | 49 |
Service and Retailing [Member] | Auto Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 2,565 | 2,527 |
Service and Retailing [Member] | Other Retail and Wholesale Distribution [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 4,230 | 4,175 |
Service and Retailing [Member] | Service [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,326 | 1,006 |
BNSF [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 5,985 | 5,931 |
Other revenues | 16 | 13 |
Total revenues | 6,001 | 5,944 |
BNSF [Member] | Service [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 5,985 | 5,931 |
Berkshire Hathaway Energy [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 6,102 | 5,826 |
Other revenues | 337 | 189 |
Total revenues | 6,439 | 6,015 |
Berkshire Hathaway Energy [Member] | Service [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 811 | 1,112 |
Berkshire Hathaway Energy [Member] | Electricity and Natural Gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 4,714 | |
Berkshire Hathaway Energy [Member] | Electricity, Natural Gas and Fuel [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 5,291 | |
Pilot [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 9,458 | |
Other revenues | 38 | |
Total revenues | 9,496 | |
Pilot [Member] | Other Retail and Wholesale Distribution [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 422 | |
Pilot [Member] | Service [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 21 | |
Pilot [Member] | Electricity, Natural Gas and Fuel [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 9,015 | |
Insurance, Corporate and Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 22,409 | 18,894 |
Total revenues | $ 22,409 | $ 18,894 |
Revenue from contracts with c_2
Revenue from contracts with customers transaction price allocated to significant unsatisfied remaining performance obligations and timing of when performance obligations expected to be satisfied (Detail) $ in Millions | Mar. 31, 2023 USD ($) |
Electricity, Natural Gas and Fuel [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 23,477 |
Electricity, Natural Gas and Fuel [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 3,331 |
Performance obligations expected to be satisfied, period | 1 year |
Electricity, Natural Gas and Fuel [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 20,146 |
Performance obligations expected to be satisfied, period | |
Other Sales and Service Contracts [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 8,480 |
Other Sales and Service Contracts [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 3,346 |
Performance obligations expected to be satisfied, period | 1 year |
Other Sales and Service Contracts [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 5,134 |
Performance obligations expected to be satisfied, period |
Revenue from contracts with c_3
Revenue from contracts with customers transaction price allocated to significant unsatisfied remaining performance obligations and timing of when performance obligations expected to be satisfied (Detail 1) $ in Millions | Mar. 31, 2023 USD ($) |
Electricity Natural Gas and Fuel [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 23,477 |
Other Sales and Service Contracts [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 8,480 |
Business segment data - Revenue
Business segment data - Revenues (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Total revenues | $ 85,393 | $ 70,843 |
BNSF [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 6,001 | 5,944 |
Berkshire Hathaway Energy ("BHE") [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 6,439 | 6,015 |
Pilot Travel Centers ("Pilot") [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 9,496 | |
Manufacturing Businesses [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 18,265 | 18,385 |
McLane [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 12,881 | 12,514 |
Service and Retailing [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 9,902 | 9,091 |
Operating Businesses [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 85,445 | 70,891 |
Operating Businesses [Member] | Insurance Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Interest, dividend and other investment income | 2,392 | 1,364 |
Total revenues | 22,188 | 18,852 |
Operating Businesses [Member] | Insurance Group [Member] | GEICO [Member] | ||
Segment Reporting Information [Line Items] | ||
Premiums earned | 9,626 | 9,554 |
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Primary Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Premiums earned | 3,961 | 3,118 |
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Reinsurance Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Premiums earned | 6,209 | 4,816 |
Operating Businesses [Member] | BNSF [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 6,019 | 5,968 |
Operating Businesses [Member] | Berkshire Hathaway Energy ("BHE") [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 6,451 | 6,020 |
Operating Businesses [Member] | Pilot Travel Centers ("Pilot") [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 9,508 | |
Operating Businesses [Member] | Manufacturing Businesses [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 18,289 | 18,421 |
Operating Businesses [Member] | McLane [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 13,059 | 12,515 |
Operating Businesses [Member] | Service and Retailing [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 9,931 | 9,115 |
Corporate, Eliminations and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ (52) | $ (48) |
Business segment data - Earning
Business segment data - Earnings before income taxes (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Investment and derivative contract gains (losses) | $ 34,758 | $ (1,978) |
Equity method investments | 688 | 339 |
Earnings (loss) before income taxes | 44,752 | 6,957 |
Operating Businesses [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 9,540 | 8,139 |
Operating Businesses [Member] | Insurance Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 3,587 | 1,576 |
Operating Businesses [Member] | Insurance Group [Member] | Interest, Dividend and Other Investment Income [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 2,385 | 1,361 |
Operating Businesses [Member] | Insurance Group [Member] | GEICO [Member] | Insurance Premiums Earned [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 703 | (178) |
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Primary Group [Member] | Insurance Premiums Earned [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 268 | 92 |
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Reinsurance Group [Member] | Insurance Premiums Earned [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 231 | 301 |
Operating Businesses [Member] | BNSF [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 1,649 | 1,809 |
Operating Businesses [Member] | Berkshire Hathaway Energy [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 223 | 713 |
Operating Businesses [Member] | Pilot [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 136 | |
Operating Businesses [Member] | Manufacturing Businesses [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 2,611 | 2,824 |
Operating Businesses [Member] | McLane [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 113 | 82 |
Operating Businesses [Member] | Service and Retailing [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | 1,221 | 1,135 |
Segment Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Investment and derivative contract gains (losses) | 34,758 | (1,978) |
Interest expense, not allocated to segments | (114) | (104) |
Equity method investments | 688 | 339 |
Corporate, Eliminations and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before income taxes from operating businesses | $ (120) | $ 561 |