Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 16, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BRKA | ||
Entity Registrant Name | BERKSHIRE HATHAWAY INC. | ||
Entity Central Index Key | 1,067,983 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 278,053,000,000 | ||
Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 774,680 | ||
Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,304,592,522 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | ||
ASSETS | ||||
Cash and cash equivalents | $ 28,048 | $ 67,161 | ||
Investments in fixed maturity securities | 23,465 | 26,027 | ||
Investments in equity securities | 122,032 | [1] | 112,137 | [2] |
Inventories | 15,727 | 11,916 | ||
Goodwill | 79,486 | 62,708 | ||
Total assets | 620,854 | 552,257 | ||
LIABILITIES | ||||
Income taxes, principally deferred | 77,944 | 63,126 | ||
Losses and loss adjustment expenses | 76,918 | 73,144 | ||
Total liabilities | 334,495 | 293,630 | ||
Shareholders' equity: | ||||
Common stock | 8 | 8 | ||
Capital in excess of par value | 35,681 | 35,620 | ||
Accumulated other comprehensive income | 37,298 | 33,982 | ||
Retained earnings | 211,777 | 187,703 | ||
Treasury stock, at cost | (1,763) | (1,763) | ||
Berkshire Hathaway shareholders' equity | 283,001 | 255,550 | ||
Noncontrolling interests | 3,358 | 3,077 | ||
Total shareholders' equity | 286,359 | 258,627 | ||
Total liabilities and shareholders' equity | 620,854 | 552,257 | ||
Insurance and Other [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 23,581 | 56,612 | ||
U.S. Treasury Bills | 47,338 | 4,569 | ||
Total cash, cash equivalents and U.S. Treasury Bills | 70,919 | 61,181 | ||
Investments in fixed maturity securities | 23,432 | 25,988 | ||
Investments in equity securities | 120,471 | 110,527 | ||
Other investments | 14,364 | 15,683 | ||
Investments in The Kraft Heinz Company (Fair Value: 2016 - $28,418, 2015 - $32,042) | 15,345 | 23,424 | ||
Receivables | 27,097 | 23,303 | ||
Inventories | 15,727 | 11,916 | ||
Property, plant and equipment | 19,325 | 15,540 | ||
Goodwill | 53,994 | 37,188 | ||
Other intangible assets | 33,481 | 9,148 | ||
Deferred charges reinsurance assumed | 8,047 | 7,687 | ||
Other | 7,126 | 6,697 | ||
Total assets | 409,328 | 348,282 | ||
LIABILITIES | ||||
Losses and loss adjustment expenses | 76,918 | 73,144 | ||
Unearned premiums | 14,245 | 13,311 | ||
Life, annuity and health insurance benefits | 15,977 | 14,497 | ||
Other policyholder liabilities | 6,714 | 7,123 | ||
Accounts payable, accruals and other liabilities | 22,164 | 17,879 | ||
Notes payable and other borrowings | 27,175 | 14,599 | ||
Total liabilities | 163,193 | 140,553 | ||
Railroad, Utilities and Energy [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 3,939 | 3,437 | ||
Property, plant and equipment | 123,759 | 120,279 | ||
Goodwill | 24,111 | 24,178 | ||
Regulatory assets | 4,457 | 4,285 | ||
Other | 13,550 | 12,833 | ||
Total assets | 169,816 | 165,012 | ||
LIABILITIES | ||||
Accounts payable, accruals and other liabilities | 11,434 | 11,994 | ||
Regulatory liabilities | 3,121 | 3,033 | ||
Notes payable and other borrowings | 59,085 | 57,739 | ||
Total liabilities | 73,640 | 72,766 | ||
Finance and Financial Products [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 528 | 7,112 | ||
U.S. Treasury Bills | 10,984 | |||
Total cash, cash equivalents and U.S. Treasury Bills | 11,512 | 7,112 | ||
Investments in fixed maturity securities | 33 | 39 | ||
Investments in equity and fixed maturity securities | 408 | 411 | ||
Investments in equity securities | 375 | 372 | ||
Other investments | 2,892 | 5,719 | ||
Loans and finance receivables | 13,300 | 12,772 | ||
Property, plant and equipment and assets held for lease | 9,689 | 9,347 | ||
Goodwill | 1,381 | 1,342 | ||
Other | 2,528 | 2,260 | ||
Total assets | 41,710 | 38,963 | ||
LIABILITIES | ||||
Accounts payable, accruals and other liabilities | 1,444 | 1,398 | ||
Derivative contract liabilities | 2,890 | 3,836 | ||
Notes payable and other borrowings | 15,384 | 11,951 | ||
Total liabilities | $ 19,718 | $ 17,185 | ||
[1] | Approximately 56% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company-$11.2 billion; Wells Fargo & Company-$27.6 billion; International Business Machines Corporation ("IBM")-$13.5 billion; and The Coca-Cola Company-$16.6 billion). | |||
[2] | Approximately 59% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company-$10.5 billion; Wells Fargo & Company-$27.2 billion; IBM-$11.2 billion; and The Coca-Cola Company-$17.2 billion). |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Insurance and Other [Member] | ||
Investments in The Kraft Heinz Company, Fair Value | $ 28,418 | $ 32,042 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Revenues: | ||||
Sales and service revenues | $ 125,700 | $ 112,400 | $ 102,200 | |
Investment gains/losses | 7,553 | 9,373 | 3,575 | |
Total revenues | 223,604 | 210,943 | 194,699 | |
Costs and expenses: | ||||
Insurance losses and loss adjustment expenses | 30,906 | 26,527 | 26,406 | |
Interest expense | 3,497 | 3,515 | 3,253 | |
Total costs and expenses | 190,860 | 175,875 | 166,568 | |
Earnings before income taxes and equity in earnings of Kraft Heinz Company | 32,744 | 35,068 | 28,131 | |
Equity in earnings (losses) of Kraft Heinz Company | 923 | (122) | (26) | |
Earnings before income taxes | 33,667 | 34,946 | 28,105 | |
Income tax expense | 9,240 | 10,532 | 7,935 | |
Net earnings | 24,427 | 24,414 | 20,170 | |
Less: Earnings attributable to noncontrolling interests | 353 | 331 | 298 | |
Net earnings attributable to Berkshire Hathaway shareholders | $ 24,074 | $ 24,083 | $ 19,872 | |
Class A [Member] | ||||
Net earnings per share attributable to Berkshire Hathaway shareholders: | ||||
Net earnings per share attributable to Berkshire Hathaway shareholders | [1] | $ 14,645 | $ 14,656 | $ 12,092 |
Average equivalent Class A shares outstanding | [1] | 1,643,826 | 1,643,183 | 1,643,456 |
Insurance and Other [Member] | ||||
Revenues: | ||||
Insurance premiums earned | $ 45,881 | $ 41,294 | $ 41,253 | |
Sales and service revenues | 119,489 | 107,001 | 97,097 | |
Interest, dividend and other investment income | 4,725 | 5,357 | 5,052 | |
Investment gains/losses | 5,128 | 9,363 | 3,503 | |
Total revenues | 175,223 | 163,015 | 146,905 | |
Costs and expenses: | ||||
Insurance losses and loss adjustment expenses | 30,906 | 26,527 | 26,406 | |
Life, annuity and health insurance benefits | 5,131 | 5,413 | 5,181 | |
Insurance underwriting expenses | 7,713 | 7,517 | 6,998 | |
Cost of sales and services | 95,754 | 87,029 | 78,873 | |
Selling, general and administrative expenses | 16,478 | 13,723 | 12,198 | |
Interest expense | 445 | 460 | 419 | |
Total costs and expenses | 156,427 | 140,669 | 130,075 | |
Railroad, Utilities and Energy [Member] | ||||
Revenues: | ||||
Total revenues | 37,542 | 40,004 | 40,690 | |
Costs and expenses: | ||||
Cost of sales and operating expenses | 26,194 | 27,650 | 29,378 | |
Interest expense | 2,642 | 2,653 | 2,378 | |
Total costs and expenses | 28,836 | 30,303 | 31,756 | |
Finance and Financial Products [Member] | ||||
Revenues: | ||||
Sales and service revenues | 6,208 | 5,430 | 5,094 | |
Interest, dividend and other investment income | 1,455 | 1,510 | 1,432 | |
Investment gains/losses | 2,425 | 10 | 72 | |
Derivative gains/losses | 751 | 974 | 506 | |
Total revenues | 10,839 | 7,924 | 7,104 | |
Costs and expenses: | ||||
Cost of sales and services | 3,448 | 2,915 | 2,758 | |
Selling, general and administrative expenses | 1,739 | 1,586 | 1,523 | |
Interest expense | 410 | 402 | 456 | |
Total costs and expenses | $ 5,597 | $ 4,903 | $ 4,737 | |
[1] | Equivalent Class B shares outstanding are 1,500 times the equivalent Class A amount. Net earnings per equivalent Class B share outstanding are one-fifteen-hundredth of the equivalent Class A amount or $9.76 for 2016, $9.77 for 2015 and $8.06 for 2014. |
Consolidated Statements of Ear5
Consolidated Statements of Earnings (Parenthetical) - Class B [Member] | 12 Months Ended | ||
Dec. 31, 2016$ / shares | Dec. 31, 2015$ / shares | Dec. 31, 2014$ / shares | |
Ratio of earnings per Class B share to earnings per Class A share | 0.000667 | ||
Net earnings per share attributable to Berkshire Hathaway shareholders | $ 9.76 | $ 9.77 | $ 8.06 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 24,427 | $ 24,414 | $ 20,170 |
Other comprehensive income: | |||
Net change in unrealized appreciation of investments | 13,858 | (8,520) | 5,831 |
Applicable income taxes | (4,846) | 3,014 | (2,062) |
Reclassification of investment appreciation in net earnings | (6,820) | (2,332) | (3,360) |
Applicable income taxes | 2,387 | 816 | 1,176 |
Foreign currency translation | (1,541) | (1,931) | (2,032) |
Applicable income taxes | 66 | (43) | 183 |
Prior service cost and actuarial gains/losses of defined benefit pension plans | 354 | 424 | (1,703) |
Applicable income taxes | (187) | (140) | 624 |
Other, net | (17) | (94) | 8 |
Other comprehensive income, net | 3,254 | (8,806) | (1,335) |
Comprehensive income | 27,681 | 15,608 | 18,835 |
Comprehensive income attributable to noncontrolling interests | 291 | 275 | 256 |
Comprehensive income attributable to Berkshire Hathaway shareholders | $ 27,390 | $ 15,333 | $ 18,579 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Common stock and capital in excess of par value | Accumulated other comprehensive income | Retained earnings | Treasury stock | Noncontrolling interests |
Beginning Balance at Dec. 31, 2013 | $ 224,485 | $ 35,480 | $ 44,025 | $ 143,748 | $ (1,363) | $ 2,595 |
Net earnings | 20,170 | 19,872 | 298 | |||
Other comprehensive income, net | (1,335) | (1,293) | (42) | |||
Issuance (acquisition) of common stock | (282) | 118 | (400) | |||
Transactions with noncontrolling interests | (11) | (17) | 6 | |||
Ending Balance at Dec. 31, 2014 | 243,027 | 35,581 | 42,732 | 163,620 | (1,763) | 2,857 |
Net earnings | 24,414 | 24,083 | 331 | |||
Other comprehensive income, net | (8,806) | (8,750) | (56) | |||
Issuance of common stock | 53 | 53 | ||||
Transactions with noncontrolling interests | (61) | (6) | (55) | |||
Ending Balance at Dec. 31, 2015 | 258,627 | 35,628 | 33,982 | 187,703 | (1,763) | 3,077 |
Net earnings | 24,427 | 24,074 | 353 | |||
Other comprehensive income, net | 3,254 | 3,316 | (62) | |||
Issuance of common stock | 119 | 119 | ||||
Transactions with noncontrolling interests | (68) | (58) | (10) | |||
Ending Balance at Dec. 31, 2016 | $ 286,359 | $ 35,689 | $ 37,298 | $ 211,777 | $ (1,763) | $ 3,358 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net earnings | $ 24,427 | $ 24,414 | $ 20,170 |
Adjustments to reconcile net earnings to operating cash flows: | |||
Investment gains/losses | (7,553) | (9,373) | (3,575) |
Depreciation and amortization | 8,901 | 7,779 | 7,370 |
Other | (161) | 751 | (341) |
Changes in operating assets and liabilities: | |||
Losses and loss adjustment expenses | 4,372 | 2,262 | 7,404 |
Deferred charges reinsurance assumed | (360) | 84 | (3,413) |
Unearned premiums | 968 | 1,392 | 1,159 |
Receivables and originated loans | (3,302) | (1,650) | (1,890) |
Derivative contract assets and liabilities | (946) | (974) | (520) |
Income taxes | 4,044 | 5,718 | 4,905 |
Other | 2,145 | 1,088 | 741 |
Net cash flows from operating activities | 32,535 | 31,491 | 32,010 |
Cash flows from investing activities: | |||
Purchases of U.S. Treasury Bills and fixed maturity securities | (96,568) | (17,891) | (12,562) |
Purchases of equity securities | (16,508) | (10,220) | (10,014) |
Purchase of Kraft Heinz common stock | (5,258) | ||
Sales of U.S. Treasury Bills and fixed maturity securities | 18,757 | 2,471 | 2,038 |
Redemptions and maturities of U.S. Treasury Bills and fixed maturity securities | 26,177 | 14,656 | 10,285 |
Sales and redemptions of equity securities | 28,464 | 8,747 | 8,896 |
Purchases of loans and finance receivables | (307) | (179) | (181) |
Collections of loans and finance receivables | 490 | 492 | 885 |
Acquisitions of businesses, net of cash acquired | (31,399) | (4,902) | (4,824) |
Purchases of property, plant and equipment | (12,954) | (16,082) | (15,185) |
Other | (419) | 165 | 336 |
Net cash flows from investing activities | (84,267) | (28,001) | (20,326) |
Cash flows from financing activities: | |||
Changes in short term borrowings, net | 130 | (378) | 932 |
Acquisitions of noncontrolling interests and other | 112 | (233) | (1,265) |
Net cash flows from financing activities | 12,791 | 3,803 | 2,731 |
Effects of foreign currency exchange rate changes | (172) | (165) | (289) |
Increase (decrease) in cash and cash equivalents | (39,113) | 7,128 | 14,126 |
Cash and cash equivalents: | |||
Cash and cash equivalents at beginning of year | 67,161 | 60,033 | 45,907 |
Cash and cash equivalents at end of year | 28,048 | 67,161 | 60,033 |
Insurance and Other [Member] | |||
Adjustments to reconcile net earnings to operating cash flows: | |||
Investment gains/losses | (5,128) | (9,363) | (3,503) |
Cash flows from financing activities: | |||
Proceeds from borrowings | 9,431 | 3,358 | 845 |
Repayments of borrowings | (1,264) | (1,916) | (1,289) |
Cash and cash equivalents: | |||
Cash and cash equivalents at beginning of year | 56,612 | 54,738 | |
Cash and cash equivalents at end of year | 23,581 | 56,612 | 54,738 |
Railroad, Utilities and Energy [Member] | |||
Cash flows from financing activities: | |||
Proceeds from borrowings | 3,077 | 5,479 | 5,765 |
Repayments of borrowings | (2,123) | (1,725) | (1,862) |
Cash and cash equivalents: | |||
Cash and cash equivalents at beginning of year | 3,437 | 3,001 | |
Cash and cash equivalents at end of year | 3,939 | 3,437 | 3,001 |
Finance and Financial Products [Member] | |||
Adjustments to reconcile net earnings to operating cash flows: | |||
Investment gains/losses | (2,425) | (10) | (72) |
Cash flows from financing activities: | |||
Proceeds from borrowings | 4,741 | 1,045 | 1,148 |
Repayments of borrowings | (1,313) | (1,827) | (1,543) |
Cash and cash equivalents: | |||
Cash and cash equivalents at beginning of year | 7,112 | 2,294 | |
Cash and cash equivalents at end of year | $ 528 | $ 7,112 | $ 2,294 |
Significant accounting policies
Significant accounting policies and practices | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant accounting policies and practices | (1) Significant accounting policies and practices (a) Nature of operations and basis of consolidation Berkshire Hathaway Inc. (“Berkshire”) is a holding company owning subsidiaries engaged in a number of diverse business activities, including insurance and reinsurance, freight rail transportation, utilities and energy, manufacturing, service, retailing and finance. In these notes the terms “us,” “we,” or “our” refer to Berkshire and its consolidated subsidiaries. Further information regarding our reportable business segments is contained in Note 23. Significant business acquisitions completed over the past three years are discussed in Note 2. The accompanying Consolidated Financial Statements include the accounts of Berkshire consolidated with the accounts of all subsidiaries and affiliates in which we hold a controlling financial interest as of the financial statement date. Normally a controlling financial interest reflects ownership of a majority of the voting interests. We consolidate a variable interest entity (“VIE”) when we possess both the power to direct the activities of the VIE that most significantly impact its economic performance and we are either obligated to absorb the losses that could potentially be significant to the VIE or we hold the right to receive benefits from the VIE that could potentially be significant to the VIE. Intercompany accounts and transactions have been eliminated. (b) Use of estimates in preparation of financial statements The preparation of our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. In particular, estimates of unpaid losses and loss adjustment expenses and related reinsurance recoverable are subject to considerable estimation error due to the inherent uncertainty in projecting ultimate claim costs. In addition, estimates and assumptions associated with the amortization of deferred charges on retroactive reinsurance contracts, determinations of fair values of certain financial instruments and evaluations of goodwill and identifiable intangible assets for impairment require considerable judgment. Actual results may differ from the estimates used in preparing our Consolidated Financial Statements. (c) Cash and cash equivalents and U.S Treasury Bills Cash equivalents consist of demand deposit and money market accounts, U.S. Treasury Bills with a maturity of three months or less when purchased and other investments with a maturity of three months or less when purchased. During 2016, we acquired significant amounts of U.S. Treasury Bills with maturity dates more than three months from their purchase dates. In prior years, such investments were not material and were classified as cash equivalents. We believe that in substance these U.S. Treasury Bills are like cash as they are readily convertible to known amounts of cash and present an insignificant risk of change in value because of changes in interest rates. In determining the appropriate accounting classification under GAAP, we considered the relevant accounting literature. We also consulted with our independent auditors who shared with us certain insights into commonly applied practice today. We have concluded that, notwithstanding our view of the substance of such instruments, these U.S. Treasury Bills technically do not meet a “bright line” definition of cash equivalents under GAAP. Accordingly, we are now presenting all U.S. Treasury Bills with maturity dates greater than three months from their purchase dates separately in the accompanying Consolidated Balance Sheets. Additionally, we have revised the 2014 and 2015 Consolidated Statements of Cash Flows to reflect this change. We believe that these changes have no effect whatsoever on our financial condition. (d) Investments We determine the appropriate classification of investments in fixed maturity and equity securities at the acquisition date and re-evaluate Held-to-maturity available-for-sale available-for-sale. We utilize the equity method to account for investments when we possess the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when an investor possesses more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. We apply the equity method to investments in common stock and to other investments when such other investments possess substantially identical subordinated interests to common stock. In applying the equity method, we record the investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of the net earnings or losses and other comprehensive income of the investee. We record dividends or other equity distributions as reductions in the carrying value of the investment. In the event that net losses of the investee reduce the carrying amount to zero, additional net losses may be recorded if other investments in the investee are at-risk, Investment gains and losses arise when investments are sold (as determined on a specific identification basis) or are other-than-temporarily impaired. If a decline in the value of an investment below cost is deemed other than temporary, the cost of the investment is written down to fair value, with a corresponding charge to earnings. Factors considered in determining whether an impairment is other than temporary include: the financial condition, business prospects and creditworthiness of the issuer, the relative amount of the decline, our ability and intent to hold the investment until the fair value recovers and the length of time that fair value has been less than cost. With respect to an investment in a fixed maturity security, we recognize an other-than-temporary impairment if we (a) intend to sell or expect to be required to sell the security before its amortized cost is recovered or (b) do not expect to ultimately recover the amortized cost basis even if we do not intend to sell the security. Under scenario (a), we recognize losses in earnings and under scenario (b), we recognize the credit loss component in earnings and the difference between fair value and the amortized cost basis net of the credit loss in other comprehensive income. (e) Receivables, loans and finance receivables Receivables of the insurance and other businesses are stated net of estimated allowances for uncollectible balances. Allowances for uncollectible balances are provided when it is probable counterparties or customers will be unable to pay all amounts due based on the contractual terms. Receivables are generally written off against allowances after all reasonable collection efforts are exhausted. Loans and finance receivables of the finance and financial products businesses are predominantly manufactured housing installment loans. These loans are stated at amortized cost based on our ability and intent to hold such loans to maturity and are stated net of allowances for uncollectible accounts. The carrying value of acquired loans represents acquisition costs, plus or minus origination and commitment costs paid or fees received, which together with acquisition premiums or discounts, are deferred and amortized as yield adjustments over the life of the loans. Substantially all loans are secured by real or personal property or other assets of the borrower. Allowances for credit losses on loans include estimates of losses on loans currently in foreclosure and losses on loans not currently in foreclosure. Estimates of losses on loans in foreclosure are based on historical experience and collateral recovery rates. Estimates of losses on loans not currently in foreclosure consider historical default rates, collateral recovery rates and prevailing economic conditions. Allowances for credit losses also incorporate the historical average time elapsed from the last payment until foreclosure. Loans are considered delinquent when payments are more than 30 days past due. Loans over 90 days past due are placed on nonaccrual status and accrued but uncollected interest is reversed. Subsequent collections on the loans are first applied to the principal and interest owed for the most delinquent amount. Interest income accruals resume once a loan is less than 90 days delinquent. Loans in the foreclosure process are considered non-performing. (f) Derivatives We carry derivative contracts in our Consolidated Balance Sheets at fair value, net of reductions permitted under master netting agreements with counterparties. The changes in fair value of derivative contracts that do not qualify as hedging instruments for financial reporting purposes are recorded in earnings or by our regulated utilities businesses as regulatory assets or liabilities when recovery through regulated rates is probable. (g) Fair value measurements As defined under GAAP, fair value is the price that would be received to sell an asset or paid to transfer a liability between market participants in the principal market or in the most advantageous market when no principal market exists. Adjustments to transaction prices or quoted market prices may be required in illiquid or disorderly markets in order to estimate fair value. Alternative valuation techniques may be appropriate under the circumstances to determine the value that would be received to sell an asset or paid to transfer a liability in an orderly transaction. Market participants are assumed to be independent, knowledgeable, able and willing to transact an exchange and not acting under duress. Our nonperformance or credit risk is considered in determining the fair value of liabilities. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized in a current or future market exchange. (h) Inventories Inventories consist of manufactured goods and goods acquired for resale. Manufactured inventory costs include raw materials, direct and indirect labor and factory overhead. Inventories are stated at the lower of cost or market. As of December 31, 2016, approximately 55% of our consolidated inventory cost was determined using the last-in-first-out first-in-first-out (i) Property, plant and equipment and leased assets Additions to property, plant and equipment used in operations and leased assets are recorded at cost and consist of major additions, improvements and betterments. With respect to constructed assets, all construction related material, direct labor and contract services as well as certain indirect costs are capitalized. Indirect costs include interest over the construction period. With respect to constructed assets of our regulated utility and energy subsidiaries that are subject to authoritative guidance for regulated operations, capitalized costs also include an equity allowance for funds used during construction, which represents the cost of equity funds used to finance the construction of the regulated facilities. Also see Note 1(q). Normal repairs and maintenance and other costs that do not improve the property, extend the useful life or otherwise do not meet capitalization criteria are charged to expense as incurred. Rail grinding costs related to our railroad properties are expensed as incurred. Property, plant and equipment and leased assets are depreciated to estimated salvage value primarily using the straight-line method over estimated useful lives or mandated recovery periods as prescribed by regulatory authorities. Depreciation of assets of our regulated utilities and railroad is generally determined using group depreciation methods where rates are based on periodic depreciation studies approved by the applicable regulator. Under group depreciation, a single depreciation rate is applied to the gross investment in a particular class of property, despite differences in the service life or salvage value of individual property units within the same class. When our regulated utilities or railroad retires or sells a component of the assets accounted for using group depreciation methods, no gain or loss is recognized. Gains or losses on disposals of all other assets are recorded through earnings. We evaluate property, plant and equipment for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable or when the assets are held for sale. Upon the occurrence of a triggering event, we assess whether the estimated undiscounted cash flows expected from the use of the asset and the residual value from the ultimate disposal of the asset exceeds the carrying value. If the carrying value exceeds the estimated recoverable amounts, we reduce the carrying value to fair value and record an impairment loss in earnings, except with respect to impairment of assets of our regulated utility and energy subsidiaries when the impacts of regulation are considered in evaluating the carrying value of regulated assets. (j) Goodwill and other intangible assets Goodwill represents the excess of the acquisition price of a business over the fair value of identified net assets of that business. We evaluate goodwill for impairment at least annually. When evaluating goodwill for impairment, we estimate the fair value of the reporting unit. There are several methods that may be used to estimate a reporting unit’s fair value, including market quotations, asset and liability fair values and other valuation techniques, including, but not limited to, discounted projected future net earnings or net cash flows and multiples of earnings. If the carrying amount of a reporting unit, including goodwill, exceeds the estimated fair value, then the identifiable assets and liabilities of the reporting unit are estimated at fair value as of the current testing date. The excess of the estimated fair value of the reporting unit over the current estimated fair value of net assets establishes the implied value of goodwill. The excess of the recorded goodwill over the implied goodwill value is charged to earnings as an impairment loss. Significant judgment is required in estimating the fair value of the reporting unit and performing goodwill impairment tests. Intangible assets with finite lives are amortized based on the estimated pattern in which the economic benefits are expected to be consumed or on a straight-line basis over their estimated economic lives. Intangible assets with finite lives are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite lives are tested for impairment at least annually and when events or changes in circumstances indicate that it is more likely than not that the asset is impaired. (k) Revenue recognition Insurance premiums for prospective property/casualty insurance and reinsurance are earned over the loss exposure or coverage period in proportion to the level of protection provided. In most cases, premiums are recognized as revenues ratably over the term of the contract with unearned premiums computed on a monthly or daily pro-rata Sales revenues derive from the sales of manufactured products and goods acquired for resale. Revenues from sales are recognized upon passage of title to the customer, which generally coincides with customer pickup, product delivery or acceptance, depending on terms of the sales arrangement. Service revenues are recognized as the services are performed. Services provided pursuant to a contract are either recognized over the contract period or upon completion of the elements specified in the contract depending on the terms of the contract. Revenues related to the sales of fractional ownership interests in aircraft are recognized ratably over the term of the related management services agreement, as the transfer of ownership interest in the aircraft is inseparable from the management services agreement. Leasing revenue is generally recognized ratably over the term of the lease. A substantial portion of our leases are classified as operating leases. Operating revenues from the distribution and sale of electricity and natural gas to customers are recognized when the services are rendered or the energy is delivered. Revenues include unbilled as well as billed amounts. Rates charged are generally subject to federal and state regulation or established under contractual arrangements. When preliminary rates are permitted to be billed prior to final approval by the applicable regulator, certain revenue collected may be subject to refund and a liability for estimated refunds is recorded. Railroad transportation revenues are recognized based upon the proportion of service provided as of the balance sheet date. Customer incentives, which are primarily provided for shipping a specified cumulative volume or shipping to/from specific locations, are recorded as pro-rata (l) Losses and loss adjustment expenses Liabilities for losses and loss adjustment expenses are established under property/casualty insurance and reinsurance contracts issued by our insurance subsidiaries for loss events that have occurred as of the balance sheet date. The liabilities for losses and loss adjustment expenses are recorded at the estimated ultimate payment amounts, except that amounts arising from certain workers’ compensation reinsurance contracts are discounted. Estimated ultimate payment amounts are based upon (1) reports of losses from policyholders, (2) individual case estimates and (3) estimates of incurred but not reported losses. Provisions for losses and loss adjustment expenses are charged to earnings after deducting amounts recovered and estimates of recoverable amounts under ceded reinsurance contracts. Reinsurance contracts do not relieve the ceding company of its obligations to indemnify policyholders with respect to the underlying insurance and reinsurance contracts. The estimated liabilities of workers’ compensation claims assumed under certain reinsurance contracts are discounted based upon an annual discount rate of 4.5% for claims arising prior to January 1, 2003 and 1% for claims arising thereafter, consistent with insurance statutory accounting principles. The change in such discounts, including the periodic discount accretion is included in earnings as a component of losses and loss adjustment expenses. (m) Deferred charges reinsurance assumed The excess, if any, of the estimated ultimate liabilities for claims and claim settlement costs over the premiums earned with respect to retroactive property/casualty reinsurance contracts is recorded as a deferred charge at inception of the contract. Deferred charges are subsequently amortized using the interest method over the expected claim settlement periods. Changes to the estimated timing or amount of future loss payments also produce changes in unamortized deferred charges. Changes in such estimates are applied retrospectively and the resulting changes in deferred charge balances are included in insurance losses and loss adjustment expenses in the period of the change. (n) Insurance policy acquisition costs Incremental costs that are directly related to the successful acquisition of insurance contracts are capitalized, subject to ultimate recoverability, and are subsequently amortized to underwriting expenses as the related premiums are earned. Direct incremental acquisition costs include commissions, premium taxes, and certain other costs associated with successful efforts. All other underwriting costs are expensed as incurred. The recoverability of capitalized insurance policy acquisition costs generally reflects anticipation of investment income. The unamortized balances are included in other assets and were $1,991 million and $1,920 million at December 31, 2016 and 2015, respectively. (p) Life and annuity insurance benefits Liabilities for insurance benefits under life contracts are computed based upon estimated future investment yields, expected mortality, morbidity, and lapse or withdrawal rates and reflect estimates for future premiums and expenses under the contracts. These assumptions, as applicable, also include a margin for adverse deviation and may vary with the characteristics of the contract’s date of issuance, policy duration and country of risk. The interest rate assumptions used may vary by contract or jurisdiction. Periodic payment annuity liabilities are discounted based on the implicit rate as of the inception of the contracts such that the present value of the liabilities equals the premiums. Discount rates range from less than 1% to 7%. (q) Regulated utilities and energy businesses Certain energy subsidiaries prepare their financial statements in accordance with authoritative guidance for regulated operations, reflecting the economic effects of regulation from the ability to recover certain costs from customers and the requirement to return revenues to customers in the future through the regulated rate-setting process. Accordingly, certain costs are deferred as regulatory assets and certain income is accrued as regulatory liabilities. Regulatory assets and liabilities will be amortized into operating expenses and revenues over various future periods. Regulatory assets and liabilities are continually assessed for probable future inclusion in regulatory rates by considering factors such as applicable regulatory or legislative changes and recent rate orders received by other regulated entities. If future inclusion in regulatory rates ceases to be probable, the amount no longer probable of inclusion in regulatory rates is charged or credited to earnings (or other comprehensive income, if applicable) or returned to customers. (r) Foreign currency The accounts of our non-U.S. (s) Income taxes Berkshire files a consolidated federal income tax return in the United States, which includes eligible subsidiaries. In addition, we file income tax returns in state, local and foreign jurisdictions as applicable. Provisions for current income tax liabilities are calculated and accrued on income and expense amounts expected to be included in the income tax returns for the current year. Income taxes reported in earnings also include deferred income tax provisions. Deferred income tax assets and liabilities are computed on differences between the financial statement bases and tax bases of assets and liabilities at the enacted tax rates. Changes in deferred income tax assets and liabilities that are associated with components of other comprehensive income are charged or credited directly to other comprehensive income. Otherwise, changes in deferred income tax assets and liabilities are included as a component of income tax expense. The effect on deferred income tax assets and liabilities attributable to changes in enacted tax rates are charged or credited to income tax expense in the period of enactment. Valuation allowances are established for certain deferred tax assets when realization is not likely. Assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions, in our judgment, do not meet a “more-likely-than-not” (t) New accounting pronouncements to be adopted subsequent to December 31, 2016 In May 2014, the FASB issued ASU 2014-09 2014-09 2014-09 2014-09 2014-09 2014-09 2014-09 In January 2016, the FASB issued ASU 2016-01 2016-01 available-for-sale 2016-01 2016-01 In February 2016, the FASB issued ASU 2016-02 2016-02 right-of-use 2016-02 In June 2016, the FASB issued ASU 2016-13 available-for-sale 2016-13 In January 2017, the FASB issued ASU 2017-04 2017-04 2017-04 |
Significant business acquisitio
Significant business acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Significant business acquisitions | (2) Significant business acquisitions Our long-held acquisition strategy is to acquire businesses at sensible prices that have consistent earning power, good returns on equity and able and honest management. Financial results attributable to business acquisitions are included in our Consolidated Financial Statements beginning on their respective acquisition dates. On January 29, 2016, Berkshire acquired all outstanding common stock of Precision Castparts Corp. (“PCC”) for $235 per share in cash pursuant to a definitive merger agreement dated August 8, 2015. The aggregate consideration paid was approximately $32.7 billion, which included the value of PCC shares we already owned. We funded the acquisition with a combination of existing cash balances and proceeds from a short-term credit facility. PCC is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power and general industrial markets. PCC is a market leader in manufacturing complex structural investment castings and forged components for aerospace markets, machined airframe components and highly engineered critical fasteners for aerospace applications, and in manufacturing airfoil castings for the aerospace and industrial gas turbine markets. PCC also is a leading producer of titanium and nickel superalloy melted and mill products for the aerospace, chemical processing, oil and gas and pollution control industries, and manufactures extruded seamless pipe, fittings and forgings for power generation and oil and gas applications. On February 29, 2016, we acquired the Duracell business from The Procter & Gamble Company (“P&G”) pursuant to a definitive agreement entered into in November 2014. Duracell is a leading manufacturer of high-performance alkaline batteries and is an innovator in wireless charging technologies. Pursuant to the agreement, we received a recapitalized Duracell Company in exchange for shares of P&G common stock held by Berkshire subsidiaries, which had a fair value of approximately $4.2 billion. During the fourth quarter of 2016, we revised the previously reported acquisition date fair values of certain identified assets and liabilities of PCC and Duracell, which primarily resulted in decreases in the amounts of identified intangible assets and deferred income tax liabilities, offset by increases in the amounts of goodwill. These revisions were immaterial to our Consolidated Financial Statements. Goodwill from these acquisitions is not amortizable for income tax purposes. The fair values of identified assets acquired and liabilities assumed and residual goodwill of PCC and Duracell at their respective acquisition dates are summarized as follows (in millions). PCC Duracell Cash and cash equivalents $ 250 $ 1,807 Inventories 3,430 319 Property, plant and equipment 2,765 359 Goodwill 16,011 866 Other intangible assets 23,527 1,550 Other assets 1,916 242 Assets acquired $ 47,899 $ 5,143 Accounts payable, accruals and other liabilities $ 2,442 $ 410 Notes payable and other borrowings 5,251 — Income taxes, principally deferred 7,548 494 Liabilities assumed $ 15,241 $ 904 Net assets $ 32,658 $ 4,239 The following table sets forth certain unaudited pro forma consolidated earnings data for the year ending December 31, 2015 as if the PCC and Duracell acquisitions were consummated on the same terms at the beginning of 2015 (in millions, except per share amount). Pro forma data for 2016 was not materially different from the amounts reflected in the accompanying Consolidated Financial Statements. 2015 Revenues $ 221,897 Net earnings attributable to Berkshire Hathaway shareholders 24,575 Net earnings per equivalent Class A common share 14,956 In the first quarter of 2015, we acquired the Van Tuyl Group (now named Berkshire Hathaway Automotive), which included 81 automotive dealerships and two related insurance businesses, two auto auctions and a distributor of automotive fluid maintenance products. In addition to selling new and pre-owned The fair values of identified assets acquired and liabilities assumed and residual goodwill of Berkshire Hathaway Automotive and AltaLink at their respective acquisition dates are summarized as follows (in millions). Berkshire Hathaway AltaLink Cash and investments $ 1,274 $ 15 Property, plant and equipment 1,045 5,610 Goodwill 1,833 1,744 Other assets 2,488 300 Assets acquired $ 6,640 $ 7,669 Accounts payable, accruals and other liabilities $ 1,399 $ 1,090 Notes payable and other borrowings 1,129 3,851 Liabilities assumed $ 2,528 $ 4,941 Net assets $ 4,112 $ 2,728 On January 1, 2014, we acquired the beverage dispensing equipment manufacturing and merchandising business of British engineering company, IMI plc for approximately $1.12 billion. On February 25, 2014, we acquired 100% of the outstanding common stock of Phillips Specialty Products Inc. (“PSPI”), a company providing oil flow improvement products to customers worldwide, from Phillips 66 (“PSX”) in exchange for 17,422,615 shares of PSX common stock with an aggregate fair value of $1.35 billion. On June 30, 2014, we acquired WPLG, Inc. (“WPLG”) from Graham Holding Company (“GHC”) in exchange for 1,620,190 shares of GHC common stock with an aggregate fair value of $1.13 billion. WPLG operates a Miami, Florida, ABC affiliated television station. At their respective acquisition dates, assets of PSPI and WPLG included cash of $778 million. WPLG assets also included 2,107 shares of Berkshire Hathaway Class A and 1,278 shares of Class B common stock. The aggregate fair value of the identified net assets related to these acquisitions was approximately $2.2 billion and the residual goodwill was approximately $1.4 billion. During the last three years, we also completed several smaller-sized “bolt-on” |
Investments in fixed maturity s
Investments in fixed maturity securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in fixed maturity securities | (3) Investments in fixed maturity securities Investments in securities with fixed maturities as of December 31, 2016 and 2015 are summarized by type below (in millions). Amortized Unrealized Unrealized Fair December 31, 2016 U.S. Treasury, U.S. government corporations and agencies $ 4,519 $ 16 $ (8 ) $ 4,527 States, municipalities and political subdivisions 1,159 58 (1 ) 1,216 Foreign governments 8,860 207 (66 ) 9,001 Corporate bonds 6,899 714 (9 ) 7,604 Mortgage-backed securities 997 126 (6 ) 1,117 $ 22,434 $ 1,121 $ (90 ) $ 23,465 December 31, 2015 U.S. Treasury, U.S. government corporations and agencies $ 3,425 $ 10 $ (8 ) $ 3,427 States, municipalities and political subdivisions 1,695 71 (2 ) 1,764 Foreign governments 11,327 226 (85 ) 11,468 Corporate bonds 7,323 632 (29 ) 7,926 Mortgage-backed securities 1,279 168 (5 ) 1,442 $ 25,049 $ 1,107 $ (129 ) $ 26,027 Investments in fixed maturity securities are reflected in our Consolidated Balance Sheets as follows (in millions). December 31, 2016 2015 Insurance and other $ 23,432 $ 25,988 Finance and financial products 33 39 $ 23,465 $ 26,027 Investments in foreign government securities include securities issued by national and provincial government entities as well as instruments that are unconditionally guaranteed by such entities. As of December 31, 2016, approximately 92% of foreign government holdings were rated AA or higher by at least one of the major rating agencies. Approximately 81% of foreign government holdings were issued or guaranteed by the United Kingdom, Germany, Australia or Canada. The amortized cost and estimated fair value of securities with fixed maturities at December 31, 2016 are summarized below by contractual maturity dates. Actual maturities may differ from contractual maturities due to early call or prepayment rights held by issuers. Amounts are in millions. Due in one Due after one Due after five Due after Mortgage-backed Total Amortized cost $ 8,508 $ 9,886 $ 805 $ 2,238 $ 997 $ 22,434 Fair value 8,573 10,219 872 2,684 1,117 23,465 |
Investments in equity securitie
Investments in equity securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in equity securities | (4) Investments in equity securities Investments in equity securities as of December 31, 2016 and 2015 are summarized based on the primary industry of the investee in the table below (in millions). Cost Basis Unrealized Unrealized Fair December 31, 2016 Banks, insurance and finance $ 19,852 $ 30,572 $ — $ 50,424 Consumer products 10,657 16,760 (9 ) 27,408 Commercial, industrial and other 35,868 9,033 (701 ) 44,200 $ 66,377 $ 56,365 $ (710 ) $ 122,032 * Approximately 56% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company—$11.2 billion; Wells Fargo & Company—$27.6 billion; International Business Machines Corporation (“IBM”)—$13.5 billion; and The Coca-Cola Company—$16.6 billion). Cost Basis Unrealized Unrealized Fair December 31, 2015 Banks, insurance and finance $ 20,026 $ 27,965 $ (21 ) $ 47,970 Consumer products 7,147 18,057 (1 ) 25,203 Commercial, industrial and other 35,417 6,785 (3,238 ) 38,964 $ 62,590 $ 52,807 $ (3,260 ) $ 112,137 * Approximately 59% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company—$10.5 billion; Wells Fargo & Company—$27.2 billion; IBM—$11.2 billion; and The Coca-Cola Company—$17.2 billion). As of December 31, 2016 and 2015, we concluded that the unrealized losses shown in the tables above were temporary. Our conclusions were based on: (a) our ability and intent to hold the securities to recovery; (b) our assessment that the underlying business and financial condition of each of these issuers was favorable; (c) our opinion that the relative price declines were not significant; and (d) our belief that market prices will increase to and exceed our cost. As of December 31, 2016 and 2015, unrealized losses on equity securities in a continuous unrealized loss position for more than twelve consecutive months were $551 million and $989 million, respectively. Investments in equity securities are reflected in our Consolidated Balance Sheets as follows (in millions). December 31, 2016 2015 Insurance and other $ 120,471 $ 110,527 Railroad, utilities and energy * 1,186 1,238 Finance and financial products 375 372 $ 122,032 $ 112,137 * Included in other assets. |
Other investments
Other investments | 12 Months Ended |
Dec. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
Other investments | (5) Other investments Other investments include preferred stock of Bank of America Corporation (“BAC”), warrants to purchase common stock of BAC and preferred stock of Restaurant Brands International, Inc. (“RBI”) and in 2015 also included preferred stock of Wm. Wrigley Jr. Company (“Wrigley”) and The Dow Chemical Company (“Dow”). Other investments are classified as available-for-sale Cost Fair Value December 31, December 31, 2016 2015 2016 2015 Insurance and other $ 6,720 $ 9,690 $ 14,364 $ 15,683 Finance and financial products 1,000 3,052 2,892 5,719 $ 7,720 $ 12,742 $ 17,256 $ 21,402 In 2008, we purchased $2.1 billion of Wrigley preferred stock pursuant to a shareholder agreement in conjunction with Mars Incorporated’s (“Mars”) acquisition of Wrigley. Pursuant to certain put and call provisions in the shareholder agreement, up to 50% of our original investment was redeemable over a 90-day In 2009, we acquired 3,000,000 shares of Series A Cumulative Convertible Perpetual Preferred Stock of Dow (“Dow Preferred”) for approximately $3 billion. In December 2016, Dow exercised its option to convert the Dow Preferred into 72.6 million shares of common stock. As of December 31, 2016, all shares of common stock received upon the conversion had been sold. The Dow Preferred was entitled to dividends at a rate of 8.5% per annum. We currently own 50,000 shares of 6% Non-Cumulative We currently own Class A 9% Cumulative Compounding Perpetual Preferred Shares of RBI (“RBI Preferred”) having a stated value of $3 billion. RBI, domiciled in Canada, is the ultimate parent company of Burger King and Tim Hortons. The RBI Preferred is entitled to dividends on a cumulative basis of 9% per annum plus an additional amount, if necessary, to produce an after-tax |
Investments in The Kraft Heinz
Investments in The Kraft Heinz Company | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in The Kraft Heinz Company | (6) Investments in The Kraft Heinz Company On June 7, 2013, Berkshire and an affiliate of the global investment firm 3G Capital (such affiliate, “3G”), each made equity investments in H.J. Heinz Holding Corporation (“Heinz Holding”), which, together with debt financing obtained by Heinz Holding, was used to acquire H. J. Heinz Company (“Heinz”). Berkshire’s initial investments consisted of 425 million shares of Heinz Holding common stock; warrants, which we exercised in June 2015, to acquire approximately 46 million additional shares of common stock at one cent per share; and cumulative compounding preferred stock (“Preferred Stock”) with a liquidation preference of $8 billion. The aggregate cost of our investments was $12.25 billion. 3G also acquired 425 million shares of Heinz Holding common stock for $4.25 billion. On June 7, 2016, our Preferred Stock investment was redeemed for cash of $8.32 billion. Prior to its redemption, the Preferred Stock was entitled to dividends at 9% per annum. Dividends earned on the Preferred Stock were $180 million in 2016, $852 million in 2015 and $720 million in 2014 and are included in interest, dividends and other investment income. On July 1, 2015, Berkshire acquired 262.9 million shares of newly issued common stock of Heinz Holding for $5.26 billion and 3G acquired 237.1 million shares of newly issued common stock of Heinz Holding for $4.74 billion. Immediately thereafter, Heinz Holding executed a reverse stock split at a rate of 0.443332 of a share for each share. As of that date, Berkshire owned 52.5% of Heinz Holding’s outstanding common stock. On July 2, 2015, Heinz Holding acquired Kraft Foods Group, Inc. (“Kraft”). Upon completion of the acquisition, Heinz Holding was renamed The Kraft Heinz Company (“Kraft Heinz”). Kraft Heinz is one of the world’s largest manufacturers and marketers of food and beverage products, including condiments and sauces, cheese and dairy products, meats, refreshment beverages, coffee, and other grocery products. Kraft Heinz’s leading brands include Kraft, Heinz, ABC, Capri Sun, Classico, Jell-O, Kool-Aid, Ore-Ida, In connection with the acquisition of Kraft, its shareholders received one share of newly issued Kraft Heinz common stock for each share of Kraft common stock and a special cash dividend of $16.50 per share. Following the issuance of these additional shares, Berkshire and 3G together owned approximately 51% of the outstanding Kraft Heinz common stock, with Berkshire owning approximately 26.8% and 3G owning 24.2%. We accounted for our investment in Heinz Holding common stock and continue to account for our investment in Kraft Heinz common stock on the equity method. In applying the equity method, the investor treats an investee’s issuance of shares as if the investor had sold a proportionate share of its investment. As a result, we recorded a non-cash pre-tax A summary of our investments in Kraft Heinz follows (in millions). Carrying Value December 31, December 31, Common stock $ 15,345 $ 15,714 Preferred Stock — 7,710 $ 15,345 $ 23,424 Our equity method earnings (losses) on the common stock were $923 million in 2016, $(122) million in 2015 and $(26) million in 2014. Common stock dividends received were $952 million in 2016 and $366 million in 2015. Summarized consolidated financial information of Kraft Heinz follows (in millions). December 31, 2016 January 3, 2016 Assets $ 120,480 $ 122,973 Liabilities 62,906 56,737 Year ending Year ending Year ending Sales $ 26,487 $ 18,338 $ 10,922 Net earnings $ 3,632 $ 634 $ 657 Net earnings (loss) attributable to common shareholders $ 3,452 $ (266 ) $ (63 ) |
Investment gains_losses
Investment gains/losses | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment gains/losses | (7) Investment gains/losses Investment gains/losses, including other-than-temporary impairment (“OTTI”) losses, for each of the three years ending December 31, 2016 are summarized below (in millions). 2016 2015 2014 Fixed maturity securities— Gross gains from sales and other disposals $ 58 $ 104 $ 360 Gross losses from sales and other disposals (50 ) (171 ) (89 ) Equity securities— Gross gains from sales and redemptions 7,853 9,526 4,016 Gross losses from sales and redemptions (334 ) (103 ) (125 ) OTTI losses (82 ) (26 ) (697 ) Other 108 43 110 $ 7,553 $ 9,373 $ 3,575 Gains from sales and redemptions of equity securities in 2016 included approximately $2.4 billion from the disposition of our investment in Wrigley preferred stock, $610 million from the redemption of our investment in Kraft Heinz Preferred Stock, $1.2 billion upon the conversion of our investment in Dow Preferred and a non-cash non-cash Gains from sales and redemptions of equity securities in 2015 included a non-cash non-cash We record investments in equity and fixed maturity securities classified as available-for-sale |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | (8) Inventories Inventories are comprised of the following (in millions). December 31, 2016 2015 Raw materials $ 2,789 $ 1,852 Work in process and other 2,506 778 Finished manufactured goods 4,033 3,369 Goods acquired for resale 6,399 5,917 $ 15,727 $ 11,916 Inventories at December 31, 2016 included approximately $3.5 billion related to PCC and Duracell. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Receivables | (9) Receivables Receivables of insurance and other businesses are comprised of the following (in millions). December 31, 2016 2015 Insurance premiums receivable $ 10,462 $ 8,843 Reinsurance recoverable on unpaid losses 3,338 3,307 Trade and other receivables 13,630 11,521 Allowances for uncollectible accounts (333 ) (368 ) $ 27,097 $ 23,303 Trade and other receivables at December 31, 2016 included approximately $1.8 billion related to PCC and Duracell. Loans and finance receivables of finance and financial products businesses are summarized as follows (in millions). December 31, 2016 2015 Loans and finance receivables before allowances and discounts $ 13,728 $ 13,186 Allowances for uncollectible loans (182 ) (182 ) Unamortized acquisition discounts (246 ) (232 ) $ 13,300 $ 12,772 Loans and finance receivables are predominantly installment loans originated or acquired by our manufactured housing business. Provisions for loan losses for 2016 and 2015 were $144 million and $148 million, respectively. Loan charge-offs, net of recoveries, were $144 million in 2016 and $177 million in 2015. At December 31, 2016, approximately 98% of the loan balances were evaluated collectively for impairment. As part of the evaluation process, credit quality indicators are reviewed and loans are designated as performing or non-performing. |
Property, plant and equipment a
Property, plant and equipment and assets held for lease | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment and assets held for lease | (10) Property, plant and equipment and assets held for lease A summary of property, plant and equipment of our insurance and other businesses follows (in millions). Ranges of December 31, 2016 2015 Land — $ 2,108 $ 1,689 Buildings and improvements 5 – 40 years 8,360 7,329 Machinery and equipment 3 – 25 years 20,463 17,054 Furniture, fixtures and other 2 – 15 years 4,080 3,545 35,011 29,617 Accumulated depreciation (15,686 ) (14,077 ) $ 19,325 $ 15,540 Property, plant and equipment at December 31, 2016 included approximately $3.3 billion related to PCC and Duracell. A summary of property, plant and equipment of our railroad and our utilities and energy businesses follows (in millions). Ranges of December 31, 2016 2015 Railroad: Land — $ 6,063 $ 6,037 Track structure and other roadway 7 – 100 years 48,277 45,967 Locomotives, freight cars and other equipment 6 – 40 years 12,075 11,320 Construction in progress — 965 1,031 67,380 64,355 Accumulated depreciation (6,130 ) (4,845 ) 61,250 59,510 Utilities and energy: Utility generation, transmission and distribution systems 5 – 80 years 71,536 69,248 Interstate natural gas pipeline assets 3 – 80 years 6,942 6,755 Independent power plants and other assets 3 – 30 years 6,596 5,626 Construction in progress — 2,098 2,627 87,172 84,256 Accumulated depreciation (24,663 ) (23,487 ) 62,509 60,769 $ 123,759 $ 120,279 The utility generation, transmission and distribution systems and interstate natural gas pipeline assets are owned by regulated public utility and natural gas pipeline subsidiaries. Assets held for lease and property, plant and equipment of our finance and financial products businesses are summarized below (in millions). Ranges of December 31, 2016 2015 Assets held for lease 5 – 35 years $ 11,902 $ 11,317 Land — 224 220 Buildings, machinery and other 3 – 50 years 1,302 1,207 13,428 12,744 Accumulated depreciation (3,739 ) (3,397 ) $ 9,689 $ 9,347 Assets held for lease includes railcars, intermodal tank containers, cranes, over-the-road Depreciation expense for each of the three years ending December 31, 2016 is summarized below (in millions). 2016 2015 2014 Insurance and other $ 2,148 $ 1,680 $ 1,632 Railroad, utilities and energy 4,639 4,383 3,981 Finance and financial products 624 610 602 $ 7,411 $ 6,673 $ 6,215 |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | (11) Goodwill and other intangible assets A reconciliation of the change in the carrying value of goodwill is as follows (in millions). December 31, 2016 2015 Balance at beginning of year $ 62,708 $ 60,714 Acquisitions of businesses 17,650 2,563 Other, including foreign currency translation (872 ) (569 ) Balance at end of year $ 79,486 $ 62,708 Other intangible assets are summarized as follows (in millions). December 31, 2016 December 31, 2015 Gross carrying Accumulated Gross carrying Accumulated Insurance and other $ 39,976 $ 6,495 $ 14,610 $ 5,462 Railroad, utilities and energy 898 293 888 239 $ 40,874 $ 6,788 $ 15,498 $ 5,701 Trademarks and trade names $ 5,175 $ 616 $ 3,041 $ 765 Patents and technology 4,341 2,328 4,252 2,050 Customer relationships 28,243 2,879 5,474 2,131 Other 3,115 965 2,731 755 $ 40,874 $ 6,788 $ 15,498 $ 5,701 Amortization expense was $1,490 million in 2016, $1,106 million in 2015 and $1,155 million in 2014. Estimated amortization expense over the next five years is as follows (in millions): 2017 – $1,383; 2018 – $1,349; 2019 – $1,229; 2020 – $1,131 and 2021 – $1,042. Intangible assets with indefinite lives as of December 31, 2016 and 2015 were $18,705 million and $2,964 million, respectively. Other intangible assets at December 31, 2016 included assets of PCC and Duracell of approximately $24.8 billion, which included approximately $13.6 billion in customer relationships and $2.3 billion in trade names that were determined to have indefinite lives. |
Derivative contracts
Derivative contracts | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative contracts | (12) Derivative contracts Derivative contracts have been entered into primarily through our finance and financial products and our utilities and energy businesses. A summary of the liabilities and related notional values of derivative contracts of our finance and financial products businesses follows (in millions). December 31, 2016 December 31, 2015 Liabilities Notional Liabilities Notional Equity index put options $ 2,890 $ 26,497 (1) $ 3,552 $ 27,722 (1) Credit default (2) — — 284 7,792 $ 2,890 $ 3,836 (1) Represents the aggregate undiscounted amounts payable assuming that the value of each index is zero at each contract’s expiration date. Certain of these contracts are denominated in foreign currencies. Notional amounts are based on the foreign currency exchange rates as of each balance sheet date. (2) In July 2016, our remaining credit default contract was terminated by mutual agreement with the counterparty. We no longer have any exposure to losses under credit default contracts. The derivative contract liabilities of our finance and financial products businesses are recorded at fair value and the changes in the fair values of such contracts are reported in earnings as derivative gains/losses. We entered into these contracts with the expectation that the premiums received would exceed the amounts ultimately paid to counterparties. A summary of the derivative gains/losses included in our Consolidated Statements of Earnings in each of the three years ending December 31, 2016 follows (in millions). 2016 2015 2014 Equity index put options $ 662 $ 1,008 $ 108 Credit default and other 89 (34 ) 398 $ 751 $ 974 $ 506 The equity index put option contracts are European style options written between 2004 and 2008 on four major equity indexes. These contracts expire between June 2018 and January 2026. Future payments, if any, under any given contract will be required if the prevailing index value is below the contract strike price at the expiration date. We received the premiums on these contracts at the inception dates and therefore we have no counterparty credit risk. The aggregate intrinsic value (the undiscounted liability assuming the contracts are settled based on the index values and foreign currency exchange rates as of the balance sheet date) of our equity index put option contracts was approximately $1.0 billion at December 31, 2016 and $1.1 billion at December 31, 2015. However, these contracts may not be unilaterally terminated or fully settled before the expiration dates. Therefore, the ultimate amount of cash basis gains or losses on these contracts will not be determined for several years. The remaining weighted average life of all contracts was approximately four years at December 31, 2016. A limited number of our equity index put option contracts contain collateral posting requirements with respect to changes in the fair value or intrinsic value of the contracts and/or a downgrade of Berkshire’s credit ratings. As of December 31, 2016, we did not have any collateral posting requirements. If Berkshire’s credit ratings (currently AA from Standard & Poor’s and Aa2 from Moody’s) are downgraded below either A- Our regulated utility subsidiaries are exposed to variations in the prices of fuel required to generate electricity, wholesale electricity purchased and sold and natural gas supplied for customers. Derivative instruments, including forward purchases and sales, futures, swaps and options, are used to manage a portion of these price risks. Derivative contract assets are included in other assets and were $142 million as of December 31, 2016 and $103 million as of December 31, 2015. Derivative contract liabilities are included in accounts payable, accruals and other liabilities and were $145 million as of December 31, 2016 and $237 million as of December 31, 2015. Net derivative contract assets or liabilities of our regulated utilities that are probable of recovery through rates, are offset by regulatory liabilities or assets. Unrealized gains or losses on contracts accounted for as cash flow or fair value hedges are recorded in other comprehensive income or in net earnings, as appropriate. |
Supplemental cash flow informat
Supplemental cash flow information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental cash flow information | (13) Supplemental cash flow information A summary of supplemental cash flow information for each of the three years ending December 31, 2016 is presented in the following table (in millions). 2016 2015 2014 Cash paid during the period for: Income taxes $ 4,719 $ 4,535 $ 4,014 Interest: Insurance and other businesses 555 346 360 Railroad, utilities and energy businesses 2,788 2,717 2,487 Finance and financial products businesses 389 403 465 Non-cash Liabilities assumed in connection with business acquisitions 16,555 2,812 6,334 Equity securities exchanged in connection with business acquisitions 4,239 — 2,478 Treasury stock acquired in connection with business acquisition — — 400 Conversions and other exchanges of investments 4,154 1,597 — |
Unpaid losses and loss adjustme
Unpaid losses and loss adjustment expenses | 12 Months Ended |
Dec. 31, 2016 | |
Insurance [Abstract] | |
Unpaid losses and loss adjustment expenses | (14) Unpaid losses and loss adjustment expenses The liabilities for unpaid losses and loss adjustment expenses (also referred to as “claim liabilities”) under our short duration property and casualty insurance and reinsurance contracts are based upon estimates of the ultimate claim costs associated with claim occurrences as of the balance sheet date and include estimates for incurred-but-not-reported 2016 2015 2014 Unpaid losses and loss adjustment expenses—beginning of year: Gross liabilities $ 73,144 $ 71,477 $ 64,866 Reinsurance recoverable and deferred charges (10,994 ) (10,888 ) (7,414 ) Net balance 62,150 60,589 57,452 Incurred losses and loss adjustment expenses recorded during the year: Current accident year events 30,636 27,829 24,335 Prior accident years’ events (1,512 ) (2,014 ) (2,280 ) Retroactive reinsurance and discount accretion 1,782 712 4,351 Total incurred losses and loss adjustment expenses 30,906 26,527 26,406 Paid losses and loss adjustment expenses during the year with respect to: Current accident year events (14,898 ) (13,070 ) (11,291 ) Prior accident years’ events (10,958 ) (10,268 ) (10,297 ) Retroactive reinsurance (1,130 ) (1,151 ) (1,082 ) Total payments (26,986 ) (24,489 ) (22,670 ) Foreign currency translation adjustment (537 ) (545 ) (666 ) Business acquisitions — 68 67 Unpaid losses and loss adjustment expenses—end of year: Net balance 65,533 62,150 60,589 Reinsurance recoverable and deferred charges 11,385 10,994 10,888 Gross liabilities $ 76,918 $ 73,144 $ 71,477 Incurred losses and loss adjustment expenses in the preceding table reflect the losses and loss adjustment expenses recorded in earnings in each year related to insured events occurring in the current year and in prior years. We present incurred and paid losses under retroactive reinsurance contracts and discount accretion separately. Such amounts relate to prior years’ underlying loss events. Additionally, we discount unpaid losses from certain workers’ compensation reinsurance contracts. Discounted workers’ compensation liabilities at December 31, 2016 and 2015 were approximately $1.9 billion and $2.0 billion, respectively, reflecting net discounts of $1.4 billion and $1.6 billion. Incurred losses and loss adjustment expenses reflected reductions for prior years’ insured events of approximately $1.5 billion in 2016, $2.0 billion in 2015 and $2.3 billion in 2014. In each year, these reductions derived from our direct insurance business (including private passenger automobile and medical malpractice and workers’ compensation coverages), as well as from reinsurance business. The reductions for our reinsurance business were primarily attributable to lower than expected reported losses from ceding companies with respect to property coverages. Estimated claim liabilities for environmental, asbestos and other latent injury exposures, net of reinsurance recoverables, were approximately $15.3 billion at December 31, 2016 and $14.0 billion at December 31, 2015, and included approximately $13.7 billion at December 31, 2016 and $12.4 billion at December 31, 2015 from retroactive reinsurance contracts. Retroactive reinsurance contracts are generally subject to aggregate policy limits and thus, our exposure to such claims under these contracts is likewise limited. We monitor evolving case law and its effect on environmental and other latent injury claims. Changing government regulations, newly identified toxins, newly reported claims, new theories of liability, new contract interpretations and other factors could result in increases in these liabilities. Such development could be material to our results of operations. We are unable to reliably estimate the amount of additional net loss or the range of net loss that is reasonably possible. A reconciliation of certain net unpaid losses and allocated loss adjustment expenses (the latter referred to as “ALAE”) of GEICO, General Re, Berkshire Hathaway Reinsurance Group (“BHRG”) and Berkshire Hathaway Primary Group (“BH Primary”) to our consolidated unpaid losses and loss adjustment expenses as of December 31, 2016, along with a discussion regarding each group’s liability estimation processes, follows. December 31, 2016 (in millions) Unpaid losses and ALAE, net of reinsurance recoverable: GEICO $ 12,981 General Re 13,973 BHRG 10,172 BH Primary 10,173 $ 47,299 Reinsurance recoverable: GEICO 1,084 General Re 611 BHRG 121 BH Primary 1,099 2,915 Retroactive reinsurance, unpaid losses and loss adjustment expenses 24,675 Other short-duration contracts, unpaid losses and loss adjustment expenses 1,390 Discount on workers’ compensation reinsurance liabilities (1,433 ) Unpaid unallocated loss adjustment expenses 2,072 Unpaid losses and loss adjustment expenses $ 76,918 GEICO For GEICO, we establish and evaluate unpaid claim liabilities using standard actuarial loss development methods and techniques. The actuarial methods utilize historical claims data, adjusted when deemed appropriate to reflect perceived changes in loss patterns. We establish average liabilities based on expected severities for newly reported physical damage and liability claims prior to establishing an individual case reserve when we have insufficient time and information to make specific claim estimates and for a large number of minor physical damage claims that are paid shortly after being reported. We establish liability case loss estimates, which includes loss adjustment expenses, once the facts and merits of the claim are evaluated. Estimates for liability coverages are more uncertain primarily due to the longer claim-tails, the greater chance of protracted litigation and the incompleteness of facts at the time the case estimate is first established. The “claim-tail” is the time period between the claim occurrence date and settlement date. As a result, we establish additional case development liabilities, which are usually percentages of the case liabilities. For unreported claims, IBNR liabilities are estimated by projecting the ultimate number of claims expected (reported and unreported) for each significant coverage and deducting reported claims to produce estimated unreported claims. The product of the average cost per unreported claim and the number of unreported claims produces the IBNR liability estimate. We may record supplemental IBNR liabilities in certain situations when actuarial techniques are difficult to apply. GEICO’s claims are counted when accidents that may result in a liability are reported and are based on policy coverage. Each claim event may generate claims under multiple coverages, and thus may result in multiple counts. The “Cumulative Number of Reported Claims” in the table which follows includes the combined number of reported claims for all policy coverages and excludes projected IBNR claims. GEICO’s claim liabilities predominantly relate to various types of private passenger auto liability and physical damage claims. Aggregate incurred and paid loss and ALAE data by accident year for these claims, net of reinsurance, follows. IBNR and case development liabilities are as of December 31, 2016. Dollars are in millions. Accident Year Incurred Losses and ALAE through December 31, IBNR and Case Liabilities Cumulative (in thousands) 2012* 2013* 2014* 2015* 2016 2012 $ 12,034 $ 11,904 $ 11,893 $ 11,906 $ 11,900 $ 79 6,459 2013 12,990 12,815 12,859 12,837 184 7,102 2014 14,597 14,488 14,477 539 7,965 2015 16,807 16,798 1,394 8,891 2016 18,982 3,132 9,336 Incurred losses and ALAE $ 74,994 Accident Year Cumulative Paid Losses and ALAE through December 31, 2012* 2013* 2014* 2015* 2016 2012 $ 7,550 $ 9,832 $ 10,744 $ 11,311 $ 11,609 2013 7,944 10,494 11,569 12,174 2014 9,133 11,956 13,060 2015 10,543 13,785 2016 11,927 Paid losses and ALAE 62,555 Net unpaid losses and ALAE for 2012—2016 accident years 12,439 Net unpaid losses and ALAE for accident years before 2012* 542 Net unpaid losses and ALAE $ 12,981 * Unaudited supplemental information General Re General Re’s liabilities for unpaid losses and loss adjustment expenses include case and IBNR estimates and primarily relate to casualty and workers’ compensation coverages. Case losses are reported under reinsurance contracts either individually or in bulk as provided under the terms of the contracts. We independently evaluate reported loss amounts and if deemed appropriate, we establish case liabilities based on our estimates. We primarily use Bornhuetter—Ferguson methods to estimate IBNR amounts for claims liabilities. The expected case loss emergence patterns and expected loss ratios are the critical assumptions applicable to these estimates. Once the annual IBNR liabilities are determined, we estimate the expected case loss emergence for the next calendar year based on the prior year-end per-policy General Re’s incurred and paid loss and ALAE data by accident year, net of reinsurance, is presented in the following tables. IBNR and case development liabilities are as of December 31, 2016. Dollars are in millions. Accident Year Incurred Losses and ALAE through December 31, IBNR and Case Liabilities 2007* 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016 2007 $ 1,857 $ 1,915 $ 1,852 $ 1,746 $ 1,673 $ 1,619 $ 1,574 $ 1,559 $ 1,535 $ 1,512 $ 73 2008 1,920 2,011 1,903 1,818 1,746 1,713 1,669 1,648 1,635 93 2009 1,703 1,790 1,704 1,601 1,523 1,490 1,471 1,431 125 2010 1,881 2,055 1,939 1,845 1,757 1,712 1,674 156 2011 2,102 2,126 1,897 1,792 1,744 1,669 208 2012 1,810 1,850 1,707 1,603 1,535 335 2013 1,945 2,095 1,994 1,854 417 2014 1,740 1,843 1,794 578 2015 1,811 1,999 777 2016 1,715 1,173 Incurred losses and ALAE $ 16,818 Accident Year Cumulative Paid Losses and ALAE through December 31, 2007* 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016 2007 $ 282 $ 821 $ 1,020 $ 1,132 $ 1,195 $ 1,238 $ 1,291 $ 1,309 $ 1,322 $ 1,335 2008 330 894 1,074 1,187 1,246 1,289 1,315 1,330 1,354 2009 264 734 897 994 1,065 1,115 1,145 1,161 2010 247 782 997 1,147 1,243 1,304 1,359 2011 302 841 1,086 1,190 1,259 1,317 2012 199 664 829 916 991 2013 275 829 1,060 1,162 2014 171 666 864 2015 207 693 2016 171 Paid losses and ALAE 10,407 Net unpaid losses and ALAE for 2007—2016 accident years 6,411 Net unpaid losses and ALAE for accident years before 2007* 7,562 Net unpaid losses and ALAE $ 13,973 * Unaudited supplemental information BHRG BHRG’s liabilities for losses and ALAE are principally a function of reported losses from ceding companies and IBNR and case development liability estimates which are based on expected loss ratios established on a portfolio basis. Liability estimates also include estimates of the impact of major catastrophe events, as they become known, which rely more on a per-policy BHRG’s incurred and paid loss and ALAE data by accident year, net of reinsurance, is presented in the following tables. IBNR and case development liabilities are as of December 31, 2016. Dollars are in millions. Accident Year Incurred Losses and ALAE through December 31,** IBNR and Case Liabilities 2007* 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016 2007 $ 1,810 $ 1,756 $ 1,659 $ 1,658 $ 1,652 $ 1,590 $ 1,583 $ 1,560 $ 1,500 $ 1,471 $ 133 2008 3,388 3,130 2,988 2,903 2,835 2,748 2,683 2,605 2,578 244 2009 2,974 2,858 2,989 2,926 2,847 2,759 2,691 2,668 215 2010 2,876 2,974 2,883 2,771 2,610 2,575 2,551 238 2011 4,418 4,544 4,358 4,440 4,389 4,365 452 2012 4,054 3,878 3,648 3,583 3,531 694 2013 3,326 3,144 2,935 2,832 733 2014 2,688 2,585 2,492 736 2015 3,207 3,070 1,113 2016 3,390 1,907 Incurred losses and ALAE $ 28,948 Accident Year Cumulative Paid Losses and ALAE through December 31,** 2007* 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016 2007 $ 171 $ 677 $ 891 $ 993 $ 1,055 $ 1,120 $ 1,170 $ 1,196 $ 1,211 $ 1,221 2008 364 1,146 1,617 1,836 1,976 2,056 2,131 2,205 2,228 2009 372 1,182 1,605 1,937 2,147 2,306 2,336 2,363 2010 193 889 1,414 1,736 2,041 2,119 2,177 2011 552 2,130 2,872 3,315 3,475 3,600 2012 360 1,279 2,080 2,350 2,519 2013 516 1,070 1,555 1,774 2014 437 1,031 1,319 2015 550 1,354 2016 778 Paid losses and ALAE 19,333 Net unpaid losses and ALAE for 2007—2016 accident years 9,615 Net unpaid losses and ALAE for accident years before 2007* 557 Net unpaid losses and ALAE $ 10,172 * Unaudited supplemental information ** Excludes retroactive reinsurance losses and ALAE BH Primary BH Primary’s liabilities for unpaid losses and ALAE primarily derive from workers’ compensation, medical professional and other liability insurance. Other liability insurance includes commercial auto and general liability policies. We periodically evaluate ultimate unpaid loss and ALAE estimates for the workers’ compensation and general liability lines using a combination of commonly accepted actuarial methodologies, such as the Bornhuetter—Ferguson and chain-ladder approaches using paid and incurred loss data. Paid and incurred loss data is segregated into groups such as coverages, territories or other characteristics. We establish case liabilities for reported claims based upon the facts and circumstances of the claim. The excess of the ultimate projected losses, including the expected development of case estimates, and the case-basis liabilities is included in IBNR liabilities. For medical professional liabilities, we use a combination of the aforementioned methods, as well as other loss severity based methods. From these estimates, we determine our best estimate. Periodically, we study developments in older accident years and adjust initial loss estimates to reflect recent development based upon claim age, coverage and litigation experience. The cumulative number of reported claims reflects the number of individual claimants, and includes claim that ultimately result in no liability or payment. BH Primary’s incurred and paid loss and ALAE data by accident year, net of reinsurance, is presented in the following tables. IBNR and case development liabilities are as of December 31, 2016. Dollars are in millions. Accident Year Incurred Losses and ALAE through December 31, IBNR and Liabilities Cumulative (in thousands) 2007* 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016 2007 $ 1,328 $ 1,233 $ 1,174 $ 1,090 $ 955 $ 901 $ 852 $ 817 $ 788 $ 775 $ 46 137 2008 1,349 1,273 1,228 1,168 1,081 1,015 979 948 920 80 136 2009 1,298 1,211 1,180 1,159 1,068 1,020 966 936 99 117 2010 1,268 1,186 1,191 1,129 1,062 994 956 150 111 2011 1,888 1,633 1,605 1,452 1,375 1,297 223 109 2012 2,129 2,079 2,017 1,944 1,903 453 135 2013 2,294 2,213 2,133 2,060 595 150 2014 2,967 2,780 2,730 1,027 177 2015 3,575 3,458 1,631 188 2016 4,149 2,682 135 Incurred losses and ALAE $ 19,184 Accident Year Cumulative Paid Losses and ALAE through December 31, 2007* 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016 2007 $ 128 $ 284 $ 409 $ 510 $ 578 $ 628 $ 660 $ 679 $ 696 $ 705 2008 174 333 464 578 662 728 772 795 810 2009 147 305 445 569 655 726 771 798 2010 146 313 458 570 657 722 758 2011 163 396 602 753 898 973 2012 211 598 844 1,053 1,208 2013 350 706 985 1,197 2014 453 896 1,247 2015 502 1,078 2016 634 Paid losses and ALAE 9,408 Net unpaid losses and ALAE for 2007—2016 accident years 9,776 Net unpaid losses and ALAE for accident years before 2007* 397 Net unpaid losses and ALAE $ 10,173 * Unaudited supplemental information Supplemental unaudited average historical claims duration information based on the net losses and ALAE incurred and paid accident year data in the preceding tables follows. The percentages show the average portions of net losses and ALAE paid by each succeeding year, with year 1 representing the current accident year. Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance In Years 1 2 3 4 5 6 7 8 9 10 GEICO 62.2 % 19.6 % 8.0 % 4.8 % 2.7 % Gen Re 14.8 % 31.0 % 12.2 % 6.8 % 4.6 % 3.2 % 2.6 % 1.1 % 1.2 % 0.9 % BHRG 14.7 % 28.2 % 17.2 % 9.4 % 6.3 % 3.9 % 2.4 % 1.9 % 1.0 % 0.7 % BH Primary 15.4 % 17.8 % 14.5 % 11.9 % 9.2 % 6.8 % 4.3 % 2.6 % 1.9 % 1.2 % Retroactive Reinsurance BHRG’s retroactive reinsurance contracts cover underlying loss events that occurred prior to the contract inception date, which are paid immediately after the contract date or once a contractual retention amount has been reached. As of December 31, 2016 approximately 83% of gross unpaid losses pertained to underlying loss events that occurred prior to January 2007. We do not believe that analysis of losses incurred and paid by accident year of the underlying event is relevant or meaningful given that our exposure to losses incepts when the contract incepts. Further, we believe the classifications of reported claims and case development liabilities has no practical analytical value. In establishing retroactive reinsurance liabilities, we often analyze historical aggregate loss payment patterns and project losses into the future under various scenarios. We expect the claim-tail to be very long for many contracts, with some lasting several decades. We assign judgmental probability factors to these aggregate loss payment scenarios and an expectancy outcome is determined. We monitor claim payment activity and review ceding company reports and other information concerning the underlying losses. Since the expected claim-tails are often very long, we reassess and revise the expected timing and amounts of ultimate losses periodically or when significant events are revealed through our monitoring and review processes. Incurred losses and loss adjustment expenses attributable to retroactive reinsurance contracts included $1.26 billion in 2016 and $3.43 billion in 2014 from new contracts written in those years. Incurred losses related to retroactive reinsurance contracts written in prior years were $440 million in 2016, $631 million in 2015 and $831 million in 2014, which included recurring amortization of deferred charges and the effect of changes in the timing and amount of expected future loss payments. |
Notes payable and other borrowi
Notes payable and other borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Notes payable and other borrowings | (15) Notes payable and other borrowings Notes payable and other borrowings are summarized below (in millions). The weighted average interest rates and maturity date ranges shown in the following tables are based on borrowings as of December 31, 2016. Weighted December 31, 2016 2015 Insurance and other: Issued by Berkshire due 2017-2047 2.2 % $ 17,703 $ 9,799 Short-term subsidiary borrowings 2.5 % 2,094 1,989 Other subsidiary borrowings due 2017-2045 4.0 % 7,378 2,811 $ 27,175 $ 14,599 In January 2016, Berkshire entered into a $10 billion 364-day Weighted December 31, 2016 2015 Railroad, utilities and energy: Issued by Berkshire Hathaway Energy Company (“BHE”) and its subsidiaries: BHE senior unsecured debt due 2017-2045 5.1 % $ 7,818 $ 7,814 Subsidiary and other debt due 2017-2064 4.7 % 29,223 28,188 Issued by BNSF due 2017-2097 4.8 % 22,044 21,737 $ 59,085 $ 57,739 BHE subsidiary debt represents amounts issued pursuant to separate financing agreements. Substantially all of the assets of certain BHE subsidiaries are, or may be, pledged or encumbered to support or otherwise secure debt. These borrowing arrangements generally contain various covenants including, but not limited to, leverage ratios, interest coverage ratios and debt service coverage ratios. In 2016, BHE subsidiaries issued approximately $1.8 billion of debt with maturity dates ranging from 2025 to 2046 and a weighted average interest rate of 3.0%. BNSF’s borrowings are primarily senior unsecured debentures. In 2016, BNSF issued $750 million of senior unsecured 3.9% debentures due in 2046. As of December 31, 2016, BNSF, BHE and their subsidiaries were in compliance with all applicable debt covenants. Berkshire does not guarantee any debt, borrowings or lines of credit of BNSF, BHE or their subsidiaries. Weighted December 31, 2016 2015 Finance and financial products: Issued by Berkshire Hathaway Finance Corporation (“BHFC”) due 2017-2043 2.5 % $ 14,423 $ 10,679 Issued by other subsidiaries due 2017-2036 4.9 % 961 1,272 $ 15,384 $ 11,951 In March 2016, BHFC issued $3.5 billion of senior notes consisting of $750 million of 1.45% notes due in 2018, $1.0 billion of floating rate notes due in 2018, $1.25 billion of 1.70% notes due in 2019 and $500 million of floating rate notes due in 2019. In August 2016, BHFC issued $1.25 billion of senior notes consisting of $1 billion of 1.30% notes due in 2019 and $250 million of floating rate notes due in 2019, primarily to replace $1 billion of maturing debt. The borrowings of BHFC, a wholly owned finance subsidiary of Berkshire, are fully and unconditionally guaranteed by Berkshire. As of December 31, 2016, our subsidiaries had unused lines of credit and commercial paper capacity aggregating approximately $7.6 billion to support short-term borrowing programs and provide additional liquidity. Such unused lines of credit included about $4.0 billion related to BHE and its subsidiaries. In addition to BHFC’s borrowings, at December 31, 2016, Berkshire guaranteed approximately $3.3 billion of other subsidiary borrowings. Generally, Berkshire’s guarantee of a subsidiary’s debt obligation is an absolute, unconditional and irrevocable guarantee for the full and prompt payment when due of all payment obligations. Principal repayments expected during each of the next five years are as follows (in millions). 2017 2018 2019 2020 2021 Insurance and other $ 3,329 $ 3,022 $ 1,362 $ 1,650 $ 1,824 Railroad, utilities and energy 3,610 4,283 2,935 2,123 1,741 Finance and financial products 3,317 4,706 3,099 616 777 $ 10,256 $ 12,011 $ 7,396 $ 4,389 $ 4,342 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income taxes | (16) Income taxes The liabilities for income taxes reflected in our Consolidated Balance Sheets are as follows (in millions). December 31, 2016 2015 Currently payable (receivable) $ 500 $ (643 ) Deferred 76,959 63,199 Other 485 570 $ 77,944 $ 63,126 The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are shown below (in millions). December 31, 2016 2015 Deferred tax liabilities: Investments—unrealized appreciation and cost basis differences $ 27,669 $ 25,117 Deferred charges reinsurance assumed 2,876 2,798 Property, plant and equipment 39,345 36,770 Goodwill and other intangible assets 11,344 2,770 Other 5,550 4,555 86,784 72,010 Deferred tax assets: Unpaid losses and loss adjustment expenses (861 ) (887 ) Unearned premiums (1,021 ) (927 ) Accrued liabilities (3,821 ) (3,487 ) Other (4,122 ) (3,510 ) (9,825 ) (8,811 ) Net deferred tax liability $ 76,959 $ 63,199 We have not established deferred income taxes on accumulated undistributed earnings of certain foreign subsidiaries. Such earnings were approximately $12.4 billion as of December 31, 2016 and are expected to remain reinvested indefinitely. Upon distribution as dividends or otherwise, such amounts would be subject to taxation in the U.S. and potentially in other countries. However, U.S. income tax liabilities would be offset, in whole or in part, by allowable tax credits deriving from income taxes previously paid to foreign jurisdictions. Further, repatriation of all accumulated earnings of foreign subsidiaries would be impracticable to the extent that such earnings represent capital needed to support normal business operations. As a result, we currently believe that any incremental U.S. income tax liabilities arising from the repatriation of distributable earnings of foreign subsidiaries would not be material. Income tax expense reflected in our Consolidated Statements of Earnings for each of the three years ending December 31, 2016 is as follows (in millions). 2016 2015 2014 Federal $ 7,796 $ 9,253 $ 6,447 State 556 578 560 Foreign 888 701 928 $ 9,240 $ 10,532 $ 7,935 Current $ 6,565 $ 5,426 $ 3,302 Deferred 2,675 5,106 4,633 $ 9,240 $ 10,532 $ 7,935 Income tax expense is reconciled to hypothetical amounts computed at the U.S. federal statutory rate for each of the three years ending December 31, 2016 in the table below (in millions). 2016 2015 2014 Earnings before income taxes $ 33,667 $ 34,946 $ 28,105 Hypothetical income tax expense computed at the U.S. federal statutory rate $ 11,783 $ 12,231 $ 9,837 Dividends received deduction and tax exempt interest (789 ) (1,146 ) (820 ) State income taxes, less U.S. federal income tax benefit 361 374 364 Foreign tax rate differences (421 ) (459 ) (252 ) U.S. income tax credits (518 ) (461 ) (333 ) Non-taxable (1,143 ) — (679 ) Other differences, net (33 ) (7 ) (182 ) $ 9,240 $ 10,532 $ 7,935 We file income tax returns in the United States and in state, local and foreign jurisdictions. We are under examination by the taxing authorities in many of these jurisdictions. We have settled income tax liabilities with U.S. federal taxing authorities for years before 2010. The IRS continues to audit Berkshire’s consolidated U.S. federal income tax returns for the 2010 through 2013 tax years. We are also under audit or subject to audit with respect to income taxes in many state and foreign jurisdictions. It is reasonably possible that certain income tax examinations will be settled within the next twelve months. We currently do not believe that the outcome of unresolved issues or claims will be material to our Consolidated Financial Statements. At December 31, 2016 and 2015, net unrecognized tax benefits were $485 million and $570 million, respectively. Included in the balance at December 31, 2016, were $369 million of tax positions that, if recognized, would impact the effective tax rate. The remaining balance in net unrecognized tax benefits principally relates to tax positions where the ultimate recognition is highly certain but there is uncertainty about the timing of such recognition. Because of the impact of deferred tax accounting, the differences in recognition periods would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period. As of December 31, 2016, we do not expect any material changes to the estimated amount of unrecognized tax benefits in the next twelve months. |
Dividend restrictions - Insuran
Dividend restrictions - Insurance subsidiaries | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Dividend restrictions - Insurance subsidiaries | (17) Dividend restrictions—Insurance subsidiaries Payments of dividends by our insurance subsidiaries are restricted by insurance statutes and regulations. Without prior regulatory approval, our principal insurance subsidiaries may declare up to approximately $13 billion as ordinary dividends during 2017. Combined shareholders’ equity of U.S. based insurance subsidiaries determined pursuant to statutory accounting rules (Surplus as Regards Policyholders) was approximately $136 billion at December 31, 2016 and $124 billion at December 31, 2015. Statutory surplus differs from the corresponding amount based on GAAP due to differences in accounting for certain assets and liabilities. For instance, deferred charges reinsurance assumed, deferred policy acquisition costs, unrealized gains on certain investments and related deferred income taxes are recognized for GAAP but not for statutory reporting purposes. In addition, the carrying values of certain assets, such as goodwill and the values of non-insurance |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | (18) Fair value measurements Our financial assets and liabilities are summarized below as of December 31, 2016 and December 31, 2015 with fair values shown according to the fair value hierarchy (in millions). The carrying values of cash and cash equivalents, U.S. Treasury Bills, receivables and accounts payable, accruals and other liabilities are considered to be reasonable estimates of their fair values. Carrying Fair Value Quoted Significant Other Significant December 31, 2016 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and agencies $ 4,527 $ 4,527 $ 3,099 $ 1,428 $ — States, municipalities and political subdivisions 1,216 1,216 — 1,216 — Foreign governments 9,001 9,001 7,237 1,764 — Corporate bonds 7,604 7,604 — 7,540 64 Mortgage-backed securities 1,117 1,117 — 1,117 — Investments in equity securities 122,032 122,032 122,031 — 1 Investment in Kraft Heinz common stock 15,345 28,418 28,418 — — Other investments 17,256 17,256 — — 17,256 Loans and finance receivables 13,300 13,717 — 13 13,704 Derivative contract assets (1) 142 142 5 43 94 Derivative contract liabilities: Railroad, utilities and energy (1) 145 145 3 114 28 Equity index put options 2,890 2,890 — — 2,890 Notes payable and other borrowings: Insurance and other 27,175 27,712 — 27,712 — Railroad, utilities and energy 59,085 65,774 — 65,774 — Finance and financial products 15,384 15,825 — 15,469 356 December 31, 2015 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and agencies $ 3,427 $ 3,427 $ 2,485 $ 942 $ — States, municipalities and political subdivisions 1,764 1,764 — 1,764 — Foreign governments 11,468 11,468 9,188 2,280 — Corporate bonds 7,926 7,926 — 7,826 100 Mortgage-backed securities 1,442 1,442 — 1,442 — Investments in equity securities 112,137 112,137 112,101 35 1 Investment in Kraft Heinz common stock 15,714 23,679 23,679 — — Investment in Kraft Heinz Preferred Stock 7,710 8,363 — — 8,363 Other investments 21,402 21,402 — — 21,402 Loans and finance receivables 12,772 13,112 — 16 13,096 Derivative contract assets (1) 103 103 — 5 98 Derivative contract liabilities: Railroad, utilities and energy (1) 237 237 13 177 47 Finance and financial products: Equity index put options 3,552 3,552 — — 3,552 Credit default 284 284 — — 284 Notes payable and other borrowings: Insurance and other 14,599 14,773 — 14,773 — Railroad, utilities and energy 57,739 62,471 — 62,471 — Finance and financial products 11,951 12,363 — 11,887 476 (1) Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities. The fair values of substantially all of our financial instruments were measured using market or income approaches. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, the fair values presented are not necessarily indicative of the amounts that could be realized in an actual current market exchange. The use of alternative market assumptions and/or estimation methodologies may have a material effect on the estimated fair value. The hierarchy for measuring fair value consists of Levels 1 through 3, which are described below. Level 1 Level 2 Level 3 Reconciliations of assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for each of the three years ending December 31, 2016 follow (in millions). Investments Investments Net Balance December 31, 2013 $ 372 $ 17,958 $ (5,255 ) Gains (losses) included in: Earnings — — 524 Other comprehensive income 13 1,373 — Regulatory assets and liabilities — — 5 Acquisitions — 3,000 1 Dispositions and settlements (2 ) — 1 Transfers into/out of Level 3 (375 ) (335 ) (35 ) Balance December 31, 2014 8 21,996 (4,759 ) Gains (losses) included in: Earnings — — 1,080 Other comprehensive income (2 ) (593 ) (7 ) Regulatory assets and liabilities — — (19 ) Acquisitions 101 — — Dispositions and settlements (7 ) — (83 ) Transfers into/out of Level 3 — — 3 Balance December 31, 2015 100 21,403 (3,785 ) Gains (losses) included in: Earnings — 3,593 880 Other comprehensive income (4 ) 876 (2 ) Regulatory assets and liabilities — — (11 ) Acquisitions 10 — — Dispositions and settlements (41 ) (8,615 ) (101 ) Transfers into/out of Level 3 (1 ) — 195 Balance December 31, 2016 $ 64 $ 17,257 $ (2,824 ) Gains and losses included in earnings are included as components of investment gains/losses, derivative gains/losses and other revenues, as appropriate and are primarily related to changes in the values of derivative contracts and settlement transactions. Gains and losses included in other comprehensive income are primarily the net change in unrealized appreciation of investments and the reclassification of investment appreciation in net earnings, as appropriate in our Consolidated Statements of Comprehensive Income. In 2016, our Wrigley preferred stock investment was disposed and our Dow preferred stock investment was converted into Dow common stock. Quantitative information as of December 31, 2016, with respect to assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follows (in millions). Fair Principal Valuation Techniques Unobservable Inputs Weighted Other investments: Preferred stocks $ 7,659 Discounted cash flow Expected duration 7 years Discount for transferability 145 basis points Common stock warrants 9,597 Warrant pricing model Discount for transferability 5% Derivative liabilities: Equity index put options 2,890 Option pricing model Volatility 20% Our other investments currently include preferred stocks and common stock warrants that we acquired in private placement transactions. These investments are subject to contractual restrictions on transferability and may contain provisions that prevent us from economically hedging our investments. In applying discounted estimated cash flow techniques in valuing the preferred stocks, we made assumptions regarding the expected durations of the investments, as the issuers may have redemption rights. We also made estimates regarding the impact of subordination, as the preferred stocks have a lower priority in liquidation than debt instruments of the issuers. In valuing the common stock warrants, we used a warrant valuation model. While most of the inputs to the model are observable, we are subject to the aforementioned contractual restrictions and we have applied discounts with respect to such restrictions. Increases or decreases to these inputs would result in decreases or increases to the fair values of the investments. Our equity index put option contracts are illiquid and contain contract terms that are not standard in derivatives markets. For example, we are not required to post collateral under most of our contracts and certain of the contracts have relatively long durations. For these and other reasons, we classified these contracts as Level 3. The methods we use to value these contracts are those that we believe market participants would use in determining exchange prices with respect to our contracts. We value equity index put option contracts based on the Black-Scholes option valuation model. Inputs to this model include index price, contract duration and dividend and interest rate inputs (including a Berkshire non-performance |
Common stock
Common stock | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Common stock | (19) Common stock Changes in Berkshire’s issued, treasury and outstanding common stock during the three years ending December 31, 2016 are shown in the table below. Class A, $5 Par Value Class B, $0.0033 Par Value Issued Treasury Outstanding Issued Treasury Outstanding Balance December 31, 2013 868,616 (9,573 ) 859,043 1,178,775,092 (1,408,484 ) 1,177,366,608 Conversions of Class A common stock to Class B common stock and exercises of replacement stock options issued in a business acquisition (30,597 ) — (30,597 ) 47,490,158 — 47,490,158 Treasury shares acquired — (2,107 ) (2,107 ) — (1,278 ) (1,278 ) Balance December 31, 2014 838,019 (11,680 ) 826,339 1,226,265,250 (1,409,762 ) 1,224,855,488 Conversions of Class A common stock to Class B common stock and exercises of replacement stock options issued in a business acquisition (17,917 ) — (17,917 ) 27,601,348 — 27,601,348 Balance December 31, 2015 820,102 (11,680 ) 808,422 1,253,866,598 (1,409,762 ) 1,252,456,836 Conversions of Class A common stock to Class B common stock and exercises of replacement stock options issued in a business acquisition (32,044 ) — (32,044 ) 49,457,329 — 49,457,329 Balance December 31, 2016 788,058 (11,680 ) 776,378 1,303,323,927 (1,409,762 ) 1,301,914,165 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 one-ten-thousandth Berkshire’s Board of Directors (“Berkshire’s Board”) has approved a common stock repurchase program under which Berkshire may repurchase its Class A and Class B shares at prices no higher than a 20% premium over the book value of the shares. Berkshire may repurchase shares in the open market or through privately negotiated transactions. Berkshire’s Board authorization does not specify a maximum number of shares to be repurchased. However, repurchases will not be made if they would reduce the total value of Berkshire’s consolidated cash, cash equivalents and U.S. Treasury Bills holdings below $20 billion. The repurchase program does not obligate Berkshire to repurchase any dollar amount or number of Class A or Class B shares and there is no expiration date to the program. There were no share repurchases under the program over the last three years. In 2014, we acquired WPLG, whose assets included 2,107 shares of Berkshire Hathaway Class A Common Stock and 1,278 shares of Class B Common Stock, which are included in treasury stock. |
Accumulated other comprehensive
Accumulated other comprehensive income | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated other comprehensive income | (20) Accumulated other comprehensive income A summary of the net changes in after-tax Unrealized Foreign Prior service Other Accumulated Balance December 31, 2013 $ 44,042 $ (146 ) $ 46 $ 83 $ 44,025 Other comprehensive income, net before reclassifications 3,778 (1,877 ) (1,130 ) 31 802 Reclassifications from accumulated other comprehensive income (2,184 ) 66 45 (22 ) (2,095 ) Balance December 31, 2014 45,636 (1,957 ) (1,039 ) 92 42,732 Other comprehensive income, net before reclassifications (5,522 ) (2,027 ) 191 (112 ) (7,470 ) Reclassifications from accumulated other comprehensive income (1,516 ) 128 86 22 (1,280 ) Balance December 31, 2015 38,598 (3,856 ) (762 ) 2 33,982 Other comprehensive income, net before reclassifications 9,011 (1,412 ) 94 (48 ) 7,645 Reclassifications from accumulated other comprehensive income (4,433 ) — 75 29 (4,329 ) Balance December 31, 2016 $ 43,176 $ (5,268 ) $ (593 ) $ (17 ) $ 37,298 Reclassifications from other comprehensive income into net earnings: Year ending December 31, 2014: Investment gains/losses $ (3,360 ) $ — $ — $ — $ (3,360 ) Other — 75 58 (39 ) 94 Reclassifications before income taxes (3,360 ) 75 58 (39 ) (3,266 ) Applicable income taxes (1,176 ) 9 13 (17 ) (1,171 ) $ (2,184 ) $ 66 $ 45 $ (22 ) $ (2,095 ) Year ending December 31, 2015: Investment gains/losses $ (2,332 ) $ 197 $ — $ — $ (2,135 ) Other — — 129 35 164 Reclassifications before income taxes (2,332 ) 197 129 35 (1,971 ) Applicable income taxes (816 ) 69 43 13 (691 ) $ (1,516 ) $ 128 $ 86 $ 22 $ (1,280 ) Year ending December 31, 2016: Investment gains/losses $ (6,820 ) $ — $ — $ — $ (6,820 ) Other — — 104 51 155 Reclassifications before income taxes (6,820 ) — 104 51 (6,665 ) Applicable income taxes (2,387 ) — 29 22 (2,336 ) $ (4,433 ) $ — $ 75 $ 29 $ (4,329 ) |
Pension plans
Pension plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension plans | (21) Pension plans Several of our subsidiaries sponsor defined benefit pension plans covering certain employees. Benefits under the plans are generally based on years of service and compensation, although benefits under certain plans are based on years of service and fixed benefit rates. Our subsidiaries may make contributions to the plans to meet regulatory requirements and may also make discretionary contributions. The components of net periodic pension expense for each of the three years ending December 31, 2016 are as follows (in millions). 2016 2015 2014 Service cost $ 282 $ 266 $ 230 Interest cost 691 591 629 Expected return on plan assets (908 ) (782 ) (772 ) Amortization of actuarial losses and other 148 179 102 Net periodic pension expense $ 213 $ 254 $ 189 The accumulated benefit obligation is the actuarial present value of benefits earned based on service and compensation prior to the valuation date. The projected benefit obligation (“PBO”) is the actuarial present value of benefits earned based upon service and compensation prior to the valuation date and, if applicable, includes assumptions regarding future compensation levels. Benefit obligations under qualified U.S. defined benefit pension plans are funded through assets held in trusts. Pension obligations under certain non-U.S. non-qualified Reconciliations of the changes in plan assets and PBOs related to BHE’s pension plans and all other pension plans for each of the two years ending December 31, 2016 are in the following tables (in millions). The costs of pension plans covering employees of certain regulated subsidiaries of BHE are generally recoverable through the regulated rate making process. 2016 2015 BHE All other Consolidated BHE All other Consolidated Benefit obligations Accumulated benefit obligation end of year $ 4,787 $ 11,912 $ 16,699 $ 4,797 $ 9,264 $ 14,061 PBO beginning of year $ 5,076 $ 10,183 $ 15,259 $ 5,398 $ 10,489 $ 15,887 Service cost 49 233 282 57 209 266 Interest cost 198 493 691 200 391 591 Benefits paid (309 ) (705 ) (1,014 ) (316 ) (518 ) (834 ) Business acquisitions — 2,684 2,684 — 165 165 Actuarial (gains) or losses and other 63 (215 ) (152 ) (263 ) (553 ) (816 ) PBO end of year $ 5,077 $ 12,673 $ 17,750 $ 5,076 $ 10,183 $ 15,259 Plan assets Plan assets beginning of year $ 4,765 $ 8,066 $ 12,831 $ 5,086 $ 8,280 $ 13,366 Employer contributions 133 214 347 90 116 206 Benefits paid (309 ) (705 ) (1,014 ) (316 ) (518 ) (834 ) Actual return on plan assets 512 1,083 1,595 31 80 111 Business acquisitions — 2,314 2,314 — 167 167 Other (407 ) (269 ) (676 ) (126 ) (59 ) (185 ) Plan assets end of year $ 4,694 $ 10,703 $ 15,397 $ 4,765 $ 8,066 $ 12,831 Funded status—net liability $ 383 $ 1,970 $ 2,353 $ 311 $ 2,117 $ 2,428 The funded status of our defined benefit pension plans at December 31, 2016 was reflected in other assets ($644 million) and liabilities ($2,997 million). At December 31, 2015, the funded status was included in other assets ($456 million) and liabilities ($2,884 million). Weighted average interest rate assumptions used in determining PBOs and net periodic pension expense were as follows. 2016 2015 2014 Applicable to pension benefit obligations: Discount rate 3.8 % 4.1 % 3.8 % Expected long-term rate of return on plan assets 6.1 6.5 6.7 Rate of compensation increase 3.0 3.4 3.4 Discount rate applicable to net periodic pension expense 4.2 3.8 4.6 Benefits payments expected over the next ten years are as follows (in millions): 2017—$992; 2018—$1,007; 2019—$987; 2020—$1,003; 2021—$994; and 2022 to 2026—$5,043. Sponsoring subsidiaries expect to contribute $224 million to defined benefit pension plans in 2017. Fair value measurements of plan assets as of December 31, 2016 and 2015 follow (in millions). Fair Value Investment funds net asset value Total Level 1 Level 2 Level 3 December 31, 2016 Cash and equivalents $ 847 $ 637 $ 210 $ — $ — Equity securities 8,645 8,476 27 142 — Government obligations 1,291 1,076 215 — — Other fixed maturity securities 770 144 595 31 — Investment funds and other 3,844 233 1,434 153 2,024 $ 15,397 $ 10,566 $ 2,481 $ 326 $ 2,024 December 31, 2015 Cash and equivalents $ 839 $ 544 $ 295 $ — $ — Equity securities 7,319 7,305 14 — — Government obligations 786 726 60 — — Other fixed maturity securities 990 87 903 — — Investment funds and other 2,897 272 1,446 228 951 $ 12,831 $ 8,934 $ 2,718 $ 228 $ 951 Refer to Note 18 for a discussion of the three levels in the hierarchy of fair values. Plan assets are generally invested with the long-term objective of producing earnings to adequately cover expected benefit obligations, while assuming a prudent level of risk. Allocations may change as a result of changing market conditions and investment opportunities. The expected rates of return on plan assets reflect subjective assessments of expected invested asset returns over a period of several years. Generally, past investment returns are not given significant consideration when establishing assumptions for expected long-term rates of return on plan assets. Actual experience will differ from the assumed rates. A reconciliation of the pre-tax 2016 2015 Balance beginning of year $ (1,193 ) $ (1,617 ) Amount included in net periodic pension expense 101 129 Actuarial gains and other 253 295 Balance end of year $ (839 ) $ (1,193 ) Several of our subsidiaries also sponsor defined contribution retirement plans, such as 401(k) or profit sharing plans. Employee contributions are subject to regulatory limitations and the specific plan provisions. Several plans provide for employer matching contributions up to levels specified in the plans and provide for additional discretionary contributions as determined by management. Employer contributions expensed with respect to our defined contribution plans were $944 million in 2016, $739 million in 2015 and $737 million in 2014. |
Contingencies and Commitments
Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | (22) Contingencies and Commitments We are parties in a variety of legal actions that routinely arise out of the normal course of business, including legal actions seeking to establish liability directly through insurance contracts or indirectly through reinsurance contracts issued by Berkshire subsidiaries. Plaintiffs occasionally seek punitive or exemplary damages. We do not believe that such normal and routine litigation will have a material effect on our financial condition or results of operations. Berkshire and certain of its subsidiaries are also involved in other kinds of legal actions, some of which assert or may assert claims or seek to impose fines and penalties. We believe that any liability that may arise as a result of other pending legal actions will not have a material effect on our consolidated financial condition or results of operations. We lease certain manufacturing, warehouse, retail and office facilities as well as certain equipment. Rent expense under operating leases was $1,573 million in 2016, $1,516 million in 2015 and $1,484 million in 2014. Future minimum rental payments for operating leases having non-cancellable 2017 2018 2019 2020 2021 After Total $1,337 $ 1,162 $ 1,005 $ 885 $ 725 $ 3,171 $ 8,285 Our subsidiaries regularly make commitments in the ordinary course of business to purchase goods and services used in their businesses. The most significant of these relate to our railroad, utilities and energy businesses and our fractional aircraft ownership business. As of December 31, 2016, estimated future payments under such arrangements are as follows: $11.1 billion in 2017, $4.1 billion in 2018, $3.5 billion in 2019, $2.9 billion in 2020, $2.0 billion in 2021 and $14.6 billion after 2021. We own a 50% interest in a joint venture, Berkadia Commercial Mortgage LLC (“Berkadia”), with Leucadia National Corporation (“Leucadia”) owning the other 50% interest. Berkadia is a servicer of commercial real estate loans in the U.S., performing primary, master and special servicing functions for U.S. government agency programs, commercial mortgage-backed securities transactions, banks, insurance companies and other financial institutions. A significant source of funding for Berkadia’s operations is through the issuance of commercial paper, which is supported by a surety policy issued by a Berkshire insurance subsidiary. Leucadia is obligated to indemnify us for one-half In the third quarter of 2016, our wholly-owned subsidiary, National Indemnity Company (“NICO”) entered into a definitive agreement to acquire Medical Liability Mutual Insurance Company (“MLMIC”), a writer of medical professional liability insurance domiciled in New York. MLMIC’s assets and policyholders’ surplus determined under statutory accounting principles as of June 30, 2016 were approximately $5.5 billion and $1.9 billion, respectively. The acquisition price will be an amount equal to the sum of: (i) the tangible book value of MLMIC at the closing date (determined under U.S. GAAP); plus (ii) $100 million. The acquisition will involve the conversion of MLMIC from a mutual company to a stock company. The closing of the transaction is subject to various regulatory approvals, customary closing conditions and the approval of the MLMIC policyholders eligible to vote on the proposed demutualization and sale. The transaction is expected to be completed in late 2017. Pursuant to the terms of agreements with noncontrolling shareholders in our less than wholly-owned subsidiaries, we may be obligated to acquire their equity ownership interests. If we had acquired all outstanding noncontrolling interests as of December 31, 2016, we estimate the cost would have been approximately $5.0 billion. However, the timing and the amount of any such future payments that might be required are contingent on future actions of the noncontrolling owners. |
Business segment data
Business segment data | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business segment data | (23) Business segment data Our operating businesses include a large and diverse group of insurance, finance, manufacturing, service and retailing businesses. Our reportable business segments are organized in a manner that reflects how management views those business activities. Certain businesses have been grouped together for segment reporting based upon similar products or product lines, marketing, selling and distribution characteristics, even though those business units are operated under separate local management. The tabular information that follows shows data of reportable segments reconciled to amounts reflected in our Consolidated Financial Statements. Intersegment transactions are not eliminated from segment results when management considers those transactions in assessing the results of the respective segments. Furthermore, our management does not consider investment and derivative gains/losses or amortization of certain purchase accounting adjustments related to Berkshire’s business acquisitions in assessing the performance of reporting units. Collectively, these items are included in reconciliations of segment amounts to consolidated amounts. Business Identity Business Activity Insurance: GEICO Underwriting private passenger automobile insurance mainly by direct response methods Berkshire Hathaway Primary Group Underwriting multiple lines of property and casualty insurance policies for primarily commercial accounts General Re Underwriting excess-of-loss, Berkshire Hathaway Reinsurance Group Underwriting excess-of-loss BNSF Operation of one of the largest railroad systems in North America Berkshire Hathaway Energy Regulated electric and gas utility, including power generation and distribution activities and real estate brokerage activities Manufacturing Manufacturers of numerous products including industrial, consumer and building products McLane Company Wholesale distribution of groceries and non-food Service and retailing Providers of numerous services including fractional aircraft ownership programs, aviation pilot training, electronic components distribution and various retailing businesses, including automotive dealerships Finance and financial products Manufactured housing and related consumer financing, transportation equipment, manufacturing and leasing, and furniture leasing A disaggregation of our consolidated data for each of the three most recent years is presented in the tables which follow (in millions). Revenues Earnings before income taxes 2016 2015 2014 2016 2015 2014 Operating Businesses: Insurance: Underwriting: GEICO $ 25,483 $ 22,718 $ 20,496 $ 462 $ 460 $ 1,159 BH Primary 6,257 5,394 4,377 657 824 626 General Re 5,637 5,975 6,264 190 132 277 BHRG 8,504 7,207 10,116 822 421 606 Total underwriting 45,881 41,294 41,253 2,131 1,837 2,668 Investment income 4,522 4,562 4,370 4,482 4,550 4,357 Total insurance 50,403 45,856 45,623 6,613 6,387 7,025 BNSF 19,829 21,967 23,239 5,693 6,775 6,169 Berkshire Hathaway Energy 17,859 18,231 17,614 2,973 2,851 2,711 Manufacturing 46,506 36,136 36,773 6,211 4,893 4,811 McLane Company 48,075 48,223 46,640 431 502 435 Service and retailing 25,478 23,466 14,276 1,820 1,720 1,546 Finance and financial products 7,675 6,964 6,526 2,130 2,086 1,839 215,825 200,843 190,691 25,871 25,214 24,536 Reconciliation to consolidated amount: Investment and derivative gains/losses 8,304 10,347 4,081 8,304 10,347 4,081 Interest expense, not allocated to segments — — — (230 ) (374 ) (313 ) Investments in Kraft Heinz 180 852 720 1,103 730 694 Corporate, eliminations and other (705 ) (1,099 ) (793 ) (1,381 ) (971 ) (893 ) $ 223,604 $ 210,943 $ 194,699 $ 33,667 $ 34,946 $ 28,105 Interest expense Income tax expense 2016 2015 2014 2016 2015 2014 Operating Businesses: Insurance $ — $ — $ — $ 1,585 $ 1,475 $ 1,768 BNSF 992 928 833 2,124 2,527 2,300 Berkshire Hathaway Energy 1,715 1,830 1,623 403 450 589 Manufacturing 164 50 69 1,945 1,548 1,544 McLane Company — 13 14 169 195 169 Service and retailing 50 40 11 669 651 576 Finance and financial products 411 384 463 702 708 597 3,332 3,245 3,013 7,597 7,554 7,543 Reconciliation to consolidated amount: Investment and derivative gains/losses — — — 1,807 3,622 760 Interest expense, not allocated to segments 230 374 313 (81 ) (131 ) (110 ) Investments in Kraft Heinz — — — 397 (111 ) 41 Corporate, eliminations and other (65 ) (104 ) (73 ) (480 ) (402 ) (299 ) $ 3,497 $ 3,515 $ 3,253 $ 9,240 $ 10,532 $ 7,935 Capital expenditures Depreciation of tangible assets 2016 2015 2014 2016 2015 2014 Operating Businesses: Insurance $ 128 $ 115 $ 94 $ 85 $ 77 $ 69 BNSF 3,819 5,651 5,243 2,079 1,932 1,804 Berkshire Hathaway Energy 5,090 5,875 6,555 2,560 2,451 2,177 Manufacturing 1,813 1,292 1,324 1,287 938 943 McLane Company 258 338 241 165 161 159 Service and retailing 804 574 591 611 504 461 Finance and financial products 1,042 2,237 1,137 624 610 602 $ 12,954 $ 16,082 $ 15,185 $ 7,411 $ 6,673 $ 6,215 Goodwill year-end Identifiable assets year-end 2016 2015 2016 2015 2014 Operating Businesses: Insurance: GEICO $ 1,471 $ 1,471 $ 55,041 $ 48,291 $ 45,439 General Re 13,494 13,527 30,321 26,478 28,692 BHRG and BH Primary 509 538 148,675 144,682 151,301 Total insurance 15,474 15,536 234,037 219,451 225,432 BNSF 14,845 14,845 69,277 66,613 62,840 Berkshire Hathaway Energy 9,266 9,333 76,428 74,221 71,285 Manufacturing 32,041 14,833 69,900 34,141 34,509 McLane Company 734 656 5,896 5,871 5,419 Service and retailing 5,745 6,163 17,450 16,299 11,303 Finance and financial products 1,381 1,342 40,329 37,621 32,158 $ 79,486 $ 62,708 513,317 454,217 442,946 Reconciliation to consolidated amount: Corporate and other 28,051 35,332 22,207 Goodwill 79,486 62,708 60,714 $ 620,854 $ 552,257 $ 525,867 Premiums written and earned by the property/casualty and life/health insurance businesses are summarized below (in millions). Property/Casualty Life/Health 2016 2015 2014 2016 2015 2014 Premiums Written: Direct $ 34,001 $ 30,544 $ 27,541 $ 1,060 $ 821 $ 879 Assumed 8,037 7,049 9,889 4,672 5,187 5,030 Ceded (798 ) (877 ) (839 ) (62 ) (57 ) (67 ) $ 41,240 $ 36,716 $ 36,591 $ 5,670 $ 5,951 $ 5,842 Premiums Earned: Direct $ 33,207 $ 29,608 $ 26,389 $ 1,060 $ 821 $ 879 Assumed 7,848 6,584 9,872 4,671 5,192 5,030 Ceded (843 ) (854 ) (850 ) (62 ) (57 ) (67 ) $ 40,212 $ 35,338 $ 35,411 $ 5,669 $ 5,956 $ 5,842 Insurance premiums written by geographic region (based upon the domicile of the insured or reinsured) are summarized below. Dollars are in millions. Property/Casualty Life/Health 2016 2015 2014 2016 2015 2014 United States $ 35,878 $ 31,171 $ 31,362 $ 3,473 $ 3,247 $ 3,402 Asia Pacific 3,616 3,472 1,953 715 673 651 Western Europe 1,406 1,638 2,424 822 1,263 1,135 All other 340 435 852 660 768 654 $ 41,240 $ 36,716 $ 36,591 $ 5,670 $ 5,951 $ 5,842 Consolidated sales and service revenues were $125.7 billion in 2016, $112.4 billion in 2015 and $102.2 billion in 2014. In 2016, 85% of such revenues were attributable to the United States compared to 87% in 2015 and 85% in 2014. The remainder of sales and service revenues were primarily in Europe, Canada and the Asia Pacific. Consolidated sales and service revenues included sales to Wal-Mart |
Quarterly data
Quarterly data | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly data | (24) Quarterly data A summary of revenues and earnings by quarter for each of the last two years is presented in the following table. This information is unaudited. Dollars are in millions, except per share amounts. 1 st 2 nd 3 rd 4 th 2016 Revenues $ 52,163 $ 54,254 $ 58,843 $ 58,344 Net earnings attributable to Berkshire shareholders * 5,589 5,001 7,198 6,286 Net earnings attributable to Berkshire shareholders per equivalent Class A common share 3,401 3,042 4,379 3,823 2015 Revenues $ 48,593 $ 51,549 $ 59,070 $ 51,731 Net earnings attributable to Berkshire shareholders * 5,164 4,013 9,428 5,478 Net earnings attributable to Berkshire shareholders per equivalent Class A common share 3,143 2,442 5,737 3,333 * Includes investment and derivative gains/losses. After-tax 1 st 2 nd 3 rd 4 th Investment and derivative gains/losses—2016 $ 1,852 $ 394 $ 2,347 $ 1,904 Investment and derivative gains/losses—2015 920 123 4,877 805 |
Subsequent event
Subsequent event | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent event | (25) Subsequent event In January 2017, NICO entered into a retroactive reinsurance agreement with various subsidiaries of American International Group, Inc. (collectively, “AIG”). Under the agreement, NICO agreed to indemnify AIG for 80% of up to $25 billion, excess of $25 billion retained by AIG, of losses and allocated loss adjustment expenses with respect to certain commercial insurance loss events occurring in years prior to 2016 for a premium of about $10 billion. Berkshire has agreed to guarantee all amounts due to AIG under the agreement. |
Condensed Financial Information
Condensed Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information | BERKSHIRE HATHAWAY INC. (Parent Company) Condensed Financial Information (Dollars in millions) Schedule I December 31, 2016 2015 Assets: Cash and cash equivalents and U.S. Treasury Bills: Cash and cash equivalents $ 3,221 $ 10,609 U.S. Treasury Bills 8,220 — Total cash, cash equivalents and U.S. Treasury Bills 11,441 10,609 Investments in fixed maturity and equity securities and other assets 59 113 Investments in and advances to/from consolidated subsidiaries 277,398 233,977 Investments in The Kraft Heinz Company 15,345 23,424 $ 304,243 $ 268,123 Liabilities and Shareholders’ Equity: Accounts payable, accrued interest and other liabilities $ 182 $ 111 Income taxes, principally deferred 3,357 2,663 Notes payable and other borrowings 17,703 9,799 21,242 12,573 Berkshire Hathaway shareholders’ equity 283,001 255,550 $ 304,243 $ 268,123 Statements of Earnings and Comprehensive Income Year ended December 31, 2016 2015 2014 Income items: From consolidated subsidiaries: Dividends $ 9,862 $ 10,519 $ 4,969 Undistributed earnings 13,264 8,508 14,496 23,126 19,027 19,465 Investment gains/losses 700 6,854 — Equity in net earnings of The Kraft Heinz Company 923 (122 ) (26 ) Other income 262 963 784 25,011 26,722 20,223 Cost and expense items: General and administrative 80 73 (1 ) Interest expense 208 302 236 Income taxes 649 2,264 116 937 2,639 351 Net earnings attributable to Berkshire Hathaway shareholders 24,074 24,083 19,872 Other comprehensive income attributable to Berkshire Hathaway shareholders 3,316 (8,750 ) (1,293 ) Comprehensive income attributable to Berkshire Hathaway shareholders $ 27,390 $ 15,333 $ 18,579 See Note to Condensed Financial Information BERKSHIRE HATHAWAY INC. (Parent Company) Condensed Financial Information (Dollars in millions) Schedule I (continued) Statements of Cash Flows Year ended December 31, 2016 2015 2014 Cash flows from operating activities: Net earnings attributable to Berkshire Hathaway shareholders $ 24,074 $ 24,083 $ 19,872 Adjustments to reconcile net earnings to cash flows from operating activities: Investment gains/losses (700 ) (6,854 ) — Undistributed earnings of subsidiaries (13,264 ) (8,508 ) (14,496 ) Non-cash — (3,938 ) — Income taxes payable 629 2,227 136 Other (161 ) 222 (75 ) Net cash flows from operating activities 10,578 7,232 5,437 Cash flows from investing activities: Redemption (purchase) of Kraft Heinz investments 8,320 (5,258 ) — Investments in and advances to/repayments from subsidiaries (26,398 ) (2,274 ) 1,673 Purchases of U.S. Treasury Bills (9,350 ) — — Sales and maturities of U.S. Treasury Bills 1,145 — — Net cash flows from investing activities (26,283 ) (7,532 ) 1,673 Cash flows from financing activities: Proceeds from borrowings 9,278 3,165 832 Repayments of borrowings (1,125 ) (1,775 ) (792 ) Acquisitions of noncontrolling interests (2 ) (10 ) (1,231 ) Other 166 80 118 Net cash flows from financing activities 8,317 1,460 (1,073 ) Increase (decrease) in cash and cash equivalents (7,388 ) 1,160 6,037 Cash and cash equivalents at beginning of year 10,609 9,449 3,412 Cash and cash equivalents at end of year $ 3,221 $ 10,609 $ 9,449 Other cash flow information: Income taxes paid $ 3,583 $ 3,180 $ 2,512 Interest paid 307 206 233 Non-cash — 3,938 — Note to Condensed Financial Information In 2013, Berkshire Hathaway Inc. (“Berkshire”) invested $12.25 billion in H.J. Heinz Holding Corporation (“Heinz Holding”), an entity formed to acquire H.J. Heinz Company. Berkshire’s investments included common stock and warrants and cumulative compounding preferred stock. In 2015, Berkshire exercised the common stock warrants and acquired additional shares of Kraft Heinz common stock for approximately $5.3 billion. Thereafter, Heinz Holding and Kraft Foods Group, Inc. completed a merger, and Heinz Holding was renamed The Kraft Heinz Company (“Kraft Heinz”). Kraft Heinz issued additional common stock to Kraft Food holders, reducing Berkshire’s ownership from 52.5% to 26.8%. Berkshire accounted for its investment in Heinz Holding common stock and continues to account for its investment in Kraft Heinz common stock under the equity method. In applying the equity method, the investor treats the issuance of shares by an investee as if the investor had sold a proportionate share of its investment. As a result, Berkshire recorded a non-cash pre-tax On January 8, 2016, Berkshire entered into a $10 billion 364-day Berkshire guarantees debt obligations of certain of its subsidiaries, which as of December 31, 2016, totaled approximately $17.7 billion. Berkshire’s guarantee of subsidiary debt is an absolute, unconditional and irrevocable guarantee for the full and prompt payment when due of all present and future payment obligations. Berkshire also provides guarantees in connection with equity index put option contracts of a subsidiary. The estimated fair value of liabilities recorded under such contracts was approximately $2.9 billion as of December 31, 2016. The amount of subsidiary payments under these contracts, if any, is contingent upon future events. |
Significant accounting polici35
Significant accounting policies and practices (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Nature of operations and basis of consolidation | (a) Nature of operations and basis of consolidation Berkshire Hathaway Inc. (“Berkshire”) is a holding company owning subsidiaries engaged in a number of diverse business activities, including insurance and reinsurance, freight rail transportation, utilities and energy, manufacturing, service, retailing and finance. In these notes the terms “us,” “we,” or “our” refer to Berkshire and its consolidated subsidiaries. Further information regarding our reportable business segments is contained in Note 23. Significant business acquisitions completed over the past three years are discussed in Note 2. The accompanying Consolidated Financial Statements include the accounts of Berkshire consolidated with the accounts of all subsidiaries and affiliates in which we hold a controlling financial interest as of the financial statement date. Normally a controlling financial interest reflects ownership of a majority of the voting interests. We consolidate a variable interest entity (“VIE”) when we possess both the power to direct the activities of the VIE that most significantly impact its economic performance and we are either obligated to absorb the losses that could potentially be significant to the VIE or we hold the right to receive benefits from the VIE that could potentially be significant to the VIE. Intercompany accounts and transactions have been eliminated. |
Use of estimates in preparation of financial statements | (b) Use of estimates in preparation of financial statements The preparation of our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. In particular, estimates of unpaid losses and loss adjustment expenses and related reinsurance recoverable are subject to considerable estimation error due to the inherent uncertainty in projecting ultimate claim costs. In addition, estimates and assumptions associated with the amortization of deferred charges on retroactive reinsurance contracts, determinations of fair values of certain financial instruments and evaluations of goodwill and identifiable intangible assets for impairment require considerable judgment. Actual results may differ from the estimates used in preparing our Consolidated Financial Statements. |
Cash and cash equivalents and U.S Treasury Bills | (c) Cash and cash equivalents and U.S Treasury Bills Cash equivalents consist of demand deposit and money market accounts, U.S. Treasury Bills with a maturity of three months or less when purchased and other investments with a maturity of three months or less when purchased. During 2016, we acquired significant amounts of U.S. Treasury Bills with maturity dates more than three months from their purchase dates. In prior years, such investments were not material and were classified as cash equivalents. We believe that in substance these U.S. Treasury Bills are like cash as they are readily convertible to known amounts of cash and present an insignificant risk of change in value because of changes in interest rates. In determining the appropriate accounting classification under GAAP, we considered the relevant accounting literature. We also consulted with our independent auditors who shared with us certain insights into commonly applied practice today. We have concluded that, notwithstanding our view of the substance of such instruments, these U.S. Treasury Bills technically do not meet a “bright line” definition of cash equivalents under GAAP. Accordingly, we are now presenting all U.S. Treasury Bills with maturity dates greater than three months from their purchase dates separately in the accompanying Consolidated Balance Sheets. Additionally, we have revised the 2014 and 2015 Consolidated Statements of Cash Flows to reflect this change. We believe that these changes have no effect whatsoever on our financial condition. |
Investments | (d) Investments We determine the appropriate classification of investments in fixed maturity and equity securities at the acquisition date and re-evaluate Held-to-maturity available-for-sale available-for-sale. We utilize the equity method to account for investments when we possess the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when an investor possesses more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. We apply the equity method to investments in common stock and to other investments when such other investments possess substantially identical subordinated interests to common stock. In applying the equity method, we record the investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of the net earnings or losses and other comprehensive income of the investee. We record dividends or other equity distributions as reductions in the carrying value of the investment. In the event that net losses of the investee reduce the carrying amount to zero, additional net losses may be recorded if other investments in the investee are at-risk, Investment gains and losses arise when investments are sold (as determined on a specific identification basis) or are other-than-temporarily impaired. If a decline in the value of an investment below cost is deemed other than temporary, the cost of the investment is written down to fair value, with a corresponding charge to earnings. Factors considered in determining whether an impairment is other than temporary include: the financial condition, business prospects and creditworthiness of the issuer, the relative amount of the decline, our ability and intent to hold the investment until the fair value recovers and the length of time that fair value has been less than cost. With respect to an investment in a fixed maturity security, we recognize an other-than-temporary impairment if we (a) intend to sell or expect to be required to sell the security before its amortized cost is recovered or (b) do not expect to ultimately recover the amortized cost basis even if we do not intend to sell the security. Under scenario (a), we recognize losses in earnings and under scenario (b), we recognize the credit loss component in earnings and the difference between fair value and the amortized cost basis net of the credit loss in other comprehensive income. |
Receivables, loans and finance receivables | (e) Receivables, loans and finance receivables Receivables of the insurance and other businesses are stated net of estimated allowances for uncollectible balances. Allowances for uncollectible balances are provided when it is probable counterparties or customers will be unable to pay all amounts due based on the contractual terms. Receivables are generally written off against allowances after all reasonable collection efforts are exhausted. Loans and finance receivables of the finance and financial products businesses are predominantly manufactured housing installment loans. These loans are stated at amortized cost based on our ability and intent to hold such loans to maturity and are stated net of allowances for uncollectible accounts. The carrying value of acquired loans represents acquisition costs, plus or minus origination and commitment costs paid or fees received, which together with acquisition premiums or discounts, are deferred and amortized as yield adjustments over the life of the loans. Substantially all loans are secured by real or personal property or other assets of the borrower. Allowances for credit losses on loans include estimates of losses on loans currently in foreclosure and losses on loans not currently in foreclosure. Estimates of losses on loans in foreclosure are based on historical experience and collateral recovery rates. Estimates of losses on loans not currently in foreclosure consider historical default rates, collateral recovery rates and prevailing economic conditions. Allowances for credit losses also incorporate the historical average time elapsed from the last payment until foreclosure. Loans are considered delinquent when payments are more than 30 days past due. Loans over 90 days past due are placed on nonaccrual status and accrued but uncollected interest is reversed. Subsequent collections on the loans are first applied to the principal and interest owed for the most delinquent amount. Interest income accruals resume once a loan is less than 90 days delinquent. Loans in the foreclosure process are considered non-performing. |
Derivatives | (f) Derivatives We carry derivative contracts in our Consolidated Balance Sheets at fair value, net of reductions permitted under master netting agreements with counterparties. The changes in fair value of derivative contracts that do not qualify as hedging instruments for financial reporting purposes are recorded in earnings or by our regulated utilities businesses as regulatory assets or liabilities when recovery through regulated rates is probable. |
Fair value measurements | (g) Fair value measurements As defined under GAAP, fair value is the price that would be received to sell an asset or paid to transfer a liability between market participants in the principal market or in the most advantageous market when no principal market exists. Adjustments to transaction prices or quoted market prices may be required in illiquid or disorderly markets in order to estimate fair value. Alternative valuation techniques may be appropriate under the circumstances to determine the value that would be received to sell an asset or paid to transfer a liability in an orderly transaction. Market participants are assumed to be independent, knowledgeable, able and willing to transact an exchange and not acting under duress. Our nonperformance or credit risk is considered in determining the fair value of liabilities. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized in a current or future market exchange. |
Inventories | (h) Inventories Inventories consist of manufactured goods and goods acquired for resale. Manufactured inventory costs include raw materials, direct and indirect labor and factory overhead. Inventories are stated at the lower of cost or market. As of December 31, 2016, approximately 55% of our consolidated inventory cost was determined using the last-in-first-out first-in-first-out |
Property, plant and equipment and leased assets | (i) Property, plant and equipment and leased assets Additions to property, plant and equipment used in operations and leased assets are recorded at cost and consist of major additions, improvements and betterments. With respect to constructed assets, all construction related material, direct labor and contract services as well as certain indirect costs are capitalized. Indirect costs include interest over the construction period. With respect to constructed assets of our regulated utility and energy subsidiaries that are subject to authoritative guidance for regulated operations, capitalized costs also include an equity allowance for funds used during construction, which represents the cost of equity funds used to finance the construction of the regulated facilities. Also see Note 1(q). Normal repairs and maintenance and other costs that do not improve the property, extend the useful life or otherwise do not meet capitalization criteria are charged to expense as incurred. Rail grinding costs related to our railroad properties are expensed as incurred. Property, plant and equipment and leased assets are depreciated to estimated salvage value primarily using the straight-line method over estimated useful lives or mandated recovery periods as prescribed by regulatory authorities. Depreciation of assets of our regulated utilities and railroad is generally determined using group depreciation methods where rates are based on periodic depreciation studies approved by the applicable regulator. Under group depreciation, a single depreciation rate is applied to the gross investment in a particular class of property, despite differences in the service life or salvage value of individual property units within the same class. When our regulated utilities or railroad retires or sells a component of the assets accounted for using group depreciation methods, no gain or loss is recognized. Gains or losses on disposals of all other assets are recorded through earnings. We evaluate property, plant and equipment for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable or when the assets are held for sale. Upon the occurrence of a triggering event, we assess whether the estimated undiscounted cash flows expected from the use of the asset and the residual value from the ultimate disposal of the asset exceeds the carrying value. If the carrying value exceeds the estimated recoverable amounts, we reduce the carrying value to fair value and record an impairment loss in earnings, except with respect to impairment of assets of our regulated utility and energy subsidiaries when the impacts of regulation are considered in evaluating the carrying value of regulated assets. |
Goodwill and other intangible assets | (j) Goodwill and other intangible assets Goodwill represents the excess of the acquisition price of a business over the fair value of identified net assets of that business. We evaluate goodwill for impairment at least annually. When evaluating goodwill for impairment, we estimate the fair value of the reporting unit. There are several methods that may be used to estimate a reporting unit’s fair value, including market quotations, asset and liability fair values and other valuation techniques, including, but not limited to, discounted projected future net earnings or net cash flows and multiples of earnings. If the carrying amount of a reporting unit, including goodwill, exceeds the estimated fair value, then the identifiable assets and liabilities of the reporting unit are estimated at fair value as of the current testing date. The excess of the estimated fair value of the reporting unit over the current estimated fair value of net assets establishes the implied value of goodwill. The excess of the recorded goodwill over the implied goodwill value is charged to earnings as an impairment loss. Significant judgment is required in estimating the fair value of the reporting unit and performing goodwill impairment tests. Intangible assets with finite lives are amortized based on the estimated pattern in which the economic benefits are expected to be consumed or on a straight-line basis over their estimated economic lives. Intangible assets with finite lives are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite lives are tested for impairment at least annually and when events or changes in circumstances indicate that it is more likely than not that the asset is impaired. |
Revenue recognition | (k) Revenue recognition Insurance premiums for prospective property/casualty insurance and reinsurance are earned over the loss exposure or coverage period in proportion to the level of protection provided. In most cases, premiums are recognized as revenues ratably over the term of the contract with unearned premiums computed on a monthly or daily pro-rata Sales revenues derive from the sales of manufactured products and goods acquired for resale. Revenues from sales are recognized upon passage of title to the customer, which generally coincides with customer pickup, product delivery or acceptance, depending on terms of the sales arrangement. Service revenues are recognized as the services are performed. Services provided pursuant to a contract are either recognized over the contract period or upon completion of the elements specified in the contract depending on the terms of the contract. Revenues related to the sales of fractional ownership interests in aircraft are recognized ratably over the term of the related management services agreement, as the transfer of ownership interest in the aircraft is inseparable from the management services agreement. Leasing revenue is generally recognized ratably over the term of the lease. A substantial portion of our leases are classified as operating leases. Operating revenues from the distribution and sale of electricity and natural gas to customers are recognized when the services are rendered or the energy is delivered. Revenues include unbilled as well as billed amounts. Rates charged are generally subject to federal and state regulation or established under contractual arrangements. When preliminary rates are permitted to be billed prior to final approval by the applicable regulator, certain revenue collected may be subject to refund and a liability for estimated refunds is recorded. Railroad transportation revenues are recognized based upon the proportion of service provided as of the balance sheet date. Customer incentives, which are primarily provided for shipping a specified cumulative volume or shipping to/from specific locations, are recorded as pro-rata |
Losses and loss adjustment expenses | (l) Losses and loss adjustment expenses Liabilities for losses and loss adjustment expenses are established under property/casualty insurance and reinsurance contracts issued by our insurance subsidiaries for loss events that have occurred as of the balance sheet date. The liabilities for losses and loss adjustment expenses are recorded at the estimated ultimate payment amounts, except that amounts arising from certain workers’ compensation reinsurance contracts are discounted. Estimated ultimate payment amounts are based upon (1) reports of losses from policyholders, (2) individual case estimates and (3) estimates of incurred but not reported losses. Provisions for losses and loss adjustment expenses are charged to earnings after deducting amounts recovered and estimates of recoverable amounts under ceded reinsurance contracts. Reinsurance contracts do not relieve the ceding company of its obligations to indemnify policyholders with respect to the underlying insurance and reinsurance contracts. The estimated liabilities of workers’ compensation claims assumed under certain reinsurance contracts are discounted based upon an annual discount rate of 4.5% for claims arising prior to January 1, 2003 and 1% for claims arising thereafter, consistent with insurance statutory accounting principles. The change in such discounts, including the periodic discount accretion is included in earnings as a component of losses and loss adjustment expenses. |
Deferred charges reinsurance assumed | (m) Deferred charges reinsurance assumed The excess, if any, of the estimated ultimate liabilities for claims and claim settlement costs over the premiums earned with respect to retroactive property/casualty reinsurance contracts is recorded as a deferred charge at inception of the contract. Deferred charges are subsequently amortized using the interest method over the expected claim settlement periods. Changes to the estimated timing or amount of future loss payments also produce changes in unamortized deferred charges. Changes in such estimates are applied retrospectively and the resulting changes in deferred charge balances are included in insurance losses and loss adjustment expenses in the period of the change. |
Insurance policy acquisition costs | (n) Insurance policy acquisition costs Incremental costs that are directly related to the successful acquisition of insurance contracts are capitalized, subject to ultimate recoverability, and are subsequently amortized to underwriting expenses as the related premiums are earned. Direct incremental acquisition costs include commissions, premium taxes, and certain other costs associated with successful efforts. All other underwriting costs are expensed as incurred. The recoverability of capitalized insurance policy acquisition costs generally reflects anticipation of investment income. The unamortized balances are included in other assets and were $1,991 million and $1,920 million at December 31, 2016 and 2015, respectively. |
Life and annuity insurance benefits | (p) Life and annuity insurance benefits Liabilities for insurance benefits under life contracts are computed based upon estimated future investment yields, expected mortality, morbidity, and lapse or withdrawal rates and reflect estimates for future premiums and expenses under the contracts. These assumptions, as applicable, also include a margin for adverse deviation and may vary with the characteristics of the contract’s date of issuance, policy duration and country of risk. The interest rate assumptions used may vary by contract or jurisdiction. Periodic payment annuity liabilities are discounted based on the implicit rate as of the inception of the contracts such that the present value of the liabilities equals the premiums. Discount rates range from less than 1% to 7%. |
Regulated utilities and energy businesses | (q) Regulated utilities and energy businesses Certain energy subsidiaries prepare their financial statements in accordance with authoritative guidance for regulated operations, reflecting the economic effects of regulation from the ability to recover certain costs from customers and the requirement to return revenues to customers in the future through the regulated rate-setting process. Accordingly, certain costs are deferred as regulatory assets and certain income is accrued as regulatory liabilities. Regulatory assets and liabilities will be amortized into operating expenses and revenues over various future periods. Regulatory assets and liabilities are continually assessed for probable future inclusion in regulatory rates by considering factors such as applicable regulatory or legislative changes and recent rate orders received by other regulated entities. If future inclusion in regulatory rates ceases to be probable, the amount no longer probable of inclusion in regulatory rates is charged or credited to earnings (or other comprehensive income, if applicable) or returned to customers. |
Foreign currency | (r) Foreign currency The accounts of our non-U.S. |
Income taxes | (s) Income taxes Berkshire files a consolidated federal income tax return in the United States, which includes eligible subsidiaries. In addition, we file income tax returns in state, local and foreign jurisdictions as applicable. Provisions for current income tax liabilities are calculated and accrued on income and expense amounts expected to be included in the income tax returns for the current year. Income taxes reported in earnings also include deferred income tax provisions. Deferred income tax assets and liabilities are computed on differences between the financial statement bases and tax bases of assets and liabilities at the enacted tax rates. Changes in deferred income tax assets and liabilities that are associated with components of other comprehensive income are charged or credited directly to other comprehensive income. Otherwise, changes in deferred income tax assets and liabilities are included as a component of income tax expense. The effect on deferred income tax assets and liabilities attributable to changes in enacted tax rates are charged or credited to income tax expense in the period of enactment. Valuation allowances are established for certain deferred tax assets when realization is not likely. Assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions, in our judgment, do not meet a “more-likely-than-not” |
New accounting pronouncements to be adopted subsequent to December 31, 2016 | (t) New accounting pronouncements to be adopted subsequent to December 31, 2016 In May 2014, the FASB issued ASU 2014-09 2014-09 2014-09 2014-09 2014-09 2014-09 2014-09 In January 2016, the FASB issued ASU 2016-01 2016-01 available-for-sale 2016-01 2016-01 In February 2016, the FASB issued ASU 2016-02 2016-02 right-of-use 2016-02 In June 2016, the FASB issued ASU 2016-13 available-for-sale 2016-13 In January 2017, the FASB issued ASU 2017-04 2017-04 2017-04 |
Significant business acquisit36
Significant business acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
PCC and Duracell [Member] | |
Schedule of estimated fair values of assets acquired and liabilities assumed | The fair values of identified assets acquired and liabilities assumed and residual goodwill of PCC and Duracell at their respective acquisition dates are summarized as follows (in millions). PCC Duracell Cash and cash equivalents $ 250 $ 1,807 Inventories 3,430 319 Property, plant and equipment 2,765 359 Goodwill 16,011 866 Other intangible assets 23,527 1,550 Other assets 1,916 242 Assets acquired $ 47,899 $ 5,143 Accounts payable, accruals and other liabilities $ 2,442 $ 410 Notes payable and other borrowings 5,251 — Income taxes, principally deferred 7,548 494 Liabilities assumed $ 15,241 $ 904 Net assets $ 32,658 $ 4,239 |
Schedule of pro forma consolidated earnings data | The following table sets forth certain unaudited pro forma consolidated earnings data for the year ending December 31, 2015 as if the PCC and Duracell acquisitions were consummated on the same terms at the beginning of 2015 (in millions, except per share amount). Pro forma data for 2016 was not materially different from the amounts reflected in the accompanying Consolidated Financial Statements. 2015 Revenues $ 221,897 Net earnings attributable to Berkshire Hathaway shareholders 24,575 Net earnings per equivalent Class A common share 14,956 |
AltaLink and Berkshire Hathaway Automotive [Member] | |
Schedule of estimated fair values of assets acquired and liabilities assumed | The fair values of identified assets acquired and liabilities assumed and residual goodwill of Berkshire Hathaway Automotive and AltaLink at their respective acquisition dates are summarized as follows (in millions). Berkshire Hathaway AltaLink Cash and investments $ 1,274 $ 15 Property, plant and equipment 1,045 5,610 Goodwill 1,833 1,744 Other assets 2,488 300 Assets acquired $ 6,640 $ 7,669 Accounts payable, accruals and other liabilities $ 1,399 $ 1,090 Notes payable and other borrowings 1,129 3,851 Liabilities assumed $ 2,528 $ 4,941 Net assets $ 4,112 $ 2,728 |
Investments in fixed maturity37
Investments in fixed maturity securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments in securities with fixed maturities | Investments in securities with fixed maturities as of December 31, 2016 and 2015 are summarized by type below (in millions). Amortized Unrealized Unrealized Fair December 31, 2016 U.S. Treasury, U.S. government corporations and agencies $ 4,519 $ 16 $ (8 ) $ 4,527 States, municipalities and political subdivisions 1,159 58 (1 ) 1,216 Foreign governments 8,860 207 (66 ) 9,001 Corporate bonds 6,899 714 (9 ) 7,604 Mortgage-backed securities 997 126 (6 ) 1,117 $ 22,434 $ 1,121 $ (90 ) $ 23,465 December 31, 2015 U.S. Treasury, U.S. government corporations and agencies $ 3,425 $ 10 $ (8 ) $ 3,427 States, municipalities and political subdivisions 1,695 71 (2 ) 1,764 Foreign governments 11,327 226 (85 ) 11,468 Corporate bonds 7,323 632 (29 ) 7,926 Mortgage-backed securities 1,279 168 (5 ) 1,442 $ 25,049 $ 1,107 $ (129 ) $ 26,027 Investments in fixed maturity securities are reflected in our Consolidated Balance Sheets as follows (in millions). December 31, 2016 2015 Insurance and other $ 23,432 $ 25,988 Finance and financial products 33 39 $ 23,465 $ 26,027 |
Schedule of amortized cost and estimated fair value of securities with fixed maturities | The amortized cost and estimated fair value of securities with fixed maturities at December 31, 2016 are summarized below by contractual maturity dates. Actual maturities may differ from contractual maturities due to early call or prepayment rights held by issuers. Amounts are in millions. Due in one Due after one Due after five Due after Mortgage-backed Total Amortized cost $ 8,508 $ 9,886 $ 805 $ 2,238 $ 997 $ 22,434 Fair value 8,573 10,219 872 2,684 1,117 23,465 |
Investments in equity securit38
Investments in equity securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments in equity securities | Investments in equity securities as of December 31, 2016 and 2015 are summarized based on the primary industry of the investee in the table below (in millions). Cost Basis Unrealized Unrealized Fair December 31, 2016 Banks, insurance and finance $ 19,852 $ 30,572 $ — $ 50,424 Consumer products 10,657 16,760 (9 ) 27,408 Commercial, industrial and other 35,868 9,033 (701 ) 44,200 $ 66,377 $ 56,365 $ (710 ) $ 122,032 * Approximately 56% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company—$11.2 billion; Wells Fargo & Company—$27.6 billion; International Business Machines Corporation (“IBM”)—$13.5 billion; and The Coca-Cola Company—$16.6 billion). Cost Basis Unrealized Unrealized Fair December 31, 2015 Banks, insurance and finance $ 20,026 $ 27,965 $ (21 ) $ 47,970 Consumer products 7,147 18,057 (1 ) 25,203 Commercial, industrial and other 35,417 6,785 (3,238 ) 38,964 $ 62,590 $ 52,807 $ (3,260 ) $ 112,137 * Approximately 59% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company—$10.5 billion; Wells Fargo & Company—$27.2 billion; IBM—$11.2 billion; and The Coca-Cola Company—$17.2 billion). Investments in equity securities are reflected in our Consolidated Balance Sheets as follows (in millions). December 31, 2016 2015 Insurance and other $ 120,471 $ 110,527 Railroad, utilities and energy * 1,186 1,238 Finance and financial products 375 372 $ 122,032 $ 112,137 * Included in other assets. |
Other investments (Tables)
Other investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
Schedule of other investments | Other investments are classified as available-for-sale, Cost Fair Value December 31, December 31, 2016 2015 2016 2015 Insurance and other $ 6,720 $ 9,690 $ 14,364 $ 15,683 Finance and financial products 1,000 3,052 2,892 5,719 $ 7,720 $ 12,742 $ 17,256 $ 21,402 |
Investments in The Kraft Hein40
Investments in The Kraft Heinz Company (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summarized consolidated financial information of Kraft Heinz | Summarized consolidated financial information of Kraft Heinz follows (in millions). December 31, 2016 January 3, 2016 Assets $ 120,480 $ 122,973 Liabilities 62,906 56,737 Year ending Year ending Year ending Sales $ 26,487 $ 18,338 $ 10,922 Net earnings $ 3,632 $ 634 $ 657 Net earnings (loss) attributable to common shareholders $ 3,452 $ (266 ) $ (63 ) |
Kraft Heinz (previously Heinz Holding) [Member] | |
Summary of investments in Kraft Heinz | A summary of our investments in Kraft Heinz follows (in millions). Carrying Value December 31, December 31, Common stock $ 15,345 $ 15,714 Preferred Stock — 7,710 $ 15,345 $ 23,424 |
Investment gains_losses (Tables
Investment gains/losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment gains/losses, including other-than-temporary impairment losses | Investment gains/losses, including other-than-temporary impairment (“OTTI”) losses, for each of the three years ending December 31, 2016 are summarized below (in millions). 2016 2015 2014 Fixed maturity securities— Gross gains from sales and other disposals $ 58 $ 104 $ 360 Gross losses from sales and other disposals (50 ) (171 ) (89 ) Equity securities— Gross gains from sales and redemptions 7,853 9,526 4,016 Gross losses from sales and redemptions (334 ) (103 ) (125 ) OTTI losses (82 ) (26 ) (697 ) Other 108 43 110 $ 7,553 $ 9,373 $ 3,575 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories are comprised of the following (in millions). December 31, 2016 2015 Raw materials $ 2,789 $ 1,852 Work in process and other 2,506 778 Finished manufactured goods 4,033 3,369 Goods acquired for resale 6,399 5,917 $ 15,727 $ 11,916 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Insurance and Other [Member] | |
Schedule of receivables | Receivables of insurance and other businesses are comprised of the following (in millions). December 31, 2016 2015 Insurance premiums receivable $ 10,462 $ 8,843 Reinsurance recoverable on unpaid losses 3,338 3,307 Trade and other receivables 13,630 11,521 Allowances for uncollectible accounts (333 ) (368 ) $ 27,097 $ 23,303 |
Finance and Financial Products [Member] | |
Schedule of receivables | Loans and finance receivables of finance and financial products businesses are summarized as follows (in millions). December 31, 2016 2015 Loans and finance receivables before allowances and discounts $ 13,728 $ 13,186 Allowances for uncollectible loans (182 ) (182 ) Unamortized acquisition discounts (246 ) (232 ) $ 13,300 $ 12,772 |
Property, plant and equipment44
Property, plant and equipment and assets held for lease (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of depreciation expense | Depreciation expense for each of the three years ending December 31, 2016 is summarized below (in millions). 2016 2015 2014 Insurance and other $ 2,148 $ 1,680 $ 1,632 Railroad, utilities and energy 4,639 4,383 3,981 Finance and financial products 624 610 602 $ 7,411 $ 6,673 $ 6,215 |
Insurance and Other [Member] | |
Schedule of property, plant and equipment | A summary of property, plant and equipment of our insurance and other businesses follows (in millions). Ranges of December 31, 2016 2015 Land — $ 2,108 $ 1,689 Buildings and improvements 5 – 40 years 8,360 7,329 Machinery and equipment 3 – 25 years 20,463 17,054 Furniture, fixtures and other 2 – 15 years 4,080 3,545 35,011 29,617 Accumulated depreciation (15,686 ) (14,077 ) $ 19,325 $ 15,540 |
Finance and Financial Products [Member] | |
Schedule of property, plant and equipment | Assets held for lease and property, plant and equipment of our finance and financial products businesses are summarized below (in millions). Ranges of December 31, 2016 2015 Assets held for lease 5 – 35 years $ 11,902 $ 11,317 Land — 224 220 Buildings, machinery and other 3 – 50 years 1,302 1,207 13,428 12,744 Accumulated depreciation (3,739 ) (3,397 ) $ 9,689 $ 9,347 |
Railroad, Utilities and Energy [Member] | |
Schedule of property, plant and equipment | A summary of property, plant and equipment of our railroad and our utilities and energy businesses follows (in millions). Ranges of December 31, 2016 2015 Railroad: Land — $ 6,063 $ 6,037 Track structure and other roadway 7 – 100 years 48,277 45,967 Locomotives, freight cars and other equipment 6 – 40 years 12,075 11,320 Construction in progress — 965 1,031 67,380 64,355 Accumulated depreciation (6,130 ) (4,845 ) 61,250 59,510 Utilities and energy: Utility generation, transmission and distribution systems 5 – 80 years 71,536 69,248 Interstate natural gas pipeline assets 3 – 80 years 6,942 6,755 Independent power plants and other assets 3 – 30 years 6,596 5,626 Construction in progress — 2,098 2,627 87,172 84,256 Accumulated depreciation (24,663 ) (23,487 ) 62,509 60,769 $ 123,759 $ 120,279 |
Goodwill and other intangible45
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Reconciliation of the change in goodwill | A reconciliation of the change in the carrying value of goodwill is as follows (in millions). December 31, 2016 2015 Balance at beginning of year $ 62,708 $ 60,714 Acquisitions of businesses 17,650 2,563 Other, including foreign currency translation (872 ) (569 ) Balance at end of year $ 79,486 $ 62,708 |
Schedule of intangible assets | Other intangible assets are summarized as follows (in millions). December 31, 2016 December 31, 2015 Gross carrying Accumulated Gross carrying Accumulated Insurance and other $ 39,976 $ 6,495 $ 14,610 $ 5,462 Railroad, utilities and energy 898 293 888 239 $ 40,874 $ 6,788 $ 15,498 $ 5,701 Trademarks and trade names $ 5,175 $ 616 $ 3,041 $ 765 Patents and technology 4,341 2,328 4,252 2,050 Customer relationships 28,243 2,879 5,474 2,131 Other 3,115 965 2,731 755 $ 40,874 $ 6,788 $ 15,498 $ 5,701 |
Derivative contracts (Tables)
Derivative contracts (Tables) - Finance and Financial Products [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Derivative contracts outstanding | A summary of the liabilities and related notional values of derivative contracts of our finance and financial products businesses follows (in millions). December 31, 2016 December 31, 2015 Liabilities Notional Liabilities Notional Equity index put options $ 2,890 $ 26,497 (1) $ 3,552 $ 27,722 (1) Credit default(2) — — 284 7,792 $ 2,890 $ 3,836 (1) Represents the aggregate undiscounted amounts payable assuming that the value of each index is zero at each contract’s expiration date. Certain of these contracts are denominated in foreign currencies. Notional amounts are based on the foreign currency exchange rates as of each balance sheet date. (2) In July 2016, our remaining credit default contract was terminated by mutual agreement with the counterparty. We no longer have any exposure to losses under credit default contracts. |
Derivative gains/losses included in the Consolidated Statements of Earnings | A summary of the derivative gains/losses included in our Consolidated Statements of Earnings in each of the three years ending December 31, 2016 follows (in millions). 2016 2015 2014 Equity index put options $ 662 $ 1,008 $ 108 Credit default and other 89 (34 ) 398 $ 751 $ 974 $ 506 |
Supplemental cash flow inform47
Supplemental cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental cash flow information | A summary of supplemental cash flow information for each of the three years ending December 31, 2016 is presented in the following table (in millions). 2016 2015 2014 Cash paid during the period for: Income taxes $ 4,719 $ 4,535 $ 4,014 Interest: Insurance and other businesses 555 346 360 Railroad, utilities and energy businesses 2,788 2,717 2,487 Finance and financial products businesses 389 403 465 Non-cash Liabilities assumed in connection with business acquisitions 16,555 2,812 6,334 Equity securities exchanged in connection with business acquisitions 4,239 — 2,478 Treasury stock acquired in connection with business acquisition — — 400 Conversions and other exchanges of investments 4,154 1,597 — |
Unpaid losses and loss adjust48
Unpaid losses and loss adjustment expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of liability for unpaid claims and claims adjustment expense | A reconciliation of the changes in claim liabilities for each of the three years ending December 31, 2016 is as follows (in millions). 2016 2015 2014 Unpaid losses and loss adjustment expenses—beginning of year: Gross liabilities $ 73,144 $ 71,477 $ 64,866 Reinsurance recoverable and deferred charges (10,994 ) (10,888 ) (7,414 ) Net balance 62,150 60,589 57,452 Incurred losses and loss adjustment expenses recorded during the year: Current accident year events 30,636 27,829 24,335 Prior accident years’ events (1,512 ) (2,014 ) (2,280 ) Retroactive reinsurance and discount accretion 1,782 712 4,351 Total incurred losses and loss adjustment expenses 30,906 26,527 26,406 Paid losses and loss adjustment expenses during the year with respect to: Current accident year events (14,898 ) (13,070 ) (11,291 ) Prior accident years’ events (10,958 ) (10,268 ) (10,297 ) Retroactive reinsurance (1,130 ) (1,151 ) (1,082 ) Total payments (26,986 ) (24,489 ) (22,670 ) Foreign currency translation adjustment (537 ) (545 ) (666 ) Business acquisitions — 68 67 Unpaid losses and loss adjustment expenses—end of year: Net balance 65,533 62,150 60,589 Reinsurance recoverable and deferred charges 11,385 10,994 10,888 Gross liabilities $ 76,918 $ 73,144 $ 71,477 |
Schedule of reconciliation of unpaid losses and allocated loss adjustment expenses to balance sheet liability | A reconciliation of certain net unpaid losses and allocated loss adjustment expenses (the latter referred to as “ALAE”) of GEICO, General Re, Berkshire Hathaway Reinsurance Group (“BHRG”) and Berkshire Hathaway Primary Group (“BH Primary”) to our consolidated unpaid losses and loss adjustment expenses as of December 31, 2016, along with a discussion regarding each group’s liability estimation processes, follows. December 31, 2016 (in millions) Unpaid losses and ALAE, net of reinsurance recoverable: GEICO $ 12,981 General Re 13,973 BHRG 10,172 BH Primary 10,173 $ 47,299 Reinsurance recoverable: GEICO 1,084 General Re 611 BHRG 121 BH Primary 1,099 2,915 Retroactive reinsurance, unpaid losses and loss adjustment expenses 24,675 Other short-duration contracts, unpaid losses and loss adjustment expenses 1,390 Discount on workers’ compensation reinsurance liabilities (1,433 ) Unpaid unallocated loss adjustment expenses 2,072 Unpaid losses and loss adjustment expenses $ 76,918 |
Schedule of average historical claims duration | Supplemental unaudited average historical claims duration information based on the net losses and ALAE incurred and paid accident year data in the preceding tables follows. The percentages show the average portions of losses and ALAE paid by each succeeding year, with year 1 representing the current accident year. Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance In Years 1 2 3 4 5 6 7 8 9 10 GEICO 62.2 % 19.6 % 8.0 % 4.8 % 2.7 % Gen Re 14.8 % 31.0 % 12.2 % 6.8 % 4.6 % 3.2 % 2.6 % 1.1 % 1.2 % 0.9 % BHRG 14.7 % 28.2 % 17.2 % 9.4 % 6.3 % 3.9 % 2.4 % 1.9 % 1.0 % 0.7 % BH Primary 15.4 % 17.8 % 14.5 % 11.9 % 9.2 % 6.8 % 4.3 % 2.6 % 1.9 % 1.2 % |
Insurance Group [Member] | GEICO [Member] | |
Schedule of incurred and paid losses and allocated loss adjustment expenses | GEICO’s claim liabilities predominantly relate to various types of private passenger auto liability and physical damage claims. Aggregate incurred and paid loss and ALAE data by accident year for these claims, net of reinsurance, follows. IBNR and case development liabilities are as of December 31, 2016. Dollars are in millions. Accident Year Incurred Losses and ALAE through December 31, IBNR and Case Liabilities Cumulative (in thousands) 2012* 2013* 2014* 2015* 2016 2012 $ 12,034 $ 11,904 $ 11,893 $ 11,906 $ 11,900 $ 79 6,459 2013 12,990 12,815 12,859 12,837 184 7,102 2014 14,597 14,488 14,477 539 7,965 2015 16,807 16,798 1,394 8,891 2016 18,982 3,132 9,336 Incurred losses and ALAE $ 74,994 Accident Year Cumulative Paid Losses and ALAE through December 31, 2012* 2013* 2014* 2015* 2016 2012 $ 7,550 $ 9,832 $ 10,744 $ 11,311 $ 11,609 2013 7,944 10,494 11,569 12,174 2014 9,133 11,956 13,060 2015 10,543 13,785 2016 11,927 Paid losses and ALAE 62,555 Net unpaid losses and ALAE for 2012—2016 accident years 12,439 Net unpaid losses and ALAE for accident years before 2012* 542 Net unpaid losses and ALAE $ 12,981 * Unaudited supplemental information |
Insurance Group [Member] | General Re [Member] | |
Schedule of incurred and paid losses and allocated loss adjustment expenses | General Re’s incurred and paid loss and ALAE data by accident year, net of reinsurance, is presented in the following tables. IBNR and case development liabilities are as of December 31, 2016. Dollars are in millions. Accident Year Incurred Losses and ALAE through December 31, IBNR and Case Liabilities 2007* 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016 2007 $ 1,857 $ 1,915 $ 1,852 $ 1,746 $ 1,673 $ 1,619 $ 1,574 $ 1,559 $ 1,535 $ 1,512 $ 73 2008 1,920 2,011 1,903 1,818 1,746 1,713 1,669 1,648 1,635 93 2009 1,703 1,790 1,704 1,601 1,523 1,490 1,471 1,431 125 2010 1,881 2,055 1,939 1,845 1,757 1,712 1,674 156 2011 2,102 2,126 1,897 1,792 1,744 1,669 208 2012 1,810 1,850 1,707 1,603 1,535 335 2013 1,945 2,095 1,994 1,854 417 2014 1,740 1,843 1,794 578 2015 1,811 1,999 777 2016 1,715 1,173 Incurred losses and ALAE $ 16,818 Accident Year Cumulative Paid Losses and ALAE through December 31, 2007* 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016 2007 $ 282 $ 821 $ 1,020 $ 1,132 $ 1,195 $ 1,238 $ 1,291 $ 1,309 $ 1,322 $ 1,335 2008 330 894 1,074 1,187 1,246 1,289 1,315 1,330 1,354 2009 264 734 897 994 1,065 1,115 1,145 1,161 2010 247 782 997 1,147 1,243 1,304 1,359 2011 302 841 1,086 1,190 1,259 1,317 2012 199 664 829 916 991 2013 275 829 1,060 1,162 2014 171 666 864 2015 207 693 2016 171 Paid losses and ALAE 10,407 Net unpaid losses and ALAE for 2007—2016 accident years 6,411 Net unpaid losses and ALAE for accident years before 2007* 7,562 Net unpaid losses and ALAE $ 13,973 * Unaudited supplemental information |
Insurance Group [Member] | BHRG [Member] | |
Schedule of incurred and paid losses and allocated loss adjustment expenses | BHRG’s incurred and paid loss and ALAE data by accident year, net of reinsurance, is presented in the following tables. IBNR and case development liabilities are as of December 31, 2016. Dollars are in millions. Accident Year Incurred Losses and ALAE through December 31,** IBNR and Case Liabilities 2007* 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016 2007 $ 1,810 $ 1,756 $ 1,659 $ 1,658 $ 1,652 $ 1,590 $ 1,583 $ 1,560 $ 1,500 $ 1,471 $ 133 2008 3,388 3,130 2,988 2,903 2,835 2,748 2,683 2,605 2,578 244 2009 2,974 2,858 2,989 2,926 2,847 2,759 2,691 2,668 215 2010 2,876 2,974 2,883 2,771 2,610 2,575 2,551 238 2011 4,418 4,544 4,358 4,440 4,389 4,365 452 2012 4,054 3,878 3,648 3,583 3,531 694 2013 3,326 3,144 2,935 2,832 733 2014 2,688 2,585 2,492 736 2015 3,207 3,070 1,113 2016 3,390 1,907 Incurred losses and ALAE $ 28,948 Accident Year Cumulative Paid Losses and ALAE through December 31,** 2007* 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016 2007 $ 171 $ 677 $ 891 $ 993 $ 1,055 $ 1,120 $ 1,170 $ 1,196 $ 1,211 $ 1,221 2008 364 1,146 1,617 1,836 1,976 2,056 2,131 2,205 2,228 2009 372 1,182 1,605 1,937 2,147 2,306 2,336 2,363 2010 193 889 1,414 1,736 2,041 2,119 2,177 2011 552 2,130 2,872 3,315 3,475 3,600 2012 360 1,279 2,080 2,350 2,519 2013 516 1,070 1,555 1,774 2014 437 1,031 1,319 2015 550 1,354 2016 778 Paid losses and ALAE 19,333 Net unpaid losses and ALAE for 2007—2016 accident years 9,615 Net unpaid losses and ALAE for accident years before 2007* 557 Net unpaid losses and ALAE $ 10,172 * Unaudited supplemental information ** Excludes retroactive reinsurance losses and ALAE |
Insurance Group [Member] | BH Primary [Member] | |
Schedule of incurred and paid losses and allocated loss adjustment expenses | BH Primary’s incurred and paid loss and ALAE data by accident year, net of reinsurance, is presented in the following tables. IBNR and case development liabilities are as of December 31, 2016. Dollars are in millions. Accident Year Incurred Losses and ALAE through December 31, IBNR and Liabilities Cumulative (in thousands) 2007* 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016 2007 $ 1,328 $ 1,233 $ 1,174 $ 1,090 $ 955 $ 901 $ 852 $ 817 $ 788 $ 775 $ 46 137 2008 1,349 1,273 1,228 1,168 1,081 1,015 979 948 920 80 136 2009 1,298 1,211 1,180 1,159 1,068 1,020 966 936 99 117 2010 1,268 1,186 1,191 1,129 1,062 994 956 150 111 2011 1,888 1,633 1,605 1,452 1,375 1,297 223 109 2012 2,129 2,079 2,017 1,944 1,903 453 135 2013 2,294 2,213 2,133 2,060 595 150 2014 2,967 2,780 2,730 1,027 177 2015 3,575 3,458 1,631 188 2016 4,149 2,682 135 Incurred losses and ALAE $ 19,184 Accident Year Cumulative Paid Losses and ALAE through December 31, 2007* 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016 2007 $ 128 $ 284 $ 409 $ 510 $ 578 $ 628 $ 660 $ 679 $ 696 $ 705 2008 174 333 464 578 662 728 772 795 810 2009 147 305 445 569 655 726 771 798 2010 146 313 458 570 657 722 758 2011 163 396 602 753 898 973 2012 211 598 844 1,053 1,208 2013 350 706 985 1,197 2014 453 896 1,247 2015 502 1,078 2016 634 Paid losses and ALAE 9,408 Net unpaid losses and ALAE for 2007—2016 accident years 9,776 Net unpaid losses and ALAE for accident years before 2007* 397 Net unpaid losses and ALAE $ 10,173 * Unaudited supplemental information |
Notes payable and other borro49
Notes payable and other borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Principal payments disclosure | Principal repayments expected during each of the next five years are as follows (in millions). 2017 2018 2019 2020 2021 Insurance and other $ 3,329 $ 3,022 $ 1,362 $ 1,650 $ 1,824 Railroad, utilities and energy 3,610 4,283 2,935 2,123 1,741 Finance and financial products 3,317 4,706 3,099 616 777 $ 10,256 $ 12,011 $ 7,396 $ 4,389 $ 4,342 |
Insurance and Other [Member] | |
Schedule of short and long term outstanding debt disclosure | Notes payable and other borrowings are summarized below (in millions). The weighted average interest rates and maturity date ranges shown in the following tables are based on borrowings as of December 31, 2016. Weighted December 31, 2016 2015 Insurance and other: Issued by Berkshire due 2017-2047 2.2 % $ 17,703 $ 9,799 Short-term subsidiary borrowings 2.5 % 2,094 1,989 Other subsidiary borrowings due 2017-2045 4.0 % 7,378 2,811 $ 27,175 $ 14,599 |
Finance and Financial Products [Member] | |
Schedule of short and long term outstanding debt disclosure | Weighted December 31, 2016 2015 Finance and financial products: Issued by Berkshire Hathaway Finance Corporation (“BHFC”) due 2017-2043 2.5 % $ 14,423 $ 10,679 Issued by other subsidiaries due 2017-2036 4.9 % 961 1,272 $ 15,384 $ 11,951 |
Railroad, Utilities and Energy [Member] | |
Schedule of short and long term outstanding debt disclosure | Weighted December 31, 2016 2015 Railroad, utilities and energy: Issued by Berkshire Hathaway Energy Company (“BHE”) and its subsidiaries: BHE senior unsecured debt due 2017-2045 5.1 % $ 7,818 $ 7,814 Subsidiary and other debt due 2017-2064 4.7 % 29,223 28,188 Issued by BNSF due 2017-2097 4.8 % 22,044 21,737 $ 59,085 $ 57,739 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax liability | The liabilities for income taxes reflected in our Consolidated Balance Sheets are as follows (in millions). December 31, 2016 2015 Currently payable (receivable) $ 500 $ (643 ) Deferred 76,959 63,199 Other 485 570 $ 77,944 $ 63,126 |
Schedule of deferred tax assets and liabilities | The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are shown below (in millions). December 31, 2016 2015 Deferred tax liabilities: Investments—unrealized appreciation and cost basis differences $ 27,669 $ 25,117 Deferred charges reinsurance assumed 2,876 2,798 Property, plant and equipment 39,345 36,770 Goodwill and other intangible assets 11,344 2,770 Other 5,550 4,555 86,784 72,010 Deferred tax assets: Unpaid losses and loss adjustment expenses (861 ) (887 ) Unearned premiums (1,021 ) (927 ) Accrued liabilities (3,821 ) (3,487 ) Other (4,122 ) (3,510 ) (9,825 ) (8,811 ) Net deferred tax liability $ 76,959 $ 63,199 |
Schedule of tax provision by jurisdiction category and classification | Income tax expense reflected in our Consolidated Statements of Earnings for each of the three years ending December 31, 2016 is as follows (in millions). 2016 2015 2014 Federal $ 7,796 $ 9,253 $ 6,447 State 556 578 560 Foreign 888 701 928 $ 9,240 $ 10,532 $ 7,935 Current $ 6,565 $ 5,426 $ 3,302 Deferred 2,675 5,106 4,633 $ 9,240 $ 10,532 $ 7,935 |
Schedule of income tax reconciled to federal statutory amount | Income tax expense is reconciled to hypothetical amounts computed at the U.S. federal statutory rate for each of the three years ending December 31, 2016 in the table below (in millions). 2016 2015 2014 Earnings before income taxes $ 33,667 $ 34,946 $ 28,105 Hypothetical income tax expense computed at the U.S. federal statutory rate $ 11,783 $ 12,231 $ 9,837 Dividends received deduction and tax exempt interest (789 ) (1,146 ) (820 ) State income taxes, less U.S. federal income tax benefit 361 374 364 Foreign tax rate differences (421 ) (459 ) (252 ) U.S. income tax credits (518 ) (461 ) (333 ) Non-taxable (1,143 ) — (679 ) Other differences, net (33 ) (7 ) (182 ) $ 9,240 $ 10,532 $ 7,935 |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 December 31, 2016 and December 31, 2015 with fair values shown according to the fair value hierarchy (in millions). The carrying values of cash and cash equivalents, U.S. Treasury Bills, receivables and accounts payable, accruals and other liabilities are considered to be reasonable estimates of their fair values. Carrying Fair Value Quoted Significant Other Significant December 31, 2016 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and agencies $ 4,527 $ 4,527 $ 3,099 $ 1,428 $ — States, municipalities and political subdivisions 1,216 1,216 — 1,216 — Foreign governments 9,001 9,001 7,237 1,764 — Corporate bonds 7,604 7,604 — 7,540 64 Mortgage-backed securities 1,117 1,117 — 1,117 — Investments in equity securities 122,032 122,032 122,031 — 1 Investment in Kraft Heinz common stock 15,345 28,418 28,418 — — Other investments 17,256 17,256 — — 17,256 Loans and finance receivables 13,300 13,717 — 13 13,704 Derivative contract assets (1) 142 142 5 43 94 Derivative contract liabilities: Railroad, utilities and energy (1) 145 145 3 114 28 Equity index put options 2,890 2,890 — — 2,890 Notes payable and other borrowings: Insurance and other 27,175 27,712 — 27,712 — Railroad, utilities and energy 59,085 65,774 — 65,774 — Finance and financial products 15,384 15,825 — 15,469 356 December 31, 2015 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and agencies $ 3,427 $ 3,427 $ 2,485 $ 942 $ — States, municipalities and political subdivisions 1,764 1,764 — 1,764 — Foreign governments 11,468 11,468 9,188 2,280 — Corporate bonds 7,926 7,926 — 7,826 100 Mortgage-backed securities 1,442 1,442 — 1,442 — Investments in equity securities 112,137 112,137 112,101 35 1 Investment in Kraft Heinz common stock 15,714 23,679 23,679 — — Investment in Kraft Heinz Preferred Stock 7,710 8,363 — — 8,363 Other investments 21,402 21,402 — — 21,402 Loans and finance receivables 12,772 13,112 — 16 13,096 Derivative contract assets (1) 103 103 — 5 98 Derivative contract liabilities: Railroad, utilities and energy (1) 237 237 13 177 47 Finance and financial products: Equity index put options 3,552 3,552 — — 3,552 Credit default 284 284 — — 284 Notes payable and other borrowings: Insurance and other 14,599 14,773 — 14,773 — Railroad, utilities and energy 57,739 62,471 — 62,471 — Finance and financial products 11,951 12,363 — 11,887 476 (1) Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities. |
Reconciliations of assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) | Reconciliations of assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for each of the three years ending December 31, 2016 follow (in millions). Investments Investments Net Balance December 31, 2013 $ 372 $ 17,958 $ (5,255 ) Gains (losses) included in: Earnings — — 524 Other comprehensive income 13 1,373 — Regulatory assets and liabilities — — 5 Acquisitions — 3,000 1 Dispositions and settlements (2 ) — 1 Transfers into/out of Level 3 (375 ) (335 ) (35 ) Balance December 31, 2014 8 21,996 (4,759 ) Gains (losses) included in: Earnings — — 1,080 Other comprehensive income (2 ) (593 ) (7 ) Regulatory assets and liabilities — — (19 ) Acquisitions 101 — — Dispositions and settlements (7 ) — (83 ) Transfers into/out of Level 3 — — 3 Balance December 31, 2015 100 21,403 (3,785 ) Gains (losses) included in: Earnings — 3,593 880 Other comprehensive income (4 ) 876 (2 ) Regulatory assets and liabilities — — (11 ) Acquisitions 10 — — Dispositions and settlements (41 ) (8,615 ) (101 ) Transfers into/out of Level 3 (1 ) — 195 Balance December 31, 2016 $ 64 $ 17,257 $ (2,824 ) |
Fair value assets and liabilities measured on recurring basis, unobservable inputs, additional information | Quantitative information as of December 31, 2016, with respect to assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follows (in millions). Fair Principal Valuation Techniques Unobservable Inputs Weighted Other investments: Preferred stocks $ 7,659 Discounted cash flow Expected duration 7 years Discount for transferability 145 basis points Common stock warrants 9,597 Warrant pricing model Discount for transferability 5% Derivative liabilities: Equity index put options 2,890 Option pricing model Volatility 20% |
Common stock (Tables)
Common stock (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Changes in issued, treasury and outstanding Berkshire common stock | Changes in Berkshire’s issued, treasury and outstanding common stock during the three years ending December 31, 2016 are shown in the table below. Class A, $5 Par Value Class B, $0.0033 Par Value Issued Treasury Outstanding Issued Treasury Outstanding Balance December 31, 2013 868,616 (9,573 ) 859,043 1,178,775,092 (1,408,484 ) 1,177,366,608 Conversions of Class A common stock to Class B common stock and exercises of replacement stock options issued in a business acquisition (30,597 ) — (30,597 ) 47,490,158 — 47,490,158 Treasury shares acquired — (2,107 ) (2,107 ) — (1,278 ) (1,278 ) Balance December 31, 2014 838,019 (11,680 ) 826,339 1,226,265,250 (1,409,762 ) 1,224,855,488 Conversions of Class A common stock to Class B common stock and exercises of replacement stock options issued in a business acquisition (17,917 ) — (17,917 ) 27,601,348 — 27,601,348 Balance December 31, 2015 820,102 (11,680 ) 808,422 1,253,866,598 (1,409,762 ) 1,252,456,836 Conversions of Class A common stock to Class B common stock and exercises of replacement stock options issued in a business acquisition (32,044 ) — (32,044 ) 49,457,329 — 49,457,329 Balance December 31, 2016 788,058 (11,680 ) 776,378 1,303,323,927 (1,409,762 ) 1,301,914,165 |
Accumulated other comprehensi53
Accumulated other comprehensive income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income | A summary of the net changes in after-tax Unrealized Foreign Prior service Other Accumulated Balance December 31, 2013 $ 44,042 $ (146 ) $ 46 $ 83 $ 44,025 Other comprehensive income, net before reclassifications 3,778 (1,877 ) (1,130 ) 31 802 Reclassifications from accumulated other comprehensive income (2,184 ) 66 45 (22 ) (2,095 ) Balance December 31, 2014 45,636 (1,957 ) (1,039 ) 92 42,732 Other comprehensive income, net before reclassifications (5,522 ) (2,027 ) 191 (112 ) (7,470 ) Reclassifications from accumulated other comprehensive income (1,516 ) 128 86 22 (1,280 ) Balance December 31, 2015 38,598 (3,856 ) (762 ) 2 33,982 Other comprehensive income, net before reclassifications 9,011 (1,412 ) 94 (48 ) 7,645 Reclassifications from accumulated other comprehensive income (4,433 ) — 75 29 (4,329 ) Balance December 31, 2016 $ 43,176 $ (5,268 ) $ (593 ) $ (17 ) $ 37,298 Reclassifications from other comprehensive income into net earnings: Year ending December 31, 2014: Investment gains/losses $ (3,360 ) $ — $ — $ — $ (3,360 ) Other — 75 58 (39 ) 94 Reclassifications before income taxes (3,360 ) 75 58 (39 ) (3,266 ) Applicable income taxes (1,176 ) 9 13 (17 ) (1,171 ) $ (2,184 ) $ 66 $ 45 $ (22 ) $ (2,095 ) Year ending December 31, 2015: Investment gains/losses $ (2,332 ) $ 197 $ — $ — $ (2,135 ) Other — — 129 35 164 Reclassifications before income taxes (2,332 ) 197 129 35 (1,971 ) Applicable income taxes (816 ) 69 43 13 (691 ) $ (1,516 ) $ 128 $ 86 $ 22 $ (1,280 ) Year ending December 31, 2016: Investment gains/losses $ (6,820 ) $ — $ — $ — $ (6,820 ) Other — — 104 51 155 Reclassifications before income taxes (6,820 ) — 104 51 (6,665 ) Applicable income taxes (2,387 ) — 29 22 (2,336 ) $ (4,433 ) $ — $ 75 $ 29 $ (4,329 ) |
Pension plans (Tables)
Pension plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of net periodic pension expense | The components of net periodic pension expense for each of the three years ending December 31, 2016 are as follows (in millions). 2016 2015 2014 Service cost $ 282 $ 266 $ 230 Interest cost 691 591 629 Expected return on plan assets (908 ) (782 ) (772 ) Amortization of actuarial losses and other 148 179 102 Net periodic pension expense $ 213 $ 254 $ 189 |
Schedule of changes in projected benefit obligations, changes in plan assets and net funded status | Reconciliations of the changes in plan assets and PBOs related to BHE’s pension plans and all other pension plans for each of the two years ending December 31, 2016 are in the following tables (in millions). The costs of pension plans covering employees of certain regulated subsidiaries of BHE are generally recoverable through the regulated rate making process. 2016 2015 BHE All other Consolidated BHE All other Consolidated Benefit obligations Accumulated benefit obligation end of year $ 4,787 $ 11,912 $ 16,699 $ 4,797 $ 9,264 $ 14,061 PBO beginning of year $ 5,076 $ 10,183 $ 15,259 $ 5,398 $ 10,489 $ 15,887 Service cost 49 233 282 57 209 266 Interest cost 198 493 691 200 391 591 Benefits paid (309 ) (705 ) (1,014 ) (316 ) (518 ) (834 ) Business acquisitions — 2,684 2,684 — 165 165 Actuarial (gains) or losses and other 63 (215 ) (152 ) (263 ) (553 ) (816 ) PBO end of year $ 5,077 $ 12,673 $ 17,750 $ 5,076 $ 10,183 $ 15,259 Plan assets Plan assets beginning of year $ 4,765 $ 8,066 $ 12,831 $ 5,086 $ 8,280 $ 13,366 Employer contributions 133 214 347 90 116 206 Benefits paid (309 ) (705 ) (1,014 ) (316 ) (518 ) (834 ) Actual return on plan assets 512 1,083 1,595 31 80 111 Business acquisitions — 2,314 2,314 — 167 167 Other (407 ) (269 ) (676 ) (126 ) (59 ) (185 ) Plan assets end of year $ 4,694 $ 10,703 $ 15,397 $ 4,765 $ 8,066 $ 12,831 Funded status – net liability $ 383 $ 1,970 $ 2,353 $ 311 $ 2,117 $ 2,428 |
Schedule of weighted average interest rate assumptions | Weighted average interest rate assumptions used in determining PBOs and net periodic pension expense were as follows. 2016 2015 2014 Applicable to pension benefit obligations: Discount rate 3.8 % 4.1 % 3.8 % Expected long-term rate of return on plan assets 6.1 6.5 6.7 Rate of compensation increase 3.0 3.4 3.4 Discount rate applicable to net periodic pension expense 4.2 3.8 4.6 |
Schedule of fair value measurements by major categories of plan assets | Fair value measurements of plan assets as of December 31, 2016 and 2015 follow (in millions). Fair Value Investment funds net asset value Total Level 1 Level 2 Level 3 December 31, 2016 Cash and equivalents $ 847 $ 637 $ 210 $ — $ — Equity securities 8,645 8,476 27 142 — Government obligations 1,291 1,076 215 — — Other fixed maturity securities 770 144 595 31 — Investment funds and other 3,844 233 1,434 153 2,024 $ 15,397 $ 10,566 $ 2,481 $ 326 $ 2,024 December 31, 2015 Cash and equivalents $ 839 $ 544 $ 295 $ — $ — Equity securities 7,319 7,305 14 — — Government obligations 786 726 60 — — Other fixed maturity securities 990 87 903 — — Investment funds and other 2,897 272 1,446 228 951 $ 12,831 $ 8,934 $ 2,718 $ 228 $ 951 |
Schedule of pension plan amounts recognized In accumulated other comprehensive income | A reconciliation of the pre-tax 2016 2015 Balance beginning of year $ (1,193 ) $ (1,617 ) Amount included in net periodic pension expense 101 129 Actuarial gains and other 253 295 Balance end of year $ (839 ) $ (1,193 ) |
Contingencies and Commitments (
Contingencies and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of minimum rental payments for operating leases | Future minimum rental payments for operating leases having non-cancellable 2017 2018 2019 2020 2021 After Total $1,337 $ 1,162 $ 1,005 $ 885 $ 725 $ 3,171 $ 8,285 |
Business segment data (Tables)
Business segment data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of revenues, earnings before income taxes, interest expense, income tax expense, capital expenditures, depreciation, goodwill and identifiable assets by segment | A disaggregation of our consolidated data for each of the three most recent years is presented in the tables which follow (in millions). Revenues Earnings before income taxes 2016 2015 2014 2016 2015 2014 Operating Businesses: Insurance: Underwriting: GEICO $ 25,483 $ 22,718 $ 20,496 $ 462 $ 460 $ 1,159 BH Primary 6,257 5,394 4,377 657 824 626 General Re 5,637 5,975 6,264 190 132 277 BHRG 8,504 7,207 10,116 822 421 606 Total underwriting 45,881 41,294 41,253 2,131 1,837 2,668 Investment income 4,522 4,562 4,370 4,482 4,550 4,357 Total insurance 50,403 45,856 45,623 6,613 6,387 7,025 BNSF 19,829 21,967 23,239 5,693 6,775 6,169 Berkshire Hathaway Energy 17,859 18,231 17,614 2,973 2,851 2,711 Manufacturing 46,506 36,136 36,773 6,211 4,893 4,811 McLane Company 48,075 48,223 46,640 431 502 435 Service and retailing 25,478 23,466 14,276 1,820 1,720 1,546 Finance and financial products 7,675 6,964 6,526 2,130 2,086 1,839 215,825 200,843 190,691 25,871 25,214 24,536 Reconciliation to consolidated amount: Investment and derivative gains/losses 8,304 10,347 4,081 8,304 10,347 4,081 Interest expense, not allocated to segments — — — (230 ) (374 ) (313 ) Investments in Kraft Heinz 180 852 720 1,103 730 694 Corporate, eliminations and other (705 ) (1,099 ) (793 ) (1,381 ) (971 ) (893 ) $ 223,604 $ 210,943 $ 194,699 $ 33,667 $ 34,946 $ 28,105 Interest expense Income tax expense 2016 2015 2014 2016 2015 2014 Operating Businesses: Insurance $ — $ — $ — $ 1,585 $ 1,475 $ 1,768 BNSF 992 928 833 2,124 2,527 2,300 Berkshire Hathaway Energy 1,715 1,830 1,623 403 450 589 Manufacturing 164 50 69 1,945 1,548 1,544 McLane Company — 13 14 169 195 169 Service and retailing 50 40 11 669 651 576 Finance and financial products 411 384 463 702 708 597 3,332 3,245 3,013 7,597 7,554 7,543 Reconciliation to consolidated amount: Investment and derivative gains/losses — — — 1,807 3,622 760 Interest expense, not allocated to segments 230 374 313 (81 ) (131 ) (110 ) Investments in Kraft Heinz — — — 397 (111 ) 41 Corporate, eliminations and other (65 ) (104 ) (73 ) (480 ) (402 ) (299 ) $ 3,497 $ 3,515 $ 3,253 $ 9,240 $ 10,532 $ 7,935 Capital expenditures Depreciation of tangible assets 2016 2015 2014 2016 2015 2014 Operating Businesses: Insurance $ 128 $ 115 $ 94 $ 85 $ 77 $ 69 BNSF 3,819 5,651 5,243 2,079 1,932 1,804 Berkshire Hathaway Energy 5,090 5,875 6,555 2,560 2,451 2,177 Manufacturing 1,813 1,292 1,324 1,287 938 943 McLane Company 258 338 241 165 161 159 Service and retailing 804 574 591 611 504 461 Finance and financial products 1,042 2,237 1,137 624 610 602 $ 12,954 $ 16,082 $ 15,185 $ 7,411 $ 6,673 $ 6,215 Goodwill year-end Identifiable assets year-end 2016 2015 2016 2015 2014 Operating Businesses: Insurance: GEICO $ 1,471 $ 1,471 $ 55,041 $ 48,291 $ 45,439 General Re 13,494 13,527 30,321 26,478 28,692 BHRG and BH Primary 509 538 148,675 144,682 151,301 Total insurance 15,474 15,536 234,037 219,451 225,432 BNSF 14,845 14,845 69,277 66,613 62,840 Berkshire Hathaway Energy 9,266 9,333 76,428 74,221 71,285 Manufacturing 32,041 14,833 69,900 34,141 34,509 McLane Company 734 656 5,896 5,871 5,419 Service and retailing 5,745 6,163 17,450 16,299 11,303 Finance and financial products 1,381 1,342 40,329 37,621 32,158 $ 79,486 $ 62,708 513,317 454,217 442,946 Reconciliation to consolidated amount: Corporate and other 28,051 35,332 22,207 Goodwill 79,486 62,708 60,714 $ 620,854 $ 552,257 $ 525,867 |
Schedule of premiums written and earned | Premiums written and earned by the property/casualty and life/health insurance businesses are summarized below (in millions). Property/Casualty Life/Health 2016 2015 2014 2016 2015 2014 Premiums Written: Direct $ 34,001 $ 30,544 $ 27,541 $ 1,060 $ 821 $ 879 Assumed 8,037 7,049 9,889 4,672 5,187 5,030 Ceded (798 ) (877 ) (839 ) (62 ) (57 ) (67 ) $ 41,240 $ 36,716 $ 36,591 $ 5,670 $ 5,951 $ 5,842 Premiums Earned: Direct $ 33,207 $ 29,608 $ 26,389 $ 1,060 $ 821 $ 879 Assumed 7,848 6,584 9,872 4,671 5,192 5,030 Ceded (843 ) (854 ) (850 ) (62 ) (57 ) (67 ) $ 40,212 $ 35,338 $ 35,411 $ 5,669 $ 5,956 $ 5,842 |
Schedule of insurance premiums written by geographic region | Insurance premiums written by geographic region (based upon the domicile of the insured or reinsured) are summarized below. Dollars are in millions. Property/Casualty Life/Health 2016 2015 2014 2016 2015 2014 United States $ 35,878 $ 31,171 $ 31,362 $ 3,473 $ 3,247 $ 3,402 Asia Pacific 3,616 3,472 1,953 715 673 651 Western Europe 1,406 1,638 2,424 822 1,263 1,135 All other 340 435 852 660 768 654 $ 41,240 $ 36,716 $ 36,591 $ 5,670 $ 5,951 $ 5,842 |
Quarterly data (Tables)
Quarterly data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly revenues and earnings | A summary of revenues and earnings by quarter for each of the last two years is presented in the following table. This information is unaudited. Dollars are in millions, except per share amounts. 1 st 2 nd 3 rd 4 th 2016 Revenues $ 52,163 $ 54,254 $ 58,843 $ 58,344 Net earnings attributable to Berkshire shareholders * 5,589 5,001 7,198 6,286 Net earnings attributable to Berkshire shareholders per equivalent Class A common share 3,401 3,042 4,379 3,823 2015 Revenues $ 48,593 $ 51,549 $ 59,070 $ 51,731 Net earnings attributable to Berkshire shareholders * 5,164 4,013 9,428 5,478 Net earnings attributable to Berkshire shareholders per equivalent Class A common share 3,143 2,442 5,737 3,333 * Includes investment and derivative gains/losses. After-tax 1 st 2 nd 3 rd 4 th Investment and derivative gains/losses—2016 $ 1,852 $ 394 $ 2,347 $ 1,904 Investment and derivative gains/losses—2015 920 123 4,877 805 |
Significant accounting polici58
Significant accounting policies - Narrative (Detail) - USD ($) $ in Millions | 168 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Significant Accounting Policies [Line Items] | ||
Percentage of LIFO inventory | 55.00% | |
Percentage of FIFO inventory | 28.00% | |
Workers compensation discount rate, before January 1, 2003 | 4.50% | |
Workers compensation discount rate, since January 1, 2003 | 1.00% | |
Other Assets [Member] | ||
Significant Accounting Policies [Line Items] | ||
Unamortized balances of deferred policy acquisition costs | $ 1,991 | $ 1,920 |
Minimum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Insurance interest rate assumption | 1.00% | |
Maximum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Insurance interest rate assumption | 7.00% |
Significant business acquisit59
Significant business acquisitions - Narrative (Detail) $ / shares in Units, $ in Millions, CAD in Billions | Feb. 29, 2016USD ($) | Jan. 29, 2016USD ($)$ / shares | Dec. 01, 2014USD ($) | Dec. 01, 2014CAD | Jun. 30, 2014USD ($)shares | Feb. 25, 2014USD ($)shares | Jan. 01, 2014USD ($) | Mar. 31, 2015USD ($)Business | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)shares |
Business Acquisition [Line Items] | |||||||||||
Fair value of shares exchanged | $ 4,239 | $ 2,478 | |||||||||
Residual goodwill | 17,650 | $ 2,563 | |||||||||
Precision Castparts Corp. [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business acquisition, cash price per share | $ / shares | $ 235 | ||||||||||
Aggregate consideration paid for business acquisition | $ 32,700 | ||||||||||
Cash and cash equivalents acquired | $ 250 | ||||||||||
Duracell Company [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash and cash equivalents acquired | $ 1,807 | ||||||||||
Duracell Company [Member] | Procter & Gamble Company [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Fair value of shares exchanged | $ 4,200 | ||||||||||
Berkshire Hathaway Automotive (previously Van Tuyl Group) [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Aggregate consideration paid for acquisitions | $ 4,100 | ||||||||||
Berkshire Hathaway Automotive (previously Van Tuyl Group) [Member] | Auto Dealerships [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of businesses | Business | 81 | ||||||||||
Berkshire Hathaway Automotive (previously Van Tuyl Group) [Member] | Insurance [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of businesses | Business | 2 | ||||||||||
Berkshire Hathaway Automotive (previously Van Tuyl Group) [Member] | Auto Auctions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of businesses | Business | 2 | ||||||||||
Berkshire Hathaway Automotive (previously Van Tuyl Group) [Member] | Distributor of Automotive Fluid Maintenance Products [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of businesses | Business | 1 | ||||||||||
AltaLink [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Aggregate consideration paid for acquisitions | $ 2,700 | CAD 3.1 | |||||||||
IMI plc Beverage Dispensing Equipment Manufacturing and Merchandising Operations [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Aggregate consideration paid for acquisitions | $ 1,120 | ||||||||||
PSPI [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Ownership percentage acquired | 100.00% | ||||||||||
PSPI [Member] | PSX [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Fair value of shares exchanged | $ 1,350 | ||||||||||
Number of shares exchanged | shares | 17,422,615 | ||||||||||
WPLG Inc. [Member] | Graham Holding Company [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Fair value of shares exchanged | $ 1,130 | ||||||||||
Number of shares exchanged | shares | 1,620,190 | ||||||||||
PSPI and WPLG Inc. [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash and cash equivalents acquired | $ 778 | ||||||||||
IMI plc, Phillips Specialty Products Inc. and WPLG Inc. [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Fair value of identified net assets | 2,200 | ||||||||||
Residual goodwill | 1,400 | ||||||||||
Series of Individually Immaterial Business Acquisitions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Aggregate consideration paid for acquisitions | $ 1,400 | $ 1,100 | $ 1,800 | ||||||||
Class A [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of shares acquired | shares | 2,107 | ||||||||||
Class A [Member] | WPLG Inc. [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of shares acquired | shares | 2,107 | 2,107 | |||||||||
Class B [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of shares acquired | shares | 1,278 | ||||||||||
Class B [Member] | WPLG Inc. [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of shares acquired | shares | 1,278 | 1,278 |
Significant business acquisit60
Significant business acquisitions - Estimated fair values of assets acquired and liabilities assumed (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Feb. 29, 2016 | Jan. 29, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 01, 2014 |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 79,486 | $ 62,708 | $ 60,714 | ||||
Precision Castparts Corp. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash and cash equivalents | $ 250 | ||||||
Inventories | 3,430 | ||||||
Property, plant and equipment | 2,765 | ||||||
Goodwill | 16,011 | ||||||
Other intangible assets | 23,527 | ||||||
Other assets | 1,916 | ||||||
Assets acquired | 47,899 | ||||||
Accounts payable, accruals and other liabilities | 2,442 | ||||||
Notes payable and other borrowings | 5,251 | ||||||
Income taxes, principally deferred | 7,548 | ||||||
Liabilities assumed | 15,241 | ||||||
Net assets | $ 32,658 | ||||||
Duracell Company [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash and cash equivalents | $ 1,807 | ||||||
Inventories | 319 | ||||||
Property, plant and equipment | 359 | ||||||
Goodwill | 866 | ||||||
Other intangible assets | 1,550 | ||||||
Other assets | 242 | ||||||
Assets acquired | 5,143 | ||||||
Accounts payable, accruals and other liabilities | 410 | ||||||
Income taxes, principally deferred | 494 | ||||||
Liabilities assumed | 904 | ||||||
Net assets | $ 4,239 | ||||||
Berkshire Hathaway Automotive (previously Van Tuyl Group) [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash and investments | $ 1,274 | ||||||
Property, plant and equipment | 1,045 | ||||||
Goodwill | 1,833 | ||||||
Other assets | 2,488 | ||||||
Assets acquired | 6,640 | ||||||
Accounts payable, accruals and other liabilities | 1,399 | ||||||
Notes payable and other borrowings | 1,129 | ||||||
Liabilities assumed | 2,528 | ||||||
Net assets | $ 4,112 | ||||||
AltaLink [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash and investments | $ 15 | ||||||
Property, plant and equipment | 5,610 | ||||||
Goodwill | 1,744 | ||||||
Other assets | 300 | ||||||
Assets acquired | 7,669 | ||||||
Accounts payable, accruals and other liabilities | 1,090 | ||||||
Notes payable and other borrowings | 3,851 | ||||||
Liabilities assumed | 4,941 | ||||||
Net assets | $ 2,728 |
Significant business acquisit61
Significant business acquisitions - Pro forma consolidated earnings data (Detail) - PCC and Duracell [Member] $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Revenues | $ 221,897 |
Net earnings attributable to Berkshire Hathaway shareholders | $ 24,575 |
Net earnings per equivalent Class A common share | $ / shares | $ 14,956 |
Investments in fixed maturity62
Investments in fixed maturity securities (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | $ 22,434 | $ 25,049 |
Unrealized gains on fixed maturity securities | 1,121 | 1,107 |
Unrealized losses on fixed maturity securities | (90) | (129) |
Fair value of fixed maturity securities | 23,465 | 26,027 |
U.S. Treasury, U.S. government corporations and agencies [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 4,519 | 3,425 |
Unrealized gains on fixed maturity securities | 16 | 10 |
Unrealized losses on fixed maturity securities | (8) | (8) |
Fair value of fixed maturity securities | 4,527 | 3,427 |
States, municipalities and political subdivisions [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 1,159 | 1,695 |
Unrealized gains on fixed maturity securities | 58 | 71 |
Unrealized losses on fixed maturity securities | (1) | (2) |
Fair value of fixed maturity securities | 1,216 | 1,764 |
Foreign governments [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 8,860 | 11,327 |
Unrealized gains on fixed maturity securities | 207 | 226 |
Unrealized losses on fixed maturity securities | (66) | (85) |
Fair value of fixed maturity securities | 9,001 | 11,468 |
Corporate bonds [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 6,899 | 7,323 |
Unrealized gains on fixed maturity securities | 714 | 632 |
Unrealized losses on fixed maturity securities | (9) | (29) |
Fair value of fixed maturity securities | 7,604 | 7,926 |
Mortgage-backed securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 997 | 1,279 |
Unrealized gains on fixed maturity securities | 126 | 168 |
Unrealized losses on fixed maturity securities | (6) | (5) |
Fair value of fixed maturity securities | $ 1,117 | $ 1,442 |
Investments in fixed maturity63
Investments in fixed maturity securities - Carrying value by segment (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Summary of Investment Holdings [Line Items] | ||
Investments in fixed maturity securities | $ 23,465 | $ 26,027 |
Insurance and Other [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investments in fixed maturity securities | 23,432 | 25,988 |
Finance and Financial Products [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investments in fixed maturity securities | $ 33 | $ 39 |
Investments in fixed maturity64
Investments in fixed maturity securities - Narrative (Detail) - Foreign governments [Member] | Dec. 31, 2016 |
AA or Higher Credit Rating [Member] | |
Summary of Investment Holdings [Line Items] | |
Percentage of fixed maturity investments by credit rating | 92.00% |
United Kingdom, Germany, Australia or Canada [Member] | |
Summary of Investment Holdings [Line Items] | |
Percentage of fixed maturity investments by geographic location | 81.00% |
Investments in fixed maturity65
Investments in fixed maturity securities - Amortized cost and estimated fair value of securities with fixed maturities (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Summary of Investment Holdings [Line Items] | ||
Due in one year or less - amortized cost | $ 8,508 | |
Due after one year through five years - amortized cost | 9,886 | |
Due after five years through ten years - amortized cost | 805 | |
Due after ten years - amortized cost | 2,238 | |
Amortized cost of fixed maturity securities | 22,434 | $ 25,049 |
Due in one year or less - fair value | 8,573 | |
Due after one year through five years - fair value | 10,219 | |
Due after five years through ten years - fair value | 872 | |
Due after ten years - fair value | 2,684 | |
Fair value of fixed maturity securities | 23,465 | 26,027 |
Mortgage-backed securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of mortgage-backed securities | 997 | |
Amortized cost of fixed maturity securities | 997 | 1,279 |
Fair value of mortgage-backed securities | 1,117 | |
Fair value of fixed maturity securities | $ 1,117 | $ 1,442 |
Investments in equity securit66
Investments in equity securities (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | ||
Summary of Investment Holdings [Line Items] | ||||
Cost basis of investments | $ 66,377 | $ 62,590 | ||
Unrealized gains on investments | 56,365 | 52,807 | ||
Unrealized losses on investments | (710) | (3,260) | ||
Fair value of investments | 122,032 | [1] | 112,137 | [2] |
Banks, insurance and finance [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost basis of investments | 19,852 | 20,026 | ||
Unrealized gains on investments | 30,572 | 27,965 | ||
Unrealized losses on investments | (21) | |||
Fair value of investments | 50,424 | 47,970 | ||
Consumer products [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost basis of investments | 10,657 | 7,147 | ||
Unrealized gains on investments | 16,760 | 18,057 | ||
Unrealized losses on investments | (9) | (1) | ||
Fair value of investments | 27,408 | 25,203 | ||
Commercial, industrial and other [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost basis of investments | 35,868 | 35,417 | ||
Unrealized gains on investments | 9,033 | 6,785 | ||
Unrealized losses on investments | (701) | (3,238) | ||
Fair value of investments | $ 44,200 | $ 38,964 | ||
[1] | Approximately 56% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company-$11.2 billion; Wells Fargo & Company-$27.6 billion; International Business Machines Corporation ("IBM")-$13.5 billion; and The Coca-Cola Company-$16.6 billion). | |||
[2] | Approximately 59% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company-$10.5 billion; Wells Fargo & Company-$27.2 billion; IBM-$11.2 billion; and The Coca-Cola Company-$17.2 billion). |
Investments in equity securit67
Investments in equity securities (Parenthetical) (Detail) $ in Millions | Dec. 31, 2016USD ($)Company | Dec. 31, 2015USD ($)Company | ||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | $ 122,032 | [1] | $ 112,137 | [2] |
Equity Securities [Member] | Investment Concentration [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration percentage | 56.00% | 59.00% | ||
Number of companies in concentration percentage | Company | 4 | 4 | ||
American Express Company [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | $ 11,200 | $ 10,500 | ||
Wells Fargo & Company [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | 27,600 | 27,200 | ||
IBM [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | 13,500 | 11,200 | ||
The Coca-Cola Company [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | $ 16,600 | $ 17,200 | ||
[1] | Approximately 56% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company-$11.2 billion; Wells Fargo & Company-$27.6 billion; International Business Machines Corporation ("IBM")-$13.5 billion; and The Coca-Cola Company-$16.6 billion). | |||
[2] | Approximately 59% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company-$10.5 billion; Wells Fargo & Company-$27.2 billion; IBM-$11.2 billion; and The Coca-Cola Company-$17.2 billion). |
Investments in equity securit68
Investments in equity securities - Narrative (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Equity Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Unrealized losses related to securities that have been in an unrealized loss position for more than 12 months | $ 551 | $ 989 |
Investments in equity securit69
Investments in equity securities - Fair value by segment (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |||
Summary of Investment Holdings [Line Items] | |||||
Investments in equity securities | $ 122,032 | [1] | $ 112,137 | [2] | |
Insurance and Other [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investments in equity securities | 120,471 | 110,527 | |||
Railroad, Utilities and Energy [Member] | Other Assets [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investments in equity securities | [3] | 1,186 | 1,238 | ||
Finance and Financial Products [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investments in equity securities | $ 375 | $ 372 | |||
[1] | Approximately 56% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company-$11.2 billion; Wells Fargo & Company-$27.6 billion; International Business Machines Corporation ("IBM")-$13.5 billion; and The Coca-Cola Company-$16.6 billion). | ||||
[2] | Approximately 59% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company-$10.5 billion; Wells Fargo & Company-$27.2 billion; IBM-$11.2 billion; and The Coca-Cola Company-$17.2 billion). | ||||
[3] | Included in other assets. |
Other investments (Detail)
Other investments (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Insurance and Other [Member] | ||
Other Investments [Line Items] | ||
Other investments, Fair Value | $ 14,364 | $ 15,683 |
Finance and Financial Products [Member] | ||
Other Investments [Line Items] | ||
Other investments, Fair Value | 2,892 | 5,719 |
Available-for-sale Securities [Member] | ||
Other Investments [Line Items] | ||
Other investments, Cost | 7,720 | 12,742 |
Other investments, Fair Value | 17,256 | 21,402 |
Available-for-sale Securities [Member] | Insurance and Other [Member] | ||
Other Investments [Line Items] | ||
Other investments, Cost | 6,720 | 9,690 |
Other investments, Fair Value | 14,364 | 15,683 |
Available-for-sale Securities [Member] | Finance and Financial Products [Member] | ||
Other Investments [Line Items] | ||
Other investments, Cost | 1,000 | 3,052 |
Other investments, Fair Value | $ 2,892 | $ 5,719 |
Other investment - Narrative (D
Other investment - Narrative (Detail) - Available-for-sale Securities [Member] - USD ($) | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2009 | Dec. 31, 2008 | |
Wm. Wrigley Jr. Company [Member] | |||||
Other Investments [Line Items] | |||||
Percentage of original preferred stock investment redeemable subject to put and call arrangements | 50.00% | 50.00% | |||
Preferred stock redemption period | 90 days | ||||
Preferred stock redemption period start date | Oct. 6, 2016 | ||||
Wm. Wrigley Jr. Company [Member] | Preferred Stock [Member] | |||||
Other Investments [Line Items] | |||||
Purchase of investment | $ 2,100,000,000 | ||||
Sale of investment | $ 4,560,000,000 | ||||
The Dow Chemical Company [Member] | Conversion of Series A Cumulative Convertible Perpetual Preferred Stock into Common Stock [Member] | |||||
Other Investments [Line Items] | |||||
Common shares issued upon conversion of convertible preferred stock | 72,600,000 | ||||
The Dow Chemical Company [Member] | Series A Cumulative Convertible Perpetual Preferred Stock [Member] | |||||
Other Investments [Line Items] | |||||
Purchase of investment | $ 3,000,000,000 | ||||
Number of shares acquired | 3,000,000 | ||||
Investment in preferred stock, stated dividend rate | 8.50% | ||||
Bank of America Corporation [Member] | Non-Cumulative Perpetual Preferred Stock [Member] | |||||
Other Investments [Line Items] | |||||
Preferred stock redemption period start date | May 7, 2019 | ||||
Investment in preferred stock, stated dividend rate | 6.00% | ||||
Investment, number of shares owned | 50,000 | 50,000 | |||
Investment in preferred stock, liquidation value per share | $ 100,000 | $ 100,000 | |||
Redemption value of Perpetual Preferred Stock, per share | $ 105,000 | $ 105,000 | |||
Redemption value of Perpetual Preferred Stock, aggregate value | $ 5,250,000,000 | $ 5,250,000,000 | |||
Bank of America Corporation [Member] | Warrants Expiring 2021 [Member] | |||||
Other Investments [Line Items] | |||||
Number of common shares that can be purchased | 700,000,000 | 700,000,000 | |||
Aggregate cost to exercise warrants | $ 5,000,000,000 | $ 5,000,000,000 | |||
Exercise price for warrants, per share | $ 7.142857 | ||||
RBI [Member] | Class A 9% Cumulative Compounding Perpetual Preferred Stock [Member] | |||||
Other Investments [Line Items] | |||||
Preferred stock redemption period start date | Dec. 12, 2017 | ||||
Investment in preferred stock, stated dividend rate | 9.00% | ||||
Stated value of equity securities | $ 3,000,000,000 | $ 3,000,000,000 | |||
Preferred stock redemption at option of holder start date | Dec. 12, 2024 | ||||
Preferred stock redemption price percentage | 109.90% |
Investments in The Kraft Hein72
Investments in The Kraft Heinz Company - Narrative (Detail) $ / shares in Units, $ in Millions | Jun. 07, 2016USD ($) | Jul. 02, 2015$ / shares | Jul. 01, 2015USD ($)shares | Jun. 07, 2013USD ($)shares | Jun. 30, 2015$ / sharesshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||||||
Purchase of common stock | $ 5,258 | |||||||
Equity method earnings (losses) on common stock | $ 923 | (122) | $ (26) | |||||
Berkshire Hathaway Inc. (Parent) [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method earnings (losses) on common stock | 923 | (122) | (26) | |||||
Berkshire Hathaway Inc. (Parent) [Member] | Kraft Heinz (previously Heinz Holding) [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investment ownership percentage | 52.50% | |||||||
Equity method investment ownership percentage after transactions | 26.80% | |||||||
Equity method earnings (losses) on common stock | 923 | (122) | (26) | |||||
Common stock dividends received | 952 | 366 | ||||||
Berkshire Hathaway Inc. and 3G Capital [Member] | Kraft Heinz (previously Heinz Holding) [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investment ownership percentage after transactions | 51.00% | |||||||
3G Capital (venture partner) [Member] | Kraft Heinz (previously Heinz Holding) [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investment ownership percentage after transactions | 24.20% | |||||||
Common Stock [Member] | Kraft Heinz (previously Heinz Holding) [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Reverse stock split ratio | 0.443332 | |||||||
Common Stock [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Kraft Heinz (previously Heinz Holding) [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of shares acquired | shares | 262,900,000 | 425,000,000 | ||||||
Number of shares acquired upon exercise of warrants | shares | 46,000,000 | |||||||
Exercise price for warrants, per share | $ / shares | $ 0.01 | |||||||
Purchase of common stock | $ 5,258 | |||||||
Non-cash pre-tax holding gain | 6,800 | |||||||
Common Stock [Member] | 3G Capital (venture partner) [Member] | Kraft Heinz (previously Heinz Holding) [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of shares acquired | shares | 237,100,000 | 425,000,000 | ||||||
Purchase of common stock | $ 4,740 | $ 4,250 | ||||||
Cumulative Compounding Preferred Stock [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Kraft Heinz (previously Heinz Holding) [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment in preferred stock, liquidation value | 8,000 | |||||||
Redemption of preferred stock | $ 8,320 | |||||||
Investment in preferred stock, stated dividend rate | 9.00% | |||||||
Dividends earned on preferred stock | $ 180 | $ 852 | $ 720 | |||||
Common Stock, Cumulative Compounding Preferred Stock and Warrants [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Kraft Heinz (previously Heinz Holding) [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Purchase of preferred stock, common stock and warrants | $ 12,250 | |||||||
Kraft [Member] | Kraft Heinz (previously Heinz Holding) [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ratio of common stock shares issued per Kraft common stock share | 1 | |||||||
Dividend received by Kraft shareholders per share | $ / shares | $ 16.50 |
Investments in The Kraft Hein73
Investments in The Kraft Heinz Company (Detail) - Kraft Heinz (previously Heinz Holding) [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Common stock | $ 15,345 | $ 15,714 |
Preferred Stock | 7,710 | |
Investments in The Kraft Heinz Company | $ 15,345 | $ 23,424 |
Investments in The Kraft Hein74
Investments in The Kraft Heinz Company - Consolidated financial information (Detail) - Kraft Heinz (previously Heinz Holding) [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 03, 2016 | Dec. 28, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Assets | $ 120,480 | $ 122,973 | |
Liabilities | 62,906 | 56,737 | |
Sales | 26,487 | 18,338 | $ 10,922 |
Net earnings | 3,632 | 634 | 657 |
Net earnings (loss) attributable to common shareholders | $ 3,452 | $ (266) | $ (63) |
Investment gains_losses (Detail
Investment gains/losses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gain (Loss) on Investments [Line Items] | |||
OTTI losses | $ (82) | $ (26) | $ (697) |
Investment gains/losses | 7,553 | 9,373 | 3,575 |
Fixed Maturities [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Gross gains from sales, redemptions and other disposals | 58 | 104 | 360 |
Gross losses from sales, redemptions and other disposals | (50) | (171) | (89) |
Equity Securities [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Gross gains from sales, redemptions and other disposals | 7,853 | 9,526 | 4,016 |
Gross losses from sales, redemptions and other disposals | (334) | (103) | (125) |
Other Types of Investments [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Other investment gains/losses | $ 108 | $ 43 | $ 110 |
Investment gains_losses - Narra
Investment gains/losses - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gain (Loss) on Investments [Line Items] | |||
Investment gains/losses | $ 7,553 | $ 9,373 | $ 3,575 |
OTTI losses | 82 | 26 | 697 |
The Dow Chemical Company [Member] | Conversion of Series A Cumulative Convertible Perpetual Preferred Stock into Common Stock [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Investment gains/losses | 1,200 | ||
Preferred Stock [Member] | Wm. Wrigley Jr. Company [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Investment gains/losses | 2,400 | ||
Equity Securities [Member] | Tesco PLC [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
OTTI losses | 678 | ||
Kraft Heinz (previously Heinz Holding) [Member] | Cumulative Compounding Preferred Stock [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Investment gains/losses | 610 | ||
Duracell Company [Member] | Common Stock [Member] | Procter & Gamble Company [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Investment gains/losses | 1,100 | ||
LSPI and WPLG [Member] | Equity Securities [Member] | PSX and GHC [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Investment gains/losses | $ 2,100 | ||
Berkshire Hathaway Inc. (Parent) [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Investment gains/losses | $ 700 | 6,854 | |
Berkshire Hathaway Inc. (Parent) [Member] | Kraft Heinz (previously Heinz Holding) [Member] | Common Stock [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Non-cash pre-tax holding gain | $ 6,800 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 2,789 | $ 1,852 |
Work in process and other | 2,506 | 778 |
Finished manufactured goods | 4,033 | 3,369 |
Goods acquired for resale | 6,399 | 5,917 |
Total inventory | $ 15,727 | $ 11,916 |
Inventories - Narrative (Detail
Inventories - Narrative (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory [Line Items] | ||
Total inventory | $ 15,727 | $ 11,916 |
PCC and Duracell [Member] | ||
Inventory [Line Items] | ||
Total inventory | $ 3,500 |
Receivables (Detail)
Receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Finance and Financial Products [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and finance receivables before allowances and discounts | $ 13,728 | $ 13,186 |
Allowances for uncollectible loans | (182) | (182) |
Unamortized acquisition discounts | (246) | (232) |
Total loans and finance receivables of finance and financial products businesses | 13,300 | 12,772 |
Insurance and Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Insurance premiums receivable | 10,462 | 8,843 |
Reinsurance recoverable on unpaid losses | 3,338 | 3,307 |
Trade and other receivables | 13,630 | 11,521 |
Allowances for uncollectible accounts | (333) | (368) |
Total receivables of insurance and other businesses | $ 27,097 | $ 23,303 |
Receivables - Narrative (Detail
Receivables - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
PCC and Duracell [Member] | Insurance and Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade and other receivables, net | $ 1,800 | |
Loans and finance receivables [Member] | Finance and Financial Products [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Provisions for loan losses | 144 | $ 148 |
Loan charge-offs, net of recoveries | $ 144 | $ 177 |
Percent of loan balances evaluated collectively for impairment | 98.00% | |
Percent of loan balances that are performing | 98.00% | |
Percent of loan balances that are current as to payment status | 94.00% |
Property, plant and equipment81
Property, plant and equipment and assets held for lease (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Finance and Financial Products [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment and assets held for lease, gross | $ 13,428 | $ 12,744 |
Property, plant and equipment and assets held for lease, accumulated depreciation | (3,739) | (3,397) |
Total property, plant and equipment and assets held for lease, net | 9,689 | 9,347 |
Finance and Financial Products [Member] | Assets held for lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment and assets held for lease, gross | $ 11,902 | 11,317 |
Finance and Financial Products [Member] | Assets held for lease [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 5 years | |
Finance and Financial Products [Member] | Assets held for lease [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 35 years | |
Finance and Financial Products [Member] | Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment and assets held for lease, gross | $ 224 | 220 |
Finance and Financial Products [Member] | Buildings, machinery and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment and assets held for lease, gross | $ 1,302 | 1,207 |
Finance and Financial Products [Member] | Buildings, machinery and other [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 3 years | |
Finance and Financial Products [Member] | Buildings, machinery and other [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 50 years | |
Insurance and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 35,011 | 29,617 |
Property, plant and equipment, accumulated depreciation | (15,686) | (14,077) |
Total property, plant and equipment, net | 19,325 | 15,540 |
Insurance and Other [Member] | Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,108 | 1,689 |
Insurance and Other [Member] | Buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 8,360 | 7,329 |
Insurance and Other [Member] | Buildings and improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 5 years | |
Insurance and Other [Member] | Buildings and improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 40 years | |
Insurance and Other [Member] | Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 20,463 | 17,054 |
Insurance and Other [Member] | Machinery and equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 3 years | |
Insurance and Other [Member] | Machinery and equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 25 years | |
Insurance and Other [Member] | Furniture, fixtures and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,080 | 3,545 |
Insurance and Other [Member] | Furniture, fixtures and other [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 2 years | |
Insurance and Other [Member] | Furniture, fixtures and other [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 15 years | |
Railroad [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 67,380 | 64,355 |
Property, plant and equipment, accumulated depreciation | (6,130) | (4,845) |
Total property, plant and equipment, net | 61,250 | 59,510 |
Railroad [Member] | Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,063 | 6,037 |
Railroad [Member] | Track structure and other roadway [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 48,277 | 45,967 |
Railroad [Member] | Track structure and other roadway [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 7 years | |
Railroad [Member] | Track structure and other roadway [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 100 years | |
Railroad [Member] | Locomotives, freight cars and other equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 12,075 | 11,320 |
Railroad [Member] | Locomotives, freight cars and other equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 6 years | |
Railroad [Member] | Locomotives, freight cars and other equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 40 years | |
Railroad [Member] | Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 965 | 1,031 |
Utilities and Energy [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 87,172 | 84,256 |
Property, plant and equipment, accumulated depreciation | (24,663) | (23,487) |
Total property, plant and equipment, net | 62,509 | 60,769 |
Utilities and Energy [Member] | Utility generation, transmission and distribution systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 71,536 | 69,248 |
Utilities and Energy [Member] | Utility generation, transmission and distribution systems [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 5 years | |
Utilities and Energy [Member] | Utility generation, transmission and distribution systems [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 80 years | |
Utilities and Energy [Member] | Interstate natural gas pipeline assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 6,942 | 6,755 |
Utilities and Energy [Member] | Interstate natural gas pipeline assets [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 3 years | |
Utilities and Energy [Member] | Interstate natural gas pipeline assets [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 80 years | |
Utilities and Energy [Member] | Independent power plants and other assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 6,596 | 5,626 |
Utilities and Energy [Member] | Independent power plants and other assets [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 3 years | |
Utilities and Energy [Member] | Independent power plants and other assets [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 30 years | |
Utilities and Energy [Member] | Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,098 | 2,627 |
Railroad, Utilities and Energy [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, net | $ 123,759 | $ 120,279 |
Property, plant and equipment82
Property, plant and equipment and assets held for lease - Narrative (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Insurance and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, net | $ 19,325 | $ 15,540 |
PCC and Duracell [Member] | Insurance and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, net | 3,300 | |
Assets held for lease [Member] | Finance and Financial Products [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Future minimum lease rentals to be received, 2017 | 1,251 | |
Future minimum lease rentals to be received, 2018 | 992 | |
Future minimum lease rentals to be received, 2019 | 744 | |
Future minimum lease rentals to be received, 2020 | 543 | |
Future minimum lease rentals to be received, 2021 | 358 | |
Future minimum lease rentals to be received, thereafter | $ 525 |
Property, plant and equipment83
Property, plant and equipment and assets held for lease - Depreciation expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 7,411 | $ 6,673 | $ 6,215 |
Insurance and Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | 2,148 | 1,680 | 1,632 |
Railroad, Utilities and Energy [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | 4,639 | 4,383 | 3,981 |
Finance and Financial Products [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 624 | $ 610 | $ 602 |
Goodwill and other intangible84
Goodwill and other intangible assets - Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance at beginning of year | $ 62,708 | $ 60,714 |
Acquisitions of businesses | 17,650 | 2,563 |
Other, including foreign currency translation | (872) | (569) |
Balance at end of year | $ 79,486 | $ 62,708 |
Goodwill and other intangible85
Goodwill and other intangible assets - Intangible assets (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 40,874 | $ 15,498 |
Accumulated amortization | 6,788 | 5,701 |
Insurance and Other [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 39,976 | 14,610 |
Accumulated amortization | 6,495 | 5,462 |
Railroad, Utilities and Energy [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 898 | 888 |
Accumulated amortization | 293 | 239 |
Trademarks and trade names [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 5,175 | 3,041 |
Accumulated amortization | 616 | 765 |
Other intangible assets [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 3,115 | 2,731 |
Accumulated amortization | 965 | 755 |
Patents and technology [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 4,341 | 4,252 |
Accumulated amortization | 2,328 | 2,050 |
Customer relationships [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 28,243 | 5,474 |
Accumulated amortization | $ 2,879 | $ 2,131 |
Goodwill and other intangible86
Goodwill and other intangible assets - Intangible assets - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 1,490 | $ 1,106 | $ 1,155 |
Estimated amortization expense - 2017 | 1,383 | ||
Estimated amortization expense - 2018 | 1,349 | ||
Estimated amortization expense - 2019 | 1,229 | ||
Estimated amortization expense - 2020 | 1,131 | ||
Estimated amortization expense - 2021 | 1,042 | ||
Intangible assets with indefinite lives, excluding goodwill | 18,705 | $ 2,964 | |
PCC and Duracell [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Other intangible assets | 24,800 | ||
Customer relationships [Member] | PCC and Duracell [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Other intangible assets | 13,600 | ||
Trade names [Member] | PCC and Duracell [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Intangible assets with indefinite lives, excluding goodwill | $ 2,300 |
Derivative contracts (Detail)
Derivative contracts (Detail) - Finance and Financial Products [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Liabilities | $ 2,890 | $ 3,836 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Liabilities | 2,890 | 3,836 | |
Not Designated as Hedging Instrument [Member] | Equity Index Put Options [Member] | |||
Derivative [Line Items] | |||
Liabilities | 2,890 | 3,552 | |
Notional Value | [1] | $ 26,497 | 27,722 |
Not Designated as Hedging Instrument [Member] | Credit Default [Member] | |||
Derivative [Line Items] | |||
Liabilities | [2] | 284 | |
Notional Value | [2] | $ 7,792 | |
[1] | Represents the aggregate undiscounted amounts payable assuming that the value of each index is zero at each contract's expiration date. Certain of these contracts are denominated in foreign currencies. Notional amounts are based on the foreign currency exchange rates as of each balance sheet date. | ||
[2] | In July 2016, our remaining credit default contract was terminated by mutual agreement with the counterparty. We no longer have any exposure to losses under credit default contracts. |
Derivative contracts - gains an
Derivative contracts - gains and losses (Detail) - Finance and Financial Products [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gains/losses | $ 751 | $ 974 | $ 506 |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gains/losses | 751 | 974 | 506 |
Not Designated as Hedging Instrument [Member] | Equity Index Put Options [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gains/losses | 662 | 1,008 | 108 |
Not Designated as Hedging Instrument [Member] | Credit Default and Other [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gains/losses | $ 89 | $ (34) | $ 398 |
Derivative contracts - Narrativ
Derivative contracts - Narrative (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Finance and Financial Products [Member] | ||
Derivative [Line Items] | ||
Liabilities | $ 2,890,000,000 | $ 3,836,000,000 |
Finance and Financial Products [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Collateral posting requirements under contracts with collateral provisions | 0 | |
Additional collateral posting requirements | 1,100,000,000 | |
Liabilities | 2,890,000,000 | 3,836,000,000 |
Finance and Financial Products [Member] | Not Designated as Hedging Instrument [Member] | Equity Index Put Options [Member] | ||
Derivative [Line Items] | ||
Aggregate intrinsic value of equity index put option contracts | $ 1,000,000,000 | 1,100,000,000 |
Weighted average remaining life of derivative contracts | 4 years | |
Liabilities | $ 2,890,000,000 | 3,552,000,000 |
Finance and Financial Products [Member] | Not Designated as Hedging Instrument [Member] | Equity Index Put Options [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity month and year | 2018-06 | |
Finance and Financial Products [Member] | Not Designated as Hedging Instrument [Member] | Equity Index Put Options [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative maturity month and year | 2026-01 | |
Other Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Assets | $ 142,000,000 | 103,000,000 |
Accounts Payable, Accruals and Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liabilities | $ 145,000,000 | $ 237,000,000 |
Supplemental cash flow inform90
Supplemental cash flow information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Cash Flow Information [Line Items] | |||
Cash paid during the period for income taxes | $ 4,719 | $ 4,535 | $ 4,014 |
Liabilities assumed in connection with business acquisitions | 16,555 | 2,812 | 6,334 |
Equity securities exchanged in connection with business acquisitions | 4,239 | 2,478 | |
Treasury stock acquired in connection with business acquisition | 400 | ||
Conversions and other exchanges of investments | 4,154 | 1,597 | |
Insurance and Other [Member] | |||
Supplemental Cash Flow Information [Line Items] | |||
Cash paid during the period for interest | 555 | 346 | 360 |
Railroad, Utilities and Energy [Member] | |||
Supplemental Cash Flow Information [Line Items] | |||
Cash paid during the period for interest | 2,788 | 2,717 | 2,487 |
Finance and Financial Products [Member] | |||
Supplemental Cash Flow Information [Line Items] | |||
Cash paid during the period for interest | $ 389 | $ 403 | $ 465 |
Unpaid losses and loss adjust91
Unpaid losses and loss adjustment expenses - Reconciliation of changes in claim liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unpaid losses and loss adjustment expenses: | |||
Gross liabilities at beginning of year | $ 73,144 | $ 71,477 | $ 64,866 |
Reinsurance recoverable and deferred charges at beginning of year | (10,994) | (10,888) | (7,414) |
Net balance at beginning of year | 62,150 | 60,589 | 57,452 |
Incurred losses and loss adjustment expenses recorded during the year: | |||
Current accident year events | 30,636 | 27,829 | 24,335 |
Prior accident years' events | (1,512) | (2,014) | (2,280) |
Retroactive reinsurance and discount accretion | 1,782 | 712 | 4,351 |
Total incurred losses and loss adjustment expenses | 30,906 | 26,527 | 26,406 |
Paid losses and loss adjustment expenses during the year with respect to: | |||
Current accident year events | (14,898) | (13,070) | (11,291) |
Prior accident years' events | (10,958) | (10,268) | (10,297) |
Retroactive reinsurance | (1,130) | (1,151) | (1,082) |
Total payments | (26,986) | (24,489) | (22,670) |
Foreign currency translation adjustment | (537) | (545) | (666) |
Business acquisitions | 68 | 67 | |
Net balance at end of year | 65,533 | 62,150 | 60,589 |
Reinsurance recoverable and deferred charges at end of year | 11,385 | 10,994 | 10,888 |
Gross liabilities at end of year | $ 76,918 | $ 73,144 | $ 71,477 |
Unpaid losses and loss adjust92
Unpaid losses and loss adjustment expenses - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Net discounted workers' compensation liabilities | $ 1,900 | $ 2,000 | |
Net discount on workers' compensation liabilities | 1,433 | 1,600 | |
Incurred losses for (reductions of) prior accident years excluding discount and deferred charge changes | (1,512) | (2,014) | $ (2,280) |
Liabilities for environmental, asbestos and latent injury claims, net of reinsurance | 15,300 | 14,000 | |
Liabilities for environmental, asbestos and latent injury claims, related to retroactive reinsurance contracts | $ 13,700 | 12,400 | |
Insurance Group [Member] | BHRG [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Percentage of gross unpaid losses pertaining to underlying loss events that occurred prior to January 2007 | 83.00% | ||
Incurred losses and loss adjustment expenses attributable to retroactive reinsurance contracts written in the current year | $ 1,260 | 3,430 | |
Incurred losses and loss adjustment expenses attributable to retroactive reinsurance contracts written in prior years | $ 440 | $ 631 | $ 831 |
Unpaid losses and loss adjust93
Unpaid losses and loss adjustment expenses - Reconciliation of unpaid losses and allocated loss adjustment expenses to balance sheet liability (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Unpaid losses and ALAE, net of reinsurance recoverable | $ 47,299 | ||||
Reinsurance recoverable | 2,915 | ||||
Retroactive reinsurance, unpaid losses and loss adjustment expenses | 24,675 | ||||
Other short-duration contracts, unpaid losses and loss adjustment expenses | 1,390 | ||||
Discount on workers' compensation reinsurance liabilities | (1,433) | $ (1,600) | |||
Unpaid unallocated loss adjustment expenses | 2,072 | ||||
Unpaid losses and loss adjustment expenses | 76,918 | $ 73,144 | $ 71,477 | $ 64,866 | |
Insurance Group [Member] | GEICO [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Unpaid losses and ALAE, net of reinsurance recoverable | 12,981 | ||||
Reinsurance recoverable | 1,084 | ||||
Insurance Group [Member] | General Re [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Unpaid losses and ALAE, net of reinsurance recoverable | 13,973 | ||||
Reinsurance recoverable | 611 | ||||
Insurance Group [Member] | BHRG [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Unpaid losses and ALAE, net of reinsurance recoverable | [1] | 10,172 | |||
Reinsurance recoverable | 121 | ||||
Insurance Group [Member] | BH Primary [Member] | |||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||||
Unpaid losses and ALAE, net of reinsurance recoverable | 10,173 | ||||
Reinsurance recoverable | $ 1,099 | ||||
[1] | Excludes retroactive reinsurance losses and ALAE |
Unpaid losses and loss adjust94
Unpaid losses and loss adjustment expenses - Incurred and paid losses and allocated loss adjustment expenses (Detail) Claim in Thousands, $ in Millions | Dec. 31, 2016USD ($)Claim | Dec. 31, 2015USD ($) | [1] | Dec. 31, 2014USD ($) | [1] | Dec. 31, 2013USD ($) | [1] | Dec. 31, 2012USD ($) | [1] | Dec. 31, 2011USD ($) | [1] | Dec. 31, 2010USD ($) | [1] | Dec. 31, 2009USD ($) | [1] | Dec. 31, 2008USD ($) | [1] | Dec. 31, 2007USD ($) | [1] | |
Claims Development [Line Items] | ||||||||||||||||||||
Net unpaid losses and ALAE | $ 47,299 | |||||||||||||||||||
Insurance Group [Member] | GEICO [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 74,994 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | 62,555 | |||||||||||||||||||
Net unpaid losses and ALAE | 12,981 | |||||||||||||||||||
Insurance Group [Member] | GEICO [Member] | 2012 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 11,900 | $ 11,906 | $ 11,893 | $ 11,904 | $ 12,034 | |||||||||||||||
IBNR and Case Development Liabilities | $ 79 | |||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 6,459 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | $ 11,609 | 11,311 | 10,744 | 9,832 | 7,550 | |||||||||||||||
Insurance Group [Member] | GEICO [Member] | 2013 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 12,837 | 12,859 | 12,815 | 12,990 | ||||||||||||||||
IBNR and Case Development Liabilities | $ 184 | |||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 7,102 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | $ 12,174 | 11,569 | 10,494 | 7,944 | ||||||||||||||||
Insurance Group [Member] | GEICO [Member] | 2014 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 14,477 | 14,488 | 14,597 | |||||||||||||||||
IBNR and Case Development Liabilities | $ 539 | |||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 7,965 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | $ 13,060 | 11,956 | 9,133 | |||||||||||||||||
Insurance Group [Member] | GEICO [Member] | 2015 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 16,798 | 16,807 | ||||||||||||||||||
IBNR and Case Development Liabilities | $ 1,394 | |||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 8,891 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | $ 13,785 | 10,543 | ||||||||||||||||||
Insurance Group [Member] | GEICO [Member] | 2016 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 18,982 | |||||||||||||||||||
IBNR and Case Development Liabilities | $ 3,132 | |||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 9,336 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | $ 11,927 | |||||||||||||||||||
Insurance Group [Member] | GEICO [Member] | 2012-2016 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Net unpaid losses and ALAE | 12,439 | |||||||||||||||||||
Insurance Group [Member] | GEICO [Member] | Before 2012 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Net unpaid losses and ALAE for accident years before earliest accident year presented | [1] | 542 | ||||||||||||||||||
Insurance Group [Member] | General Re [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 16,818 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | 10,407 | |||||||||||||||||||
Net unpaid losses and ALAE | 13,973 | |||||||||||||||||||
Insurance Group [Member] | General Re [Member] | 2012 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 1,535 | 1,603 | 1,707 | 1,850 | 1,810 | |||||||||||||||
IBNR and Case Development Liabilities | 335 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | 991 | 916 | 829 | 664 | 199 | |||||||||||||||
Insurance Group [Member] | General Re [Member] | 2013 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 1,854 | 1,994 | 2,095 | 1,945 | ||||||||||||||||
IBNR and Case Development Liabilities | 417 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | 1,162 | 1,060 | 829 | 275 | ||||||||||||||||
Insurance Group [Member] | General Re [Member] | 2014 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 1,794 | 1,843 | 1,740 | |||||||||||||||||
IBNR and Case Development Liabilities | 578 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | 864 | 666 | 171 | |||||||||||||||||
Insurance Group [Member] | General Re [Member] | 2015 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 1,999 | 1,811 | ||||||||||||||||||
IBNR and Case Development Liabilities | 777 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | 693 | 207 | ||||||||||||||||||
Insurance Group [Member] | General Re [Member] | 2016 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 1,715 | |||||||||||||||||||
IBNR and Case Development Liabilities | 1,173 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | 171 | |||||||||||||||||||
Insurance Group [Member] | General Re [Member] | 2007 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 1,512 | 1,535 | 1,559 | 1,574 | 1,619 | $ 1,673 | $ 1,746 | $ 1,852 | $ 1,915 | $ 1,857 | ||||||||||
IBNR and Case Development Liabilities | 73 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | 1,335 | 1,322 | 1,309 | 1,291 | 1,238 | 1,195 | 1,132 | 1,020 | 821 | 282 | ||||||||||
Insurance Group [Member] | General Re [Member] | 2008 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 1,635 | 1,648 | 1,669 | 1,713 | 1,746 | 1,818 | 1,903 | 2,011 | 1,920 | |||||||||||
IBNR and Case Development Liabilities | 93 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | 1,354 | 1,330 | 1,315 | 1,289 | 1,246 | 1,187 | 1,074 | 894 | 330 | |||||||||||
Insurance Group [Member] | General Re [Member] | 2009 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 1,431 | 1,471 | 1,490 | 1,523 | 1,601 | 1,704 | 1,790 | 1,703 | ||||||||||||
IBNR and Case Development Liabilities | 125 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | 1,161 | 1,145 | 1,115 | 1,065 | 994 | 897 | 734 | 264 | ||||||||||||
Insurance Group [Member] | General Re [Member] | 2010 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 1,674 | 1,712 | 1,757 | 1,845 | 1,939 | 2,055 | 1,881 | |||||||||||||
IBNR and Case Development Liabilities | 156 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | 1,359 | 1,304 | 1,243 | 1,147 | 997 | 782 | 247 | |||||||||||||
Insurance Group [Member] | General Re [Member] | 2011 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 1,669 | 1,744 | 1,792 | 1,897 | 2,126 | 2,102 | ||||||||||||||
IBNR and Case Development Liabilities | 208 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | 1,317 | 1,259 | 1,190 | 1,086 | 841 | 302 | ||||||||||||||
Insurance Group [Member] | General Re [Member] | 2007-2016 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Net unpaid losses and ALAE | 6,411 | |||||||||||||||||||
Insurance Group [Member] | General Re [Member] | Before 2007 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Net unpaid losses and ALAE for accident years before earliest accident year presented | [1] | 7,562 | ||||||||||||||||||
Insurance Group [Member] | BHRG [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | [2] | 28,948 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | [2] | 19,333 | ||||||||||||||||||
Net unpaid losses and ALAE | [2] | 10,172 | ||||||||||||||||||
Insurance Group [Member] | BHRG [Member] | 2012 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | [2] | 3,531 | 3,583 | 3,648 | 3,878 | 4,054 | ||||||||||||||
IBNR and Case Development Liabilities | 694 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | [2] | 2,519 | 2,350 | 2,080 | 1,279 | 360 | ||||||||||||||
Insurance Group [Member] | BHRG [Member] | 2013 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | [2] | 2,832 | 2,935 | 3,144 | 3,326 | |||||||||||||||
IBNR and Case Development Liabilities | 733 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | [2] | 1,774 | 1,555 | 1,070 | 516 | |||||||||||||||
Insurance Group [Member] | BHRG [Member] | 2014 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | [2] | 2,492 | 2,585 | 2,688 | ||||||||||||||||
IBNR and Case Development Liabilities | 736 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | [2] | 1,319 | 1,031 | 437 | ||||||||||||||||
Insurance Group [Member] | BHRG [Member] | 2015 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | [2] | 3,070 | 3,207 | |||||||||||||||||
IBNR and Case Development Liabilities | 1,113 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | [2] | 1,354 | 550 | |||||||||||||||||
Insurance Group [Member] | BHRG [Member] | 2016 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | [2] | 3,390 | ||||||||||||||||||
IBNR and Case Development Liabilities | 1,907 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | [2] | 778 | ||||||||||||||||||
Insurance Group [Member] | BHRG [Member] | 2007 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | [2] | 1,471 | 1,500 | 1,560 | 1,583 | 1,590 | 1,652 | 1,658 | 1,659 | 1,756 | 1,810 | |||||||||
IBNR and Case Development Liabilities | 133 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | [2] | 1,221 | 1,211 | 1,196 | 1,170 | 1,120 | 1,055 | 993 | 891 | 677 | 171 | |||||||||
Insurance Group [Member] | BHRG [Member] | 2008 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | [2] | 2,578 | 2,605 | 2,683 | 2,748 | 2,835 | 2,903 | 2,988 | 3,130 | 3,388 | ||||||||||
IBNR and Case Development Liabilities | 244 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | [2] | 2,228 | 2,205 | 2,131 | 2,056 | 1,976 | 1,836 | 1,617 | 1,146 | 364 | ||||||||||
Insurance Group [Member] | BHRG [Member] | 2009 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | [2] | 2,668 | 2,691 | 2,759 | 2,847 | 2,926 | 2,989 | 2,858 | 2,974 | |||||||||||
IBNR and Case Development Liabilities | 215 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | [2] | 2,363 | 2,336 | 2,306 | 2,147 | 1,937 | 1,605 | 1,182 | 372 | |||||||||||
Insurance Group [Member] | BHRG [Member] | 2010 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | [2] | 2,551 | 2,575 | 2,610 | 2,771 | 2,883 | 2,974 | 2,876 | ||||||||||||
IBNR and Case Development Liabilities | 238 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | [2] | 2,177 | 2,119 | 2,041 | 1,736 | 1,414 | 889 | 193 | ||||||||||||
Insurance Group [Member] | BHRG [Member] | 2011 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | [2] | 4,365 | 4,389 | 4,440 | 4,358 | 4,544 | 4,418 | |||||||||||||
IBNR and Case Development Liabilities | 452 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | [2] | 3,600 | 3,475 | 3,315 | 2,872 | 2,130 | 552 | |||||||||||||
Insurance Group [Member] | BHRG [Member] | 2007-2016 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Net unpaid losses and ALAE | [2] | 9,615 | ||||||||||||||||||
Insurance Group [Member] | BHRG [Member] | Before 2007 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Net unpaid losses and ALAE for accident years before earliest accident year presented | [1],[2] | 557 | ||||||||||||||||||
Insurance Group [Member] | BH Primary [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 19,184 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | 9,408 | |||||||||||||||||||
Net unpaid losses and ALAE | 10,173 | |||||||||||||||||||
Insurance Group [Member] | BH Primary [Member] | 2012 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 1,903 | 1,944 | 2,017 | 2,079 | 2,129 | |||||||||||||||
IBNR and Case Development Liabilities | $ 453 | |||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 135 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | $ 1,208 | 1,053 | 844 | 598 | 211 | |||||||||||||||
Insurance Group [Member] | BH Primary [Member] | 2013 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 2,060 | 2,133 | 2,213 | 2,294 | ||||||||||||||||
IBNR and Case Development Liabilities | $ 595 | |||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 150 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | $ 1,197 | 985 | 706 | 350 | ||||||||||||||||
Insurance Group [Member] | BH Primary [Member] | 2014 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 2,730 | 2,780 | 2,967 | |||||||||||||||||
IBNR and Case Development Liabilities | $ 1,027 | |||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 177 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | $ 1,247 | 896 | 453 | |||||||||||||||||
Insurance Group [Member] | BH Primary [Member] | 2015 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 3,458 | 3,575 | ||||||||||||||||||
IBNR and Case Development Liabilities | $ 1,631 | |||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 188 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | $ 1,078 | 502 | ||||||||||||||||||
Insurance Group [Member] | BH Primary [Member] | 2016 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 4,149 | |||||||||||||||||||
IBNR and Case Development Liabilities | $ 2,682 | |||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 135 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | $ 634 | |||||||||||||||||||
Insurance Group [Member] | BH Primary [Member] | 2007 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 775 | 788 | 817 | 852 | 901 | 955 | 1,090 | 1,174 | 1,233 | 1,328 | ||||||||||
IBNR and Case Development Liabilities | $ 46 | |||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 137 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | $ 705 | 696 | 679 | 660 | 628 | 578 | 510 | 409 | 284 | $ 128 | ||||||||||
Insurance Group [Member] | BH Primary [Member] | 2008 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 920 | 948 | 979 | 1,015 | 1,081 | 1,168 | 1,228 | 1,273 | 1,349 | |||||||||||
IBNR and Case Development Liabilities | $ 80 | |||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 136 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | $ 810 | 795 | 772 | 728 | 662 | 578 | 464 | 333 | $ 174 | |||||||||||
Insurance Group [Member] | BH Primary [Member] | 2009 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 936 | 966 | 1,020 | 1,068 | 1,159 | 1,180 | 1,211 | 1,298 | ||||||||||||
IBNR and Case Development Liabilities | $ 99 | |||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 117 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | $ 798 | 771 | 726 | 655 | 569 | 445 | 305 | $ 147 | ||||||||||||
Insurance Group [Member] | BH Primary [Member] | 2010 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 956 | 994 | 1,062 | 1,129 | 1,191 | 1,186 | 1,268 | |||||||||||||
IBNR and Case Development Liabilities | $ 150 | |||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 111 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | $ 758 | 722 | 657 | 570 | 458 | 313 | $ 146 | |||||||||||||
Insurance Group [Member] | BH Primary [Member] | 2011 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Incurred Losses and ALAE | 1,297 | 1,375 | 1,452 | 1,605 | 1,633 | 1,888 | ||||||||||||||
IBNR and Case Development Liabilities | $ 223 | |||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 109 | |||||||||||||||||||
Cumulative Paid Losses and ALAE | $ 973 | $ 898 | $ 753 | $ 602 | $ 396 | $ 163 | ||||||||||||||
Insurance Group [Member] | BH Primary [Member] | 2007-2016 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Net unpaid losses and ALAE | 9,776 | |||||||||||||||||||
Insurance Group [Member] | BH Primary [Member] | Before 2007 [Member] | ||||||||||||||||||||
Claims Development [Line Items] | ||||||||||||||||||||
Net unpaid losses and ALAE for accident years before earliest accident year presented | [1] | $ 397 | ||||||||||||||||||
[1] | Unaudited supplemental information | |||||||||||||||||||
[2] | Excludes retroactive reinsurance losses and ALAE |
Unpaid losses and loss adjust95
Unpaid losses and loss adjustment expenses - Average historical claims duration (Detail) - Insurance Group [Member] | Dec. 31, 2016 |
GEICO [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred losses, net of reinsurance, year one | 62.20% |
Average annual percentage payout of incurred losses, net of reinsurance, year two | 19.60% |
Average annual percentage payout of incurred losses, net of reinsurance, year three | 8.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year four | 4.80% |
Average annual percentage payout of incurred losses, net of reinsurance, year five | 2.70% |
General Re [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred losses, net of reinsurance, year one | 14.80% |
Average annual percentage payout of incurred losses, net of reinsurance, year two | 31.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year three | 12.20% |
Average annual percentage payout of incurred losses, net of reinsurance, year four | 6.80% |
Average annual percentage payout of incurred losses, net of reinsurance, year five | 4.60% |
Average annual percentage payout of incurred losses, net of reinsurance, year six | 3.20% |
Average annual percentage payout of incurred losses, net of reinsurance, year seven | 2.60% |
Average annual percentage payout of incurred losses, net of reinsurance, year eight | 1.10% |
Average annual percentage payout of incurred losses, net of reinsurance, year nine | 1.20% |
Average annual percentage payout of incurred losses, net of reinsurance, year ten | 0.90% |
BHRG [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred losses, net of reinsurance, year one | 14.70% |
Average annual percentage payout of incurred losses, net of reinsurance, year two | 28.20% |
Average annual percentage payout of incurred losses, net of reinsurance, year three | 17.20% |
Average annual percentage payout of incurred losses, net of reinsurance, year four | 9.40% |
Average annual percentage payout of incurred losses, net of reinsurance, year five | 6.30% |
Average annual percentage payout of incurred losses, net of reinsurance, year six | 3.90% |
Average annual percentage payout of incurred losses, net of reinsurance, year seven | 2.40% |
Average annual percentage payout of incurred losses, net of reinsurance, year eight | 1.90% |
Average annual percentage payout of incurred losses, net of reinsurance, year nine | 1.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year ten | 0.70% |
BH Primary [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred losses, net of reinsurance, year one | 15.40% |
Average annual percentage payout of incurred losses, net of reinsurance, year two | 17.80% |
Average annual percentage payout of incurred losses, net of reinsurance, year three | 14.50% |
Average annual percentage payout of incurred losses, net of reinsurance, year four | 11.90% |
Average annual percentage payout of incurred losses, net of reinsurance, year five | 9.20% |
Average annual percentage payout of incurred losses, net of reinsurance, year six | 6.80% |
Average annual percentage payout of incurred losses, net of reinsurance, year seven | 4.30% |
Average annual percentage payout of incurred losses, net of reinsurance, year eight | 2.60% |
Average annual percentage payout of incurred losses, net of reinsurance, year nine | 1.90% |
Average annual percentage payout of incurred losses, net of reinsurance, year ten | 1.20% |
Notes payable and other borro96
Notes payable and other borrowings (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Principal payments on debt - 2017 | $ 10,256 | |
Principal payments on debt - 2018 | 12,011 | |
Principal payments on debt - 2019 | 7,396 | |
Principal payments on debt - 2020 | 4,389 | |
Principal payments on debt - 2021 | 4,342 | |
Berkshire Hathaway Inc. (Parent) [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | 17,703 | $ 9,799 |
Principal payments on debt - 2017 | 1,101 | |
Principal payments on debt - 2018 | 1,551 | |
Principal payments on debt - 2019 | 754 | |
Principal payments on debt - 2020 | 1,054 | |
Principal payments on debt - 2021 | 1,500 | |
Insurance and Other [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | 27,175 | 14,599 |
Principal payments on debt - 2017 | 3,329 | |
Principal payments on debt - 2018 | 3,022 | |
Principal payments on debt - 2019 | 1,362 | |
Principal payments on debt - 2020 | 1,650 | |
Principal payments on debt - 2021 | 1,824 | |
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 17,703 | 9,799 |
Weighted average interest rate, percentage | 2.20% | |
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,017 | |
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,047 | |
Insurance and Other [Member] | Insurance and Other Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 2,094 | 1,989 |
Other borrowings | $ 7,378 | 2,811 |
Short-term debt, weighted average interest rate | 2.50% | |
Weighted average interest rate, percentage | 4.00% | |
Insurance and Other [Member] | Insurance and Other Subsidiaries [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,017 | |
Insurance and Other [Member] | Insurance and Other Subsidiaries [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,045 | |
Railroad, Utilities and Energy [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 59,085 | 57,739 |
Principal payments on debt - 2017 | 3,610 | |
Principal payments on debt - 2018 | 4,283 | |
Principal payments on debt - 2019 | 2,935 | |
Principal payments on debt - 2020 | 2,123 | |
Principal payments on debt - 2021 | $ 1,741 | |
Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate, percentage | 5.10% | |
Senior unsecured debt | $ 7,818 | 7,814 |
Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,017 | |
Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,045 | |
Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 29,223 | 28,188 |
Weighted average interest rate, percentage | 4.70% | |
Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,017 | |
Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,064 | |
Railroad, Utilities and Energy [Member] | BNSF [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 22,044 | 21,737 |
Weighted average interest rate, percentage | 4.80% | |
Railroad, Utilities and Energy [Member] | BNSF [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,017 | |
Railroad, Utilities and Energy [Member] | BNSF [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,097 | |
Finance and Financial Products [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 15,384 | 11,951 |
Principal payments on debt - 2017 | 3,317 | |
Principal payments on debt - 2018 | 4,706 | |
Principal payments on debt - 2019 | 3,099 | |
Principal payments on debt - 2020 | 616 | |
Principal payments on debt - 2021 | 777 | |
Finance and Financial Products [Member] | Berkshire Hathaway Finance Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 14,423 | 10,679 |
Weighted average interest rate, percentage | 2.50% | |
Finance and Financial Products [Member] | Berkshire Hathaway Finance Corporation [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,017 | |
Finance and Financial Products [Member] | Berkshire Hathaway Finance Corporation [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,043 | |
Finance and Financial Products [Member] | Other Finance Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 961 | $ 1,272 |
Weighted average interest rate, percentage | 4.90% | |
Finance and Financial Products [Member] | Other Finance Subsidiaries [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,017 | |
Finance and Financial Products [Member] | Other Finance Subsidiaries [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,036 |
Notes payable and other borro97
Notes payable and other borrowings - Credit agreements - Narrative (Detail) - USD ($) | Jan. 29, 2016 | Jan. 08, 2016 | Dec. 31, 2016 |
Revolving Credit Agreement [Member] | Berkshire Hathaway Inc. (Parent) [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 10,000,000,000 | ||
Term of credit agreement | 364 days | ||
Precision Castparts Corp. [Member] | Revolving Credit Agreement [Member] | Berkshire Hathaway Inc. (Parent) [Member] | |||
Line of Credit Facility [Line Items] | |||
Borrowings under credit agreement | $ 10,000,000,000 | ||
Line of Credit and Commercial Paper Facilities [Member] | Berkshire Hathaway Subsidiaries [Member] | |||
Line of Credit Facility [Line Items] | |||
Unused lines of credit available | $ 7,600,000,000 | ||
Line of Credit and Commercial Paper Facilities [Member] | Berkshire Hathaway Energy Company and Subsidiaries [Member] | |||
Line of Credit Facility [Line Items] | |||
Unused lines of credit available | 4,000,000,000 | ||
Subsidiaries Excluding Berkshire Hathaway Finance Corporation [Member] | Berkshire Hathaway Inc. (Parent) [Member] | |||
Line of Credit Facility [Line Items] | |||
Guarantee obligation | $ 3,300,000,000 |
Notes payable and other borro98
Notes payable and other borrowings - Narrative (Detail) € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2016EUR (€) | |
Berkshire Hathaway Inc. (Parent) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of borrowings | $ 750 | $ 1,125 | $ 1,775 | $ 792 | ||
Additional Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of debt issued | $ 5,500 | |||||
Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of debt issued | 750 | € 2,750 | ||||
Notes Due 2021 at 2.20% [Member] | Additional Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of debt issued | $ 1,000 | |||||
Debt instrument, interest rate, stated percentage | 2.20% | 2.20% | ||||
Notes Due 2023 at 2.75% [Member] | Additional Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of debt issued | $ 2,000 | |||||
Debt instrument, interest rate, stated percentage | 2.75% | 2.75% | ||||
Notes Due 2026 at 3.125% [Member] | Additional Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of debt issued | $ 2,500 | |||||
Debt instrument, interest rate, stated percentage | 3.125% | 3.125% | ||||
Notes Due 2018 at 1.15% [Member] | Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of debt issued | $ 500 | |||||
Debt instrument, interest rate, stated percentage | 1.15% | |||||
Notes Due 2018, Floating Rate [Member] | Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of debt issued | $ 250 | |||||
Notes Due 2020 at 0.50% [Member] | Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of debt issued | € | € 1,000 | |||||
Debt instrument, interest rate, stated percentage | 0.50% | 0.50% | ||||
Notes Due 2024 at 1.30% [Member] | Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of debt issued | € | € 1,000 | |||||
Debt instrument, interest rate, stated percentage | 1.30% | 1.30% | ||||
Notes Due 2028 at 2.15% [Member] | Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of debt issued | € | € 750 | |||||
Debt instrument, interest rate, stated percentage | 2.15% | 2.15% | ||||
Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average interest rate, percentage | 4.70% | |||||
Railroad, Utilities and Energy [Member] | BNSF [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average interest rate, percentage | 4.80% | |||||
Railroad, Utilities and Energy [Member] | Debt Due 2025 to 2046 [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of debt issued | $ 1,800 | |||||
Weighted average interest rate, percentage | 3.00% | |||||
Railroad, Utilities and Energy [Member] | Debentures Due 2046 at 3.9% [Member] | Senior Unsecured Debentures [Member] | BNSF [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of debt issued | $ 750 | |||||
Debt instrument, interest rate, stated percentage | 3.90% | |||||
Finance and Financial Products [Member] | Berkshire Hathaway Finance Corporation [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of borrowings | 1,000 | |||||
Weighted average interest rate, percentage | 2.50% | |||||
Finance and Financial Products [Member] | Senior Notes [Member] | Berkshire Hathaway Finance Corporation [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of debt issued | 1,250 | $ 3,500 | ||||
Finance and Financial Products [Member] | Notes Due 2018, Floating Rate [Member] | Senior Notes [Member] | Berkshire Hathaway Finance Corporation [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of debt issued | 1,000 | |||||
Finance and Financial Products [Member] | Notes Due 2018 at 1.45% [Member] | Senior Notes [Member] | Berkshire Hathaway Finance Corporation [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of debt issued | $ 750 | |||||
Debt instrument, interest rate, stated percentage | 1.45% | 1.45% | ||||
Finance and Financial Products [Member] | Notes Due 2019 at 1.70% [Member] | Senior Notes [Member] | Berkshire Hathaway Finance Corporation [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of debt issued | $ 1,250 | |||||
Debt instrument, interest rate, stated percentage | 1.70% | 1.70% | ||||
Finance and Financial Products [Member] | Notes Due 2019, Floating Rate [Member] | Senior Notes [Member] | Berkshire Hathaway Finance Corporation [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of debt issued | 250 | $ 500 | ||||
Finance and Financial Products [Member] | Notes Due 2019 at 1.30% [Member] | Senior Notes [Member] | Berkshire Hathaway Finance Corporation [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of debt issued | $ 1,000 | |||||
Debt instrument, interest rate, stated percentage | 1.30% | |||||
Precision Castparts Corp. [Member] | Insurance and Other Subsidiaries [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Other borrowings | $ 4,500 |
Income taxes - Liabilities (Det
Income taxes - Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Currently payable (receivable) | $ 500 | $ (643) |
Deferred | 76,959 | 63,199 |
Other income tax liabilities | 485 | 570 |
Income taxes, principally deferred | $ 77,944 | $ 63,126 |
Income taxes - Deferred taxes (
Income taxes - Deferred taxes (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax liabilities: | ||
Investments - unrealized appreciation and cost basis differences | $ 27,669 | $ 25,117 |
Deferred charges reinsurance assumed | 2,876 | 2,798 |
Property, plant and equipment | 39,345 | 36,770 |
Goodwill and other intangible assets | 11,344 | 2,770 |
Other deferred tax liabilities | 5,550 | 4,555 |
Deferred tax liabilities | 86,784 | 72,010 |
Deferred tax assets: | ||
Unpaid losses and loss adjustment expenses | (861) | (887) |
Unearned premiums | (1,021) | (927) |
Accrued liabilities | (3,821) | (3,487) |
Other deferred tax assets | (4,122) | (3,510) |
Deferred tax assets | (9,825) | (8,811) |
Net deferred tax liability | $ 76,959 | $ 63,199 |
Income taxes - Narrative (Detai
Income taxes - Narrative (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Undistributed earnings of foreign subsidiaries for which no deferred income taxes have been established | $ 12,400 | |
Unrecognized tax benefits | 485 | $ 570 |
Unrecognized tax benefits that would impact effective tax rate | $ 369 |
Income taxes - Income tax expen
Income taxes - Income tax expense components (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income tax expense: | |||
Federal | $ 7,796 | $ 9,253 | $ 6,447 |
State | 556 | 578 | 560 |
Foreign | 888 | 701 | 928 |
Total income taxes | 9,240 | 10,532 | 7,935 |
Income tax expense: | |||
Current | 6,565 | 5,426 | 3,302 |
Deferred | 2,675 | 5,106 | 4,633 |
Total income taxes | $ 9,240 | $ 10,532 | $ 7,935 |
Income taxes - Income tax ex103
Income taxes - Income tax expense reconciliation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income tax expense reconciliation | |||
Earnings before income taxes | $ 33,667 | $ 34,946 | $ 28,105 |
Hypothetical income tax expense computed at the U.S. federal statutory rate | 11,783 | 12,231 | 9,837 |
Dividends received deduction and tax exempt interest | (789) | (1,146) | (820) |
State income taxes, less U.S. federal income tax benefit | 361 | 374 | 364 |
Foreign tax rate differences | (421) | (459) | (252) |
U.S. income tax credits | (518) | (461) | (333) |
Non-taxable exchange of investments | (1,143) | (679) | |
Other differences, net | (33) | (7) | (182) |
Total income taxes | $ 9,240 | $ 10,532 | $ 7,935 |
Dividend restrictions - Insu104
Dividend restrictions - Insurance subsidiaries (Detail) - USD ($) $ in Billions | Dec. 31, 2016 | Dec. 31, 2015 |
Principal Insurance Subsidiaries [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Amount available for payment of dividends without prior regulatory approval during 2016 | $ 13 | |
United States Based Property and Casualty Insurance Subsidiaries [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Statutory shareholders' equity | $ 136 | $ 124 |
Fair value measurements - Finan
Fair value measurements - Financial assets and liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in equity securities | $ 122,032 | [1] | $ 112,137 | [2] | |
Investments in fixed maturity securities | 23,465 | 26,027 | |||
Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings - carrying value | 59,085 | 57,739 | |||
Finance and Financial Products [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in equity securities | 375 | 372 | |||
Investments in fixed maturity securities | 33 | 39 | |||
Other investments | 2,892 | 5,719 | |||
Loans and finance receivables - carrying value | 13,300 | 12,772 | |||
Derivative contract liabilities | 2,890 | 3,836 | |||
Notes payable and other borrowings - carrying value | 15,384 | 11,951 | |||
Insurance and Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in equity securities | 120,471 | 110,527 | |||
Investments in fixed maturity securities | 23,432 | 25,988 | |||
Other investments | 14,364 | 15,683 | |||
Notes payable and other borrowings - carrying value | 27,175 | 14,599 | |||
Other Assets [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in equity securities | [3] | 1,186 | 1,238 | ||
Kraft Heinz (previously Heinz Holding) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment in Kraft Heinz common stock - carrying value | 15,345 | 15,714 | |||
Investment in Kraft Heinz Preferred Stock - carrying value | 7,710 | ||||
U.S. Treasury, U.S. government corporations and agencies [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 4,527 | 3,427 | |||
States, municipalities and political subdivisions [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,216 | 1,764 | |||
Foreign governments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 9,001 | 11,468 | |||
Corporate bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 7,604 | 7,926 | |||
Mortgage-backed securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,117 | 1,442 | |||
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 | 122,031 | 112,101 | |||
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 | 35 | ||||
Loans and finance receivables - fair value | 13 | 16 | |||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in equity securities | 1 | 1 | |||
Other investments | 17,256 | 21,402 | |||
Loans and finance receivables - fair value | 13,704 | 13,096 | |||
Fair Value, Measurements, Recurring [Member] | Railroad, Utilities and Energy [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings - fair value | 65,774 | 62,471 | |||
Fair Value, Measurements, Recurring [Member] | Finance and Financial Products [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings - fair value | 15,469 | 11,887 | |||
Fair Value, Measurements, Recurring [Member] | Finance and Financial Products [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings - fair value | 356 | 476 | |||
Fair Value, Measurements, Recurring [Member] | Finance and Financial Products [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Index Put Options [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | 2,890 | 3,552 | |||
Fair Value, Measurements, Recurring [Member] | Finance and Financial Products [Member] | Significant Unobservable Inputs (Level 3) [Member] | Credit Default [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | 284 | ||||
Fair Value, Measurements, Recurring [Member] | Insurance and Other [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings - fair value | 27,712 | 14,773 | |||
Fair Value, Measurements, Recurring [Member] | Other Assets [Member] | Quoted Prices (Level 1) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract assets | [4] | 5 | |||
Fair Value, Measurements, Recurring [Member] | Other Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract assets | [4] | 43 | 5 | ||
Fair Value, Measurements, Recurring [Member] | Other Assets [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract assets | [4] | 94 | 98 | ||
Fair Value, Measurements, Recurring [Member] | Accounts Payable, Accruals and Other Liabilities [Member] | Railroad, Utilities and Energy [Member] | Quoted Prices (Level 1) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | [4] | 3 | 13 | ||
Fair Value, Measurements, Recurring [Member] | Accounts Payable, Accruals and Other Liabilities [Member] | Railroad, Utilities and Energy [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | [4] | 114 | 177 | ||
Fair Value, Measurements, Recurring [Member] | Accounts Payable, Accruals and Other Liabilities [Member] | Railroad, Utilities and Energy [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | [4] | 28 | 47 | ||
Fair Value, Measurements, Recurring [Member] | Kraft Heinz (previously Heinz Holding) [Member] | Quoted Prices (Level 1) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment in Kraft Heinz common stock - fair value | 28,418 | 23,679 | |||
Fair Value, Measurements, Recurring [Member] | Kraft Heinz (previously Heinz Holding) [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment in Kraft Heinz Preferred Stock - fair value | 8,363 | ||||
Fair Value, Measurements, Recurring [Member] | U.S. Treasury, U.S. government corporations and agencies [Member] | Quoted Prices (Level 1) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 3,099 | 2,485 | |||
Fair Value, Measurements, Recurring [Member] | U.S. Treasury, U.S. government corporations and agencies [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,428 | 942 | |||
Fair Value, Measurements, Recurring [Member] | States, municipalities and political subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,216 | 1,764 | |||
Fair Value, Measurements, Recurring [Member] | Foreign governments [Member] | Quoted Prices (Level 1) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 7,237 | 9,188 | |||
Fair Value, Measurements, Recurring [Member] | Foreign governments [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,764 | 2,280 | |||
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 7,540 | 7,826 | |||
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 64 | 100 | |||
Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,117 | 1,442 | |||
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 | 122,032 | 112,137 | |||
Other investments | 17,256 | 21,402 | |||
Loans and finance receivables - carrying value | 13,300 | 12,772 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings - carrying value | 59,085 | 57,739 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Finance and Financial Products [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings - carrying value | 15,384 | 11,951 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Finance and Financial Products [Member] | Equity Index Put Options [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | 2,890 | 3,552 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Finance and Financial Products [Member] | Credit Default [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | 284 | ||||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Insurance and Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings - carrying value | 27,175 | 14,599 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Other Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract assets | [4] | 142 | 103 | ||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Accounts Payable, Accruals and Other Liabilities [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | [4] | 145 | 237 | ||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Kraft Heinz (previously Heinz Holding) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment in Kraft Heinz common stock - carrying value | 15,345 | 15,714 | |||
Investment in Kraft Heinz Preferred Stock - carrying value | 7,710 | ||||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | U.S. Treasury, U.S. government corporations and agencies [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 4,527 | 3,427 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | States, municipalities and political subdivisions [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,216 | 1,764 | |||
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 | 9,001 | 11,468 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Corporate bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 7,604 | 7,926 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Mortgage-backed securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,117 | 1,442 | |||
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 | 122,032 | 112,137 | |||
Other investments | 17,256 | 21,402 | |||
Loans and finance receivables - fair value | 13,717 | 13,112 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings - fair value | 65,774 | 62,471 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Finance and Financial Products [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings - fair value | 15,825 | 12,363 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Finance and Financial Products [Member] | Equity Index Put Options [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | 2,890 | 3,552 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Finance and Financial Products [Member] | Credit Default [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | 284 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Insurance and Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings - fair value | 27,712 | 14,773 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Other Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract assets | [4] | 142 | 103 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Accounts Payable, Accruals and Other Liabilities [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | [4] | 145 | 237 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Kraft Heinz (previously Heinz Holding) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment in Kraft Heinz common stock - fair value | 28,418 | 23,679 | |||
Investment in Kraft Heinz Preferred Stock - fair value | 8,363 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | U.S. Treasury, U.S. government corporations and agencies [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 4,527 | 3,427 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | States, municipalities and political subdivisions [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 1,216 | 1,764 | |||
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 | 9,001 | 11,468 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Corporate bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 7,604 | 7,926 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Mortgage-backed securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | $ 1,117 | $ 1,442 | |||
[1] | Approximately 56% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company-$11.2 billion; Wells Fargo & Company-$27.6 billion; International Business Machines Corporation ("IBM")-$13.5 billion; and The Coca-Cola Company-$16.6 billion). | ||||
[2] | Approximately 59% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company-$10.5 billion; Wells Fargo & Company-$27.2 billion; IBM-$11.2 billion; and The Coca-Cola Company-$17.2 billion). | ||||
[3] | Included in other assets. | ||||
[4] | Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities. |
Fair value measurements - Signi
Fair value measurements - Significant unobservable inputs (Detail) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Measurements Significant Unobservable Inputs [Line Items] | |||
Net derivative contract liabilities - Beginning Balance | $ (3,785) | $ (4,759) | $ (5,255) |
Net derivative contract liabilities - Gains (losses) included in earnings | 880 | 1,080 | 524 |
Net derivative contract liabilities - Gains (losses) included in other comprehensive income | (2) | (7) | |
Net derivative contract liabilities - Gains (losses) included in regulatory assets and liabilities | (11) | (19) | 5 |
Net derivative contract liabilities - Acquisitions | 1 | ||
Net derivative contract liabilities - Dispositions and settlements | (101) | (83) | 1 |
Net derivative contract liabilities - Transfers into/out of Level 3 | 195 | 3 | (35) |
Net derivative contract liabilities - Ending Balance | (2,824) | (3,785) | (4,759) |
Fixed Maturities [Member] | |||
Fair Value Measurements Significant Unobservable Inputs [Line Items] | |||
Beginning Balance | 100 | 8 | 372 |
Gains (losses) included in other comprehensive income | (4) | (2) | 13 |
Acquisitions | 10 | 101 | |
Dispositions and settlements | (41) | (7) | (2) |
Transfers into/out of Level 3 | (1) | (375) | |
Ending Balance | 64 | 100 | 8 |
Equity Securities and Other Investments [Member] | |||
Fair Value Measurements Significant Unobservable Inputs [Line Items] | |||
Beginning Balance | 21,403 | 21,996 | 17,958 |
Gains (losses) included in earnings | 3,593 | ||
Gains (losses) included in other comprehensive income | 876 | (593) | 1,373 |
Acquisitions | 3,000 | ||
Dispositions and settlements | (8,615) | ||
Transfers into/out of Level 3 | (335) | ||
Ending Balance | $ 17,257 | $ 21,403 | $ 21,996 |
Fair value measurements - Other
Fair value measurements - Other information (Detail) - Significant Unobservable Inputs (Level 3) [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Preferred Stock [Member] | Discounted Cash Flow [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Other investments, Fair Value | $ 7,659 |
Common Stock Warrants [Member] | Warrant Pricing Model [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Other investments, Fair Value | 9,597 |
Equity Index Put Options [Member] | Option Pricing Model [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Derivative liabilities, Fair Value | $ 2,890 |
Other Investments [Member] | Preferred Stock [Member] | Discounted Cash Flow [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair value, unobservable input, expected duration | 7 years |
Fair value, unobservable input, discount for transferability restrictions and subordination | 1.45% |
Other Investments [Member] | Common Stock Warrants [Member] | Warrant Pricing Model [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair value, unobservable input, discount for transferability and hedging restrictions | 5.00% |
Derivative Liabilities [Member] | Equity Index Put Options [Member] | Option Pricing Model [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair value, unobservable input, volatility | 20.00% |
Common Stock (Detail)
Common Stock (Detail) - shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Shares issued | 788,058 | 820,102 | 838,019 | 868,616 |
Treasury shares | (11,680) | (11,680) | (11,680) | (9,573) |
Shares outstanding | 776,378 | 808,422 | 826,339 | 859,043 |
Conversions of Class A common stock to Class B common stock and exercises of replacement stock options issued in a business acquisition | (32,044) | (17,917) | (30,597) | |
Treasury shares acquired | (2,107) | |||
Class B [Member] | ||||
Class of Stock [Line Items] | ||||
Shares issued | 1,303,323,927 | 1,253,866,598 | 1,226,265,250 | 1,178,775,092 |
Treasury shares | (1,409,762) | (1,409,762) | (1,409,762) | (1,408,484) |
Shares outstanding | 1,301,914,165 | 1,252,456,836 | 1,224,855,488 | 1,177,366,608 |
Conversions of Class A common stock to Class B common stock and exercises of replacement stock options issued in a business acquisition | 49,457,329 | 27,601,348 | 47,490,158 | |
Treasury shares acquired | (1,278) |
Common Stock (Parenthetical) (D
Common Stock (Parenthetical) (Detail) | Dec. 31, 2016$ / sharesshares |
Class A [Member] | |
Class of Stock [Line Items] | |
Common Stock, par value per share | $ / shares | $ 5 |
Common Stock, shares authorized | shares | 1,650,000 |
Class B [Member] | |
Class of Stock [Line Items] | |
Common Stock, par value per share | $ / shares | $ 0.0033 |
Common Stock, shares authorized | shares | 3,225,000,000 |
Common Stock - Narrative (Detai
Common Stock - Narrative (Detail) | Jun. 30, 2014shares | Dec. 31, 2016USD ($)Voteshares | Dec. 31, 2015shares | Dec. 31, 2014shares |
Class of Stock [Line Items] | ||||
Preferred Stock, shares authorized | 1,000,000 | |||
Preferred Stock, shares issued | 0 | |||
Class B [Member] | ||||
Class of Stock [Line Items] | ||||
Ratio of net earnings per equivalent common share and dividend and distribution rights of Class B shares to Class A shares | 0.000667 | |||
Number of votes entitled per share, number | Vote | 0.0001 | |||
Number of shares of Class B stock obtainable from converting one Class A share | 1,500 | |||
Number of shares acquired | 1,278 | |||
Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Number of votes entitled per share, number | Vote | 1 | |||
Class A equivalent shares outstanding | 1,644,321 | 1,643,393 | ||
Number of shares acquired | 2,107 | |||
Common Stock Repurchase Program [Member] | ||||
Class of Stock [Line Items] | ||||
Shares repurchase, authorization description | Berkshire's Board of Directors ("Berkshire's Board") has approved a common stock repurchase program under which Berkshire may repurchase its Class A and Class B shares at prices no higher than a 20% premium over the book value of the shares. | |||
Minimum cash, cash equivalents and U.S. Treasury Bills threshold after repurchase of common stock shares, amount | $ | $ 20,000,000,000 | |||
Number of shares acquired | 0 | 0 | 0 | |
WPLG Inc. [Member] | Class B [Member] | ||||
Class of Stock [Line Items] | ||||
Number of shares acquired | 1,278 | 1,278 | ||
WPLG Inc. [Member] | Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Number of shares acquired | 2,107 | 2,107 |
Accumulated other comprehens111
Accumulated other comprehensive income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 258,627 | $ 243,027 | $ 224,485 |
Ending Balance | 286,359 | 258,627 | 243,027 |
Unrealized appreciation of investments, net [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 38,598 | 45,636 | 44,042 |
Other comprehensive income, net before reclassifications | 9,011 | (5,522) | 3,778 |
Reclassifications from accumulated other comprehensive income | (4,433) | (1,516) | (2,184) |
Ending Balance | 43,176 | 38,598 | 45,636 |
Foreign currency translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (3,856) | (1,957) | (146) |
Other comprehensive income, net before reclassifications | (1,412) | (2,027) | (1,877) |
Reclassifications from accumulated other comprehensive income | 128 | 66 | |
Ending Balance | (5,268) | (3,856) | (1,957) |
Prior service and actuarial gains/losses of defined benefit pension plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (762) | (1,039) | 46 |
Other comprehensive income, net before reclassifications | 94 | 191 | (1,130) |
Reclassifications from accumulated other comprehensive income | 75 | 86 | 45 |
Ending Balance | (593) | (762) | (1,039) |
Other AOCI transactions [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 2 | 92 | 83 |
Other comprehensive income, net before reclassifications | (48) | (112) | 31 |
Reclassifications from accumulated other comprehensive income | 29 | 22 | (22) |
Ending Balance | (17) | 2 | 92 |
Accumulated other comprehensive income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 33,982 | 42,732 | 44,025 |
Other comprehensive income, net before reclassifications | 7,645 | (7,470) | 802 |
Reclassifications from accumulated other comprehensive income | (4,329) | (1,280) | (2,095) |
Ending Balance | $ 37,298 | $ 33,982 | $ 42,732 |
Accumulated other comprehens112
Accumulated other comprehensive income - Reclassified Amounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Investment gains/losses | $ (7,553) | $ (9,373) | $ (3,575) |
Unrealized appreciation of investments, net [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassifications before income taxes | (6,820) | (2,332) | (3,360) |
Applicable income taxes | (2,387) | (816) | (1,176) |
Total amounts reclassified from other comprehensive income into net earnings | (4,433) | (1,516) | (2,184) |
Unrealized appreciation of investments, net [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Investment gains/losses | (6,820) | (2,332) | (3,360) |
Foreign currency translation [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassifications before income taxes | 197 | 75 | |
Applicable income taxes | 69 | 9 | |
Total amounts reclassified from other comprehensive income into net earnings | 128 | 66 | |
Foreign currency translation [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Investment gains/losses | 197 | ||
Other | 75 | ||
Prior service and actuarial gains/losses of defined benefit pension plans [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassifications before income taxes | 104 | 129 | 58 |
Applicable income taxes | 29 | 43 | 13 |
Total amounts reclassified from other comprehensive income into net earnings | 75 | 86 | 45 |
Prior service and actuarial gains/losses of defined benefit pension plans [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other | 104 | 129 | 58 |
Other AOCI transactions [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassifications before income taxes | 51 | 35 | (39) |
Applicable income taxes | 22 | 13 | (17) |
Total amounts reclassified from other comprehensive income into net earnings | 29 | 22 | (22) |
Other AOCI transactions [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other | 51 | 35 | (39) |
Accumulated other comprehensive income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassifications before income taxes | (6,665) | (1,971) | (3,266) |
Applicable income taxes | (2,336) | (691) | (1,171) |
Total amounts reclassified from other comprehensive income into net earnings | (4,329) | (1,280) | (2,095) |
Accumulated other comprehensive income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Investment gains/losses | (6,820) | (2,135) | (3,360) |
Other | $ 155 | $ 164 | $ 94 |
Pension plans - Net periodic pe
Pension plans - Net periodic pension expense (Detail) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Components of net periodic pension expense | |||
Service cost | $ 282 | $ 266 | $ 230 |
Interest cost | 691 | 591 | 629 |
Expected return on plan assets | (908) | (782) | (772) |
Amortization of actuarial losses and other | 148 | 179 | 102 |
Net pension expense | $ 213 | $ 254 | $ 189 |
Pension plans - Defined benefit
Pension plans - Defined benefit pension plans - Narrative (Detail) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation for unfunded plans | $ 1,200 | $ 1,200 |
Amounts recognized in the Consolidated Balance Sheets: | ||
Funded status reflected in liabilities | 2,997 | 2,884 |
Estimated future benefit payments | ||
2,017 | 992 | |
2,018 | 1,007 | |
2,019 | 987 | |
2,020 | 1,003 | |
2,021 | 994 | |
2022 - 2026 | 5,043 | |
Expected contribution to pension plans during the next year | 224 | |
Other Assets [Member] | ||
Amounts recognized in the Consolidated Balance Sheets: | ||
Funded status reflected in assets | $ 644 | $ 456 |
Pension plans - Projected benef
Pension plans - Projected benefit obligation, plan assets and net funded status (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
BHE Pension Plan [Member] | |||
Benefit obligations | |||
Accumulated benefit obligation end of year | $ 4,787 | $ 4,797 | |
PBO beginning of year | 5,076 | 5,398 | |
Service cost | 49 | 57 | |
Interest cost | 198 | 200 | |
Benefits paid | (309) | (316) | |
Actuarial (gains) or losses and other | 63 | (263) | |
PBO end of year | 5,077 | 5,076 | $ 5,398 |
Plan assets | |||
Plan assets beginning of year | 4,765 | 5,086 | |
Employer contributions | 133 | 90 | |
Benefits paid | (309) | (316) | |
Actual return on plan assets | 512 | 31 | |
Other | (407) | (126) | |
Plan assets end of year | 4,694 | 4,765 | 5,086 |
Funded status - net liability | 383 | 311 | |
All Other Pension Plans [Member] | |||
Benefit obligations | |||
Accumulated benefit obligation end of year | 11,912 | 9,264 | |
PBO beginning of year | 10,183 | 10,489 | |
Service cost | 233 | 209 | |
Interest cost | 493 | 391 | |
Benefits paid | (705) | (518) | |
Business acquisitions | 2,684 | 165 | |
Actuarial (gains) or losses and other | (215) | (553) | |
PBO end of year | 12,673 | 10,183 | 10,489 |
Plan assets | |||
Plan assets beginning of year | 8,066 | 8,280 | |
Employer contributions | 214 | 116 | |
Benefits paid | (705) | (518) | |
Actual return on plan assets | 1,083 | 80 | |
Business acquisitions | 2,314 | 167 | |
Other | (269) | (59) | |
Plan assets end of year | 10,703 | 8,066 | 8,280 |
Funded status - net liability | 1,970 | 2,117 | |
Pension Plans, Defined Benefit [Member] | |||
Benefit obligations | |||
Accumulated benefit obligation end of year | 16,699 | 14,061 | |
PBO beginning of year | 15,259 | 15,887 | |
Service cost | 282 | 266 | 230 |
Interest cost | 691 | 591 | 629 |
Benefits paid | (1,014) | (834) | |
Business acquisitions | 2,684 | 165 | |
Actuarial (gains) or losses and other | (152) | (816) | |
PBO end of year | 17,750 | 15,259 | 15,887 |
Plan assets | |||
Plan assets beginning of year | 12,831 | 13,366 | |
Employer contributions | 347 | 206 | |
Benefits paid | (1,014) | (834) | |
Actual return on plan assets | 1,595 | 111 | |
Business acquisitions | 2,314 | 167 | |
Other | (676) | (185) | |
Plan assets end of year | 15,397 | 12,831 | $ 13,366 |
Funded status - net liability | $ 2,353 | $ 2,428 |
Pension plans - Additional tabu
Pension plans - Additional tabular disclosures (Detail) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Assumptions applicable to pension benefit obligations and pension expense: | |||
Discount rate | 3.80% | 4.10% | 3.80% |
Expected long-term rate of return on plan assets | 6.10% | 6.50% | 6.70% |
Rate of compensation increase | 3.00% | 3.40% | 3.40% |
Discount rate applicable to pension expense | 4.20% | 3.80% | 4.60% |
Amounts recognized in other comprehensive income: | |||
Accumulated other comprehensive income (loss), beginning of year | $ (1,193) | $ (1,617) | |
Amount included in net periodic pension expense | 101 | 129 | |
Actuarial gains and other | 253 | 295 | |
Accumulated other comprehensive income (loss), end of year | $ (839) | $ (1,193) | $ (1,617) |
Pension plans - Fair value of p
Pension plans - Fair value of plan assets (Detail) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 15,397 | $ 12,831 | $ 13,366 |
Investment funds and partnerships at net asset value | 2,024 | 951 | |
Quoted Prices (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10,566 | 8,934 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,481 | 2,718 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 326 | 228 | |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 847 | 839 | |
Cash and Cash Equivalents [Member] | Quoted Prices (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 637 | 544 | |
Cash and Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 210 | 295 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,645 | 7,319 | |
Equity Securities [Member] | Quoted Prices (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,476 | 7,305 | |
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 27 | 14 | |
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 142 | ||
Government Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,291 | 786 | |
Government Obligations [Member] | Quoted Prices (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,076 | 726 | |
Government Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 215 | 60 | |
Other Fixed Maturity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 770 | 990 | |
Other Fixed Maturity Securities [Member] | Quoted Prices (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 144 | 87 | |
Other Fixed Maturity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 595 | 903 | |
Other Fixed Maturity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 31 | ||
Investment Funds and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,844 | 2,897 | |
Investment funds and partnerships at net asset value | 2,024 | 951 | |
Investment Funds and Other [Member] | Quoted Prices (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 233 | 272 | |
Investment Funds and Other [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,434 | 1,446 | |
Investment Funds and Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 153 | $ 228 |
Pension plans - Defined contrib
Pension plans - Defined contribution pension plans - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Contributions to defined contribution plans | $ 944 | $ 739 | $ 737 |
Contingencies and Commitments -
Contingencies and Commitments - Narrative (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2016 | |
Contingencies and Commitments [Line Items] | ||||
Operating leases, rent expense | $ 1,573,000,000 | $ 1,516,000,000 | $ 1,484,000,000 | |
Purchase commitments - 2017 | 11,100,000,000 | |||
Purchase commitments - 2018 | 4,100,000,000 | |||
Purchase commitments - 2019 | 3,500,000,000 | |||
Purchase commitments - 2020 | 2,900,000,000 | |||
Purchase commitments - 2021 | 2,000,000,000 | |||
Purchase commitments - After 2021 | 14,600,000,000 | |||
Estimated cost to acquire certain equity ownership interests of less than wholly-owned subsidiaries | $ 5,000,000,000 | |||
Insurance Group [Member] | ||||
Contingencies and Commitments [Line Items] | ||||
Reimbursement rate from joint venture partner of Company's surety bond claim losses | 50.00% | |||
Berkadia Commercial Mortgage (investee) [Member] | ||||
Contingencies and Commitments [Line Items] | ||||
Voting interest in investee | 50.00% | |||
Commercial paper outstanding | $ 1,470,000,000 | |||
Berkadia Commercial Mortgage (investee) [Member] | Commercial Paper [Member] | ||||
Contingencies and Commitments [Line Items] | ||||
Maximum outstanding balance of commercial paper borrowings | $ 1,500,000,000 | |||
Leucadia National Corporation (venture partner) [Member] | Berkadia Commercial Mortgage (investee) [Member] | ||||
Contingencies and Commitments [Line Items] | ||||
Voting interest in investee | 50.00% | |||
NICO [Member] | Purchase Agreement [Member] | Medical Liability Mutual Insurance Company [Member] | ||||
Contingencies and Commitments [Line Items] | ||||
Statutory assets | $ 5,500,000,000 | |||
Statutory policyholders' surplus | $ 1,900,000,000 | |||
Acquisition price in addition to tangible book value of acquiree | $ 100,000,000 |
Contingencies and Commitment120
Contingencies and Commitments - Operating leases minimum payments (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Minimum rental payments for operating leases | |
2,017 | $ 1,337 |
2,018 | 1,162 |
2,019 | 1,005 |
2,020 | 885 |
2,021 | 725 |
After 2,021 | 3,171 |
Future minimum rental payments, total | $ 8,285 |
Business segment data - Revenue
Business segment data - Revenues (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 58,344 | $ 58,843 | $ 54,254 | $ 52,163 | $ 51,731 | $ 59,070 | $ 51,549 | $ 48,593 | $ 223,604 | $ 210,943 | $ 194,699 |
Operating Businesses [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 215,825 | 200,843 | 190,691 | ||||||||
Operating Businesses [Member] | Insurance Group [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest, dividend and other investment income | 4,522 | 4,562 | 4,370 | ||||||||
Revenues | 50,403 | 45,856 | 45,623 | ||||||||
Operating Businesses [Member] | Insurance Group [Member] | GEICO [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Premiums earned | 25,483 | 22,718 | 20,496 | ||||||||
Operating Businesses [Member] | Insurance Group [Member] | BH Primary [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Premiums earned | 6,257 | 5,394 | 4,377 | ||||||||
Operating Businesses [Member] | Insurance Group [Member] | General Re [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Premiums earned | 5,637 | 5,975 | 6,264 | ||||||||
Operating Businesses [Member] | Insurance Group [Member] | BHRG [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Premiums earned | 8,504 | 7,207 | 10,116 | ||||||||
Operating Businesses [Member] | Insurance Group [Member] | General Re and BHRG [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Premiums earned | 45,881 | 41,294 | 41,253 | ||||||||
Operating Businesses [Member] | BNSF [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 19,829 | 21,967 | 23,239 | ||||||||
Operating Businesses [Member] | Berkshire Hathaway Energy [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 17,859 | 18,231 | 17,614 | ||||||||
Operating Businesses [Member] | Manufacturing Businesses [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 46,506 | 36,136 | 36,773 | ||||||||
Operating Businesses [Member] | McLane Company [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 48,075 | 48,223 | 46,640 | ||||||||
Operating Businesses [Member] | Service and Retailing Businesses [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 25,478 | 23,466 | 14,276 | ||||||||
Operating Businesses [Member] | Finance and Financial Products Reportable Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 7,675 | 6,964 | 6,526 | ||||||||
Segment Reconciling Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Investment and derivative gains/losses | 8,304 | 10,347 | 4,081 | ||||||||
Segment Reconciling Items [Member] | Kraft Heinz (previously Heinz Holding) [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Investments in Kraft Heinz | 180 | 852 | 720 | ||||||||
Corporate, Eliminations and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ (705) | $ (1,099) | $ (793) |
Business segment data - Earning
Business segment data - Earnings before income taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Interest expense | $ (3,497) | $ (3,515) | $ (3,253) |
Earnings before income taxes | 33,667 | 34,946 | 28,105 |
Operating Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings before income taxes from operating businesses | 25,871 | 25,214 | 24,536 |
Interest expense | (3,332) | (3,245) | (3,013) |
Operating Businesses [Member] | Insurance Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings before income taxes from operating businesses | 6,613 | 6,387 | 7,025 |
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 | 4,482 | 4,550 | 4,357 |
Operating Businesses [Member] | Insurance Group [Member] | GEICO [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings before income taxes from operating businesses | 462 | 460 | 1,159 |
Operating Businesses [Member] | Insurance Group [Member] | BH Primary [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings before income taxes from operating businesses | 657 | 824 | 626 |
Operating Businesses [Member] | Insurance Group [Member] | General Re [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings before income taxes from operating businesses | 190 | 132 | 277 |
Operating Businesses [Member] | Insurance Group [Member] | BHRG [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings before income taxes from operating businesses | 822 | 421 | 606 |
Operating Businesses [Member] | Insurance Group [Member] | General Re and BHRG [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings before income taxes from operating businesses | 2,131 | 1,837 | 2,668 |
Operating Businesses [Member] | BNSF [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings before income taxes from operating businesses | 5,693 | 6,775 | 6,169 |
Interest expense | (992) | (928) | (833) |
Operating Businesses [Member] | Berkshire Hathaway Energy [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings before income taxes from operating businesses | 2,973 | 2,851 | 2,711 |
Interest expense | (1,715) | (1,830) | (1,623) |
Operating Businesses [Member] | Manufacturing Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings before income taxes from operating businesses | 6,211 | 4,893 | 4,811 |
Interest expense | (164) | (50) | (69) |
Operating Businesses [Member] | McLane Company [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings before income taxes from operating businesses | 431 | 502 | 435 |
Interest expense | (13) | (14) | |
Operating Businesses [Member] | Service and Retailing Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings before income taxes from operating businesses | 1,820 | 1,720 | 1,546 |
Interest expense | (50) | (40) | (11) |
Operating Businesses [Member] | Finance and Financial Products Reportable Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings before income taxes from operating businesses | 2,130 | 2,086 | 1,839 |
Interest expense | (411) | (384) | (463) |
Segment Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Investment and derivative gains/losses | 8,304 | 10,347 | 4,081 |
Interest expense | (230) | (374) | (313) |
Segment Reconciling Items [Member] | Kraft Heinz (previously Heinz Holding) [Member] | |||
Segment Reporting Information [Line Items] | |||
Investments in Kraft Heinz | 1,103 | 730 | 694 |
Corporate, Eliminations and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings before income taxes from operating businesses | (1,381) | (971) | (893) |
Interest expense | $ 65 | $ 104 | $ 73 |
Business segment data - Additio
Business segment data - Additional tabular disclosures (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Interest expense | $ 3,497 | $ 3,515 | $ 3,253 |
Income tax expense | 9,240 | 10,532 | 7,935 |
Capital expenditures | 12,954 | 16,082 | 15,185 |
Depreciation of tangible assets | 7,411 | 6,673 | 6,215 |
Goodwill at year-end | 79,486 | 62,708 | 60,714 |
Total assets | 620,854 | 552,257 | 525,867 |
Operating Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 3,332 | 3,245 | 3,013 |
Income tax expense | 7,597 | 7,554 | 7,543 |
Capital expenditures | 12,954 | 16,082 | 15,185 |
Depreciation of tangible assets | 7,411 | 6,673 | 6,215 |
Goodwill at year-end | 79,486 | 62,708 | |
Identifiable assets at year-end | 513,317 | 454,217 | 442,946 |
Operating Businesses [Member] | Insurance Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Income tax expense | 1,585 | 1,475 | 1,768 |
Capital expenditures | 128 | 115 | 94 |
Depreciation of tangible assets | 85 | 77 | 69 |
Goodwill at year-end | 15,474 | 15,536 | |
Identifiable assets at year-end | 234,037 | 219,451 | 225,432 |
Operating Businesses [Member] | Insurance Group [Member] | GEICO [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill at year-end | 1,471 | 1,471 | |
Identifiable assets at year-end | 55,041 | 48,291 | 45,439 |
Operating Businesses [Member] | Insurance Group [Member] | General Re [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill at year-end | 13,494 | 13,527 | |
Identifiable assets at year-end | 30,321 | 26,478 | 28,692 |
Operating Businesses [Member] | Insurance Group [Member] | BHRG and BH Primary [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill at year-end | 509 | 538 | |
Identifiable assets at year-end | 148,675 | 144,682 | 151,301 |
Operating Businesses [Member] | BNSF [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 992 | 928 | 833 |
Income tax expense | 2,124 | 2,527 | 2,300 |
Capital expenditures | 3,819 | 5,651 | 5,243 |
Depreciation of tangible assets | 2,079 | 1,932 | 1,804 |
Goodwill at year-end | 14,845 | 14,845 | |
Identifiable assets at year-end | 69,277 | 66,613 | 62,840 |
Operating Businesses [Member] | Berkshire Hathaway Energy [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 1,715 | 1,830 | 1,623 |
Income tax expense | 403 | 450 | 589 |
Capital expenditures | 5,090 | 5,875 | 6,555 |
Depreciation of tangible assets | 2,560 | 2,451 | 2,177 |
Goodwill at year-end | 9,266 | 9,333 | |
Identifiable assets at year-end | 76,428 | 74,221 | 71,285 |
Operating Businesses [Member] | Manufacturing Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 164 | 50 | 69 |
Income tax expense | 1,945 | 1,548 | 1,544 |
Capital expenditures | 1,813 | 1,292 | 1,324 |
Depreciation of tangible assets | 1,287 | 938 | 943 |
Goodwill at year-end | 32,041 | 14,833 | |
Identifiable assets at year-end | 69,900 | 34,141 | 34,509 |
Operating Businesses [Member] | McLane Company [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 13 | 14 | |
Income tax expense | 169 | 195 | 169 |
Capital expenditures | 258 | 338 | 241 |
Depreciation of tangible assets | 165 | 161 | 159 |
Goodwill at year-end | 734 | 656 | |
Identifiable assets at year-end | 5,896 | 5,871 | 5,419 |
Operating Businesses [Member] | Service and Retailing Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 50 | 40 | 11 |
Income tax expense | 669 | 651 | 576 |
Capital expenditures | 804 | 574 | 591 |
Depreciation of tangible assets | 611 | 504 | 461 |
Goodwill at year-end | 5,745 | 6,163 | |
Identifiable assets at year-end | 17,450 | 16,299 | 11,303 |
Operating Businesses [Member] | Finance and Financial Products Reportable Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 411 | 384 | 463 |
Income tax expense | 702 | 708 | 597 |
Capital expenditures | 1,042 | 2,237 | 1,137 |
Depreciation of tangible assets | 624 | 610 | 602 |
Goodwill at year-end | 1,381 | 1,342 | |
Identifiable assets at year-end | 40,329 | 37,621 | 32,158 |
Segment Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 230 | 374 | 313 |
Investment and derivative gains/losses, tax | 1,807 | 3,622 | 760 |
Interest expense, tax | (81) | (131) | (110) |
Goodwill at year-end | 79,486 | 62,708 | 60,714 |
Segment Reconciling Items [Member] | Kraft Heinz (previously Heinz Holding) [Member] | |||
Segment Reporting Information [Line Items] | |||
Investments in Kraft Heinz, tax | 397 | (111) | 41 |
Corporate, Eliminations and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | (65) | (104) | (73) |
Income tax expense | (480) | (402) | (299) |
Identifiable assets at year-end | $ 28,051 | $ 35,332 | $ 22,207 |
Business segment data - Insuran
Business segment data - Insurance premiums by type (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property/Casualty [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written - Direct | $ 34,001 | $ 30,544 | $ 27,541 |
Premiums written - Assumed | 8,037 | 7,049 | 9,889 |
Premiums written - Ceded | (798) | (877) | (839) |
Premiums written | 41,240 | 36,716 | 36,591 |
Premiums earned - Direct | 33,207 | 29,608 | 26,389 |
Premiums earned - Assumed | 7,848 | 6,584 | 9,872 |
Premiums earned - Ceded | (843) | (854) | (850) |
Premiums earned | 40,212 | 35,338 | 35,411 |
Life/Health [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written - Direct | 1,060 | 821 | 879 |
Premiums written - Assumed | 4,672 | 5,187 | 5,030 |
Premiums written - Ceded | (62) | (57) | (67) |
Premiums written | 5,670 | 5,951 | 5,842 |
Premiums earned - Direct | 1,060 | 821 | 879 |
Premiums earned - Assumed | 4,671 | 5,192 | 5,030 |
Premiums earned - Ceded | (62) | (57) | (67) |
Premiums earned | $ 5,669 | $ 5,956 | $ 5,842 |
Business segment data - Insu125
Business segment data - Insurance premiums by geographic area (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property/Casualty [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | $ 41,240 | $ 36,716 | $ 36,591 |
Property/Casualty [Member] | United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 35,878 | 31,171 | 31,362 |
Property/Casualty [Member] | Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 3,616 | 3,472 | 1,953 |
Property/Casualty [Member] | Western Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 1,406 | 1,638 | 2,424 |
Property/Casualty [Member] | All Other Geographic Areas [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 340 | 435 | 852 |
Life/Health [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 5,670 | 5,951 | 5,842 |
Life/Health [Member] | United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 3,473 | 3,247 | 3,402 |
Life/Health [Member] | Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 715 | 673 | 651 |
Life/Health [Member] | Western Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 822 | 1,263 | 1,135 |
Life/Health [Member] | All Other Geographic Areas [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | $ 660 | $ 768 | $ 654 |
Business segment data - Narrati
Business segment data - Narrative (Detail) - USD ($) $ in Billions | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||||
Sales and service revenues | $ 125.7 | $ 112.4 | $ 102.2 | |
United States [Member] | Geographic Concentration [Member] | Sales and Service Revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration percentage | 85.00% | 87.00% | 85.00% | |
United States [Member] | Geographic Concentration [Member] | Property, Plant and Equipment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration percentage | 89.00% | |||
Wal-Mart Stores, Inc. [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales and service revenues | $ 14 | $ 13 | $ 13 | |
Railroad, Utilities and Energy [Member] | United States [Member] | Geographic Concentration [Member] | Revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration percentage | 95.00% | 95.00% | 95.00% |
Quarterly data (Detail)
Quarterly data (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||||||
Revenues | $ 58,344 | $ 58,843 | $ 54,254 | $ 52,163 | $ 51,731 | $ 59,070 | $ 51,549 | $ 48,593 | $ 223,604 | $ 210,943 | $ 194,699 | |||||||||||
Net earnings attributable to Berkshire shareholders | 6,286 | [1] | 7,198 | [1] | 5,001 | [1] | 5,589 | [1] | 5,478 | [1] | 9,428 | [1] | 4,013 | [1] | 5,164 | [1] | $ 24,074 | $ 24,083 | $ 19,872 | |||
Investment and derivative gains/losses | $ 1,904 | $ 2,347 | $ 394 | $ 1,852 | $ 805 | $ 4,877 | $ 123 | $ 920 | ||||||||||||||
Class A [Member] | ||||||||||||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||||||
Net earnings attributable to Berkshire shareholders per equivalent Class A common share | $ 3,823 | $ 4,379 | $ 3,042 | $ 3,401 | $ 3,333 | $ 5,737 | $ 2,442 | $ 3,143 | $ 14,645 | [2] | $ 14,656 | [2] | $ 12,092 | [2] | ||||||||
[1] | Includes investment and derivative gains/losses. After-tax investment and derivative gains/losses for the periods presented above are as follows (in millions): 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Investment and derivative gains/losses-2016 $ 1,852 $ 394 $ 2,347 $ 1,904 Investment and derivative gains/losses-2015 920 123 4,877 805 | |||||||||||||||||||||
[2] | Equivalent Class B shares outstanding are 1,500 times the equivalent Class A amount. Net earnings per equivalent Class B share outstanding are one-fifteen-hundredth of the equivalent Class A amount or $9.76 for 2016, $9.77 for 2015 and $8.06 for 2014. |
Subsequent Event - Narrative (D
Subsequent Event - Narrative (Detail) - Subsequent Event [Member] - NICO [Member] - AIG [Member] - Retroactive Reinsurance Agreement [Member] | 1 Months Ended |
Jan. 31, 2017USD ($) | |
Subsequent Event [Line Items] | |
Percentage of losses and allocated loss adjustment expenses reinsured in excess of retained amount | 80.00% |
Losses and allocated loss adjustment expenses retained amount | $ 25,000,000,000 |
Reinsurance premium | 10,000,000,000 |
Maximum [Member] | |
Subsequent Event [Line Items] | |
Losses and allocated loss adjustment expenses reinsured in excess of retained amount | $ 25,000,000,000 |
Condensed Financial Informat129
Condensed Financial Information - Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets: | ||||
Cash and cash equivalents | $ 28,048 | $ 67,161 | $ 60,033 | $ 45,907 |
Total assets | 620,854 | 552,257 | 525,867 | |
Liabilities and Shareholders' Equity: | ||||
Income taxes, principally deferred | 77,944 | 63,126 | ||
Total liabilities | 334,495 | 293,630 | ||
Berkshire Hathaway shareholders' equity | 283,001 | 255,550 | ||
Total liabilities and shareholders' equity | 620,854 | 552,257 | ||
Berkshire Hathaway Inc. (Parent) [Member] | ||||
Assets: | ||||
Cash and cash equivalents | 3,221 | 10,609 | $ 9,449 | $ 3,412 |
U.S. Treasury Bills | 8,220 | |||
Total cash, cash equivalents and U.S. Treasury Bills | 11,441 | 10,609 | ||
Investments in fixed maturity and equity securities and other assets | 59 | 113 | ||
Investments in and advances to/from consolidated subsidiaries | 277,398 | 233,977 | ||
Investments in The Kraft Heinz Company | 15,345 | 23,424 | ||
Total assets | 304,243 | 268,123 | ||
Liabilities and Shareholders' Equity: | ||||
Accounts payable, accrued interest and other liabilities | 182 | 111 | ||
Income taxes, principally deferred | 3,357 | 2,663 | ||
Notes payable and other borrowings | 17,703 | 9,799 | ||
Total liabilities | 21,242 | 12,573 | ||
Berkshire Hathaway shareholders' equity | 283,001 | 255,550 | ||
Total liabilities and shareholders' equity | $ 304,243 | $ 268,123 |
Condensed Financial Informat130
Condensed Financial Information - Statements of Earnings and Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||
From consolidated subsidiaries: | |||||||||||||||||||
Investment gains/losses | $ 7,553 | $ 9,373 | $ 3,575 | ||||||||||||||||
Equity in net earnings of The Kraft Heinz Company | 923 | (122) | (26) | ||||||||||||||||
Total revenues | $ 58,344 | $ 58,843 | $ 54,254 | $ 52,163 | $ 51,731 | $ 59,070 | $ 51,549 | $ 48,593 | 223,604 | 210,943 | 194,699 | ||||||||
Cost and expense items: | |||||||||||||||||||
Interest expense | 3,497 | 3,515 | 3,253 | ||||||||||||||||
Income taxes | 9,240 | 10,532 | 7,935 | ||||||||||||||||
Total costs and expenses | 190,860 | 175,875 | 166,568 | ||||||||||||||||
Net earnings attributable to Berkshire Hathaway shareholders | $ 6,286 | [1] | $ 7,198 | [1] | $ 5,001 | [1] | $ 5,589 | [1] | $ 5,478 | [1] | $ 9,428 | [1] | $ 4,013 | [1] | $ 5,164 | [1] | 24,074 | 24,083 | 19,872 |
Comprehensive income attributable to Berkshire Hathaway shareholders | 27,390 | 15,333 | 18,579 | ||||||||||||||||
Berkshire Hathaway Inc. (Parent) [Member] | |||||||||||||||||||
From consolidated subsidiaries: | |||||||||||||||||||
Dividends | 9,862 | 10,519 | 4,969 | ||||||||||||||||
Undistributed earnings | 13,264 | 8,508 | 14,496 | ||||||||||||||||
Total income from consolidated subsidiaries | 23,126 | 19,027 | 19,465 | ||||||||||||||||
Investment gains/losses | 700 | 6,854 | |||||||||||||||||
Equity in net earnings of The Kraft Heinz Company | 923 | (122) | (26) | ||||||||||||||||
Other income | 262 | 963 | 784 | ||||||||||||||||
Total revenues | 25,011 | 26,722 | 20,223 | ||||||||||||||||
Cost and expense items: | |||||||||||||||||||
General and administrative | 80 | 73 | (1) | ||||||||||||||||
Interest expense | 208 | 302 | 236 | ||||||||||||||||
Income taxes | 649 | 2,264 | 116 | ||||||||||||||||
Total costs and expenses | 937 | 2,639 | 351 | ||||||||||||||||
Net earnings attributable to Berkshire Hathaway shareholders | 24,074 | 24,083 | 19,872 | ||||||||||||||||
Other comprehensive income attributable to Berkshire Hathaway shareholders | 3,316 | (8,750) | (1,293) | ||||||||||||||||
Comprehensive income attributable to Berkshire Hathaway shareholders | $ 27,390 | $ 15,333 | $ 18,579 | ||||||||||||||||
[1] | Includes investment and derivative gains/losses. After-tax investment and derivative gains/losses for the periods presented above are as follows (in millions): 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Investment and derivative gains/losses-2016 $ 1,852 $ 394 $ 2,347 $ 1,904 Investment and derivative gains/losses-2015 920 123 4,877 805 |
Condensed Financial Informat131
Condensed Financial Information - Statements of Cash Flows (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Aug. 31, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Cash flows from operating activities: | ||||||||||||||||||||
Net earnings attributable to Berkshire Hathaway shareholders | $ 6,286 | [1] | $ 7,198 | $ 5,001 | $ 5,589 | [1] | $ 5,478 | [1] | $ 9,428 | $ 4,013 | $ 5,164 | [1] | $ 24,074 | $ 24,083 | $ 19,872 | |||||
Adjustments to reconcile net earnings to cash flows from operating activities: | ||||||||||||||||||||
Investment gains/losses | (7,553) | (9,373) | (3,575) | |||||||||||||||||
Income taxes payable | 4,044 | 5,718 | 4,905 | |||||||||||||||||
Other | (161) | 751 | (341) | |||||||||||||||||
Net cash flows from operating activities | 32,535 | 31,491 | 32,010 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of U.S. Treasury Bills and fixed maturity securities | (96,568) | (17,891) | (12,562) | |||||||||||||||||
Net cash flows from investing activities | (84,267) | (28,001) | (20,326) | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Net cash flows from financing activities | 12,791 | 3,803 | 2,731 | |||||||||||||||||
Increase (decrease) in cash and cash equivalents | (39,113) | 7,128 | 14,126 | |||||||||||||||||
Cash and cash equivalents at beginning of year | 67,161 | 60,033 | 67,161 | 60,033 | 45,907 | |||||||||||||||
Cash and cash equivalents at end of year | 28,048 | 67,161 | 28,048 | 67,161 | 60,033 | |||||||||||||||
Other cash flow information: | ||||||||||||||||||||
Income taxes paid | 4,719 | 4,535 | 4,014 | |||||||||||||||||
Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net earnings attributable to Berkshire Hathaway shareholders | 24,074 | 24,083 | 19,872 | |||||||||||||||||
Adjustments to reconcile net earnings to cash flows from operating activities: | ||||||||||||||||||||
Investment gains/losses | (700) | (6,854) | ||||||||||||||||||
Undistributed earnings of subsidiaries | (13,264) | (8,508) | (14,496) | |||||||||||||||||
Non-cash dividends from subsidiaries | (3,938) | |||||||||||||||||||
Income taxes payable | 629 | 2,227 | 136 | |||||||||||||||||
Other | (161) | 222 | (75) | |||||||||||||||||
Net cash flows from operating activities | 10,578 | 7,232 | 5,437 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Redemption (purchase) of Kraft Heinz investments | 8,320 | (5,258) | ||||||||||||||||||
Investments in and advances to/repayments from subsidiaries | (26,398) | (2,274) | 1,673 | |||||||||||||||||
Net cash flows from investing activities | (26,283) | (7,532) | 1,673 | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from borrowings | 9,278 | 3,165 | 832 | |||||||||||||||||
Repayments of borrowings | $ (750) | (1,125) | (1,775) | (792) | ||||||||||||||||
Acquisitions of noncontrolling interests | (2) | (10) | (1,231) | |||||||||||||||||
Other | 166 | 80 | 118 | |||||||||||||||||
Net cash flows from financing activities | 8,317 | 1,460 | (1,073) | |||||||||||||||||
Increase (decrease) in cash and cash equivalents | (7,388) | 1,160 | 6,037 | |||||||||||||||||
Cash and cash equivalents at beginning of year | $ 10,609 | $ 9,449 | 10,609 | 9,449 | 3,412 | |||||||||||||||
Cash and cash equivalents at end of year | $ 3,221 | $ 10,609 | 3,221 | 10,609 | 9,449 | |||||||||||||||
Other cash flow information: | ||||||||||||||||||||
Income taxes paid | 3,583 | 3,180 | 2,512 | |||||||||||||||||
Interest paid | 307 | 206 | $ 233 | |||||||||||||||||
Non-cash investments in subsidiaries | $ 3,938 | |||||||||||||||||||
Berkshire Hathaway Inc. (Parent) [Member] | U.S. Treasury Bills [Member] | ||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of U.S. Treasury Bills and fixed maturity securities | (9,350) | |||||||||||||||||||
Sales and maturities of U.S. Treasury Bills | $ 1,145 | |||||||||||||||||||
[1] | Includes investment and derivative gains/losses. After-tax investment and derivative gains/losses for the periods presented above are as follows (in millions): 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Investment and derivative gains/losses-2016 $ 1,852 $ 394 $ 2,347 $ 1,904 Investment and derivative gains/losses-2015 920 123 4,877 805 |
Note to Condensed Financial Inf
Note to Condensed Financial Information - Narrative (Detail) € in Millions | Jun. 07, 2016USD ($) | Jan. 29, 2016USD ($) | Jan. 08, 2016USD ($) | Jul. 02, 2015 | Jul. 01, 2015USD ($) | Jun. 07, 2013USD ($) | Aug. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2016EUR (€) |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Purchase of common stock | $ 5,258,000,000 | |||||||||||
Maturing: 2017 | $ 10,256,000,000 | |||||||||||
Maturing: 2018 | 12,011,000,000 | |||||||||||
Maturing: 2019 | 7,396,000,000 | |||||||||||
Maturing: 2020 | 4,389,000,000 | |||||||||||
Maturing: 2021 | 4,342,000,000 | |||||||||||
Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Repayments of borrowings | $ 750,000,000 | 1,125,000,000 | 1,775,000,000 | $ 792,000,000 | ||||||||
Maturing: 2017 | 1,101,000,000 | |||||||||||
Maturing: 2018 | 1,551,000,000 | |||||||||||
Maturing: 2019 | 754,000,000 | |||||||||||
Maturing: 2020 | 1,054,000,000 | |||||||||||
Maturing: 2021 | 1,500,000,000 | |||||||||||
Guarantee of subsidiary debt obligations | 17,700,000,000 | |||||||||||
Kraft Heinz (previously Heinz Holding) [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Equity method investment ownership percentage | 52.50% | |||||||||||
Equity method investment ownership percentage after transactions | 26.80% | |||||||||||
Common Stock, Cumulative Compounding Preferred Stock and Warrants [Member] | Kraft Heinz (previously Heinz Holding) [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Purchase of preferred stock, common stock and warrants | $ 12,250,000,000 | |||||||||||
Common Stock [Member] | Kraft Heinz (previously Heinz Holding) [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Purchase of common stock | $ 5,258,000,000 | |||||||||||
Non-cash pre-tax holding gain on equity method investment | $ 6,800,000,000 | |||||||||||
Cumulative Compounding Preferred Stock [Member] | Kraft Heinz (previously Heinz Holding) [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Redemption of preferred stock | $ 8,320,000,000 | |||||||||||
Revolving Credit Agreement [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 10,000,000,000 | |||||||||||
Term of credit agreement | 364 days | |||||||||||
Precision Castparts Corp. [Member] | Revolving Credit Agreement [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Borrowings under credit agreement | $ 10,000,000,000 | |||||||||||
Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Principal amount of debt issued | 750,000,000 | € 2,750 | ||||||||||
Additional Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Principal amount of debt issued | $ 5,500,000,000 | |||||||||||
Notes Due 2020 at 0.50% [Member] | Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Principal amount of debt issued | € | € 1,000 | |||||||||||
Debt instrument, interest rate, stated percentage | 0.50% | 0.50% | ||||||||||
Notes Due 2024 at 1.30% [Member] | Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Principal amount of debt issued | € | € 1,000 | |||||||||||
Debt instrument, interest rate, stated percentage | 1.30% | 1.30% | ||||||||||
Notes Due 2028 at 2.15% [Member] | Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Principal amount of debt issued | € | € 750 | |||||||||||
Debt instrument, interest rate, stated percentage | 2.15% | 2.15% | ||||||||||
Notes Due 2021 at 2.20% [Member] | Additional Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Principal amount of debt issued | $ 1,000,000,000 | |||||||||||
Debt instrument, interest rate, stated percentage | 2.20% | 2.20% | ||||||||||
Notes Due 2023 at 2.75% [Member] | Additional Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Principal amount of debt issued | $ 2,000,000,000 | |||||||||||
Debt instrument, interest rate, stated percentage | 2.75% | 2.75% | ||||||||||
Notes Due 2026 at 3.125% [Member] | Additional Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Principal amount of debt issued | $ 2,500,000,000 | |||||||||||
Debt instrument, interest rate, stated percentage | 3.125% | 3.125% | ||||||||||
Notes Due 2018 at 1.15% [Member] | Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Principal amount of debt issued | $ 500,000,000 | |||||||||||
Debt instrument, interest rate, stated percentage | 1.15% | |||||||||||
Notes Due 2018, Floating Rate [Member] | Senior Unsecured Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Principal amount of debt issued | $ 250,000,000 | |||||||||||
Equity Index Put Options [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Guarantee of subsidiary obligations under derivative liability contracts | $ 2,900,000,000 |