Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 25, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | BRKA | |
Entity Registrant Name | BERKSHIRE HATHAWAY INC. | |
Entity Central Index Key | 1,067,983 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 733,152 | |
Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,362,792,906 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |||
ASSETS | |||||
Investments in fixed maturity securities | $ 18,271 | $ 21,353 | |||
Investments in equity securities | 207,332 | [1] | 170,540 | [2] | |
Inventories | 16,793 | 16,187 | |||
Goodwill | 81,327 | 81,258 | |||
Deferred charges under retroactive reinsurance contracts | 14,451 | 15,278 | |||
Total assets | 736,459 | 702,095 | |||
LIABILITIES | |||||
Income taxes, principally deferred | 59,340 | 56,607 | |||
Unpaid losses and loss adjustment expenses | 64,263 | 61,122 | |||
Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts | 41,935 | 42,937 | |||
Total liabilities | 357,040 | 350,141 | |||
Shareholders' equity: | |||||
Common stock | 8 | 8 | |||
Capital in excess of par value | 35,713 | 35,694 | |||
Accumulated other comprehensive income | (3,927) | 58,571 | |||
Retained earnings | 346,503 | 255,786 | |||
Treasury stock, at cost | (2,691) | (1,763) | |||
Berkshire Hathaway shareholders' equity | 375,606 | 348,296 | |||
Noncontrolling interests | 3,813 | 3,658 | |||
Total shareholders' equity | 379,419 | 351,954 | |||
Total liabilities and shareholders' equity | 736,459 | 702,095 | |||
Insurance and Other [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | [3] | 36,506 | 25,460 | ||
Short-term investments in U.S. Treasury Bills | 59,947 | 78,515 | |||
Investments in fixed maturity securities | 18,271 | 21,353 | |||
Investments in equity securities | 201,226 | 164,026 | |||
Investment in The Kraft Heinz Company | 17,453 | 17,635 | |||
Receivables | 31,884 | 28,578 | |||
Inventories | 16,793 | 16,187 | |||
Property, plant and equipment | 24,357 | 20,104 | |||
Goodwill | 54,985 | 54,985 | |||
Other intangible assets | 31,626 | 32,518 | |||
Deferred charges under retroactive reinsurance contracts | 14,451 | 15,278 | |||
Other | 13,250 | 11,158 | |||
Total assets | 520,749 | 485,797 | |||
LIABILITIES | |||||
Unpaid losses and loss adjustment expenses | 64,263 | 61,122 | |||
Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts | 41,935 | 42,937 | |||
Unearned premiums | 19,011 | 16,040 | |||
Life, annuity and health insurance benefits | 18,368 | 17,608 | |||
Other policyholder liabilities | 6,692 | 7,654 | |||
Accounts payable, accruals and other liabilities | 27,178 | 23,099 | |||
Notes payable and other borrowings | 24,271 | 27,324 | |||
Total liabilities | 201,718 | 195,784 | |||
Railroad, Utilities and Energy [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | [3] | 3,297 | 2,910 | ||
Property, plant and equipment | 130,387 | 128,184 | |||
Goodwill | 24,790 | 24,780 | |||
Regulatory assets | 2,928 | 2,950 | |||
Other | 16,020 | 15,589 | |||
Total assets | 177,422 | 174,413 | |||
LIABILITIES | |||||
Accounts payable, accruals and other liabilities | 11,269 | 11,334 | |||
Regulatory liabilities | 7,723 | 7,511 | |||
Notes payable and other borrowings | 62,599 | 62,178 | |||
Total liabilities | 81,591 | 81,023 | |||
Finance and Financial Products [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | [3] | 1,635 | 3,213 | ||
Short-term investments in U.S. Treasury Bills | 2,258 | 5,856 | |||
Loans and finance receivables | 14,477 | 13,748 | |||
Property, plant and equipment and assets held for lease | 10,273 | 9,931 | |||
Goodwill | 1,552 | 1,493 | |||
Other | 8,093 | 7,644 | |||
Total assets | 38,288 | 41,885 | |||
LIABILITIES | |||||
Accounts payable, accruals and other liabilities | 1,752 | 1,470 | |||
Derivative contract liabilities | 1,869 | 2,172 | |||
Notes payable and other borrowings | 10,770 | 13,085 | |||
Total liabilities | $ 14,391 | $ 16,727 | |||
[1] | Approximately 69% of the aggregate fair value was concentrated in five companies (American Express Company - $16.1 billion; Apple Inc. - $57.6 billion; Bank of America Corporation - $26.5 billion; The Coca-Cola Company - $18.5 billion and Wells Fargo & Company - $24.4 billion). | ||||
[2] | Approximately 65% of the aggregate fair value was concentrated in five companies (American Express Company - $15.1 billion; Apple Inc. - $28.2 billion; Bank of America Corporation - $20.7 billion; The Coca-Cola Company - $18.4 billion and Wells Fargo & Company - $29.3 billion). | ||||
[3] | Cash and cash equivalents includes U.S. Treasury Bills with maturities of three months or less when purchased of $14.7 billion at September 30, 2018 and $5.7 billion at December 31, 2017. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Billions | Sep. 30, 2018 | Dec. 31, 2017 |
U.S. Treasury Bills [Member] | ||
Cash equivalents | $ 14.7 | $ 5.7 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Revenues: | |||||
Sales and service revenues | $ 45,427 | $ 131,191 | |||
Total revenues | 63,450 | $ 59,507 | 184,123 | $ 181,133 | |
Investment and derivative contract gains/losses: | |||||
Investments gains (losses) | 14,569 | 657 | 12,750 | 1,262 | |
Derivative contract gains (losses) | 137 | 308 | 303 | 703 | |
Investment and derivative gains/losses | 14,706 | 965 | 13,053 | 1,965 | |
Costs and expenses: | |||||
Total costs and expenses | 55,325 | 55,147 | 161,498 | 166,583 | |
Earnings before income taxes and equity method earnings | 22,831 | 5,325 | 35,678 | 16,515 | |
Equity method earnings | 316 | 305 | 1,044 | 932 | |
Earnings before income taxes | 23,147 | 5,630 | 36,722 | 17,447 | |
Income tax expense | 4,440 | 1,427 | 7,009 | 4,750 | |
Net earnings | 18,707 | 4,203 | 29,713 | 12,697 | |
Earnings attributable to noncontrolling interests | 167 | 136 | 300 | 308 | |
Net earnings attributable to Berkshire Hathaway shareholders | $ 18,540 | $ 4,067 | $ 29,413 | $ 12,389 | |
Equivalent Class A [Member] | |||||
Net earnings (loss) per share attributable to Berkshire Hathaway shareholders: | |||||
Net earnings per average equivalent share | [1] | $ 11,280 | $ 2,473 | $ 17,885 | $ 7,533 |
Equivalent Class B [Member] | |||||
Net earnings (loss) per share attributable to Berkshire Hathaway shareholders: | |||||
Net earnings per average equivalent share | [1] | $ 7.52 | $ 1.65 | $ 11.92 | $ 5.02 |
Class A [Member] | |||||
Net earnings (loss) per share attributable to Berkshire Hathaway shareholders: | |||||
Average shares outstanding | 736,262 | 756,528 | 744,126 | 766,245 | |
Class B [Member] | |||||
Net earnings (loss) per share attributable to Berkshire Hathaway shareholders: | |||||
Average shares outstanding | 1,360,940,890 | 1,332,192,917 | 1,350,588,758 | 1,317,463,821 | |
Insurance and Other [Member] | |||||
Revenues: | |||||
Insurance premiums earned | $ 14,333 | $ 13,349 | $ 41,855 | $ 47,469 | |
Sales and service revenues | 33,249 | 32,055 | 98,128 | 94,017 | |
Interest, dividend and other investment income | 1,619 | 1,320 | 4,468 | 3,804 | |
Total revenues | 49,201 | 46,724 | 144,451 | 145,290 | |
Costs and expenses: | |||||
Insurance losses and loss adjustment expenses | 9,932 | 12,137 | 28,296 | 39,450 | |
Life, annuity and health insurance benefits | 1,448 | 1,213 | 4,153 | 3,703 | |
Insurance underwriting expenses | 2,352 | 2,207 | 7,079 | 6,924 | |
Cost of sales and services | 26,789 | 25,815 | 78,684 | 75,594 | |
Selling, general and administrative expenses | 3,984 | 3,965 | 12,158 | 12,101 | |
Interest expense and other | 116 | 435 | 246 | 1,405 | |
Total costs and expenses | 44,621 | 45,772 | 130,616 | 139,177 | |
Railroad, Utilities and Energy [Member] | |||||
Revenues: | |||||
Total revenues | 11,818 | 10,633 | 32,815 | 29,833 | |
Costs and expenses: | |||||
Cost of sales and operating expenses | 8,087 | 6,984 | 23,451 | 20,678 | |
Interest expense | 698 | 700 | 2,110 | 2,090 | |
Total costs and expenses | 8,785 | 7,684 | 25,561 | 22,768 | |
Finance and Financial Products [Member] | |||||
Revenues: | |||||
Sales and service revenues | 2,057 | 1,790 | 5,742 | 4,936 | |
Interest, dividend and other investment income | 374 | 360 | 1,115 | 1,074 | |
Total revenues | 2,431 | 2,150 | 6,857 | 6,010 | |
Costs and expenses: | |||||
Cost of sales and services | 1,273 | 1,062 | 3,519 | 2,891 | |
Selling, general and administrative expenses | 564 | 531 | 1,549 | 1,442 | |
Interest expense | 82 | 98 | 253 | 305 | |
Total costs and expenses | $ 1,919 | $ 1,691 | $ 5,321 | $ 4,638 | |
[1] | Class B shares are economically equivalent to one-fifteen-hundredth of a Class A share. Accordingly, net earnings per average equivalent Class B share outstanding is equal to one-fifteen-hundredth of the equivalent Class A amount. See Note 19. |
Consolidated Statements of Ea_2
Consolidated Statements of Earnings (Parenthetical) | 9 Months Ended |
Sep. 30, 2018 | |
Class B [Member] | |
Economic equivalent of Class B share to Class A share | 0.0667% |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 18,707 | $ 4,203 | $ 29,713 | $ 12,697 |
Other comprehensive income: | ||||
Net change in unrealized appreciation of investments | 5 | 4,952 | (132) | 18,040 |
Applicable income taxes | (1) | (1,716) | 19 | (6,247) |
Reclassification of investment appreciation in net earnings | (34) | (646) | (299) | (1,235) |
Applicable income taxes | 7 | 226 | 63 | 432 |
Foreign currency translation | (79) | 771 | (842) | 2,127 |
Applicable income taxes | 9 | (24) | 46 | (116) |
Prior service cost and actuarial gains/losses of defined benefit pension plans | (13) | (3) | 50 | (57) |
Applicable income taxes | 3 | 6 | 31 | |
Other, net | (21) | 32 | (57) | 38 |
Other comprehensive income, net | (124) | 3,598 | (1,152) | 13,013 |
Comprehensive income | 18,583 | 7,801 | 28,561 | 25,710 |
Comprehensive income attributable to noncontrolling interests | 162 | 203 | 271 | 436 |
Comprehensive income attributable to Berkshire Hathaway shareholders | $ 18,421 | $ 7,598 | $ 28,290 | $ 25,274 |
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, 2016 | $ 285,428 | $ 35,689 | $ 37,298 | $ 210,846 | $ (1,763) | $ 3,358 |
Net earnings | 12,697 | 12,389 | 308 | |||
Other comprehensive income, net | 13,013 | 12,885 | 128 | |||
Issuance of common stock | 58 | 58 | ||||
Transactions with noncontrolling interests | (275) | (55) | (220) | |||
Ending Balance at Sep. 30, 2017 | 310,921 | 35,692 | 50,183 | 223,235 | (1,763) | 3,574 |
Beginning Balance at Dec. 31, 2017 | 351,954 | 35,702 | 58,571 | 255,786 | (1,763) | 3,658 |
Adoption of new accounting pronouncements | (71) | (61,375) | 61,304 | |||
Net earnings | 29,713 | 29,413 | 300 | |||
Other comprehensive income, net | (1,152) | (1,123) | (29) | |||
Issuance (acquisition) of common stock | (874) | 54 | (928) | |||
Transactions with noncontrolling interests | (151) | (35) | (116) | |||
Ending Balance at Sep. 30, 2018 | $ 379,419 | $ 35,721 | $ (3,927) | $ 346,503 | $ (2,691) | $ 3,813 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
Cash flows from operating activities: | |||
Net earnings | $ 29,713 | $ 12,697 | |
Adjustments to reconcile net earnings to operating cash flows: | |||
Investment gains/losses | (12,750) | (1,262) | |
Depreciation and amortization | 7,169 | 6,835 | |
Other | (677) | 1,110 | |
Changes in operating assets and liabilities: | |||
Losses and loss adjustment expenses | 2,272 | 22,615 | |
Deferred charges reinsurance assumed | 827 | (5,525) | |
Unearned premiums | 2,974 | 2,253 | |
Receivables and originated loans | (4,781) | (2,890) | |
Other assets | (1,788) | (1,287) | |
Other liabilities | 805 | 360 | |
Income taxes | 2,791 | 2,593 | |
Net cash flows from operating activities | 26,555 | 37,499 | |
Cash flows from investing activities: | |||
Purchases of U.S. Treasury Bills and fixed maturity securities | (85,502) | (106,597) | |
Purchases of equity securities | (38,552) | (14,936) | |
Sales of U.S. Treasury Bills and fixed maturity securities | 26,903 | 35,143 | |
Redemptions and maturities of U.S. Treasury Bills and fixed maturity securities | 83,742 | 65,666 | |
Sales and redemptions of equity securities | 14,164 | 10,572 | |
Purchases of loans and finance receivables | (1,748) | (1,392) | |
Collections of loans and finance receivables | 266 | 1,599 | |
Acquisitions of businesses, net of cash acquired | (521) | (2,640) | |
Purchases of property, plant and equipment | (10,040) | (8,411) | |
Other | 257 | (150) | |
Net cash flows from investing activities | (11,031) | (21,146) | |
Cash flows from financing activities: | |||
Changes in short term borrowings, net | (2,754) | 122 | |
Acquisition of treasury stock | (928) | ||
Other | (277) | (108) | |
Net cash flows from financing activities | (5,526) | (1,867) | |
Effects of foreign currency exchange rate changes | (109) | 222 | |
Increase in cash and cash equivalents and restricted cash | 9,889 | 14,708 | |
Cash and cash equivalents and restricted cash: | |||
Cash and cash equivalents and restricted cash at beginning of year | 32,212 | 28,643 | |
Cash and cash equivalents and restricted cash at end of third quarter | 42,101 | 43,351 | |
Restricted cash, included in other assets at beginning of year | 629 | 595 | |
Restricted cash, included in other assets at end of third quarter | 663 | 645 | |
Insurance and Other [Member] | |||
Cash flows from financing activities: | |||
Proceeds from borrowings | 55 | 1,321 | |
Repayments of borrowings | (2,661) | (1,763) | |
Cash and cash equivalents and restricted cash: | |||
Cash and cash equivalents at beginning of year | 25,460 | [1] | 23,581 |
Cash and cash equivalents at end of third quarter | 36,506 | [1] | 35,247 |
Railroad, Utilities and Energy [Member] | |||
Cash flows from financing activities: | |||
Proceeds from borrowings | 7,019 | 2,812 | |
Repayments of borrowings | (3,658) | (1,944) | |
Cash and cash equivalents and restricted cash: | |||
Cash and cash equivalents at beginning of year | 2,910 | [1] | 3,939 |
Cash and cash equivalents at end of third quarter | 3,297 | [1] | 4,448 |
Finance and Financial Products [Member] | |||
Cash flows from financing activities: | |||
Proceeds from borrowings | 2,339 | 1,298 | |
Repayments of borrowings | (4,661) | (3,605) | |
Cash and cash equivalents and restricted cash: | |||
Cash and cash equivalents at beginning of year | 3,213 | [1] | 528 |
Cash and cash equivalents at end of third quarter | $ 1,635 | [1] | $ 3,011 |
[1] | Cash and cash equivalents includes U.S. Treasury Bills with maturities of three months or less when purchased of $14.7 billion at September 30, 2018 and $5.7 billion at December 31, 2017. |
General
General | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | Note 1. General The accompanying unaudited Consolidated Financial Statements include the accounts of Berkshire Hathaway Inc. (“Berkshire” or “Company”) consolidated with the accounts of all its subsidiaries and affiliates in which Berkshire holds controlling financial interests as of the financial statement date. In these notes, the terms “us,” “we” or “our” refer to Berkshire and its consolidated subsidiaries. Reference is made to Berkshire’s most recently issued Annual Report on Form 10-K Financial information in this Quarterly Report reflects all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary to a fair statement of results for the interim periods in accordance with accounting principles generally accepted in the United States (“GAAP”). For a number of reasons, our results for interim periods are not normally indicative of results to be expected for the year. The timing and magnitude of catastrophe losses incurred by insurance subsidiaries and the estimation error inherent to the process of determining liabilities for unpaid losses of insurance subsidiaries can be more significant to results of interim periods than to results for a full year. Changes in market prices of the equity securities we own can produce significant effects on our consolidated shareholders’ equity. Beginning in 2018, those effects are included in our Consolidated Statements of Earnings, whereas in pre-2018 |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | Note 2. New Accounting Pronouncements On January 1, 2018, we adopted Accounting Standards Update (“ASU”) 2016-01 2016-01”), 2018-02 2018-02”) 2016-01, 2018-02 ASU 2016-01 ASU 2018-02 ASC 606 Total Increase (decrease): Assets $ — $ — $ 3,382 $ 3,382 Liabilities — — 3,453 3,453 Accumulated other comprehensive income (61,459) 84 — (61,375) Retained earnings 61,459 (84) (71) 61,304 Shareholders’ equity — — (71) (71) With respect to ASU 2016-01, available-for-sale 2016-01 after-tax In connection with our adoption of ASU 2018-02, We adopted ASC 606 using the modified retrospective method, whereby the cumulative effect of the adoption was recorded as an adjustment to retained earnings. Prior year financial statements were not restated. The initial adoption of ASC 606 as of January 1, 2018 resulted in increases to assets and other liabilities, with a relatively minor reduction in retained earnings. Prior to January 1, 2018, we recognized revenues from the sales of fractional ownership interests in aircraft over the term of the related management services agreements, as the transfers of the ownership interests were inseparable from the management services agreements. These agreements also include provisions that require us to repurchase the fractional interest at fair market value at contract termination or upon the customer’s request following the end of a minimum commitment period. ASC 606 provides that such contracts are subject to accounting guidance for lease contracts and not ASC 606. The principal effects of this re-characterization re-characterization In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02 We are party to contracts where we are the lessee and other contracts where we are the lessor. For contracts where we are the lessee, we will record lease liabilities and right of use assets for contracts in effect on January 1, 2019 based on the facts and circumstances as of that date. While we continue to evaluate certain provisions of ASC 842, based on our current estimates, we expect to recognize right of use assets and lessee lease liabilities of approximately $6 billion with respect to operating leases. We do not believe the adoption of ASC 842 will have a material effect on our consolidated financial position, results of operations or cash flows. 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, 2017-04 In August 2018, the FASB issued ASU 2018-12 2018-12 2018-12 |
Revenues from contracts with cu
Revenues from contracts with customers | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from contracts with customers | Note 3. Revenues from contracts with customers As discussed in Note 2, on January 1, 2018, we adopted ASC 606 “Revenues from Contracts with Customers.” Except as described in Note 2, our revenue recognition practices for contracts with customers under ASC 606 do not differ significantly from prior practices. Under ASC 606, revenues are recognized when a good or service is transferred to a customer. A good or service is transferred when (or as) the customer obtains control of that good or service. Revenues are based on the consideration we expect to receive in connection with our promises to deliver goods and services to our customers. Our accounting policies related to revenue from contracts with customers follow. We manufacture and/or distribute a wide variety of industrial, building and consumer products. Our sales contracts provide customers with these products through wholesale and retail channels in exchange for consideration specified under the contracts. Contracts generally represent customer orders for individual products at stated prices. Sales contracts may contain either single or multiple performance obligations. In instances where contracts contain multiple performance obligations, we allocate the revenue to each obligation based on the relative stand-alone selling prices of each product or service. Sales revenue reflects reductions for returns, allowances, volume discounts and other incentives, some of which may be contingent on future events. In certain customer contracts of our grocery distribution business, sales revenue includes certain state and local excise taxes billed to customers on specified products when those taxes are levied directly upon us by the taxing authorities. Sales revenue excludes sales taxes and value-added taxes collected on behalf of taxing authorities. Sales revenue includes consideration for shipping and other fulfillment activities performed prior to the customer obtaining control of the goods. We also elect to treat consideration for such services performed after control has passed to the customer as sales revenue. Our product sales revenues are generally recognized at a point in time when control of the product transfers to the customer, which coincides with customer pickup or product delivery or acceptance, depending on terms of the arrangement. We recognize sales revenues and related costs with respect to certain contracts over time, primarily from certain castings, forgings and aerostructures contracts. Control of the product units under these contracts transfers continuously to the customer as the product is manufactured. These products generally have no alternative use and the contract requires the customer to provide reasonable compensation if terminated for reasons other than breach of contract. Our energy revenue derives primarily from tariff based sales arrangements approved by various regulatory bodies. These tariff based revenues are mainly comprised of energy, transmission, distribution and natural gas and have performance obligations to deliver energy products and services to customers which are satisfied over time as energy is delivered or services are provided. Our nonregulated energy revenue primarily relates to our renewable energy business. Energy revenues are equivalent to the amounts we have the right to invoice and correspond directly with the value to the customer of the performance to date and include billed and unbilled amounts. As of September 30, 2018 and December 31, 2017, trade receivables were approximately $2.2 billion and $2.0 billion, respectively, and were included in other assets of our railroad, utilities and energy businesses on the Consolidated Balance Sheets. Such amounts substantially relate to customer revenue and included unbilled revenue of $624 million as of September 30, 2018 and $665 million as of December 31, 2017. Payments from customers are generally due from the customer within 30 days of billing. Rates charged for energy products and services are established by regulators or contractual arrangements that establish the transaction price, as well as the allocation of price amongst the separate performance obligations. When preliminary regulated 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 accrued. The primary performance obligation under our freight rail transportation service contracts is to move freight from a point of origin to a point of destination. The performance obligations are represented by bills of lading which create a series of distinct services that have a similar pattern of transfer to the customer. The revenues for each performance obligation are based on various factors including the product being shipped, the origin and destination pair, and contract incentives which are outlined in various private rate agreements, common carrier public tariffs, interline foreign road agreements and pricing quotes. The transaction price is generally a per car amount to transport railcars from a specified origin to a specified destination. Freight revenues are recognized over time as the service is performed because the customer simultaneously receives and consumes the benefits of the service. Revenues recognized represent the proportion of the service completed as of the balance sheet date. Receivables related to customer contracts were approximately $1.3 billion at September 30, 2018 and $1.2 billion at December 31, 2017 and were included in other assets of our railroad, utilities and energy businesses. Invoices for freight transportation services are generally issued to customers and paid within thirty days or less. Customer incentives, which are primarily provided for shipping a specified cumulative volume or shipping to/from specific locations, are recorded as a reduction to revenue on a pro-rata Other service revenues derive from contracts with customers in which performance obligations are satisfied over time, where customers receive and consume benefits as we perform the services, or at a point in time when the services are provided. Other service revenues primarily derive from real estate brokerage, automotive repair, aircraft management, aviation training, franchising and news distribution services. The following table summarizes customer contract revenues disaggregated by reportable segment and the source of the revenue for the three and nine months ending September 30, 2018 (in millions). Other revenues included in our consolidated revenues were primarily insurance premiums earned, interest, dividend and other investment income and lease income which are not within the scope of ASC 606. Manufacturing McLane Service and BNSF Berkshire Finance and Insurance, Total Three months ending September 30, 2018 Manufactured products: Industrial and commercial products $ 6,384 $ — $ 47 $ — $ — $ 82 $ — $ 6,513 Building products 3,473 — — — — 4 — 3,477 Consumer products 2,838 — — — — 1,170 — 4,008 Grocery and convenience store distribution — 8,709 — — — — — 8,709 Food and beverage distribution — 4,079 — — — — — 4,079 Auto sales — — 2,083 — — — — 2,083 Other retail and wholesale distribution 521 — 3,117 — — 23 — 3,661 Service 262 16 965 6,099 1,140 148 — 8,630 Electricity and natural gas — — — — 4,267 — — 4,267 Total 13,478 12,804 6,212 6,099 5,407 1,427 — 45,427 Other revenue 51 18 743 13 299 1,004 15,895 18,023 $ 13,529 $ 12,822 $ 6,955 $ 6,112 $ 5,706 $ 2,431 $ 15,895 $ 63,450 Manufacturing McLane Service and BNSF Berkshire Finance and Insurance, Total Nine months ending September 30, 2018 Manufactured products: Industrial and commercial products $ 19,306 $ — $ 155 $ — $ — $ 503 $ — $ 19,964 Building products 9,817 — — — — 11 — 9,828 Consumer products 8,734 — — — — 3,124 — 11,858 Grocery and convenience store distribution — 25,128 — — — — — 25,128 Food and beverage distribution — 12,203 — — — — — 12,203 Auto sales — — 6,087 — — — — 6,087 Other retail and wholesale distribution 1,533 — 8,734 — — 65 — 10,332 Service 759 53 2,912 17,510 3,026 174 — 24,434 Electricity and natural gas — — — — 11,357 — — 11,357 Total 40,149 37,384 17,888 17,510 14,383 3,877 — 131,191 Other revenue 132 54 2,664 37 885 2,980 46,180 52,932 $ 40,281 $ 37,438 $ 20,552 $ 17,547 $ 15,268 $ 6,857 $ 46,180 $ 184,123 A summary of the transaction price allocated to the significant unsatisfied remaining performance obligations relating to contracts with expected durations in excess of one year as of September 30, 2018 follows (in millions). Performance obligations expected to be satisfied: Less than Greater than Total Manufactured products: Industrial and commercial products $ 50 $ 2,549 $ 2,599 Electricity and natural gas 1,011 5,879 6,890 |
Investments in fixed maturity s
Investments in fixed maturity securities | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in fixed maturity securities | Note 4. Investments in fixed maturity securities Our investments in fixed maturity securities as of September 30, 2018 and December 31, 2017 are summarized by type below (in millions). Amortized Cost Unrealized Unrealized Fair September 30, 2018 U.S. Treasury, U.S. government corporations and agencies $ 3,626 $ 8 $ (35) $ 3,599 U.S. states, municipalities and political subdivisions 276 15 (1) 290 Foreign governments 7,362 45 (37) 7,370 Corporate bonds 6,029 436 (7) 6,458 Mortgage-backed securities 502 56 (4) 554 $ 17,795 $ 560 $ (84) $ 18,271 December 31, 2017 U.S. Treasury, U.S. government corporations and agencies $ 3,975 $ 4 $ (26) $ 3,953 U.S. states, municipalities and political subdivisions 847 19 (12) 854 Foreign governments 8,572 274 (24) 8,822 Corporate bonds 6,279 588 (5) 6,862 Mortgage-backed securities 772 92 (2) 862 $ 20,445 $ 977 $ (69) $ 21,353 Investments in foreign government securities include securities issued by national and provincial government entities as well as instruments that are unconditionally guaranteed by such entities. As of September 30, 2018, approximately 89% of foreign government holdings were rated AA or higher by at least one of the major rating agencies. The amortized cost and estimated fair value of fixed maturity securities at September 30, 2018 are summarized below by contractual maturity dates. Amounts are in millions. Actual maturities may differ from contractual maturities due to early call or prepayment rights held by issuers. Due in one Due after one Due after five Due after Mortgage- Total Amortized cost $ 7,275 $ 9,057 $ 387 $ 574 $ 502 $ 17,795 Fair value 7,274 9,108 435 900 554 18,271 |
Investments in equity securitie
Investments in equity securities | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in equity securities | Note 5. Investments in equity securities Our investments in equity securities as of September 30, 2018 and December 31, 2017 are summarized based on the primary industry of the investee as follows (in millions). Cost Basis Net Unrealized Fair September 30, 2018 * Banks, insurance and finance $ 42,010 $ 51,499 $ 93,509 Consumer products 38,793 39,858 78,651 Commercial, industrial and other 21,035 14,137 35,172 $ 101,838 $ 105,494 $ 207,332 * Approximately 69% of the aggregate fair value was concentrated in five companies (American Express Company – $16.1 billion; Apple Inc. – $57.6 billion; Bank of America Corporation – $26.5 billion; The Coca-Cola Company – $18.5 billion and Wells Fargo & Company – $24.4 billion). Cost Basis Net Unrealized Fair December 31, 2017 * Banks, insurance and finance $ 25,783 $ 55,026 $ 80,809 Consumer products 25,177 25,698 50,875 Commercial, industrial and other 23,716 15,140 38,856 $ 74,676 $ 95,864 $ 170,540 * Approximately 65% of the aggregate fair value was concentrated in five companies (American Express Company – $15.1 billion; Apple Inc. – $28.2 billion; Bank of America Corporation – $20.7 billion; The Coca-Cola Company – $18.4 billion and Wells Fargo & Company – $29.3 billion). Investments in equity securities are reflected in our Consolidated Balance Sheets as follows (in millions). September 30, 2018 December 31, 2017 Insurance and other $ 201,226 $ 164,026 Railroad, utilities and energy * 1,616 1,961 Finance and financial products * 4,490 4,553 $ 207,332 $ 170,540 * Included in other assets. |
Equity Method Investments
Equity Method Investments | 9 Months Ended |
Sep. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Note 6. Equity Method Investments Berkshire holds investments in certain businesses that are accounted for pursuant to the equity method. Currently, the most significant of these is our investment in the common stock of 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, meals, meats, refreshment beverages, coffee and other grocery products. Berkshire currently owns 325,442,152 shares of Kraft Heinz common stock representing 26.7% of the outstanding shares. The carrying value and fair value of this investment at September 30, 2018 was approximately $17.5 billion and $17.9 billion, respectively, and at December 31, 2017 was $17.6 billion and $25.3 billion, respectively. Our earnings determined under the equity method during the first nine months of 2018 and 2017 were $635 million and $800 million, respectively. We received dividends on the common stock of $610 million in the first nine months of 2018 and $594 million in the first nine months of 2017, which we recorded as reductions of our investment. Summarized consolidated financial information of Kraft Heinz follows (in millions). September 29, 2018 December 30, 2017 Assets $ 119,730 $ 120,232 Liabilities 54,152 53,985 Third Quarter First Nine Months 2018 2017 2018 2017 Sales $ 6,378 $ 6,280 $ 19,368 $ 19,241 Net earnings attributable to Kraft Heinz common shareholders $ 630 $ 944 $ 2,379 $ 2,996 Other investments accounted for pursuant to the equity method include our investments in Berkadia Commercial Mortgage LLC (“Berkadia”), Pilot Travel Centers LLC, d/b/a Pilot Flying J (“Pilot Flying J”), and Electric Transmission Texas, LLC (“ETT”). Our investments in these entities were approximately $3.6 billion as of September 30, 2018 and $3.4 billion as of December 31, 2017 and were included in other assets. Our equity method earnings in these entities for the first nine months were $409 million in 2018 and $132 million in 2017. Additional information concerning these investments follows. We own a 50% interest in Berkadia with Jefferies Financial Group Inc. (“Jefferies”), formerly known as Leucadia National Corporation, 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 source of funding for Berkadia’s operations is through its issuance of commercial paper, which is currently limited to $1.5 billion. The commercial paper is supported by a surety policy issued by a Berkshire insurance subsidiary. Jefferies is obligated to indemnify us for one-half On October 3, 2017, we entered into an investment agreement and an equity purchase agreement whereby we acquired a 38.6% interest in Pilot Flying J, headquartered in Knoxville, Tennessee. Pilot Flying J is one of the largest operators of travel centers in North America, with more than 28,000 team members, 750 locations across the U.S. and Canada and more than $20 billion in annual revenues. The Haslam family currently owns a 50.1% interest in Pilot Flying J and a third party owns the remaining 11.3% interest. We also entered into an agreement to acquire in 2023 an additional 41.4% interest in Pilot Flying J with the Haslam family retaining a 20% interest. As a result, Berkshire will become the majority owner of Pilot Flying J in 2023. |
Income taxes
Income taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Note 7. Income taxes Our consolidated effective income tax rates for the third quarter and first nine months of 2018 were 19.2% and 19.1%, respectively, and 25.3% and 27.2% in the third quarter and first nine months of 2017, respectively. Our effective income tax rate normally reflects recurring benefits from: (a) dividends received deductions applicable to certain investments in equity securities and (b) income production tax credits related to wind-powered electricity generation placed in service in the U.S. In 2018, our effective income tax rate reflects the current U.S. statutory rate of 21%, while the rate for 2017 reflects the then current U.S. statutory rate of 35%. The relative mix of pre-tax In December 2017, the Securities and Exchange Commission issued Staff Accounting Bulletin 118 (“SAB 118”) to provide clarification in implementing the Tax Cuts and Jobs Act of 2017 (“TCJA”) when registrants do not have the necessary information available to complete the accounting for an element of the TCJA in the period of its enactment. SAB 118 provides for tax amounts to be classified as provisional and subject to remeasurement for up to one year from the enactment date for such elements when the accounting effect is not complete, but can be reasonably estimated. We recorded income tax expense of approximately $1.4 billion in the fourth quarter of 2017, representing our provisional estimate of the U.S. Federal and state income taxes on the deemed repatriation of accumulated undistributed earnings of foreign subsidiaries. We continue to consider this estimate to be provisional and subject to remeasurement when we obtain the necessary additional information to complete the measurement. As of September 30, 2018, we had not finalized the inputs to the foreign earnings and profits calculations, the basis on which income taxes are determined. Our accounting for the repatriation tax under the TCJA will be completed during the fourth quarter of 2018. We do not anticipate significant adjustments to the provisional estimates. |
Investment gains_losses
Investment gains/losses | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment gains/losses | Note 8. Investment gains/losses A summary of investment gains and losses in the third quarter and first nine months of 2018 and 2017 follows (in millions). Third Quarter First Nine Months 2018 2017 2018 2017 Equity securities: Unrealized investment gains/losses on securities held at the end of the period $ 14,294 $ — $ 12,126 $ — Investment gains/losses during 2018 on securities sold in 2018 244 — 307 — Gross realized gains — 1,011 — 1,795 Gross realized losses — (419) — (626) 14,538 592 12,433 1,169 Fixed maturity securities: Gross realized gains 44 56 451 82 Gross realized losses (10) (2) (152) (16) Other (3) 11 18 27 $ 14,569 $ 657 $ 12,750 $ 1,262 Prior to 2018, we recognized investment gains and losses in earnings when we sold or otherwise disposed of equity securities based on the difference between the proceeds from the sale and the cost of the securities and also when we recognized other-than-temporary impairment losses. Beginning in 2018, equity securities gains and losses include unrealized gains and losses from changes in fair values during the period on equity securities we still own. Prior to 2018, we recorded the changes in unrealized gains and losses on our investments in equity securities in other comprehensive income. See Note 2. During the first nine months of 2018, as reflected on the Consolidated Statement of Cash Flows, we received proceeds of approximately $14.2 billion from sales of equity securities. In the table above, investment gains/losses on equity securities sold during 2018 reflect the difference between proceeds from sales and the fair value of the equity security sold at the beginning of the period or the purchase date, if later. Our taxable gains on equity securities sold during the third quarter and first nine months of 2018, which are generally the difference between the proceeds from sales and our original cost, were $1,329 million and $2,688 million, respectively. |
Receivables
Receivables | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Receivables | Note 9. Receivables Receivables of insurance and other businesses are comprised of the following (in millions). September 30, December 31, Insurance premiums receivable $ 13,002 $ 11,058 Reinsurance recoverable on unpaid losses 2,944 3,201 Trade receivables 13,197 11,756 Other 3,121 2,925 Allowances for uncollectible accounts (380) (362) $ 31,884 $ 28,578 A summary of loans and finance receivables of our finance and financial products businesses follows (in millions). September 30, December 31, Loans and finance receivables before allowances and discounts $ 14,832 $ 14,126 Allowances for uncollectible loans (183) (180) Unamortized acquisition discounts (172) (198) $ 14,477 $ 13,748 Loans and finance receivables are predominantly installment loans originated or acquired by our manufactured housing business. Provisions for loan losses in the first nine months of 2018 and 2017 were $109 million and $124 million, respectively. Loan charge-offs, net of recoveries, in the first nine months were $106 million in 2018 and $126 million in 2017. At September 30, 2018, we evaluated approximately 98% of the loan balances collectively for impairment. As part of the evaluation process, credit quality indicators were reviewed and loans were designated as performing or non-performing. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 10. Inventories Inventories are comprised of the following (in millions). September 30, December 31, Raw materials $ 3,326 $ 2,997 Work in process and other 2,232 2,315 Finished manufactured goods 4,150 4,179 Goods acquired for resale 7,085 6,696 $ 16,793 $ 16,187 |
Property, plant and equipment a
Property, plant and equipment and assets held for lease | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment and assets held for lease | Note 11. 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). September 30, December 31, Land $ 2,272 $ 2,292 Buildings and improvements 9,034 8,810 Machinery and equipment 28,594 21,935 Furniture, fixtures and other 4,972 4,387 44,872 37,424 Accumulated depreciation (20,515) (17,320) $ 24,357 $ 20,104 In conjunction with the adoption of ASC 606, we recorded a net asset of approximately $3.5 billion related to aircraft sold under fractional aircraft ownership programs in machinery and equipment. Such amount included cost of approximately $5.3 billion, net of accumulated depreciation of $1.8 billion. We also recorded other liabilities of approximately $3.5 billion for estimated aircraft repurchase obligations and unearned lease revenues, substantially offsetting the amount recorded in machinery and equipment. See Note 2. A summary of property, plant and equipment of our railroad and our utilities and energy businesses follows (in millions). The utility generation, transmission and distribution systems and interstate natural gas pipeline assets are owned by regulated public utility and natural gas pipeline subsidiaries. September 30, 2018 December 31, 2017 Railroad: Land, track structure and other roadway $ 58,755 $ 57,408 Locomotives, freight cars and other equipment 12,731 12,543 Construction in progress 910 989 72,396 70,940 Accumulated depreciation (9,596) (8,627) 62,800 62,313 Utilities and energy: Utility generation, transmission and distribution systems 75,751 74,660 Interstate natural gas pipeline assets 7,295 7,176 Independent power plants and other assets 8,156 7,499 Construction in progress 3,724 2,556 94,926 91,891 Accumulated depreciation (27,339) (26,020) 67,587 65,871 $ 130,387 $ 128,184 Assets held for lease and property, plant and equipment of our finance and financial products businesses are summarized below (in millions). Assets held for lease include railcars, intermodal tank containers, cranes, over-the-road September 30, 2018 December 31, 2017 Assets held for lease $ 12,736 $ 12,318 Land 240 231 Buildings, machinery and other 1,527 1,444 14,503 13,993 Accumulated depreciation (4,230) (4,062) $ 10,273 $ 9,931 A summary of depreciation expense for the first nine months of 2018 and 2017 follows (in millions). First Nine Months 2018 2017 Insurance and other $ 1,954 $ 1,636 Railroad, utilities and energy 3,678 3,604 Finance and financial products 485 487 $ 6,117 $ 5,727 |
Goodwill and other intangible a
Goodwill and other intangible assets | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | Note 12. Goodwill and other intangible assets A reconciliation of the change in the carrying value of goodwill is as follows (in millions). September 30, 2018 December 31, 2017 Balance at beginning of year $ 81,258 $ 79,486 Acquisitions of businesses 250 1,545 Other, including foreign currency translation (181) 227 Balance at end of period $ 81,327 $ 81,258 Other intangible assets are summarized as follows (in millions). September 30, 2018 December 31, 2017 Gross carrying amount Accumulated Gross carrying amount Accumulated amortization Insurance and other $ 40,288 $ 8,662 $ 40,225 $ 7,707 Railroad, utilities and energy 1,026 362 988 324 $ 41,314 $ 9,024 $ 41,213 $ 8,031 Trademarks and trade names $ 5,396 $ 744 $ 5,381 $ 692 Patents and technology 4,408 2,716 4,341 2,493 Customer relationships 28,343 4,351 28,322 3,722 Other 3,167 1,213 3,169 1,124 $ 41,314 $ 9,024 $ 41,213 $ 8,031 Amortization expense in the first nine months was $1,052 million in 2018 and $1,108 million in 2017. Intangible assets with indefinite lives were approximately $18.9 billion as of September 30, 2018 and December 31, 2017. |
Derivative contracts
Derivative contracts | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative contracts | Note 13. Derivative contracts We are party to derivative contracts primarily through our finance and financial products and our utilities and energy businesses. Currently, the derivative contracts of our finance and financial products businesses consist of equity index put option contracts written between 2004 and 2008. The liabilities and related notional values of such contracts follows (in millions). September 30, 2018 December 31, 2017 Liabilities Notional Value Liabilities Notional Value Equity index put options $ 1,869 $ 27,434 (1) $ 2,172 $ 28,753 (1) (1) Represents the aggregate undiscounted amounts payable assuming that the value of each index is zero at each contract’s expiration date. Certain of these contracts are denominated in foreign currencies. Notional amounts are based on the foreign currency exchange rates as of each balance sheet date. We record equity index put option contract liabilities at fair value and include the changes in the fair values of such contracts in earnings as derivative contract gains/losses. A summary of derivative contract gains/losses included in our Consolidated Statements of Earnings follows (in millions). Third Quarter First Nine Months 2018 2017 2018 2017 Equity index put options $ 137 $ 308 $ 303 $ 703 The equity index put option contracts are European style options written prior to March 2008 on four major equity indexes. The remaining contracts expire between April 2019 and January 2026. At September 30, 2018, the remaining weighted average life of all contracts was approximately 2.25 years. In the second quarter of 2018, one equity index put option contract expired with no payment to the counterparty. 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 aggregate premiums of approximately $4.1 billion on the remaining contracts at the contract inception dates and 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) was $919 million at September 30, 2018 and $789 million at December 31, 2017. These contracts may not be unilaterally terminated or fully settled before the expiration dates and the ultimate amount of cash basis gains or losses on these contracts will not be determined until the contract expiration dates. 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 September 30, 2018, 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. We may use forward purchases and sales, futures, swaps and options to manage a portion of these price risks. Most of the net derivative contract assets or liabilities of our regulated utilities are probable of recovery through rates and are offset by regulatory liabilities or assets. Derivative contract assets are included in other assets and were $154 million as of September 30, 2018 and $142 million as of December 31, 2017. Derivative contract liabilities are included in other liabilities and were $80 million as of September 30, 2018 and $82 million as of December 31, 2017. |
Supplemental cash flow informat
Supplemental cash flow information | 9 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental cash flow information | Note 14. Supplemental cash flow information Supplemental cash flow information follows (in millions). First Nine Months 2018 2017 Cash paid during the period for: Income taxes $ 3,977 $ 1,774 Interest: Insurance and other businesses 677 747 Railroad, utilities and energy businesses 2,129 2,111 Finance and financial products businesses 257 296 Non-cash Liabilities assumed in connection with business acquisitions 93 685 Equity securities surrendered in connection with warrant exercise — 4,965 |
Unpaid losses and loss adjustme
Unpaid losses and loss adjustment expenses | 9 Months Ended |
Sep. 30, 2018 | |
Insurance [Abstract] | |
Unpaid losses and loss adjustment expenses | Note 15. Unpaid losses and loss adjustment expenses Our liabilities for unpaid losses and loss adjustment expenses (also referred to as “claim liabilities”) under 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 2018 2017 Balances – beginning of year: Gross liabilities $ 61,122 $ 53,379 Reinsurance recoverable on unpaid losses (3,201) (3,338) Net liabilities 57,921 50,041 Incurred losses and loss adjustment expenses: Current accident year events 29,071 28,632 Prior accident years’ events (1,566) (461) Total incurred losses and loss adjustment expenses 27,505 28,171 Paid losses and loss adjustment expenses: Current accident year events (12,474) (11,539) Prior accident years’ events (11,516) (9,952) Total payments (23,990) (21,491) Foreign currency translation adjustment (117) 603 Balances – September 30: Net liabilities 61,319 57,324 Reinsurance recoverable on unpaid losses 2,944 3,254 Gross liabilities $ 64,263 $ 60,578 Incurred losses and loss adjustment expenses in the first nine months of 2018 and 2017 included net reductions of estimated ultimate claim liabilities for prior accident years of $1,566 million and $461 million, respectively. We reduced estimated ultimate claim liabilities for prior accident years related to primary insurance by $985 million in the first nine months of 2018 and $569 million in the first nine months of 2017, which included reductions of $478 million in 2018 and increases of $37 million in 2017 related to private passenger automobile insurance coverages. We also reduced estimated ultimate claim liabilities with respect to prior accident years for property and casualty reinsurance by $581 million in the first nine months of 2018, compared to an increase of $108 million in the first nine months of 2017. |
Retroactive reinsurance contrac
Retroactive reinsurance contracts | 9 Months Ended |
Sep. 30, 2018 | |
Text Block [Abstract] | |
Retroactive reinsurance contracts | Note 16. Retroactive reinsurance contracts Retroactive reinsurance policies provide indemnification of losses and loss adjustment expenses of short-duration insurance contracts with respect to underlying loss events that occurred prior to the contract inception date. Claims payments may commence immediately after the contract date or, if applicable, once a contractual retention amount has been reached. Reconciliations of the changes in estimated liabilities for retroactive reinsurance unpaid losses and loss adjustment expenses (“claim liabilities”) and related deferred charge reinsurance assumed assets for the nine months ending September 30, 2018 and 2017 follows (in millions). 2018 2017 Unpaid losses Deferred Unpaid losses Deferred Balances – beginning of year: $ 42,937 $ (15,278) $ 24,972 $ (8,047) Incurred losses and loss adjustment expenses Current year contracts — — 17,213 (6,170) Prior years’ contracts (36) 827 (409) 645 Total (36) 827 16,804 (5,525) Paid losses and loss adjustment expenses (966) — (783) — Balances – September 30: $ 41,935 $ (14,451) $ 40,993 $ (13,572) Incurred losses and loss adjustment expenses, net of deferred charges $ 791 $ 11,279 In the preceding table, classifications of incurred losses and loss adjustment expenses are based on the inception dates of the contracts. 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 little or no practical analytical value. In the first quarter of 2017, National Indemnity Company (“NICO”), a wholly-owned subsidiary, entered into an agreement with various subsidiaries of American International Group, Inc. (collectively, “AIG”), which became effective on February 2, 2017. Under this agreement, NICO agreed to indemnify AIG for 80% of up to $25 billion of losses and allocated loss adjustment expenses in excess of $25 billion retained by AIG with respect to certain commercial insurance loss events occurring prior to 2016. As of the effective date, we recorded premiums earned of $10.2 billion and losses incurred of $10.2 billion, which consisted of liabilities for unpaid losses and loss adjustment expenses of $16.4 billion and deferred charge reinsurance assumed assets of $6.2 billion. Berkshire agreed to guarantee the timely payment of all amounts due to AIG under the agreement. Our estimated ultimate claim liabilities with respect to the AIG contract at September 30, 2018 and at December 31, 2017 were $18.2 billion, which reflected an increase of $1.8 billion in estimated ultimate claim liabilities recorded in the fourth quarter of 2017. Deferred charge assets related to the AIG contract were approximately $7.1 billion at September 30, 2018 and $7.5 billion at December 31, 2017, which included an additional $1.7 billion arising from the aforementioned increase to ultimate claim liabilities in the fourth quarter. Incurred losses and loss adjustment expenses related to contracts written in prior years were $791 million in the first nine months of 2018 and $236 million in the first nine months of 2017. Such losses included recurring amortization of deferred charge assets and net gains from reductions of estimated ultimate claim liabilities. |
Notes payable and other borrowi
Notes payable and other borrowings | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Notes payable and other borrowings | Note 17. Notes payable and other borrowings Notes payable and other borrowings are summarized below (dollars in millions). The weighted average interest rates and maturity date ranges shown in the following tables are based on borrowings as of September 30, 2018. Weighted September 30, December 31, Insurance and other: Issued by Berkshire: U.S. Dollar denominated borrowings due 2018-2047 3.1 % $ 9,058 $ 10,603 Euro denominated borrowings due 2020-2035 1.1 % 7,897 8,164 Short-term subsidiary borrowings 4.1 % 1,733 1,832 Other subsidiary borrowings due 2018-2045 4.0 % 5,583 6,725 $ 24,271 $ 27,324 The carrying value of Berkshire’s Euro denominated senior notes reflects the Euro/U.S. Dollar exchange rate as of the balance sheet date. The gains or losses arising from the changes in the Euro/U.S. Dollar exchange rate during the period are recorded in earnings as a component of interest expense. The change in the Euro/U.S. Dollar exchange rate in the first nine months of 2018 resulted in reductions of $273 million in interest expense and to the carrying value of the Euro denominated senior notes compared to increases of $860 million in interest expense and to the carrying value of the notes in the first nine months of 2017. Weighted Average Interest Rate September 30, 2018 December 31, 2017 Railroad, utilities and energy: Issued by Berkshire Hathaway Energy Company (“BHE”) and its subsidiaries: BHE senior unsecured debt due 2018-2049 4.5% $ 8,970 $ 6,452 Subsidiary and other debt due 2019-2064 4.7% 28,588 28,739 Short-term debt 3.0% 1,784 4,488 Issued by BNSF due 2018-2097 4.7% 23,257 22,499 $ 62,599 $ 62,178 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, which pertain to leverage ratios, interest coverage ratios and/or debt service coverage ratios, among other covenants. During the first nine months of 2018, BHE and its subsidiaries issued approximately $5.5 billion of long-term debt, including $2.05 billion in the third quarter. The debt issued in 2018 has maturity dates ranging from 2020 to 2049 and a weighted average interest rate of 3.6%. Proceeds from these debt issuances were used to repay debt, to fund capital expenditures and for general corporate purposes. BNSF’s borrowings are primarily senior unsecured debentures. In the first nine months of 2018, BNSF issued $1.5 billion of senior unsecured debentures due in 2048, including $750 million in the third quarter. These debentures have a weighted average interest rate of 4.1%. In 2018, BNSF repaid $650 million of maturing debentures. As of September 30, 2018, 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 Average Interest Rate September 30, 2018 December 31, 2017 Finance and financial products: Issued by Berkshire Hathaway Finance Corporation (“BHFC”) due 2019-2048 3.3% $ 10,649 $ 12,926 Issued by other subsidiaries due 2018-2028 3.6% 121 159 $ 10,770 $ 13,085 Borrowings of BHFC, a wholly owned finance subsidiary of Berkshire, consist of senior unsecured notes used to fund manufactured housing loans originated or acquired and assets held for lease of certain finance subsidiaries. In August 2018, BHFC issued $2.35 billion of 4.2% senior notes due in 2048. Such borrowings are fully and unconditionally guaranteed by Berkshire. During the first nine months of 2018, BHFC repaid $4.6 billion of maturing senior notes. As of September 30, 2018, our subsidiaries had unused lines of credit and commercial paper capacity aggregating approximately $8.4 billion to support short-term borrowing programs and provide additional liquidity. Such unused lines of credit included approximately $6.8 billion related to BHE and its subsidiaries. In addition to BHFC’s borrowings, Berkshire guaranteed approximately $1.7 billion of other subsidiary borrowings at September 30, 2018. Generally, Berkshire’s guarantee of a subsidiary’s debt obligation is an absolute, unconditional and irrevocable guarantee for the full and prompt payment when due of all payment obligations. |
Fair value measurements
Fair value measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Note 18. Fair value measurements Our financial assets and liabilities are summarized below as of September 30, 2018 and December 31, 2017 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 Value Fair Value Quoted Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2018 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and agencies $ 3,599 $ 3,599 $ 2,378 $ 1,221 $ — U.S. states, municipalities and political subdivisions 290 290 — 290 — Foreign governments 7,370 7,370 5,162 2,208 — Corporate bonds 6,458 6,458 — 6,453 5 Mortgage-backed securities 554 554 — 554 — Investments in equity securities 207,332 207,332 206,985 47 300 Investment in Kraft Heinz common stock 17,453 17,935 17,935 — — Loans and finance receivables 14,477 14,735 — 59 14,676 Derivative contract assets (1) 154 154 3 41 110 Derivative contract liabilities: Railroad, utilities and energy (1) 80 80 1 63 16 Equity index put options 1,869 1,869 — — 1,869 Notes payable and other borrowings: Insurance and other 24,271 24,422 — 24,422 — Railroad, utilities and energy 62,599 66,823 — 66,823 — Finance and financial products 10,770 10,979 — 10,953 26 December 31, 2017 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and agencies $ 3,953 $ 3,953 $ 2,360 $ 1,593 $ — U.S. states, municipalities and political subdivisions 854 854 — 854 — Foreign governments 8,822 8,822 6,946 1,876 — Corporate bonds 6,862 6,862 — 6,856 6 Mortgage-backed securities 862 862 — 862 — Investments in equity securities 170,540 170,540 170,494 46 — Investment in Kraft Heinz common stock 17,635 25,306 25,306 — — Loans and finance receivables 13,748 14,136 — 17 14,119 Derivative contract assets (1) 142 142 1 28 113 Derivative contract liabilities: Railroad, utilities and energy (1) 82 82 3 69 10 Equity index put options 2,172 2,172 — — 2,172 Notes payable and other borrowings: Insurance and other 27,324 28,180 — 28,180 — Railroad, utilities and energy 62,178 70,538 — 70,538 — Finance and financial products 13,085 13,582 — 13,577 5 (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. The hierarchy for measuring fair value consists of Levels 1 through 3, which are described below. Level 1 Level 2 Level 3 Reconciliations of assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the nine months ending September 30, 2018 and 2017 follow (in millions). Investments in equity and fixed maturity securities Net derivative contract liabilities Nine months ending September 30, 2018 Balance at December 31, 2017 $ 6 $ (2,069) Gains (losses) included in: Earnings — 446 Regulatory assets and liabilities — (11) Acquisitions, dispositions and settlements (1) (141) Balance at September 30, 2018 $ 5 $ (1,775) Nine months ending September 30, 2017 Balance at December 31, 2016 $ 17,321 $ (2,824) Gains (losses) included in: Earnings — 822 Other comprehensive income 1,157 (3) Regulatory assets and liabilities — (5) Acquisitions, dispositions and settlements (58) (78) Transfers into/out of Level 3 (18,413) — Balance at September 30, 2017 $ 7 $ (2,088) Gains and losses included in earnings are reported as components of investment gains/losses, derivative gains/losses and other revenues, as appropriate. In 2017, gains and losses included in other comprehensive income were primarily the net change in unrealized appreciation of investments and the reclassification of investment appreciation in net earnings in our Consolidated Statements of Comprehensive Income. On June 30, 2017, we announced our intention to exercise our investment in Bank of America Corporation Warrants (“BAC Warrants”) for common stock in the third quarter of 2017 and that we expected to use our investment in Bank of America Corporation Preferred Stock as consideration. In the second quarter of 2017, Restaurant Brands International, Inc. (“RBI”) announced its intention to redeem our investment in RBI Preferred Shares in the fourth quarter of 2017. As of June 30, 2017, we based our valuations of these investments on such expectations and we significantly reduced expected durations and effectively eliminated the discounts for transferability and other restrictions. As a result, we concluded the Level 3 inputs used in the previous fair value determinations of our investments in BAC Warrants and RBI Preferred Shares were not significant and that the valuations of such investments were deemed Level 2 measurements. Quantitative information as of September 30, 2018, with respect to assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follows (in millions). Fair Value Principal Valuation Techniques Unobservable Inputs Weighted Average Derivative contract liabilities – Equity index put options $ 1,869 Option pricing model Volatility 16% 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 measurements. The methods we use to measure fair values 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 | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Common stock | Note 19. Common stock Changes in Berkshire’s issued, treasury and outstanding common stock during the nine months ending September 30, 2018 are shown in the table below. In addition to our common stock, 1,000,000 shares of preferred stock are authorized, but none are issued. Class A, $5 Par Value (1,650,000 shares authorized) Class B, $0.0033 Par Value (3,225,000,000 shares authorized) Issued Treasury Outstanding Issued Treasury Outstanding Balance at December 31, 2017 762,755 (11,680) 751,075 1,342,066,749 (1,409,762) 1,340,656,987 Conversions of Class A common stock to Class B common stock and exercises of replacement stock options issued in a business acquisition (16,850) — (16,850) 25,886,063 — 25,886,063 Treasury stock acquired — (225) (225) — (4,139,192) (4,139,192) Balance at September 30, 2018 745,905 (11,905) 734,000 1,367,952,812 (5,548,954) 1,362,403,858 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 Since we have two classes of common stock, we provide earnings per share data on the Consolidated Statements of Earnings for average equivalent Class A shares outstanding and average equivalent Class B shares outstanding. Class B shares are economically equivalent to one-fifteen-hundredth one-fifteen-hundredth For several years, Berkshire had a common stock repurchase program, which permitted Berkshire to repurchase its Class A and Class B shares at prices no higher than a 20% premium over the book value of the shares. On July 17, 2018, Berkshire’s Board of Directors authorized an amendment to the program, permitting Berkshire to repurchase shares any time that Warren Buffett, Berkshire’s Chairman of the Board and Chief Executive Officer, and Charlie Munger, a Vice-Chairman of the Board, believe that the repurchase price is below Berkshire’s intrinsic value, conservatively determined. The program continues to allow share repurchases in the open market or through privately negotiated transactions and does not specify a maximum number of shares to be repurchased. However, repurchases will not be made if they would reduce the total value of Berkshire’s consolidated cash, cash equivalents and U.S. Treasury Bills holdings below $20 billion. The repurchase program does not obligate Berkshire to repurchase any specific dollar amount or number of Class A or Class B shares and there is no expiration date to the program. |
Accumulated other comprehensive
Accumulated other comprehensive income | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Accumulated other comprehensive income | Note 20. Accumulated other comprehensive income A summary of the net changes in after-tax Unrealized appreciation of investments, net Foreign currency translation Prior service and actuarial gains/losses of defined benefit pension plans Other Accumulated other comprehensive income 2018 Balance at December 31, 2017 $ 62,093 $ (3,114) $ (420) $ 12 $ 58,571 Reclassifications to retained earnings upon adoption of new accounting standards (61,340) (65) 36 (6) (61,375) Other comprehensive income, net before reclassifications (142) (776) (33) (19) (970) Reclassifications into net earnings (236) — 76 7 (153) Balance at September 30, 2018 $ 375 $ (3,955) $ (341) $ (6) $ (3,927) Reclassifications into net earnings: Reclassifications before income taxes $ (299) $ — $ 101 $ 10 $ (188) Applicable income taxes (63) — 25 3 (35) $ (236) $ — $ 76 $ 7 $ (153) 2017 Balance at December 31, 2016 $ 43,176 $ (5,268) $ (593) $ (17) $ 37,298 Other comprehensive income, net before reclassifications 11,734 1,946 (90) 19 13,609 Reclassifications into net earnings (803) — 61 18 (724) Balance at September 30, 2017 $ 54,107 $ (3,322) $ (622) $ 20 $ 50,183 Reclassifications into net earnings: Reclassifications before income taxes $ (1,235) $ — $ 82 $ 32 $ (1,121) Applicable income taxes (432) — 21 14 (397) $ (803) $ — $ 61 $ 18 $ (724) |
Contingencies and Subsequent Ev
Contingencies and Subsequent Event | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Subsequent Event | Note 21. Contingencies and Subsequent Event We are parties in a variety of legal actions that routinely arise out of the normal course of business, including legal actions seeking to establish liability directly through insurance contracts or indirectly through reinsurance contracts issued by Berkshire subsidiaries. Plaintiffs occasionally seek punitive or exemplary damages. We do not believe that such normal and routine litigation will have a material effect on our financial condition or results of operations. Berkshire and certain of its subsidiaries are also involved in other kinds of legal actions, some of which assert or may assert claims or seek to impose fines and penalties. We believe that any liability that may arise as a result of other pending legal actions will not have a material effect on our consolidated financial condition or results of operations. In 2016, NICO entered into a definitive agreement to acquire Medical Liability Mutual Insurance Company, (“Medical Liability Mutual”), a writer of medical professional liability insurance domiciled in New York. The acquisition price was approximately $2.5 billion. The acquisition involved the conversion of Medical Liability Mutual from a mutual company to a stock company. The closing of the transaction was subject to various regulatory approvals, customary closing conditions and the approval of the Medical Liability Mutual policyholders eligible to vote on the proposed demutualization and sale. The acquisition closed on October 1, 2018, at which time, Medical Liability Mutual’s name was changed to the MLMIC Insurance Company (“MLMIC”). The results of MLMIC will be included in Berkshire’s consolidated results beginning as of that date. As of the acquisition date, the preliminary fair values of MLMIC’s assets were approximately $6.3 billion, consisting primarily of cash and investments, and liabilities were approximately $3.8 billion, consisting primarily of unpaid losses and loss adjustment expenses and unearned insurance premiums. We believe goodwill arising from this acquisition will be insignificant. MLMIC’s premiums earned for the first nine months of 2018 were approximately $300 million. |
Business segment data
Business segment data | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Business segment data | Note 22. Business segment data Third Quarter First Nine Months 2018 2017 2018 2017 Operating Businesses: Insurance: Underwriting: GEICO $ 8,506 $ 7,543 $ 24,705 $ 21,632 Berkshire Hathaway Reinsurance Group 3,777 3,954 11,229 20,550 Berkshire Hathaway Primary Group 2,050 1,852 5,921 5,287 Investment income 1,446 1,248 4,058 3,664 Total insurance 15,779 14,597 45,913 51,133 BNSF 6,147 5,314 17,649 15,749 Berkshire Hathaway Energy 5,706 5,351 15,268 14,184 Manufacturing 13,552 12,819 40,339 37,654 McLane Company 12,822 12,798 37,438 37,480 Service and retailing 6,974 6,527 20,623 19,170 Finance and financial products 2,432 2,153 6,861 6,019 63,412 59,559 184,091 181,389 Reconciliation of segments to consolidated amount: Corporate, eliminations and other 38 (52) 32 (256) $ 63,450 $ 59,507 $ 184,123 $ 181,133 Earnings before income taxes by segment for the third quarter and first nine months of 2018 and 2017 were as follows (in millions). Third Quarter First Nine Months 2018 2017 2018 2017 Operating Businesses: Insurance: Underwriting: GEICO $ 627 $ (416) $ 1,977 $ (122) Berkshire Hathaway Reinsurance Group (163) (1,845) (124) (2,963) Berkshire Hathaway Primary Group 135 52 468 473 Investment income 1,455 1,246 4,052 3,658 Total insurance 2,054 (963) 6,373 1,046 BNSF 1,879 1,710 5,047 4,592 Berkshire Hathaway Energy 1,165 1,243 2,238 2,481 Manufacturing 2,012 2,002 6,002 5,428 McLane Company 44 45 171 202 Service and retailing 628 491 1,840 1,439 Finance and financial products 530 496 1,589 1,438 8,312 5,024 23,260 16,626 Reconciliation of segments to consolidated amount: Investment and derivative contract gains/losses 14,706 965 13,053 1,965 Interest expense, not allocated to segments (60) (386) (77) (1,243) Equity method investments 316 305 1,044 932 Corporate, eliminations and other (127) (278) (558) (833) $ 23,147 $ 5,630 $ 36,722 $ 17,447 |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | On January 1, 2018, we adopted Accounting Standards Update (“ASU”) 2016-01 2016-01”), 2018-02 2018-02”) 2016-01, 2018-02 ASU 2016-01 ASU 2018-02 ASC 606 Total Increase (decrease): Assets $ — $ — $ 3,382 $ 3,382 Liabilities — — 3,453 3,453 Accumulated other comprehensive income (61,459) 84 — (61,375) Retained earnings 61,459 (84) (71) 61,304 Shareholders’ equity — — (71) (71) With respect to ASU 2016-01, available-for-sale 2016-01 after-tax In connection with our adoption of ASU 2018-02, We adopted ASC 606 using the modified retrospective method, whereby the cumulative effect of the adoption was recorded as an adjustment to retained earnings. Prior year financial statements were not restated. The initial adoption of ASC 606 as of January 1, 2018 resulted in increases to assets and other liabilities, with a relatively minor reduction in retained earnings. Prior to January 1, 2018, we recognized revenues from the sales of fractional ownership interests in aircraft over the term of the related management services agreements, as the transfers of the ownership interests were inseparable from the management services agreements. These agreements also include provisions that require us to repurchase the fractional interest at fair market value at contract termination or upon the customer’s request following the end of a minimum commitment period. ASC 606 provides that such contracts are subject to accounting guidance for lease contracts and not ASC 606. The principal effects of this re-characterization re-characterization In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02 We are party to contracts where we are the lessee and other contracts where we are the lessor. For contracts where we are the lessee, we will record lease liabilities and right of use assets for contracts in effect on January 1, 2019 based on the facts and circumstances as of that date. While we continue to evaluate certain provisions of ASC 842, based on our current estimates, we expect to recognize right of use assets and lessee lease liabilities of approximately $6 billion with respect to operating leases. We do not believe the adoption of ASC 842 will have a material effect on our consolidated financial position, results of operations or cash flows. 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, 2017-04 In August 2018, the FASB issued ASU 2018-12 2018-12 2018-12 |
New Accounting Pronouncements_2
New Accounting Pronouncements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Summary of effects of initial adoption of ASU 2016-01, ASU 2018-02 and ASC 606 | A summary of the effects of the initial adoption of ASU 2016-01, 2018-02 ASU 2016-01 ASU 2018-02 ASC 606 Total Increase (decrease): Assets $ — $ — $ 3,382 $ 3,382 Liabilities — — 3,453 3,453 Accumulated other comprehensive income (61,459) 84 — (61,375) Retained earnings 61,459 (84) (71) 61,304 Shareholders’ equity — — (71) (71) |
Revenues from contracts with _2
Revenues from contracts with customers (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from contracts with customers disaggregated by reportable segment and source of revenue | The following table summarizes customer contract revenues disaggregated by reportable segment and the source of the revenue for the three and nine months ending September 30, 2018 (in millions). Other revenues included in our consolidated revenues were primarily insurance premiums earned, interest, dividend and other investment income and lease income which are not within the scope of ASC 606. Manufacturing McLane Service and BNSF Berkshire Finance and Insurance, Total Three months ending September 30, 2018 Manufactured products: Industrial and commercial products $ 6,384 $ — $ 47 $ — $ — $ 82 $ — $ 6,513 Building products 3,473 — — — — 4 — 3,477 Consumer products 2,838 — — — — 1,170 — 4,008 Grocery and convenience store distribution — 8,709 — — — — — 8,709 Food and beverage distribution — 4,079 — — — — — 4,079 Auto sales — — 2,083 — — — — 2,083 Other retail and wholesale distribution 521 — 3,117 — — 23 — 3,661 Service 262 16 965 6,099 1,140 148 — 8,630 Electricity and natural gas — — — — 4,267 — — 4,267 Total 13,478 12,804 6,212 6,099 5,407 1,427 — 45,427 Other revenue 51 18 743 13 299 1,004 15,895 18,023 $ 13,529 $ 12,822 $ 6,955 $ 6,112 $ 5,706 $ 2,431 $ 15,895 $ 63,450 Manufacturing McLane Service and BNSF Berkshire Finance and Insurance, Total Nine months ending September 30, 2018 Manufactured products: Industrial and commercial products $ 19,306 $ — $ 155 $ — $ — $ 503 $ — $ 19,964 Building products 9,817 — — — — 11 — 9,828 Consumer products 8,734 — — — — 3,124 — 11,858 Grocery and convenience store distribution — 25,128 — — — — — 25,128 Food and beverage distribution — 12,203 — — — — — 12,203 Auto sales — — 6,087 — — — — 6,087 Other retail and wholesale distribution 1,533 — 8,734 — — 65 — 10,332 Service 759 53 2,912 17,510 3,026 174 — 24,434 Electricity and natural gas — — — — 11,357 — — 11,357 Total 40,149 37,384 17,888 17,510 14,383 3,877 — 131,191 Other revenue 132 54 2,664 37 885 2,980 46,180 52,932 $ 40,281 $ 37,438 $ 20,552 $ 17,547 $ 15,268 $ 6,857 $ 46,180 $ 184,123 |
Transaction price allocated to significant unsatisfied remaining performance obligations | A summary of the transaction price allocated to the significant unsatisfied remaining performance obligations relating to contracts with expected durations in excess of one year as of September 30, 2018 follows (in millions). Performance obligations expected to be satisfied: Less than Greater than Total Manufactured products: Industrial and commercial products $ 50 $ 2,549 $ 2,599 Electricity and natural gas 1,011 5,879 6,890 |
Investments in fixed maturity_2
Investments in fixed maturity securities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments in securities with fixed maturities | Our investments in fixed maturity securities as of September 30, 2018 and December 31, 2017 are summarized by type below (in millions). Amortized Cost Unrealized Unrealized Fair September 30, 2018 U.S. Treasury, U.S. government corporations and agencies $ 3,626 $ 8 $ (35) $ 3,599 U.S. states, municipalities and political subdivisions 276 15 (1) 290 Foreign governments 7,362 45 (37) 7,370 Corporate bonds 6,029 436 (7) 6,458 Mortgage-backed securities 502 56 (4) 554 $ 17,795 $ 560 $ (84) $ 18,271 December 31, 2017 U.S. Treasury, U.S. government corporations and agencies $ 3,975 $ 4 $ (26) $ 3,953 U.S. states, municipalities and political subdivisions 847 19 (12) 854 Foreign governments 8,572 274 (24) 8,822 Corporate bonds 6,279 588 (5) 6,862 Mortgage-backed securities 772 92 (2) 862 $ 20,445 $ 977 $ (69) $ 21,353 |
Schedule of amortized cost and estimated fair value of securities with fixed maturities | The amortized cost and estimated fair value of fixed maturity securities at September 30, 2018 are summarized below by contractual maturity dates. Amounts are in millions. Actual maturities may differ from contractual maturities due to early call or prepayment rights held by issuers. Due in one Due after one Due after five Due after Mortgage- Total Amortized cost $ 7,275 $ 9,057 $ 387 $ 574 $ 502 $ 17,795 Fair value 7,274 9,108 435 900 554 18,271 |
Investments in equity securit_2
Investments in equity securities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments in equity securities | Our investments in equity securities as of September 30, 2018 and December 31, 2017 are summarized based on the primary industry of the investee as follows (in millions). Cost Basis Net Unrealized Fair September 30, 2018 * Banks, insurance and finance $ 42,010 $ 51,499 $ 93,509 Consumer products 38,793 39,858 78,651 Commercial, industrial and other 21,035 14,137 35,172 $ 101,838 $ 105,494 $ 207,332 * Approximately 69% of the aggregate fair value was concentrated in five companies (American Express Company – $16.1 billion; Apple Inc. – $57.6 billion; Bank of America Corporation – $26.5 billion; The Coca-Cola Company – $18.5 billion and Wells Fargo & Company – $24.4 billion). Cost Basis Net Unrealized Fair December 31, 2017 * Banks, insurance and finance $ 25,783 $ 55,026 $ 80,809 Consumer products 25,177 25,698 50,875 Commercial, industrial and other 23,716 15,140 38,856 $ 74,676 $ 95,864 $ 170,540 * Approximately 65% of the aggregate fair value was concentrated in five companies (American Express Company – $15.1 billion; Apple Inc. – $28.2 billion; Bank of America Corporation – $20.7 billion; The Coca-Cola Company – $18.4 billion and Wells Fargo & Company – $29.3 billion). Investments in equity securities are reflected in our Consolidated Balance Sheets as follows (in millions). September 30, 2018 December 31, 2017 Insurance and other $ 201,226 $ 164,026 Railroad, utilities and energy * 1,616 1,961 Finance and financial products * 4,490 4,553 $ 207,332 $ 170,540 * Included in other assets. |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized consolidated financial information of Kraft Heinz | Summarized consolidated financial information of Kraft Heinz follows (in millions). September 29, 2018 December 30, 2017 Assets $ 119,730 $ 120,232 Liabilities 54,152 53,985 Third Quarter First Nine Months 2018 2017 2018 2017 Sales $ 6,378 $ 6,280 $ 19,368 $ 19,241 Net earnings attributable to Kraft Heinz common shareholders $ 630 $ 944 $ 2,379 $ 2,996 |
Investment gains_losses (Tables
Investment gains/losses (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of investment gains and losses | A summary of investment gains and losses in the third quarter and first nine months of 2018 and 2017 follows (in millions). Third Quarter First Nine Months 2018 2017 2018 2017 Equity securities: Unrealized investment gains/losses on securities held at the end of the period $ 14,294 $ — $ 12,126 $ — Investment gains/losses during 2018 on securities sold in 2018 244 — 307 — Gross realized gains — 1,011 — 1,795 Gross realized losses — (419) — (626) 14,538 592 12,433 1,169 Fixed maturity securities: Gross realized gains 44 56 451 82 Gross realized losses (10) (2) (152) (16) Other (3) 11 18 27 $ 14,569 $ 657 $ 12,750 $ 1,262 |
Receivables (Tables)
Receivables (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Insurance and Other [Member] | |
Schedule of receivables | Receivables of insurance and other businesses are comprised of the following (in millions). September 30, December 31, Insurance premiums receivable $ 13,002 $ 11,058 Reinsurance recoverable on unpaid losses 2,944 3,201 Trade receivables 13,197 11,756 Other 3,121 2,925 Allowances for uncollectible accounts (380) (362) $ 31,884 $ 28,578 |
Finance and Financial Products [Member] | |
Schedule of receivables | A summary of loans and finance receivables of our finance and financial products businesses follows (in millions). September 30, December 31, Loans and finance receivables before allowances and discounts $ 14,832 $ 14,126 Allowances for uncollectible loans (183) (180) Unamortized acquisition discounts (172) (198) $ 14,477 $ 13,748 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories are comprised of the following (in millions). September 30, December 31, Raw materials $ 3,326 $ 2,997 Work in process and other 2,232 2,315 Finished manufactured goods 4,150 4,179 Goods acquired for resale 7,085 6,696 $ 16,793 $ 16,187 |
Property, plant and equipment_2
Property, plant and equipment and assets held for lease (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Schedule of depreciation expense | A summary of depreciation expense for the first nine months of 2018 and 2017 follows (in millions). First Nine Months 2018 2017 Insurance and other $ 1,954 $ 1,636 Railroad, utilities and energy 3,678 3,604 Finance and financial products 485 487 $ 6,117 $ 5,727 |
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). September 30, December 31, Land $ 2,272 $ 2,292 Buildings and improvements 9,034 8,810 Machinery and equipment 28,594 21,935 Furniture, fixtures and other 4,972 4,387 44,872 37,424 Accumulated depreciation (20,515) (17,320) $ 24,357 $ 20,104 |
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). Assets held for lease include railcars, intermodal tank containers, cranes, over-the-road September 30, 2018 December 31, 2017 Assets held for lease $ 12,736 $ 12,318 Land 240 231 Buildings, machinery and other 1,527 1,444 14,503 13,993 Accumulated depreciation (4,230) (4,062) $ 10,273 $ 9,931 |
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). The utility generation, transmission and distribution systems and interstate natural gas pipeline assets are owned by regulated public utility and natural gas pipeline subsidiaries. September 30, 2018 December 31, 2017 Railroad: Land, track structure and other roadway $ 58,755 $ 57,408 Locomotives, freight cars and other equipment 12,731 12,543 Construction in progress 910 989 72,396 70,940 Accumulated depreciation (9,596) (8,627) 62,800 62,313 Utilities and energy: Utility generation, transmission and distribution systems 75,751 74,660 Interstate natural gas pipeline assets 7,295 7,176 Independent power plants and other assets 8,156 7,499 Construction in progress 3,724 2,556 94,926 91,891 Accumulated depreciation (27,339) (26,020) 67,587 65,871 $ 130,387 $ 128,184 |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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). September 30, 2018 December 31, 2017 Balance at beginning of year $ 81,258 $ 79,486 Acquisitions of businesses 250 1,545 Other, including foreign currency translation (181) 227 Balance at end of period $ 81,327 $ 81,258 |
Schedule of intangible assets | Other intangible assets are summarized as follows (in millions). September 30, 2018 December 31, 2017 Gross carrying amount Accumulated Gross carrying amount Accumulated amortization Insurance and other $ 40,288 $ 8,662 $ 40,225 $ 7,707 Railroad, utilities and energy 1,026 362 988 324 $ 41,314 $ 9,024 $ 41,213 $ 8,031 Trademarks and trade names $ 5,396 $ 744 $ 5,381 $ 692 Patents and technology 4,408 2,716 4,341 2,493 Customer relationships 28,343 4,351 28,322 3,722 Other 3,167 1,213 3,169 1,124 $ 41,314 $ 9,024 $ 41,213 $ 8,031 |
Derivative contracts (Tables)
Derivative contracts (Tables) - Finance and Financial Products [Member] | 9 Months Ended |
Sep. 30, 2018 | |
Derivative contracts outstanding | The liabilities and related notional values of such contracts follows (in millions). September 30, 2018 December 31, 2017 Liabilities Notional Value Liabilities Notional Value Equity index put options $ 1,869 $ 27,434 (1) $ 2,172 $ 28,753 (1) (1) Represents the aggregate undiscounted amounts payable assuming that the value of each index is zero at each contract’s expiration date. Certain of these contracts are denominated in foreign currencies. Notional amounts are based on the foreign currency exchange rates as of each balance sheet date. |
Derivative gains/losses included in the Consolidated Statements of Earnings | A summary of derivative contract gains/losses included in our Consolidated Statements of Earnings follows (in millions). Third Quarter First Nine Months 2018 2017 2018 2017 Equity index put options $ 137 $ 308 $ 303 $ 703 |
Supplemental cash flow inform_2
Supplemental cash flow information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental cash flow information | Supplemental cash flow information follows (in millions). First Nine Months 2018 2017 Cash paid during the period for: Income taxes $ 3,977 $ 1,774 Interest: Insurance and other businesses 677 747 Railroad, utilities and energy businesses 2,129 2,111 Finance and financial products businesses 257 296 Non-cash Liabilities assumed in connection with business acquisitions 93 685 Equity securities surrendered in connection with warrant exercise — 4,965 |
Unpaid losses and loss adjust_2
Unpaid losses and loss adjustment expenses (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Insurance [Abstract] | |
Schedule of liability for unpaid claims and claims adjustment expense | Reconciliations of the changes in claim liabilities, excluding liabilities under retroactive reinsurance contracts (see Note 16), for the nine months ending September 30, 2018 and 2017 follow (in millions). 2018 2017 Balances – beginning of year: Gross liabilities $ 61,122 $ 53,379 Reinsurance recoverable on unpaid losses (3,201) (3,338) Net liabilities 57,921 50,041 Incurred losses and loss adjustment expenses: Current accident year events 29,071 28,632 Prior accident years’ events (1,566) (461) Total incurred losses and loss adjustment expenses 27,505 28,171 Paid losses and loss adjustment expenses: Current accident year events (12,474) (11,539) Prior accident years’ events (11,516) (9,952) Total payments (23,990) (21,491) Foreign currency translation adjustment (117) 603 Balances – September 30: Net liabilities 61,319 57,324 Reinsurance recoverable on unpaid losses 2,944 3,254 Gross liabilities $ 64,263 $ 60,578 |
Retroactive reinsurance contr_2
Retroactive reinsurance contracts (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Text Block [Abstract] | |
Reconciliation of changes in retroactive reinsurance claim liabilities and deferred charge assets | Reconciliations of the changes in estimated liabilities for retroactive reinsurance unpaid losses and loss adjustment expenses (“claim liabilities”) and related deferred charge reinsurance assumed assets for the nine months ending September 30, 2018 and 2017 follows (in millions). 2018 2017 Unpaid losses Deferred Unpaid losses Deferred Balances – beginning of year: $ 42,937 $ (15,278) $ 24,972 $ (8,047) Incurred losses and loss adjustment expenses Current year contracts — — 17,213 (6,170) Prior years’ contracts (36) 827 (409) 645 Total (36) 827 16,804 (5,525) Paid losses and loss adjustment expenses (966) — (783) — Balances – September 30: $ 41,935 $ (14,451) $ 40,993 $ (13,572) Incurred losses and loss adjustment expenses, net of deferred charges $ 791 $ 11,279 |
Notes payable and other borro_2
Notes payable and other borrowings (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Insurance and Other [Member] | |
Schedule of short and long term outstanding debt disclosure | Notes payable and other borrowings are summarized below (dollars in millions). The weighted average interest rates and maturity date ranges shown in the following tables are based on borrowings as of September 30, 2018. Weighted September 30, December 31, Insurance and other: Issued by Berkshire: U.S. Dollar denominated borrowings due 2018-2047 3.1 % $ 9,058 $ 10,603 Euro denominated borrowings due 2020-2035 1.1 % 7,897 8,164 Short-term subsidiary borrowings 4.1 % 1,733 1,832 Other subsidiary borrowings due 2018-2045 4.0 % 5,583 6,725 $ 24,271 $ 27,324 |
Finance and Financial Products [Member] | |
Schedule of short and long term outstanding debt disclosure | Weighted Average Interest Rate September 30, 2018 December 31, 2017 Finance and financial products: Issued by Berkshire Hathaway Finance Corporation (“BHFC”) due 2019-2048 3.3% $ 10,649 $ 12,926 Issued by other subsidiaries due 2018-2028 3.6% 121 159 $ 10,770 $ 13,085 |
Railroad, Utilities and Energy [Member] | |
Schedule of short and long term outstanding debt disclosure | Weighted Average Interest Rate September 30, 2018 December 31, 2017 Railroad, utilities and energy: Issued by Berkshire Hathaway Energy Company (“BHE”) and its subsidiaries: BHE senior unsecured debt due 2018-2049 4.5% $ 8,970 $ 6,452 Subsidiary and other debt due 2019-2064 4.7% 28,588 28,739 Short-term debt 3.0% 1,784 4,488 Issued by BNSF due 2018-2097 4.7% 23,257 22,499 $ 62,599 $ 62,178 |
Fair value measurements (Tables
Fair value measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 and December 31, 2017 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 Value Fair Value Quoted Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2018 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and agencies $ 3,599 $ 3,599 $ 2,378 $ 1,221 $ — U.S. states, municipalities and political subdivisions 290 290 — 290 — Foreign governments 7,370 7,370 5,162 2,208 — Corporate bonds 6,458 6,458 — 6,453 5 Mortgage-backed securities 554 554 — 554 — Investments in equity securities 207,332 207,332 206,985 47 300 Investment in Kraft Heinz common stock 17,453 17,935 17,935 — — Loans and finance receivables 14,477 14,735 — 59 14,676 Derivative contract assets (1) 154 154 3 41 110 Derivative contract liabilities: Railroad, utilities and energy (1) 80 80 1 63 16 Equity index put options 1,869 1,869 — — 1,869 Notes payable and other borrowings: Insurance and other 24,271 24,422 — 24,422 — Railroad, utilities and energy 62,599 66,823 — 66,823 — Finance and financial products 10,770 10,979 — 10,953 26 December 31, 2017 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and agencies $ 3,953 $ 3,953 $ 2,360 $ 1,593 $ — U.S. states, municipalities and political subdivisions 854 854 — 854 — Foreign governments 8,822 8,822 6,946 1,876 — Corporate bonds 6,862 6,862 — 6,856 6 Mortgage-backed securities 862 862 — 862 — Investments in equity securities 170,540 170,540 170,494 46 — Investment in Kraft Heinz common stock 17,635 25,306 25,306 — — Loans and finance receivables 13,748 14,136 — 17 14,119 Derivative contract assets (1) 142 142 1 28 113 Derivative contract liabilities: Railroad, utilities and energy (1) 82 82 3 69 10 Equity index put options 2,172 2,172 — — 2,172 Notes payable and other borrowings: Insurance and other 27,324 28,180 — 28,180 — Railroad, utilities and energy 62,178 70,538 — 70,538 — Finance and financial products 13,085 13,582 — 13,577 5 (1) Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities. |
Reconciliations of assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) | Reconciliations of assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the nine months ending September 30, 2018 and 2017 follow (in millions). Investments in equity and fixed maturity securities Net derivative contract liabilities Nine months ending September 30, 2018 Balance at December 31, 2017 $ 6 $ (2,069) Gains (losses) included in: Earnings — 446 Regulatory assets and liabilities — (11) Acquisitions, dispositions and settlements (1) (141) Balance at September 30, 2018 $ 5 $ (1,775) Nine months ending September 30, 2017 Balance at December 31, 2016 $ 17,321 $ (2,824) Gains (losses) included in: Earnings — 822 Other comprehensive income 1,157 (3) Regulatory assets and liabilities — (5) Acquisitions, dispositions and settlements (58) (78) Transfers into/out of Level 3 (18,413) — Balance at September 30, 2017 $ 7 $ (2,088) |
Fair value assets and liabilities measured on recurring basis, unobservable inputs, additional information | Quantitative information as of September 30, 2018, with respect to assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follows (in millions). Fair Value Principal Valuation Techniques Unobservable Inputs Weighted Average Derivative contract liabilities – Equity index put options $ 1,869 Option pricing model Volatility 16% |
Common stock (Tables)
Common stock (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Changes in issued, treasury and outstanding Berkshire common stock | Changes in Berkshire’s issued, treasury and outstanding common stock during the nine months ending September 30, 2018 are shown in the table below. In addition to our common stock, 1,000,000 shares of preferred stock are authorized, but none are issued. Class A, $5 Par Value (1,650,000 shares authorized) Class B, $0.0033 Par Value (3,225,000,000 shares authorized) Issued Treasury Outstanding Issued Treasury Outstanding Balance at December 31, 2017 762,755 (11,680) 751,075 1,342,066,749 (1,409,762) 1,340,656,987 Conversions of Class A common stock to Class B common stock and exercises of replacement stock options issued in a business acquisition (16,850) — (16,850) 25,886,063 — 25,886,063 Treasury stock acquired — (225) (225) — (4,139,192) (4,139,192) Balance at September 30, 2018 745,905 (11,905) 734,000 1,367,952,812 (5,548,954) 1,362,403,858 |
Accumulated other comprehensi_2
Accumulated other comprehensive income (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income | A summary of the net changes in after-tax Unrealized appreciation of investments, net Foreign currency translation Prior service and actuarial gains/losses of defined benefit pension plans Other Accumulated other comprehensive income 2018 Balance at December 31, 2017 $ 62,093 $ (3,114) $ (420) $ 12 $ 58,571 Reclassifications to retained earnings upon adoption of new accounting standards (61,340) (65) 36 (6) (61,375) Other comprehensive income, net before reclassifications (142) (776) (33) (19) (970) Reclassifications into net earnings (236) — 76 7 (153) Balance at September 30, 2018 $ 375 $ (3,955) $ (341) $ (6) $ (3,927) Reclassifications into net earnings: Reclassifications before income taxes $ (299) $ — $ 101 $ 10 $ (188) Applicable income taxes (63) — 25 3 (35) $ (236) $ — $ 76 $ 7 $ (153) 2017 Balance at December 31, 2016 $ 43,176 $ (5,268) $ (593) $ (17) $ 37,298 Other comprehensive income, net before reclassifications 11,734 1,946 (90) 19 13,609 Reclassifications into net earnings (803) — 61 18 (724) Balance at September 30, 2017 $ 54,107 $ (3,322) $ (622) $ 20 $ 50,183 Reclassifications into net earnings: Reclassifications before income taxes $ (1,235) $ — $ 82 $ 32 $ (1,121) Applicable income taxes (432) — 21 14 (397) $ (803) $ — $ 61 $ 18 $ (724) |
Business segment data (Tables)
Business segment data (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of revenues and earnings by segment | Revenues by segment for the third quarter and first nine months of 2018 and 2017 were as follows (in millions). Third Quarter First Nine Months 2018 2017 2018 2017 Operating Businesses: Insurance: Underwriting: GEICO $ 8,506 $ 7,543 $ 24,705 $ 21,632 Berkshire Hathaway Reinsurance Group 3,777 3,954 11,229 20,550 Berkshire Hathaway Primary Group 2,050 1,852 5,921 5,287 Investment income 1,446 1,248 4,058 3,664 Total insurance 15,779 14,597 45,913 51,133 BNSF 6,147 5,314 17,649 15,749 Berkshire Hathaway Energy 5,706 5,351 15,268 14,184 Manufacturing 13,552 12,819 40,339 37,654 McLane Company 12,822 12,798 37,438 37,480 Service and retailing 6,974 6,527 20,623 19,170 Finance and financial products 2,432 2,153 6,861 6,019 63,412 59,559 184,091 181,389 Reconciliation of segments to consolidated amount: Corporate, eliminations and other 38 (52) 32 (256) $ 63,450 $ 59,507 $ 184,123 $ 181,133 Earnings before income taxes by segment for the third quarter and first nine months of 2018 and 2017 were as follows (in millions). Third Quarter First Nine Months 2018 2017 2018 2017 Operating Businesses: Insurance: Underwriting: GEICO $ 627 $ (416) $ 1,977 $ (122) Berkshire Hathaway Reinsurance Group (163) (1,845) (124) (2,963) Berkshire Hathaway Primary Group 135 52 468 473 Investment income 1,455 1,246 4,052 3,658 Total insurance 2,054 (963) 6,373 1,046 BNSF 1,879 1,710 5,047 4,592 Berkshire Hathaway Energy 1,165 1,243 2,238 2,481 Manufacturing 2,012 2,002 6,002 5,428 McLane Company 44 45 171 202 Service and retailing 628 491 1,840 1,439 Finance and financial products 530 496 1,589 1,438 8,312 5,024 23,260 16,626 Reconciliation of segments to consolidated amount: Investment and derivative contract gains/losses 14,706 965 13,053 1,965 Interest expense, not allocated to segments (60) (386) (77) (1,243) Equity method investments 316 305 1,044 932 Corporate, eliminations and other (127) (278) (558) (833) $ 23,147 $ 5,630 $ 36,722 $ 17,447 |
Summary of effects of initial a
Summary of effects of initial adoption of ASU 2016-01, ASU 2018-02 and ASC 606 (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Assets | $ 736,459 | $ 702,095 | |||
Liabilities | 357,040 | 350,141 | |||
Accumulated other comprehensive income | (3,927) | 58,571 | |||
Retained earnings | 346,503 | 255,786 | |||
Total shareholders' equity | $ 379,419 | $ 351,954 | $ 310,921 | $ 285,428 | |
ASU 2018-02 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Accumulated other comprehensive income | $ 84 | ||||
Retained earnings | (84) | ||||
ASC 606 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Assets | 3,382 | ||||
Liabilities | 3,453 | ||||
Retained earnings | (71) | ||||
Total shareholders' equity | (71) | ||||
ASU 2016-01 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Accumulated other comprehensive income | (61,459) | ||||
Retained earnings | 61,459 | ||||
Adjustments for New Accounting Pronouncements [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Assets | 3,382 | ||||
Liabilities | 3,453 | ||||
Accumulated other comprehensive income | (61,375) | ||||
Retained earnings | 61,304 | ||||
Total shareholders' equity | $ (71) |
New Accounting Pronouncements -
New Accounting Pronouncements - Narrative (Detail) - USD ($) $ in Millions | Jan. 01, 2019 | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Insurance and Other [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Property, plant and equipment, net | $ 24,357 | $ 20,104 | ||
Aircraft Sold Under Fractional Aircraft Ownership Programs [Member] | Insurance and Other [Member] | ASC 606 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other liabilities | $ 3,500 | |||
Aircraft Sold Under Fractional Aircraft Ownership Programs [Member] | Insurance and Other [Member] | Machinery and equipment [Member] | ASC 606 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Property, plant and equipment, net | $ 3,500 | |||
Scenario, Forecast [Member] | ASU 2016-02 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating leases, right of use assets | $ 6,000 | |||
Operating lease liabilities | $ 6,000 |
Revenues from contracts with _3
Revenues from contracts with customers - Narrative (Detail) - Other Assets [Member] - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Utilities and Energy [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Receivables | $ 2,200 | $ 2,000 |
Unbilled revenue | 624 | 665 |
Railroad [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Receivables | $ 1,300 | $ 1,200 |
Revenue from contracts with cus
Revenue from contracts with customers disaggregated by reportable segment and source of revenue (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 45,427 | $ 131,191 | ||
Other revenue | 18,023 | 52,932 | ||
Total revenues | 63,450 | $ 59,507 | 184,123 | $ 181,133 |
Industrial and Commercial Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 6,513 | 19,964 | ||
Building Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3,477 | 9,828 | ||
Consumer Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4,008 | 11,858 | ||
Grocery and Convenience Store Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 8,709 | 25,128 | ||
Food and Beverage Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4,079 | 12,203 | ||
Auto Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,083 | 6,087 | ||
Other Retail and Wholesale Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3,661 | 10,332 | ||
Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 8,630 | 24,434 | ||
Electricity and Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4,267 | 11,357 | ||
Manufacturing Businesses [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 13,478 | 40,149 | ||
Other revenue | 51 | 132 | ||
Total revenues | 13,529 | 40,281 | ||
Manufacturing Businesses [Member] | Industrial and Commercial Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 6,384 | 19,306 | ||
Manufacturing Businesses [Member] | Building Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3,473 | 9,817 | ||
Manufacturing Businesses [Member] | Consumer Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,838 | 8,734 | ||
Manufacturing Businesses [Member] | Other Retail and Wholesale Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 521 | 1,533 | ||
Manufacturing Businesses [Member] | Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 262 | 759 | ||
McLane Company [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 12,804 | 37,384 | ||
Other revenue | 18 | 54 | ||
Total revenues | 12,822 | 37,438 | ||
McLane Company [Member] | Grocery and Convenience Store Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 8,709 | 25,128 | ||
McLane Company [Member] | Food and Beverage Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4,079 | 12,203 | ||
McLane Company [Member] | Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 16 | 53 | ||
Service and Retailing Businesses [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 6,212 | 17,888 | ||
Other revenue | 743 | 2,664 | ||
Total revenues | 6,955 | 20,552 | ||
Service and Retailing Businesses [Member] | Industrial and Commercial Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 47 | 155 | ||
Service and Retailing Businesses [Member] | Auto Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,083 | 6,087 | ||
Service and Retailing Businesses [Member] | Other Retail and Wholesale Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3,117 | 8,734 | ||
Service and Retailing Businesses [Member] | Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 965 | 2,912 | ||
BNSF [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 6,099 | 17,510 | ||
Other revenue | 13 | 37 | ||
Total revenues | 6,112 | 17,547 | ||
BNSF [Member] | Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 6,099 | 17,510 | ||
Berkshire Hathaway Energy [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 5,407 | 14,383 | ||
Other revenue | 299 | 885 | ||
Total revenues | 5,706 | 15,268 | ||
Berkshire Hathaway Energy [Member] | Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,140 | 3,026 | ||
Berkshire Hathaway Energy [Member] | Electricity and Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4,267 | 11,357 | ||
Finance and Financial Products Reportable Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,427 | 3,877 | ||
Other revenue | 1,004 | 2,980 | ||
Total revenues | 2,431 | 6,857 | ||
Finance and Financial Products Reportable Segment [Member] | Industrial and Commercial Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 82 | 503 | ||
Finance and Financial Products Reportable Segment [Member] | Building Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4 | 11 | ||
Finance and Financial Products Reportable Segment [Member] | Consumer Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,170 | 3,124 | ||
Finance and Financial Products Reportable Segment [Member] | Other Retail and Wholesale Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 23 | 65 | ||
Finance and Financial Products Reportable Segment [Member] | Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 148 | 174 | ||
Insurance Corporate And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenue | 15,895 | 46,180 | ||
Total revenues | $ 15,895 | $ 46,180 |
Revenue from contracts with c_2
Revenue from contracts with customers transaction price allocated to remaining performance obligations (Detail) $ in Millions | Sep. 30, 2018USD ($) |
Electricity and Natural Gas [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 6,890 |
Electricity and Natural Gas [Member] | Less than 12 Months [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 1,011 |
Performance obligations expected to be satisfied, period | 1 year |
Electricity and Natural Gas [Member] | Greater than 12 Months [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 5,879 |
Performance obligations expected to be satisfied, period | |
Industrial and Commercial Products [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 2,599 |
Industrial and Commercial Products [Member] | Less than 12 Months [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 50 |
Performance obligations expected to be satisfied, period | 1 year |
Industrial and Commercial Products [Member] | Greater than 12 Months [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 2,549 |
Performance obligations expected to be satisfied, period |
Investments in fixed maturity_3
Investments in fixed maturity securities (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | $ 17,795 | $ 20,445 |
Unrealized gains on fixed maturity securities | 560 | 977 |
Unrealized losses on fixed maturity securities | (84) | (69) |
Fair value of fixed maturity securities | 18,271 | 21,353 |
U.S. Treasury, U.S. government corporations and agencies [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 3,626 | 3,975 |
Unrealized gains on fixed maturity securities | 8 | 4 |
Unrealized losses on fixed maturity securities | (35) | (26) |
Fair value of fixed maturity securities | 3,599 | 3,953 |
U.S. states, municipalities and political subdivisions [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 276 | 847 |
Unrealized gains on fixed maturity securities | 15 | 19 |
Unrealized losses on fixed maturity securities | (1) | (12) |
Fair value of fixed maturity securities | 290 | 854 |
Foreign governments [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 7,362 | 8,572 |
Unrealized gains on fixed maturity securities | 45 | 274 |
Unrealized losses on fixed maturity securities | (37) | (24) |
Fair value of fixed maturity securities | 7,370 | 8,822 |
Corporate bonds [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 6,029 | 6,279 |
Unrealized gains on fixed maturity securities | 436 | 588 |
Unrealized losses on fixed maturity securities | (7) | (5) |
Fair value of fixed maturity securities | 6,458 | 6,862 |
Mortgage-backed securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 502 | 772 |
Unrealized gains on fixed maturity securities | 56 | 92 |
Unrealized losses on fixed maturity securities | (4) | (2) |
Fair value of fixed maturity securities | $ 554 | $ 862 |
Investments in fixed maturity_4
Investments in fixed maturity securities - Narrative (Detail) | Sep. 30, 2018 |
Foreign governments [Member] | AA or Higher Credit Rating [Member] | |
Summary of Investment Holdings [Line Items] | |
Percentage of fixed maturity investments by credit rating | 89.00% |
Investments in fixed maturity_5
Investments in fixed maturity securities - Amortized cost and estimated fair value of securities with fixed maturities (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Summary of Investment Holdings [Line Items] | ||
Due in one year or less - amortized cost | $ 7,275 | |
Due after one year through five years - amortized cost | 9,057 | |
Due after five years through ten years - amortized cost | 387 | |
Due after ten years - amortized cost | 574 | |
Amortized cost of fixed maturity securities | 17,795 | $ 20,445 |
Due in one year or less - fair value | 7,274 | |
Due after one year through five years - fair value | 9,108 | |
Due after five years through ten years - fair value | 435 | |
Due after ten years - fair value | 900 | |
Fair value of fixed maturity securities | 18,271 | 21,353 |
Mortgage-backed securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of mortgage-backed securities | 502 | |
Amortized cost of fixed maturity securities | 502 | 772 |
Fair value of mortgage-backed securities | 554 | |
Fair value of fixed maturity securities | $ 554 | $ 862 |
Investments in equity securit_3
Investments in equity securities (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | ||
Summary of Investment Holdings [Line Items] | ||||
Cost Basis | $ 101,838 | $ 74,676 | ||
Net Unrealized Gains | 105,494 | 95,864 | ||
Fair Value | 207,332 | [1] | 170,540 | [2] |
Banks, insurance and finance [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost Basis | 42,010 | 25,783 | ||
Net Unrealized Gains | 51,499 | 55,026 | ||
Fair Value | 93,509 | 80,809 | ||
Consumer products [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost Basis | 38,793 | 25,177 | ||
Net Unrealized Gains | 39,858 | 25,698 | ||
Fair Value | 78,651 | 50,875 | ||
Commercial, industrial and other [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost Basis | 21,035 | 23,716 | ||
Net Unrealized Gains | 14,137 | 15,140 | ||
Fair Value | $ 35,172 | $ 38,856 | ||
[1] | Approximately 69% of the aggregate fair value was concentrated in five companies (American Express Company - $16.1 billion; Apple Inc. - $57.6 billion; Bank of America Corporation - $26.5 billion; The Coca-Cola Company - $18.5 billion and Wells Fargo & Company - $24.4 billion). | |||
[2] | Approximately 65% of the aggregate fair value was concentrated in five companies (American Express Company - $15.1 billion; Apple Inc. - $28.2 billion; Bank of America Corporation - $20.7 billion; The Coca-Cola Company - $18.4 billion and Wells Fargo & Company - $29.3 billion). |
Investments in equity securit_4
Investments in equity securities (Parenthetical) (Detail) $ in Millions | Sep. 30, 2018USD ($)Company | Dec. 31, 2017USD ($)Company | ||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | $ 207,332 | [1] | $ 170,540 | [2] |
American Express Company [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | 16,100 | 15,100 | ||
Apple Inc. [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | 57,600 | 28,200 | ||
Bank of America Corporation [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | 26,500 | 20,700 | ||
The Coca-Cola Company [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | 18,500 | 18,400 | ||
Wells Fargo & Company [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | $ 24,400 | $ 29,300 | ||
Equity Securities [Member] | Investment Concentration [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration percentage | 69.00% | 65.00% | ||
Number of companies in concentration percentage | Company | 5 | 5 | ||
[1] | Approximately 69% of the aggregate fair value was concentrated in five companies (American Express Company - $16.1 billion; Apple Inc. - $57.6 billion; Bank of America Corporation - $26.5 billion; The Coca-Cola Company - $18.5 billion and Wells Fargo & Company - $24.4 billion). | |||
[2] | Approximately 65% of the aggregate fair value was concentrated in five companies (American Express Company - $15.1 billion; Apple Inc. - $28.2 billion; Bank of America Corporation - $20.7 billion; The Coca-Cola Company - $18.4 billion and Wells Fargo & Company - $29.3 billion). |
Investments in equity securit_5
Investments in equity securities - Fair value by segment (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |||
Summary of Investment Holdings [Line Items] | |||||
Investments in equity securities | $ 207,332 | [1] | $ 170,540 | [2] | |
Insurance and Other [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investments in equity securities | 201,226 | 164,026 | |||
Railroad, Utilities and Energy [Member] | Other Assets [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investments in equity securities | [3] | 1,616 | 1,961 | ||
Finance and Financial Products [Member] | Other Assets [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investments in equity securities | [3] | $ 4,490 | $ 4,553 | ||
[1] | Approximately 69% of the aggregate fair value was concentrated in five companies (American Express Company - $16.1 billion; Apple Inc. - $57.6 billion; Bank of America Corporation - $26.5 billion; The Coca-Cola Company - $18.5 billion and Wells Fargo & Company - $24.4 billion). | ||||
[2] | Approximately 65% of the aggregate fair value was concentrated in five companies (American Express Company - $15.1 billion; Apple Inc. - $28.2 billion; Bank of America Corporation - $20.7 billion; The Coca-Cola Company - $18.4 billion and Wells Fargo & Company - $29.3 billion). | ||||
[3] | Included in other assets. |
Equity Method Investments - Nar
Equity Method Investments - Narrative (Detail) $ in Millions | Oct. 03, 2017USD ($)EmployeeLocation | Sep. 30, 2018USD ($)shares | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)shares | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method earnings | $ 316 | $ 305 | $ 1,044 | $ 932 | ||
The Kraft Heinz Company [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of shares owned | shares | 325,442,152 | 325,442,152 | ||||
Equity method investment ownership percentage | 26.70% | 26.70% | ||||
Equity method investments | $ 17,453 | $ 17,453 | $ 17,635 | |||
Investment in Kraft Heinz common stock - fair value | $ 17,935 | 17,935 | 25,306 | |||
Equity method earnings | 635 | 800 | ||||
Common stock dividends received | 610 | 594 | ||||
Berkadia Commercial Mortgage LLC, Pilot Travel Centers LLC, d/b/a Pilot Flying J, and Electric Transmission Texas, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method earnings | $ 409 | $ 132 | ||||
Berkadia Commercial Mortgage LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment ownership percentage | 50.00% | 50.00% | ||||
Other Assets [Member] | Berkadia Commercial Mortgage LLC, Pilot Travel Centers LLC, d/b/a Pilot Flying J, and Electric Transmission Texas, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investments | $ 3,600 | $ 3,600 | $ 3,400 | |||
Jefferies Financial Group Inc. [Member] | Berkadia Commercial Mortgage LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment ownership percentage | 50.00% | 50.00% | ||||
American Electric Power [Member] | Electric Transmission Texas, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment ownership percentage | 50.00% | 50.00% | ||||
Commercial Paper [Member] | Berkadia Commercial Mortgage LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Maximum outstanding balance of commercial paper borrowings | $ 1,500 | $ 1,500 | ||||
Insurance Group [Member] | Jefferies Financial Group Inc. [Member] | Berkadia Commercial Mortgage LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Reimbursement rate from joint venture partner of Company's surety bond claim losses | 50.00% | |||||
Berkshire Hathaway Energy Company Subsidiary [Member] | Electric Transmission Texas, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment ownership percentage | 50.00% | 50.00% | ||||
Pilot Travel Centers LLC, d/b/a Pilot Flying J [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of locations | Location | 750 | |||||
Pilot Travel Centers LLC, d/b/a Pilot Flying J [Member] | Haslam Family [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Majority ownership percentage | 50.10% | |||||
Pilot Travel Centers LLC, d/b/a Pilot Flying J [Member] | Third Party [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 11.30% | |||||
Pilot Travel Centers LLC, d/b/a Pilot Flying J [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 38.60% | |||||
Pilot Travel Centers LLC, d/b/a Pilot Flying J [Member] | Minimum [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of team members | Employee | 28,000 | |||||
Annual revenues | $ 20,000 | |||||
Pilot Travel Centers LLC, d/b/a Pilot Flying J [Member] | Agreement to Acquire Additional Interest in 2023 [Member] | Haslam Family [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 20.00% | |||||
Pilot Travel Centers LLC, d/b/a Pilot Flying J [Member] | Agreement to Acquire Additional Interest in 2023 [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of additional interest to be acquired | 41.40% |
Equity Method Investments - Con
Equity Method Investments - Consolidated financial information (Detail) - The Kraft Heinz Company [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||||
Assets | $ 119,730 | $ 119,730 | $ 120,232 | ||
Liabilities | 54,152 | 54,152 | $ 53,985 | ||
Sales | 6,378 | $ 6,280 | 19,368 | $ 19,241 | |
Net earnings attributable to Kraft Heinz common shareholders | $ 630 | $ 944 | $ 2,379 | $ 2,996 |
Income taxes - Narrative (Detai
Income taxes - Narrative (Detail) - USD ($) $ in Billions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Effective income tax rate | 19.20% | 25.30% | 19.10% | 27.20% | |
Statutory U.S. Corporate income tax rate | 21.00% | 35.00% | |||
Provisional income tax expense for deemed repatriation of accumulated undistributed earnings of foreign subsidiaries | $ 1.4 |
Summary of investment gains and
Summary of investment gains and losses (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Gain (Loss) on Securities [Line Items] | ||||
Equity securities - Unrealized investment gains/losses on securities held at the end of the period | $ 14,294 | $ 12,126 | ||
Equity securities - Investment gains/losses during 2018 on securities sold in 2018 | 244 | 307 | ||
Investment gains (losses) | 14,569 | $ 657 | 12,750 | $ 1,262 |
Fixed maturity securities - Gross realized gains | 44 | 56 | 451 | 82 |
Fixed maturity securities - Gross realized losses | (10) | (2) | (152) | (16) |
Equity Securities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Gross realized gains | 1,011 | 1,795 | ||
Gross realized losses | (419) | (626) | ||
Investment gains (losses) | 14,538 | 592 | 12,433 | 1,169 |
Other [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Investment gains (losses) | $ (3) | $ 11 | $ 18 | $ 27 |
Investment gains_losses - Narra
Investment gains/losses - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Sales and redemptions of equity securities | $ 14,164 | $ 10,572 | |
Taxable gains on sales of equity securities | $ 1,329 | $ 2,688 |
Receivables (Detail)
Receivables (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Reinsurance recoverable on unpaid losses | $ 2,944 | $ 3,201 | $ 3,254 | $ 3,338 |
Insurance and Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Insurance premiums receivable | 13,002 | 11,058 | ||
Reinsurance recoverable on unpaid losses | 2,944 | 3,201 | ||
Trade receivables | 13,197 | 11,756 | ||
Other | 3,121 | 2,925 | ||
Allowances for uncollectible accounts | (380) | (362) | ||
Total receivables of insurance and other businesses | 31,884 | 28,578 | ||
Finance and Financial Products [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and finance receivables before allowances and discounts | 14,832 | 14,126 | ||
Allowances for uncollectible loans | (183) | (180) | ||
Unamortized acquisition discounts | (172) | (198) | ||
Total loans and finance receivables of finance and financial products businesses | $ 14,477 | $ 13,748 |
Receivables - Narrative (Detail
Receivables - Narrative (Detail) - Finance and Financial Products [Member] - Loans and finance receivables [Member] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Provisions for loan losses | $ 109 | $ 124 |
Loan charge-offs, net of recoveries | $ 106 | $ 126 |
Percent of loan balances evaluated collectively for impairment | 98.00% | |
Percent of loan balances considered to be performing | 99.00% | |
Percent of loan balances considered to be current as to payment status | 95.00% |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 3,326 | $ 2,997 |
Work in process and other | 2,232 | 2,315 |
Finished manufactured goods | 4,150 | 4,179 |
Goods acquired for resale | 7,085 | 6,696 |
Total inventory | $ 16,793 | $ 16,187 |
Property, plant and equipment_3
Property, plant and equipment and assets held for lease - Narrative (Detail) - Insurance and Other [Member] - USD ($) $ in Millions | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | $ 24,357 | $ 20,104 | |
Property, plant and equipment, gross | 44,872 | 37,424 | |
Property, plant and equipment, accumulated depreciation | 20,515 | 17,320 | |
Machinery and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 28,594 | $ 21,935 | |
ASC 606 [Member] | Aircraft Sold Under Fractional Aircraft Ownership Programs [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Other liabilities | $ 3,500 | ||
ASC 606 [Member] | Machinery and equipment [Member] | Aircraft Sold Under Fractional Aircraft Ownership Programs [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 3,500 | ||
Property, plant and equipment, gross | 5,300 | ||
Property, plant and equipment, accumulated depreciation | $ 1,800 |
Property, plant and equipment_4
Property, plant and equipment and assets held for lease (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Insurance and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 44,872 | $ 37,424 |
Property, plant and equipment, accumulated depreciation | (20,515) | (17,320) |
Total property, plant and equipment, net | 24,357 | 20,104 |
Insurance and Other [Member] | Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,272 | 2,292 |
Insurance and Other [Member] | Buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 9,034 | 8,810 |
Insurance and Other [Member] | Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 28,594 | 21,935 |
Insurance and Other [Member] | Furniture, fixtures and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,972 | 4,387 |
Railroad [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 72,396 | 70,940 |
Property, plant and equipment, accumulated depreciation | (9,596) | (8,627) |
Total property, plant and equipment, net | 62,800 | 62,313 |
Railroad [Member] | Land, track structure and other roadway [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 58,755 | 57,408 |
Railroad [Member] | Locomotives, freight cars and other equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 12,731 | 12,543 |
Railroad [Member] | Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 910 | 989 |
Utilities and Energy [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 94,926 | 91,891 |
Property, plant and equipment, accumulated depreciation | (27,339) | (26,020) |
Total property, plant and equipment, net | 67,587 | 65,871 |
Utilities and Energy [Member] | Utility generation, transmission and distribution systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 75,751 | 74,660 |
Utilities and Energy [Member] | Interstate natural gas pipeline assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 7,295 | 7,176 |
Utilities and Energy [Member] | Independent power plants and other assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 8,156 | 7,499 |
Utilities and Energy [Member] | Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,724 | 2,556 |
Railroad, Utilities and Energy [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, net | 130,387 | 128,184 |
Finance and Financial Products [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment and assets held for lease, gross | 14,503 | 13,993 |
Property, plant and equipment and assets held for lease, accumulated depreciation | (4,230) | (4,062) |
Total property, plant and equipment and assets held for lease, net | 10,273 | 9,931 |
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 | 12,736 | 12,318 |
Finance and Financial Products [Member] | Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment and assets held for lease, gross | 240 | 231 |
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 | $ 1,527 | $ 1,444 |
Property, plant and equipment_5
Property, plant and equipment and assets held for lease - Depreciation expense (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 6,117 | $ 5,727 |
Insurance and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | 1,954 | 1,636 |
Railroad, Utilities and Energy [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | 3,678 | 3,604 |
Finance and Financial Products [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 485 | $ 487 |
Goodwill and other intangible_3
Goodwill and other intangible assets - Goodwill (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance at beginning of year | $ 81,258 | $ 79,486 |
Acquisitions of businesses | 250 | 1,545 |
Other, including foreign currency translation | (181) | 227 |
Balance at end of period | $ 81,327 | $ 81,258 |
Goodwill and other intangible_4
Goodwill and other intangible assets - Intangible assets (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 41,314 | $ 41,213 |
Accumulated amortization | 9,024 | 8,031 |
Insurance and Other [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 40,288 | 40,225 |
Accumulated amortization | 8,662 | 7,707 |
Railroad, Utilities and Energy [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,026 | 988 |
Accumulated amortization | 362 | 324 |
Trademarks and trade names [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 5,396 | 5,381 |
Accumulated amortization | 744 | 692 |
Customer relationships [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 28,343 | 28,322 |
Accumulated amortization | 4,351 | 3,722 |
Other intangible assets [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 3,167 | 3,169 |
Accumulated amortization | 1,213 | 1,124 |
Patents and technology [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 4,408 | 4,341 |
Accumulated amortization | $ 2,716 | $ 2,493 |
Goodwill and other intangible_5
Goodwill and other intangible assets - Intangible assets - Narrative (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 1,052 | $ 1,108 | |
Intangible assets with indefinite lives, excluding goodwill | $ 18,900 | $ 18,900 |
Derivative contracts (Detail)
Derivative contracts (Detail) - Finance and Financial Products [Member] - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Liabilities | $ 1,869 | $ 2,172 | |
Not Designated as Hedging Instrument [Member] | Equity Index Put Options [Member] | |||
Derivative [Line Items] | |||
Liabilities | 1,869 | 2,172 | |
Notional Value | [1] | $ 27,434 | $ 28,753 |
[1] | Represents the aggregate undiscounted amounts payable assuming that the value of each index is zero at each contract's expiration date. Certain of these contracts are denominated in foreign currencies. Notional amounts are based on the foreign currency exchange rates as of each balance sheet date. |
Derivative contracts - Gains an
Derivative contracts - Gains and losses (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gains/losses | $ 137 | $ 308 | $ 303 | $ 703 |
Finance and Financial Products [Member] | Not Designated as Hedging Instrument [Member] | Equity Index Put Options [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gains/losses | $ 137 | $ 308 | $ 303 | $ 703 |
Derivative contracts - Narrativ
Derivative contracts - Narrative (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Finance and Financial Products [Member] | ||
Derivative [Line Items] | ||
Liabilities | $ 1,869,000,000 | $ 2,172,000,000 |
Finance and Financial Products [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Collateral posting requirements under contracts with collateral provisions | 0 | |
Additional collateral posting requirements | $ 1,100,000,000 | |
Finance and Financial Products [Member] | Not Designated as Hedging Instrument [Member] | Equity Index Put Options [Member] | ||
Derivative [Line Items] | ||
Weighted average remaining life of derivative contracts | 2 years 3 months | |
Premiums received at contract inception dates | $ 4,100,000,000 | |
Aggregate intrinsic value of equity index put option contracts | 919,000,000 | 789,000,000 |
Liabilities | $ 1,869,000,000 | 2,172,000,000 |
Finance and Financial Products [Member] | Not Designated as Hedging Instrument [Member] | Equity Index Put Options [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative inception month and year | 2008-03 | |
Derivative maturity month and year | 2026-01 | |
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 | 2019-04 | |
Other Assets [Member] | Utilities and Energy [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Assets | $ 154,000,000 | 142,000,000 |
Accounts Payable, Accruals and Other Liabilities [Member] | Utilities and Energy [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liabilities | $ 80,000,000 | $ 82,000,000 |
Supplemental cash flow inform_3
Supplemental cash flow information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Supplemental Cash Flow Information [Line Items] | ||
Cash paid during the period for income taxes | $ 3,977 | $ 1,774 |
Liabilities assumed in connection with business acquisitions | 93 | 685 |
Equity securities surrendered in connection with warrant exercise | 4,965 | |
Insurance and Other [Member] | ||
Supplemental Cash Flow Information [Line Items] | ||
Cash paid during the period for interest | 677 | 747 |
Railroad, Utilities and Energy [Member] | ||
Supplemental Cash Flow Information [Line Items] | ||
Cash paid during the period for interest | 2,129 | 2,111 |
Finance and Financial Products [Member] | ||
Supplemental Cash Flow Information [Line Items] | ||
Cash paid during the period for interest | $ 257 | $ 296 |
Unpaid losses and loss adjust_3
Unpaid losses and loss adjustment expenses - Reconciliation of changes in claim liabilities (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Gross liabilities at beginning of year | $ 60,578 | $ 61,122 | $ 53,379 |
Reinsurance recoverable on unpaid losses at beginning of year | (3,254) | (3,201) | (3,338) |
Net liabilities at beginning of year | 57,324 | 57,921 | 50,041 |
Net liabilities at end of period | 57,921 | 61,319 | 57,324 |
Reinsurance recoverable on unpaid losses at end of period | 3,201 | 2,944 | 3,254 |
Gross liabilities at end of period | $ 61,122 | 64,263 | 60,578 |
Property and Casualty Insurance and Reinsurance, Excluding Retroactive Reinsurance [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, current accident year events | 29,071 | 28,632 | |
Incurred losses and loss adjustment expenses, prior accident years' events | (1,566) | (461) | |
Total incurred losses and loss adjustment expenses | 27,505 | 28,171 | |
Paid losses and loss adjustment expenses, current accident year events | (12,474) | (11,539) | |
Paid losses and loss adjustment expenses, prior accident years' events | (11,516) | (9,952) | |
Total payments | (23,990) | (21,491) | |
Foreign currency translation adjustment | $ (117) | $ 603 |
Unpaid losses and loss adjust_4
Unpaid losses and loss adjustment expenses - Narrative (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Property and Casualty Insurance and Reinsurance, Excluding Retroactive Reinsurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred losses and loss adjustment expenses for (reductions of) prior years' accident events | $ (1,566) | $ (461) |
Primary Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred losses and loss adjustment expenses for (reductions of) prior years' accident events | (985) | (569) |
Private Passenger Automobile Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred losses and loss adjustment expenses for (reductions of) prior years' accident events | (478) | 37 |
Property and Casualty Reinsurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred losses and loss adjustment expenses for (reductions of) prior years' accident events | $ (581) | $ 108 |
Retroactive reinsurance contr_3
Retroactive reinsurance contracts - Reconciliation of changes in claim liabilities and deferred charge assets (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Unpaid losses and loss adjustment expenses, beginning of year | $ 40,993 | $ 42,937 | $ 24,972 |
Unpaid losses and loss adjustment expenses, end of period | 42,937 | 41,935 | 40,993 |
Deferred charges reinsurance assumed, beginning of year | (13,572) | (15,278) | (8,047) |
Deferred charges reinsurance assumed, end of period | $ (15,278) | (14,451) | (13,572) |
Retroactive Reinsurance [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior years' contracts | 791 | 236 | |
Total incurred losses and loss adjustment expenses | 791 | 11,279 | |
Unpaid Losses and Loss Adjustment Expenses [Member] | Retroactive Reinsurance [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, current year contracts | 17,213 | ||
Incurred losses and loss adjustment expenses, prior years' contracts | (36) | (409) | |
Total incurred losses and loss adjustment expenses | (36) | 16,804 | |
Paid losses and loss adjustment expenses | (966) | (783) | |
Deferred Charges Reinsurance Assumed [Member] | Retroactive Reinsurance [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, current year contracts | (6,170) | ||
Incurred losses and loss adjustment expenses, prior years' contracts | 827 | 645 | |
Total incurred losses and loss adjustment expenses | $ 827 | $ (5,525) |
Retroactive reinsurance contr_4
Retroactive reinsurance contracts - Narrative (Detail) - USD ($) | Feb. 02, 2017 | Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2016 |
Effects of Reinsurance [Line Items] | |||||
Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts | $ 42,937,000,000 | $ 41,935,000,000 | $ 40,993,000,000 | $ 24,972,000,000 | |
Deferred charges under retroactive reinsurance contracts | 15,278,000,000 | 14,451,000,000 | 13,572,000,000 | $ 8,047,000,000 | |
Retroactive Reinsurance [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Incurred losses and loss adjustment expenses | 791,000,000 | 11,279,000,000 | |||
Incurred losses and loss adjustment expenses, prior years' contracts | 791,000,000 | 236,000,000 | |||
NICO [Member] | AIG [Member] | Retroactive Reinsurance [Member] | |||||
Effects of Reinsurance [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 | ||||
Premiums earned | 10,200,000,000 | ||||
Incurred losses and loss adjustment expenses | 10,200,000,000 | ||||
Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts | 16,400,000,000 | 18,200,000,000 | 18,200,000,000 | ||
Deferred charges under retroactive reinsurance contracts | 6,200,000,000 | 7,500,000,000 | 7,100,000,000 | ||
NICO [Member] | AIG [Member] | Retroactive Reinsurance [Member] | Maximum [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Losses and allocated loss adjustment expenses reinsured in excess of retained amount | $ 25,000,000,000 | ||||
Unpaid Losses and Loss Adjustment Expenses [Member] | Retroactive Reinsurance [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Incurred losses and loss adjustment expenses | (36,000,000) | 16,804,000,000 | |||
Incurred losses and loss adjustment expenses, prior years' contracts | (36,000,000) | (409,000,000) | |||
Unpaid Losses and Loss Adjustment Expenses [Member] | NICO [Member] | AIG [Member] | Retroactive Reinsurance [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Incurred losses and loss adjustment expenses | 1,800,000,000 | ||||
Deferred Charges Reinsurance Assumed [Member] | Retroactive Reinsurance [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Incurred losses and loss adjustment expenses | 827,000,000 | (5,525,000,000) | |||
Incurred losses and loss adjustment expenses, prior years' contracts | $ 827,000,000 | $ 645,000,000 | |||
Deferred Charges Reinsurance Assumed [Member] | NICO [Member] | AIG [Member] | Retroactive Reinsurance [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Incurred losses and loss adjustment expenses | $ (1,700,000,000) |
Notes payable and other borro_3
Notes payable and other borrowings (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Insurance and Other [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 24,271 | $ 27,324 |
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | U.S. Dollar Denominated [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 9,058 | 10,603 |
Weighted average interest rate, percentage | 3.10% | |
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | U.S. Dollar Denominated [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,018 | |
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | U.S. Dollar Denominated [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,047 | |
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Euro Denominated [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 7,897 | 8,164 |
Weighted average interest rate, percentage | 1.10% | |
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Euro Denominated [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,020 | |
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Euro Denominated [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,035 | |
Insurance and Other [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt | $ 1,733 | 1,832 |
Other borrowings | $ 5,583 | 6,725 |
Short-term debt, weighted average interest rate | 4.10% | |
Weighted average interest rate, percentage | 4.00% | |
Insurance and Other [Member] | Subsidiaries [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,018 | |
Insurance and Other [Member] | 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 | $ 62,599 | 62,178 |
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate, percentage | 4.50% | |
Senior unsecured debt | $ 8,970 | 6,452 |
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,018 | |
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,049 | |
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 28,588 | 28,739 |
Weighted average interest rate, percentage | 4.70% | |
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,019 | |
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,064 | |
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy and Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt | $ 1,784 | 4,488 |
Short-term debt, weighted average interest rate | 3.00% | |
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | BNSF [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 23,257 | 22,499 |
Weighted average interest rate, percentage | 4.70% | |
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | BNSF [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,018 | |
Railroad, Utilities and Energy [Member] | Subsidiaries [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 | $ 10,770 | 13,085 |
Finance and Financial Products [Member] | Subsidiaries [Member] | Berkshire Hathaway Finance Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 10,649 | 12,926 |
Weighted average interest rate, percentage | 3.30% | |
Finance and Financial Products [Member] | Subsidiaries [Member] | Berkshire Hathaway Finance Corporation [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,019 | |
Finance and Financial Products [Member] | Subsidiaries [Member] | Berkshire Hathaway Finance Corporation [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,048 | |
Finance and Financial Products [Member] | Subsidiaries [Member] | Other Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 121 | $ 159 |
Weighted average interest rate, percentage | 3.60% | |
Finance and Financial Products [Member] | Subsidiaries [Member] | Other Subsidiaries [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,018 | |
Finance and Financial Products [Member] | Subsidiaries [Member] | Other Subsidiaries [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,028 |
Notes payable and other borro_4
Notes payable and other borrowings - Narrative (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Aug. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | |
Insurance and Other [Member] | Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate, percentage | 4.00% | 4.00% | ||
Insurance and Other [Member] | Euro Denominated [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate, percentage | 1.10% | 1.10% | ||
Insurance and Other [Member] | Euro Denominated [Member] | Senior Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||
Debt Instrument [Line Items] | ||||
Increase (decrease) in carrying value of notes | $ (273) | $ 860 | ||
Insurance and Other [Member] | Euro Denominated [Member] | Senior Notes [Member] | Interest Expense [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||
Debt Instrument [Line Items] | ||||
Increase (decrease) in interest expense attributable to changes in foreign currency exchange rates | (273) | $ 860 | ||
Berkshire Hathaway Energy and Subsidiaries [Member] | Railroad, Utilities and Energy [Member] | Debt Due 2020 To 2049 [Member] | Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount of debt issued | $ 2,050 | $ 5,500 | ||
Weighted average interest rate, percentage | 3.60% | 3.60% | ||
BNSF [Member] | Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate, percentage | 4.70% | 4.70% | ||
Repayments of borrowings | $ 650 | |||
BNSF [Member] | Railroad, Utilities and Energy [Member] | Senior Unsecured Debentures [Member] | Debentures Due 2048 [Member] | Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount of debt issued | $ 750 | $ 1,500 | ||
Weighted average interest rate, percentage | 4.10% | 4.10% | ||
Berkshire Hathaway Finance Corporation [Member] | Finance and Financial Products [Member] | Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate, percentage | 3.30% | 3.30% | ||
Berkshire Hathaway Finance Corporation [Member] | Finance and Financial Products [Member] | Senior Notes [Member] | Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of borrowings | $ 4,600 | |||
Berkshire Hathaway Finance Corporation [Member] | Finance and Financial Products [Member] | Senior Notes [Member] | Notes Due 2048 at 4.2% [Member] | Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount of debt issued | $ 2,350 | |||
Debt instrument, interest rate, stated percentage | 4.20% |
Notes payable and other borro_5
Notes payable and other borrowings - Credit agreements - Narrative (Detail) $ in Billions | Sep. 30, 2018USD ($) |
Line of Credit and Commercial Paper Facilities [Member] | Subsidiaries [Member] | |
Line of Credit Facility [Line Items] | |
Unused lines of credit available | $ 8.4 |
Line of Credit and Commercial Paper Facilities [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy and Subsidiaries [Member] | |
Line of Credit Facility [Line Items] | |
Unused lines of credit available | 6.8 |
Subsidiaries Excluding Berkshire Hathaway Finance Corporation [Member] | Berkshire Hathaway Inc. (Parent) [Member] | |
Line of Credit Facility [Line Items] | |
Guarantee obligation | $ 1.7 |
Fair value measurements - Finan
Fair value measurements - Financial assets and liabilities (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | $ 18,271 | $ 21,353 | |||
Investments in equity securities | 207,332 | [1] | 170,540 | [2] | |
Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings - carrying value | 62,599 | 62,178 | |||
Insurance and Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 18,271 | 21,353 | |||
Investments in equity securities | 201,226 | 164,026 | |||
Investment in Kraft Heinz common stock - carrying value | 17,453 | 17,635 | |||
Notes payable and other borrowings - carrying value | 24,271 | 27,324 | |||
Finance and Financial Products [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans and finance receivables - carrying value | 14,477 | 13,748 | |||
Derivative contract liabilities | 1,869 | 2,172 | |||
Notes payable and other borrowings - carrying value | 10,770 | 13,085 | |||
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] | 1,616 | 1,961 | ||
Other Assets [Member] | Finance and Financial Products [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in equity securities | [3] | 4,490 | 4,553 | ||
The Kraft Heinz Company [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment in Kraft Heinz common stock - carrying value | 17,453 | 17,635 | |||
Investment in Kraft Heinz common stock - fair value | 17,935 | 25,306 | |||
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 | 3,599 | 3,953 | |||
U.S. states, municipalities and political subdivisions [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 290 | 854 | |||
Foreign governments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 7,370 | 8,822 | |||
Corporate bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 6,458 | 6,862 | |||
Mortgage-backed securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 554 | 862 | |||
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 | 206,985 | 170,494 | |||
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 | 47 | 46 | |||
Loans and finance receivables - fair value | 59 | 17 | |||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings - fair value | 66,823 | 70,538 | |||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Insurance and Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings - fair value | 24,422 | 28,180 | |||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Finance and Financial Products [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings - fair value | 10,953 | 13,577 | |||
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 | 300 | ||||
Loans and finance receivables - fair value | 14,676 | 14,119 | |||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Finance and Financial Products [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes payable and other borrowings - fair value | 26 | 5 | |||
Fair Value, Measurements, Recurring [Member] | Equity Index Put Options [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | 1,869 | 2,172 | |||
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] | 3 | 1 | ||
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] | 41 | 28 | ||
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] | 110 | 113 | ||
Fair Value, Measurements, Recurring [Member] | Accounts Payable, Accruals and Other Liabilities [Member] | Quoted Prices (Level 1) [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | [4] | 1 | 3 | ||
Fair Value, Measurements, Recurring [Member] | Accounts Payable, Accruals and Other Liabilities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | [4] | 63 | 69 | ||
Fair Value, Measurements, Recurring [Member] | Accounts Payable, Accruals and Other Liabilities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | [4] | 16 | 10 | ||
Fair Value, Measurements, Recurring [Member] | The Kraft Heinz Company [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 | 17,935 | 25,306 | |||
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 | 2,378 | 2,360 | |||
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 | 1,221 | 1,593 | |||
Fair Value, Measurements, Recurring [Member] | U.S. 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 | 290 | 854 | |||
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 | 5,162 | 6,946 | |||
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 | 2,208 | 1,876 | |||
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 | 6,453 | 6,856 | |||
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 | 5 | 6 | |||
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 | 554 | 862 | |||
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 | 207,332 | 170,540 | |||
Loans and finance receivables - carrying value | 14,477 | 13,748 | |||
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 | 62,599 | 62,178 | |||
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 | 24,271 | 27,324 | |||
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 | 10,770 | 13,085 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Equity Index Put Options [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | 1,869 | 2,172 | |||
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] | 154 | 142 | ||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Accounts Payable, Accruals and Other Liabilities [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | [4] | 80 | 82 | ||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | The Kraft Heinz Company [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment in Kraft Heinz common stock - carrying value | 17,453 | 17,635 | |||
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 | 3,599 | 3,953 | |||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | U.S. states, municipalities and political subdivisions [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 290 | 854 | |||
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 | 7,370 | 8,822 | |||
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 | 6,458 | 6,862 | |||
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 | 554 | 862 | |||
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 | 207,332 | 170,540 | |||
Loans and finance receivables - fair value | 14,735 | 14,136 | |||
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 | 66,823 | 70,538 | |||
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 | 24,422 | 28,180 | |||
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 | 10,979 | 13,582 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Equity Index Put Options [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | 1,869 | 2,172 | |||
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] | 154 | 142 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Accounts Payable, Accruals and Other Liabilities [Member] | Railroad, Utilities and Energy [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative contract liabilities | [4] | 80 | 82 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | The Kraft Heinz Company [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment in Kraft Heinz common stock - fair value | 17,935 | 25,306 | |||
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 | 3,599 | 3,953 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | U.S. states, municipalities and political subdivisions [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments in fixed maturity securities | 290 | 854 | |||
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 | 7,370 | 8,822 | |||
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 | 6,458 | 6,862 | |||
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 | $ 554 | $ 862 | |||
[1] | Approximately 69% of the aggregate fair value was concentrated in five companies (American Express Company - $16.1 billion; Apple Inc. - $57.6 billion; Bank of America Corporation - $26.5 billion; The Coca-Cola Company - $18.5 billion and Wells Fargo & Company - $24.4 billion). | ||||
[2] | Approximately 65% of the aggregate fair value was concentrated in five companies (American Express Company - $15.1 billion; Apple Inc. - $28.2 billion; Bank of America Corporation - $20.7 billion; The Coca-Cola Company - $18.4 billion and Wells Fargo & Company - $29.3 billion). | ||||
[3] | Included in other assets. | ||||
[4] | Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities. |
Fair value measurements - Signi
Fair value measurements - Significant unobservable inputs (Detail) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value Measurements Significant Unobservable Inputs [Line Items] | ||
Net derivative contract liabilities - Beginning Balance | $ (2,069) | $ (2,824) |
Net derivative contract liabilities - Gains (losses) included in earnings | 446 | 822 |
Net derivative contract liabilities - Gains (losses) included in other comprehensive income | (3) | |
Net derivative contract liabilities - Gains (losses) included in regulatory assets and liabilities | (11) | (5) |
Net derivative contract liabilities - Acquisitions, dispositions and settlements | (141) | (78) |
Net derivative contract liabilities - Ending Balance | (1,775) | (2,088) |
Investments in Equity and Fixed Maturity Securities [Member] | ||
Fair Value Measurements Significant Unobservable Inputs [Line Items] | ||
Beginning Balance | 6 | 17,321 |
Gains (losses) included in other comprehensive income | 1,157 | |
Acquisitions, dispositions and settlements | (1) | (58) |
Transfers into/out of Level 3 | (18,413) | |
Ending Balance | $ 5 | $ 7 |
Fair value measurements - Other
Fair value measurements - Other information (Detail) - Significant Unobservable Inputs (Level 3) [Member] - Equity Index Put Options [Member] - Fair Value, Measurements, Recurring [Member] $ in Millions | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative contract liabilities, fair value | $ 1,869 | $ 2,172 |
Option Pricing Model [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative contract liabilities, fair value | $ 1,869 | |
Option Pricing Model [Member] | Volatility [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unobservable inputs | 0.16 |
Common stock - Narrative (Detai
Common stock - Narrative (Detail) | 9 Months Ended | |
Sep. 30, 2018USD ($)Voteshares | Dec. 31, 2017shares | |
Class of Stock [Line Items] | ||
Preferred Stock, shares authorized | 1,000,000 | |
Preferred Stock, shares issued | 0 | |
Class A [Member] | ||
Class of Stock [Line Items] | ||
Number of votes entitled per share, number | Vote | 1 | |
Shares outstanding | 734,000 | 751,075 |
Class B [Member] | ||
Class of Stock [Line Items] | ||
Number of votes entitled per share, number | Vote | 0.0001 | |
Economic equivalent of Class B share to Class A share | 0.0667% | |
Number of shares of Class B stock obtainable from converting one Class A share | 1,500 | |
Shares outstanding | 1,362,403,858 | 1,340,656,987 |
Equivalent Class A [Member] | ||
Class of Stock [Line Items] | ||
Shares outstanding | 1,642,269 | 1,644,846 |
Common Stock Repurchase Program [Member] | ||
Class of Stock [Line Items] | ||
Shares repurchase, authorization description | For several years, Berkshire had a common stock repurchase program, which permitted Berkshire to repurchase its Class A and Class B shares at prices no higher than a 20% premium over the book value of the shares. On July 17, 2018, Berkshire’s Board of Directors authorized an amendment to the program, permitting Berkshire to repurchase shares any time that Warren Buffett, Berkshire’s Chairman of the Board and Chief Executive Officer, and Charlie Munger, a Vice-Chairman of the Board, believe that the repurchase price is below Berkshire’s intrinsic value, conservatively determined. | |
Minimum cash, cash equivalents and U.S. Treasury Bills threshold after repurchase of common stock shares, amount | $ | $ 20,000,000,000 |
Common stock (Detail)
Common stock (Detail) - shares | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Class A [Member] | ||
Class of Stock [Line Items] | ||
Shares issued | 745,905 | 762,755 |
Treasury shares | (11,905) | (11,680) |
Shares outstanding | 734,000 | 751,075 |
Conversions of Class A common stock to Class B common stock and exercises of replacement stock options issued in a business acquisition | (16,850) | |
Treasury stock acquired | (225) | |
Class B [Member] | ||
Class of Stock [Line Items] | ||
Shares issued | 1,367,952,812 | 1,342,066,749 |
Treasury shares | (5,548,954) | (1,409,762) |
Shares outstanding | 1,362,403,858 | 1,340,656,987 |
Conversions of Class A common stock to Class B common stock and exercises of replacement stock options issued in a business acquisition | 25,886,063 | |
Treasury stock acquired | (4,139,192) |
Common stock (Parenthetical) (D
Common stock (Parenthetical) (Detail) | Sep. 30, 2018$ / 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 |
Accumulated other comprehensi_3
Accumulated other comprehensive income (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 351,954 | $ 285,428 |
Ending Balance | 379,419 | 310,921 |
Unrealized appreciation of investments, net [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 62,093 | 43,176 |
Reclassifications to retained earnings upon adoption of new accounting standards | (61,340) | |
Other comprehensive income, net before reclassifications | (142) | 11,734 |
Reclassifications into net earnings | (236) | (803) |
Ending Balance | 375 | 54,107 |
Foreign currency translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (3,114) | (5,268) |
Reclassifications to retained earnings upon adoption of new accounting standards | (65) | |
Other comprehensive income, net before reclassifications | (776) | 1,946 |
Ending Balance | (3,955) | (3,322) |
Prior service and actuarial gains/losses of defined benefit pension plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (420) | (593) |
Reclassifications to retained earnings upon adoption of new accounting standards | 36 | |
Other comprehensive income, net before reclassifications | (33) | (90) |
Reclassifications into net earnings | 76 | 61 |
Ending Balance | (341) | (622) |
Other AOCI transactions [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 12 | (17) |
Reclassifications to retained earnings upon adoption of new accounting standards | (6) | |
Other comprehensive income, net before reclassifications | (19) | 19 |
Reclassifications into net earnings | 7 | 18 |
Ending Balance | (6) | 20 |
Accumulated other comprehensive income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 58,571 | 37,298 |
Reclassifications to retained earnings upon adoption of new accounting standards | (61,375) | |
Other comprehensive income, net before reclassifications | (970) | 13,609 |
Reclassifications into net earnings | (153) | (724) |
Ending Balance | $ (3,927) | $ 50,183 |
Accumulated other comprehensi_4
Accumulated other comprehensive income - Reclassified Amounts (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Unrealized appreciation of investments, net [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassifications before income taxes | $ (299) | $ (1,235) |
Applicable income taxes | (63) | (432) |
Total reclassifications into net earnings | (236) | (803) |
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 | 101 | 82 |
Applicable income taxes | 25 | 21 |
Total reclassifications into net earnings | 76 | 61 |
Other AOCI transactions [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassifications before income taxes | 10 | 32 |
Applicable income taxes | 3 | 14 |
Total reclassifications into net earnings | 7 | 18 |
Accumulated other comprehensive income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassifications before income taxes | (188) | (1,121) |
Applicable income taxes | (35) | (397) |
Total reclassifications into net earnings | $ (153) | $ (724) |
Contingencies and Subsequent _2
Contingencies and Subsequent Event - Narrative (Detail) - MLMIC Insurance Company [Member] - USD ($) $ in Millions | Oct. 01, 2018 | Sep. 30, 2018 |
Subsequent Event [Line Items] | ||
Premiums earned | $ 300 | |
NICO [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Acquisition price | $ 2,500 | |
Assets | 6,300 | |
Liabilities | $ 3,800 |
Business segment data - Revenue
Business segment data - Revenues by segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 63,450 | $ 59,507 | $ 184,123 | $ 181,133 |
BNSF [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 6,112 | 17,547 | ||
Berkshire Hathaway Energy [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 5,706 | 15,268 | ||
Manufacturing Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 13,529 | 40,281 | ||
McLane Company [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 12,822 | 37,438 | ||
Service and Retailing Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 6,955 | 20,552 | ||
Finance and Financial Products Reportable Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 2,431 | 6,857 | ||
Operating Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 63,412 | 59,559 | 184,091 | 181,389 |
Operating Businesses [Member] | Insurance Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest, dividend and other investment income | 1,446 | 1,248 | 4,058 | 3,664 |
Total revenues | 15,779 | 14,597 | 45,913 | 51,133 |
Operating Businesses [Member] | Insurance Group [Member] | GEICO [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Premiums earned | 8,506 | 7,543 | 24,705 | 21,632 |
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Reinsurance Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Premiums earned | 3,777 | 3,954 | 11,229 | 20,550 |
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Primary Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Premiums earned | 2,050 | 1,852 | 5,921 | 5,287 |
Operating Businesses [Member] | BNSF [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 6,147 | 5,314 | 17,649 | 15,749 |
Operating Businesses [Member] | Berkshire Hathaway Energy [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 5,706 | 5,351 | 15,268 | 14,184 |
Operating Businesses [Member] | Manufacturing Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 13,552 | 12,819 | 40,339 | 37,654 |
Operating Businesses [Member] | McLane Company [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 12,822 | 12,798 | 37,438 | 37,480 |
Operating Businesses [Member] | Service and Retailing Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 6,974 | 6,527 | 20,623 | 19,170 |
Operating Businesses [Member] | Finance and Financial Products Reportable Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 2,432 | 2,153 | 6,861 | 6,019 |
Corporate, Eliminations and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 38 | $ (52) | $ 32 | $ (256) |
Business segment data - Earning
Business segment data - Earnings before income taxes by segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Investment and derivative contract gains/losses | $ 14,706 | $ 965 | $ 13,053 | $ 1,965 |
Earnings before income taxes | 23,147 | 5,630 | 36,722 | 17,447 |
Operating Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings before income taxes from operating businesses | 8,312 | 5,024 | 23,260 | 16,626 |
Operating Businesses [Member] | Insurance Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings before income taxes from operating businesses | 2,054 | (963) | 6,373 | 1,046 |
Operating Businesses [Member] | Insurance Group [Member] | Interest, Dividend and Other Investment Income [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings before income taxes from operating businesses | 1,455 | 1,246 | 4,052 | 3,658 |
Operating Businesses [Member] | Insurance Group [Member] | GEICO [Member] | Insurance Premiums Earned [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings before income taxes from operating businesses | 627 | (416) | 1,977 | (122) |
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Reinsurance Group [Member] | Insurance Premiums Earned [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings before income taxes from operating businesses | (163) | (1,845) | (124) | (2,963) |
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Primary Group [Member] | Insurance Premiums Earned [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings before income taxes from operating businesses | 135 | 52 | 468 | 473 |
Operating Businesses [Member] | BNSF [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings before income taxes from operating businesses | 1,879 | 1,710 | 5,047 | 4,592 |
Operating Businesses [Member] | Berkshire Hathaway Energy [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings before income taxes from operating businesses | 1,165 | 1,243 | 2,238 | 2,481 |
Operating Businesses [Member] | Manufacturing Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings before income taxes from operating businesses | 2,012 | 2,002 | 6,002 | 5,428 |
Operating Businesses [Member] | McLane Company [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings before income taxes from operating businesses | 44 | 45 | 171 | 202 |
Operating Businesses [Member] | Service and Retailing Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings before income taxes from operating businesses | 628 | 491 | 1,840 | 1,439 |
Operating Businesses [Member] | Finance and Financial Products Reportable Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings before income taxes from operating businesses | 530 | 496 | 1,589 | 1,438 |
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Investment and derivative contract gains/losses | 14,706 | 965 | 13,053 | 1,965 |
Interest expense | (60) | (386) | (77) | (1,243) |
Equity method investments | 316 | 305 | 1,044 | 932 |
Corporate, Eliminations and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings before income taxes from operating businesses | $ (127) | $ (278) | $ (558) | $ (833) |