Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 13, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | BERKSHIRE HATHAWAY INC | ||
Entity Central Index Key | 0001067983 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity File Number | 001-14905 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 47-0813844 | ||
Entity Address, Address Line One | 3555 Farnam Street | ||
Entity Address, City or Town | Omaha | ||
Entity Address, State or Province | NE | ||
Entity Address, Postal Zip Code | 68131 | ||
City Area Code | 402 | ||
Local Phone Number | 346-1400 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Public Float | $ 417,300,000,000 | ||
Documents Incorporated by Reference | Portions of the Proxy Statement for the Registrant’s Annual Meeting to be held May 2, 2020 are incorporated in Part III. | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 700,396 | ||
Security 12b Title | Class A Common Stock | ||
Trading Symbol | BRK.A | ||
Security Exchange Name | NYSE | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,385,994,959 | ||
Security 12b Title | Class B Common Stock | ||
Trading Symbol | BRK.B | ||
Security Exchange Name | NYSE | ||
M 0.750 Senior Notes Due 2023 [Member] | |||
Document Information [Line Items] | |||
Security 12b Title | 0.750% Senior Notes due 2023 | ||
Trading Symbol | BRK23 | ||
Security Exchange Name | NYSE | ||
M 1.125 Senior Notes Due 2027 [Member] | |||
Document Information [Line Items] | |||
Security 12b Title | 1.125% Senior Notes due 2027 | ||
Trading Symbol | BRK27 | ||
Security Exchange Name | NYSE | ||
M 1.625 Senior Notes Due 2035 [Member] | |||
Document Information [Line Items] | |||
Security 12b Title | 1.625% Senior Notes due 2035 | ||
Trading Symbol | BRK35 | ||
Security Exchange Name | NYSE | ||
M 0.500 Senior Notes Due 2020 [Member] | |||
Document Information [Line Items] | |||
Security 12b Title | 0.500% Senior Notes due 2020 | ||
Trading Symbol | BRK20 | ||
Security Exchange Name | NYSE | ||
M 1.300 Senior Notes Due 2024 [Member] | |||
Document Information [Line Items] | |||
Security 12b Title | 1.300% Senior Notes due 2024 | ||
Trading Symbol | BRK24 | ||
Security Exchange Name | NYSE | ||
M 2.150 Senior Notes Due 2028 [Member] | |||
Document Information [Line Items] | |||
Security 12b Title | 2.150% Senior Notes due 2028 | ||
Trading Symbol | BRK28 | ||
Security Exchange Name | NYSE | ||
M 0.250 Senior Notes Due 2021 [Member] | |||
Document Information [Line Items] | |||
Security 12b Title | 0.250% Senior Notes due 2021 | ||
Trading Symbol | BRK21 | ||
Security Exchange Name | NYSE | ||
M 0.625 Senior Notes Due 2023 [Member] | |||
Document Information [Line Items] | |||
Security 12b Title | 0.625% Senior Notes due 2023 | ||
Trading Symbol | BRK23A | ||
Security Exchange Name | NYSE | ||
M 2.375 Senior Notes Due 2039 [Member] | |||
Document Information [Line Items] | |||
Security 12b Title | 2.375% Senior Notes due 2039 | ||
Trading Symbol | BRK39 | ||
Security Exchange Name | NYSE | ||
M 2.625 Senior Notes Due 2059 [Member] | |||
Document Information [Line Items] | |||
Security 12b Title | 2.625% Senior Notes due 2059 | ||
Trading Symbol | BRK59 | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets € in Millions, £ in Millions, $ in Millions, ¥ in Billions | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |||
ASSETS | |||||
Investments in fixed maturity securities | $ 18,685 | $ 19,898 | |||
Investments in equity securities | 248,027 | [1] | 172,757 | [2] | |
Loans and finance receivables | 17,527 | 16,280 | |||
Inventories | 19,852 | 19,069 | |||
Equipment held for lease | 15,065 | 14,298 | |||
Goodwill | 81,882 | 81,025 | |||
Deferred charges under retroactive reinsurance contracts | 13,747 | 14,104 | |||
Total assets | 817,729 | 707,794 | |||
LIABILITIES | |||||
Unpaid losses and loss adjustment expenses | 73,019 | 68,458 | |||
Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts | 42,441 | 41,834 | |||
Income taxes, principally deferred | 66,799 | 51,375 | |||
Total liabilities | 389,166 | 355,294 | |||
Shareholders’ equity: | |||||
Common stock | 8 | 8 | |||
Capital in excess of par value | 35,658 | 35,707 | |||
Accumulated other comprehensive income | (5,243) | (5,015) | |||
Retained earnings | 402,493 | 321,112 | |||
Treasury stock, at cost | (8,125) | (3,109) | |||
Berkshire Hathaway shareholders’ equity | 424,791 | 348,703 | |||
Noncontrolling interests | 3,772 | 3,797 | |||
Total shareholders’ equity | 428,563 | 352,500 | |||
Total liabilities and shareholders' equity | 817,729 | 707,794 | |||
Insurance and Other [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | [3] | 61,151 | 27,749 | ||
Short-term investments in U.S. Treasury Bills | 63,822 | 81,506 | |||
Investments in fixed maturity securities | 18,685 | 19,898 | |||
Investments in equity securities | 248,027 | 172,757 | |||
Equity method investments | 17,505 | 17,325 | |||
Loans and finance receivables | 17,527 | 16,280 | |||
Other receivables | 32,418 | 31,564 | |||
Inventories | 19,852 | 19,069 | |||
Property, plant and equipment | 21,438 | 20,628 | |||
Equipment held for lease | 15,065 | 14,298 | |||
Goodwill | 57,052 | 56,323 | |||
Other intangible assets | 31,051 | 31,499 | |||
Deferred charges under retroactive reinsurance contracts | 13,747 | 14,104 | |||
Other | 13,232 | 9,307 | |||
Total assets | 630,572 | 532,307 | |||
LIABILITIES | |||||
Unpaid losses and loss adjustment expenses | 73,019 | 68,458 | |||
Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts | 42,441 | 41,834 | |||
Unearned premiums | 19,782 | 18,093 | |||
Life, annuity and health insurance benefits | 20,155 | 18,632 | |||
Other policyholder liabilities | 7,723 | 7,675 | |||
Accounts payable, accruals and other liabilities | 27,611 | 25,776 | |||
Derivative contract liabilities | 968 | 2,452 | |||
Aircraft repurchase liabilities and unearned lease revenues | 5,281 | 4,593 | |||
Notes payable and other borrowings | 37,590 | 34,975 | |||
Total liabilities | 234,570 | 222,488 | |||
Railroad, Utilities and Energy [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | [3] | 3,024 | 2,612 | ||
Receivables | 3,417 | 3,666 | |||
Property, plant and equipment | 137,838 | 131,780 | |||
Goodwill | 24,830 | 24,702 | |||
Regulatory assets | 2,881 | 3,067 | |||
Other | 15,167 | 9,660 | |||
Total assets | 187,157 | 175,487 | |||
LIABILITIES | |||||
Accounts payable, accruals and other liabilities | 14,708 | 11,410 | |||
Regulatory liabilities | 7,311 | 7,506 | |||
Notes payable and other borrowings | 65,778 | 62,515 | |||
Total liabilities | $ 87,797 | $ 81,431 | |||
[1] | Approximately 67% of the aggregate fair value was concentrated in five companies (American Express Company – $18.9 billion; Apple Inc. – $73.7 billion; Bank of America Corporation – $33.4 billion; The Coca-Cola Company – $22.1 billion and Wells Fargo & Company – $18.6 billion). | ||||
[2] | Approximately 68% of the aggregate fair value was concentrated in five companies (American Express Company – $14.5 billion; Apple Inc. – $40.3 billion; Bank of America Corporation – $22.6 billion; The Coca-Cola Company – $18.9 billion and Wells Fargo & Company – $20.7 billion). | ||||
[3] | Cash and cash equivalents includes U.S. Treasury Bills with maturities of three months or less when purchased of $37.1 billion at December 31, 2019 and $3.9 billion at December 31, 2018. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Billions | Dec. 31, 2019 | Dec. 31, 2018 |
U.S. Treasury Bills [Member] | ||
Cash equivalents | $ 37.1 | $ 3.9 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenues: | ||||
Sales and service revenues | $ 176,512 | $ 175,445 | ||
Total revenues | 254,616 | 247,837 | $ 239,933 | |
Investment and derivative contract gains (losses): | ||||
Investment gains (losses) | 71,123 | (22,155) | 1,410 | |
Derivative contract gains (losses) | 1,484 | (300) | 718 | |
Investment and derivative gains/losses | 72,607 | (22,455) | 2,128 | |
Costs and expenses: | ||||
Interest expense | 3,961 | 3,853 | 4,386 | |
Total costs and expenses | 225,703 | 219,214 | 221,237 | |
Earnings before income taxes and equity method earnings (losses) | 101,520 | 6,168 | 20,824 | |
Equity method earnings (losses) | 1,176 | (2,167) | 3,014 | |
Earnings before income taxes | 102,696 | 4,001 | 23,838 | |
Income tax expense (benefit) | 20,904 | (321) | (21,515) | |
Net earnings | 81,792 | 4,322 | 45,353 | |
Earnings attributable to noncontrolling interests | 375 | 301 | 413 | |
Net earnings attributable to Berkshire Hathaway shareholders | $ 81,417 | $ 4,021 | $ 44,940 | |
Equivalent Class A [Member] | ||||
Costs and expenses: | ||||
Net earnings per average equivalent share | $ 49,828 | $ 2,446 | $ 27,326 | |
Average equivalent shares outstanding | 1,633,946 | 1,643,795 | 1,644,615 | |
Equivalent Class B [Member] | ||||
Costs and expenses: | ||||
Net earnings per average equivalent share | [1] | $ 33.22 | $ 1.63 | $ 18.22 |
Average equivalent shares outstanding | 2,450,919,020 | 2,465,692,368 | 2,466,923,163 | |
Insurance and Other [Member] | ||||
Revenues: | ||||
Insurance premiums earned | $ 61,078 | $ 57,418 | $ 60,597 | |
Sales and service revenues | 134,989 | 133,336 | 130,343 | |
Leasing revenues | 5,856 | 5,732 | 2,452 | |
Interest, dividend and other investment income | 9,240 | 7,678 | 6,536 | |
Total revenues | 211,163 | 204,164 | 199,928 | |
Costs and expenses: | ||||
Insurance losses and loss adjustment expenses | 44,456 | 39,906 | 48,891 | |
Life, annuity and health insurance benefits | 4,986 | 5,699 | 5,618 | |
Insurance underwriting expenses | 11,200 | 9,793 | 9,321 | |
Cost of sales and services | 107,041 | 106,083 | 104,343 | |
Cost of leasing | 4,003 | 4,061 | 1,455 | |
Selling, general and administrative expenses | 19,322 | 18,238 | 19,189 | |
Interest expense | 1,056 | 1,035 | 1,132 | |
Total costs and expenses | 192,064 | 184,815 | 189,949 | |
Freight Rail Transportation [Member] | ||||
Revenues: | ||||
Total revenues | 23,357 | 23,703 | 21,080 | |
Costs and expenses: | ||||
Expenses | 15,436 | 16,045 | 14,031 | |
Utilities and Energy [Member] | ||||
Revenues: | ||||
Sales and service revenues | 15,353 | 15,555 | 15,155 | |
Costs and expenses: | ||||
Cost of sales and other expenses | 11,296 | 11,641 | 10,772 | |
Railroad, Utilities and Energy [Member] | ||||
Revenues: | ||||
Service revenues and other income | 4,743 | 4,415 | 3,770 | |
Total revenues | 43,453 | 43,673 | 40,005 | |
Costs and expenses: | ||||
Other expenses | 4,002 | 3,895 | 3,231 | |
Interest expense | 2,905 | 2,818 | 3,254 | |
Total costs and expenses | $ 33,639 | $ 34,399 | $ 31,288 | |
[1] | Class B shares are economically equivalent to one-fifteen-hundredth |
Consolidated Statements of Ea_2
Consolidated Statements of Earnings (Parenthetical) | Dec. 31, 2019 |
Income Statement [Abstract] | |
Economic equivalent of Class B share to Class A share | 0.0667% |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net earnings | $ 81,792 | $ 4,322 | $ 45,353 |
Other comprehensive income: | |||
Net change in unrealized appreciation of investments | 204 | (185) | 30,450 |
Applicable income taxes | (44) | 31 | (10,566) |
Reclassification of investment appreciation in net earnings | (62) | (253) | (1,399) |
Applicable income taxes | 13 | 53 | 490 |
Foreign currency translation | 323 | (1,531) | 2,364 |
Applicable income taxes | (28) | 62 | (95) |
Prior service cost and actuarial gains/losses of defined benefit pension plans | (711) | (571) | 225 |
Applicable income taxes | 155 | 143 | (45) |
Other, net | (48) | (12) | (9) |
Other comprehensive income, net | (198) | (2,263) | 21,415 |
Comprehensive income | 81,594 | 2,059 | 66,768 |
Comprehensive income attributable to noncontrolling interests | 405 | 249 | 555 |
Comprehensive income attributable to Berkshire Hathaway shareholders | $ 81,189 | $ 1,810 | $ 66,213 |
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 | 45,353 | 44,940 | 413 | |||
Other comprehensive income, net | 21,415 | 21,273 | 142 | |||
Issuance of common stock | 76 | 76 | ||||
Transactions with noncontrolling interests | (318) | (63) | (255) | |||
Ending Balance at Dec. 31, 2017 | 351,954 | 35,702 | 58,571 | 255,786 | (1,763) | 3,658 |
Adoption of new accounting pronouncements | (70) | (61,375) | 61,305 | |||
Net earnings | 4,322 | 4,021 | 301 | |||
Other comprehensive income, net | (2,263) | (2,211) | (52) | |||
Issuance (acquisition) of common stock | (1,287) | 59 | (1,346) | |||
Transactions with noncontrolling interests | (156) | (46) | (110) | |||
Ending Balance at Dec. 31, 2018 | 352,500 | 35,715 | (5,015) | 321,112 | (3,109) | 3,797 |
Net earnings | 81,792 | 81,417 | 375 | |||
Other comprehensive income, net | (198) | (228) | 30 | |||
Issuance (acquisition) of common stock | (4,995) | 21 | (5,016) | |||
Transactions with noncontrolling interests | (536) | (70) | (36) | (430) | ||
Ending Balance at Dec. 31, 2019 | $ 428,563 | $ 35,666 | $ (5,243) | $ 402,493 | $ (8,125) | $ 3,772 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Cash flows from operating activities: | |||||
Net earnings | $ 81,792 | $ 4,322 | $ 45,353 | ||
Adjustments to reconcile net earnings to operating cash flows: | |||||
Investment gains/losses | (71,123) | 22,155 | (1,410) | ||
Depreciation and amortization | 10,064 | 9,779 | 9,188 | ||
Other | (1,254) | 2,957 | 458 | ||
Changes in operating assets and liabilities: | |||||
Losses and loss adjustment expenses | 6,087 | 3,449 | 25,027 | ||
Deferred charges reinsurance assumed | 357 | 1,174 | (7,231) | ||
Unearned premiums | 1,707 | 1,794 | 1,761 | ||
Receivables and originated loans | (2,303) | (3,443) | (1,990) | ||
Other assets | (2,011) | (1,832) | (1,665) | ||
Other liabilities | 190 | 2,002 | 1,194 | ||
Income taxes | 15,181 | (4,957) | (24,957) | ||
Net cash flows from operating activities | 38,687 | 37,400 | 45,728 | ||
Cash flows from investing activities: | |||||
Purchases of equity securities | (18,642) | (43,210) | (20,326) | ||
Sales and redemptions of equity securities | 14,336 | 18,783 | 19,512 | ||
Purchases of U.S. Treasury Bills and fixed maturity securities | (136,123) | (141,844) | (158,492) | ||
Sales of U.S. Treasury Bills and fixed maturity securities | 15,929 | 39,693 | 49,327 | ||
Redemptions and maturities of U.S. Treasury Bills and fixed maturity securities | 137,767 | 113,045 | 86,727 | ||
Purchases of loans and finance receivables | (75) | (1,771) | (1,435) | ||
Collections of loans and finance receivables | 345 | 342 | 1,702 | ||
Acquisitions of businesses, net of cash acquired | (1,683) | (3,279) | (2,708) | ||
Purchases of property, plant and equipment and equipment held for lease | (15,979) | (14,537) | (11,708) | ||
Other | (1,496) | (71) | (3,608) | ||
Net cash flows from investing activities | (5,621) | (32,849) | (41,009) | ||
Cash flows from financing activities: | |||||
Changes in short term borrowings, net | 266 | (1,943) | 2,079 | ||
Acquisition of treasury stock | (4,850) | (1,346) | |||
Other | (497) | (343) | (121) | ||
Net cash flows from financing activities | 730 | (5,812) | (1,398) | ||
Effects of foreign currency exchange rate changes | 25 | (140) | 248 | ||
Increase (decrease) in cash and cash equivalents and restricted cash | 33,821 | (1,401) | 3,569 | ||
Cash and cash equivalents and restricted cash at beginning of year | 30,811 | 32,212 | 28,643 | ||
Cash and cash equivalents and restricted cash at end of year | 64,632 | 30,811 | 32,212 | ||
Restricted cash, included in other assets at end of year | $ 457 | $ 450 | $ 629 | ||
Restricted Cash and Cash Equivalents, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets | us-gaap:OtherAssets | ||
Insurance and Other [Member] | |||||
Cash flows from financing activities: | |||||
Proceeds from borrowings | $ 8,144 | $ 2,409 | $ 2,645 | ||
Repayments of borrowings | (5,095) | (7,395) | (5,465) | ||
Cash and cash equivalents at end of year | 61,151 | [1] | 27,749 | [1] | 28,673 |
Railroad, Utilities and Energy [Member] | |||||
Cash flows from financing activities: | |||||
Proceeds from borrowings | 5,400 | 7,019 | 3,013 | ||
Repayments of borrowings | (2,638) | (4,213) | (3,549) | ||
Cash and cash equivalents at end of year | $ 3,024 | [1] | $ 2,612 | [1] | $ 2,910 |
[1] | Cash and cash equivalents includes U.S. Treasury Bills with maturities of three months or less when purchased of $37.1 billion at December 31, 2019 and $3.9 billion at December 31, 2018. |
Significant accounting policies
Significant accounting policies and practices | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Significant accounting policies and practices | (1) Significant accounting (a) Nature of operations and basis of consolidation Berkshire Hathaway Inc. (“Berkshire”) is a holding company owning subsidiaries engaged in a number of diverse business activities, including insurance and reinsurance, freight rail transportation, utilities and energy, manufacturing, service and retailing. In these notes the terms “us,” “we,” or “our” refer to Berkshire and its consolidated subsidiaries. Further information regarding our reportable business segments is contained in Note 27. Information concerning business acquisitions completed over the past three years appears in Note 2. We believe that reporting the Railroad, Utilities and Energy subsidiaries separately is appropriate given the relative significance of their long-lived assets, capital expenditures and debt, which is not guaranteed by Berkshire. The accompanying Consolidated Financial Statements include the accounts of Berkshire consolidated with the accounts of all subsidiaries and affiliates in which we hold a controlling financial interest as of the financial statement date. Normally a controlling financial interest reflects ownership of a majority of the voting interests. We consolidate variable interest entities (“VIE”) when we possess both the power to direct the activities of the VIE that most significantly affect its economic performance, and we (a) are obligated to absorb the losses that could be significant to the VIE or (b) hold the right to receive benefits from the VIE that could be significant to the VIE. Intercompany accounts and transactions have been eliminated. (b) Use of estimates in preparation of financial statements The preparation of our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the period. In particular, estimates of unpaid losses and loss adjustment expenses are subject to considerable estimation error due to the inherent uncertainty in projecting ultimate claim costs. In addition, estimates and assumptions associated with the amortization of deferred charges on retroactive reinsurance contracts, determinations of fair values of certain financial instruments and evaluations of goodwill and identifiable intangible assets for impairment require considerable judgment. Actual results may differ from the estimates used in preparing our Consolidated Financial Statements. (c) Cash and cash equivalents and short-term investments in U.S. Treasury Bills Cash equivalents consist of demand deposit and money market accounts and investments (including U.S. Treasury Bills) with maturities of three months or less when purchased. Short-term investments in U.S. Treasury Bills consist of U.S. Treasury Bills with maturities exceeding three months at the time of purchase and are stated at amortized cost, which approximates fair value. (d) Investments in fixed maturity securities We classify investments in fixed maturity securities at the acquisition date and re-evaluate the classification at each balance sheet date. Securities classified as held-to-maturity are carried at amortized cost, reflecting the ability and intent to hold the securities to maturity. Securities classified as trading are acquired with the intent to sell in the near term and are carried at fair value with changes in fair value reported in earnings. All other securities are classified as available-for-sale and are carried at fair value with net unrealized gains or losses reported in accumulated other comprehensive income. As of December 31, 2019, substantially all of our investments in fixed maturity securities were classified as available-for-sale. We amortize the difference between the original cost and maturity value of a fixed maturity security to earnings using the interest method. Investment gains and losses for available-for-sale fixed maturity securities are recorded when the securities are sold, as determined on a specific identification basis. If the fair value of a fixed maturity security is less than cost, we evaluate the security for other-than-temporary impairment. We recognize an other-than-temporary impairment if we (a) intend to sell or expect to be required to sell the security before its amortized cost is recovered or (b) do not expect to ultimately recover the amortized cost basis even if we do not intend to sell the security. Under scenario (a), we recognize the loss in earnings and under scenario (b), we recognize the credit loss component in earnings and the remainder in other comprehensive income. Notes to Consolidated Financial Statements (Continued) (1) Significant accounting policies and practices (Continued) (e) Investments in equity securities We carry substantially all of our investments in equity securities at fair value and record the subsequent changes in fair values in the Consolidated Statement of Earnings as a component of investment gains/losses. Prior to January 1, 2018, substantially all of our equity security investments were classified as available-for-sale and were also carried at fair value. However, we recorded the periodic changes in fair value of these securities as components of other comprehensive income. In addition, we recorded gains and losses in the Consolidated Statements of Earnings when equity securities were sold (on a specific identification basis) or were other-than-temporarily impaired. (f) Investments under the equity method We utilize the equity method to account for investments when we possess the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when the investor possesses more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. We apply the equity method to investments in common stock and to other investments when such other investments possess substantially identical subordinated interests to common stock. In applying the equity method, we record the investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of the net earnings or losses and other comprehensive income of the investee. We record dividends or other equity distributions as reductions in the carrying value of the investment. In the event that net losses of the investee reduce the carrying amount to zero, additional net losses may be recorded if other investments in the investee are at-risk, even if we have not committed to provide financial support to the investee. Such additional equity method losses, if any, are based upon the change in our claim on the investee’s book value. (g) Receivables Receivables primarily consist of balances due from customers, insurance premiums receivable and reinsurance losses recoverable. Receivables are stated net of estimated allowances for uncollectible balances. Allowances for uncollectible balances are provided when it is probable counterparties or customers will be unable to pay all amounts due based on the contractual terms. We charge-off receivables against the allowances after all reasonable collection efforts are exhausted. (h) Loans and finance receivables Loans and finance receivables are predominantly manufactured housing installment loans. We carry these loans at amortized cost, net of allowances for uncollectible accounts, based on our ability and intent to hold such loans to maturity. Acquisition costs and loan origination and commitment costs paid or fees received along with acquisition premiums or discounts are amortized as yield adjustments over the lives of the loans. Substantially all of our loans and finance receivables are secured by real or personal property or by other assets of the borrower. Allowances for credit losses on loans include estimates of losses on loans currently in foreclosure and losses on loans not currently in foreclosure. We estimate losses on loans in foreclosure based on historical experience and collateral recovery rates. Estimates of losses on loans not currently in foreclosure consider historical default rates, collateral recovery rates and prevailing economic conditions. Allowances for credit losses also incorporate the historical average time elapsed from the last payment until foreclosure. Loans are considered delinquent when payments are more than 30 days past due. We place loans over 90 days past due on nonaccrual status and accrued but uncollected interest is reversed. Subsequent collections on the loans are first applied to the principal and interest owed for the most delinquent amount. We resume interest income accrual once a loan is less than 90 days delinquent. Loans in the foreclosure process are considered non-performing. Once a loan is in foreclosure, interest income is not recognized unless the foreclosure is cured or the loan is modified. Once a modification is complete, interest income is recognized based on the terms of the new loan. Foreclosed loans are charged off when the collateral is sold. Loans not in foreclosure are evaluated for charge-off based on individual circumstances concerning the future collectability of the loan and the condition of the collateral securing the loan. Notes to Consolidated Financial Statements (Continued) (1) Significant accounting policies and practices (Continued) (i) Derivatives We carry derivative contracts in our Consolidated Balance Sheets at fair value, net of reductions permitted under master netting agreements with counterparties. We record the changes in fair value of derivative contracts that do not qualify as hedging instruments for financial reporting purposes in earnings or, if such contracts involve our regulated utilities subsidiaries, as regulatory assets or liabilities when inclusion in regulated rates is probable. (j) Fair value measurements As defined under GAAP, fair value is the price that would be received to sell an asset or paid to transfer a liability between market participants in the principal market or in the most advantageous market when no principal market exists. Adjustments to transaction prices or quoted market prices may be required in illiquid or disorderly markets in order to estimate fair value. Alternative valuation techniques may be appropriate under the circumstances to determine the value that would be received to sell an asset or paid to transfer a liability in an orderly transaction. Market participants are assumed to be independent, knowledgeable, able and willing to transact an exchange and not acting under duress. Our nonperformance or credit risk is considered in determining the fair value of liabilities. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized in a current or future market exchange. (k) Inventories Inventories consist of manufactured goods, goods acquired for resale, homes constructed for sale, and materials consumed in business operations. Manufactured inventory costs include materials, direct and indirect labor and factory overhead. At December 31, 2019, we used the last-in-first-out (“LIFO”) method to value approximately 37% of consolidated inventories with the remainder primarily determined under first-in-first-out and average cost methods. Non-LIFO inventories are stated at the lower of cost or net realizable value. The excess of current or replacement costs over costs determined under LIFO was approximately $950 million as of December 31, 2019 and $1.0 billion as of December 31, 2018. (l) Property, plant and equipment We record additions to property, plant and equipment used in operations at cost, which includes asset additions, improvements and betterments. With respect to constructed assets, all materials, direct labor and contract services as well as certain indirect costs are capitalized. Indirect costs include interest over the construction period. With respect to constructed assets of our utility and energy subsidiaries that are subject to authoritative guidance for regulated operations, capitalized costs also include an allowance for funds used during construction, which represents the cost of equity funds used to finance the construction of the regulated facilities. Normal repairs and maintenance and other costs that do not improve the property, extend the useful life or otherwise do not meet capitalization criteria are charged to expense as incurred. Depreciation of assets of our regulated utilities and railroad is generally determined using group depreciation methods where rates are based on periodic depreciation studies approved by the applicable regulator. Under group depreciation, a composite rate is applied to the gross investment in a particular class of property, despite differences in the service life or salvage value of individual property units within the same class. When such assets are retired or sold, no gain or loss is recognized. Gains or losses on disposals of all other assets are recorded through earnings. We depreciate property, plant and equipment used by our other businesses to estimated salvage value primarily using the straight-line method over estimated useful lives. Ranges of estimated useful lives of depreciable assets used in our other businesses are as follows: buildings and improvements – 5 to 50 years, machinery and equipment – 3 to 25 years and furniture, fixtures and other – 3 to 15 years. Ranges of estimated useful lives of depreciable assets unique to our railroad business are as follows: track structure and other roadway – 10 to 100 years and locomotives, freight cars and other equipment – 6 to 41 years. Ranges of estimated useful lives of assets unique to our regulated utilities and energy businesses are as follows: utility generation, transmission and distribution systems – 5 to 80 years, interstate natural gas pipeline assets – 3 to 80 years and independent power plants and other assets – 3 to 30 years. Notes to Consolidated Financial Statements (Continued) (1) Significant accounting policies and practices (Continued) (l) Property, plant and equipment (Continued) We evaluate property, plant and equipment for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable or when the assets are held for sale. Upon the occurrence of a triggering event, we assess whether the estimated undiscounted cash flows expected from the use of the asset and the residual value from the ultimate disposal of the asset exceeds the carrying value. If the carrying value exceeds the estimated recoverable amounts, we reduce the carrying value to fair value and record an impairment loss in earnings, except with respect to impairment of assets of our regulated utility and energy subsidiaries where the impacts of regulation are considered in evaluating the carrying value. (m) Leases We are party to contracts where we lease property to others (“lessor” contracts) and where we lease property from others (“lessee” contracts). We record additions to equipment that we lease to others at cost. We depreciate equipment held for lease to estimated salvage value primarily using the straight-line method over estimated useful lives ranging from 5 to 35 years. We use declining balance deprecation methods for assets when the revenue-earning power of the asset is relatively greater during the earlier years of its life and maintenance and repair costs increase during the later years. We also evaluate equipment held for lease for impairment consistent with policies for property, plant and equipment. When we lease assets from others, we record right-of-use assets and lease liabilities. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. In this regard, lease payments include fixed payments and variable payments that depend on an index or rate. The lease term is generally the non-cancellable lease period. Certain lease contracts contain renewal options or other terms that provide for variable payments based on performance or usage. Options are not included in determining right-of-use assets or lease liabilities unless it is reasonably certain that options will be exercised. Generally, incremental borrowing rates are used in measuring lease liabilities. Right-of-use assets are subject to review for impairment. (n) Goodwill and other intangible assets Goodwill represents the excess of the acquisition price of a business over the fair value of identified net assets of that business. We evaluate goodwill for impairment at least annually. When evaluating goodwill for impairment, we estimate the fair value of the reporting unit. Several methods may be used to estimate a reporting unit’s fair value, including market quotations, asset and liability fair values and other valuation techniques, including, but not limited to, discounted projected future net earnings or net cash flows and multiples of earnings. If the carrying amount of a reporting unit, including goodwill, exceeds the estimated fair value, then the identifiable assets and liabilities of the reporting unit are estimated at fair value as of the current testing date. The excess of the estimated fair value of the reporting unit over the current estimated fair value of net assets establishes the implied value of goodwill. The excess of the recorded goodwill over the implied goodwill value is charged to earnings as an impairment loss. Intangible assets with indefinite lives are also tested for impairment at least annually and when events or changes in circumstances indicate that, more-likely-than-not, the asset is impaired. Significant judgment is required in estimating fair values and performing goodwill and indefinite-life intangible asset impairment tests. We amortize intangible assets with finite lives in a pattern that reflects the expected consumption of related economic benefits or on a straight-line basis over the estimated economic useful lives. Intangible assets with finite lives are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. Notes to Consolidated Financial Statements (Continued) (1) Significant accounting policies and practices (Continued) (o) Revenue recognition We earn insurance premiums on prospective property/casualty insurance and reinsurance contracts over the loss exposure or coverage period in proportion to the level of protection provided. In most cases, such premiums are earned ratably over the term of the contract with unearned premiums computed on a monthly or daily pro-rata basis. Premiums on retroactive property/casualty reinsurance contracts are earned at the inception of the contracts, as all of the underlying loss events covered by the policies occurred prior to contract inception. Premiums for life reinsurance and annuity contracts are earned when due. Premiums earned are stated net of amounts ceded to reinsurers. Premiums earned on contracts with experience-rating provisions reflect estimated loss experience under such contracts. On January 1, 2018, we adopted Accounting Standards Codification (“ASC”) 606 “Revenues from Contracts with Customers.” Except as described in Note 1(x), 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. 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, 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 commissions. 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. 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 among 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. Notes to Consolidated Financial Statements (Continued) (1) Significant accounting policies and practices (Continued) (o) Revenue recognition (Continued) 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. Invoices for freight transportation services are generally issued to customers and paid within 30 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 basis based on actual or projected future customer shipments. 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. Leasing revenue is generally recognized ratably over the term of the lease or based on usage, if applicable under the terms of the contract. A substantial portion of our leases are classified as operating leases. 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 re-characterization of these fractional ownership interests as operating leases did not have a significant effect on our consolidated revenues or earnings. (p) Losses and loss adjustment expenses We record liabilities for unpaid losses and loss adjustment expenses assumed under property/casualty insurance and reinsurance contracts for loss events that have occurred on or before the balance sheet date. Such liabilities represent the estimated ultimate payment amounts without discounting for time value. We base liability estimates on (1) reports of losses from policyholders, (2) individual case estimates and (3) estimates of incurred but not reported losses. Losses and loss adjustment expenses in the Consolidated Statements of Earnings include paid claims, claim settlement costs and changes in estimated claim liabilities. Losses and loss adjustment expenses charged to earnings are net of amounts recovered and estimates of amounts recoverable under ceded reinsurance contracts. Reinsurance contracts do not relieve the ceding company of its obligations to indemnify policyholders with respect to the underlying insurance and reinsurance contracts. (q) Retroactive reinsurance contracts We record liabilities for unpaid losses and loss adjustment expenses assumed under retroactive reinsurance of short duration contracts consistent with other short duration property/casualty insurance and reinsurance contracts discussed in Note 1(p). With respect to retroactive reinsurance contracts, we also record deferred charge assets at the inception of the contracts, representing the excess, if any, of the estimated ultimate claim liabilities over the premiums earned. We subsequently amortize the deferred charge assets over the expected claim settlement periods using the interest method. Changes to the estimated timing or amount of future loss payments also produce changes in deferred charge balances. We apply changes in such estimates retrospectively and the resulting changes in deferred charge balances, together with periodic amortization, are included in insurance losses and loss adjustment expenses in the Consolidated Statements of Earnings. Notes to Consolidated Financial Statements (Continued) (1) Significant accounting policies and practices (Continued) (r) Insurance policy acquisition costs We capitalize the incremental costs that directly relate to the successful sale of insurance contracts, subject to ultimate recoverability, and we subsequently amortize such costs to underwriting expenses as the related premiums are earned. Direct incremental acquisition costs include commissions, premium taxes and certain other costs associated with successful efforts. We expense all other underwriting costs as incurred. The recoverability of capitalized insurance policy acquisition costs generally reflects anticipation of investment income. The unamortized balances are included in other assets and were $2,937 million and $2,658 million at December 31, 2019 and 2018, respectively. (s) Life and annuity insurance benefits We compute our liabilities for insurance benefits under life contracts based upon estimated future investment yields, expected mortality, morbidity, and lapse or withdrawal rates as well as estimates of premiums we expect to receive and expenses we expect to incur in the future. These assumptions, as applicable, also include a margin for adverse deviation and may vary with the characteristics of the contract’s date of issuance, policy duration and country of risk. The interest rate assumptions used may vary by contract or jurisdiction. We discount periodic payment annuity liabilities based on the implicit rate as of the inception of the contracts such that the present value of the liabilities equals the premiums. Discount rates generally range from 3% to 7.5%. (t) Regulated utilities and energy businesses Certain energy subsidiaries prepare their financial statements in accordance with authoritative guidance for regulated operations, reflecting the economic effects of regulation from the ability to recover certain costs from customers and the requirement to return revenues to customers in the future through the regulated rate-setting process. Accordingly, certain costs are deferred as regulatory assets and certain income is accrued as regulatory liabilities. Regulatory assets and liabilities will be amortized into operating expenses and revenues over various future periods. Regulatory assets and liabilities are continually assessed for probable future inclusion in regulatory rates by considering factors such as applicable regulatory or legislative changes and recent rate orders received by other regulated entities. If future inclusion in regulatory rates ceases to be probable, the amount no longer probable of inclusion in regulatory rates is charged or credited to earnings (or other comprehensive income, if applicable) or returned to customers. (u) Foreign currency The accounts of our non-U.S. based subsidiaries are measured, in most instances, using functional currencies other than the U.S. Dollar. Revenues and expenses of these subsidiaries are translated into U.S. Dollars at the average exchange rate for the period and assets and liabilities are translated at the exchange rate as of the end of the reporting period. Gains or losses from translating the financial statements of these subsidiaries are included in shareholders’ equity as a component of accumulated other comprehensive income. Gains and losses arising from transactions denominated in a currency other than the functional currency of the reporting entity, including gains and losses from the remeasurement of assets and liabilities due to changes in currency exchange rates, are included in earnings. (v) Income taxes Berkshire files a consolidated federal income tax return in the United States, which includes eligible subsidiaries. In addition, we file income tax returns in state, local and foreign jurisdictions as applicable. Provisions for current income tax liabilities are calculated and accrued on income and expense amounts expected to be included in the income tax returns for the current year. Income taxes reported in earnings also include deferred income tax provisions. Deferred income tax assets and liabilities are computed on differences between the financial statement bases and tax bases of assets and liabilities at the enacted tax rates. Changes in deferred income tax assets and liabilities associated with components of other comprehensive income are charged or cred |
Business acquisitions
Business acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business acquisitions | (2) Business acquisitions Our long-held acquisition strategy is to acquire businesses that have consistent earning power, good returns on equity and able and honest management. Financial results attributable to business acquisitions are included in our Consolidated Financial Statements beginning on their respective acquisition dates. On October 1, 2018, we acquired Medical Liability Mutual Insurance Company (“Medical Liability Mutual”), a writer of medical professional liability insurance domiciled in New York. At that time, Medical Liability Mutual’s name was changed to MLMIC Insurance Company (“MLMIC”). The acquisition price was approximately $2.5 billion. As of the acquisition date, the fair value of MLMIC’s assets was approximately $6.1 billion, including cash ($230 million) and investments ($5.2 billion), and the fair value of its liabilities was approximately $3.6 billion, consisting primarily of unpaid losses and loss adjustment expenses ($3.2 billion). In each of the past three years, we also completed several smaller-sized business acquisitions, which we consider as “bolt-ons” to several of our existing business operations. Aggregate consideration paid for bolt-on acquisitions, net of cash acquired was approximately $1.7 billion in 2019, $1.0 billion in 2018 and $2.7 billion in 2017. We do not believe that these acquisitions are material, individually or in the aggregate to our Consolidated Financial Statements. |
Investments in fixed maturity s
Investments in fixed maturity securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Investments in fixed maturity securities | (3) Investments in fixed maturity securities Investments in fixed maturity securities as of December 31, 2019 and 2018 are summarized by type below (in millions). Amortized Cost Unrealized Gains Unrealized Losses Fair Value December 31, 2019 U.S. Treasury, U.S. government corporations and agencies $ 3,054 $ 37 $ (1 ) $ 3,090 Foreign governments 8,584 63 (9 ) 8,638 Corporate bonds 5,896 459 (3 ) 6,352 Other 539 67 (1 ) 605 $ 18,073 $ 626 $ (14 ) $ 18,685 December 31, 2018 U.S. Treasury, U.S. government corporations and agencies $ 4,223 $ 22 $ (22 ) $ 4,223 Foreign governments 7,480 50 (28 ) 7,502 Corporate bonds 7,055 408 (23 ) 7,440 Other 669 66 (2 ) 733 $ 19,427 $ 546 $ (75 ) $ 19,898 Investments in foreign governments include securities issued by national and provincial government entities as well as instruments that are unconditionally guaranteed by such entities. As of December 31, 2019, approximately 87% of our foreign government holdings were rated AA or higher by at least one of the major rating agencies. The amortized cost and estimated fair value of fixed maturity securities at December 31, 2019 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 year or less Due after one year through five years Due after five years through ten years Due after ten years Mortgage-backed securities Total Amortized cost $ 6,732 $ 10,203 $ 311 $ 428 $ 399 $ 18,073 Fair value 6,761 10,321 355 789 459 18,685 |
Investments in equity securitie
Investments in equity securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Investments in equity securities | Notes to Consolidated Financial Statements (Continued) (4) Investments in equity securities Investments in equity securities as of December 31, 2019 and 2018 are summarized based on the primary industry of the investee in the table below (in millions). Cost Basis Net Unrealized Gains Fair Value December 31, 2019 * Banks, insurance and finance $ 40,419 $ 61,976 $ 102,395 Consumer products 38,887 60,747 99,634 Commercial, industrial and other 31,034 14,964 45,998 $ 110,340 $ 137,687 $ 248,027 * Approximately 67% of the aggregate fair value was concentrated in five companies (American Express Company – $18.9 billion; Apple Inc. – $73.7 billion; Bank of America Corporation – $33.4 billion; The Coca-Cola Company – $22.1 billion and Wells Fargo & Company – $18.6 billion). Cost Basis Net Unrealized Gains Fair Value December 31, 2018 * Banks, insurance and finance $ 44,332 $ 38,260 $ 82,592 Consumer products 38,783 22,838 61,621 Commercial, industrial and other 19,752 8,792 28,544 $ 102,867 $ 69,890 $ 172,757 * Approximately 68% of the aggregate fair value was concentrated in five companies (American Express Company – $14.5 billion; Apple Inc. – $40.3 billion; Bank of America Corporation – $22.6 billion; The Coca-Cola Company – $18.9 billion and Wells Fargo & Company – $20.7 billion). On April 30, 2019, Berkshire committed to invest a total of $10 billion in connection with Occidental Petroleum Corporation’s (“Occidental”) proposal to acquire Anadarko Petroleum Corporation (“Anadarko”). The Anadarko shareholders approved the acquisition by Occidental on August 8, 2019 and the acquisition and our investment in Occidental closed on August 8, 2019. Our investments in Occidental are included in the commercial, industrial and other category in the preceding table. Berkshire’s investments in Occidental include newly issued Occidental Cumulative Perpetual Preferred Stock with an aggregate liquidation value of $10 billion, together with warrants to purchase up to 80 million shares of Occidental common stock at an exercise price of $62.50 per share. The preferred stock accrues dividends at 8% per annum and is redeemable at the option of Occidental commencing on the tenth anniversary of issuance at a redemption price equal to 105% of the liquidation preference plus any accumulated and unpaid dividends, or mandatorily under certain specified capital return events. Dividends on the preferred stock may be paid in cash or, at Occidental’s option, in shares of Occidental common stock. The warrants are exercisable in whole or in part until one year after the redemption of the preferred stock. |
Equity method investments
Equity method investments | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity method investments | ( 5) Equity method investments Berkshire and its subsidiaries hold investments in certain businesses that are accounted for pursuant to the equity method. Currently, the most significant of these 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 26.6% of the outstanding shares. Notes to Consolidated Financial Statements (Continued) (5) Equity method investments (Continued) Shares of Kraft Heinz common stock are publicly-traded and the fair value of our investment at December 31, 2019 and 2018 was approximately $10.5 billion and $14.0 billion, respectively. The carrying value of our investment at both December 31, 2019 and 2018 was approximately $13.8 billion. We recorded equity method earnings of $493 million in 2019, losses of approximately $2.7 billion in 2018, and earnings of approximately $2.9 billion in 2017. In 2019 and 2018, our equity method earnings/losses included our share of the after-tax intangible asset impairment losses recorded by Kraft Heinz. Kraft Heinz recorded pre-tax impairment losses of approximately $1.9 billion in 2019 and $15.9 billion in 2018. In 2017, our equity method earnings included our share of certain one-time effects of the Tax Cuts and Jobs Act of 2017 on Kraft Heinz’s net earnings. We received dividends on the common stock of $521 million in 2019, $814 million in 2018 and $797 million in 2017, which we recorded as reductions in our carrying value. As of December 31, 2019, the carrying value of our investment in Kraft Heinz exceeded the fair value based on the quoted market price by $3.3 billion (24%). In light of that fact, we evaluated our investment in Kraft Heinz for impairment. We utilize no bright-line tests in such evaluations. Based on the available facts and information regarding the operating results of Kraft Heinz, our ability and intent to hold the investment until recovery, the relative amount of the decline, and the length of time that fair value was less than carrying value, we concluded that recognition of an impairment loss in earnings was not required. However, we will continue to monitor this investment and it is possible that an impairment loss will be recorded in earnings in a future period based on changes in facts and circumstances or intentions. Summarized financial information of Kraft Heinz follows (in millions). December 28, 2019 December 29, 2018 Assets $ 101,450 $ 103,461 Liabilities 49,701 51,683 Year ending December 28, 2019 Year ending December 29, 2018 Year ending December 30, 2017 Sales $ 24,977 $ 26,268 $ 26,076 Net earnings (losses) attributable to Kraft Heinz common shareholders $ 1,935 $ (10,192 ) $ 10,941 Other investments accounted for pursuant to the equity method include our investments in Berkadia Commercial Mortgage LLC (“Berkadia”), Pilot Travel Centers LLC (“Pilot”) and Electric Transmission Texas, LLC (“ETT”). The carrying value of our investments in these entities was approximately $3.7 billion as of December 31, 2019 and $3.5 billion as of December 31, 2018. Our equity method earnings in these entities were $683 million in 2019, $563 million in 2018 and $76 million in 2017. Additional information concerning these investments follows. We own a 50% interest in Berkadia, with Jefferies Financial Group Inc. (“Jefferies”) 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. On December 31, 2019, Berkadia’s commercial paper outstanding was $1.47 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 of any losses incurred under the policy. In addition, a Berkshire Hathaway Energy Company subsidiary owns a 50% interest in ETT, an owner and operator of electric transmission assets in the Electric Reliability Council of Texas footprint. American Electric Power owns the other 50% interest. On October 3, 2017, we entered into an investment agreement and an equity purchase agreement whereby we acquired a 38.6% interest in Pilot, headquartered in Knoxville, Tennessee. Pilot 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 $30 billion in annual revenues. The Haslam family currently owns a 50.1% interest in Pilot 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 with the Haslam family retaining a 20% interest. As a result, Berkshire will become the majority owner of Pilot in 2023. |
Investment gains_losses
Investment gains/losses | 12 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Investment gains/losses | Notes to Consolidated Financial Statements (Continued) (6) Investment gains/losses Investment gains/losses for each of the three years ending December 31, 2019 are summarized below (in millions). 2019 2018 2017 Equity securities: Unrealized investment gains/losses on securities held at the end of the period $ 69,581 $ (22,729 ) $ — Investment gains/losses during the year on securities sold 1,585 291 — Gross realized gains — — 2,237 Gross realized losses — — (919 ) 71,166 (22,438 ) 1,318 Fixed maturity securities: Gross realized gains 87 480 103 Gross realized losses (25 ) (227 ) (22 ) Other (105 ) 30 11 $ 71,123 $ (22,155 ) $ 1,410 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, investment gains and losses included in earnings also 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. As reflected in the Consolidated Statements of Cash Flows, we received proceeds of approximately $14.3 billion in 2019 and $18.8 billion in 2018 from sales of equity securities. In the preceding table, investment gains/losses on equity securities sold during 2019 and 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 year, which are generally the difference between the proceeds from sales and our original cost, were $3.2 billion in 2019 and $3.3 billion in 2018. |
Loans and finance receivables
Loans and finance receivables | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Loans and finance receivables | (7) Loans and finance receivables Loans and finance receivables are summarized as follows (in millions). December 31, 2019 2018 Loans and finance receivables before allowances and discounts $ 18,199 $ 16,962 Allowances for uncollectible loans (167 ) (177 ) Unamortized acquisition discounts and points (505 ) (505 ) $ 17,527 $ 16,280 Loans and finance receivables are predominantly installment loans originated or acquired by our manufactured housing business. Provisions for loan losses for 2019 and 2018 were $125 million and $141 million, respectively. Loan charge-offs, net of recoveries, were $135 million in 2019 and $144 million in 2018. At December 31, 2019, approximately 98% of the manufactured housing loan balances were evaluated collectively for impairment, with the remainder evaluated individually. As part of the evaluation process, credit quality indicators are reviewed and loans are designated as performing or non-performing. At December 31, 2019, we considered approximately 99% of the loan balances to be performing and approximately 96% of the loan balances to be current as to payment status. Additionally, in 2018, we entered into an agreement with Seritage Growth Properties to provide a $2.0 billion term loan facility, which matures on July 31, 2023. As of December 31, 2019, the outstanding loans under the facility were approximately $1.6 billion. |
Other receivables
Other receivables | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Other receivables | (8) Other receivables Other receivables of insurance and other businesses are comprised of the following (in millions). December 31, 2019 2018 Insurance premiums receivable $ 13,379 $ 12,452 Reinsurance recoverable on unpaid losses 2,855 3,060 Trade receivables 12,275 12,617 Other 4,327 3,823 Allowances for uncollectible accounts (418 ) (388 ) $ 32,418 $ 31,564 Receivables of our railroad and our utilities and energy businesses are comprised of the following (in millions). December 31, 2019 2018 Trade receivables $ 3,120 $ 3,433 Other 388 362 Allowances for uncollectible accounts (91 ) (129 ) $ 3,417 $ 3,666 Trade receivables include unbilled revenue of $638 million and $554 million as of December 31, 2019 and 2018, respectively, attributable to the regulated utility businesses. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | (9) Inventories Inventories are comprised of the following (in millions). December 31, 2019 2018 Raw materials $ 4,492 $ 4,182 Work in process and other 2,700 2,625 Finished manufactured goods 4,821 4,541 Goods acquired for resale 7,839 7,721 $ 19,852 $ 19,069 |
Property, plant and equipment i
Property, plant and equipment including equipment held for lease | 12 Months Ended |
Dec. 31, 2019 | |
Property, plant and equipment including equipment held for lease | (10) Property, plant and equipment A summary of property, plant and equipment of our insurance and other businesses follows (in millions). December 31, 2019 2018 Land $ 2,540 $ 2,536 Buildings and improvements 10,719 9,959 Machinery and equipment 24,285 22,574 Furniture, fixtures and other 4,666 4,758 42,210 39,827 Accumulated depreciation (20,772 ) (19,199 ) $ 21,438 $ 20,628 Notes to Consolidated Financial Statements (Continued) (10) Property, plant and equipment (Continued) 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. December 31, 2019 2018 Railroad: Land, track structure and other roadway $ 62,404 $ 59,509 Locomotives, freight cars and other equipment 13,482 13,016 Construction in progress 748 664 76,634 73,189 Accumulated depreciation (12,101 ) (10,004 ) 64,533 63,185 Utilities and energy: Utility generation, transmission and distribution systems 81,127 77,288 Interstate natural gas pipeline assets 8,165 7,524 Independent power plants and other assets 8,817 8,324 Construction in progress 3,732 3,110 101,841 96,246 Accumulated depreciation (28,536 ) (27,651 ) 73,305 68,595 $ 137,838 $ 131,780 Depreciation expense for each of the three years ending December 31, 2019 is summarized below (in millions). 2019 2018 2017 Insurance and other $ 2,269 $ 2,186 $ 2,116 Railroad, utilities and energy 5,297 5,098 4,852 $ 7,566 $ 7,284 $ 6,968 |
Equipment held for lease [Member] | |
Property, plant and equipment including equipment held for lease | (11) Equipment held for lease Equipment held for lease includes railcars, aircraft, over-the-road trailers, intermodal tank containers, cranes, storage units and furniture. Equipment held for lease is summarized below (in millions). December 31, 2019 2018 Railcars $ 9,260 $ 8,862 Aircraft 8,093 7,376 Other 4,862 4,379 22,215 20,617 Accumulated depreciation (7,150 ) (6,319 ) $ 15,065 $ 14,298 Depreciation expense for equipment held for lease was $1,181 million in 2019, $1,102 million in 2018 and $751 million in 2017. Operating lease revenues in 2019 were $5,856 million consisting of $4,415 million of fixed lease revenue and $1,441 million of variable lease revenue. Notes to Consolidated Financial Statements (Continued) (11) Equipment held for lease (Continued) Operating lease revenues were $5,732 million in 2018 and $2,452 million in 2017. In 2018, due to the adoption of ASC 606, $3,280 million was recorded as operating lease revenues that in previous years would have been recorded as sales and service revenues. A summary of our remaining operating lease receipts as of December 31, 2019 follows (in millions). 2020 2021 2022 2023 2024 Thereafter Total $ 2,623 $ 1,914 $ 1,367 $ 889 $ 468 $ 439 $ 7,700 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | (12) Leases We are party to contracts where we lease property from others. As a lessee, we primarily lease office and operating facilities, locomotives, freight cars, energy generation facilities and transmission assets. Operating lease right-of-use assets were $5,941 million and lease liabilities were $5,882 million at December 31, 2019. Such amounts were included in other assets and accounts payable, accruals and other liabilities in our Consolidated Balance Sheet. The weighted average term of these leases was approximately 7.7 years and the weighted average discount rate used to measure lease liabilities was approximately 3.8%. A summary of our remaining operating lease payments as of December 31, 2019 and December 31, 2018 follows (in millions). Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter Total lease payments Amount representing interest Lease liabilities December 31: 2019 $ 1,374 $ 1,183 $ 950 $ 764 $ 620 $ 1,988 $ 6,879 $ (997 ) $ 5,882 2018 1,310 1,268 1,048 820 658 2,079 7,183 Components of operating lease costs in 2019 by type were as follows (in millions). Operating lease cost Short-term lease cost Variable lease cost Sublease income Total lease cost $ 1,459 $ 178 $ 276 $ (24 ) $ 1,889 Operating lease expense was $1,649 million in 2018 and $1,579 million in 2017. |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | ( 13) Goodwill and other intangible assets Reconciliations of the changes in the carrying value of goodwill during 2019 and 2018 follows (in millions). December 31, 2019 2018 Balance at beginning of year $ 81,025 $ 81,258 Acquisitions of businesses 890 376 Other, including foreign currency translation (33 ) (609 ) Balance at end of year $ 81,882 $ 81,025 Notes to Consolidated Financial Statements (Continued) (13) Goodwill and other intangible assets (Continued) Our other intangible assets and related accumulated amortization are summarized as follows (in millions). December 31, 2019 December 31, 2018 Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Insurance and other: Trademarks and trade names $ 5,286 $ 759 $ 5,152 $ 727 Patents and technology 4,560 3,032 4,446 2,790 Customer relationships 27,943 5,025 27,697 4,287 Other 3,364 1,286 3,198 1,190 $ 41,153 $ 10,102 $ 40,493 $ 8,994 Railroad, utilities and energy: Trademarks and trade names $ 212 $ 26 $ 216 $ 23 Customer relationships 678 324 678 286 Other 113 58 117 53 $ 1,003 $ 408 $ 1,011 $ 362 Intangible asset amortization expense was $1,317 million in 2019, $1,393 million in 2018 and $1,469 million in 2017. Estimated amortization expense over the next five years is as follows (in millions): 2020 – $1,275; 2021 – $1,144; 2022 – $1,082; 2023 – $993 and 2024 – $913. Intangible assets with indefinite lives were $19.0 billion as of December 31, 2019 and $18.9 billion as of December 31, 2018 and primarily related to certain customer relationships and trademarks and trade names. |
Derivative contracts
Derivative contracts | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative contracts | (14) Derivative contracts We are party to derivative contracts through certain of our subsidiaries. Currently, the most significant derivative contracts consist of equity index put option contracts. The liabilities and related notional values of these contracts follows (in millions). Liabilities Notional Value December 31, 2019 $ 968 $ 14,385 December 31, 2018 2,452 26,759 Notional value 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 recorded derivative contract gains of $1,484 million in 2019, losses of $300 million in 2018 and gains of $718 million in 2017, with respect to our equity index put option contracts. The gains in 2019 were primarily due to increases in equity index values. The equity index put option contracts are European style options written prior to March 2008 on four major equity indexes. During 2019, contracts with notional values of approximately $12.3 billion expired and substantially all of the remaining contracts will expire by February 2023. At December 31, 2019, the remaining weighted average life of all contracts was approximately 1.8 years. We received aggregate premiums of $2.5 billion on the remaining contracts at the contract inception dates and we have no counterparty credit risk. 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. 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 $397 million at December 31, 2019 and $1,653 million at December 31, 2018. 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. Notes to Consolidated Financial Statements (Continued) (14) Derivative contracts (Continued) Our regulated utility subsidiaries may use forward purchases and sales, futures, swaps and options to manage a portion of their commodity price risks. Most of these 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 were $145 million and $172 million at December 31, 2019 and 2018, respectively. Derivative contract liabilities were $76 million and $111 million at December 31, 2019 and 2018, respectively. |
Unpaid losses and loss adjustme
Unpaid losses and loss adjustment expenses | 12 Months Ended |
Dec. 31, 2019 | |
Insurance [Abstract] | |
Unpaid losses and loss adjustment expenses | (1 5 ) Unpaid losses and loss adjustment expenses Our liabilities for unpaid losses and loss adjustment expenses (also referred to as “claim liabilities”) under property and casualty insurance and reinsurance contracts are based upon estimates of the ultimate claim costs associated with claim occurrences as of the balance sheet date and include estimates for incurred-but-not-reported (“IBNR”) claims. A reconciliation of the changes in claim liabilities, excluding liabilities under retroactive reinsurance contracts (see Note 16), for each of the three years ending December 31, 2019 is as follows (in millions). 2019 2018 2017 Balances – beginning of year: Gross liabilities $ 68,458 $ 61,122 $ 53,379 Reinsurance recoverable on unpaid losses (3,060 ) (3,201 ) (3,338 ) Net liabilities 65,398 57,921 50,041 Incurred losses and loss adjustment expenses: Current accident year events 43,335 39,876 37,702 Prior accident years’ events (752 ) (1,406 ) (544 ) Total incurred losses and loss adjustment expenses 42,583 38,470 37,158 Paid losses and loss adjustment expenses: Current accident year events (19,482 ) (18,391 ) (17,425 ) Prior accident years’ events (17,642 ) (15,452 ) (12,507 ) Total payments (37,124 ) (33,843 ) (29,932 ) Foreign currency translation adjustment (23 ) (331 ) 654 Business acquisition (disposition) (670 ) 3,181 — Balances – end of year: Net liabilities 70,164 65,398 57,921 Reinsurance recoverable on unpaid losses 2,855 3,060 3,201 Gross liabilities $ 73,019 $ 68,458 $ 61,122 Incurred losses and loss adjustment expenses in the preceding table were recorded in earnings in each period and related to insured events occurring in the current year (“current accident year”) and events occurring in all prior years (“prior accident years”). Current accident year losses included approximately $1.0 billion in 2019, $1.6 billion in 2018 and $3.0 billion in 2017 from significant catastrophe events occurring in each year. The effects of businesses acquired (or disposed) are included (or excluded) on a retrospective basis for all years presented in the disaggregated accident year incurred and paid loss and allocated loss adjustment expenses data shown in this Note. We recorded net reductions of estimated ultimate liabilities for prior accident years of $752 million in 2019, $1,406 million in 2018 and $544 million in 2017, which produced corresponding reductions in incurred losses and loss adjustment expenses. These reductions, as percentages of the net liabilities at the beginning of each year, were 1.1% in 2019, 2.4% in 2018 and 1.1% in 2017. Estimated ultimate liabilities for prior years’ loss events related to primary insurance were reduced by $457 million in 2019, $937 million in 2018 and $249 million in 2017. The decrease in 2019 was primarily attributable to lower than anticipated medical professional liability and workers’ compensation losses, partially offset by higher commercial auto and other liability losses. The decreases in 2018 and 2017 were primarily related to workers’ compensation and medical professional liability claims. Liabilities for prior years’ private passenger auto claims were reduced in 2018 and increased in 2017. Estimated ultimate liabilities for prior years’ loss events related to property and casualty reinsurance were reduced $295 million in 2019, $469 million in 2018 and $295 million in 2017. Notes to Consolidated Financial Statements (Continued) (1 5 ) Unpaid losses and loss adjustment expenses (Continued) Estimated claim liabilities include amounts for environmental, asbestos and other latent injury exposures, net of reinsurance recoverable, of approximately $1.7 billion at December 31, 2019 and 2018. These liabilities are subject to change due to changes in the legal and regulatory environment. We are unable to reliably estimate additional losses or a range of losses that are reasonably possible for these claims. A reconciliation of the disaggregated net unpaid losses and allocated loss adjustment expenses (the latter referred to as “ALAE”) of GEICO, Berkshire Hathaway Primary Group (“BH Primary”) and Berkshire Hathaway Reinsurance Group (“BHRG”) to our consolidated unpaid losses and loss adjustment expenses as of December 31, 2019 follows (in millions). GEICO Physical Damage GEICO Auto Liability BH Primary Medical Professional Liability BH Primary Workers’ Compensation and Other Casualty BHRG Property BHRG Casualty Total Unpaid losses and ALAE, net $ 321 $ 18,475 $ 7,479 $ 9,568 $ 9,382 $ 21,304 $ 66,529 Reinsurance recoverable — 1,014 54 597 268 852 2,785 Unpaid unallocated loss adjustment expenses 2,367 Other unpaid losses and loss adjustment expenses 1,338 Unpaid losses and loss adjustment expenses $ 73,019 GEICO GEICO’s claim liabilities predominantly relate to various types of private passenger auto liability and physical damage claims. For such claims, we establish and evaluate unpaid claim liabilities using standard actuarial loss development methods and techniques. The actuarial methods utilize historical claims data, adjusted when deemed appropriate to reflect perceived changes in loss patterns. Claim liabilities include average, case, case development and IBNR estimates. We establish average liabilities based on expected severities for newly reported physical damage and liability claims prior to establishing an individual case reserve when we have insufficient time or information to make specific claim estimates and for a large number of minor physical damage claims that once reported are quickly settled. We establish liability case loss estimates, which include loss adjustment expenses, once the facts and merits of the claim are evaluated. Estimates for liability coverages are more uncertain than for physical damage coverages primarily due to the longer claim-tails, the greater chance of protracted litigation and the incompleteness of facts at the time the case estimate is first established. The “claim-tail” is the time period between the claim occurrence date and settlement date. Consequently, we establish additional case development liabilities, which are usually percentages of the case liabilities. For unreported claims, IBNR liabilities are estimated by projecting the ultimate number of claims expected (reported and unreported) for each significant coverage and deducting reported claims to produce estimated unreported claims. The product of the average cost per unreported claim and the number of unreported claims produces the IBNR liability estimate. We may record supplemental IBNR liabilities in certain situations when actuarial techniques are difficult to apply. Notes to Consolidated Financial Statements (Continued) (1 5 ) Unpaid losses and loss adjustment expenses (Continued) GEICO’s incurred and paid losses and ALAE, net of reinsurance, are summarized by accident year below for physical damage and auto liability claims. IBNR and case development liabilities are as of December 31, 2019. Claim counts are established when accidents that may result in a liability are reported and are based on policy coverage. Each claim event may generate claims under multiple coverages, and thus may result in multiple counts. The “Cumulative Number of Reported Claims” includes the combined number of reported claims for all policy coverages and excludes projected IBNR claims. Dollars are in millions. Physical Damage Incurred Losses and ALAE through December 31, Cumulative Number of Accident Year 2018* 2019 IBNR and Case Development Liabilities Reported Claims (in thousands) 2018 $ 8,345 $ 8,274 $ 34 8,612 2019 9,020 334 8,772 Incurred losses and ALAE $ 17,294 Cumulative Paid Losses and ALAE through December 31, Accident Year 2018* 2019 2018 $ 8,078 $ 8,301 2019 8,678 Paid losses and ALAE 16,979 Net unpaid losses and ALAE for 2018 – 2019 315 Net unpaid losses and ALAE for accident years before 2018 6 Net unpaid losses and ALAE $ 321 Auto Liability Incurred Losses and ALAE through December 31, Cumulative Number of Accident Year 2015* 2016* 2017* 2018* 2019 IBNR and Case Development Liabilities Reported Claims (in thousands) 2015 $ 10,590 $ 10,666 $ 10,785 $ 10,824 $ 10,853 $ 156 2,338 2016 11,800 12,184 12,149 12,178 356 2,445 2017 14,095 13,864 13,888 983 2,628 2018 15,383 15,226 2,425 2,674 2019 16,901 4,694 2,577 Incurred losses and ALAE $ 69,046 Cumulative Paid Losses and ALAE through December 31, Accident Year 2015* 2016* 2017* 2018* 2019 2015 $ 4,579 $ 7,694 $ 9,133 $ 10,007 $ 10,472 2016 5,069 8,716 10,330 11,294 2017 5,806 9,944 11,799 2018 6,218 10,772 2019 6,742 Paid losses and ALAE 51,079 Net unpaid losses and ALAE for 2015 – 2019 accident years 17,967 Net unpaid losses and ALAE for accident years before 2015 508 Net unpaid losses and ALAE $ 18,475 * Unaudited required supplemental information Notes to Consolidated Financial Statements (Continued) (1 5 ) Unpaid losses and loss adjustment expenses (Continued) BH Primary BH Primary’s liabilities for unpaid losses and loss adjustment expenses primarily derive from medical professional liability and workers’ compensation and other casualty insurance, including commercial auto and general liability insurance. Incurred and paid losses and ALAE are summarized by accident year in the following tables, disaggregated by medical professional liability coverages and workers’ compensation and other casualty coverages. IBNR and case development liabilities are as of December 31, 2019. The cumulative number of reported claims reflects the number of individual claimants and includes claims that ultimately resulted in no liability or payment. Dollars are in millions. BH Primary Medical Professional Liability We estimate the ultimate expected incurred losses and loss adjustment expenses for medical professional claim liabilities using commonly accepted actuarial methodologies such as the paid and incurred development method, Bornhuetter-Ferguson based methods, hindsight outstanding severity method, trended severity method and trended pure premium method. These methodologies produce loss estimates from which we determine our best estimate. Periodically, we study developments in older accident years and adjust initial loss estimates to reflect recent development based upon claim age, coverage and litigation experience. Incurred Losses and ALAE through December 31, Cumulative Number of Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 IBNR and Case Development Liabilities Reported Claims (in thousands) 2010 $ 1,399 $ 1,346 $ 1,348 $ 1,329 $ 1,234 $ 1,140 $ 1,085 $ 1,031 $ 1,006 $ 991 $ 29 12 2011 1,346 1,334 1,321 1,262 1,173 1,115 1,050 1,004 968 38 11 2012 1,336 1,306 1,277 1,223 1,168 1,078 1,035 998 64 11 2013 1,328 1,296 1,261 1,195 1,127 1,086 1,019 93 11 2014 1,370 1,375 1,305 1,246 1,218 1,127 184 11 2015 1,374 1,342 1,269 1,290 1,218 301 12 2016 1,392 1,416 1,414 1,394 412 14 2017 1,466 1,499 1,495 685 18 2018 1,602 1,650 1,088 18 2019 1,670 1,369 12 Incurred losses and ALAE $ 12,530 Cumulative Paid Losses and ALAE through December 31, Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 15 $ 95 $ 224 $ 377 $ 526 $ 654 $ 745 $ 810 $ 853 $ 888 2011 16 82 200 356 517 632 711 767 822 2012 15 93 218 377 522 642 725 789 2013 15 90 219 368 518 635 743 2014 21 106 238 396 540 671 2015 23 108 218 382 543 2016 22 115 274 461 2017 27 128 300 2018 35 166 2019 39 Paid losses and ALAE $ 5,422 Net unpaid losses and ALAE for 2010 – 2019 accident years 7,108 Net unpaid losses and ALAE for accident years before 2010 371 Net unpaid losses and ALAE $ 7,479 * Unaudited required supplemental information Notes to Consolidated Financial Statements (Continued) (1 5 ) Unpaid losses and loss adjustment expenses (Continued) BH Primary Workers’ Compensation and Other Casualty We periodically evaluate ultimate loss and loss adjustment expense estimates for the workers’ compensation and other casualty claims using a combination of commonly accepted actuarial methodologies such as the Bornhuetter-Ferguson and chain-ladder approaches using paid and incurred loss data. Paid and incurred loss data is segregated and analyzed by state due to the different state regulatory frameworks that may impact certain factors including the duration and amount of loss payments. We also separately study the various components of liabilities, such as employee lost wages, medical expenses and the costs of claims investigations and administration. We establish case liabilities for reported claims based upon the facts and circumstances of the claim. The excess of the ultimate projected losses, including the expected development of case estimates, and the case-basis liabilities is included in IBNR liabilities. Incurred Losses and ALAE through December 31, Cumulative Number of Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 IBNR and Case Development Liabilities Reported Claims (in thousands) 2010 $ 662 $ 638 $ 612 $ 577 $ 560 $ 556 $ 548 $ 539 $ 531 $ 528 $ 36 41 2011 738 675 675 624 621 618 607 596 591 56 46 2012 873 850 837 791 780 762 750 736 76 53 2013 1,258 1,228 1,178 1,127 1,096 1,072 1,050 149 67 2014 1,743 1,638 1,614 1,548 1,482 1,497 220 90 2015 2,169 2,127 2,042 2,014 2,025 336 110 2016 2,511 2,422 2,359 2,325 533 114 2017 3,044 2,907 2,842 855 135 2018 3,544 3,412 1,445 151 2019 4,074 2,577 147 Incurred losses and ALAE $ 19,080 Cumulative Paid Losses and ALAE through December 31, Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 102 $ 236 $ 314 $ 374 $ 417 $ 445 $ 459 $ 466 $ 472 $ 480 2011 109 220 333 403 453 481 496 505 512 2012 116 299 414 501 560 592 611 626 2013 177 422 609 725 793 835 858 2014 239 557 800 1,007 1,111 1,176 2015 289 700 1,017 1,289 1,488 2016 329 775 1,148 1,461 2017 441 1,003 1,434 2018 538 1,198 2019 682 Paid losses and ALAE 9,915 Net unpaid losses and ALAE for 2010 – 2019 accident years 9,165 Net unpaid losses and ALAE for accident years before 2010 403 Net unpaid losses and ALAE $ 9,568 * Unaudited required supplemental information BHRG We use a variety of methodologies to establish BHRG’s estimates for property and casualty claims liabilities. We use certain methodologies, such as paid and incurred loss development techniques, incurred and paid loss Bornhuetter-Ferguson techniques and frequency and severity techniques, as well as ground-up techniques when appropriate. Our claims liabilities are principally a function of reported losses from ceding companies, case development and IBNR liability estimates. Case loss estimates are reported under our contracts either individually or in bulk as provided under the terms of the contracts. We may independently evaluate case losses reported by the ceding company, and if deemed appropriate, we may establish case liabilities based on our estimates. Notes to Consolidated Financial Statements (Continued) (1 5 ) Unpaid losses and loss adjustment expenses (Continued) Estimated IBNR liabilities are affected by expected case loss emergence patterns and expected loss ratios, which are evaluated as groups of contracts with similar exposures or on a contract-by-contract basis. Case and IBNR liability estimates for major catastrophe events are generally based on a per-contract assessment of the ultimate cost associated with the individual loss event. Claim count data is not provided consistently by ceding companies under our contracts or is otherwise considered unreliable. Incurred and paid losses and ALAE of BHRG are disaggregated based on losses that are expected to have shorter claim-tails (property) and losses expected to have longer claim-tails (casualty). Under certain contracts, the coverage can apply to multiple lines of business written by the ceding company, whether property, casualty or combined, and the ceding company may not report loss data by such lines consistently, if at all. In those instances, we allocated losses to property and casualty coverages based on internal estimates. BHRG’s disaggregated incurred and paid losses and ALAE are summarized by accident year, net of reinsurance. IBNR and case development liabilities are as of December 31, 2019. Dollars are in millions. BHRG Property Incurred Losses and ALAE through December 31, Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 IBNR and Case Development Liabilities 2010 $ 2,516 $ 2,475 $ 2,354 $ 2,226 $ 2,138 $ 2,103 $ 2,085 $ 2,064 $ 2,074 $ 2,062 $ 23 2011 4,197 4,138 3,851 3,754 3,753 3,723 3,700 3,686 3,674 41 2012 3,132 2,828 2,624 2,384 2,331 2,328 2,311 2,295 47 2013 3,181 3,022 2,679 2,589 2,569 2,510 2,459 61 2014 2,615 2,417 2,306 2,162 2,107 2,035 77 2015 3,243 3,084 2,528 2,935 2,932 208 2016 3,266 3,892 3,617 3,594 281 2017 5,258 4,959 4,807 478 2018 4,366 4,468 1,025 2019 4,100 1,977 Incurred losses and ALAE $ 32,426 Cumulative Paid Losses and ALAE through December 31, Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 335 $ 1,059 $ 1,485 $ 1,742 $ 1,905 $ 1,954 $ 2,000 $ 2,024 $ 2,031 $ 2,043 2011 664 2,305 2,957 3,219 3,336 3,426 3,467 3,512 3,530 2012 260 1,219 1,797 1,935 2,023 2,099 2,118 2,163 2013 513 1,416 1,854 2,050 2,170 2,251 2,290 2014 464 1,235 1,561 1,699 1,764 1,814 2015 574 1,591 1,940 2,134 2,239 2016 705 1,790 2,181 2,641 2017 1,027 2,716 3,638 2018 907 2,309 2019 747 Paid losses and ALAE 23,414 Net unpaid losses and ALAE for 2010 – 2019 accident years 9,012 Net unpaid losses and ALAE for accident years before 2010 370 Net unpaid losses and ALAE $ 9,382 * Unaudited required supplemental information Notes to Consolidated Financial Statements (Continued) (1 5 ) Unpaid losses and loss adjustment expenses (Continued) BHRG Casualty Incurred Losses and ALAE through December 31, Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 IBNR and Case Development Liabilities 2010 $ 2,296 $ 2,383 $ 2,316 $ 2,253 $ 2,135 $ 2,085 $ 2,040 $ 1,878 $ 1,958 $ 1,913 $ 203 2011 2,602 2,690 2,560 2,500 2,411 2,320 2,313 2,274 2,240 299 2012 2,784 2,962 2,797 2,861 2,790 2,678 2,611 2,554 318 2013 2,124 2,257 2,287 2,131 2,077 2,023 1,928 411 2014 1,863 2,058 2,027 1,990 1,904 1,942 574 2015 1,870 2,071 2,098 1,999 1,872 534 2016 1,900 2,106 2,014 1,971 680 2017 2,186 2,674 2,552 941 2018 2,914 3,544 1,511 2019 3,405 2,348 Incurred losses and ALAE $ 23,921 Cumulative Paid Losses and ALAE through December 31, Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 117 $ 542 $ 834 $ 1,022 $ 1,274 $ 1,369 $ 1,433 $ 1,478 $ 1,526 $ 1,552 2011 289 812 1,155 1,395 1,483 1,575 1,653 1,693 1,727 2012 307 745 1,136 1,365 1,522 1,646 1,746 1,805 2013 290 517 802 930 1,034 1,135 1,195 2014 149 474 639 748 871 955 2015 195 487 710 830 921 2016 252 553 730 860 2017 230 562 816 2018 264 865 2019 351 Paid losses and ALAE 11,047 Net unpaid losses and ALAE for 2010 – 2019 accident years 12,874 Net unpaid losses and ALAE for accident years before 2010 8,430 Net unpaid losses and ALAE $ 21,304 * Unaudited required supplemental information Notes to Consolidated Financial Statements (Continued) (1 5 ) Unpaid losses and loss adjustment expenses (Continued) Required supplemental unaudited average historical claims duration information based on the net losses and ALAE incurred and paid accident year data in the preceding tables follows. The percentages show the average portions of net losses and ALAE paid by each succeeding year, with year 1 representing the current accident year. Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance In Year 1 2 3 4 5 6 7 8 9 10 GEICO Physical Damage 98 % 2 % GEICO Auto Liability 42 % 29 % 13 % 8 % 4 % BH Primary Medical Professional Liability 2 % 7 % 12 % 15 % 15 % 12 % 9 % 6 % 5 % 4 % BH Primary Workers’ Compensation and Other Casualty 16 % 21 % 16 % 12 % 8 % 5 % 3 % 2 % 1 % 2 % BHRG Property 19 % 36 % 17 % 9 % 4 % 3 % 1 % 1 % 0 % 1 % BHRG Casualty 10 % 17 % 13 % 8 % 7 % 5 % 4 % 2 % 2 % 1 % |
Retroactive reinsurance contrac
Retroactive reinsurance contracts | 12 Months Ended |
Dec. 31, 2019 | |
Insurance [Abstract] | |
Retroactive reinsurance contracts | (1 6 ) Retroactive Retroactive reinsurance policies provide indemnification of losses and loss adjustment expenses of short-duration insurance contracts with respect to underlying loss events that occurred prior to the contract inception date. Claims payments may commence immediately after the contract date or, when applicable, 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 each of the three years ended December 31, 2019 follows (in millions). 2019 2018 2017 Unpaid losses and loss adjustment expenses Deferred charges reinsurance assumed Unpaid losses and loss adjustment expenses Deferred charges reinsurance assumed Unpaid losses and loss adjustment expenses Deferred charges reinsurance assumed Balances – beginning of year $ 41,834 $ (14,104 ) $ 42,937 $ (15,278 ) $ 24,972 $ (8,047 ) Incurred losses and loss adjustment expenses Current year contracts 1,138 (453 ) 603 (86 ) 19,005 (7,730 ) Prior years’ contracts 378 810 (341 ) 1,260 (41 ) 499 Total 1,516 357 262 1,174 18,964 (7,231 ) Paid losses and loss adjustment expenses (909 ) — (1,365 ) — (999 ) — Balances – end of year $ 42,441 $ (13,747 ) $ 41,834 $ (14,104 ) $ 42,937 $ (15,278 ) Incurred losses and loss adjustment expenses, net of deferred charges $ 1,873 $ 1,436 $ 11,733 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, we entered into an agreement with various subsidiaries of American International Group, Inc. (collectively, “AIG”) 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. At the inception of the contract, we recorded premiums earned of $10.2 billion, and we also recorded a liability for unpaid losses and loss adjustment expenses of $16.4 billion and a deferred charge reinsurance assumed asset of $6.2 billion. In the fourth quarter of 2017, we increased our estimated ultimate claim liabilities under the aforementioned AIG contract by approximately $1.8 billion based on higher than expected loss payments reported by AIG under the contractual retention. We also increased the related deferred charge asset by $1.7 billion based on our re-estimation of the amounts and timing of future claim payments. The estimated ultimate claim liabilities with respect to the AIG contract were approximately $18.2 billion at both December 31, 2019 and 2018 and the related deferred charge assets were approximately $6.3 billion at December 31, 2019 and $6.9 billion at December 31, 2018. Notes to Consolidated Financial Statements (Continued) (1 6 ) Retroactive (Continued) Incurred losses and loss adjustment expenses related to contracts written in prior years were $1,188 million in 2019, $919 million in 2018 and $458 million in 2017, which included recurring amortization of deferred charges and the effect of changes in the timing and amount of expected future loss payments. In establishing retroactive reinsurance claim liabilities, we analyze historical aggregate loss payment patterns and project losses into the future under various probability-weighted scenarios. We expect the claim-tail to be very long for many contracts, with some lasting several decades. We monitor claim payment activity and review ceding company reports and other information concerning the underlying losses. We reassess and revise the expected timing and amounts of ultimate losses periodically or when significant events are revealed through our monitoring and review processes. Our retroactive reinsurance claim liabilities include estimated liabilities for environmental, asbestos and other latent injury exposures of approximately $12.9 billion at December 31, 2019 and $13.1 billion at December 31, 2018. Retroactive reinsurance contracts are generally subject to aggregate policy limits and thus, our exposure to such claims under these contracts is likewise limited. We monitor evolving case law and its effect on environmental and other latent injury claims. Changing laws or government regulations, newly identified toxins, newly reported claims, new theories of liability, new contract interpretations and other factors could result in increases in these liabilities, which could be material to our results of operations. We are unable to reliably estimate the amount of additional net loss or the range of net loss that is reasonably possible. |
Notes payable and other borrowi
Notes payable and other borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Notes payable and other borrowings | (1 7 ) Notes payable and other borrowings Notes payable and other borrowings are summarized below (in millions). The weighted average interest rates and maturity date ranges shown in the following tables are based on borrowings as of December 31, 2019. Weighted Average December 31, Interest Rate 2019 2018 Insurance and other: Berkshire Hathaway Inc. (“Berkshire”): U.S. Dollar denominated due 2020-2047 3.2 % $ 8,324 $ 9,065 Euro denominated due 2020-2035 1.1 % 7,641 7,806 Japanese Yen denominated due 2024-2049 0.5 % 3,938 — Berkshire Hathaway Finance Corporation (“BHFC”): U.S. Dollar denominated due 2020-2049 4.1 % 8,679 10,650 Great Britain Pound denominated due 2039-2059 2.5 % 2,274 — Other subsidiary borrowings due 2020-2045 4.0 % 5,262 5,597 Short-term subsidiary borrowings 3.9 % 1,472 1,857 $ 37,590 $ 34,975 In September 2019, Berkshire issued ¥430.0 billion of senior notes consisting of ¥108.5 billion of 0.17% senior notes due in 2024, ¥61.0 billion of 0.27% senior notes due in 2026, ¥146.5 billion of 0.44% senior notes due in 2029, ¥19.0 billion of 0.787% senior notes due in 2034, ¥59.0 billion of 0.965% senior notes due in 2039 and ¥36.0 billion of 1.108% senior notes due in 2049. Borrowings of BHFC, a wholly-owned finance subsidiary of Berkshire, consist of senior unsecured notes used to fund manufactured housing loans originated or acquired and equipment held for lease of certain subsidiaries. During 2019, BHFC repaid $3.95 billion of maturing senior notes. In 2019, BHFC issued $2.0 billion of 4.25% senior notes due in 2049 and £1.75 billion of senior notes consisting of £1.0 billion of 2.375% senior notes due in 2039 and £750 million of 2.625% senior notes due in 2059. Such borrowings are fully and unconditionally guaranteed by Berkshire. The carrying values of our non-U.S. Dollar denominated senior notes (€6.85 billion, £1.75 billion and ¥430 billion par) reflect the applicable exchange rates as of the balance sheet dates. The effects of changes in foreign currency exchange rates during the period are recorded in earnings as a component of selling, general and administrative expenses. Changes in the exchange rates resulted in pre-tax gains of $192 million in 2019 and $366 million in 2018 and losses of $990 million in 2017. Notes to Consolidated Financial Statements (Continued) (1 7 ) Notes payable and other borrowings (Continued) In addition to BHFC borrowings, at December 31, 2019, Berkshire has guaranteed approximately $1.2 billion of other subsidiary borrowings. Generally, Berkshire’s guarantee of a subsidiary’s debt obligation is an absolute, unconditional and irrevocable guarantee for the full and prompt payment when due of all payment obligations. Weighted Average December 31, Interest Rate 2019 2018 Railroad, utilities and energy: Berkshire Hathaway Energy Company (“BHE”) and subsidiaries: BHE senior unsecured debt due 2020-2049 4.6 % $ 8,581 $ 8,577 Subsidiary and other debt due 2020-2064 4.5 % 30,772 28,196 Short-term debt 2.5 % 3,214 2,516 Burlington Northern Santa Fe and subsidiaries due 2020-2097 4.6 % 23,211 23,226 $ 65,778 $ 62,515 BHE subsidiary debt represents amounts issued pursuant to separate financing agreements. Substantially all of the assets of certain BHE subsidiaries are, or may be, pledged or encumbered to support or otherwise secure debt. These borrowing arrangements generally contain various covenants, including covenants which pertain to leverage ratios, interest coverage ratios and/or debt service coverage ratios. During 2019, BHE and its subsidiaries issued approximately $4.6 billion of long-term debt, with maturity dates ranging from 2029 to 2059 and with a weighted average interest rate of 3.6%. In January 2020, a BHE subsidiary issued $725 million of term debt consisting of $425 million of 2.4% notes due in 2030 and $300 million of 3.125% notes due in 2050. BNSF’s borrowings are primarily senior unsecured debentures. In July 2019, BNSF issued $825 million of 3.55% senior unsecured debentures due in 2050. As of December 31, 2019, 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. As of December 31, 2019, our subsidiaries had unused lines of credit and commercial paper capacity aggregating approximately $7.1 billion to support short-term borrowing programs and provide additional liquidity. Such unused lines of credit included approximately $5.6 billion related to BHE and its subsidiaries. Debt principal repayments expected during each of the next five years are as follows (in millions). 2020 2021 2022 2023 2024 Insurance and other $ 4,097 $ 3,246 $ 1,609 $ 5,341 $ 2,190 Railroad, utilities and energy 6,323 2,225 3,349 4,061 2,890 $ 10,420 $ 5,471 $ 4,958 $ 9,402 $ 5,080 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income taxes | (1 8 ) Income taxes The liabilities for income taxes reflected in our Consolidated Balance Sheets are as follows (in millions). December 31, 2019 2018 Currently payable $ 24 $ 323 Deferred 65,823 50,503 Other 952 549 $ 66,799 $ 51,375 Notes to Consolidated Financial Statements (Continued) (1 8 ) Income taxes (Continued) On December 22, 2017, President Trump signed into law legislation known as the Tax Cuts and Jobs Act of 2017 (“TCJA”). Among its provisions, the TCJA reduced the statutory U.S. Corporate income tax rate from 35% to 21% effective January 1, 2018. The TCJA also provided for a one-time tax on certain accumulated undistributed post-1986 earnings of foreign subsidiaries. Further, the TCJA includes provisions that, in certain instances, impose U.S. income tax liabilities on earnings of foreign subsidiaries and limit the deductibility of interest expenses. The TCJA also provides for accelerated deductions of certain capital expenditures made after September 27, 2017 through bonus depreciation. In 2017, upon the enactment of the TCJA, we recorded a reduction in our deferred income tax liabilities of approximately $35.6 billion for the effect of the reduction in the U.S. statutory income tax rate. As a result, we recorded an income tax benefit of approximately $29.6 billion and we increased regulatory liabilities of our regulated utility subsidiaries by approximately $6.0 billion for the portion of the deferred income tax liability reduction that we will be required to, effectively, refund to customers in the rate setting process. We also recognized an income tax charge of approximately $1.4 billion with respect to the deemed repatriation of the accumulated undistributed post-1986 earnings of our foreign subsidiaries. Thus, upon the enactment of the TCJA, we included a net income tax benefit in our 2017 earnings of approximately $28.2 billion. In 2018, we reduced our estimate of the income taxes on the deemed repatriation of earnings of foreign subsidiaries and recognized additional deferred income tax rate change effects. The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are shown below (in millions). December 31, 2019 2018 Deferred tax liabilities: Investments – unrealized appreciation and cost basis differences $ 32,134 $ 17,765 Deferred charges reinsurance assumed 2,890 2,970 Property, plant and equipment and equipment held for lease 29,388 28,279 Goodwill and other intangible assets 7,293 7,199 Other 3,144 3,187 74,849 59,400 Deferred tax assets: Unpaid losses and loss adjustment expenses (1,086 ) (1,238 ) Unearned premiums (853 ) (767 ) Accrued liabilities (1,981 ) (1,956 ) Regulatory liabilities (1,610 ) (1,673 ) Other (3,496 ) (3,263 ) (9,026 ) (8,897 ) Net deferred tax liability $ 65,823 $ 50,503 We have not established deferred income taxes on accumulated undistributed earnings of certain foreign subsidiaries, which are expected to be reinvested indefinitely. Repatriation of all accumulated earnings of foreign subsidiaries would be impracticable to the extent that such earnings represent capital to support normal business operations. Generally, no U.S. federal income taxes will be imposed on future distributions of foreign earnings under current law. However, distributions to the U.S. or other foreign jurisdictions could be subject to withholding and other local taxes. Income tax expense reflected in our Consolidated Statements of Earnings for each of the three years ending December 31, 2019 is as follows (in millions). 2019 2018 2017 Federal $ 19,069 $ (1,613 ) $ (23,427 ) State 625 175 894 Foreign 1,210 1,117 1,018 $ 20,904 $ (321 ) $ (21,515 ) Current $ 5,818 $ 5,176 $ 3,299 Deferred 15,086 (5,497 ) (24,814 ) $ 20,904 $ (321 ) $ (21,515 ) Notes to Consolidated Financial Statements (Continued) (1 8 ) Income taxes (Continued) Income tax expense is reconciled to hypothetical amounts computed at the U.S. federal statutory rate for each of the three years ending December 31, 2019 in the table below (in millions). 2019 2018 2017 Earnings before income taxes $ 102,696 $ 4,001 $ 23,838 Hypothetical income tax expense computed at the U.S. federal statutory rate $ 21,566 $ 840 $ 8,343 Dividends received deduction and tax-exempt interest (433 ) (393 ) (905 ) State income taxes, less U.S. federal income tax benefit 494 138 465 Foreign tax rate differences (6 ) 271 (339 ) U.S. income tax credits (942 ) (711 ) (636 ) Net benefit from the enactment of the TCJA — (302 ) (28,200 ) Other differences, net 225 (164 ) (243 ) $ 20,904 $ (321 ) $ (21,515 ) We file income tax returns in the United States and in state, local and foreign jurisdictions. We have settled income tax liabilities with the U.S. federal taxing authority (“IRS”) for tax years through 2011. The IRS is auditing Berkshire’s consolidated U.S. federal income tax returns for the 2012 through 2016 tax years. We are also under audit or subject to audit with respect to income taxes in many state and foreign jurisdictions. It is reasonably possible that certain of these income tax examinations will be settled in 2020. We currently do not believe that the outcome of unresolved issues or claims will be material to our Consolidated Financial Statements. At December 31, 2019 and 2018, net unrecognized tax benefits were $952 million and $549 million, respectively. Included in the balance at December 31, 2019, were $795 million of tax positions that, if recognized, would impact the effective tax rate. The remaining balance in net unrecognized tax benefits principally relates to tax positions where the ultimate recognition is highly certain but there is uncertainty about the timing of recognition. Because of the impact of deferred income tax accounting, these positions, when recognized, would not affect the annual effective income tax rate. In 2019, we recorded income tax expense of $377 million for uncertain tax positions related to investments by a subsidiary in certain tax equity investment funds that generated income tax benefits from 2015 through 2018. We now believe that it is more likely than not those income tax benefits are not valid. As of December 31, 2019, we do not expect any material increases to the estimated amount of unrecognized tax benefits in the next twelve months. |
Dividend restrictions - Insuran
Dividend restrictions - Insurance subsidiaries | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Dividend restrictions - Insurance subsidiaries | ( 19 ) Dividend restrictions – Insurance subsidiaries Payments of dividends by our insurance subsidiaries are restricted by insurance statutes and regulations. Without prior regulatory approval, our principal insurance subsidiaries may declare up to approximately $21 billion as ordinary dividends during 2020. Combined shareholders’ equity of U.S. based insurance subsidiaries determined pursuant to statutory accounting rules (Surplus as Regards Policyholders) was approximately $216 billion at December 31, 2019 and $162 billion at December 31, 2018. Statutory surplus differs from the corresponding amount based on GAAP due to differences in accounting for certain assets and liabilities. For instance, deferred charges reinsurance assumed, deferred policy acquisition costs, unrealized gains on certain investments and related deferred income taxes are recognized for GAAP but not for statutory reporting purposes. In addition, the carrying values of certain assets, such as goodwill and the carrying values of non-insurance entities owned by our insurance subsidiaries, are not fully recognized for statutory reporting purposes. |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Notes to Consolidated Financial Statements (Continued) (2 0 ) Fair value measurements Our financial assets and liabilities are summarized below as of December 31, 2019 and December 31, 2018, 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) December 31, 2019 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and agencies $ 3,090 $ 3,090 $ 3,046 $ 44 $ — Foreign governments 8,638 8,638 5,437 3,201 — Corporate bonds 6,352 6,352 — 6,350 2 Other 605 605 — 605 — Investments in equity securities 248,027 248,027 237,271 46 10,710 Investment in Kraft Heinz common stock 13,757 10,456 10,456 — — Loans and finance receivables 17,527 17,861 — 1,809 16,052 Derivative contract assets (1) 145 145 — 23 122 Derivative contract liabilities: Railroad, utilities and energy (1) 76 76 6 59 11 Equity index put options 968 968 — — 968 Notes payable and other borrowings: Insurance and other 37,590 40,589 — 40,569 20 Railroad, utilities and energy 65,778 76,237 — 76,237 — December 31, 2018 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and agencies $ 4,223 $ 4,223 $ 2,933 $ 1,290 $ — Foreign governments 7,502 7,502 5,417 2,085 — Corporate bonds 7,440 7,440 — 7,434 6 Other 733 733 — 733 — Investments in equity securities 172,757 172,757 172,253 203 301 Investment in Kraft Heinz common stock 13,813 14,007 14,007 — — Loans and finance receivables 16,280 16,377 — 1,531 14,846 Derivative contract assets (1) 172 172 2 52 118 Derivative contract liabilities: Railroad, utilities and energy (1) 111 111 1 101 9 Equity index put options 2,452 2,452 — — 2,452 Notes payable and other borrowings: Insurance and other 34,975 35,361 — 35,335 26 Railroad, utilities and energy 62,515 66,422 — 66,422 — (1) Notes to Consolidated Financial Statements (Continued) (2 0 ) Fair value measurements (Continued) The fair values of substantially all of our financial instruments were measured using market or income approaches. The hierarchy for measuring fair value consists of Levels 1 through 3, which are described below. Level 1 Level 2 Level 3 Reconciliations of assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for each of the three years ending December 31, 2019 follow (in millions). Investments in equity and fixed maturity securities Net derivative contract liabilities Balance December 31, 2016 $ 17,321 $ (2,824 ) Gains (losses) included in: Earnings — 888 Other comprehensive income 1,157 (3 ) Regulatory assets and liabilities — (1 ) Dispositions and settlements (59 ) (129 ) Transfers into/out of Level 3 (18,413 ) — Balance December 31, 2017 6 (2,069 ) Gains (losses) included in: Earnings — (118 ) Other comprehensive income — 2 Regulatory assets and liabilities — 3 Acquisitions 2 3 Dispositions and settlements (1 ) (164 ) Balance December 31, 2018 7 (2,343 ) Gains (losses) included in: Earnings 404 1,972 Other comprehensive income — (1 ) Regulatory assets and liabilities — (26 ) Acquisitions 10,000 6 Dispositions and settlements (4 ) (465 ) Balance December 31, 2019 $ 10,407 $ (857 ) Notes to Consolidated Financial Statements (Continued) (2 0 ) Fair value measurements (Continued) We acquired investments in Occidental Cumulative Perpetual Preferred Stock (“Occidental Preferred”) and Occidental common stock warrants in August 2019 at an aggregate cost of $10 billion. We currently consider the fair value measurements to contain Level 3 inputs. See Note 4. We acquired preferred stock and common stock warrants of Bank of America Corporation (“BAC”) in 2011. We exercised the BAC warrants to acquire BAC common stock in August 2017. As payment of the cost to acquire the BAC common stock, we surrendered substantially all of the BAC preferred stock. Additionally, in December 2017, Restaurant Brands International Inc. (“RBI”) redeemed a $3 billion private placement security that we acquired in 2014. During 2017, we concluded the Level 3 inputs used in the previous fair value determinations of the BAC warrants, BAC preferred stock and RBI investments were not significant and we transferred these measurements from Level 3 to Level 2. Quantitative information as of December 31, 2019, 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 Investments in equity securities: Preferred stock $ 10,314 Discounted cash flow Expected duration 10 years Discount for transferability restrictions and subordination 375 basis points Common stock warrants 90 Warrant pricing model Expected duration 10 years Volatility 26% Derivative contract liabilities 968 Option pricing model Volatility 16% Investments in equity securities at December 31, 2019 included the Occidental Preferred and common stock warrants. These investments are subject to contractual restrictions on transferability and contain provisions that currently prevent us from economically hedging our investments. In applying discounted cash flow techniques in valuing the Occidental Preferred, we made assumptions regarding the expected duration of the investment. The Occidental Preferred is redeemable at Occidental’s option beginning in 2029. We also made estimates regarding the impact of subordination, as the Occidental Preferred has a lower priority in liquidation than debt instruments. In valuing the Occidental common stock warrants, we used a warrant valuation model. While most of the inputs to the model are observable, we made assumptions regarding the expected duration and volatility of the warrants. The Occidental common stock warrants expire on the one-year anniversary on which no Occidental Preferred remains outstanding. 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. We determine the fair value of the equity index put option contract liabilities based on the Black-Scholes option valuation model. Given the current index values, remaining contract durations and applicable strike prices for these contracts, we believe the only significant model input after December 31, 2019 is the prevailing index price, which is observable. |
Common stock
Common stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Common stock | (2 1 ) Common stock Changes in Berkshire’s issued, treasury and outstanding common stock during the three years ending December 31, 2019 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 December 31, 2016 788,058 (11,680 ) 776,378 1,303,323,927 (1,409,762 ) 1,301,914,165 Conversions of Class A common stock to Class B common stock and exercises of replacement stock options (25,303 ) — (25,303 ) 38,742,822 — 38,742,822 Balance 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 (20,542 ) — (20,542 ) 31,492,234 — 31,492,234 Treasury stock acquired — (1,217 ) (1,217 ) — (4,729,147 ) (4,729,147 ) Balance December 31, 2018 742,213 (12,897 ) 729,316 1,373,558,983 (6,138,909 ) 1,367,420,074 Conversions of Class A common stock to Class B common stock and exercises of replacement stock options (22,906 ) — (22,906 ) 34,624,869 — 34,624,869 Treasury stock acquired — (4,440 ) (4,440 ) — (17,563,410 ) (17,563,410 ) Balance December 31, 2019 719,307 (17,337 ) 701,970 1,408,183,852 (23,702,319 ) 1,384,481,533 Each Class A common share is entitled to one vote per share. Class B common stock possesses dividend and distribution rights equal to one-fifteen-hundredth (1/1,500) (1/10,000) Since we have two classes of common stock, we provide earnings per share data on the Consolidated Statements of Earnings for average equivalent Class A shares outstanding and average equivalent Class B shares outstanding. Class B shares are economically equivalent to one-fifteen-hundredth (1/1,500) (1/1,500) 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. In 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, Vice Chairman of the Board, believe that the repurchase price is below Berkshire’s intrinsic value, conservatively determined. The program continues to allow share repurchases in the open market or through privately negotiated transactions and does not specify a maximum number of shares to be repurchased. However, repurchases will not be made if they would reduce the total value of Berkshire’s consolidated cash, cash equivalents and U.S. Treasury Bill holdings below $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 | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated other comprehensive income | (2 2 ) Accumulated other comprehensive income A summary of the net changes in after-tax accumulated other comprehensive income attributable to Berkshire Hathaway shareholders and amounts reclassified out of accumulated other comprehensive income for each of the three years ending December 31, 2019 follows (in millions). Unrealized appreciation of investments, net Foreign currency translation Defined benefit pension plans Other Accumulated other comprehensive income Balance December 31, 2016 $ 43,176 $ (5,268 ) $ (593 ) $ (17 ) $ 37,298 Other comprehensive income, net before reclassifications 19,826 2,151 65 16 22,058 Reclassifications into net earnings: Reclassifications before income taxes (1,399 ) 3 155 19 (1,222 ) Applicable income taxes 490 — (47 ) (6 ) 437 Balance 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 (183 ) (1,424 ) (513 ) 25 (2,095 ) Reclassifications into net earnings: Reclassifications before income taxes (253 ) — 116 5 (132 ) Applicable income taxes 53 — (35 ) (2 ) 16 Balance December 31, 2018 370 (4,603 ) (816 ) 34 (5,015 ) Other comprehensive income, net before reclassifications 160 257 (644 ) (48 ) (275 ) Reclassifications into net earnings: Reclassifications before income taxes (62 ) — 95 9 42 Applicable income taxes 13 — (4 ) (4 ) 5 Balance December 31, 2019 $ 481 $ (4,346 ) $ (1,369 ) $ (9 ) $ (5,243 ) |
Supplemental cash flow informat
Supplemental cash flow information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental cash flow information | ( 23 ) Supplemental cash flow information A summary of supplemental cash flow information for each of the three years ending December 31, 2019 is presented in the following table (in millions). 2019 2018 2017 Cash paid during the period for: Income taxes $ 5,415 $ 4,354 $ 3,286 Interest: Insurance and other 1,011 1,111 1,260 Railroad, utilities and energy 2,879 2,867 2,828 Non-cash investing and financing activities: Liabilities assumed in connection with business acquisitions 766 3,735 747 Right-of-use assets obtained in exchange for new operating lease liabilities 782 — — Equity securities surrendered in connection with warrant exercise — — 4,965 |
Revenues from contracts with cu
Revenues from contracts with customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenues from contracts with customers | (24) Revenues from contracts with customers On January 1, 2018, we adopted ASC 606 “Revenues from Contracts with Customers.” 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. The following tables summarize customer contract revenues disaggregated by reportable segment and the source of the revenue for the years ended December 31, 2019 and 2018 (in millions). Other revenues included in consolidated revenues were primarily insurance premiums earned, interest, dividend and other investment income and leasing revenues which are not within the scope of ASC 606. 2019 Manufacturing McLane Company Service and Retail BNSF Berkshire Hathaway Energy Insurance, Corporate and other Total Manufactured products: Industrial and commercial products $ 25,311 $ — $ 184 $ — $ — $ — $ 25,495 Building products 15,620 — — — — — 15,620 Consumer products 14,120 — — — — — 14,120 Grocery and convenience store distribution — 33,057 — — — — 33,057 Food and beverage distribution — 16,767 — — — — 16,767 Auto sales — — 8,481 — — — 8,481 Other retail and wholesale distribution 2,299 — 12,213 — — — 14,512 Service 1,642 539 4,062 23,302 4,096 — 33,641 Electricity and natural gas — — — — 14,819 — 14,819 Total 58,992 50,363 24,940 23,302 18,915 — 176,512 Other revenue 3,632 95 4,459 55 1,181 68,682 78,104 $ 62,624 $ 50,458 $ 29,399 $ 23,357 $ 20,096 $ 68,682 $ 254,616 2018 Manufacturing McLane Company Service and Retail BNSF Berkshire Hathaway Energy Insurance, Corporate and other Total Manufactured products: Industrial and commercial products $ 25,707 $ — $ 204 $ — $ — $ — $ 25,911 Building products 14,323 — — — — — 14,323 Consumer products 14,790 — — — — — 14,790 Grocery and convenience store distribution — 33,518 — — — — 33,518 Food and beverage distribution — 16,309 — — — — 16,309 Auto sales — — 8,181 — — — 8,181 Other retail and wholesale distribution 2,091 — 12,067 — — — 14,158 Service 1,519 84 4,100 23,652 3,949 — 33,304 Electricity and natural gas — — — — 14,951 — 14,951 Total 58,430 49,911 24,552 23,652 18,900 — 175,445 Other revenue 3,340 76 4,297 51 1,070 63,558 72,392 $ 61,770 $ 49,987 $ 28,849 $ 23,703 $ 19,970 $ 63,558 $ 247,837 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 December 31, 2019 follows (in millions). Performance obligations expected to be satisfied: Less than 12 months Greater than 12 months Total Electricity and natural gas $ 871 $ 5,136 $ 6,007 Other sales and service contracts 1,158 2,562 3,720 |
Pension plans
Pension plans | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension plans | (25) Pension plans Several of our subsidiaries sponsor defined benefit pension plans covering certain employees. Benefits under the plans are generally based on years of service and compensation, although benefits under certain plans are based on years of service and fixed benefit rates. Our subsidiaries may make contributions to the plans to meet regulatory requirements and may also make discretionary contributions. The components of our net periodic pension expense for each of the three years ending December 31, 2019 were as follows (in millions). 2019 2018 2017 Service cost $ 224 $ 271 $ 273 Interest cost 618 593 635 Expected return on plan assets (936 ) (988 ) (939 ) Amortization of actuarial losses and other 26 188 157 Net periodic pension expense $ (68 ) $ 64 $ 126 The accumulated benefit obligation is the actuarial present value of benefits earned based on service and compensation prior to the valuation date. The projected benefit obligation (“PBO”) is the actuarial present value of benefits earned based upon service and compensation prior to the valuation date and, if applicable, includes assumptions regarding future compensation levels. Benefit obligations under qualified U.S. defined benefit pension plans are funded through assets held in trusts. Pension obligations under certain non-U.S. plans and non-qualified U.S. plans are unfunded and the aggregate PBOs of such plans were approximately $1.3 billion and $1.2 billion as of December 31, 2019 and 2018, respectively. Reconciliations of the changes in plan assets and PBOs related to BHE’s pension plans and all other pension plans for each of the two years ending December 31, 2019 are in the following tables (in millions). The costs of pension plans covering employees of certain regulated subsidiaries of BHE are generally recoverable through the regulated rate making process. 2019 2018 BHE All other Consolidated BHE All other Consolidated Benefit obligations Accumulated benefit obligation end of year $ 4,653 $ 12,889 $ 17,542 $ 4,346 $ 11,540 $ 15,886 PBO beginning of year $ 4,551 $ 12,371 $ 16,922 $ 5,207 $ 13,617 $ 18,824 Service cost 32 192 224 40 231 271 Interest cost 161 457 618 161 432 593 Benefits paid (257 ) (776 ) (1,033 ) (208 ) (633 ) (841 ) Settlements (121 ) (46 ) (167 ) (301 ) (133 ) (434 ) Actuarial (gains) or losses and other 532 1,610 2,142 (348 ) (1,143 ) (1,491 ) PBO end of year $ 4,898 $ 13,808 $ 18,706 $ 4,551 $ 12,371 $ 16,922 Plan assets Plan assets beginning of year $ 4,385 $ 10,574 $ 14,959 $ 5,129 $ 11,885 $ 17,014 Employer contributions 68 131 199 98 495 593 Benefits paid (257 ) (776 ) (1,033 ) (208 ) (633 ) (841 ) Actual return on plan assets 650 1,764 2,414 (191 ) (949 ) (1,140 ) Settlements (121 ) (46 ) (167 ) (324 ) (132 ) (456 ) Other 83 41 124 (119 ) (92 ) (211 ) Plan assets end of year $ 4,808 $ 11,688 $ 16,496 $ 4,385 $ 10,574 $ 14,959 Funded status – net liability $ 90 $ 2,120 $ 2,210 $ 166 $ 1,797 $ 1,963 The funded status of our defined benefit pension plans at December 31, 2019 reflected in assets was $857 million and in liabilities was $3,067 million. At December 31, 2018, the funded status included in assets was $510 million and in liabilities was $2,473 million. Notes to Consolidated Financial Statements (Continued) (25) Pension plans (Continued) Weighted average assumptions used in determining PBOs and net periodic pension expense were as follows. 2019 2018 2017 Discount rate applicable to pension benefit obligations 3.1 % 3.9 % 3.3 % Expected long-term rate of return on plan assets 6.4 6.4 6.4 Rate of compensation increase 2.5 2.6 2.8 Discount rate applicable to net periodic pension expense 4.0 3.4 3.9 Benefit payments expected over the next ten years are as follows (in millions): 2020 – $1,059; 2021 – $997; 2022 – $1,003; 2023 – $1,009; 2024 – $1,017; and 2025 to 2029 – $5,035. Sponsoring subsidiaries expect to contribute $191 million to defined benefit pension plans in 2020. Fair value measurements of plan assets as of December 31, 2019 and 2018 follow (in millions). Fair Value Investment funds and partnerships Total Level 1 Level 2 Level 3 at net asset value December 31, 2019 Cash and cash equivalents $ 412 $ 309 $ 103 $ — $ — Equity securities 11,105 9,860 836 409 — Government obligations 1,537 1,433 104 — — Other fixed maturity securities 791 160 600 31 — Investment funds and other 2,651 143 358 40 2,110 $ 16,496 $ 11,905 $ 2,001 $ 480 $ 2,110 December 31, 2018 Cash and cash equivalents $ 1,328 $ 1,197 $ 131 $ — $ — Equity securities 7,671 7,499 22 150 — Government obligations 1,727 1,654 73 — — Other fixed maturity securities 836 172 631 33 — Investment funds and other 3,397 170 1,042 273 1,912 $ 14,959 $ 10,692 $ 1,899 $ 456 $ 1,912 Refer to Note 20 for a discussion of the three levels in the hierarchy of fair values. Plan assets are generally invested with the long-term objective of producing earnings to adequately cover expected benefit obligations, while assuming a prudent level of risk. Allocations may change as a result of changing market conditions and investment opportunities. The expected rates of return on plan assets reflect subjective assessments of expected invested asset returns over a period of several years. Generally, past investment returns are not given significant consideration when establishing assumptions for expected long-term rates of return on plan assets. Actual experience will differ from the assumed rates. A reconciliation of the pre-tax accumulated other comprehensive income (loss) related to defined benefit pension plans for each of the two years ending December 31, 2019 follows (in millions). 2019 2018 Balance beginning of year $ (1,184 ) $ (614 ) Amount included in net periodic pension expense 94 116 Actuarial gains (losses) and other (806 ) (686 ) Balance end of year $ (1,896 ) $ (1,184 ) Several of our subsidiaries also sponsor defined contribution retirement plans, such as 401(k) or profit-sharing plans. Employee contributions are subject to regulatory limitations and the specific plan provisions. Several plans provide for employer matching contributions up to levels specified in the plans and provide for additional discretionary contributions as determined by management. Employer contributions expensed with respect to our defined contribution plans were $1,233 million in 2019, $1,009 million in 2018 and $1,001 million in 2017. |
Contingencies and Commitments
Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | (26) Contingencies and Commitments We are parties in a variety of legal actions that routinely arise out of the normal course of business, including legal actions seeking to establish liability directly through insurance contracts or indirectly through reinsurance contracts issued by Berkshire subsidiaries. Plaintiffs occasionally seek punitive or exemplary damages. We do not believe that such normal and routine litigation will have a material effect on our financial condition or results of operations. Berkshire and certain of its subsidiaries are also involved in other kinds of legal actions, some of which assert or may assert claims or seek to impose fines and penalties. We believe that any liability that may arise as a result of other pending legal actions will not have a material effect on our consolidated financial condition or results of operations. Our subsidiaries regularly make commitments in the ordinary course of business to purchase goods and services used in their businesses. As of December 31, 2019, estimated future payments under such arrangements were as follows: $15.7 billion in 2020, $5.6 billion in 2021, $3.7 billion in 2022, $2.8 billion in 2023, $2.6 billion in 2024 and $19.7 billion after 2024. The most significant of these relate to our railroad, utilities and energy businesses and our fractional aircraft ownership business. Pursuant to the terms of agreements with noncontrolling shareholders in our less than wholly-owned subsidiaries, we may be obligated to acquire their equity interests. If we had acquired all outstanding noncontrolling interests as of December 31, 2019, we estimate the cost would have been approximately $5.4 billion. However, the timing and the amount of any such future payments that might be required are contingent on future actions of the noncontrolling owners. |
Business segment data
Business segment data | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Business segment data | (27) Business segment data Our operating businesses include a large and diverse group of insurance, manufacturing, service and retailing businesses. We organize our reportable business segments in a manner that reflects how management views those business activities. Certain businesses are grouped together for segment reporting based upon similar products or product lines, marketing, selling and distribution characteristics, even though those business units are operated under separate local management. The tabular information that follows shows data of reportable segments reconciled to amounts reflected in our Consolidated Financial Statements. Intersegment transactions are not eliminated from segment results when management considers those transactions in assessing the results of the respective segments. Furthermore, our management does not consider investment and derivative gains/losses, amortization of certain business acquisition accounting adjustments related to Berkshire’s business acquisitions or certain other corporate income and expense items in assessing the financial performance of operating units. Collectively, these items are included in reconciliations of segment amounts to consolidated amounts. Business Identity Business Activity Insurance: GEICO Underwriting private passenger automobile insurance mainly by direct response methods Berkshire Hathaway Primary Group Underwriting multiple lines of property and casualty insurance policies for primarily commercial accounts Berkshire Hathaway Reinsurance Group Underwriting excess-of-loss, quota-share and facultative reinsurance worldwide BNSF Operation of one of the largest railroad systems in North America Berkshire Hathaway Energy Regulated electric and gas utility, including power generation and distribution activities and real estate brokerage activities Manufacturing Manufacturers of numerous products including industrial, consumer and building products, including manufactured housing and related consumer financing McLane Company Wholesale distribution of groceries and non-food items Service and retailing Providers of numerous services including fractional aircraft ownership programs, aviation pilot training, electronic components distribution, various retailing businesses, including automobile dealerships, and trailer and furniture leasing Notes to Consolidated Financial Statements (Continued) (27) Business segment data (Continued) A disaggregation of our consolidated data for each of the three most recent years is presented as follows (in millions). Revenues Earnings before income taxes 2019 2018 2017 2019 2018 2017 Operating Businesses: Insurance: Underwriting: GEICO $ 35,572 $ 33,363 $ 29,441 $ 1,506 $ 2,449 $ (310 ) Berkshire Hathaway Primary Group 9,165 8,111 7,143 383 670 719 Berkshire Hathaway Reinsurance Group 16,341 15,944 24,013 (1,472 ) (1,109 ) (3,648 ) Insurance underwriting 61,078 57,418 60,597 417 2,010 (3,239 ) Investment income 6,615 5,518 4,865 6,600 5,503 4,855 Total insurance 67,693 62,936 65,462 7,017 7,513 1,616 BNSF 23,515 23,855 21,387 7,250 6,863 6,328 Berkshire Hathaway Energy 20,114 19,987 18,854 2,618 2,472 2,499 Manufacturing 62,730 61,883 57,645 9,522 9,366 8,324 McLane Company 50,458 49,987 49,775 288 246 299 Service and retailing 29,487 28,939 27,219 2,555 2,696 2,304 253,997 247,587 240,342 29,250 29,156 21,370 Reconciliation to consolidated amount: Investment and derivative gains/losses — — — 72,607 (22,455 ) 2,128 Interest expense, not allocated to segments — — — (416 ) (458 ) (486 ) Equity method investments — — — 1,176 (2,167 ) 3,014 Corporate, eliminations and other 619 250 (409 ) 79 (75 ) (2,188 ) $ 254,616 $ 247,837 $ 239,933 $ 102,696 $ 4,001 $ 23,838 Interest expense Income tax expense 2019 2018 2017 2019 2018 2017 Operating Businesses: Insurance $ — $ — $ — $ 1,166 $ 1,374 $ (71 ) BNSF 1,070 1,041 1,016 1,769 1,644 2,369 Berkshire Hathaway Energy 1,835 1,777 2,254 (526 ) (452 ) 148 Manufacturing 752 690 679 2,253 2,188 2,678 McLane Company — 15 19 71 59 94 Service and retailing 86 91 67 603 634 812 3,743 3,614 4,035 5,336 5,447 6,030 Reconciliation to consolidated amount: Investment and derivative gains/losses — — — 15,159 (4,673 ) 742 Interest expense, not allocated to segments 416 458 486 (88 ) (96 ) (170 ) Equity method investments — — — 148 (753 ) 910 Income tax net benefit – Tax Cuts and Jobs Act of 2017 — — — — — (28,200 ) Corporate, eliminations and other (198 ) (219 ) (135 ) 349 (246 ) (827 ) $ 3,961 $ 3,853 $ 4,386 $ 20,904 $ (321 ) $ (21,515 ) Notes to Consolidated Financial Statements (Continued) (27) Business segment data (Continued) Capital expenditures Depreciation of tangible assets 2019 2018 2017 2019 2018 2017 Operating Businesses: Insurance $ 108 $ 130 $ 170 $ 82 $ 79 $ 84 BNSF 3,608 3,187 3,256 2,350 2,268 2,304 Berkshire Hathaway Energy 7,364 6,241 4,571 2,947 2,830 2,548 Manufacturing 2,981 3,116 2,490 1,951 1,890 1,839 McLane Company 158 276 289 225 204 193 Service and retailing 1,760 1,587 932 1,192 1,115 751 $ 15,979 $ 14,537 $ 11,708 $ 8,747 $ 8,386 $ 7,719 Goodwill at year-end Identifiable assets at year-end 2019 2018 2017 2019 2018 2017 Operating Businesses: Insurance $ 15,289 $ 15,289 $ 15,499 $ 364,550 $ 289,746 $ 294,418 BNSF 14,851 14,851 14,845 73,699 70,242 69,438 Berkshire Hathaway Energy 9,979 9,851 9,935 88,651 80,543 77,710 Manufacturing 34,800 34,019 33,967 104,437 99,912 97,753 McLane Company 734 734 734 6,872 6,243 6,090 Service and retailing 6,229 6,281 6,278 26,494 24,724 20,014 $ 81,882 $ 81,025 $ 81,258 664,703 571,410 565,423 Reconciliation to consolidated amount: Corporate and other 71,144 55,359 55,414 Goodwill 81,882 81,025 81,258 $ 817,729 $ 707,794 $ 702,095 Property/casualty and life/health insurance premiums written and earned are summarized below (in millions). Property/Casualty Life/Health 2019 2018 2017 2019 2018 2017 Premiums Written: Direct $ 47,578 $ 44,513 $ 39,377 $ 839 $ 1,111 $ 866 Assumed 10,214 8,970 17,815 5,046 5,540 4,925 Ceded (821 ) (869 ) (694 ) (45 ) (49 ) (47 ) $ 56,971 $ 52,614 $ 56,498 $ 5,840 $ 6,602 $ 5,744 Premiums Earned: Direct $ 46,540 $ 43,095 $ 37,755 $ 839 $ 1,111 $ 866 Assumed 9,643 8,649 17,813 4,952 5,438 4,866 Ceded (851 ) (825 ) (677 ) (45 ) (50 ) (26 ) $ 55,332 $ 50,919 $ 54,891 $ 5,746 $ 6,499 $ 5,706 Insurance premiums written by geographic region (based upon the domicile of the insured or reinsured) are summarized below (in millions). Property/Casualty Life/Health 2019 2018 2017 2019 2018 2017 United States $ 50,529 $ 46,146 $ 50,604 $ 2,553 $ 3,598 $ 3,320 Asia Pacific 3,114 3,726 3,307 1,582 1,361 879 Western Europe 2,535 2,157 1,516 908 939 909 All other 793 585 1,071 797 704 636 $ 56,971 $ 52,614 $ 56,498 $ 5,840 $ 6,602 $ 5,744 Notes to Consolidated Financial Statements (Continued) (27) Business segment data (Continued) Consolidated sales, service and leasing revenues were $140.8 billion in 2019, $139.1 billion in 2018 and $132.8 billion in 2017. In 2019, 85% of such revenues were attributable to the United States compared to 84% in 2018 and 85% in 2017. The remainder of sales, service and leasing revenues were primarily in Europe, Canada and the Asia Pacific. In 2019 and 2018, approximately 96% of our revenues from railroad, utilities and energy businesses were in the United States compared to 95% in 2017. At December 31, 2019, approximately 89% of our consolidated net property, plant and equipment and equipment held for lease was located in the United States with the remainder primarily in Canada and Europe. |
Quarterly data
Quarterly data | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly data | (28) Quarterly data A summary of revenues and net earnings by quarter for each of the last two years follows. This information is unaudited. Amounts are in millions, except per share amounts. 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter 2019 Revenues $ 60,678 $ 63,598 $ 64,972 $ 65,368 Net earnings (loss) attributable to Berkshire shareholders * 21,661 14,073 16,524 29,159 Net earnings (loss) attributable to Berkshire shareholders per equivalent Class A common share 13,209 8,608 10,119 17,909 2018 Revenues $ 58,473 $ 62,200 $ 63,450 $ 63,714 Net earnings (loss) attributable to Berkshire shareholders * (1,138 ) 12,011 18,540 (25,392 ) Net earnings (loss) attributable to Berkshire shareholders per equivalent Class A common share (692 ) 7,301 11,280 (15,467 ) * Includes after-tax investment and derivative gains/losses as follows: 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter 2019 $ 16,106 $ 7,934 $ 8,666 $ 24,739 2018 (6,426 ) 5,118 11,660 (28,089 ) |
Condensed Financial Information
Condensed Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information | BERKSHIRE HATHAWAY INC. (Parent Company) Condensed Financial Information (Dollars in millions) Schedule I Balance Sheets December 31, 2019 2018 Assets: Cash and cash equivalents $ 15,004 $ 3,437 Short-term investments in U.S. Treasury Bills 25,514 22,957 Investments in and advances to/from consolidated subsidiaries 392,162 328,898 Investment in The Kraft Heinz Company 13,757 13,813 Other assets 131 80 $ 446,568 $ 369,185 Liabilities and Shareholders’ Equity: Accounts payable, accrued interest and other liabilities $ 320 $ 1,507 Income taxes, principally deferred 1,554 2,104 Notes payable and other borrowings 19,903 16,871 21,777 20,482 Berkshire Hathaway shareholders’ equity 424,791 348,703 $ 446,568 $ 369,185 Statements of Earnings and Comprehensive Income Year ended December 31, 2019 2018 2017 Income items: From consolidated subsidiaries: Dividends and distributions $ 15,603 $ 9,658 $ 5,367 Undistributed earnings (losses) 65,237 (3,952 ) 37,832 80,840 5,706 43,199 Investment gains (losses) (125 ) (4 ) (1 ) Equity in net earnings (losses) of The Kraft Heinz Company 493 (2,730 ) 2,938 Other income 780 649 350 81,988 3,621 46,486 Cost and expense items: General and administrative 122 216 159 Interest expense 591 601 522 Foreign exchange (gains) losses on non-U.S. Dollar denominated debt (193 ) (366 ) 1,008 Income tax expense (benefit) 51 (851 ) (143 ) 571 (400 ) 1,546 Net earnings attributable to Berkshire Hathaway shareholders 81,417 4,021 44,940 Other comprehensive income attributable to Berkshire Hathaway shareholders (228 ) (2,211 ) 21,273 Comprehensive income attributable to Berkshire Hathaway shareholders $ 81,189 $ 1,810 $ 66,213 See Note to Condensed Financial Information BERKSHIRE HATHAWAY INC. (Parent Company) Condensed Financial Information (Dollars in millions) Schedule I (continued) Statements of Cash Flows Year ended December 31, 2019 2018 2017 Cash flows from operating activities: Net earnings attributable to Berkshire Hathaway shareholders $ 81,417 $ 4,021 $ 44,940 Adjustments to reconcile net earnings to cash flows from operating activities: Investment gains/losses 125 4 1 Undistributed earnings of consolidated subsidiaries (65,237 ) 3,952 (37,832 ) Income taxes payable (56 ) (972 ) (135 ) Other (693 ) 3,062 (1,234 ) Net cash flows from operating activities 15,556 10,067 5,740 Cash flows from investing activities: Investments in and advances to/from consolidated subsidiaries, net 60 460 (239 ) Purchases of U.S. Treasury Bills (40,107 ) (29,740 ) (19,663 ) Sales and maturities of U.S. Treasury Bills 36,943 21,442 14,847 Other 737 — — Net cash flows from investing activities (2,367 ) (7,838 ) (5,055 ) Cash flows from financing activities: Proceeds from borrowings 3,967 17 1,201 Repayments of borrowings (758 ) (1,563 ) (1,145 ) Acquisition of treasury stock (4,850 ) (1,346 ) — Other 19 61 77 Net cash flows from financing activities (1,622 ) (2,831 ) 133 Increase (decrease) in cash and cash equivalents 11,567 (602 ) 818 Cash and cash equivalents at beginning of year 3,437 4,039 3,221 Cash and cash equivalents at end of year $ 15,004 $ 3,437 $ 4,039 Other cash flow information: Income taxes paid $ 3,531 $ 2,790 $ 2,076 Interest paid 364 388 386 Note to Condensed Financial Information Berkshire acquired 50% of the outstanding common stock of Heinz Holding Company in 2013. After a series of transactions in 2015, that interest represented 26.8% of the outstanding common stock of The Kraft Heinz Company (“Kraft Heinz”). Berkshire currently owns 26.6% of the outstanding shares of Kraft Heinz common stock. Reference is made to Note 5 to the accompanying Consolidated Financial Statements for additional information. In 2019, the Parent Company issued ¥430.0 billion of senior notes with various maturities and interest rates. See Note 17 to the accompanying Consolidated Financial Statements for additional information. For each of the three years ending December 31, 2019, Parent Company borrowings also included €6.85 billion senior notes. The gains and losses from the periodic remeasurement of these non-U.S. Dollar denominated notes due to changes in foreign currency exchange rates are included in earnings. Parent Company debt maturities over the next five years are as follows: 2020—$1,122 million; 2021—$2,117 million; 2022—$613 million; 2023—$3,958 million and 2024—$2,120 million. At December 31, 2019, Parent Company guarantees of debt obligations of certain of its subsidiaries were approximately $12.2 billion. Such guarantees are an absolute, unconditional and irrevocable guarantee for the full and prompt payment when due of all present and future payment obligations. Parent Company has also provided guarantees in connection with equity index put option contracts and certain retroactive reinsurance contracts of subsidiaries. The amounts of subsidiary payments under these contracts, if any, is contingent upon the outcome of future events. In December 2017, the Tax Cuts and Jobs Act of 2017 (“TCJA”) was enacted, which reduced the Parent Company’s income tax expense in 2017 by $550 million, primarily due to the reduction in deferred tax liabilities attributable to the lower U.S. statutory rate, partly offset by a one-time income tax expense on certain accumulated undistributed earnings of foreign subsidiaries. The effects of the TCJA on income tax expense of consolidated subsidiaries is included in undistributed earnings in consolidated subsidiaries. |
Significant accounting polici_2
Significant accounting policies and practices (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Nature of operations and basis of consolidation | (a) Nature of operations and basis of consolidation Berkshire Hathaway Inc. (“Berkshire”) is a holding company owning subsidiaries engaged in a number of diverse business activities, including insurance and reinsurance, freight rail transportation, utilities and energy, manufacturing, service and retailing. In these notes the terms “us,” “we,” or “our” refer to Berkshire and its consolidated subsidiaries. Further information regarding our reportable business segments is contained in Note 27. Information concerning business acquisitions completed over the past three years appears in Note 2. We believe that reporting the Railroad, Utilities and Energy subsidiaries separately is appropriate given the relative significance of their long-lived assets, capital expenditures and debt, which is not guaranteed by Berkshire. The accompanying Consolidated Financial Statements include the accounts of Berkshire consolidated with the accounts of all subsidiaries and affiliates in which we hold a controlling financial interest as of the financial statement date. Normally a controlling financial interest reflects ownership of a majority of the voting interests. We consolidate variable interest entities (“VIE”) when we possess both the power to direct the activities of the VIE that most significantly affect its economic performance, and we (a) are obligated to absorb the losses that could be significant to the VIE or (b) hold the right to receive benefits from the VIE that could be significant to the VIE. Intercompany accounts and transactions have been eliminated. |
Use of estimates in preparation of financial statements | (b) Use of estimates in preparation of financial statements The preparation of our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the period. In particular, estimates of unpaid losses and loss adjustment expenses are subject to considerable estimation error due to the inherent uncertainty in projecting ultimate claim costs. In addition, estimates and assumptions associated with the amortization of deferred charges on retroactive reinsurance contracts, determinations of fair values of certain financial instruments and evaluations of goodwill and identifiable intangible assets for impairment require considerable judgment. Actual results may differ from the estimates used in preparing our Consolidated Financial Statements. |
Cash and cash equivalents and short-term investments in U.S. Treasury Bills | (c) Cash and cash equivalents and short-term investments in U.S. Treasury Bills Cash equivalents consist of demand deposit and money market accounts and investments (including U.S. Treasury Bills) with maturities of three months or less when purchased. Short-term investments in U.S. Treasury Bills consist of U.S. Treasury Bills with maturities exceeding three months at the time of purchase and are stated at amortized cost, which approximates fair value. |
Investments under the equity method | (f) Investments under the equity method We utilize the equity method to account for investments when we possess the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when the investor possesses more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. We apply the equity method to investments in common stock and to other investments when such other investments possess substantially identical subordinated interests to common stock. In applying the equity method, we record the investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of the net earnings or losses and other comprehensive income of the investee. We record dividends or other equity distributions as reductions in the carrying value of the investment. In the event that net losses of the investee reduce the carrying amount to zero, additional net losses may be recorded if other investments in the investee are at-risk, even if we have not committed to provide financial support to the investee. Such additional equity method losses, if any, are based upon the change in our claim on the investee’s book value. |
Receivables | (g) Receivables Receivables primarily consist of balances due from customers, insurance premiums receivable and reinsurance losses recoverable. Receivables are stated net of estimated allowances for uncollectible balances. Allowances for uncollectible balances are provided when it is probable counterparties or customers will be unable to pay all amounts due based on the contractual terms. We charge-off receivables against the allowances after all reasonable collection efforts are exhausted. |
Loans and finance receivables | (h) Loans and finance receivables Loans and finance receivables are predominantly manufactured housing installment loans. We carry these loans at amortized cost, net of allowances for uncollectible accounts, based on our ability and intent to hold such loans to maturity. Acquisition costs and loan origination and commitment costs paid or fees received along with acquisition premiums or discounts are amortized as yield adjustments over the lives of the loans. Substantially all of our loans and finance receivables are secured by real or personal property or by other assets of the borrower. Allowances for credit losses on loans include estimates of losses on loans currently in foreclosure and losses on loans not currently in foreclosure. We estimate losses on loans in foreclosure based on historical experience and collateral recovery rates. Estimates of losses on loans not currently in foreclosure consider historical default rates, collateral recovery rates and prevailing economic conditions. Allowances for credit losses also incorporate the historical average time elapsed from the last payment until foreclosure. Loans are considered delinquent when payments are more than 30 days past due. We place loans over 90 days past due on nonaccrual status and accrued but uncollected interest is reversed. Subsequent collections on the loans are first applied to the principal and interest owed for the most delinquent amount. We resume interest income accrual once a loan is less than 90 days delinquent. Loans in the foreclosure process are considered non-performing. Once a loan is in foreclosure, interest income is not recognized unless the foreclosure is cured or the loan is modified. Once a modification is complete, interest income is recognized based on the terms of the new loan. Foreclosed loans are charged off when the collateral is sold. Loans not in foreclosure are evaluated for charge-off based on individual circumstances concerning the future collectability of the loan and the condition of the collateral securing the loan. |
Derivatives | (i) Derivatives We carry derivative contracts in our Consolidated Balance Sheets at fair value, net of reductions permitted under master netting agreements with counterparties. We record the changes in fair value of derivative contracts that do not qualify as hedging instruments for financial reporting purposes in earnings or, if such contracts involve our regulated utilities subsidiaries, as regulatory assets or liabilities when inclusion in regulated rates is probable. |
Fair value measurements | (j) Fair value measurements As defined under GAAP, fair value is the price that would be received to sell an asset or paid to transfer a liability between market participants in the principal market or in the most advantageous market when no principal market exists. Adjustments to transaction prices or quoted market prices may be required in illiquid or disorderly markets in order to estimate fair value. Alternative valuation techniques may be appropriate under the circumstances to determine the value that would be received to sell an asset or paid to transfer a liability in an orderly transaction. Market participants are assumed to be independent, knowledgeable, able and willing to transact an exchange and not acting under duress. Our nonperformance or credit risk is considered in determining the fair value of liabilities. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized in a current or future market exchange. |
Inventories | (k) Inventories Inventories consist of manufactured goods, goods acquired for resale, homes constructed for sale, and materials consumed in business operations. Manufactured inventory costs include materials, direct and indirect labor and factory overhead. At December 31, 2019, we used the last-in-first-out (“LIFO”) method to value approximately 37% of consolidated inventories with the remainder primarily determined under first-in-first-out and average cost methods. Non-LIFO inventories are stated at the lower of cost or net realizable value. The excess of current or replacement costs over costs determined under LIFO was approximately $950 million as of December 31, 2019 and $1.0 billion as of December 31, 2018. |
Property, plant and equipment | (l) Property, plant and equipment We record additions to property, plant and equipment used in operations at cost, which includes asset additions, improvements and betterments. With respect to constructed assets, all materials, direct labor and contract services as well as certain indirect costs are capitalized. Indirect costs include interest over the construction period. With respect to constructed assets of our utility and energy subsidiaries that are subject to authoritative guidance for regulated operations, capitalized costs also include an allowance for funds used during construction, which represents the cost of equity funds used to finance the construction of the regulated facilities. Normal repairs and maintenance and other costs that do not improve the property, extend the useful life or otherwise do not meet capitalization criteria are charged to expense as incurred. Depreciation of assets of our regulated utilities and railroad is generally determined using group depreciation methods where rates are based on periodic depreciation studies approved by the applicable regulator. Under group depreciation, a composite rate is applied to the gross investment in a particular class of property, despite differences in the service life or salvage value of individual property units within the same class. When such assets are retired or sold, no gain or loss is recognized. Gains or losses on disposals of all other assets are recorded through earnings. We depreciate property, plant and equipment used by our other businesses to estimated salvage value primarily using the straight-line method over estimated useful lives. Ranges of estimated useful lives of depreciable assets used in our other businesses are as follows: buildings and improvements – 5 to 50 years, machinery and equipment – 3 to 25 years and furniture, fixtures and other – 3 to 15 years. Ranges of estimated useful lives of depreciable assets unique to our railroad business are as follows: track structure and other roadway – 10 to 100 years and locomotives, freight cars and other equipment – 6 to 41 years. Ranges of estimated useful lives of assets unique to our regulated utilities and energy businesses are as follows: utility generation, transmission and distribution systems – 5 to 80 years, interstate natural gas pipeline assets – 3 to 80 years and independent power plants and other assets – 3 to 30 years. We evaluate property, plant and equipment for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable or when the assets are held for sale. Upon the occurrence of a triggering event, we assess whether the estimated undiscounted cash flows expected from the use of the asset and the residual value from the ultimate disposal of the asset exceeds the carrying value. If the carrying value exceeds the estimated recoverable amounts, we reduce the carrying value to fair value and record an impairment loss in earnings, except with respect to impairment of assets of our regulated utility and energy subsidiaries where the impacts of regulation are considered in evaluating the carrying value. |
Leases | (m) Leases We are party to contracts where we lease property to others (“lessor” contracts) and where we lease property from others (“lessee” contracts). We record additions to equipment that we lease to others at cost. We depreciate equipment held for lease to estimated salvage value primarily using the straight-line method over estimated useful lives ranging from 5 to 35 years. We use declining balance deprecation methods for assets when the revenue-earning power of the asset is relatively greater during the earlier years of its life and maintenance and repair costs increase during the later years. We also evaluate equipment held for lease for impairment consistent with policies for property, plant and equipment. When we lease assets from others, we record right-of-use assets and lease liabilities. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. In this regard, lease payments include fixed payments and variable payments that depend on an index or rate. The lease term is generally the non-cancellable lease period. Certain lease contracts contain renewal options or other terms that provide for variable payments based on performance or usage. Options are not included in determining right-of-use assets or lease liabilities unless it is reasonably certain that options will be exercised. Generally, incremental borrowing rates are used in measuring lease liabilities. Right-of-use assets are subject to review for impairment. |
Goodwill and other intangible assets | (n) Goodwill and other intangible assets Goodwill represents the excess of the acquisition price of a business over the fair value of identified net assets of that business. We evaluate goodwill for impairment at least annually. When evaluating goodwill for impairment, we estimate the fair value of the reporting unit. Several methods may be used to estimate a reporting unit’s fair value, including market quotations, asset and liability fair values and other valuation techniques, including, but not limited to, discounted projected future net earnings or net cash flows and multiples of earnings. If the carrying amount of a reporting unit, including goodwill, exceeds the estimated fair value, then the identifiable assets and liabilities of the reporting unit are estimated at fair value as of the current testing date. The excess of the estimated fair value of the reporting unit over the current estimated fair value of net assets establishes the implied value of goodwill. The excess of the recorded goodwill over the implied goodwill value is charged to earnings as an impairment loss. Intangible assets with indefinite lives are also tested for impairment at least annually and when events or changes in circumstances indicate that, more-likely-than-not, the asset is impaired. Significant judgment is required in estimating fair values and performing goodwill and indefinite-life intangible asset impairment tests. We amortize intangible assets with finite lives in a pattern that reflects the expected consumption of related economic benefits or on a straight-line basis over the estimated economic useful lives. Intangible assets with finite lives are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. |
Revenue recognition | (o) Revenue recognition We earn insurance premiums on prospective property/casualty insurance and reinsurance contracts over the loss exposure or coverage period in proportion to the level of protection provided. In most cases, such premiums are earned ratably over the term of the contract with unearned premiums computed on a monthly or daily pro-rata basis. Premiums on retroactive property/casualty reinsurance contracts are earned at the inception of the contracts, as all of the underlying loss events covered by the policies occurred prior to contract inception. Premiums for life reinsurance and annuity contracts are earned when due. Premiums earned are stated net of amounts ceded to reinsurers. Premiums earned on contracts with experience-rating provisions reflect estimated loss experience under such contracts. On January 1, 2018, we adopted Accounting Standards Codification (“ASC”) 606 “Revenues from Contracts with Customers.” Except as described in Note 1(x), 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. 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, 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 commissions. 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. 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 among 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. Invoices for freight transportation services are generally issued to customers and paid within 30 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 basis based on actual or projected future customer shipments. 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. Leasing revenue is generally recognized ratably over the term of the lease or based on usage, if applicable under the terms of the contract. A substantial portion of our leases are classified as operating leases. 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 re-characterization of these fractional ownership interests as operating leases did not have a significant effect on our consolidated revenues or earnings. |
Losses and loss adjustment expenses | (p) Losses and loss adjustment expenses We record liabilities for unpaid losses and loss adjustment expenses assumed under property/casualty insurance and reinsurance contracts for loss events that have occurred on or before the balance sheet date. Such liabilities represent the estimated ultimate payment amounts without discounting for time value. We base liability estimates on (1) reports of losses from policyholders, (2) individual case estimates and (3) estimates of incurred but not reported losses. Losses and loss adjustment expenses in the Consolidated Statements of Earnings include paid claims, claim settlement costs and changes in estimated claim liabilities. Losses and loss adjustment expenses charged to earnings are net of amounts recovered and estimates of amounts recoverable under ceded reinsurance contracts. Reinsurance contracts do not relieve the ceding company of its obligations to indemnify policyholders with respect to the underlying insurance and reinsurance contracts. |
Retroactive reinsurance contracts | (q) Retroactive reinsurance contracts We record liabilities for unpaid losses and loss adjustment expenses assumed under retroactive reinsurance of short duration contracts consistent with other short duration property/casualty insurance and reinsurance contracts discussed in Note 1(p). With respect to retroactive reinsurance contracts, we also record deferred charge assets at the inception of the contracts, representing the excess, if any, of the estimated ultimate claim liabilities over the premiums earned. We subsequently amortize the deferred charge assets over the expected claim settlement periods using the interest method. Changes to the estimated timing or amount of future loss payments also produce changes in deferred charge balances. We apply changes in such estimates retrospectively and the resulting changes in deferred charge balances, together with periodic amortization, are included in insurance losses and loss adjustment expenses in the Consolidated Statements of Earnings. |
Insurance policy acquisition costs | (r) Insurance policy acquisition costs We capitalize the incremental costs that directly relate to the successful sale of insurance contracts, subject to ultimate recoverability, and we subsequently amortize such costs to underwriting expenses as the related premiums are earned. Direct incremental acquisition costs include commissions, premium taxes and certain other costs associated with successful efforts. We expense all other underwriting costs as incurred. The recoverability of capitalized insurance policy acquisition costs generally reflects anticipation of investment income. The unamortized balances are included in other assets and were $2,937 million and $2,658 million at December 31, 2019 and 2018, respectively. |
Life and annuity insurance benefits | (s) Life and annuity insurance benefits We compute our liabilities for insurance benefits under life contracts based upon estimated future investment yields, expected mortality, morbidity, and lapse or withdrawal rates as well as estimates of premiums we expect to receive and expenses we expect to incur in the future. These assumptions, as applicable, also include a margin for adverse deviation and may vary with the characteristics of the contract’s date of issuance, policy duration and country of risk. The interest rate assumptions used may vary by contract or jurisdiction. We discount periodic payment annuity liabilities based on the implicit rate as of the inception of the contracts such that the present value of the liabilities equals the premiums. Discount rates generally range from 3% to 7.5%. |
Regulated utilities and energy businesses | (t) Regulated utilities and energy businesses Certain energy subsidiaries prepare their financial statements in accordance with authoritative guidance for regulated operations, reflecting the economic effects of regulation from the ability to recover certain costs from customers and the requirement to return revenues to customers in the future through the regulated rate-setting process. Accordingly, certain costs are deferred as regulatory assets and certain income is accrued as regulatory liabilities. Regulatory assets and liabilities will be amortized into operating expenses and revenues over various future periods. Regulatory assets and liabilities are continually assessed for probable future inclusion in regulatory rates by considering factors such as applicable regulatory or legislative changes and recent rate orders received by other regulated entities. If future inclusion in regulatory rates ceases to be probable, the amount no longer probable of inclusion in regulatory rates is charged or credited to earnings (or other comprehensive income, if applicable) or returned to customers. |
Foreign currency | (u) Foreign currency The accounts of our non-U.S. based subsidiaries are measured, in most instances, using functional currencies other than the U.S. Dollar. Revenues and expenses of these subsidiaries are translated into U.S. Dollars at the average exchange rate for the period and assets and liabilities are translated at the exchange rate as of the end of the reporting period. Gains or losses from translating the financial statements of these subsidiaries are included in shareholders’ equity as a component of accumulated other comprehensive income. Gains and losses arising from transactions denominated in a currency other than the functional currency of the reporting entity, including gains and losses from the remeasurement of assets and liabilities due to changes in currency exchange rates, are included in earnings. |
Income taxes | (v) Income taxes Berkshire files a consolidated federal income tax return in the United States, which includes eligible subsidiaries. In addition, we file income tax returns in state, local and foreign jurisdictions as applicable. Provisions for current income tax liabilities are calculated and accrued on income and expense amounts expected to be included in the income tax returns for the current year. Income taxes reported in earnings also include deferred income tax provisions. Deferred income tax assets and liabilities are computed on differences between the financial statement bases and tax bases of assets and liabilities at the enacted tax rates. Changes in deferred income tax assets and liabilities associated with components of other comprehensive income are charged or credited directly to other comprehensive income. Otherwise, changes in deferred income tax assets and liabilities are included as a component of income tax expense. The effect on deferred income tax assets and liabilities attributable to changes in enacted tax rates are charged or credited to income tax expense in the period of enactment. Valuation allowances are established for certain deferred tax assets when realization is not likely. Assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions, in our judgment, do not meet a more-likely-than-not threshold based on the technical merits of the positions. Estimated interest and penalties related to uncertain tax positions are included as a component of income tax expense. |
New accounting pronouncements adopted | (w) New accounting pronouncements adopted in 2019 Berkshire adopted ASC 842 “Leases” on January 1, 2019. Most significantly, ASC 842 requires a lessee to recognize a liability to make operating lease payments and an asset with respect to its right to use the underlying asset for the lease term. In adopting and applying ASC 842, we elected to use practical expedients, including but not limited to, not reassessing past lease and easement accounting, not separating lease components from non-lease components by class of asset and not recording assets or liabilities for leases with terms of one year or less. We adopted ASC 842 as of January 1, 2019 with regard to contracts in effect as of that date and elected to not restate prior period financial statements. Upon the adoption of ASC 842, we recognized operating lease right-of-use assets of approximately $6.2 billion and lease liabilities of $5.9 billion. We also reduced other assets by approximately $300 million. Consequently, our consolidated assets and liabilities increased by approximately $5.9 billion. ASC 842 did not have a material effect on our accounting for our lessor contracts or for lessee contracts classified as financing leases. (x) New accounting pronouncements adopted in 2018 On January 1, 2018, we adopted Accounting Standards Update (“ASU”) 2016-01 “Financial Instruments—Recognition and Measurement of Financial Assets and Financial Liabilities,” ASU 2018-02 “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” and ASC 606 “Revenues from Contracts with Customers.” Prior year financial statements were not restated. A summary of the effects of the initial adoption of ASU 2016-01, ASU 2018-02 and ASC 606 on our shareholders’ equity follows (in millions). ASU 2016-01 ASU 2018-02 ASC 606 Total Increase (decrease): Accumulated other comprehensive income $ (61,459 ) $ 84 $ — $ (61,375 ) Retained earnings 61,459 (84 ) (70 ) 61,305 Shareholders’ equity — — (70 ) (70 ) With respect to ASU 2016-01, beginning in 2018, unrealized gains and losses from the changes in the fair values of our equity securities during the period are included within investment gains/losses in the Consolidated Statements of Earnings. As of January 1, 2018, we reclassified net after-tax unrealized gains on equity securities from accumulated other comprehensive income to retained earnings. In adopting ASU 2018-02, we reclassified the stranded deferred income tax effects arising from the reduction in the U.S. statutory income tax rate under the Tax Cuts and Jobs Act of 2017 that were included in accumulated other comprehensive income as of January 1, 2018 to retained earnings. In adopting ASC 606, we recorded increases to certain assets and other liabilities, with the cumulative net effect recorded to 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 discussed in Note 1(o), ASC 606 provides that such contracts are subject to accounting guidance for lease contracts. The principal effects of this re-characterization were to increase equipment held for lease and aircraft repurchase liabilities and unearned lease revenues by approximately $3.5 billion. |
New accounting pronouncements to be adopted subsequent to December 31, 2019 | (y) New accounting pronouncements to be adopted subsequent to December 31, 2019 In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, which together with subsequent FASB amendments, were codified in ASC 326 “Financial Instruments—Credit Losses.” ASC 326 provides for the recognition and measurement at the reporting date of expected credit losses for financial assets held at amortized cost. ASC 326 also modifies impairment loss recognition measurement for available-for-sale debt securities. Under existing accounting principles, credit losses are recognized and measured when such losses become probable based on the prevailing facts and circumstances. ASC 326 is effective for reporting periods beginning after December 15, 2019. We are adopting ASC 326 as of January 1, 2020 and do not expect its adoption will have a material effect on our Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04 “Simplifying the Test for Goodwill Impairment.” ASU 2017-04 eliminates the requirement to determine the implied value of goodwill in measuring an impairment loss. Upon adoption of ASU 2017-04, the measurement of a goodwill impairment will represent the excess of the reporting unit’s carrying value over its fair value and will be limited to the carrying value of goodwill. ASU 2017-04 is effective for goodwill impairment tests in fiscal years beginning after December 15, 2019, and we are adopting ASU 2017-14 as of January 1, 2020. In August 2018, the FASB issued ASU 2018-12 “Targeted Improvements to the Accounting for Long-Duration Contracts.” ASU 2018-12 requires periodic reassessment of actuarial and discount rate assumptions used to value policyholder liabilities and deferred acquisition costs arising from the issuance of long-duration insurance and reinsurance contracts, with the effects of changes in cash flow assumptions reflected in earnings and the effects of changes in discount rate assumptions reflected in other comprehensive income. Currently, the actuarial and discount rate assumptions are set at the contract inception date and not subsequently changed, except under limited circumstances. ASU 2018-12 requires new disclosures and is effective for fiscal years beginning after December 15, 2021, with early adoption permitted. We are evaluating the effect this standard will have on our Consolidated Financial Statements. |
Fixed Maturities [Member] | |
Investments in fixed maturity and equity securities | (d) Investments in fixed maturity securities We classify investments in fixed maturity securities at the acquisition date and re-evaluate the classification at each balance sheet date. Securities classified as held-to-maturity are carried at amortized cost, reflecting the ability and intent to hold the securities to maturity. Securities classified as trading are acquired with the intent to sell in the near term and are carried at fair value with changes in fair value reported in earnings. All other securities are classified as available-for-sale and are carried at fair value with net unrealized gains or losses reported in accumulated other comprehensive income. As of December 31, 2019, substantially all of our investments in fixed maturity securities were classified as available-for-sale. We amortize the difference between the original cost and maturity value of a fixed maturity security to earnings using the interest method. Investment gains and losses for available-for-sale fixed maturity securities are recorded when the securities are sold, as determined on a specific identification basis. If the fair value of a fixed maturity security is less than cost, we evaluate the security for other-than-temporary impairment. We recognize an other-than-temporary impairment if we (a) intend to sell or expect to be required to sell the security before its amortized cost is recovered or (b) do not expect to ultimately recover the amortized cost basis even if we do not intend to sell the security. Under scenario (a), we recognize the loss in earnings and under scenario (b), we recognize the credit loss component in earnings and the remainder in other comprehensive income. |
Equity Securities [Member] | |
Investments in fixed maturity and equity securities | (e) Investments in equity securities We carry substantially all of our investments in equity securities at fair value and record the subsequent changes in fair values in the Consolidated Statement of Earnings as a component of investment gains/losses. Prior to January 1, 2018, substantially all of our equity security investments were classified as available-for-sale and were also carried at fair value. However, we recorded the periodic changes in fair value of these securities as components of other comprehensive income. In addition, we recorded gains and losses in the Consolidated Statements of Earnings when equity securities were sold (on a specific identification basis) or were other-than-temporarily impaired. |
Significant accounting polici_3
Significant accounting policies and practices (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [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, ASU 2018-02 and ASC 606 on our shareholders’ equity follows (in millions). ASU 2016-01 ASU 2018-02 ASC 606 Total Increase (decrease): Accumulated other comprehensive income $ (61,459 ) $ 84 $ — $ (61,375 ) Retained earnings 61,459 (84 ) (70 ) 61,305 Shareholders’ equity — — (70 ) (70 ) |
Investments in fixed maturity_2
Investments in fixed maturity securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of investments in securities with fixed maturities | Investments in fixed maturity securities as of December 31, 2019 and 2018 are summarized by type below (in millions). Amortized Cost Unrealized Gains Unrealized Losses Fair Value December 31, 2019 U.S. Treasury, U.S. government corporations and agencies $ 3,054 $ 37 $ (1 ) $ 3,090 Foreign governments 8,584 63 (9 ) 8,638 Corporate bonds 5,896 459 (3 ) 6,352 Other 539 67 (1 ) 605 $ 18,073 $ 626 $ (14 ) $ 18,685 December 31, 2018 U.S. Treasury, U.S. government corporations and agencies $ 4,223 $ 22 $ (22 ) $ 4,223 Foreign governments 7,480 50 (28 ) 7,502 Corporate bonds 7,055 408 (23 ) 7,440 Other 669 66 (2 ) 733 $ 19,427 $ 546 $ (75 ) $ 19,898 |
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 December 31, 2019 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 year or less Due after one year through five years Due after five years through ten years Due after ten years Mortgage-backed securities Total Amortized cost $ 6,732 $ 10,203 $ 311 $ 428 $ 399 $ 18,073 Fair value 6,761 10,321 355 789 459 18,685 |
Investments in equity securit_2
Investments in equity securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of investments in equity securities | Investments in equity securities as of December 31, 2019 and 2018 are summarized based on the primary industry of the investee in the table below (in millions). Cost Basis Net Unrealized Gains Fair Value December 31, 2019 * Banks, insurance and finance $ 40,419 $ 61,976 $ 102,395 Consumer products 38,887 60,747 99,634 Commercial, industrial and other 31,034 14,964 45,998 $ 110,340 $ 137,687 $ 248,027 * Approximately 67% of the aggregate fair value was concentrated in five companies (American Express Company – $18.9 billion; Apple Inc. – $73.7 billion; Bank of America Corporation – $33.4 billion; The Coca-Cola Company – $22.1 billion and Wells Fargo & Company – $18.6 billion). Cost Basis Net Unrealized Gains Fair Value December 31, 2018 * Banks, insurance and finance $ 44,332 $ 38,260 $ 82,592 Consumer products 38,783 22,838 61,621 Commercial, industrial and other 19,752 8,792 28,544 $ 102,867 $ 69,890 $ 172,757 * Approximately 68% of the aggregate fair value was concentrated in five companies (American Express Company – $14.5 billion; Apple Inc. – $40.3 billion; Bank of America Corporation – $22.6 billion; The Coca-Cola Company – $18.9 billion and Wells Fargo & Company – $20.7 billion). |
Equity method investments (Tabl
Equity method investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Summarized financial information of Kraft Heinz | Summarized financial information of Kraft Heinz follows (in millions). December 28, 2019 December 29, 2018 Assets $ 101,450 $ 103,461 Liabilities 49,701 51,683 Year ending December 28, 2019 Year ending December 29, 2018 Year ending December 30, 2017 Sales $ 24,977 $ 26,268 $ 26,076 Net earnings (losses) attributable to Kraft Heinz common shareholders $ 1,935 $ (10,192 ) $ 10,941 |
Investment gains_losses (Tables
Investment gains/losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of investment gains and losses | Investment gains/losses for each of the three years ending December 31, 2019 are summarized below (in millions). 2019 2018 2017 Equity securities: Unrealized investment gains/losses on securities held at the end of the period $ 69,581 $ (22,729 ) $ — Investment gains/losses during the year on securities sold 1,585 291 — Gross realized gains — — 2,237 Gross realized losses — — (919 ) 71,166 (22,438 ) 1,318 Fixed maturity securities: Gross realized gains 87 480 103 Gross realized losses (25 ) (227 ) (22 ) Other (105 ) 30 11 $ 71,123 $ (22,155 ) $ 1,410 |
Loans and finance receivables (
Loans and finance receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Insurance and Other [Member] | |
Schedule of receivables | Other receivables of insurance and other businesses are comprised of the following (in millions). December 31, 2019 2018 Insurance premiums receivable $ 13,379 $ 12,452 Reinsurance recoverable on unpaid losses 2,855 3,060 Trade receivables 12,275 12,617 Other 4,327 3,823 Allowances for uncollectible accounts (418 ) (388 ) $ 32,418 $ 31,564 |
Railroad, Utilities and Energy [Member] | |
Schedule of receivables | Receivables of our railroad and our utilities and energy businesses are comprised of the following (in millions). December 31, 2019 2018 Trade receivables $ 3,120 $ 3,433 Other 388 362 Allowances for uncollectible accounts (91 ) (129 ) $ 3,417 $ 3,666 |
Loans and Finance Receivables [Member] | |
Schedule of receivables | Loans and finance receivables are summarized as follows (in millions). December 31, 2019 2018 Loans and finance receivables before allowances and discounts $ 18,199 $ 16,962 Allowances for uncollectible loans (167 ) (177 ) Unamortized acquisition discounts and points (505 ) (505 ) $ 17,527 $ 16,280 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories are comprised of the following (in millions). December 31, 2019 2018 Raw materials $ 4,492 $ 4,182 Work in process and other 2,700 2,625 Finished manufactured goods 4,821 4,541 Goods acquired for resale 7,839 7,721 $ 19,852 $ 19,069 |
Property, plant and equipment_2
Property, plant and equipment including equipment held for lease (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of depreciation expense | Depreciation expense for each of the three years ending December 31, 2019 is summarized below (in millions). 2019 2018 2017 Insurance and other $ 2,269 $ 2,186 $ 2,116 Railroad, utilities and energy 5,297 5,098 4,852 $ 7,566 $ 7,284 $ 6,968 |
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). December 31, 2019 2018 Land $ 2,540 $ 2,536 Buildings and improvements 10,719 9,959 Machinery and equipment 24,285 22,574 Furniture, fixtures and other 4,666 4,758 42,210 39,827 Accumulated depreciation (20,772 ) (19,199 ) $ 21,438 $ 20,628 |
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. December 31, 2019 2018 Railroad: Land, track structure and other roadway $ 62,404 $ 59,509 Locomotives, freight cars and other equipment 13,482 13,016 Construction in progress 748 664 76,634 73,189 Accumulated depreciation (12,101 ) (10,004 ) 64,533 63,185 Utilities and energy: Utility generation, transmission and distribution systems 81,127 77,288 Interstate natural gas pipeline assets 8,165 7,524 Independent power plants and other assets 8,817 8,324 Construction in progress 3,732 3,110 101,841 96,246 Accumulated depreciation (28,536 ) (27,651 ) 73,305 68,595 $ 137,838 $ 131,780 |
Equipment held for lease (Table
Equipment held for lease (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Schedule of equipment held for lease | Equipment held for lease includes railcars, aircraft, over-the-road trailers, intermodal tank containers, cranes, storage units and furniture. Equipment held for lease is summarized below (in millions). December 31, 2019 2018 Railcars $ 9,260 $ 8,862 Aircraft 8,093 7,376 Other 4,862 4,379 22,215 20,617 Accumulated depreciation (7,150 ) (6,319 ) $ 15,065 $ 14,298 |
Summary of remaining operating lease receipts | A summary of our remaining operating lease receipts as of December 31, 2019 follows (in millions). 2020 2021 2022 2023 2024 Thereafter Total $ 2,623 $ 1,914 $ 1,367 $ 889 $ 468 $ 439 $ 7,700 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary of remaining operating lease payments | A summary of our remaining operating lease payments as of December 31, 2019 and December 31, 2018 follows (in millions). Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter Total lease payments Amount representing interest Lease liabilities December 31: 2019 $ 1,374 $ 1,183 $ 950 $ 764 $ 620 $ 1,988 $ 6,879 $ (997 ) $ 5,882 2018 1,310 1,268 1,048 820 658 2,079 7,183 |
Components of operating lease costs | Components of operating lease costs in 2019 by type were as follows (in millions). Operating lease cost Short-term lease cost Variable lease cost Sublease income Total lease cost $ 1,459 $ 178 $ 276 $ (24 ) $ 1,889 |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Reconciliation of the change in goodwill | Reconciliations of the changes in the carrying value of goodwill during 2019 and 2018 follows (in millions). December 31, 2019 2018 Balance at beginning of year $ 81,025 $ 81,258 Acquisitions of businesses 890 376 Other, including foreign currency translation (33 ) (609 ) Balance at end of year $ 81,882 $ 81,025 |
Schedule of intangible assets | Our other intangible assets and related accumulated amortization are summarized as follows (in millions). December 31, 2019 December 31, 2018 Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Insurance and other: Trademarks and trade names $ 5,286 $ 759 $ 5,152 $ 727 Patents and technology 4,560 3,032 4,446 2,790 Customer relationships 27,943 5,025 27,697 4,287 Other 3,364 1,286 3,198 1,190 $ 41,153 $ 10,102 $ 40,493 $ 8,994 Railroad, utilities and energy: Trademarks and trade names $ 212 $ 26 $ 216 $ 23 Customer relationships 678 324 678 286 Other 113 58 117 53 $ 1,003 $ 408 $ 1,011 $ 362 |
Derivative contracts (Tables)
Derivative contracts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative contracts outstanding | The liabilities and related notional values of these contracts follows (in millions). Liabilities Notional Value December 31, 2019 $ 968 $ 14,385 December 31, 2018 2,452 26,759 |
Unpaid losses and loss adjust_2
Unpaid losses and loss adjustment expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of liability for unpaid claims and claims adjustment expense | A reconciliation of the changes in claim liabilities, excluding liabilities under retroactive reinsurance contracts (see Note 16), for each of the three years ending December 31, 2019 is as follows (in millions). 2019 2018 2017 Balances – beginning of year: Gross liabilities $ 68,458 $ 61,122 $ 53,379 Reinsurance recoverable on unpaid losses (3,060 ) (3,201 ) (3,338 ) Net liabilities 65,398 57,921 50,041 Incurred losses and loss adjustment expenses: Current accident year events 43,335 39,876 37,702 Prior accident years’ events (752 ) (1,406 ) (544 ) Total incurred losses and loss adjustment expenses 42,583 38,470 37,158 Paid losses and loss adjustment expenses: Current accident year events (19,482 ) (18,391 ) (17,425 ) Prior accident years’ events (17,642 ) (15,452 ) (12,507 ) Total payments (37,124 ) (33,843 ) (29,932 ) Foreign currency translation adjustment (23 ) (331 ) 654 Business acquisition (disposition) (670 ) 3,181 — Balances – end of year: Net liabilities 70,164 65,398 57,921 Reinsurance recoverable on unpaid losses 2,855 3,060 3,201 Gross liabilities $ 73,019 $ 68,458 $ 61,122 |
Schedule of reconciliation of unpaid losses and allocated loss adjustment expenses to balance sheet liability | A reconciliation of the disaggregated net unpaid losses and allocated loss adjustment expenses (the latter referred to as “ALAE”) of GEICO, Berkshire Hathaway Primary Group (“BH Primary”) and Berkshire Hathaway Reinsurance Group (“BHRG”) to our consolidated unpaid losses and loss adjustment expenses as of December 31, 2019 follows (in millions). GEICO Physical Damage GEICO Auto Liability BH Primary Medical Professional Liability BH Primary Workers’ Compensation and Other Casualty BHRG Property BHRG Casualty Total Unpaid losses and ALAE, net $ 321 $ 18,475 $ 7,479 $ 9,568 $ 9,382 $ 21,304 $ 66,529 Reinsurance recoverable — 1,014 54 597 268 852 2,785 Unpaid unallocated loss adjustment expenses 2,367 Other unpaid losses and loss adjustment expenses 1,338 Unpaid losses and loss adjustment expenses $ 73,019 |
Schedule of average historical claims duration | Required supplemental unaudited average historical claims duration information based on the net losses and ALAE incurred and paid accident year data in the preceding tables follows. The percentages show the average portions of net losses and ALAE paid by each succeeding year, with year 1 representing the current accident year. Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance In Year 1 2 3 4 5 6 7 8 9 10 GEICO Physical Damage 98 % 2 % GEICO Auto Liability 42 % 29 % 13 % 8 % 4 % BH Primary Medical Professional Liability 2 % 7 % 12 % 15 % 15 % 12 % 9 % 6 % 5 % 4 % BH Primary Workers’ Compensation and Other Casualty 16 % 21 % 16 % 12 % 8 % 5 % 3 % 2 % 1 % 2 % BHRG Property 19 % 36 % 17 % 9 % 4 % 3 % 1 % 1 % 0 % 1 % BHRG Casualty 10 % 17 % 13 % 8 % 7 % 5 % 4 % 2 % 2 % 1 % |
GEICO [Member] | Insurance Group [Member] | Physical Damage [Member] | |
Schedule of incurred and paid losses and allocated loss adjustment expenses | GEICO’s incurred and paid losses and ALAE, net of reinsurance, are summarized by accident year below for physical damage and auto liability claims. IBNR and case development liabilities are as of December 31, 2019. Claim counts are established when accidents that may result in a liability are reported and are based on policy coverage. Each claim event may generate claims under multiple coverages, and thus may result in multiple counts. The “Cumulative Number of Reported Claims” includes the combined number of reported claims for all policy coverages and excludes projected IBNR claims. Dollars are in millions. Physical Damage Incurred Losses and ALAE through December 31, Cumulative Number of Accident Year 2018* 2019 IBNR and Case Development Liabilities Reported Claims (in thousands) 2018 $ 8,345 $ 8,274 $ 34 8,612 2019 9,020 334 8,772 Incurred losses and ALAE $ 17,294 Cumulative Paid Losses and ALAE through December 31, Accident Year 2018* 2019 2018 $ 8,078 $ 8,301 2019 8,678 Paid losses and ALAE 16,979 Net unpaid losses and ALAE for 2018 – 2019 315 Net unpaid losses and ALAE for accident years before 2018 6 Net unpaid losses and ALAE $ 321 |
GEICO [Member] | Insurance Group [Member] | Auto Liability [Member] | |
Schedule of incurred and paid losses and allocated loss adjustment expenses | Auto Liability Incurred Losses and ALAE through December 31, Cumulative Number of Accident Year 2015* 2016* 2017* 2018* 2019 IBNR and Case Development Liabilities Reported Claims (in thousands) 2015 $ 10,590 $ 10,666 $ 10,785 $ 10,824 $ 10,853 $ 156 2,338 2016 11,800 12,184 12,149 12,178 356 2,445 2017 14,095 13,864 13,888 983 2,628 2018 15,383 15,226 2,425 2,674 2019 16,901 4,694 2,577 Incurred losses and ALAE $ 69,046 Cumulative Paid Losses and ALAE through December 31, Accident Year 2015* 2016* 2017* 2018* 2019 2015 $ 4,579 $ 7,694 $ 9,133 $ 10,007 $ 10,472 2016 5,069 8,716 10,330 11,294 2017 5,806 9,944 11,799 2018 6,218 10,772 2019 6,742 Paid losses and ALAE 51,079 Net unpaid losses and ALAE for 2015 – 2019 accident years 17,967 Net unpaid losses and ALAE for accident years before 2015 508 Net unpaid losses and ALAE $ 18,475 * Unaudited required supplemental information |
Berkshire Hathaway Primary Group [Member] | Insurance Group [Member] | Medical Professional Liability [Member] | |
Schedule of incurred and paid losses and allocated loss adjustment expenses | BH Primary Medical Professional Liability We estimate the ultimate expected incurred losses and loss adjustment expenses for medical professional claim liabilities using commonly accepted actuarial methodologies such as the paid and incurred development method, Bornhuetter-Ferguson based methods, hindsight outstanding severity method, trended severity method and trended pure premium method. These methodologies produce loss estimates from which we determine our best estimate. Periodically, we study developments in older accident years and adjust initial loss estimates to reflect recent development based upon claim age, coverage and litigation experience. Incurred Losses and ALAE through December 31, Cumulative Number of Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 IBNR and Case Development Liabilities Reported Claims (in thousands) 2010 $ 1,399 $ 1,346 $ 1,348 $ 1,329 $ 1,234 $ 1,140 $ 1,085 $ 1,031 $ 1,006 $ 991 $ 29 12 2011 1,346 1,334 1,321 1,262 1,173 1,115 1,050 1,004 968 38 11 2012 1,336 1,306 1,277 1,223 1,168 1,078 1,035 998 64 11 2013 1,328 1,296 1,261 1,195 1,127 1,086 1,019 93 11 2014 1,370 1,375 1,305 1,246 1,218 1,127 184 11 2015 1,374 1,342 1,269 1,290 1,218 301 12 2016 1,392 1,416 1,414 1,394 412 14 2017 1,466 1,499 1,495 685 18 2018 1,602 1,650 1,088 18 2019 1,670 1,369 12 Incurred losses and ALAE $ 12,530 Cumulative Paid Losses and ALAE through December 31, Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 15 $ 95 $ 224 $ 377 $ 526 $ 654 $ 745 $ 810 $ 853 $ 888 2011 16 82 200 356 517 632 711 767 822 2012 15 93 218 377 522 642 725 789 2013 15 90 219 368 518 635 743 2014 21 106 238 396 540 671 2015 23 108 218 382 543 2016 22 115 274 461 2017 27 128 300 2018 35 166 2019 39 Paid losses and ALAE $ 5,422 Net unpaid losses and ALAE for 2010 – 2019 accident years 7,108 Net unpaid losses and ALAE for accident years before 2010 371 Net unpaid losses and ALAE $ 7,479 * Unaudited required supplemental information |
Berkshire Hathaway Primary Group [Member] | Insurance Group [Member] | Workers' Compensation and Other Casualty [Member] | |
Schedule of incurred and paid losses and allocated loss adjustment expenses | BH Primary Workers’ Compensation and Other Casualty We periodically evaluate ultimate loss and loss adjustment expense estimates for the workers’ compensation and other casualty claims using a combination of commonly accepted actuarial methodologies such as the Bornhuetter-Ferguson and chain-ladder approaches using paid and incurred loss data. Paid and incurred loss data is segregated and analyzed by state due to the different state regulatory frameworks that may impact certain factors including the duration and amount of loss payments. We also separately study the various components of liabilities, such as employee lost wages, medical expenses and the costs of claims investigations and administration. We establish case liabilities for reported claims based upon the facts and circumstances of the claim. The excess of the ultimate projected losses, including the expected development of case estimates, and the case-basis liabilities is included in IBNR liabilities. Incurred Losses and ALAE through December 31, Cumulative Number of Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 IBNR and Case Development Liabilities Reported Claims (in thousands) 2010 $ 662 $ 638 $ 612 $ 577 $ 560 $ 556 $ 548 $ 539 $ 531 $ 528 $ 36 41 2011 738 675 675 624 621 618 607 596 591 56 46 2012 873 850 837 791 780 762 750 736 76 53 2013 1,258 1,228 1,178 1,127 1,096 1,072 1,050 149 67 2014 1,743 1,638 1,614 1,548 1,482 1,497 220 90 2015 2,169 2,127 2,042 2,014 2,025 336 110 2016 2,511 2,422 2,359 2,325 533 114 2017 3,044 2,907 2,842 855 135 2018 3,544 3,412 1,445 151 2019 4,074 2,577 147 Incurred losses and ALAE $ 19,080 Cumulative Paid Losses and ALAE through December 31, Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 102 $ 236 $ 314 $ 374 $ 417 $ 445 $ 459 $ 466 $ 472 $ 480 2011 109 220 333 403 453 481 496 505 512 2012 116 299 414 501 560 592 611 626 2013 177 422 609 725 793 835 858 2014 239 557 800 1,007 1,111 1,176 2015 289 700 1,017 1,289 1,488 2016 329 775 1,148 1,461 2017 441 1,003 1,434 2018 538 1,198 2019 682 Paid losses and ALAE 9,915 Net unpaid losses and ALAE for 2010 – 2019 accident years 9,165 Net unpaid losses and ALAE for accident years before 2010 403 Net unpaid losses and ALAE $ 9,568 * Unaudited required supplemental information |
Berkshire Hathaway Reinsurance Group [Member] | Insurance Group [Member] | Property [Member] | |
Schedule of incurred and paid losses and allocated loss adjustment expenses | BHRG’s disaggregated incurred and paid losses and ALAE are summarized by accident year, net of reinsurance. IBNR and case development liabilities are as of December 31, 2019. Dollars are in millions. BHRG Property Incurred Losses and ALAE through December 31, Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 IBNR and Case Development Liabilities 2010 $ 2,516 $ 2,475 $ 2,354 $ 2,226 $ 2,138 $ 2,103 $ 2,085 $ 2,064 $ 2,074 $ 2,062 $ 23 2011 4,197 4,138 3,851 3,754 3,753 3,723 3,700 3,686 3,674 41 2012 3,132 2,828 2,624 2,384 2,331 2,328 2,311 2,295 47 2013 3,181 3,022 2,679 2,589 2,569 2,510 2,459 61 2014 2,615 2,417 2,306 2,162 2,107 2,035 77 2015 3,243 3,084 2,528 2,935 2,932 208 2016 3,266 3,892 3,617 3,594 281 2017 5,258 4,959 4,807 478 2018 4,366 4,468 1,025 2019 4,100 1,977 Incurred losses and ALAE $ 32,426 Cumulative Paid Losses and ALAE through December 31, Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 335 $ 1,059 $ 1,485 $ 1,742 $ 1,905 $ 1,954 $ 2,000 $ 2,024 $ 2,031 $ 2,043 2011 664 2,305 2,957 3,219 3,336 3,426 3,467 3,512 3,530 2012 260 1,219 1,797 1,935 2,023 2,099 2,118 2,163 2013 513 1,416 1,854 2,050 2,170 2,251 2,290 2014 464 1,235 1,561 1,699 1,764 1,814 2015 574 1,591 1,940 2,134 2,239 2016 705 1,790 2,181 2,641 2017 1,027 2,716 3,638 2018 907 2,309 2019 747 Paid losses and ALAE 23,414 Net unpaid losses and ALAE for 2010 – 2019 accident years 9,012 Net unpaid losses and ALAE for accident years before 2010 370 Net unpaid losses and ALAE $ 9,382 * Unaudited required supplemental information |
Berkshire Hathaway Reinsurance Group [Member] | Insurance Group [Member] | Casualty [Member] | |
Schedule of incurred and paid losses and allocated loss adjustment expenses | BHRG Casualty Incurred Losses and ALAE through December 31, Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 IBNR and Case Development Liabilities 2010 $ 2,296 $ 2,383 $ 2,316 $ 2,253 $ 2,135 $ 2,085 $ 2,040 $ 1,878 $ 1,958 $ 1,913 $ 203 2011 2,602 2,690 2,560 2,500 2,411 2,320 2,313 2,274 2,240 299 2012 2,784 2,962 2,797 2,861 2,790 2,678 2,611 2,554 318 2013 2,124 2,257 2,287 2,131 2,077 2,023 1,928 411 2014 1,863 2,058 2,027 1,990 1,904 1,942 574 2015 1,870 2,071 2,098 1,999 1,872 534 2016 1,900 2,106 2,014 1,971 680 2017 2,186 2,674 2,552 941 2018 2,914 3,544 1,511 2019 3,405 2,348 Incurred losses and ALAE $ 23,921 Cumulative Paid Losses and ALAE through December 31, Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 2010 $ 117 $ 542 $ 834 $ 1,022 $ 1,274 $ 1,369 $ 1,433 $ 1,478 $ 1,526 $ 1,552 2011 289 812 1,155 1,395 1,483 1,575 1,653 1,693 1,727 2012 307 745 1,136 1,365 1,522 1,646 1,746 1,805 2013 290 517 802 930 1,034 1,135 1,195 2014 149 474 639 748 871 955 2015 195 487 710 830 921 2016 252 553 730 860 2017 230 562 816 2018 264 865 2019 351 Paid losses and ALAE 11,047 Net unpaid losses and ALAE for 2010 – 2019 accident years 12,874 Net unpaid losses and ALAE for accident years before 2010 8,430 Net unpaid losses and ALAE $ 21,304 * Unaudited required supplemental information |
Retroactive reinsurance contr_2
Retroactive reinsurance contracts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Insurance [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 each of the three years ended December 31, 2019 follows (in millions). 2019 2018 2017 Unpaid losses and loss adjustment expenses Deferred charges reinsurance assumed Unpaid losses and loss adjustment expenses Deferred charges reinsurance assumed Unpaid losses and loss adjustment expenses Deferred charges reinsurance assumed Balances – beginning of year $ 41,834 $ (14,104 ) $ 42,937 $ (15,278 ) $ 24,972 $ (8,047 ) Incurred losses and loss adjustment expenses Current year contracts 1,138 (453 ) 603 (86 ) 19,005 (7,730 ) Prior years’ contracts 378 810 (341 ) 1,260 (41 ) 499 Total 1,516 357 262 1,174 18,964 (7,231 ) Paid losses and loss adjustment expenses (909 ) — (1,365 ) — (999 ) — Balances – end of year $ 42,441 $ (13,747 ) $ 41,834 $ (14,104 ) $ 42,937 $ (15,278 ) Incurred losses and loss adjustment expenses, net of deferred charges $ 1,873 $ 1,436 $ 11,733 |
Notes payable and other borro_2
Notes payable and other borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of short and long term outstanding debt disclosure | Notes payable and other borrowings are summarized below (in millions). The weighted average interest rates and maturity date ranges shown in the following tables are based on borrowings as of December 31, 2019. Weighted Average December 31, Interest Rate 2019 2018 Insurance and other: Berkshire Hathaway Inc. (“Berkshire”): U.S. Dollar denominated due 2020-2047 3.2 % $ 8,324 $ 9,065 Euro denominated due 2020-2035 1.1 % 7,641 7,806 Japanese Yen denominated due 2024-2049 0.5 % 3,938 — Berkshire Hathaway Finance Corporation (“BHFC”): U.S. Dollar denominated due 2020-2049 4.1 % 8,679 10,650 Great Britain Pound denominated due 2039-2059 2.5 % 2,274 — Other subsidiary borrowings due 2020-2045 4.0 % 5,262 5,597 Short-term subsidiary borrowings 3.9 % 1,472 1,857 $ 37,590 $ 34,975 |
Debt principal payments disclosure | Debt principal repayments expected during each of the next five years are as follows (in millions). 2020 2021 2022 2023 2024 Insurance and other $ 4,097 $ 3,246 $ 1,609 $ 5,341 $ 2,190 Railroad, utilities and energy 6,323 2,225 3,349 4,061 2,890 $ 10,420 $ 5,471 $ 4,958 $ 9,402 $ 5,080 |
Railroad, Utilities and Energy [Member] | |
Schedule of short and long term outstanding debt disclosure | Weighted Average December 31, Interest Rate 2019 2018 Railroad, utilities and energy: Berkshire Hathaway Energy Company (“BHE”) and subsidiaries: BHE senior unsecured debt due 2020-2049 4.6 % $ 8,581 $ 8,577 Subsidiary and other debt due 2020-2064 4.5 % 30,772 28,196 Short-term debt 2.5 % 3,214 2,516 Burlington Northern Santa Fe and subsidiaries due 2020-2097 4.6 % 23,211 23,226 $ 65,778 $ 62,515 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax liability | The liabilities for income taxes reflected in our Consolidated Balance Sheets are as follows (in millions). December 31, 2019 2018 Currently payable $ 24 $ 323 Deferred 65,823 50,503 Other 952 549 $ 66,799 $ 51,375 |
Schedule of deferred tax assets and liabilities | The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are shown below (in millions). December 31, 2019 2018 Deferred tax liabilities: Investments – unrealized appreciation and cost basis differences $ 32,134 $ 17,765 Deferred charges reinsurance assumed 2,890 2,970 Property, plant and equipment and equipment held for lease 29,388 28,279 Goodwill and other intangible assets 7,293 7,199 Other 3,144 3,187 74,849 59,400 Deferred tax assets: Unpaid losses and loss adjustment expenses (1,086 ) (1,238 ) Unearned premiums (853 ) (767 ) Accrued liabilities (1,981 ) (1,956 ) Regulatory liabilities (1,610 ) (1,673 ) Other (3,496 ) (3,263 ) (9,026 ) (8,897 ) Net deferred tax liability $ 65,823 $ 50,503 |
Schedule of tax provision by jurisdiction category and classification | Income tax expense reflected in our Consolidated Statements of Earnings for each of the three years ending December 31, 2019 is as follows (in millions). 2019 2018 2017 Federal $ 19,069 $ (1,613 ) $ (23,427 ) State 625 175 894 Foreign 1,210 1,117 1,018 $ 20,904 $ (321 ) $ (21,515 ) Current $ 5,818 $ 5,176 $ 3,299 Deferred 15,086 (5,497 ) (24,814 ) $ 20,904 $ (321 ) $ (21,515 ) |
Schedule of income tax reconciled to federal statutory amount | Income tax expense is reconciled to hypothetical amounts computed at the U.S. federal statutory rate for each of the three years ending December 31, 2019 in the table below (in millions). 2019 2018 2017 Earnings before income taxes $ 102,696 $ 4,001 $ 23,838 Hypothetical income tax expense computed at the U.S. federal statutory rate $ 21,566 $ 840 $ 8,343 Dividends received deduction and tax-exempt interest (433 ) (393 ) (905 ) State income taxes, less U.S. federal income tax benefit 494 138 465 Foreign tax rate differences (6 ) 271 (339 ) U.S. income tax credits (942 ) (711 ) (636 ) Net benefit from the enactment of the TCJA — (302 ) (28,200 ) Other differences, net 225 (164 ) (243 ) $ 20,904 $ (321 ) $ (21,515 ) |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial assets and liabilities measured at fair value on a recurring basis | Our financial assets and liabilities are summarized below as of December 31, 2019 and December 31, 2018, 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) December 31, 2019 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and agencies $ 3,090 $ 3,090 $ 3,046 $ 44 $ — Foreign governments 8,638 8,638 5,437 3,201 — Corporate bonds 6,352 6,352 — 6,350 2 Other 605 605 — 605 — Investments in equity securities 248,027 248,027 237,271 46 10,710 Investment in Kraft Heinz common stock 13,757 10,456 10,456 — — Loans and finance receivables 17,527 17,861 — 1,809 16,052 Derivative contract assets (1) 145 145 — 23 122 Derivative contract liabilities: Railroad, utilities and energy (1) 76 76 6 59 11 Equity index put options 968 968 — — 968 Notes payable and other borrowings: Insurance and other 37,590 40,589 — 40,569 20 Railroad, utilities and energy 65,778 76,237 — 76,237 — December 31, 2018 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and agencies $ 4,223 $ 4,223 $ 2,933 $ 1,290 $ — Foreign governments 7,502 7,502 5,417 2,085 — Corporate bonds 7,440 7,440 — 7,434 6 Other 733 733 — 733 — Investments in equity securities 172,757 172,757 172,253 203 301 Investment in Kraft Heinz common stock 13,813 14,007 14,007 — — Loans and finance receivables 16,280 16,377 — 1,531 14,846 Derivative contract assets (1) 172 172 2 52 118 Derivative contract liabilities: Railroad, utilities and energy (1) 111 111 1 101 9 Equity index put options 2,452 2,452 — — 2,452 Notes payable and other borrowings: Insurance and other 34,975 35,361 — 35,335 26 Railroad, utilities and energy 62,515 66,422 — 66,422 — (1) |
Reconciliations of assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) | Reconciliations of assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for each of the three years ending December 31, 2019 follow (in millions). Investments in equity and fixed maturity securities Net derivative contract liabilities Balance December 31, 2016 $ 17,321 $ (2,824 ) Gains (losses) included in: Earnings — 888 Other comprehensive income 1,157 (3 ) Regulatory assets and liabilities — (1 ) Dispositions and settlements (59 ) (129 ) Transfers into/out of Level 3 (18,413 ) — Balance December 31, 2017 6 (2,069 ) Gains (losses) included in: Earnings — (118 ) Other comprehensive income — 2 Regulatory assets and liabilities — 3 Acquisitions 2 3 Dispositions and settlements (1 ) (164 ) Balance December 31, 2018 7 (2,343 ) Gains (losses) included in: Earnings 404 1,972 Other comprehensive income — (1 ) Regulatory assets and liabilities — (26 ) Acquisitions 10,000 6 Dispositions and settlements (4 ) (465 ) Balance December 31, 2019 $ 10,407 $ (857 ) |
Fair value assets and liabilities measured on recurring basis, unobservable inputs, additional information | Quantitative information as of December 31, 2019, 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 Investments in equity securities: Preferred stock $ 10,314 Discounted cash flow Expected duration 10 years Discount for transferability restrictions and subordination 375 basis points Common stock warrants 90 Warrant pricing model Expected duration 10 years Volatility 26% Derivative contract liabilities 968 Option pricing model Volatility 16% |
Common stock (Tables)
Common stock (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Changes in issued, treasury and outstanding Berkshire common stock | Changes in Berkshire’s issued, treasury and outstanding common stock during the three years ending December 31, 2019 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 December 31, 2016 788,058 (11,680 ) 776,378 1,303,323,927 (1,409,762 ) 1,301,914,165 Conversions of Class A common stock to Class B common stock and exercises of replacement stock options (25,303 ) — (25,303 ) 38,742,822 — 38,742,822 Balance 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 (20,542 ) — (20,542 ) 31,492,234 — 31,492,234 Treasury stock acquired — (1,217 ) (1,217 ) — (4,729,147 ) (4,729,147 ) Balance December 31, 2018 742,213 (12,897 ) 729,316 1,373,558,983 (6,138,909 ) 1,367,420,074 Conversions of Class A common stock to Class B common stock and exercises of replacement stock options (22,906 ) — (22,906 ) 34,624,869 — 34,624,869 Treasury stock acquired — (4,440 ) (4,440 ) — (17,563,410 ) (17,563,410 ) Balance December 31, 2019 719,307 (17,337 ) 701,970 1,408,183,852 (23,702,319 ) 1,384,481,533 |
Accumulated other comprehensi_2
Accumulated other comprehensive income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income | A summary of the net changes in after-tax accumulated other comprehensive income attributable to Berkshire Hathaway shareholders and amounts reclassified out of accumulated other comprehensive income for each of the three years ending December 31, 2019 follows (in millions). Unrealized appreciation of investments, net Foreign currency translation Defined benefit pension plans Other Accumulated other comprehensive income Balance December 31, 2016 $ 43,176 $ (5,268 ) $ (593 ) $ (17 ) $ 37,298 Other comprehensive income, net before reclassifications 19,826 2,151 65 16 22,058 Reclassifications into net earnings: Reclassifications before income taxes (1,399 ) 3 155 19 (1,222 ) Applicable income taxes 490 — (47 ) (6 ) 437 Balance 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 (183 ) (1,424 ) (513 ) 25 (2,095 ) Reclassifications into net earnings: Reclassifications before income taxes (253 ) — 116 5 (132 ) Applicable income taxes 53 — (35 ) (2 ) 16 Balance December 31, 2018 370 (4,603 ) (816 ) 34 (5,015 ) Other comprehensive income, net before reclassifications 160 257 (644 ) (48 ) (275 ) Reclassifications into net earnings: Reclassifications before income taxes (62 ) — 95 9 42 Applicable income taxes 13 — (4 ) (4 ) 5 Balance December 31, 2019 $ 481 $ (4,346 ) $ (1,369 ) $ (9 ) $ (5,243 ) |
Supplemental cash flow inform_2
Supplemental cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental cash flow information | A summary of supplemental cash flow information for each of the three years ending December 31, 2019 is presented in the following table (in millions). 2019 2018 2017 Cash paid during the period for: Income taxes $ 5,415 $ 4,354 $ 3,286 Interest: Insurance and other 1,011 1,111 1,260 Railroad, utilities and energy 2,879 2,867 2,828 Non-cash investing and financing activities: Liabilities assumed in connection with business acquisitions 766 3,735 747 Right-of-use assets obtained in exchange for new operating lease liabilities 782 — — Equity securities surrendered in connection with warrant exercise — — 4,965 |
Revenues from contracts with _2
Revenues from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from contracts with customers disaggregated by reportable segment and source of revenue | The following tables summarize customer contract revenues disaggregated by reportable segment and the source of the revenue for the years ended December 31, 2019 and 2018 (in millions). Other revenues included in consolidated revenues were primarily insurance premiums earned, interest, dividend and other investment income and leasing revenues which are not within the scope of ASC 606. 2019 Manufacturing McLane Company Service and Retail BNSF Berkshire Hathaway Energy Insurance, Corporate and other Total Manufactured products: Industrial and commercial products $ 25,311 $ — $ 184 $ — $ — $ — $ 25,495 Building products 15,620 — — — — — 15,620 Consumer products 14,120 — — — — — 14,120 Grocery and convenience store distribution — 33,057 — — — — 33,057 Food and beverage distribution — 16,767 — — — — 16,767 Auto sales — — 8,481 — — — 8,481 Other retail and wholesale distribution 2,299 — 12,213 — — — 14,512 Service 1,642 539 4,062 23,302 4,096 — 33,641 Electricity and natural gas — — — — 14,819 — 14,819 Total 58,992 50,363 24,940 23,302 18,915 — 176,512 Other revenue 3,632 95 4,459 55 1,181 68,682 78,104 $ 62,624 $ 50,458 $ 29,399 $ 23,357 $ 20,096 $ 68,682 $ 254,616 2018 Manufacturing McLane Company Service and Retail BNSF Berkshire Hathaway Energy Insurance, Corporate and other Total Manufactured products: Industrial and commercial products $ 25,707 $ — $ 204 $ — $ — $ — $ 25,911 Building products 14,323 — — — — — 14,323 Consumer products 14,790 — — — — — 14,790 Grocery and convenience store distribution — 33,518 — — — — 33,518 Food and beverage distribution — 16,309 — — — — 16,309 Auto sales — — 8,181 — — — 8,181 Other retail and wholesale distribution 2,091 — 12,067 — — — 14,158 Service 1,519 84 4,100 23,652 3,949 — 33,304 Electricity and natural gas — — — — 14,951 — 14,951 Total 58,430 49,911 24,552 23,652 18,900 — 175,445 Other revenue 3,340 76 4,297 51 1,070 63,558 72,392 $ 61,770 $ 49,987 $ 28,849 $ 23,703 $ 19,970 $ 63,558 $ 247,837 |
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 December 31, 2019 follows (in millions). Performance obligations expected to be satisfied: Less than 12 months Greater than 12 months Total Electricity and natural gas $ 871 $ 5,136 $ 6,007 Other sales and service contracts 1,158 2,562 3,720 |
Pension plans (Tables)
Pension plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of net periodic pension expense | The components of our net periodic pension expense for each of the three years ending December 31, 2019 were as follows (in millions). 2019 2018 2017 Service cost $ 224 $ 271 $ 273 Interest cost 618 593 635 Expected return on plan assets (936 ) (988 ) (939 ) Amortization of actuarial losses and other 26 188 157 Net periodic pension expense $ (68 ) $ 64 $ 126 |
Schedule of changes in projected benefit obligations, changes in plan assets and net funded status | Reconciliations of the changes in plan assets and PBOs related to BHE’s pension plans and all other pension plans for each of the two years ending December 31, 2019 are in the following tables (in millions). The costs of pension plans covering employees of certain regulated subsidiaries of BHE are generally recoverable through the regulated rate making process. 2019 2018 BHE All other Consolidated BHE All other Consolidated Benefit obligations Accumulated benefit obligation end of year $ 4,653 $ 12,889 $ 17,542 $ 4,346 $ 11,540 $ 15,886 PBO beginning of year $ 4,551 $ 12,371 $ 16,922 $ 5,207 $ 13,617 $ 18,824 Service cost 32 192 224 40 231 271 Interest cost 161 457 618 161 432 593 Benefits paid (257 ) (776 ) (1,033 ) (208 ) (633 ) (841 ) Settlements (121 ) (46 ) (167 ) (301 ) (133 ) (434 ) Actuarial (gains) or losses and other 532 1,610 2,142 (348 ) (1,143 ) (1,491 ) PBO end of year $ 4,898 $ 13,808 $ 18,706 $ 4,551 $ 12,371 $ 16,922 Plan assets Plan assets beginning of year $ 4,385 $ 10,574 $ 14,959 $ 5,129 $ 11,885 $ 17,014 Employer contributions 68 131 199 98 495 593 Benefits paid (257 ) (776 ) (1,033 ) (208 ) (633 ) (841 ) Actual return on plan assets 650 1,764 2,414 (191 ) (949 ) (1,140 ) Settlements (121 ) (46 ) (167 ) (324 ) (132 ) (456 ) Other 83 41 124 (119 ) (92 ) (211 ) Plan assets end of year $ 4,808 $ 11,688 $ 16,496 $ 4,385 $ 10,574 $ 14,959 Funded status – net liability $ 90 $ 2,120 $ 2,210 $ 166 $ 1,797 $ 1,963 |
Schedule of weighted average assumptions | Weighted average assumptions used in determining PBOs and net periodic pension expense were as follows. 2019 2018 2017 Discount rate applicable to pension benefit obligations 3.1 % 3.9 % 3.3 % Expected long-term rate of return on plan assets 6.4 6.4 6.4 Rate of compensation increase 2.5 2.6 2.8 Discount rate applicable to net periodic pension expense 4.0 3.4 3.9 |
Schedule of fair value measurements by major categories of plan assets | Fair value measurements of plan assets as of December 31, 2019 and 2018 follow (in millions). Fair Value Investment funds and partnerships Total Level 1 Level 2 Level 3 at net asset value December 31, 2019 Cash and cash equivalents $ 412 $ 309 $ 103 $ — $ — Equity securities 11,105 9,860 836 409 — Government obligations 1,537 1,433 104 — — Other fixed maturity securities 791 160 600 31 — Investment funds and other 2,651 143 358 40 2,110 $ 16,496 $ 11,905 $ 2,001 $ 480 $ 2,110 December 31, 2018 Cash and cash equivalents $ 1,328 $ 1,197 $ 131 $ — $ — Equity securities 7,671 7,499 22 150 — Government obligations 1,727 1,654 73 — — Other fixed maturity securities 836 172 631 33 — Investment funds and other 3,397 170 1,042 273 1,912 $ 14,959 $ 10,692 $ 1,899 $ 456 $ 1,912 |
Schedule of pension plan amounts recognized In accumulated other comprehensive income | A reconciliation of the pre-tax accumulated other comprehensive income (loss) related to defined benefit pension plans for each of the two years ending December 31, 2019 follows (in millions). 2019 2018 Balance beginning of year $ (1,184 ) $ (614 ) Amount included in net periodic pension expense 94 116 Actuarial gains (losses) and other (806 ) (686 ) Balance end of year $ (1,896 ) $ (1,184 ) |
Business segment data (Tables)
Business segment data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of revenues, earnings before income taxes, interest expense, income tax expense, capital expenditures, depreciation, goodwill and identifiable assets by segment | A disaggregation of our consolidated data for each of the three most recent years is presented as follows (in millions). Revenues Earnings before income taxes 2019 2018 2017 2019 2018 2017 Operating Businesses: Insurance: Underwriting: GEICO $ 35,572 $ 33,363 $ 29,441 $ 1,506 $ 2,449 $ (310 ) Berkshire Hathaway Primary Group 9,165 8,111 7,143 383 670 719 Berkshire Hathaway Reinsurance Group 16,341 15,944 24,013 (1,472 ) (1,109 ) (3,648 ) Insurance underwriting 61,078 57,418 60,597 417 2,010 (3,239 ) Investment income 6,615 5,518 4,865 6,600 5,503 4,855 Total insurance 67,693 62,936 65,462 7,017 7,513 1,616 BNSF 23,515 23,855 21,387 7,250 6,863 6,328 Berkshire Hathaway Energy 20,114 19,987 18,854 2,618 2,472 2,499 Manufacturing 62,730 61,883 57,645 9,522 9,366 8,324 McLane Company 50,458 49,987 49,775 288 246 299 Service and retailing 29,487 28,939 27,219 2,555 2,696 2,304 253,997 247,587 240,342 29,250 29,156 21,370 Reconciliation to consolidated amount: Investment and derivative gains/losses — — — 72,607 (22,455 ) 2,128 Interest expense, not allocated to segments — — — (416 ) (458 ) (486 ) Equity method investments — — — 1,176 (2,167 ) 3,014 Corporate, eliminations and other 619 250 (409 ) 79 (75 ) (2,188 ) $ 254,616 $ 247,837 $ 239,933 $ 102,696 $ 4,001 $ 23,838 Interest expense Income tax expense 2019 2018 2017 2019 2018 2017 Operating Businesses: Insurance $ — $ — $ — $ 1,166 $ 1,374 $ (71 ) BNSF 1,070 1,041 1,016 1,769 1,644 2,369 Berkshire Hathaway Energy 1,835 1,777 2,254 (526 ) (452 ) 148 Manufacturing 752 690 679 2,253 2,188 2,678 McLane Company — 15 19 71 59 94 Service and retailing 86 91 67 603 634 812 3,743 3,614 4,035 5,336 5,447 6,030 Reconciliation to consolidated amount: Investment and derivative gains/losses — — — 15,159 (4,673 ) 742 Interest expense, not allocated to segments 416 458 486 (88 ) (96 ) (170 ) Equity method investments — — — 148 (753 ) 910 Income tax net benefit – Tax Cuts and Jobs Act of 2017 — — — — — (28,200 ) Corporate, eliminations and other (198 ) (219 ) (135 ) 349 (246 ) (827 ) $ 3,961 $ 3,853 $ 4,386 $ 20,904 $ (321 ) $ (21,515 ) Notes to Consolidated Financial Statements (Continued) (27) Business segment data (Continued) Capital expenditures Depreciation of tangible assets 2019 2018 2017 2019 2018 2017 Operating Businesses: Insurance $ 108 $ 130 $ 170 $ 82 $ 79 $ 84 BNSF 3,608 3,187 3,256 2,350 2,268 2,304 Berkshire Hathaway Energy 7,364 6,241 4,571 2,947 2,830 2,548 Manufacturing 2,981 3,116 2,490 1,951 1,890 1,839 McLane Company 158 276 289 225 204 193 Service and retailing 1,760 1,587 932 1,192 1,115 751 $ 15,979 $ 14,537 $ 11,708 $ 8,747 $ 8,386 $ 7,719 Goodwill at year-end Identifiable assets at year-end 2019 2018 2017 2019 2018 2017 Operating Businesses: Insurance $ 15,289 $ 15,289 $ 15,499 $ 364,550 $ 289,746 $ 294,418 BNSF 14,851 14,851 14,845 73,699 70,242 69,438 Berkshire Hathaway Energy 9,979 9,851 9,935 88,651 80,543 77,710 Manufacturing 34,800 34,019 33,967 104,437 99,912 97,753 McLane Company 734 734 734 6,872 6,243 6,090 Service and retailing 6,229 6,281 6,278 26,494 24,724 20,014 $ 81,882 $ 81,025 $ 81,258 664,703 571,410 565,423 Reconciliation to consolidated amount: Corporate and other 71,144 55,359 55,414 Goodwill 81,882 81,025 81,258 $ 817,729 $ 707,794 $ 702,095 |
Schedule of premiums written and earned | Property/casualty and life/health insurance premiums written and earned are summarized below (in millions). Property/Casualty Life/Health 2019 2018 2017 2019 2018 2017 Premiums Written: Direct $ 47,578 $ 44,513 $ 39,377 $ 839 $ 1,111 $ 866 Assumed 10,214 8,970 17,815 5,046 5,540 4,925 Ceded (821 ) (869 ) (694 ) (45 ) (49 ) (47 ) $ 56,971 $ 52,614 $ 56,498 $ 5,840 $ 6,602 $ 5,744 Premiums Earned: Direct $ 46,540 $ 43,095 $ 37,755 $ 839 $ 1,111 $ 866 Assumed 9,643 8,649 17,813 4,952 5,438 4,866 Ceded (851 ) (825 ) (677 ) (45 ) (50 ) (26 ) $ 55,332 $ 50,919 $ 54,891 $ 5,746 $ 6,499 $ 5,706 |
Schedule of insurance premiums written by geographic region | Insurance premiums written by geographic region (based upon the domicile of the insured or reinsured) are summarized below (in millions). Property/Casualty Life/Health 2019 2018 2017 2019 2018 2017 United States $ 50,529 $ 46,146 $ 50,604 $ 2,553 $ 3,598 $ 3,320 Asia Pacific 3,114 3,726 3,307 1,582 1,361 879 Western Europe 2,535 2,157 1,516 908 939 909 All other 793 585 1,071 797 704 636 $ 56,971 $ 52,614 $ 56,498 $ 5,840 $ 6,602 $ 5,744 |
Quarterly data (Tables)
Quarterly data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly revenues and earnings | A summary of revenues and net earnings by quarter for each of the last two years follows. This information is unaudited. Amounts are in millions, except per share amounts. 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter 2019 Revenues $ 60,678 $ 63,598 $ 64,972 $ 65,368 Net earnings (loss) attributable to Berkshire shareholders * 21,661 14,073 16,524 29,159 Net earnings (loss) attributable to Berkshire shareholders per equivalent Class A common share 13,209 8,608 10,119 17,909 2018 Revenues $ 58,473 $ 62,200 $ 63,450 $ 63,714 Net earnings (loss) attributable to Berkshire shareholders * (1,138 ) 12,011 18,540 (25,392 ) Net earnings (loss) attributable to Berkshire shareholders per equivalent Class A common share (692 ) 7,301 11,280 (15,467 ) * Includes after-tax investment and derivative gains/losses as follows: 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter 2019 $ 16,106 $ 7,934 $ 8,666 $ 24,739 2018 (6,426 ) 5,118 11,660 (28,089 ) |
Significant accounting polici_4
Significant accounting policies and practices - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Voting interests of investee | 20.00% | ||||
Percentage of LIFO Inventory | 37.00% | ||||
Excess of current or replacement costs over costs determined under LIFO | $ 950 | $ 1,000 | |||
Operating lease liabilities | 5,882 | ||||
Assets | 817,729 | 707,794 | $ 702,095 | ||
Liabilities | 389,166 | 355,294 | |||
Equipment held for lease | 15,065 | 14,298 | |||
Difference Between Lease Guidance in Effect Before and After Topic 842 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating leases, right of use assets | $ 6,200 | ||||
Operating lease liabilities | 5,900 | ||||
ASC 842 [Member] | Difference Between Lease Guidance in Effect Before and After Topic 842 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Other assets | (300) | ||||
Assets | 5,900 | ||||
Liabilities | $ 5,900 | ||||
ASC 606 [Member] | Difference Between Lease Guidance in Effect Before and After Topic 842 [Member] | Aircraft Sold Under Fractional Aircraft Ownership Programs [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Equipment held for lease | $ 3,500 | ||||
Aircraft repurchase liabilities and unearned lease revenues | $ 3,500 | ||||
Other Assets [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Unamortized balances of deferred policy acquisition costs | 2,937 | $ 2,658 | |||
Operating leases, right of use assets | $ 5,941 | ||||
Minimum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Insurance interest rate assumption | 3.00% | ||||
Maximum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Insurance interest rate assumption | 7.50% | ||||
Buildings and improvements [Member] | Minimum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful life (in years) | 5 years | ||||
Buildings and improvements [Member] | Maximum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful life (in years) | 50 years | ||||
Machinery and equipment [Member] | Minimum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful life (in years) | 3 years | ||||
Machinery and equipment [Member] | Maximum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful life (in years) | 25 years | ||||
Furniture, fixtures and other [Member] | Minimum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful life (in years) | 3 years | ||||
Furniture, fixtures and other [Member] | Maximum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful life (in years) | 15 years | ||||
Track structure and other roadway [Member] | Minimum [Member] | Railroad [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful life (in years) | 10 years | ||||
Track structure and other roadway [Member] | Maximum [Member] | Railroad [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful life (in years) | 100 years | ||||
Locomotives, freight cars and other equipment [Member] | Minimum [Member] | Railroad [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful life (in years) | 6 years | ||||
Locomotives, freight cars and other equipment [Member] | Maximum [Member] | Railroad [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful life (in years) | 41 years | ||||
Utility generation, transmission and distribution systems [Member] | Minimum [Member] | Utilities and Energy [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful life (in years) | 5 years | ||||
Utility generation, transmission and distribution systems [Member] | Maximum [Member] | Utilities and Energy [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful life (in years) | 80 years | ||||
Interstate natural gas pipeline assets [Member] | Minimum [Member] | Utilities and Energy [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful life (in years) | 3 years | ||||
Interstate natural gas pipeline assets [Member] | Maximum [Member] | Utilities and Energy [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful life (in years) | 80 years | ||||
Independent power plants and other assets [Member] | Minimum [Member] | Utilities and Energy [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful life (in years) | 3 years | ||||
Independent power plants and other assets [Member] | Maximum [Member] | Utilities and Energy [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful life (in years) | 30 years | ||||
Equipment held for lease [Member] | Minimum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful life (in years) | 5 years | ||||
Equipment held for lease [Member] | Maximum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Estimated useful life (in years) | 35 years |
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 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Accumulated other comprehensive income | $ (5,243) | $ (5,015) | |||
Retained earnings | 402,493 | 321,112 | |||
Total shareholders’ equity | $ 428,563 | $ 352,500 | $ 351,954 | $ 285,428 | |
ASU 2016-01 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Accumulated other comprehensive income | $ (61,459) | ||||
Retained earnings | 61,459 | ||||
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] | |||||
Retained earnings | (70) | ||||
Total shareholders’ equity | (70) | ||||
Adjustments for New Accounting Pronouncements [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Accumulated other comprehensive income | (61,375) | ||||
Retained earnings | 61,305 | ||||
Total shareholders’ equity | $ (70) |
Business acquisitions - Narrati
Business acquisitions - Narrative (Detail) - USD ($) $ in Millions | Oct. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||
Aggregate consideration paid for acquisitions, net of cash acquired | $ 1,683 | $ 3,279 | $ 2,708 | |
MLMIC Insurance Company [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition price | $ 2,500 | |||
Assets | 6,100 | |||
Cash | 230 | |||
Investments | 5,200 | |||
Liabilities | 3,600 | |||
Unpaid losses and loss adjustment expenses | $ 3,200 | |||
Series of Individually Immaterial Business Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Aggregate consideration paid for acquisitions, net of cash acquired | $ 1,700 | $ 1,000 | $ 2,700 |
Investments in fixed maturity_3
Investments in fixed maturity securities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | $ 18,073 | $ 19,427 |
Unrealized gains on fixed maturity securities | 626 | 546 |
Unrealized losses on fixed maturity securities | (14) | (75) |
Fair value of fixed maturity securities | 18,685 | 19,898 |
U.S. Treasury, U.S. government corporations and agencies [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 3,054 | 4,223 |
Unrealized gains on fixed maturity securities | 37 | 22 |
Unrealized losses on fixed maturity securities | (1) | (22) |
Fair value of fixed maturity securities | 3,090 | 4,223 |
Foreign governments [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 8,584 | 7,480 |
Unrealized gains on fixed maturity securities | 63 | 50 |
Unrealized losses on fixed maturity securities | (9) | (28) |
Fair value of fixed maturity securities | 8,638 | 7,502 |
Corporate bonds [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 5,896 | 7,055 |
Unrealized gains on fixed maturity securities | 459 | 408 |
Unrealized losses on fixed maturity securities | (3) | (23) |
Fair value of fixed maturity securities | 6,352 | 7,440 |
Other [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 539 | 669 |
Unrealized gains on fixed maturity securities | 67 | 66 |
Unrealized losses on fixed maturity securities | (1) | (2) |
Fair value of fixed maturity securities | $ 605 | $ 733 |
Investments in fixed maturity_4
Investments in fixed maturity securities - Narrative (Detail) | Dec. 31, 2019 |
Foreign governments [Member] | AA or Higher Credit Rating [Member] | |
Summary of Investment Holdings [Line Items] | |
Percentage of fixed maturity investments by credit rating | 87.00% |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Summary of Investment Holdings [Line Items] | ||
Due in one year or less - amortized cost | $ 6,732 | |
Due after one year through five years - amortized cost | 10,203 | |
Due after five years through ten years - amortized cost | 311 | |
Due after ten years - amortized cost | 428 | |
Amortized cost of fixed maturity securities | 18,073 | $ 19,427 |
Due in one year or less - fair value | 6,761 | |
Due after one year through five years - fair value | 10,321 | |
Due after five years through ten years - fair value | 355 | |
Due after ten years - fair value | 789 | |
Fair value of fixed maturity securities | 18,685 | $ 19,898 |
Mortgage-backed securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of mortgage-backed securities | 399 | |
Fair value of mortgage-backed securities | $ 459 |
Investments in equity securit_3
Investments in equity securities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | ||
Summary of Investment Holdings [Line Items] | ||||
Cost Basis | $ 110,340 | $ 102,867 | ||
Net Unrealized Gains | 137,687 | 69,890 | ||
Fair Value | 248,027 | [1] | 172,757 | [2] |
Banks, insurance and finance [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost Basis | 40,419 | 44,332 | ||
Net Unrealized Gains | 61,976 | 38,260 | ||
Fair Value | 102,395 | 82,592 | ||
Consumer products [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost Basis | 38,887 | 38,783 | ||
Net Unrealized Gains | 60,747 | 22,838 | ||
Fair Value | 99,634 | 61,621 | ||
Commercial, industrial and other [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost Basis | 31,034 | 19,752 | ||
Net Unrealized Gains | 14,964 | 8,792 | ||
Fair Value | $ 45,998 | $ 28,544 | ||
[1] | Approximately 67% of the aggregate fair value was concentrated in five companies (American Express Company – $18.9 billion; Apple Inc. – $73.7 billion; Bank of America Corporation – $33.4 billion; The Coca-Cola Company – $22.1 billion and Wells Fargo & Company – $18.6 billion). | |||
[2] | Approximately 68% of the aggregate fair value was concentrated in five companies (American Express Company – $14.5 billion; Apple Inc. – $40.3 billion; Bank of America Corporation – $22.6 billion; The Coca-Cola Company – $18.9 billion and Wells Fargo & Company – $20.7 billion). |
Investments in equity securit_4
Investments in equity securities (Parenthetical) (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($)Company | Dec. 31, 2018USD ($)Company | |||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | $ 248,027 | [1] | $ 172,757 | [2] |
American Express Company [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | 18,900 | 14,500 | ||
Apple Inc. [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | 73,700 | 40,300 | ||
Bank of America Corporation [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | 33,400 | 22,600 | ||
The Coca-Cola Company [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | 22,100 | 18,900 | ||
Wells Fargo & Company [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | $ 18,600 | $ 20,700 | ||
Equity Securities [Member] | Investment Concentration [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration percentage | 67.00% | 68.00% | ||
Number of companies in concentration percentage | Company | 5 | 5 | ||
[1] | Approximately 67% of the aggregate fair value was concentrated in five companies (American Express Company – $18.9 billion; Apple Inc. – $73.7 billion; Bank of America Corporation – $33.4 billion; The Coca-Cola Company – $22.1 billion and Wells Fargo & Company – $18.6 billion). | |||
[2] | Approximately 68% of the aggregate fair value was concentrated in five companies (American Express Company – $14.5 billion; Apple Inc. – $40.3 billion; Bank of America Corporation – $22.6 billion; The Coca-Cola Company – $18.9 billion and Wells Fargo & Company – $20.7 billion). |
Investments in equity securit_5
Investments in equity securities - Narrative (Detail) - Investment Commitment [Member] - USD ($) $ / shares in Units, $ in Billions | Apr. 30, 2019 | Dec. 31, 2019 |
Summary of Investment Holdings [Line Items] | ||
Investment commitment description | On April 30, 2019, Berkshire committed to invest a total of $10 billion in connection with Occidental Petroleum Corporation’s (“Occidental”) proposal to acquire Anadarko Petroleum Corporation (“Anadarko”). The Anadarko shareholders approved the acquisition by Occidental on August 8, 2019 and the acquisition and our investment in Occidental closed on August 8, 2019. Our investments in Occidental are included in the commercial, industrial and other category in the preceding table. Berkshire’s investments in Occidental include newly issued Occidental Cumulative Perpetual Preferred Stock with an aggregate liquidation value of $10 billion, together with warrants to purchase up to 80 million shares of Occidental common stock at an exercise price of $62.50 per share. The preferred stock accrues dividends at 8% per annum and is redeemable at the option of Occidental commencing on the tenth anniversary of issuance at a redemption price equal to 105% of the liquidation preference plus any accumulated and unpaid dividends, or mandatorily under certain specified capital return events. Dividends on the preferred stock may be paid in cash or, at Occidental’s option, in shares of Occidental common stock. The warrants are exercisable in whole or in part until one year after the redemption of the preferred stock. | |
Occidental Petroleum Corporation [Member] | Cumulative Perpetual Preferred Stock and Warrants [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment commitment amount | $ 10 | |
Occidental Petroleum Corporation [Member] | Cumulative Perpetual Preferred Stock [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment in preferred stock, liquidation value | $ 10 | |
Investment in preferred stock, stated dividend rate | 8.00% | |
Investment in preferred stock, period from issuance date to redemption period start date | 10 years | |
Investment in preferred stock, redemption price percentage of liquidation preference | 105.00% | |
Occidental Petroleum Corporation [Member] | Common Stock [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Number of common shares that can be purchased | 80,000,000 | |
Exercise price for warrants, per share | $ 62.50 |
Equity method investments - Nar
Equity method investments - Narrative (Detail) | Oct. 03, 2017USD ($)EmployeeLocation | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment ownership percentage | 20.00% | |||
Equity method earnings (losses) | $ 1,176,000,000 | $ (2,167,000,000) | $ 3,014,000,000 | |
Berkshire Hathaway Inc. (Parent) [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments, carrying value | 13,757,000,000 | 13,813,000,000 | ||
Equity method earnings (losses) | $ 493,000,000 | (2,730,000,000) | 2,938,000,000 | |
Pilot Travel Centers LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of locations | Location | 750 | |||
Pilot Travel Centers LLC [Member] | Minimum [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of team members | Employee | 28,000 | |||
Pilot Travel Centers LLC [Member] | Maximum [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Annual revenues | $ 30,000,000,000 | |||
Pilot Travel Centers LLC [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 38.60% | |||
Pilot Travel Centers LLC [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Agreement to Acquire Additional Interest in 2023 [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of additional interest to be acquired | 41.40% | |||
Haslam Family [Member] | Pilot Travel Centers LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Majority ownership percentage | 50.10% | |||
Haslam Family [Member] | Pilot Travel Centers LLC [Member] | Agreement to Acquire Additional Interest in 2023 [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 20.00% | |||
Third Party [Member] | Pilot Travel Centers LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 11.30% | |||
The Kraft Heinz Company [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of shares owned | shares | 325,442,152 | |||
Equity method investment ownership percentage | 26.60% | |||
Equity method investments, fair value | $ 10,500,000,000 | 14,000,000,000 | ||
Equity method investments, carrying value | 13,800,000,000 | 13,800,000,000 | ||
Equity method earnings (losses) | 493,000,000 | (2,700,000,000) | 2,900,000,000 | |
Impairment loss on equity investment | 1,900,000,000 | 15,900,000,000 | ||
Common stock dividends received | 521,000,000 | 814,000,000 | 797,000,000 | |
Amount of difference between carrying value and fair value based on quoted market price | $ 3,300,000,000 | |||
Difference between carrying value and fair value percentage | (24.00%) | |||
Berkadia Commercial Mortgage LLC, Pilot Travel Centers LLC, and Electric Transmission Texas, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments, carrying value | $ 3,700,000,000 | 3,500,000,000 | ||
Equity method earnings (losses) | $ 683,000,000 | $ 563,000,000 | $ 76,000,000 | |
Berkadia Commercial Mortgage LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment ownership percentage | 50.00% | |||
Commercial paper outstanding | $ 1,470,000,000 | |||
Berkadia Commercial Mortgage LLC [Member] | Commercial Paper [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Maximum outstanding balance of commercial paper borrowings | $ 1,500,000,000 | |||
Berkadia Commercial Mortgage LLC [Member] | Jefferies Financial Group Inc. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment ownership percentage | 50.00% | |||
Electric Transmission Texas, LLC [Member] | Berkshire Hathaway Energy Company Subsidiary [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment ownership percentage | 50.00% | |||
Electric Transmission Texas, LLC [Member] | American Electric Power [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment ownership percentage | 50.00% |
Equity method investments - Fin
Equity method investments - Financial information (Detail) - The Kraft Heinz Company [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
Assets | $ 101,450 | $ 103,461 | |
Liabilities | 49,701 | 51,683 | |
Sales | 24,977 | 26,268 | $ 26,076 |
Net earnings (losses) attributable to Kraft Heinz common shareholders | $ 1,935 | $ (10,192) | $ 10,941 |
Investment gains_losses (Detail
Investment gains/losses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gain (Loss) on Securities [Line Items] | |||
Equity securities - Unrealized investment gains/losses on securities held at the end of the period | $ 69,581 | $ (22,729) | |
Equity securities - Investment gains/losses during the year on securities sold | 1,585 | 291 | |
Equity securities - Investment gains/losses, total | 71,166 | (22,438) | $ 1,318 |
Fixed maturity securities - Gross realized gains | 87 | 480 | 103 |
Fixed maturity securities - Gross realized losses | (25) | (227) | (22) |
Other | (105) | 30 | 11 |
Investment gains/losses | $ 71,123 | $ (22,155) | 1,410 |
Equity Securities [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Gross realized gains | 2,237 | ||
Gross realized losses | $ (919) |
Investment gains_losses - Narra
Investment gains/losses - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | |||
Sales and redemptions of equity securities | $ 14,336 | $ 18,783 | $ 19,512 |
Taxable gains on sales of equity securities | $ 3,200 | $ 3,300 |
Loans and finance receivables_2
Loans and finance receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Loans and finance receivables before allowances and discounts | $ 18,199 | $ 16,962 |
Allowances for uncollectible loans | (167) | (177) |
Unamortized acquisition discounts and points | (505) | (505) |
Loans and finance receivables | $ 17,527 | $ 16,280 |
Loans and finance receivables -
Loans and finance receivables - Narrative (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Loans and Finance Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Provisions for loan losses | $ 125,000,000 | $ 141,000,000 |
Loan charge-offs, net of recoveries | $ 135,000,000 | 144,000,000 |
Percent of manufactured housing 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 | 96.00% | |
Seritage Growth Properties [Member] | Term Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loan facility amount | $ 2,000,000,000 | |
Expiration date of term loan | Jul. 31, 2023 | |
Outstanding loan balance | $ 1,600,000,000 |
Other receivables (Detail)
Other receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Reinsurance recoverable on unpaid losses | $ 2,855 | $ 3,060 | $ 3,201 | $ 3,338 |
Insurance and Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Insurance premiums receivable | 13,379 | 12,452 | ||
Reinsurance recoverable on unpaid losses | 2,855 | 3,060 | ||
Trade receivables | 12,275 | 12,617 | ||
Other | 4,327 | 3,823 | ||
Allowances for uncollectible accounts | (418) | (388) | ||
Other receivables | 32,418 | 31,564 | ||
Railroad, Utilities and Energy [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Trade receivables | 3,120 | 3,433 | ||
Other | 388 | 362 | ||
Allowances for uncollectible accounts | (91) | (129) | ||
Receivables | $ 3,417 | $ 3,666 |
Other receivables - Narrative (
Other receivables - Narrative (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Utilities and Energy [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unbilled revenue | $ 638 | $ 554 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 4,492 | $ 4,182 |
Work in process and other | 2,700 | 2,625 |
Finished manufactured goods | 4,821 | 4,541 |
Goods acquired for resale | 7,839 | 7,721 |
Total inventory | $ 19,852 | $ 19,069 |
Property, plant and equipment (
Property, plant and equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Insurance and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 42,210 | $ 39,827 |
Property, plant and equipment, accumulated depreciation | (20,772) | (19,199) |
Total property, plant and equipment, net | 21,438 | 20,628 |
Insurance and Other [Member] | Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,540 | 2,536 |
Insurance and Other [Member] | Buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 10,719 | 9,959 |
Insurance and Other [Member] | Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 24,285 | 22,574 |
Insurance and Other [Member] | Furniture, fixtures and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,666 | 4,758 |
Railroad [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 76,634 | 73,189 |
Property, plant and equipment, accumulated depreciation | (12,101) | (10,004) |
Total property, plant and equipment, net | 64,533 | 63,185 |
Railroad [Member] | Land, track structure and other roadway [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 62,404 | 59,509 |
Railroad [Member] | Locomotives, freight cars and other equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,482 | 13,016 |
Railroad [Member] | Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 748 | 664 |
Utilities and Energy [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 101,841 | 96,246 |
Property, plant and equipment, accumulated depreciation | (28,536) | (27,651) |
Total property, plant and equipment, net | 73,305 | 68,595 |
Utilities and Energy [Member] | Utility generation, transmission and distribution systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 81,127 | 77,288 |
Utilities and Energy [Member] | Interstate natural gas pipeline assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 8,165 | 7,524 |
Utilities and Energy [Member] | Independent power plants and other assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 8,817 | 8,324 |
Utilities and Energy [Member] | Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,732 | 3,110 |
Railroad, Utilities and Energy [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, net | $ 137,838 | $ 131,780 |
Property, plant and equipment -
Property, plant and equipment - Depreciation expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 7,566 | $ 7,284 | $ 6,968 |
Insurance and Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | 2,269 | 2,186 | 2,116 |
Railroad, Utilities and Energy [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 5,297 | $ 5,098 | $ 4,852 |
Equipment held for lease (Detai
Equipment held for lease (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Equipment held for lease, gross | $ 22,215 | $ 20,617 |
Equipment held for lease, accumulated depreciation | (7,150) | (6,319) |
Equipment held for lease, net | 15,065 | 14,298 |
Railcars [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Equipment held for lease, gross | 9,260 | 8,862 |
Aircraft [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Equipment held for lease, gross | 8,093 | 7,376 |
Other [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Equipment held for lease, gross | $ 4,862 | $ 4,379 |
Equipment held for lease - Narr
Equipment held for lease - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Depreciation expense for equipment held for lease | $ 1,181 | $ 1,102 | $ 751 |
Sales and service revenues | 176,512 | 175,445 | |
Insurance and Other [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease revenues | 5,856 | 5,732 | 2,452 |
Fixed lease revenue | 4,415 | ||
Variable lease revenue | 1,441 | ||
Sales and service revenues | $ 134,989 | 133,336 | $ 130,343 |
Insurance and Other [Member] | ASC 606 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease revenues | 3,280 | ||
Sales and service revenues | $ (3,280) |
Equipment held for lease - Summ
Equipment held for lease - Summary of remaining operating lease receipts (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Lessor Operating Lease Payments Fiscal Year Maturity [Abstract] | |
2020 | $ 2,623 |
2021 | 1,914 |
2022 | 1,367 |
2023 | 889 |
2024 | 468 |
Thereafter | 439 |
Total | $ 7,700 |
Leases - Narrative (Detail)
Leases - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease liabilities | $ 5,882 | ||
Weighted average lease term | 7 years 8 months 12 days | ||
Weighted average discount rate used to measure lease liabilities | 3.80% | ||
Operating lease expense | $ 1,649 | $ 1,579 | |
Other Assets [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating leases, right of use assets | $ 5,941 | ||
Accounts Payable, Accruals and Other Liabilities [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease liabilities | $ 5,882 |
Leases - Summary of remaining o
Leases - Summary of remaining operating lease payments (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Lease Liabilities, Payments Due [Abstract] | ||
Year 1 | $ 1,374 | $ 1,310 |
Year 2 | 1,183 | 1,268 |
Year 3 | 950 | 1,048 |
Year 4 | 764 | 820 |
Year 5 | 620 | 658 |
Thereafter | 1,988 | 2,079 |
Total lease payments | 6,879 | $ 7,183 |
Amount representing interest | (997) | |
Lease liabilities | $ 5,882 |
Leases - Components of operatin
Leases - Components of operating lease costs (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lease Cost [Abstract] | |
Operating lease cost | $ 1,459 |
Short-term lease cost | 178 |
Variable lease cost | 276 |
Sublease income | (24) |
Total lease cost | $ 1,889 |
Goodwill and other intangible_3
Goodwill and other intangible assets - Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Balance at beginning of year | $ 81,025 | $ 81,258 |
Acquisitions of businesses | 890 | 376 |
Other, including foreign currency translation | (33) | (609) |
Balance at end of year | $ 81,882 | $ 81,025 |
Goodwill and other intangible_4
Goodwill and other intangible assets - Intangible assets (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Insurance and Other [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 41,153 | $ 40,493 |
Accumulated amortization | 10,102 | 8,994 |
Insurance and Other [Member] | Trademarks and trade names [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 5,286 | 5,152 |
Accumulated amortization | 759 | 727 |
Insurance and Other [Member] | Customer relationships [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 27,943 | 27,697 |
Accumulated amortization | 5,025 | 4,287 |
Insurance and Other [Member] | Other intangible assets [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 3,364 | 3,198 |
Accumulated amortization | 1,286 | 1,190 |
Insurance and Other [Member] | Patents and technology [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 4,560 | 4,446 |
Accumulated amortization | 3,032 | 2,790 |
Railroad, Utilities and Energy [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,003 | 1,011 |
Accumulated amortization | 408 | 362 |
Railroad, Utilities and Energy [Member] | Trademarks and trade names [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 212 | 216 |
Accumulated amortization | 26 | 23 |
Railroad, Utilities and Energy [Member] | Customer relationships [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 678 | 678 |
Accumulated amortization | 324 | 286 |
Railroad, Utilities and Energy [Member] | Other intangible assets [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 113 | 117 |
Accumulated amortization | $ 58 | $ 53 |
Goodwill and other intangible_5
Goodwill and other intangible assets - Intangible assets - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Intangible asset amortization expense | $ 1,317 | $ 1,393 | $ 1,469 |
Estimated amortization expense - 2020 | 1,275 | ||
Estimated amortization expense - 2021 | 1,144 | ||
Estimated amortization expense - 2022 | 1,082 | ||
Estimated amortization expense - 2023 | 993 | ||
Estimated amortization expense - 2024 | 913 | ||
Intangible assets with indefinite lives, excluding goodwill | $ 19,000 | $ 18,900 |
Derivative contracts (Detail)
Derivative contracts (Detail) - Not Designated as Hedging Instrument [Member] - Equity Index Put Options [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Liabilities | $ 968 | $ 2,452 |
Notional Value | $ 14,385 | $ 26,759 |
Derivative contracts - Narrativ
Derivative contracts - Narrative (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Derivative contract gains (losses) | $ 1,484,000,000 | $ (300,000,000) | $ 718,000,000 |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Collateral posting requirements under contracts with collateral provisions | 0 | ||
Not Designated as Hedging Instrument [Member] | Utilities and Energy [Member] | |||
Derivative [Line Items] | |||
Assets | 145,000,000 | 172,000,000 | |
Liabilities | 76,000,000 | 111,000,000 | |
Not Designated as Hedging Instrument [Member] | Equity Index Put Options [Member] | |||
Derivative [Line Items] | |||
Derivative contract gains (losses) | 1,484,000,000 | (300,000,000) | $ 718,000,000 |
Notional value of contracts that expired in current fiscal year | $ 12,300,000,000 | ||
Derivative maturity month and year | 2023-02 | ||
Weighted average remaining life of derivative contracts | 1 year 9 months 18 days | ||
Premiums received at contract inception dates | $ 2,500,000,000 | ||
Aggregate intrinsic value of equity index put option contracts | 397,000,000 | 1,653,000,000 | |
Liabilities | $ 968,000,000 | $ 2,452,000,000 | |
Not Designated as Hedging Instrument [Member] | Equity Index Put Options [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Derivative inception month and year | 2008-03 |
Unpaid losses and loss adjust_3
Unpaid losses and loss adjustment expenses - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 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 | $ (752) | $ (1,406) | $ (544) |
Incurred losses and loss adjustment expenses with respect to current accident year events | $ 43,335 | $ 39,876 | $ 37,702 |
Prior years' losses incurred as a percentage of net liabilities | 1.10% | 2.40% | 1.10% |
Liabilities included amounts for environmental, asbestos and latent injury claims, net of reinsurance | $ 1,700 | $ 1,700 | |
Property and Casualty Insurance and Reinsurance, Excluding Retroactive Reinsurance [Member] | Significant Catastrophe Events [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses with respect to current accident year events | 1,000 | 1,600 | $ 3,000 |
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 | (457) | (937) | (249) |
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 | $ (295) | $ (469) | $ (295) |
Unpaid losses and loss adjust_4
Unpaid losses and loss adjustment expenses - Reconciliation of changes in claim liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Gross liabilities at beginning of year | $ 68,458 | $ 61,122 | $ 53,379 |
Reinsurance recoverable on unpaid losses at beginning of year | (3,060) | (3,201) | (3,338) |
Net liabilities at beginning of year | 65,398 | 57,921 | 50,041 |
Net liabilities at end of year | 70,164 | 65,398 | 57,921 |
Reinsurance recoverable on unpaid losses at end of year | 2,855 | 3,060 | 3,201 |
Gross liabilities at end of year | 73,019 | 68,458 | 61,122 |
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 | 43,335 | 39,876 | 37,702 |
Incurred losses and loss adjustment expenses, prior accident years' events | (752) | (1,406) | (544) |
Total incurred losses and loss adjustment expenses | 42,583 | 38,470 | 37,158 |
Paid losses and loss adjustment expenses, current accident year events | (19,482) | (18,391) | (17,425) |
Paid losses and loss adjustment expenses, prior accident years' events | (17,642) | (15,452) | (12,507) |
Total payments | (37,124) | (33,843) | (29,932) |
Foreign currency translation adjustment | (23) | (331) | $ 654 |
Business acquisition (disposition) | $ (670) | $ 3,181 |
Unpaid losses and loss adjust_5
Unpaid losses and loss adjustment expenses - Reconciliation of unpaid losses and allocated loss adjustment expenses to balance sheet liability (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Reinsurance recoverable | $ 2,855 | $ 3,060 | $ 3,201 | $ 3,338 |
Unpaid losses and loss adjustment expenses | 73,019 | $ 68,458 | $ 61,122 | $ 53,379 |
Insurance Group [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Unpaid losses and ALAE, net | 66,529 | |||
Reinsurance recoverable | 2,785 | |||
Unpaid unallocated loss adjustment expenses | 2,367 | |||
Other unpaid losses and loss adjustment expenses | 1,338 | |||
Unpaid losses and loss adjustment expenses | 73,019 | |||
Insurance Group [Member] | GEICO [Member] | Physical Damage [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Unpaid losses and ALAE, net | 321 | |||
Insurance Group [Member] | GEICO [Member] | Auto Liability [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Unpaid losses and ALAE, net | 18,475 | |||
Reinsurance recoverable | 1,014 | |||
Insurance Group [Member] | Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Unpaid losses and ALAE, net | 7,479 | |||
Reinsurance recoverable | 54 | |||
Insurance Group [Member] | Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Unpaid losses and ALAE, net | 9,568 | |||
Reinsurance recoverable | 597 | |||
Insurance Group [Member] | Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Unpaid losses and ALAE, net | 9,382 | |||
Reinsurance recoverable | 268 | |||
Insurance Group [Member] | Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Unpaid losses and ALAE, net | 21,304 | |||
Reinsurance recoverable | $ 852 |
Unpaid losses and loss adjust_6
Unpaid losses and loss adjustment expenses - Incurred and paid losses and allocated loss adjustment expenses (Detail) - Insurance Group [Member] Claim in Thousands, $ in Millions | Dec. 31, 2019USD ($)Claim | Dec. 31, 2018USD ($) | [1] | Dec. 31, 2017USD ($) | [1] | Dec. 31, 2016USD ($) | [1] | Dec. 31, 2015USD ($) | [1] | Dec. 31, 2014USD ($) | [1] | Dec. 31, 2013USD ($) | [1] | Dec. 31, 2012USD ($) | [1] | Dec. 31, 2011USD ($) | [1] | Dec. 31, 2010USD ($) | [1] |
Claims Development [Line Items] | |||||||||||||||||||
Unpaid losses and ALAE, net | $ 66,529 | ||||||||||||||||||
GEICO [Member] | Physical Damage [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 17,294 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 16,979 | ||||||||||||||||||
Unpaid losses and ALAE, net | 321 | ||||||||||||||||||
GEICO [Member] | Physical Damage [Member] | 2018 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 8,274 | $ 8,345 | |||||||||||||||||
Cumulative Paid Losses and ALAE | 8,301 | 8,078 | |||||||||||||||||
IBNR and Case Development Liabilities | $ 34 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 8,612 | ||||||||||||||||||
GEICO [Member] | Physical Damage [Member] | 2019 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 9,020 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 8,678 | ||||||||||||||||||
IBNR and Case Development Liabilities | $ 334 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 8,772 | ||||||||||||||||||
GEICO [Member] | Physical Damage [Member] | 2018-2019 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Unpaid losses and ALAE, net | $ 315 | ||||||||||||||||||
GEICO [Member] | Physical Damage [Member] | Shortduration Insurance Contracts Accident Years Before2018 | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Net unpaid losses and ALAE for accident years before earliest accident year presented | 6 | ||||||||||||||||||
GEICO [Member] | Auto Liability [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 69,046 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 51,079 | ||||||||||||||||||
Unpaid losses and ALAE, net | 18,475 | ||||||||||||||||||
GEICO [Member] | Auto Liability [Member] | 2015 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 10,853 | 10,824 | $ 10,785 | $ 10,666 | $ 10,590 | ||||||||||||||
Cumulative Paid Losses and ALAE | 10,472 | 10,007 | 9,133 | 7,694 | 4,579 | ||||||||||||||
IBNR and Case Development Liabilities | $ 156 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 2,338 | ||||||||||||||||||
GEICO [Member] | Auto Liability [Member] | 2016 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 12,178 | 12,149 | 12,184 | 11,800 | |||||||||||||||
Cumulative Paid Losses and ALAE | 11,294 | 10,330 | 8,716 | 5,069 | |||||||||||||||
IBNR and Case Development Liabilities | $ 356 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 2,445 | ||||||||||||||||||
GEICO [Member] | Auto Liability [Member] | 2017 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 13,888 | 13,864 | 14,095 | ||||||||||||||||
Cumulative Paid Losses and ALAE | 11,799 | 9,944 | 5,806 | ||||||||||||||||
IBNR and Case Development Liabilities | $ 983 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 2,628 | ||||||||||||||||||
GEICO [Member] | Auto Liability [Member] | 2018 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 15,226 | 15,383 | |||||||||||||||||
Cumulative Paid Losses and ALAE | 10,772 | 6,218 | |||||||||||||||||
IBNR and Case Development Liabilities | $ 2,425 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 2,674 | ||||||||||||||||||
GEICO [Member] | Auto Liability [Member] | 2019 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 16,901 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 6,742 | ||||||||||||||||||
IBNR and Case Development Liabilities | $ 4,694 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 2,577 | ||||||||||||||||||
GEICO [Member] | Auto Liability [Member] | 2015-2019 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Unpaid losses and ALAE, net | $ 17,967 | ||||||||||||||||||
GEICO [Member] | Auto Liability [Member] | Before 2015 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Net unpaid losses and ALAE for accident years before earliest accident year presented | 508 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 12,530 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 5,422 | ||||||||||||||||||
Unpaid losses and ALAE, net | 7,479 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | 2010 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 991 | 1,006 | 1,031 | 1,085 | 1,140 | $ 1,234 | $ 1,329 | $ 1,348 | $ 1,346 | $ 1,399 | |||||||||
Cumulative Paid Losses and ALAE | 888 | 853 | 810 | 745 | 654 | 526 | 377 | 224 | 95 | 15 | |||||||||
IBNR and Case Development Liabilities | $ 29 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 12 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | 2011 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 968 | 1,004 | 1,050 | 1,115 | 1,173 | 1,262 | 1,321 | 1,334 | 1,346 | ||||||||||
Cumulative Paid Losses and ALAE | 822 | 767 | 711 | 632 | 517 | 356 | 200 | 82 | 16 | ||||||||||
IBNR and Case Development Liabilities | $ 38 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 11 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | 2012 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 998 | 1,035 | 1,078 | 1,168 | 1,223 | 1,277 | 1,306 | 1,336 | |||||||||||
Cumulative Paid Losses and ALAE | 789 | 725 | 642 | 522 | 377 | 218 | 93 | 15 | |||||||||||
IBNR and Case Development Liabilities | $ 64 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 11 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | 2013 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 1,019 | 1,086 | 1,127 | 1,195 | 1,261 | 1,296 | 1,328 | ||||||||||||
Cumulative Paid Losses and ALAE | 743 | 635 | 518 | 368 | 219 | 90 | 15 | ||||||||||||
IBNR and Case Development Liabilities | $ 93 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 11 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | 2014 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 1,127 | 1,218 | 1,246 | 1,305 | 1,375 | 1,370 | |||||||||||||
Cumulative Paid Losses and ALAE | 671 | 540 | 396 | 238 | 106 | 21 | |||||||||||||
IBNR and Case Development Liabilities | $ 184 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 11 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | 2015 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 1,218 | 1,290 | 1,269 | 1,342 | 1,374 | ||||||||||||||
Cumulative Paid Losses and ALAE | 543 | 382 | 218 | 108 | 23 | ||||||||||||||
IBNR and Case Development Liabilities | $ 301 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 12 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | 2016 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 1,394 | 1,414 | 1,416 | 1,392 | |||||||||||||||
Cumulative Paid Losses and ALAE | 461 | 274 | 115 | 22 | |||||||||||||||
IBNR and Case Development Liabilities | $ 412 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 14 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | 2017 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 1,495 | 1,499 | 1,466 | ||||||||||||||||
Cumulative Paid Losses and ALAE | 300 | 128 | 27 | ||||||||||||||||
IBNR and Case Development Liabilities | $ 685 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 18 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | 2018 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 1,650 | 1,602 | |||||||||||||||||
Cumulative Paid Losses and ALAE | 166 | 35 | |||||||||||||||||
IBNR and Case Development Liabilities | $ 1,088 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 18 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | 2019 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 1,670 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 39 | ||||||||||||||||||
IBNR and Case Development Liabilities | $ 1,369 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 12 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | Shortduration Insurance Contracts Accident Years2010 Through2019 | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Unpaid losses and ALAE, net | $ 7,108 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | Shortduration Insurance Contracts Accident Years Before2010 | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Net unpaid losses and ALAE for accident years before earliest accident year presented | 371 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 19,080 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 9,915 | ||||||||||||||||||
Unpaid losses and ALAE, net | 9,568 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | 2010 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 528 | 531 | 539 | 548 | 556 | 560 | 577 | 612 | 638 | 662 | |||||||||
Cumulative Paid Losses and ALAE | 480 | 472 | 466 | 459 | 445 | 417 | 374 | 314 | 236 | 102 | |||||||||
IBNR and Case Development Liabilities | $ 36 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 41 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | 2011 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 591 | 596 | 607 | 618 | 621 | 624 | 675 | 675 | 738 | ||||||||||
Cumulative Paid Losses and ALAE | 512 | 505 | 496 | 481 | 453 | 403 | 333 | 220 | 109 | ||||||||||
IBNR and Case Development Liabilities | $ 56 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 46 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | 2012 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 736 | 750 | 762 | 780 | 791 | 837 | 850 | 873 | |||||||||||
Cumulative Paid Losses and ALAE | 626 | 611 | 592 | 560 | 501 | 414 | 299 | 116 | |||||||||||
IBNR and Case Development Liabilities | $ 76 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 53 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | 2013 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 1,050 | 1,072 | 1,096 | 1,127 | 1,178 | 1,228 | 1,258 | ||||||||||||
Cumulative Paid Losses and ALAE | 858 | 835 | 793 | 725 | 609 | 422 | 177 | ||||||||||||
IBNR and Case Development Liabilities | $ 149 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 67 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | 2014 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 1,497 | 1,482 | 1,548 | 1,614 | 1,638 | 1,743 | |||||||||||||
Cumulative Paid Losses and ALAE | 1,176 | 1,111 | 1,007 | 800 | 557 | 239 | |||||||||||||
IBNR and Case Development Liabilities | $ 220 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 90 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | 2015 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 2,025 | 2,014 | 2,042 | 2,127 | 2,169 | ||||||||||||||
Cumulative Paid Losses and ALAE | 1,488 | 1,289 | 1,017 | 700 | 289 | ||||||||||||||
IBNR and Case Development Liabilities | $ 336 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 110 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | 2016 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 2,325 | 2,359 | 2,422 | 2,511 | |||||||||||||||
Cumulative Paid Losses and ALAE | 1,461 | 1,148 | 775 | 329 | |||||||||||||||
IBNR and Case Development Liabilities | $ 533 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 114 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | 2017 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 2,842 | 2,907 | 3,044 | ||||||||||||||||
Cumulative Paid Losses and ALAE | 1,434 | 1,003 | 441 | ||||||||||||||||
IBNR and Case Development Liabilities | $ 855 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 135 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | 2018 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 3,412 | 3,544 | |||||||||||||||||
Cumulative Paid Losses and ALAE | 1,198 | 538 | |||||||||||||||||
IBNR and Case Development Liabilities | $ 1,445 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 151 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | 2019 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | $ 4,074 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 682 | ||||||||||||||||||
IBNR and Case Development Liabilities | $ 2,577 | ||||||||||||||||||
Cumulative Number of Reported Claims | Claim | 147 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | Shortduration Insurance Contracts Accident Years2010 Through2019 | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Unpaid losses and ALAE, net | $ 9,165 | ||||||||||||||||||
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | Shortduration Insurance Contracts Accident Years Before2010 | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Net unpaid losses and ALAE for accident years before earliest accident year presented | 403 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 32,426 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 23,414 | ||||||||||||||||||
Unpaid losses and ALAE, net | 9,382 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | 2010 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 2,062 | 2,074 | 2,064 | 2,085 | 2,103 | 2,138 | 2,226 | 2,354 | 2,475 | 2,516 | |||||||||
Cumulative Paid Losses and ALAE | 2,043 | 2,031 | 2,024 | 2,000 | 1,954 | 1,905 | 1,742 | 1,485 | 1,059 | 335 | |||||||||
IBNR and Case Development Liabilities | 23 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | 2011 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 3,674 | 3,686 | 3,700 | 3,723 | 3,753 | 3,754 | 3,851 | 4,138 | 4,197 | ||||||||||
Cumulative Paid Losses and ALAE | 3,530 | 3,512 | 3,467 | 3,426 | 3,336 | 3,219 | 2,957 | 2,305 | 664 | ||||||||||
IBNR and Case Development Liabilities | 41 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | 2012 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 2,295 | 2,311 | 2,328 | 2,331 | 2,384 | 2,624 | 2,828 | 3,132 | |||||||||||
Cumulative Paid Losses and ALAE | 2,163 | 2,118 | 2,099 | 2,023 | 1,935 | 1,797 | 1,219 | 260 | |||||||||||
IBNR and Case Development Liabilities | 47 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | 2013 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 2,459 | 2,510 | 2,569 | 2,589 | 2,679 | 3,022 | 3,181 | ||||||||||||
Cumulative Paid Losses and ALAE | 2,290 | 2,251 | 2,170 | 2,050 | 1,854 | 1,416 | 513 | ||||||||||||
IBNR and Case Development Liabilities | 61 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | 2014 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 2,035 | 2,107 | 2,162 | 2,306 | 2,417 | 2,615 | |||||||||||||
Cumulative Paid Losses and ALAE | 1,814 | 1,764 | 1,699 | 1,561 | 1,235 | 464 | |||||||||||||
IBNR and Case Development Liabilities | 77 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | 2015 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 2,932 | 2,935 | 2,528 | 3,084 | 3,243 | ||||||||||||||
Cumulative Paid Losses and ALAE | 2,239 | 2,134 | 1,940 | 1,591 | 574 | ||||||||||||||
IBNR and Case Development Liabilities | 208 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | 2016 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 3,594 | 3,617 | 3,892 | 3,266 | |||||||||||||||
Cumulative Paid Losses and ALAE | 2,641 | 2,181 | 1,790 | 705 | |||||||||||||||
IBNR and Case Development Liabilities | 281 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | 2017 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 4,807 | 4,959 | 5,258 | ||||||||||||||||
Cumulative Paid Losses and ALAE | 3,638 | 2,716 | 1,027 | ||||||||||||||||
IBNR and Case Development Liabilities | 478 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | 2018 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 4,468 | 4,366 | |||||||||||||||||
Cumulative Paid Losses and ALAE | 2,309 | 907 | |||||||||||||||||
IBNR and Case Development Liabilities | 1,025 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | 2019 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 4,100 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 747 | ||||||||||||||||||
IBNR and Case Development Liabilities | 1,977 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | Shortduration Insurance Contracts Accident Years2010 Through2019 | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Unpaid losses and ALAE, net | 9,012 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | Shortduration Insurance Contracts Accident Years Before2010 | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Net unpaid losses and ALAE for accident years before earliest accident year presented | 370 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 23,921 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 11,047 | ||||||||||||||||||
Unpaid losses and ALAE, net | 21,304 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | 2010 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 1,913 | 1,958 | 1,878 | 2,040 | 2,085 | 2,135 | 2,253 | 2,316 | 2,383 | 2,296 | |||||||||
Cumulative Paid Losses and ALAE | 1,552 | 1,526 | 1,478 | 1,433 | 1,369 | 1,274 | 1,022 | 834 | 542 | $ 117 | |||||||||
IBNR and Case Development Liabilities | 203 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | 2011 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 2,240 | 2,274 | 2,313 | 2,320 | 2,411 | 2,500 | 2,560 | 2,690 | 2,602 | ||||||||||
Cumulative Paid Losses and ALAE | 1,727 | 1,693 | 1,653 | 1,575 | 1,483 | 1,395 | 1,155 | 812 | $ 289 | ||||||||||
IBNR and Case Development Liabilities | 299 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | 2012 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 2,554 | 2,611 | 2,678 | 2,790 | 2,861 | 2,797 | 2,962 | 2,784 | |||||||||||
Cumulative Paid Losses and ALAE | 1,805 | 1,746 | 1,646 | 1,522 | 1,365 | 1,136 | 745 | $ 307 | |||||||||||
IBNR and Case Development Liabilities | 318 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | 2013 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 1,928 | 2,023 | 2,077 | 2,131 | 2,287 | 2,257 | 2,124 | ||||||||||||
Cumulative Paid Losses and ALAE | 1,195 | 1,135 | 1,034 | 930 | 802 | 517 | $ 290 | ||||||||||||
IBNR and Case Development Liabilities | 411 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | 2014 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 1,942 | 1,904 | 1,990 | 2,027 | 2,058 | 1,863 | |||||||||||||
Cumulative Paid Losses and ALAE | 955 | 871 | 748 | 639 | 474 | $ 149 | |||||||||||||
IBNR and Case Development Liabilities | 574 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | 2015 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 1,872 | 1,999 | 2,098 | 2,071 | 1,870 | ||||||||||||||
Cumulative Paid Losses and ALAE | 921 | 830 | 710 | 487 | $ 195 | ||||||||||||||
IBNR and Case Development Liabilities | 534 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | 2016 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 1,971 | 2,014 | 2,106 | 1,900 | |||||||||||||||
Cumulative Paid Losses and ALAE | 860 | 730 | 553 | $ 252 | |||||||||||||||
IBNR and Case Development Liabilities | 680 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | 2017 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 2,552 | 2,674 | 2,186 | ||||||||||||||||
Cumulative Paid Losses and ALAE | 816 | 562 | $ 230 | ||||||||||||||||
IBNR and Case Development Liabilities | 941 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | 2018 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 3,544 | 2,914 | |||||||||||||||||
Cumulative Paid Losses and ALAE | 865 | $ 264 | |||||||||||||||||
IBNR and Case Development Liabilities | 1,511 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | 2019 [Member] | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Incurred Losses and ALAE | 3,405 | ||||||||||||||||||
Cumulative Paid Losses and ALAE | 351 | ||||||||||||||||||
IBNR and Case Development Liabilities | 2,348 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | Shortduration Insurance Contracts Accident Years2010 Through2019 | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Unpaid losses and ALAE, net | 12,874 | ||||||||||||||||||
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | Shortduration Insurance Contracts Accident Years Before2010 | |||||||||||||||||||
Claims Development [Line Items] | |||||||||||||||||||
Net unpaid losses and ALAE for accident years before earliest accident year presented | $ 8,430 | ||||||||||||||||||
[1] | Unaudited required supplemental information |
Unpaid losses and loss adjust_7
Unpaid losses and loss adjustment expenses - Average historical claims duration (Detail) - Insurance Group [Member] | Dec. 31, 2019 |
GEICO [Member] | Physical Damage [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred losses, net of reinsurance, year one | 98.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year two | 2.00% |
GEICO [Member] | Auto Liability [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred losses, net of reinsurance, year one | 42.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year two | 29.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year three | 13.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year four | 8.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year five | 4.00% |
Berkshire Hathaway Primary Group [Member] | Medical Professional Liability [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred losses, net of reinsurance, year one | 2.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year two | 7.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year three | 12.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year four | 15.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year five | 15.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year six | 12.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year seven | 9.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year eight | 6.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year nine | 5.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year ten | 4.00% |
Berkshire Hathaway Primary Group [Member] | Workers' Compensation and Other Casualty [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred losses, net of reinsurance, year one | 16.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year two | 21.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year three | 16.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year four | 12.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year five | 8.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year six | 5.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year seven | 3.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year eight | 2.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year nine | 1.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year ten | 2.00% |
Berkshire Hathaway Reinsurance Group [Member] | Property [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred losses, net of reinsurance, year one | 19.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year two | 36.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year three | 17.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year four | 9.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year five | 4.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year six | 3.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year seven | 1.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year eight | 1.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year nine | 0.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year ten | 1.00% |
Berkshire Hathaway Reinsurance Group [Member] | Casualty [Member] | |
Shortduration Insurance Contracts Historical Claims Duration [Line Items] | |
Average annual percentage payout of incurred losses, net of reinsurance, year one | 10.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year two | 17.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year three | 13.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year four | 8.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year five | 7.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year six | 5.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year seven | 4.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year eight | 2.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year nine | 2.00% |
Average annual percentage payout of incurred losses, net of reinsurance, year ten | 1.00% |
Retroactive reinsurance contr_3
Retroactive reinsurance contracts - Reconciliation of changes in claim liabilities and deferred charge assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Unpaid losses and loss adjustment expenses, beginning of year | $ 41,834 | $ 42,937 | $ 24,972 |
Unpaid losses and loss adjustment expenses, end of year | 42,441 | 41,834 | 42,937 |
Deferred charges reinsurance assumed, beginning of year | (14,104) | (15,278) | (8,047) |
Deferred charges reinsurance assumed, end of year | (13,747) | (14,104) | (15,278) |
Retroactive Reinsurance [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, prior accident years' events | 1,188 | 919 | 458 |
Total incurred losses and loss adjustment expenses | 1,873 | 1,436 | 11,733 |
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 accident year events | 1,138 | 603 | 19,005 |
Incurred losses and loss adjustment expenses, prior accident years' events | 378 | (341) | (41) |
Total incurred losses and loss adjustment expenses | 1,516 | 262 | 18,964 |
Paid losses and loss adjustment expenses | (909) | (1,365) | (999) |
Deferred Charges Reinsurance Assumed [Member] | Retroactive Reinsurance [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Incurred losses and loss adjustment expenses, current accident year events | (453) | (86) | (7,730) |
Incurred losses and loss adjustment expenses, prior accident years' events | 810 | 1,260 | 499 |
Total incurred losses and loss adjustment expenses | $ 357 | $ 1,174 | $ (7,231) |
Retroactive reinsurance contr_4
Retroactive reinsurance contracts - Narrative (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effects of Reinsurance [Line Items] | ||||||
Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts | $ 42,937,000,000 | $ 42,441,000,000 | $ 41,834,000,000 | $ 42,937,000,000 | $ 24,972,000,000 | |
Deferred charges under retroactive reinsurance contracts | 15,278,000,000 | 13,747,000,000 | 14,104,000,000 | 15,278,000,000 | $ 8,047,000,000 | |
Retroactive Reinsurance [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Incurred losses and loss adjustment expenses | 1,873,000,000 | 1,436,000,000 | 11,733,000,000 | |||
Incurred losses and loss adjustment expenses, prior accident years' events | 1,188,000,000 | 919,000,000 | 458,000,000 | |||
Liabilities for environmental, asbestos and latent injury claims | 12,900,000,000 | 13,100,000,000 | ||||
Retroactive Reinsurance [Member] | Deferred Charges Reinsurance Assumed [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Incurred losses and loss adjustment expenses | 357,000,000 | 1,174,000,000 | (7,231,000,000) | |||
Incurred losses and loss adjustment expenses, prior accident years' events | 810,000,000 | 1,260,000,000 | 499,000,000 | |||
Retroactive Reinsurance [Member] | Unpaid Losses and Loss Adjustment Expenses [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Incurred losses and loss adjustment expenses | 1,516,000,000 | 262,000,000 | 18,964,000,000 | |||
Incurred losses and loss adjustment expenses, prior accident years' events | 378,000,000 | (341,000,000) | $ (41,000,000) | |||
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 | |||||
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 | $ 6,300,000,000 | $ 6,900,000,000 | |||
AIG [Member] | Retroactive Reinsurance [Member] | Deferred Charges Reinsurance Assumed [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Incurred losses and loss adjustment expenses | (1,700,000,000) | |||||
AIG [Member] | Retroactive Reinsurance [Member] | Unpaid Losses and Loss Adjustment Expenses [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Incurred losses and loss adjustment expenses | $ 1,800,000,000 | |||||
AIG [Member] | Maximum [Member] | Retroactive Reinsurance [Member] | ||||||
Effects of Reinsurance [Line Items] | ||||||
Losses and allocated loss adjustment expenses reinsured in excess of retained amount | $ 25,000,000,000 |
Notes payable and other borro_3
Notes payable and other borrowings (Detail) € in Millions, £ in Millions, $ in Millions, ¥ in Billions | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2019JPY (¥) | Dec. 31, 2019GBP (£) | Dec. 31, 2019EUR (€) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | ¥ 430 | £ 1,750 | € 6,850 | ||
Principal payments on debt - 2020 | $ 10,420 | ||||
Principal payments on debt - 2021 | 5,471 | ||||
Principal payments on debt - 2022 | 4,958 | ||||
Principal payments on debt - 2023 | 9,402 | ||||
Principal payments on debt - 2024 | 5,080 | ||||
Insurance and Other [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | 37,590 | $ 34,975 | |||
Principal payments on debt - 2020 | 4,097 | ||||
Principal payments on debt - 2021 | 3,246 | ||||
Principal payments on debt - 2022 | 1,609 | ||||
Principal payments on debt - 2023 | 5,341 | ||||
Principal payments on debt - 2024 | 2,190 | ||||
Railroad, Utilities and Energy [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | 65,778 | 62,515 | |||
Principal payments on debt - 2020 | 6,323 | ||||
Principal payments on debt - 2021 | 2,225 | ||||
Principal payments on debt - 2022 | 3,349 | ||||
Principal payments on debt - 2023 | 4,061 | ||||
Principal payments on debt - 2024 | 2,890 | ||||
Berkshire Hathaway Inc. (Parent) [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | 19,903 | 16,871 | |||
Principal payments on debt - 2020 | 1,122 | ||||
Principal payments on debt - 2021 | 2,117 | ||||
Principal payments on debt - 2022 | 613 | ||||
Principal payments on debt - 2023 | 3,958 | ||||
Principal payments on debt - 2024 | 2,120 | ||||
Berkshire Hathaway Inc. (Parent) [Member] | Insurance and Other [Member] | U.S. Dollar Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 8,324 | 9,065 | |||
Weighted average interest rate, percentage | 3.20% | 3.20% | 3.20% | 3.20% | |
Berkshire Hathaway Inc. (Parent) [Member] | Insurance and Other [Member] | U.S. Dollar Denominated [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2020 | ||||
Berkshire Hathaway Inc. (Parent) [Member] | Insurance and Other [Member] | U.S. Dollar Denominated [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2047 | ||||
Berkshire Hathaway Inc. (Parent) [Member] | Insurance and Other [Member] | Euro Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 7,641 | 7,806 | |||
Weighted average interest rate, percentage | 1.10% | 1.10% | 1.10% | 1.10% | |
Berkshire Hathaway Inc. (Parent) [Member] | Insurance and Other [Member] | Euro Denominated [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2020 | ||||
Berkshire Hathaway Inc. (Parent) [Member] | Insurance and Other [Member] | Euro Denominated [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2035 | ||||
Berkshire Hathaway Inc. (Parent) [Member] | Insurance and Other [Member] | Japanese Yen Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 3,938 | ||||
Weighted average interest rate, percentage | 0.50% | 0.50% | 0.50% | 0.50% | |
Berkshire Hathaway Inc. (Parent) [Member] | Insurance and Other [Member] | Japanese Yen Denominated [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2024 | ||||
Berkshire Hathaway Inc. (Parent) [Member] | Insurance and Other [Member] | Japanese Yen Denominated [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2049 | ||||
Subsidiaries [Member] | Insurance and Other [Member] | |||||
Debt Instrument [Line Items] | |||||
Other borrowings | $ 5,262 | 5,597 | |||
Short-term debt | $ 1,472 | 1,857 | |||
Weighted average interest rate, percentage | 4.00% | 4.00% | 4.00% | 4.00% | |
Short-term debt, weighted average interest rate | 3.90% | 3.90% | 3.90% | 3.90% | |
Subsidiaries [Member] | Insurance and Other [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2020 | ||||
Subsidiaries [Member] | Insurance and Other [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2045 | ||||
Subsidiaries [Member] | Insurance and Other [Member] | U.S. Dollar Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 8,679 | 10,650 | |||
Weighted average interest rate, percentage | 4.10% | 4.10% | 4.10% | 4.10% | |
Subsidiaries [Member] | Insurance and Other [Member] | U.S. Dollar Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2020 | ||||
Subsidiaries [Member] | Insurance and Other [Member] | U.S. Dollar Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2049 | ||||
Subsidiaries [Member] | Insurance and Other [Member] | Great Britain Pound Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 2,274 | ||||
Weighted average interest rate, percentage | 2.50% | 2.50% | 2.50% | 2.50% | |
Subsidiaries [Member] | Insurance and Other [Member] | Great Britain Pound Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2039 | ||||
Subsidiaries [Member] | Insurance and Other [Member] | Great Britain Pound Denominated [Member] | Berkshire Hathaway Finance Corporation [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2059 | ||||
Subsidiaries [Member] | Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate, percentage | 4.60% | 4.60% | 4.60% | 4.60% | |
Senior unsecured debt | $ 8,581 | 8,577 | |||
Subsidiaries [Member] | Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2020 | ||||
Subsidiaries [Member] | Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2049 | ||||
Subsidiaries [Member] | Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 30,772 | 28,196 | |||
Weighted average interest rate, percentage | 4.50% | 4.50% | 4.50% | 4.50% | |
Subsidiaries [Member] | Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2020 | ||||
Subsidiaries [Member] | Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy Subsidiaries [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2064 | ||||
Subsidiaries [Member] | Railroad, Utilities and Energy [Member] | Berkshire Hathaway Energy and Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Short-term debt | $ 3,214 | 2,516 | |||
Short-term debt, weighted average interest rate | 2.50% | 2.50% | 2.50% | 2.50% | |
Subsidiaries [Member] | Railroad, Utilities and Energy [Member] | Burlington Northern Santa Fe and subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 23,211 | $ 23,226 | |||
Weighted average interest rate, percentage | 4.60% | 4.60% | 4.60% | 4.60% | |
Subsidiaries [Member] | Railroad, Utilities and Energy [Member] | Burlington Northern Santa Fe and subsidiaries [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2020 | ||||
Subsidiaries [Member] | Railroad, Utilities and Energy [Member] | Burlington Northern Santa Fe and subsidiaries [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2097 |
Notes payable and other borro_4
Notes payable and other borrowings - Narrative (Detail) € in Millions, £ in Millions, $ in Millions, ¥ in Billions | 1 Months Ended | 12 Months Ended | ||||||||
Jan. 31, 2020USD ($) | Sep. 30, 2019JPY (¥) | Jul. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019JPY (¥) | Dec. 31, 2019GBP (£) | Dec. 31, 2019EUR (€) | |
Debt Instrument [Line Items] | ||||||||||
Notes payable and other borrowings | ¥ 430 | £ 1,750 | € 6,850 | |||||||
Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of borrowings | $ 758 | $ 1,563 | $ 1,145 | |||||||
Notes payable and other borrowings | 19,903 | 16,871 | ||||||||
Gain (loss) attributable to changes in foreign currency exchange rates | 193 | 366 | (1,008) | |||||||
Insurance and Other [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Notes payable and other borrowings | 37,590 | 34,975 | ||||||||
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Subsidiaries Excluding Berkshire Hathaway Finance Corporation [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Guarantee obligation | $ 1,200 | |||||||||
Insurance and Other [Member] | Subsidiaries [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Weighted average interest rate, percentage | 4.00% | 4.00% | 4.00% | 4.00% | ||||||
Insurance and Other [Member] | Subsidiaries [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt maturity year | 2020 | 2020 | ||||||||
Insurance and Other [Member] | Subsidiaries [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt maturity year | 2045 | 2045 | ||||||||
Insurance and Other [Member] | Senior Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of debt issued | ¥ | ¥ 430 | |||||||||
Gain (loss) attributable to changes in foreign currency exchange rates | $ 192 | 366 | $ (990) | |||||||
Insurance and Other [Member] | Senior Notes [Member] | Subsidiaries [Member] | Berkshire Hathaway Finance Corporation [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of debt issued | £ | £ 1,750 | |||||||||
Repayments of borrowings | 3,950 | |||||||||
Insurance and Other [Member] | Senior Notes [Member] | Notes Due 2024 at 0.17% [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of debt issued | ¥ | ¥ 108.5 | |||||||||
Debt instrument, interest rate, stated percentage | 0.17% | |||||||||
Debt maturity year | 2024 | |||||||||
Insurance and Other [Member] | Senior Notes [Member] | Notes Due 2026 at 0.27% [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of debt issued | ¥ | ¥ 61 | |||||||||
Debt instrument, interest rate, stated percentage | 0.27% | |||||||||
Debt maturity year | 2026 | |||||||||
Insurance and Other [Member] | Senior Notes [Member] | Notes Due 2029 at 0.44% [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of debt issued | ¥ | ¥ 146.5 | |||||||||
Debt instrument, interest rate, stated percentage | 0.44% | |||||||||
Debt maturity year | 2029 | |||||||||
Insurance and Other [Member] | Senior Notes [Member] | Notes Due 2034 at 0.787% [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of debt issued | ¥ | ¥ 19 | |||||||||
Debt instrument, interest rate, stated percentage | 0.787% | |||||||||
Debt maturity year | 2034 | |||||||||
Insurance and Other [Member] | Senior Notes [Member] | Notes Due 2039 at 0.965% [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of debt issued | ¥ | ¥ 59 | |||||||||
Debt instrument, interest rate, stated percentage | 0.965% | |||||||||
Debt maturity year | 2039 | |||||||||
Insurance and Other [Member] | Senior Notes [Member] | Notes Due 2049 at 1.108% [Member] | Berkshire Hathaway Inc. (Parent) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of debt issued | ¥ | ¥ 36 | |||||||||
Debt instrument, interest rate, stated percentage | 1.108% | |||||||||
Debt maturity year | 2049 | |||||||||
Insurance and Other [Member] | Senior Notes [Member] | Notes Due 2049 at 4.25% [Member] | Subsidiaries [Member] | Berkshire Hathaway Finance Corporation [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of debt issued | $ 2,000 | |||||||||
Debt instrument, interest rate, stated percentage | 4.25% | 4.25% | 4.25% | 4.25% | ||||||
Debt maturity year | 2049 | 2049 | ||||||||
Insurance and Other [Member] | Senior Notes [Member] | Notes Due 2039 at 2.375% [Member] | Subsidiaries [Member] | Berkshire Hathaway Finance Corporation [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of debt issued | £ | £ 1,000 | |||||||||
Debt instrument, interest rate, stated percentage | 2.375% | 2.375% | 2.375% | 2.375% | ||||||
Debt maturity year | 2039 | 2039 | ||||||||
Insurance and Other [Member] | Senior Notes [Member] | Notes Due 2059 at 2.625% [Member] | Subsidiaries [Member] | Berkshire Hathaway Finance Corporation [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of debt issued | £ | £ 750 | |||||||||
Debt instrument, interest rate, stated percentage | 2.625% | 2.625% | 2.625% | 2.625% | ||||||
Debt maturity year | 2059 | 2059 | ||||||||
Railroad, Utilities and Energy [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Notes payable and other borrowings | $ 65,778 | $ 62,515 | ||||||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy and Subsidiaries [Member] | Subsequent Event [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of debt issued | $ 725 | |||||||||
Railroad, Utilities and Energy [Member] | Debt Due 2029 To 2059 [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy and Subsidiaries [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of debt issued | $ 4,600 | |||||||||
Weighted average interest rate, percentage | 3.60% | 3.60% | 3.60% | 3.60% | ||||||
Railroad, Utilities and Energy [Member] | Debt Due 2029 To 2059 [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy and Subsidiaries [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt maturity year | 2029 | 2029 | ||||||||
Railroad, Utilities and Energy [Member] | Debt Due 2029 To 2059 [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy and Subsidiaries [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt maturity year | 2059 | 2059 | ||||||||
Railroad, Utilities and Energy [Member] | Notes Due 2030 at 2.4% [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy and Subsidiaries [Member] | Subsequent Event [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of debt issued | $ 425 | |||||||||
Debt instrument, interest rate, stated percentage | 2.40% | |||||||||
Debt maturity year | 2030 | |||||||||
Railroad, Utilities and Energy [Member] | Notes Due 2050 at 3.125% [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy and Subsidiaries [Member] | Subsequent Event [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of debt issued | $ 300 | |||||||||
Debt instrument, interest rate, stated percentage | 3.125% | |||||||||
Debt maturity year | 2050 | |||||||||
Railroad, Utilities and Energy [Member] | Senior Unsecured Debenture [Member] | Debentures Due 2048 [Member] | Subsidiaries [Member] | BNSF [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of debt issued | $ 825 | |||||||||
Debt instrument, interest rate, stated percentage | 3.55% | |||||||||
Debt maturity year | 2050 |
Notes payable and other borro_5
Notes payable and other borrowings - Credit agreements - Narrative (Detail) - Line of Credit and Commercial Paper Facilities [Member] - Subsidiaries [Member] $ in Billions | Dec. 31, 2019USD ($) |
Line of Credit Facility [Line Items] | |
Unused lines of credit available | $ 7.1 |
Berkshire Hathaway Energy and Subsidiaries [Member] | |
Line of Credit Facility [Line Items] | |
Unused lines of credit available | $ 5.6 |
Income taxes - Liabilities (Det
Income taxes - Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Currently payable | $ 24 | $ 323 |
Deferred | 65,823 | 50,503 |
Other | 952 | 549 |
Income taxes, principally deferred | $ 66,799 | $ 51,375 |
Income taxes - Narrative (Detai
Income taxes - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2018 | |
Income Taxes [Line Items] | |||
Statutory U.S. Corporate income tax rate | 21.00% | 35.00% | |
Reduction in deferred income tax liabilities related to reduction in U.S. statutory income tax rate | $ 35,600 | ||
Income tax benefit related to reduction in U.S. statutory income tax rate | 29,600 | ||
Increase in regulatory liabilities for deferred income tax liability reduction related to reduction in U.S. statutory income tax rate | 6,000 | ||
Income tax charge with respect to deemed repatriation of accumulated undistributed earnings of foreign subsidiaries | 1,400 | ||
Net income tax benefit as a result of enactment of the TCJA | $ 28,200 | ||
Unrecognized tax benefits | $ 952 | $ 549 | |
Unrecognized tax benefits that would impact effective tax rate | 795 | ||
Tax Equity Investment Funds [Member] | |||
Income Taxes [Line Items] | |||
Income tax expense for uncertain tax positions | $ 377 | ||
Tax Year 2012 [Member] | |||
Income Taxes [Line Items] | |||
Income tax examination, year under examination | 2012 | ||
Tax Year 2016 [Member] | |||
Income Taxes [Line Items] | |||
Income tax examination, year under examination | 2016 |
Income taxes - Deferred taxes (
Income taxes - Deferred taxes (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax liabilities: | ||
Investments – unrealized appreciation and cost basis differences | $ 32,134 | $ 17,765 |
Deferred charges reinsurance assumed | 2,890 | 2,970 |
Property, plant and equipment and equipment held for lease | 29,388 | 28,279 |
Goodwill and other intangible assets | 7,293 | 7,199 |
Other | 3,144 | 3,187 |
Deferred tax liabilities | 74,849 | 59,400 |
Deferred tax assets: | ||
Unpaid losses and loss adjustment expenses | (1,086) | (1,238) |
Unearned premiums | (853) | (767) |
Accrued liabilities | (1,981) | (1,956) |
Regulatory liabilities | (1,610) | (1,673) |
Other | (3,496) | (3,263) |
Deferred tax assets | (9,026) | (8,897) |
Net deferred tax liability | $ 65,823 | $ 50,503 |
Income taxes - Income tax expen
Income taxes - Income tax expense components (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income tax expense: | |||
Federal | $ 19,069 | $ (1,613) | $ (23,427) |
State | 625 | 175 | 894 |
Foreign | 1,210 | 1,117 | 1,018 |
Total income taxes | 20,904 | (321) | (21,515) |
Income tax expense: | |||
Current | 5,818 | 5,176 | 3,299 |
Deferred | 15,086 | (5,497) | (24,814) |
Total income taxes | $ 20,904 | $ (321) | $ (21,515) |
Income taxes - Income tax exp_2
Income taxes - Income tax expense reconciliation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income tax expense reconciliation | |||
Earnings before income taxes | $ 102,696 | $ 4,001 | $ 23,838 |
Hypothetical income tax expense computed at the U.S. federal statutory rate | 21,566 | 840 | 8,343 |
Dividends received deduction and tax-exempt interest | (433) | (393) | (905) |
State income taxes, less U.S. federal income tax benefit | 494 | 138 | 465 |
Foreign tax rate differences | (6) | 271 | (339) |
U.S. income tax credits | (942) | (711) | (636) |
Net benefit from the enactment of the TCJA | (302) | (28,200) | |
Other differences, net | 225 | (164) | (243) |
Total income taxes | $ 20,904 | $ (321) | $ (21,515) |
Dividend restrictions - Insur_2
Dividend restrictions - Insurance subsidiaries (Detail) - USD ($) $ in Billions | Dec. 31, 2019 | Dec. 31, 2018 |
Principal Insurance Subsidiaries [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Amount available for payment of dividends without prior regulatory approval during 2020 | $ 21 | |
United States Based Property and Casualty Insurance Subsidiaries [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Statutory shareholders' equity | $ 216 | $ 162 |
Fair value measurements - Finan
Fair value measurements - Financial assets and liabilities (Detail) € in Millions, £ in Millions, $ in Millions, ¥ in Billions | Dec. 31, 2019USD ($) | Dec. 31, 2019JPY (¥) | Dec. 31, 2019GBP (£) | Dec. 31, 2019EUR (€) | Dec. 31, 2018USD ($) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | $ 18,685 | $ 19,898 | ||||||
Investments in equity securities | 248,027 | [1] | 172,757 | [2] | ||||
Loans and finance receivables - carrying value | 17,527 | 16,280 | ||||||
Notes payable and other borrowings - carrying value | ¥ 430 | £ 1,750 | € 6,850 | |||||
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 | 65,778 | 62,515 | ||||||
Insurance and Other [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | 18,685 | 19,898 | ||||||
Investments in equity securities | 248,027 | 172,757 | ||||||
Equity method investments - carrying value | 17,505 | 17,325 | ||||||
Loans and finance receivables - carrying value | 17,527 | 16,280 | ||||||
Derivative contract liabilities | 968 | 2,452 | ||||||
Notes payable and other borrowings - carrying value | 37,590 | 34,975 | ||||||
The Kraft Heinz Company [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity method investments - carrying value | 13,800 | 13,800 | ||||||
Equity method investments | 10,500 | 14,000 | ||||||
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 | 3,090 | 4,223 | ||||||
Foreign governments [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | 8,638 | 7,502 | ||||||
Corporate bonds [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | 6,352 | 7,440 | ||||||
Other [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | 605 | 733 | ||||||
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 | 237,271 | 172,253 | ||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices (Level 1) [Member] | The Kraft Heinz Company [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity method investments | 10,456 | 14,007 | ||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices (Level 1) [Member] | U.S. Treasury, U.S. government corporations and agencies [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | 3,046 | 2,933 | ||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices (Level 1) [Member] | Foreign governments [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | 5,437 | 5,417 | ||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices (Level 1) [Member] | Other Assets [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative contract assets | [3] | 2 | ||||||
Fair Value, Measurements, Recurring [Member] | Quoted Prices (Level 1) [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 | [3] | 6 | 1 | |||||
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 | 46 | 203 | ||||||
Loans and finance receivables | 1,809 | 1,531 | ||||||
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 | 76,237 | 66,422 | ||||||
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 | 40,569 | 35,335 | ||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury, U.S. government corporations and agencies [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | 44 | 1,290 | ||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign governments [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | 3,201 | 2,085 | ||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate bonds [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | 6,350 | 7,434 | ||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | 605 | 733 | ||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other Assets [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative contract assets | [3] | 23 | 52 | |||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [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 | [3] | 59 | 101 | |||||
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 | 10,710 | 301 | ||||||
Loans and finance receivables | 16,052 | 14,846 | ||||||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Insurance and Other [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Notes payable and other borrowings | 20 | 26 | ||||||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Index Put Options [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative contract liabilities | 968 | 2,452 | ||||||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate bonds [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | 2 | 6 | ||||||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Assets [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative contract assets | [3] | 122 | 118 | |||||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [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 | [3] | 11 | 9 | |||||
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 | 248,027 | 172,757 | ||||||
Loans and finance receivables | 17,527 | 16,280 | ||||||
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 | 65,778 | 62,515 | ||||||
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 | 37,590 | 34,975 | ||||||
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 | 968 | 2,452 | ||||||
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] | ||||||||
Equity method investments | 13,757 | 13,813 | ||||||
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 | 3,090 | 4,223 | ||||||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Foreign governments [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | 8,638 | 7,502 | ||||||
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 | 6,352 | 7,440 | ||||||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Other [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | 605 | 733 | ||||||
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 | [3] | 145 | 172 | |||||
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 | [3] | 76 | 111 | |||||
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 | 248,027 | 172,757 | ||||||
Loans and finance receivables | 17,861 | 16,377 | ||||||
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 | 76,237 | 66,422 | ||||||
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 | 40,589 | 35,361 | ||||||
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 | 968 | 2,452 | ||||||
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] | ||||||||
Equity method investments | 10,456 | 14,007 | ||||||
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 | 3,090 | 4,223 | ||||||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Foreign governments [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | 8,638 | 7,502 | ||||||
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 | 6,352 | 7,440 | ||||||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Other [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | 605 | 733 | ||||||
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 | [3] | 145 | 172 | |||||
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 | [3] | $ 76 | $ 111 | |||||
[1] | Approximately 67% of the aggregate fair value was concentrated in five companies (American Express Company – $18.9 billion; Apple Inc. – $73.7 billion; Bank of America Corporation – $33.4 billion; The Coca-Cola Company – $22.1 billion and Wells Fargo & Company – $18.6 billion). | |||||||
[2] | Approximately 68% of the aggregate fair value was concentrated in five companies (American Express Company – $14.5 billion; Apple Inc. – $40.3 billion; Bank of America Corporation – $22.6 billion; The Coca-Cola Company – $18.9 billion and Wells Fargo & Company – $20.7 billion). | |||||||
[3] | Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities. |
Fair value measurements - Signi
Fair value measurements - Significant unobservable inputs (Detail) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Measurements Significant Unobservable Inputs [Line Items] | |||
Net derivative contract liabilities - Beginning Balance | $ (2,343) | $ (2,069) | $ (2,824) |
Net derivative contract liabilities - Gains (losses) included in earnings | 1,972 | (118) | 888 |
Net derivative contract liabilities - Gains (losses) included in other comprehensive income | (1) | 2 | (3) |
Net derivative contract liabilities - Gains (losses) included in regulatory assets and liabilities | (26) | 3 | (1) |
Net derivative contract liabilities - Acquisitions | 6 | 3 | |
Net derivative contract liabilities - Dispositions and settlements | (465) | (164) | (129) |
Net derivative contract liabilities - Ending Balance | (857) | (2,343) | (2,069) |
Investments in Equity and Fixed Maturity Securities [Member] | |||
Fair Value Measurements Significant Unobservable Inputs [Line Items] | |||
Beginning Balance | 7 | 6 | 17,321 |
Gains (losses) included in earnings | 404 | ||
Gains (losses) included in other comprehensive income | 1,157 | ||
Acquisitions | 10,000 | 2 | |
Dispositions and settlements | (4) | (1) | (59) |
Transfers into/out of Level 3 | (18,413) | ||
Ending Balance | $ 10,407 | $ 7 | $ 6 |
Fair value measurements - Narra
Fair value measurements - Narrative (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2019 | |
Occidental Petroleum Corporation [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Acquisition of preferred and common stock warrants | $ 10,000,000 | ||
Occidental Petroleum Corporation [Member] | Preferred Stock [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments in equity securities, description | The Occidental Preferred is redeemable at Occidental’s option beginning in 2029. | ||
Occidental Petroleum Corporation [Member] | Common Stock Warrants [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments in equity securities, description | The Occidental common stock warrants expire on the one-year anniversary on which no Occidental Preferred remains outstanding. | ||
RBI [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investment redeemed, face amount | $ 3,000,000,000 |
Fair value measurements - Other
Fair value measurements - Other information (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value of investments | $ 248,027 | [1] | $ 172,757 | [2] |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value of investments | 10,710 | $ 301 | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Option Pricing Model [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative contract liabilities, fair value | 968 | |||
Significant Unobservable Inputs (Level 3) [Member] | Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | Discounted Cash Flow [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value of investments | 10,314 | |||
Significant Unobservable Inputs (Level 3) [Member] | Common Stock Warrants [Member] | Fair Value, Measurements, Recurring [Member] | Warrant Pricing Model [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value of investments | $ 90 | |||
Significant Unobservable Inputs (Level 3) [Member] | Expected Duration [Member] | Preferred Stock [Member] | Weighted Average [Member] | Fair Value, Measurements, Recurring [Member] | Discounted Cash Flow [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable inputs, term | 10 years | |||
Significant Unobservable Inputs (Level 3) [Member] | Expected Duration [Member] | Common Stock Warrants [Member] | Weighted Average [Member] | Fair Value, Measurements, Recurring [Member] | Warrant Pricing Model [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable inputs, term | 10 years | |||
Significant Unobservable Inputs (Level 3) [Member] | Discount for Transferability Restrictions and Subordination [Member] | Preferred Stock [Member] | Weighted Average [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable inputs | 0.0375 | |||
Significant Unobservable Inputs (Level 3) [Member] | Volatility [Member] | Weighted Average [Member] | Fair Value, Measurements, Recurring [Member] | Option Pricing Model [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable inputs | 0.16 | |||
Significant Unobservable Inputs (Level 3) [Member] | Volatility [Member] | Common Stock Warrants [Member] | Weighted Average [Member] | Fair Value, Measurements, Recurring [Member] | Warrant Pricing Model [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable inputs | 0.26 | |||
[1] | Approximately 67% of the aggregate fair value was concentrated in five companies (American Express Company – $18.9 billion; Apple Inc. – $73.7 billion; Bank of America Corporation – $33.4 billion; The Coca-Cola Company – $22.1 billion and Wells Fargo & Company – $18.6 billion). | |||
[2] | Approximately 68% of the aggregate fair value was concentrated in five companies (American Express Company – $14.5 billion; Apple Inc. – $40.3 billion; Bank of America Corporation – $22.6 billion; The Coca-Cola Company – $18.9 billion and Wells Fargo & Company – $20.7 billion). |
Common stock - Narrative (Detai
Common stock - Narrative (Detail) | 12 Months Ended | |||
Dec. 31, 2019USD ($)Voteshares | Dec. 31, 2018shares | Dec. 31, 2017shares | Dec. 31, 2016shares | |
Class of Stock [Line Items] | ||||
Preferred Stock, shares authorized | 1,000,000 | |||
Preferred Stock, shares issued | 0 | |||
Economic equivalent of Class B share to Class A share | 0.0667% | |||
Common Stock Repurchase Program [Member] | ||||
Class of Stock [Line Items] | ||||
Shares repurchase, authorization description | 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. In 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, Vice Chairman of the Board, believe that the repurchase price is below Berkshire’s intrinsic value, conservatively determined. | |||
Minimum cash, cash equivalents and U.S. Treasury Bill threshold after repurchase of common stock shares, amount | $ | $ 20,000,000,000 | |||
Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Number of votes entitled per share, number | Vote | 1 | |||
Shares outstanding | 701,970 | 729,316 | 751,075 | 776,378 |
Class B [Member] | ||||
Class of Stock [Line Items] | ||||
Number of votes entitled per share, number | Vote | 0.0001 | |||
Number of shares of Class B stock obtainable from converting one Class A share | 1,500 | |||
Shares outstanding | 1,384,481,533 | 1,367,420,074 | 1,340,656,987 | 1,301,914,165 |
Equivalent Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Shares outstanding | 1,624,958 | 1,640,929 |
Common stock (Detail)
Common stock (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class A [Member] | |||
Class of Stock [Line Items] | |||
Shares issued, beginning balance | 742,213 | 762,755 | 788,058 |
Treasury shares, beginning balance | (12,897) | (11,680) | (11,680) |
Shares outstanding, beginning balance | 729,316 | 751,075 | 776,378 |
Conversions of Class A common stock to Class B common stock and exercises of replacement stock options | (22,906) | (20,542) | (25,303) |
Treasury stock acquired | (4,440) | (1,217) | |
Shares issued, ending balance | 719,307 | 742,213 | 762,755 |
Treasury shares, ending balance | (17,337) | (12,897) | (11,680) |
Shares outstanding, ending balance | 701,970 | 729,316 | 751,075 |
Class B [Member] | |||
Class of Stock [Line Items] | |||
Shares issued, beginning balance | 1,373,558,983 | 1,342,066,749 | 1,303,323,927 |
Treasury shares, beginning balance | (6,138,909) | (1,409,762) | (1,409,762) |
Shares outstanding, beginning balance | 1,367,420,074 | 1,340,656,987 | 1,301,914,165 |
Conversions of Class A common stock to Class B common stock and exercises of replacement stock options | 34,624,869 | 31,492,234 | 38,742,822 |
Treasury stock acquired | (17,563,410) | (4,729,147) | |
Shares issued, ending balance | 1,408,183,852 | 1,373,558,983 | 1,342,066,749 |
Treasury shares, ending balance | (23,702,319) | (6,138,909) | (1,409,762) |
Shares outstanding, ending balance | 1,384,481,533 | 1,367,420,074 | 1,340,656,987 |
Common stock (Parenthetical) (D
Common stock (Parenthetical) (Detail) | Dec. 31, 2019$ / 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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 348,703 | ||
Other comprehensive income, net before reclassifications | (275) | $ (2,095) | $ 22,058 |
Reclassifications before income taxes | 42 | (132) | (1,222) |
Applicable income taxes | 5 | 16 | 437 |
Ending Balance | 424,791 | 348,703 | |
Unrealized appreciation of investments, net [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 370 | 62,093 | 43,176 |
Reclassifications to retained earnings upon adoption of new accounting standards | (61,340) | ||
Other comprehensive income, net before reclassifications | 160 | (183) | 19,826 |
Reclassifications before income taxes | (62) | (253) | (1,399) |
Applicable income taxes | 13 | 53 | 490 |
Ending Balance | 481 | 370 | 62,093 |
Foreign currency translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (4,603) | (3,114) | (5,268) |
Reclassifications to retained earnings upon adoption of new accounting standards | (65) | ||
Other comprehensive income, net before reclassifications | 257 | (1,424) | 2,151 |
Reclassifications before income taxes | 3 | ||
Ending Balance | (4,346) | (4,603) | (3,114) |
Defined benefit pension plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (816) | (420) | (593) |
Reclassifications to retained earnings upon adoption of new accounting standards | 36 | ||
Other comprehensive income, net before reclassifications | (644) | (513) | 65 |
Reclassifications before income taxes | 95 | 116 | 155 |
Applicable income taxes | (4) | (35) | (47) |
Ending Balance | (1,369) | (816) | (420) |
Other AOCI transactions [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 34 | 12 | (17) |
Reclassifications to retained earnings upon adoption of new accounting standards | (6) | ||
Other comprehensive income, net before reclassifications | (48) | 25 | 16 |
Reclassifications before income taxes | 9 | 5 | 19 |
Applicable income taxes | (4) | (2) | (6) |
Ending Balance | (9) | 34 | 12 |
Accumulated other comprehensive income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (5,015) | 58,571 | 37,298 |
Reclassifications to retained earnings upon adoption of new accounting standards | (61,375) | ||
Ending Balance | $ (5,243) | $ (5,015) | $ 58,571 |
Supplemental cash flow inform_3
Supplemental cash flow information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Information [Line Items] | |||
Cash paid during the period for income taxes | $ 5,415 | $ 4,354 | $ 3,286 |
Liabilities assumed in connection with business acquisitions | 766 | 3,735 | 747 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 782 | ||
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 | 1,011 | 1,111 | 1,260 |
Railroad, Utilities and Energy [Member] | |||
Supplemental Cash Flow Information [Line Items] | |||
Cash paid during the period for interest | $ 2,879 | $ 2,867 | $ 2,828 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | $ 176,512 | $ 175,445 | |||||||||
Other revenue | 78,104 | 72,392 | |||||||||
Total revenues | $ 65,368 | $ 64,972 | $ 63,598 | $ 60,678 | $ 63,714 | $ 63,450 | $ 62,200 | $ 58,473 | 254,616 | 247,837 | $ 239,933 |
Industrial and Commercial Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 25,495 | 25,911 | |||||||||
Building Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 15,620 | 14,323 | |||||||||
Consumer Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 14,120 | 14,790 | |||||||||
Grocery and Convenience Store Distribution [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 33,057 | 33,518 | |||||||||
Food and Beverage Distribution [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 16,767 | 16,309 | |||||||||
Auto Sales [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 8,481 | 8,181 | |||||||||
Other Retail and Wholesale Distribution [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 14,512 | 14,158 | |||||||||
Service [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 33,641 | 33,304 | |||||||||
Electricity and Natural Gas [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 14,819 | 14,951 | |||||||||
Manufacturing Businesses [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 58,992 | 58,430 | |||||||||
Other revenue | 3,632 | 3,340 | |||||||||
Total revenues | 62,624 | 61,770 | |||||||||
Manufacturing Businesses [Member] | Industrial and Commercial Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 25,311 | 25,707 | |||||||||
Manufacturing Businesses [Member] | Building Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 15,620 | 14,323 | |||||||||
Manufacturing Businesses [Member] | Consumer Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 14,120 | 14,790 | |||||||||
Manufacturing Businesses [Member] | Other Retail and Wholesale Distribution [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 2,299 | 2,091 | |||||||||
Manufacturing Businesses [Member] | Service [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 1,642 | 1,519 | |||||||||
McLane Company [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 50,363 | 49,911 | |||||||||
Other revenue | 95 | 76 | |||||||||
Total revenues | 50,458 | 49,987 | |||||||||
McLane Company [Member] | Grocery and Convenience Store Distribution [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 33,057 | 33,518 | |||||||||
McLane Company [Member] | Food and Beverage Distribution [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 16,767 | 16,309 | |||||||||
McLane Company [Member] | Service [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 539 | 84 | |||||||||
Service and Retailing Businesses [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 24,940 | 24,552 | |||||||||
Other revenue | 4,459 | 4,297 | |||||||||
Total revenues | 29,399 | 28,849 | |||||||||
Service and Retailing Businesses [Member] | Industrial and Commercial Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 184 | 204 | |||||||||
Service and Retailing Businesses [Member] | Auto Sales [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 8,481 | 8,181 | |||||||||
Service and Retailing Businesses [Member] | Other Retail and Wholesale Distribution [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 12,213 | 12,067 | |||||||||
Service and Retailing Businesses [Member] | Service [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 4,062 | 4,100 | |||||||||
BNSF [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 23,302 | 23,652 | |||||||||
Other revenue | 55 | 51 | |||||||||
Total revenues | 23,357 | 23,703 | |||||||||
BNSF [Member] | Service [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 23,302 | 23,652 | |||||||||
Berkshire Hathaway Energy [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 18,915 | 18,900 | |||||||||
Other revenue | 1,181 | 1,070 | |||||||||
Total revenues | 20,096 | 19,970 | |||||||||
Berkshire Hathaway Energy [Member] | Service [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 4,096 | 3,949 | |||||||||
Berkshire Hathaway Energy [Member] | Electricity and Natural Gas [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 14,819 | 14,951 | |||||||||
Insurance Corporate And Other [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Other revenue | 68,682 | 63,558 | |||||||||
Total revenues | $ 68,682 | $ 63,558 |
Revenue from contracts with c_2
Revenue from contracts with customers transaction price allocated to remaining performance obligations (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Electricity and Natural Gas [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 6,007 |
Electricity and Natural Gas [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 871 |
Performance obligations expected to be satisfied, period | 1 year |
Electricity and Natural Gas [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 5,136 |
Performance obligations expected to be satisfied, period | |
Other Sales and Service Contracts [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 3,720 |
Other Sales and Service Contracts [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 1,158 |
Performance obligations expected to be satisfied, period | 1 year |
Other Sales and Service Contracts [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 2,562 |
Performance obligations expected to be satisfied, period |
Revenue from contracts with c_3
Revenue from contracts with customers transaction price allocated to remaining performance obligations (Detail 1) $ in Millions | Dec. 31, 2019USD ($) |
Electricity and Natural Gas [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 6,007 |
Other Sales and Service Contracts [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 3,720 |
Pension plans - Net periodic pe
Pension plans - Net periodic pension expense (Detail) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Components of net periodic pension expense | |||
Service cost | $ 224 | $ 271 | $ 273 |
Interest cost | 618 | 593 | 635 |
Expected return on plan assets | (936) | (988) | (939) |
Amortization of actuarial losses and other | 26 | 188 | 157 |
Net periodic pension expense | $ (68) | $ 64 | $ 126 |
Pension plans - Defined benefit
Pension plans - Defined benefit pension plans - Narrative (Detail) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 18,706 | $ 16,922 | $ 18,824 |
Amounts recognized in the Consolidated Balance Sheets: | |||
Funded status reflected in assets | 857 | 510 | |
Funded status reflected in liabilities | 3,067 | 2,473 | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||
2020 | 1,059 | ||
2021 | 997 | ||
2022 | 1,003 | ||
2023 | 1,009 | ||
2024 | 1,017 | ||
2025 - 2029 | 5,035 | ||
Expected contribution to pension plans during the next year | 191 | ||
Unfunded Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 1,300 | $ 1,200 |
Pension plans - Projected benef
Pension plans - Projected benefit obligation, plan assets and net funded status (Detail) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Benefit obligations | |||
Accumulated benefit obligation end of year | $ 17,542 | $ 15,886 | |
PBO beginning of year | 16,922 | 18,824 | |
Service cost | 224 | 271 | $ 273 |
Interest cost | 618 | 593 | 635 |
Benefits paid | (1,033) | (841) | |
Settlements | (167) | (434) | |
Actuarial (gains) or losses and other | 2,142 | (1,491) | |
PBO end of year | 18,706 | 16,922 | 18,824 |
Plan assets | |||
Plan assets beginning of year | 14,959 | 17,014 | |
Employer contributions | 199 | 593 | |
Benefits paid | (1,033) | (841) | |
Actual return on plan assets | 2,414 | (1,140) | |
Settlements | (167) | (456) | |
Other | 124 | (211) | |
Plan assets end of year | 16,496 | 14,959 | 17,014 |
Funded status – net liability | 2,210 | 1,963 | |
Berkshire Hathaway Energy [Member] | |||
Benefit obligations | |||
Accumulated benefit obligation end of year | 4,653 | 4,346 | |
PBO beginning of year | 4,551 | 5,207 | |
Service cost | 32 | 40 | |
Interest cost | 161 | 161 | |
Benefits paid | (257) | (208) | |
Settlements | (121) | (301) | |
Actuarial (gains) or losses and other | 532 | (348) | |
PBO end of year | 4,898 | 4,551 | 5,207 |
Plan assets | |||
Plan assets beginning of year | 4,385 | 5,129 | |
Employer contributions | 68 | 98 | |
Benefits paid | (257) | (208) | |
Actual return on plan assets | 650 | (191) | |
Settlements | (121) | (324) | |
Other | 83 | (119) | |
Plan assets end of year | 4,808 | 4,385 | 5,129 |
Funded status – net liability | 90 | 166 | |
All Other [Member] | |||
Benefit obligations | |||
Accumulated benefit obligation end of year | 12,889 | 11,540 | |
PBO beginning of year | 12,371 | 13,617 | |
Service cost | 192 | 231 | |
Interest cost | 457 | 432 | |
Benefits paid | (776) | (633) | |
Settlements | (46) | (133) | |
Actuarial (gains) or losses and other | 1,610 | (1,143) | |
PBO end of year | 13,808 | 12,371 | 13,617 |
Plan assets | |||
Plan assets beginning of year | 10,574 | 11,885 | |
Employer contributions | 131 | 495 | |
Benefits paid | (776) | (633) | |
Actual return on plan assets | 1,764 | (949) | |
Settlements | (46) | (132) | |
Other | 41 | (92) | |
Plan assets end of year | 11,688 | 10,574 | $ 11,885 |
Funded status – net liability | $ 2,120 | $ 1,797 |
Pension plans - Additional tabu
Pension plans - Additional tabular disclosures (Detail) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate applicable to pension benefit obligations | 3.10% | 3.90% | 3.30% |
Expected long-term rate of return on plan assets | 6.40% | 6.40% | 6.40% |
Rate of compensation increase | 2.50% | 2.60% | 2.80% |
Discount rate applicable to net periodic pension expense | 4.00% | 3.40% | 3.90% |
Amounts recognized in other comprehensive income: | |||
Accumulated other comprehensive income (loss), beginning of year | $ (1,184) | $ (614) | |
Amount included in net periodic pension expense | 94 | 116 | |
Actuarial gains (losses) and other | (806) | (686) | |
Accumulated other comprehensive income (loss), end of year | $ (1,896) | $ (1,184) | $ (614) |
Pension plans - Fair value of p
Pension plans - Fair value of plan assets (Detail) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 16,496 | $ 14,959 | $ 17,014 |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 412 | 1,328 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11,105 | 7,671 | |
Government Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,537 | 1,727 | |
Other Fixed Maturity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 791 | 836 | |
Investment Funds and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,651 | 3,397 | |
Quoted Prices (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11,905 | 10,692 | |
Quoted Prices (Level 1) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 309 | 1,197 | |
Quoted Prices (Level 1) [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,860 | 7,499 | |
Quoted Prices (Level 1) [Member] | Government Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,433 | 1,654 | |
Quoted Prices (Level 1) [Member] | Other Fixed Maturity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 160 | 172 | |
Quoted Prices (Level 1) [Member] | Investment Funds and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 143 | 170 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,001 | 1,899 | |
Significant Other Observable Inputs (Level 2) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 103 | 131 | |
Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 836 | 22 | |
Significant Other Observable Inputs (Level 2) [Member] | Government Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 104 | 73 | |
Significant Other Observable Inputs (Level 2) [Member] | Other Fixed Maturity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 600 | 631 | |
Significant Other Observable Inputs (Level 2) [Member] | Investment Funds and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 358 | 1,042 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 480 | 456 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 409 | 150 | |
Significant Unobservable Inputs (Level 3) [Member] | Other Fixed Maturity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 31 | 33 | |
Significant Unobservable Inputs (Level 3) [Member] | Investment Funds and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 40 | 273 | |
Investment Funds and Partnerships at Net Asset Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,110 | 1,912 | |
Investment Funds and Partnerships at Net Asset Value [Member] | Investment Funds and Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 2,110 | $ 1,912 |
Pension plans - Defined contrib
Pension plans - Defined contribution pension plans - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plan [Abstract] | |||
Contributions to defined contribution plans | $ 1,233 | $ 1,009 | $ 1,001 |
Contingencies and Commitments -
Contingencies and Commitments - Narrative (Detail) $ in Billions | Dec. 31, 2019USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Purchase commitments - 2020 | $ 15.7 |
Purchase commitments - 2021 | 5.6 |
Purchase commitments - 2022 | 3.7 |
Purchase commitments - 2023 | 2.8 |
Purchase commitments - 2024 | 2.6 |
Purchase commitments - After 2024 | 19.7 |
Estimated cost to acquire certain equity ownership interests of less than wholly-owned subsidiaries | $ 5.4 |
Business segment data - Revenue
Business segment data - Revenues (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 65,368 | $ 64,972 | $ 63,598 | $ 60,678 | $ 63,714 | $ 63,450 | $ 62,200 | $ 58,473 | $ 254,616 | $ 247,837 | $ 239,933 |
BNSF [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 23,357 | 23,703 | |||||||||
Berkshire Hathaway Energy [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 20,096 | 19,970 | |||||||||
Manufacturing Businesses [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 62,624 | 61,770 | |||||||||
McLane Company [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 50,458 | 49,987 | |||||||||
Service and Retailing Businesses [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 29,399 | 28,849 | |||||||||
Operating Businesses [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 253,997 | 247,587 | 240,342 | ||||||||
Operating Businesses [Member] | Insurance Group [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Premiums earned | 61,078 | 57,418 | 60,597 | ||||||||
Interest, dividend and other investment income | 6,615 | 5,518 | 4,865 | ||||||||
Total revenues | 67,693 | 62,936 | 65,462 | ||||||||
Operating Businesses [Member] | Insurance Group [Member] | GEICO [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Premiums earned | 35,572 | 33,363 | 29,441 | ||||||||
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Reinsurance Group [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Premiums earned | 16,341 | 15,944 | 24,013 | ||||||||
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Primary Group [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Premiums earned | 9,165 | 8,111 | 7,143 | ||||||||
Operating Businesses [Member] | BNSF [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 23,515 | 23,855 | 21,387 | ||||||||
Operating Businesses [Member] | Berkshire Hathaway Energy [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 20,114 | 19,987 | 18,854 | ||||||||
Operating Businesses [Member] | Manufacturing Businesses [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 62,730 | 61,883 | 57,645 | ||||||||
Operating Businesses [Member] | McLane Company [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 50,458 | 49,987 | 49,775 | ||||||||
Operating Businesses [Member] | Service and Retailing Businesses [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 29,487 | 28,939 | 27,219 | ||||||||
Corporate, Eliminations and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 619 | $ 250 | $ (409) |
Business segment data - Earning
Business segment data - Earnings (loss) before income taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Investment and derivative gains/losses | $ 72,607 | $ (22,455) | $ 2,128 |
Interest expense | (3,961) | (3,853) | (4,386) |
Equity method investments | 1,176 | (2,167) | 3,014 |
Earnings before income taxes | 102,696 | 4,001 | 23,838 |
Operating Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 29,250 | 29,156 | 21,370 |
Interest expense | (3,743) | (3,614) | (4,035) |
Operating Businesses [Member] | Insurance Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 7,017 | 7,513 | 1,616 |
Operating Businesses [Member] | Insurance Group [Member] | Insurance Premiums Earned [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 417 | 2,010 | (3,239) |
Operating Businesses [Member] | Insurance Group [Member] | Interest, Dividend and Other Investment Income [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 6,600 | 5,503 | 4,855 |
Operating Businesses [Member] | Insurance Group [Member] | GEICO [Member] | Insurance Premiums Earned [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 1,506 | 2,449 | (310) |
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Reinsurance Group [Member] | Insurance Premiums Earned [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | (1,472) | (1,109) | (3,648) |
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Primary Group [Member] | Insurance Premiums Earned [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 383 | 670 | 719 |
Operating Businesses [Member] | BNSF [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 7,250 | 6,863 | 6,328 |
Interest expense | (1,070) | (1,041) | (1,016) |
Operating Businesses [Member] | Berkshire Hathaway Energy [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 2,618 | 2,472 | 2,499 |
Interest expense | (1,835) | (1,777) | (2,254) |
Operating Businesses [Member] | Manufacturing Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 9,522 | 9,366 | 8,324 |
Interest expense | (752) | (690) | (679) |
Operating Businesses [Member] | McLane Company [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 288 | 246 | 299 |
Interest expense | (15) | (19) | |
Operating Businesses [Member] | Service and Retailing Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 2,555 | 2,696 | 2,304 |
Interest expense | (86) | (91) | (67) |
Segment Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Investment and derivative gains/losses | 72,607 | (22,455) | 2,128 |
Interest expense | (416) | (458) | (486) |
Equity method investments | 1,176 | (2,167) | 3,014 |
Corporate, Eliminations and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings (loss) before income taxes from operating businesses | 79 | (75) | (2,188) |
Interest expense | $ 198 | $ 219 | $ 135 |
Business segment data - Additio
Business segment data - Additional tabular disclosures (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Interest expense | $ 3,961 | $ 3,853 | $ 4,386 |
Income tax expense | 20,904 | (321) | (21,515) |
Net income tax benefit as a result of enactment of the TCJA | 28,200 | ||
Capital expenditures | 15,979 | 14,537 | 11,708 |
Depreciation of tangible assets | 7,566 | 7,284 | 6,968 |
Goodwill at year-end | 81,882 | 81,025 | 81,258 |
Assets | 817,729 | 707,794 | 702,095 |
Operating Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 3,743 | 3,614 | 4,035 |
Income tax expense | 5,336 | 5,447 | 6,030 |
Capital expenditures | 15,979 | 14,537 | 11,708 |
Depreciation of tangible assets | 8,747 | 8,386 | 7,719 |
Goodwill at year-end | 81,882 | 81,025 | 81,258 |
Identifiable assets at year-end | 664,703 | 571,410 | 565,423 |
Operating Businesses [Member] | Insurance Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Income tax expense | 1,166 | 1,374 | (71) |
Capital expenditures | 108 | 130 | 170 |
Depreciation of tangible assets | 82 | 79 | 84 |
Goodwill at year-end | 15,289 | 15,289 | 15,499 |
Identifiable assets at year-end | 364,550 | 289,746 | 294,418 |
Operating Businesses [Member] | BNSF [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 1,070 | 1,041 | 1,016 |
Income tax expense | 1,769 | 1,644 | 2,369 |
Capital expenditures | 3,608 | 3,187 | 3,256 |
Depreciation of tangible assets | 2,350 | 2,268 | 2,304 |
Goodwill at year-end | 14,851 | 14,851 | 14,845 |
Identifiable assets at year-end | 73,699 | 70,242 | 69,438 |
Operating Businesses [Member] | Berkshire Hathaway Energy [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 1,835 | 1,777 | 2,254 |
Income tax expense | (526) | (452) | 148 |
Capital expenditures | 7,364 | 6,241 | 4,571 |
Depreciation of tangible assets | 2,947 | 2,830 | 2,548 |
Goodwill at year-end | 9,979 | 9,851 | 9,935 |
Identifiable assets at year-end | 88,651 | 80,543 | 77,710 |
Operating Businesses [Member] | Manufacturing Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 752 | 690 | 679 |
Income tax expense | 2,253 | 2,188 | 2,678 |
Capital expenditures | 2,981 | 3,116 | 2,490 |
Depreciation of tangible assets | 1,951 | 1,890 | 1,839 |
Goodwill at year-end | 34,800 | 34,019 | 33,967 |
Identifiable assets at year-end | 104,437 | 99,912 | 97,753 |
Operating Businesses [Member] | McLane Company [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 15 | 19 | |
Income tax expense | 71 | 59 | 94 |
Capital expenditures | 158 | 276 | 289 |
Depreciation of tangible assets | 225 | 204 | 193 |
Goodwill at year-end | 734 | 734 | 734 |
Identifiable assets at year-end | 6,872 | 6,243 | 6,090 |
Operating Businesses [Member] | Service and Retailing Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 86 | 91 | 67 |
Income tax expense | 603 | 634 | 812 |
Capital expenditures | 1,760 | 1,587 | 932 |
Depreciation of tangible assets | 1,192 | 1,115 | 751 |
Goodwill at year-end | 6,229 | 6,281 | 6,278 |
Identifiable assets at year-end | 26,494 | 24,724 | 20,014 |
Segment Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 416 | 458 | 486 |
Investment and derivative gains/losses, tax | 15,159 | (4,673) | 742 |
Interest expense, not allocated to segments, tax | (88) | (96) | (170) |
Equity method investments, tax | 148 | (753) | 910 |
Net income tax benefit as a result of enactment of the TCJA | (28,200) | ||
Goodwill at year-end | 81,882 | 81,025 | 81,258 |
Corporate, Eliminations and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | (198) | (219) | (135) |
Income tax expense | 349 | (246) | (827) |
Identifiable assets at year-end | $ 71,144 | $ 55,359 | $ 55,414 |
Business segment data - Insuran
Business segment data - Insurance premiums by type (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property/Casualty [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written - Direct | $ 47,578 | $ 44,513 | $ 39,377 |
Premiums written - Assumed | 10,214 | 8,970 | 17,815 |
Premiums written - Ceded | (821) | (869) | (694) |
Premiums written | 56,971 | 52,614 | 56,498 |
Premiums earned - Direct | 46,540 | 43,095 | 37,755 |
Premiums earned - Assumed | 9,643 | 8,649 | 17,813 |
Premiums earned - Ceded | (851) | (825) | (677) |
Premiums earned | 55,332 | 50,919 | 54,891 |
Life/Health [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written - Direct | 839 | 1,111 | 866 |
Premiums written - Assumed | 5,046 | 5,540 | 4,925 |
Premiums written - Ceded | (45) | (49) | (47) |
Premiums written | 5,840 | 6,602 | 5,744 |
Premiums earned - Direct | 839 | 1,111 | 866 |
Premiums earned - Assumed | 4,952 | 5,438 | 4,866 |
Premiums earned - Ceded | (45) | (50) | (26) |
Premiums earned | $ 5,746 | $ 6,499 | $ 5,706 |
Business segment data - Insur_2
Business segment data - Insurance premiums by geographic area (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property/Casualty [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | $ 56,971 | $ 52,614 | $ 56,498 |
Life/Health [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 5,840 | 6,602 | 5,744 |
United States [Member] | Property/Casualty [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 50,529 | 46,146 | 50,604 |
United States [Member] | Life/Health [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 2,553 | 3,598 | 3,320 |
Asia Pacific [Member] | Property/Casualty [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 3,114 | 3,726 | 3,307 |
Asia Pacific [Member] | Life/Health [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 1,582 | 1,361 | 879 |
Western Europe [Member] | Property/Casualty [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 2,535 | 2,157 | 1,516 |
Western Europe [Member] | Life/Health [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 908 | 939 | 909 |
All Other [Member] | Property/Casualty [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | 793 | 585 | 1,071 |
All Other [Member] | Life/Health [Member] | |||
Segment Reporting Information [Line Items] | |||
Premiums written | $ 797 | $ 704 | $ 636 |
Business segment data - Narrati
Business segment data - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 65,368 | $ 64,972 | $ 63,598 | $ 60,678 | $ 63,714 | $ 63,450 | $ 62,200 | $ 58,473 | $ 254,616 | $ 247,837 | $ 239,933 |
Sales, Service and Leasing Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 140,800 | $ 139,100 | $ 132,800 | ||||||||
United States [Member] | Geographic Concentration [Member] | Sales, Service and Leasing Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration percentage | 85.00% | 84.00% | 85.00% | ||||||||
United States [Member] | Geographic Concentration [Member] | Property, Plant and Equipment and Equipment Held for Lease [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration percentage | 89.00% | ||||||||||
Railroad, Utilities and Energy [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 43,453 | $ 43,673 | $ 40,005 | ||||||||
Railroad, Utilities and Energy [Member] | United States [Member] | Geographic Concentration [Member] | Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration percentage | 96.00% | 96.00% | 95.00% |
Quarterly data (Detail)
Quarterly data (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||||||
Quarterly Financial Information [Line Items] | |||||||||||||||||||
Revenues | $ 65,368 | $ 64,972 | $ 63,598 | $ 60,678 | $ 63,714 | $ 63,450 | $ 62,200 | $ 58,473 | $ 254,616 | $ 247,837 | $ 239,933 | ||||||||
Net earnings (loss) attributable to Berkshire shareholders | 29,159 | [1] | 16,524 | [1] | 14,073 | [1] | 21,661 | [1] | (25,392) | [1] | 18,540 | [1] | 12,011 | [1] | (1,138) | [1] | $ 81,417 | $ 4,021 | $ 44,940 |
After-tax investment and derivative gains/losses | $ 24,739 | $ 8,666 | $ 7,934 | $ 16,106 | $ (28,089) | $ 11,660 | $ 5,118 | $ (6,426) | |||||||||||
Equivalent Class A [Member] | |||||||||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||||||||
Net earnings (loss) attributable to Berkshire shareholders per equivalent Class A common share | $ 17,909 | $ 10,119 | $ 8,608 | $ 13,209 | $ (15,467) | $ 11,280 | $ 7,301 | $ (692) | $ 49,828 | $ 2,446 | $ 27,326 | ||||||||
[1] | * Includes after-tax investment and derivative gains/losses as follows: 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter 2019 $ 16,106 $ 7,934 $ 8,666 $ 24,739 2018 (6,426 ) 5,118 11,660 (28,089 ) |
Condensed Financial Informati_2
Condensed Financial Information - Balance Sheets (Detail) € in Millions, £ in Millions, $ in Millions, ¥ in Billions | Dec. 31, 2019USD ($) | Dec. 31, 2019JPY (¥) | Dec. 31, 2019GBP (£) | Dec. 31, 2019EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Assets: | |||||||
Total assets | $ 817,729 | $ 707,794 | $ 702,095 | ||||
Liabilities and Shareholders’ Equity: | |||||||
Income taxes, principally deferred | 66,799 | 51,375 | |||||
Notes payable and other borrowings | ¥ 430 | £ 1,750 | € 6,850 | ||||
Total liabilities | 389,166 | 355,294 | |||||
Berkshire Hathaway shareholders’ equity | 424,791 | 348,703 | |||||
Total liabilities and shareholders' equity | 817,729 | 707,794 | |||||
Berkshire Hathaway Inc. (Parent) [Member] | |||||||
Assets: | |||||||
Cash and cash equivalents | 15,004 | 3,437 | $ 4,039 | $ 3,221 | |||
Short-term investments in U.S. Treasury Bills | 25,514 | 22,957 | |||||
Investments in and advances to/from consolidated subsidiaries | 392,162 | 328,898 | |||||
Investment in The Kraft Heinz Company | 13,757 | 13,813 | |||||
Other assets | 131 | 80 | |||||
Total assets | 446,568 | 369,185 | |||||
Liabilities and Shareholders’ Equity: | |||||||
Accounts payable, accrued interest and other liabilities | 320 | 1,507 | |||||
Income taxes, principally deferred | 1,554 | 2,104 | |||||
Notes payable and other borrowings | 19,903 | 16,871 | |||||
Total liabilities | 21,777 | 20,482 | |||||
Berkshire Hathaway shareholders’ equity | 424,791 | 348,703 | |||||
Total liabilities and shareholders' equity | $ 446,568 | $ 369,185 |
Condensed Financial Informati_3
Condensed Financial Information - Statements of Earnings and Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||||||
From consolidated subsidiaries: | |||||||||||||||||||
Investment gains (losses) | $ 71,123 | $ (22,155) | $ 1,410 | ||||||||||||||||
Equity method earnings (losses) | 1,176 | (2,167) | 3,014 | ||||||||||||||||
Total revenues | $ 65,368 | $ 64,972 | $ 63,598 | $ 60,678 | $ 63,714 | $ 63,450 | $ 62,200 | $ 58,473 | 254,616 | 247,837 | 239,933 | ||||||||
Cost and expense items: | |||||||||||||||||||
Interest expense | 3,961 | 3,853 | 4,386 | ||||||||||||||||
Income tax expense (benefit) | 20,904 | (321) | (21,515) | ||||||||||||||||
Total costs and expenses | 225,703 | 219,214 | 221,237 | ||||||||||||||||
Net earnings attributable to Berkshire Hathaway shareholders | $ 29,159 | [1] | $ 16,524 | [1] | $ 14,073 | [1] | $ 21,661 | [1] | $ (25,392) | [1] | $ 18,540 | [1] | $ 12,011 | [1] | $ (1,138) | [1] | 81,417 | 4,021 | 44,940 |
Comprehensive income attributable to Berkshire Hathaway shareholders | 81,189 | 1,810 | 66,213 | ||||||||||||||||
Berkshire Hathaway Inc. (Parent) [Member] | |||||||||||||||||||
From consolidated subsidiaries: | |||||||||||||||||||
Dividends and distributions | 15,603 | 9,658 | 5,367 | ||||||||||||||||
Undistributed earnings (losses) | 65,237 | (3,952) | 37,832 | ||||||||||||||||
Total income from consolidated subsidiaries | 80,840 | 5,706 | 43,199 | ||||||||||||||||
Investment gains (losses) | (125) | (4) | (1) | ||||||||||||||||
Equity method earnings (losses) | 493 | (2,730) | 2,938 | ||||||||||||||||
Other income | 780 | 649 | 350 | ||||||||||||||||
Total revenues | 81,988 | 3,621 | 46,486 | ||||||||||||||||
Cost and expense items: | |||||||||||||||||||
General and administrative | 122 | 216 | 159 | ||||||||||||||||
Interest expense | 591 | 601 | 522 | ||||||||||||||||
Foreign exchange (gains) losses on non-U.S. Dollar denominated debt | (193) | (366) | 1,008 | ||||||||||||||||
Income tax expense (benefit) | 51 | (851) | (143) | ||||||||||||||||
Total costs and expenses | 571 | (400) | 1,546 | ||||||||||||||||
Net earnings attributable to Berkshire Hathaway shareholders | 81,417 | 4,021 | 44,940 | ||||||||||||||||
Other comprehensive income attributable to Berkshire Hathaway shareholders | (228) | (2,211) | 21,273 | ||||||||||||||||
Comprehensive income attributable to Berkshire Hathaway shareholders | $ 81,189 | $ 1,810 | $ 66,213 | ||||||||||||||||
[1] | * Includes after-tax investment and derivative gains/losses as follows: 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter 2019 $ 16,106 $ 7,934 $ 8,666 $ 24,739 2018 (6,426 ) 5,118 11,660 (28,089 ) |
Condensed Financial Informati_4
Condensed Financial Information - Statements of Cash Flows (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | [1] | Jun. 30, 2018 | [1] | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Cash flows from operating activities: | |||||||||||||||||||
Net earnings attributable to Berkshire Hathaway shareholders | $ 29,159 | [1] | $ 16,524 | $ 14,073 | $ 21,661 | [1] | $ (25,392) | [1] | $ 18,540 | $ 12,011 | $ (1,138) | [1] | $ 81,417 | $ 4,021 | $ 44,940 | ||||
Adjustments to reconcile net earnings to cash flows from operating activities: | |||||||||||||||||||
Investment gains/losses | (71,123) | 22,155 | (1,410) | ||||||||||||||||
Income taxes payable | 15,181 | (4,957) | (24,957) | ||||||||||||||||
Other | (1,254) | 2,957 | 458 | ||||||||||||||||
Net cash flows from operating activities | 38,687 | 37,400 | 45,728 | ||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Other | (1,496) | (71) | (3,608) | ||||||||||||||||
Net cash flows from investing activities | (5,621) | (32,849) | (41,009) | ||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Acquisition of treasury stock | (4,850) | (1,346) | |||||||||||||||||
Other | (497) | (343) | (121) | ||||||||||||||||
Net cash flows from financing activities | 730 | (5,812) | (1,398) | ||||||||||||||||
Other cash flow information: | |||||||||||||||||||
Income taxes paid | 5,415 | 4,354 | 3,286 | ||||||||||||||||
Berkshire Hathaway Inc. (Parent) [Member] | |||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net earnings attributable to Berkshire Hathaway shareholders | 81,417 | 4,021 | 44,940 | ||||||||||||||||
Adjustments to reconcile net earnings to cash flows from operating activities: | |||||||||||||||||||
Investment gains/losses | 125 | 4 | 1 | ||||||||||||||||
Undistributed earnings of consolidated subsidiaries | (65,237) | 3,952 | (37,832) | ||||||||||||||||
Income taxes payable | (56) | (972) | (135) | ||||||||||||||||
Other | (693) | 3,062 | (1,234) | ||||||||||||||||
Net cash flows from operating activities | 15,556 | 10,067 | 5,740 | ||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Investments in and advances to/from consolidated subsidiaries, net | 60 | 460 | (239) | ||||||||||||||||
Purchases of U.S. Treasury Bills | (40,107) | (29,740) | (19,663) | ||||||||||||||||
Sales and maturities of U.S. Treasury Bills | 36,943 | 21,442 | 14,847 | ||||||||||||||||
Other | 737 | ||||||||||||||||||
Net cash flows from investing activities | (2,367) | (7,838) | (5,055) | ||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from borrowings | 3,967 | 17 | 1,201 | ||||||||||||||||
Repayments of borrowings | (758) | (1,563) | (1,145) | ||||||||||||||||
Acquisition of treasury stock | (4,850) | (1,346) | |||||||||||||||||
Other | 19 | 61 | 77 | ||||||||||||||||
Net cash flows from financing activities | (1,622) | (2,831) | 133 | ||||||||||||||||
Increase (decrease) in cash and cash equivalents | 11,567 | (602) | 818 | ||||||||||||||||
Cash and cash equivalents at beginning of year | $ 3,437 | $ 4,039 | 3,437 | 4,039 | 3,221 | ||||||||||||||
Cash and cash equivalents at end of year | $ 15,004 | $ 3,437 | 15,004 | 3,437 | 4,039 | ||||||||||||||
Other cash flow information: | |||||||||||||||||||
Income taxes paid | 3,531 | 2,790 | 2,076 | ||||||||||||||||
Interest paid | $ 364 | $ 388 | $ 386 | ||||||||||||||||
[1] | * Includes after-tax investment and derivative gains/losses as follows: 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter 2019 $ 16,106 $ 7,934 $ 8,666 $ 24,739 2018 (6,426 ) 5,118 11,660 (28,089 ) |
Note to Condensed Financial Inf
Note to Condensed Financial Information - Narrative (Detail) € in Millions, $ in Millions, ¥ in Billions | 1 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2019JPY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | |
Condensed Financial Statements, Captions [Line Items] | ||||||||
Debt maturities: 2020 | $ 10,420 | |||||||
Debt maturities: 2021 | 5,471 | |||||||
Debt maturities: 2022 | 4,958 | |||||||
Debt maturities: 2023 | 9,402 | |||||||
Debt maturities: 2024 | 5,080 | |||||||
Income tax net benefit - Tax Cuts and Jobs Act of 2017 | $ (28,200) | |||||||
Insurance and Other [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Debt maturities: 2020 | 4,097 | |||||||
Debt maturities: 2021 | 3,246 | |||||||
Debt maturities: 2022 | 1,609 | |||||||
Debt maturities: 2023 | 5,341 | |||||||
Debt maturities: 2024 | 2,190 | |||||||
Berkshire Hathaway Inc. (Parent) [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Principal amount of debt issued | € | € 6,850 | € 6,850 | € 6,850 | |||||
Debt maturities: 2020 | 1,122 | |||||||
Debt maturities: 2021 | 2,117 | |||||||
Debt maturities: 2022 | 613 | |||||||
Debt maturities: 2023 | 3,958 | |||||||
Debt maturities: 2024 | 2,120 | |||||||
Guarantee of subsidiary debt obligations | $ 12,200 | |||||||
Income tax net benefit - Tax Cuts and Jobs Act of 2017 | $ 550 | |||||||
Berkshire Hathaway Inc. (Parent) [Member] | Insurance and Other [Member] | Senior Notes [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Principal amount of debt issued | ¥ | ¥ 430 | |||||||
Berkshire Hathaway Inc. (Parent) [Member] | Heinz Holding Company [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Equity method investment ownership percentage after transactions | 50.00% | |||||||
Berkshire Hathaway Inc. (Parent) [Member] | The Kraft Heinz Company [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Equity method investment ownership percentage after transactions | 26.60% | 26.80% |