Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 26, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity File Number | 001-14905 | |
Entity Tax Identification Number | 47-0813844 | |
Entity Address, Address Line One | 3555 Farnam Street | |
Entity Address, City or Town | Omaha | |
Entity Address, State or Province | NE | |
Entity Address, Postal Zip Code | 68131 | |
City Area Code | 402 | |
Local Phone Number | 346-1400 | |
Entity Registrant Name | BERKSHIRE HATHAWAY INC | |
Entity Central Index Key | 0001067983 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 649,184 | |
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 | 1,370,951,744 | |
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 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 0.000 Senior Notes Due 2025 [Member] | ||
Document Information [Line Items] | ||
Security 12b Title | 0.000% Senior Notes due 2025 | |
Trading Symbol | BRK25 | |
Security Exchange Name | NYSE | |
M 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 | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |||
ASSETS | |||||
Investments in fixed maturity securities | $ 19,435 | $ 18,685 | |||
Investments in equity securities | 245,317 | [1] | 248,027 | [2] | |
Loans and finance receivables | 18,584 | 17,527 | |||
Inventories | 19,361 | 19,852 | |||
Equipment held for lease | 14,714 | 15,065 | |||
Goodwill | 71,865 | 81,882 | |||
Deferred charges under retroactive reinsurance contracts | 13,012 | 13,747 | |||
Total assets | 829,946 | 817,729 | |||
LIABILITIES | |||||
Unpaid losses and loss adjustment expenses | 78,041 | 73,019 | |||
Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts | 41,786 | 42,441 | |||
Income taxes, principally deferred | 67,340 | 66,799 | |||
Total liabilities | 410,731 | 389,166 | |||
Shareholders’ equity: | |||||
Common stock | 8 | 8 | |||
Capital in excess of par value | 35,621 | 35,658 | |||
Accumulated other comprehensive income | (5,190) | (5,243) | |||
Retained earnings | 408,791 | 402,493 | |||
Treasury stock, at cost | (24,075) | (8,125) | |||
Berkshire Hathaway shareholders’ equity | 415,155 | 424,791 | |||
Noncontrolling interests | 4,060 | 3,772 | |||
Total shareholders’ equity | 419,215 | 428,563 | |||
Total liabilities and shareholders' equity | 829,946 | 817,729 | |||
Insurance and Other [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | [3] | 23,078 | 61,151 | ||
Short-term investments in U.S. Treasury Bills | 118,906 | 63,822 | |||
Investments in fixed maturity securities | 19,435 | 18,685 | |||
Investments in equity securities | 245,317 | 248,027 | |||
Equity method investments | 17,152 | 17,505 | |||
Loans and finance receivables | 18,584 | 17,527 | |||
Other receivables | 34,389 | 32,418 | |||
Inventories | 19,361 | 19,852 | |||
Property, plant and equipment | 21,141 | 21,438 | |||
Equipment held for lease | 14,714 | 15,065 | |||
Goodwill | 47,091 | 57,052 | |||
Other intangible assets | 29,652 | 31,051 | |||
Deferred charges under retroactive reinsurance contracts | 13,012 | 13,747 | |||
Other | 14,121 | 13,232 | |||
Total assets | 635,953 | 630,572 | |||
LIABILITIES | |||||
Unpaid losses and loss adjustment expenses | 78,041 | 73,019 | |||
Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts | 41,786 | 42,441 | |||
Unearned premiums | 22,018 | 19,782 | |||
Life, annuity and health insurance benefits | 20,975 | 20,155 | |||
Other policyholder liabilities | 8,201 | 7,723 | |||
Accounts payable, accruals and other liabilities | 28,976 | 27,611 | |||
Payable for purchase of U.S. Treasury Bills | 6,795 | ||||
Derivative contract liabilities | 1,547 | 968 | |||
Aircraft repurchase liabilities and unearned lease revenues | 5,390 | 5,281 | |||
Notes payable and other borrowings | 38,891 | 37,590 | |||
Total liabilities | 252,620 | 234,570 | |||
Railroad, Utilities and Energy [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | [3] | 3,739 | 3,024 | ||
Receivables | 3,426 | 3,417 | |||
Property, plant and equipment | 140,398 | 137,838 | |||
Goodwill | 24,774 | 24,830 | |||
Regulatory assets | 2,933 | 2,881 | |||
Other | 18,723 | 15,167 | |||
Total assets | 193,993 | 187,157 | |||
LIABILITIES | |||||
Accounts payable, accruals and other liabilities | 15,050 | 14,708 | |||
Regulatory liabilities | 6,921 | 7,311 | |||
Notes payable and other borrowings | 68,800 | 65,778 | |||
Total liabilities | $ 90,771 | $ 87,797 | |||
[1] | Approximately 70% of the aggregate fair value was concentrated in four companies (American Express Company – $15.2 billion; Apple Inc. – $111.7 billion; Bank of America Corporation – $24.9 billion and The Coca-Cola Company – $19.7 billion). | ||||
[2] | Approximately 60% of the aggregate fair value was concentrated in four companies (American Express Company – $18.9 billion; Apple Inc. – $73.7 billion; Bank of America Corporation – $33.4 billion and The Coca-Cola Company – $22.1 billion). | ||||
[3] | Cash and cash equivalents includes U.S. Treasury Bills with maturities of three months or less when purchased of $2.4 billion at September 30, 2020 and $37.1 billion at December 31, 2019. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Billions | Sep. 30, 2020 | Dec. 31, 2019 |
U.S. Treasury Bills [Member] | ||
Cash equivalents | $ 2.4 | $ 37.1 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Revenues: | |||||
Sales and service revenues | $ 43,494 | $ 45,169 | $ 122,324 | $ 132,021 | |
Leasing revenues | 1,316 | 1,438 | 3,905 | 4,365 | |
Total revenues | 63,024 | 64,972 | 181,129 | 189,248 | |
Investment and derivative contract gains/losses | 31,582 | 10,926 | 1,392 | 41,296 | |
Costs and expenses: | |||||
Total costs and expenses | 56,966 | 56,053 | 172,564 | 165,585 | |
Earnings before income taxes and equity method earnings | 37,640 | 19,845 | 9,957 | 64,959 | |
Equity method earnings | 290 | 644 | 333 | 936 | |
Earnings before income taxes | 37,930 | 20,489 | 10,290 | 65,895 | |
Income tax expense | 7,517 | 3,832 | 3,167 | 13,333 | |
Net earnings | 30,413 | 16,657 | 7,123 | 52,562 | |
Earnings attributable to noncontrolling interests | 276 | 133 | 437 | 304 | |
Net earnings attributable to Berkshire Hathaway shareholders | $ 30,137 | $ 16,524 | $ 6,686 | $ 52,258 | |
Equivalent Class A [Member] | |||||
Costs and expenses: | |||||
Net earnings per average equivalent share | $ 18,994 | $ 10,119 | $ 4,160 | $ 31,944 | |
Average equivalent shares outstanding | 1,586,698 | 1,633,002 | 1,607,041 | 1,635,903 | |
Equivalent Class B [Member] | |||||
Costs and expenses: | |||||
Net earnings per average equivalent share | [1] | $ 12.66 | $ 6.75 | $ 2.77 | $ 21.30 |
Average equivalent shares outstanding | 2,380,046,304 | 2,449,502,430 | 2,410,561,550 | 2,453,854,768 | |
Insurance and Other [Member] | |||||
Revenues: | |||||
Insurance premiums earned | $ 15,913 | $ 15,323 | $ 47,256 | $ 44,505 | |
Sales and service revenues | 32,703 | 34,026 | 93,332 | 100,563 | |
Leasing revenues | 1,316 | 1,438 | 3,905 | 4,365 | |
Interest, dividend and other investment income | 1,717 | 2,483 | 6,143 | 6,895 | |
Total revenues | 51,649 | 53,270 | 150,636 | 156,328 | |
Costs and expenses: | |||||
Insurance losses and loss adjustment expenses | 11,667 | 10,858 | 32,712 | 31,701 | |
Life, annuity and health insurance benefits | 1,311 | 1,176 | 4,101 | 3,245 | |
Insurance underwriting expenses | 3,228 | 2,708 | 9,219 | 8,033 | |
Cost of sales and services | 25,957 | 26,950 | 74,565 | 79,764 | |
Cost of leasing | 854 | 1,010 | 2,605 | 3,030 | |
Selling, general and administrative expenses | 5,181 | 4,384 | 14,304 | 13,645 | |
Goodwill and intangible asset impairments | 25 | 10,659 | |||
Interest expense | 263 | 261 | 817 | 790 | |
Total costs and expenses | 48,486 | 47,347 | 148,982 | 140,208 | |
Freight Rail Transportation [Member] | |||||
Revenues: | |||||
Total revenues | 5,148 | 5,982 | 15,101 | 17,558 | |
Costs and expenses: | |||||
Expenses | 3,161 | 3,839 | 9,625 | 11,706 | |
Utilities and Energy [Member] | |||||
Revenues: | |||||
Sales and service revenues | 4,451 | 4,338 | 11,504 | 11,729 | |
Costs and expenses: | |||||
Cost of sales and other expenses | 3,101 | 2,981 | 8,326 | 8,503 | |
Railroad, Utilities and Energy [Member] | |||||
Revenues: | |||||
Service revenues and other income | 1,776 | 1,382 | 3,888 | 3,633 | |
Total revenues | 11,375 | 11,702 | 30,493 | 32,920 | |
Costs and expenses: | |||||
Other expenses | 1,481 | 1,162 | 3,422 | 2,990 | |
Interest expense | 737 | 724 | 2,209 | 2,178 | |
Total costs and expenses | $ 8,480 | $ 8,706 | $ 23,582 | $ 25,377 | |
[1] | Class B shares are economically equivalent to one-fifteen |
Consolidated Statements of Ea_2
Consolidated Statements of Earnings (Parenthetical) | Sep. 30, 2020 |
Income Statement [Abstract] | |
Economic equivalent of Class B share to Class A share | 0.0667% |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net earnings | $ 30,413 | $ 16,657 | $ 7,123 | $ 52,562 |
Other comprehensive income: | ||||
Unrealized appreciation of investments | 19 | (39) | 42 | 179 |
Applicable income taxes | (4) | 10 | (13) | (40) |
Foreign currency translation | 791 | (700) | (77) | (534) |
Applicable income taxes | (3) | 6 | 34 | 3 |
Defined benefit pension plans | (24) | (45) | 86 | 47 |
Applicable income taxes | 8 | 7 | (14) | (16) |
Other, net | 16 | 10 | (19) | (35) |
Other comprehensive income, net | 803 | (751) | 39 | (396) |
Comprehensive income | 31,216 | 15,906 | 7,162 | 52,166 |
Comprehensive income attributable to noncontrolling interests | 302 | 112 | 423 | 301 |
Comprehensive income attributable to Berkshire Hathaway shareholders | $ 30,914 | $ 15,794 | $ 6,739 | $ 51,865 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Cumulative effect, period of adoption, adjustment | Common stock and capital in excess of par value | Accumulated other comprehensive income | Retained earnings | Retained earningsCumulative effect, period of adoption, adjustment | Treasury Stock | Noncontrolling interests |
Beginning Balance at Dec. 31, 2018 | $ 352,500 | $ 35,715 | $ (5,015) | $ 321,112 | $ (3,109) | $ 3,797 | ||
Net earnings | 21,732 | 21,661 | 71 | |||||
Other comprehensive income, net | 310 | 288 | 22 | |||||
Issuance (acquisition) of common stock | (1,677) | 13 | (1,690) | |||||
Transactions with noncontrolling interests | (274) | (98) | (176) | |||||
Ending Balance at Mar. 31, 2019 | 372,591 | 35,630 | (4,727) | 342,773 | (4,799) | 3,714 | ||
Beginning Balance at Dec. 31, 2018 | 352,500 | 35,715 | (5,015) | 321,112 | (3,109) | 3,797 | ||
Net earnings | 52,562 | |||||||
Other comprehensive income, net | (396) | |||||||
Ending Balance at Sep. 30, 2019 | 401,558 | 35,620 | (5,408) | 373,334 | (5,937) | 3,949 | ||
Beginning Balance at Mar. 31, 2019 | 372,591 | 35,630 | (4,727) | 342,773 | (4,799) | 3,714 | ||
Net earnings | 14,173 | 14,073 | 100 | |||||
Other comprehensive income, net | 45 | 49 | (4) | |||||
Issuance (acquisition) of common stock | (435) | 8 | (443) | |||||
Transactions with noncontrolling interests | 17 | (20) | 37 | |||||
Ending Balance at Jun. 30, 2019 | 386,391 | 35,618 | (4,678) | 356,846 | (5,242) | 3,847 | ||
Net earnings | 16,657 | 16,524 | 133 | |||||
Other comprehensive income, net | (751) | (730) | (21) | |||||
Issuance (acquisition) of common stock | (695) | (695) | ||||||
Transactions with noncontrolling interests and other | (44) | 2 | (36) | (10) | ||||
Ending Balance at Sep. 30, 2019 | 401,558 | 35,620 | (5,408) | 373,334 | (5,937) | 3,949 | ||
Beginning Balance at Dec. 31, 2019 | $ 428,563 | $ (388) | 35,666 | (5,243) | 402,493 | $ (388) | (8,125) | 3,772 |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||
Net earnings | $ (49,697) | (49,746) | 49 | |||||
Other comprehensive income, net | (1,531) | (1,478) | (53) | |||||
Issuance (acquisition) of common stock | (1,575) | (1,575) | ||||||
Transactions with noncontrolling interests | (137) | (39) | (98) | |||||
Ending Balance at Mar. 31, 2020 | 375,235 | 35,627 | (6,721) | 352,359 | (9,700) | 3,670 | ||
Beginning Balance at Dec. 31, 2019 | 428,563 | $ (388) | 35,666 | (5,243) | 402,493 | $ (388) | (8,125) | 3,772 |
Net earnings | 7,123 | |||||||
Other comprehensive income, net | 39 | |||||||
Ending Balance at Sep. 30, 2020 | 419,215 | 35,629 | (5,190) | 408,791 | (24,075) | 4,060 | ||
Beginning Balance at Mar. 31, 2020 | 375,235 | 35,627 | (6,721) | 352,359 | (9,700) | 3,670 | ||
Net earnings | 26,407 | 26,295 | 112 | |||||
Other comprehensive income, net | 767 | 754 | 13 | |||||
Issuance (acquisition) of common stock | (5,115) | (5,115) | ||||||
Transactions with noncontrolling interests | (41) | (4) | (37) | |||||
Ending Balance at Jun. 30, 2020 | 397,253 | 35,623 | (5,967) | 378,654 | (14,815) | 3,758 | ||
Net earnings | 30,413 | 30,137 | 276 | |||||
Other comprehensive income, net | 803 | 777 | 26 | |||||
Issuance (acquisition) of common stock | (9,260) | (9,260) | ||||||
Transactions with noncontrolling interests | 6 | 6 | ||||||
Ending Balance at Sep. 30, 2020 | $ 419,215 | $ 35,629 | $ (5,190) | $ 408,791 | $ (24,075) | $ 4,060 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | ||
Cash flows from operating activities: | |||
Net earnings | $ 7,123 | $ 52,562 | |
Adjustments to reconcile net earnings to operating cash flows: | |||
Investment (gains) losses | (2,032) | (40,079) | |
Depreciation and amortization | 7,692 | 7,407 | |
Other, including asset impairment charges | 10,934 | (1,740) | |
Changes in operating assets and liabilities: | |||
Losses and loss adjustment expenses | 4,480 | 3,252 | |
Deferred charges reinsurance assumed | 735 | 745 | |
Unearned premiums | 2,544 | 2,663 | |
Receivables and originated loans | (3,223) | (3,618) | |
Other assets | (1,673) | (2,419) | |
Other liabilities | 2,446 | (889) | |
Income taxes | 201 | 8,726 | |
Net cash flows from operating activities | 29,227 | 26,610 | |
Cash flows from investing activities: | |||
Purchases of equity securities | (22,406) | (15,090) | |
Sales of equity securities | 28,564 | 7,127 | |
Purchases of U.S. Treasury Bills and fixed maturity securities | (153,897) | (72,189) | |
Sales of U.S. Treasury Bills and fixed maturity securities | 23,744 | 13,602 | |
Redemptions and maturities of U.S. Treasury Bills and fixed maturity securities | 81,252 | 94,742 | |
Purchases of loans and finance receivables | (619) | (57) | |
Collections of loans and finance receivables | 268 | 259 | |
Acquisitions of businesses, net of cash acquired | (111) | (732) | |
Purchases of property, plant and equipment and equipment held for lease | (9,516) | (11,139) | |
Other | (1,685) | (1,067) | |
Net cash flows from investing activities | (54,406) | 15,456 | |
Cash flows from financing activities: | |||
Changes in short term borrowings, net | (1,062) | 165 | |
Acquisition of treasury stock | (15,712) | (2,807) | |
Other | (196) | (341) | |
Net cash flows from financing activities | (11,676) | 2,509 | |
Effects of foreign currency exchange rate changes | (340) | (95) | |
Increase (decrease) in cash and cash equivalents and restricted cash | (37,195) | 44,480 | |
Cash and cash equivalents and restricted cash at beginning of year | 64,632 | 30,811 | |
Cash and cash equivalents and restricted cash at end of third quarter * | 27,437 | 75,291 | |
Restricted cash, included in other assets at beginning of year | 457 | 450 | |
Restricted cash, included in other assets at end of third quarter | $ 620 | $ 515 | |
Restricted Cash and Cash Equivalents, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsMember | us-gaap:OtherAssetsMember | |
Insurance and Other [Member] | |||
Cash flows from financing activities: | |||
Proceeds from borrowings | $ 3,435 | $ 8,141 | |
Repayments of borrowings | (2,116) | (5,046) | |
Cash and cash equivalents at beginning of year | 61,151 | [1] | 27,749 |
Cash and cash equivalents at end of third quarter | 23,078 | [1] | 71,064 |
Railroad, Utilities and Energy [Member] | |||
Cash flows from financing activities: | |||
Proceeds from borrowings | 6,424 | 4,163 | |
Repayments of borrowings | (2,449) | (1,766) | |
Cash and cash equivalents at beginning of year | 3,024 | [1] | 2,612 |
Cash and cash equivalents at end of third quarter | $ 3,739 | [1] | $ 3,712 |
[1] | Cash and cash equivalents includes U.S. Treasury Bills with maturities of three months or less when purchased of $2.4 billion at September 30, 2020 and $37.1 billion at December 31, 2019. |
General
General | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
General | Note 1. General The accompanying unaudited Consolidated Financial Statements include the accounts of Berkshire Hathaway Inc. (“Berkshire” or “Company”) consolidated with the accounts of all its subsidiaries and affiliates in which Berkshire holds controlling financial interests as of the financial statement date. In these notes, the terms “us,” “we” or “our” refer to Berkshire and its consolidated subsidiaries. Reference is made to Berkshire’s most recently issued Annual Report on Form 10-K (“Annual Report”), which includes information necessary or useful to understanding Berkshire’s businesses and financial statement presentations. Our significant accounting policies and practices were presented as Note 1 to the Consolidated Financial Statements included in the Annual Report. Changes to those policies due to the adoption of new accounting standards are described in Note 2. Financial information in this Quarterly Report reflects all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary to a fair statement of results for the interim periods in accordance with accounting principles generally accepted in the United States (“GAAP”). For a number of reasons, our results for interim periods are not normally indicative of results to be expected for the year. The timing and magnitude of catastrophe losses incurred by insurance subsidiaries and the estimation error inherent to the process of determining liabilities for unpaid losses of insurance subsidiaries can be more significant to results of interim periods than to results for a full year. Given the size of our equity security investment portfolio, changes in market prices and the related changes in unrealized gains on equity securities will produce significant volatility in our interim and annual earnings. In addition, changes in the fair values of certain derivative contract liabilities, gains and losses from the periodic revaluation of certain assets and liabilities denominated in foreign currencies and the magnitude of asset impairment charges can cause significant variations in periodic net earnings. The novel coronavirus (“COVID-19”) spread rapidly across the world in 2020 and was declared a pandemic by the World Health Organization. The government and private sector responses to contain its spread began to significantly affect our operating businesses in March. COVID-19 has since adversely affected nearly all of our operations, although the effects are varying significantly. The duration and extent of the effects over longer terms cannot be reasonably estimated at this time. The risks and uncertainties resulting from the pandemic that may affect our future earnings, cash flows and financial condition include the time necessary to develop and produce a safe and effective vaccine that can be widely distributed throughout the world and the long-term effect on the demand for certain of our products and services. Accordingly, significant estimates used in the preparation of our financial statements including those associated with evaluations of certain long-lived assets, goodwill and other intangible assets for impairment, expected credit losses on amounts owed to us and the estimations of certain losses assumed under insurance and reinsurance contracts may be subject to significant adjustments in future periods. Additionally, GEICO’s underwriting results will likely be negatively affected over the remainder of the year and in the first quarter of 2021, as the remaining impact of the GEICO Giveback program (a program whereby all voluntary auto and motorcycle insurance policies renewed and newly issued during the period between April 8, 2020 and October 7, 2020 receive a 15% premium rate reduction) will be reflected in earned premiums during these periods. |
New accounting pronouncements
New accounting pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Changes And Error Corrections [Abstract] | |
New accounting pronouncements | Note 2. New accounting pronouncements We adopted Accounting Standards Codification (“ASC”) 326 “Financial Instruments-Credit Losses” on January 1, 2020. ASC 326 provides for the measurement of expected credit losses on financial assets that are carried at amortized cost based on the net amounts expected to be collected. Measurements of expected credit losses therefore include provisions for non-collection, whether the risk is probable or remote. Prior to the adoption of ASC 326, credit losses were measured when non-collection was considered probable based on the prevailing facts and circumstances. We elected to not measure an allowance for expected credit losses on accrued interest and instead reverse uncollectible accrued interest through interest income on a timely basis. Upon adoption of ASC 326, we recorded a charge to retained earnings of $388 million representing the cumulative after-tax increase in our allowances for credit losses, which was primarily related to our manufactured housing loans. Expected credit losses for such financial assets are based on the net present value of future principal payments less estimated expenses related to the charge-off and foreclosure of expected uncollectible loans and include provisions for loans that are not in foreclosure. Our principal credit quality indicator is whether the loans are performing. Expected credit loss estimates consider historical default rates, collateral recovery rates, historical runoff rates, interest rates, reductions of future cash flows for modified loans, the historical time elapsed from last payment until foreclosure, among other matters. In addition, our estimates consider current conditions and reasonable and supportable forecasts. Notes to Consolidated Financial Statements (Continued) Note 2. New accounting pronouncements (Continued) Trade receivables, insurance premium receivables and other receivables are primarily short-term in duration with stated collection terms of less than one year from the date of origination. In establishing credit loss allowances for such receivables, we primarily utilize credit loss history. However, credit loss allowances may be adjusted as a result of current conditions and when we expect reasonable and supportable forecasts to deviate from historical experience. In evaluating expected credit losses of reinsurance recoverables, we review the credit quality of the counterparty and consider credit ratings, right-of-offset provisions within reinsurance contracts and other forms of credit enhancement including, collateral, funds held arrangements, guarantees, as well as other publicly available information. We adopted ASU 2017-04 “Simplifying the Test for Goodwill Impairment” as of January 1, 2020. Under ASU 2017-04, the measurement of a goodwill impairment is represented by the excess of the carrying value over the fair value of the reporting unit and is limited to the carrying value of goodwill. 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 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. |
Investments in fixed maturity s
Investments in fixed maturity securities | 9 Months Ended |
Sep. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Investments in fixed maturity securities | Note 3. Investments in fixed maturity securities Investments in fixed maturity securities as of September 30, 2020 and December 31, 2019 are summarized by type below (in millions). Amortized Cost Unrealized Gains Unrealized Losses Fair Value September 30, 2020 U.S. Treasury, U.S. government corporations and agencies $ 3,311 $ 66 $ — $ 3,377 Foreign governments 9,898 82 (11 ) 9,969 Corporate bonds 5,125 455 (6 ) 5,574 Other 447 70 (2 ) 515 $ 18,781 $ 673 $ (19 ) $ 19,435 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 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 September 30, 2020, 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 as of September 30, 2020 are summarized below by contractual maturity dates (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 $ 9,847 $ 7,885 $ 302 $ 405 $ 342 $ 18,781 Fair value 9,887 8,030 349 764 405 19,435 |
Investments in equity securitie
Investments in equity securities | 9 Months Ended |
Sep. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Investments in equity securities | Notes to Consolidated Financial Statements (Continued) Note 4. Investments in equity securities Investments in equity securities as of September 30, 2020 and December 31, 2019 are summarized in the tables below (in millions). Cost Basis Net Unrealized Gains Fair Value September 30, 2020* Banks, insurance and finance $ 27,145 $ 29,065 $ 56,210 Consumer products 37,016 98,022 135,038 Commercial, industrial and other 41,468 12,601 54,069 $ 105,629 $ 139,688 $ 245,317 * Approximately 70% of the aggregate fair value was concentrated in four companies (American Express Company – $15.2 billion; Apple Inc. – $111.7 billion; Bank of America Corporation – $24.9 billion and The Coca-Cola Company – $19.7 billion). 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 60% of the aggregate fair value was concentrated in four companies (American Express Company – $18.9 billion; Apple Inc. – $73.7 billion; Bank of America Corporation – $33.4 billion and The Coca-Cola Company – $22.1 billion). On August 8, 2019, Berkshire invested a total of $10 billion in Occidental Corporation (“Occidental”) newly issued Occidental Cumulative Perpetual Preferred Stock with an aggregate liquidation value of $10 billion, and warrants to purchase up to 80 million shares of Occidental common stock at an exercise price of $62.50 per share. In accordance with the terms of the warrants, on August 3, 2020, the number of shares of common stock that can be purchased was increased to 83.86 million shares and the exercise price was reduced to $59.62 per share. The preferred stock accrues dividends at 8% per annum and is redeemable at the option of Occidental commencing in 2029 at a redemption price equal to 105% of the liquidation preference plus any accumulated and unpaid dividends, 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. Our investments in Occidental are included in the commercial, industrial and other category in the preceding tables. |
Equity method investments
Equity method investments | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity method investments | Note 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. Shares of Kraft Heinz common stock are publicly-traded and the fair value of our investment was approximately $9.7 billion at September 30, 2020 and $10.5 billion at December 31, 2019. The carrying value of our investment was approximately $13.1 billion at September 30, 2020 and $13.8 billion at December 31, 2019. Notes to Consolidated Financial Statements (Continued) Note 5. Equity method investments (Continued) Berkshire’s equity method earnings from Kraft Heinz were $159 million in the third quarter of 2020. Equity method losses from Kraft Heinz were $180 million in the first nine months of 2020, which included approximately $850 million for our proportionate share of goodwill and identifiable intangible asset impairment charges recorded by Kraft Heinz. As previously disclosed in Berkshire’s Form 10-Q for the third quarter of 2019, Kraft Heinz’s financial statements for the first and second quarters of 2019 were not available until August 13, 2019 when Kraft Heinz filed financial statements for those periods with the Securities and Exchange Commission. Thus, Berkshire did not record equity method earnings attributable to Kraft Heinz for each of those periods until the third quarter of 2019. Berkshire’s equity method earnings in the third quarter and first nine months of 2019 included $467 million with respect to Kraft Heinz’s results for the first nine months of 2019, of which $228 million was attributable to Kraft Heinz’s results for the first six months of 2019. Berkshire’s equity method share of the Kraft Heinz goodwill and identifiable intangible asset impairment charges for the first nine months of 2019 was $293 million. We received dividends on the common stock of $391 million in each of the first nine months of 2020 and 2019, which were recorded as reductions to the carrying value of our investment. As of September 30, 2020, the carrying value of our investment in Kraft Heinz exceeded the fair value based on the quoted market price by $3.4 billion (26% of carrying value). 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 future periods based on changes in facts and circumstances or intentions. Summarized consolidated financial information of Kraft Heinz follows (in millions). September 26, 2020 December 28, 2019 Assets $ 98,122 $ 101,450 Liabilities 48,783 49,701 Third Quarter First Nine Months 2020 2019 2020 2019 Sales $ 6,441 $ 6,076 $ 19,246 $ 18,441 Net earnings (loss) attributable to Kraft Heinz common shareholders* 597 899 (676 ) 1,753 * 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 $4.1 billion as of September 30, 2020 and $3.7 billion as of December 31, 2019. Our equity method earnings from these entities in the first nine months were $513 million in 2020 and $491 million in 2019. 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 September 30, 2020, 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. 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. In 2017, we acquired a 38.6% interest in Pilot, headquartered in Knoxville, Tennessee. Pilot is the largest operator of travel centers in North America, supplying more than 11 billion gallons of fuel per year via more than 950 retail locations across 44 U.S. states and six Canadian provinces and through wholesale distribution. 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 an additional 41.4% interest in Pilot in 2023, 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 | 9 Months Ended |
Sep. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Investment gains/losses | Note 6. Investment gains/losses Investment gains/losses in the third quarter and first nine months of 2020 and 2019 are summarized as follows (in millions). Third Quarter First Nine Months 2020 2019 2020 2019 Equity securities: Unrealized investment gains during the period on securities held at the end of the period $ 30,837 $ 10,489 $ 16,458 $ 39,546 Investment gains/losses on securities sold during the period 1,330 135 (13,901 ) 464 32,167 10,624 2,557 40,010 Fixed maturity securities: Gross realized gains 12 59 53 71 Gross realized losses (2 ) (2 ) (22 ) (18 ) Other (552 ) 11 (556 ) 16 $ 31,625 $ 10,692 $ 2,032 $ 40,079 Equity securities gains and losses include unrealized gains and losses from changes in fair values during the period on equity securities we still own, as well as gains and losses on securities we sold during the period. As reflected in the Consolidated Statements of Cash Flows, we received proceeds from sales of equity securities of approximately $28.6 billion in the first nine months of 2020 and $7.1 billion in the first nine months of 2019. In the preceding table, investment gains/losses on equity securities sold during the period reflect the difference between the sales proceeds and the fair value of the equity securities sold at the beginning of the applicable quarterly or annual period or, if later, the purchase date. Our taxable gains/losses on equity securities sold are generally the difference between the proceeds from sales and original cost. Taxable gains were $3.9 billion in the third quarter and $666 million in first nine months of 2020. Taxable gains were $609 million in the third quarter and $1.96 billion in first nine months of 2019. |
Loans and finance receivables
Loans and finance receivables | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Loans and finance receivables | Note 7. Loans and finance receivables Loans and finance receivables are summarized as follows (in millions). September 30, 2020 December 31, 2019 Loans and finance receivables before allowances and discounts $ 19,832 $ 18,199 Allowances for credit losses (731 ) (167 ) Unamortized acquisition discounts and points (517 ) (505 ) $ 18,584 $ 17,527 Loans and finance receivables are principally installment loans originated or acquired by our manufactured housing business. Reconciliations of the allowance for credit losses on loans and finance receivables for each of the first nine months of 2020 and 2019 follow (in millions). 2020 2019 Balance at beginning of year $ 167 $ 177 Adoption of ASC 326 486 — Provision for credit losses 177 109 Charge-offs, net of recoveries (99 ) (103 ) Balance at September 30 $ 731 $ 183 Notes to Consolidated Financial Statements (Continued) Note 7. Loans and finance receivables (Continued) As of September 30, 2020, approximately 99% of manufactured housing loan balances were evaluated collectively for impairment. As of September 30, 2020, we considered approximately 97% of the loan balances to be current as to payment status. A summary of performing and non-performing manufactured housing loans before discounts and allowances by year of loan origination as of September 30, 2020 follows (in millions). Loans and Financing Receivables by Origination Year 2020 2019 2018 2017 2016 Prior Total Performing $ 3,328 $ 2,603 $ 1,983 $ 1,471 $ 1,314 $ 6,918 $ 17,617 Non-performing 3 4 6 7 8 49 77 Total $ 3,331 $ 2,607 $ 1,989 $ 1,478 $ 1,322 $ 6,967 $ 17,694 We are party to an agreement with Seritage Growth Properties to provide a $2.0 billion term loan facility, which expires on July 31, 2023. The outstanding loan under the facility was approximately $1.6 billion at September 30, 2020 and December 31, 2019, and is secured by mortgages on real estate properties. In the first quarter of 2020, we provided a loan to Lee Enterprises, Inc. in connection with its acquisition of our newspaper operations and the repayment of its then outstanding credit facilities. The loan balance at September 30, 2020 was $538 million. We are the sole lender to each of these entities and each of these loans is current as to payment status. |
Other receivables
Other receivables | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Other receivables | Note 8. Other receivables Other receivables of insurance and other businesses are comprised of the following (in millions). September 30, 2020 December 31, 2019 Insurance premiums receivable $ 15,379 $ 13,379 Reinsurance recoverable on unpaid losses 2,857 2,855 Trade receivables 11,840 12,275 Other 4,916 4,327 Allowances for credit losses (603 ) (418 ) $ 34,389 $ 32,418 Receivables of railroad and utilities and energy businesses are comprised of the following (in millions). September 30, 2020 December 31, 2019 Trade receivables $ 3,245 $ 3,120 Other 305 388 Allowances for credit losses (124 ) (91 ) $ 3,426 $ 3,417 Provisions for credit losses on receivables summarized in the preceding tables were $449 million in the first nine months of 2020. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 9. Inventories Inventories are comprised of the following (in millions). September 30, 2020 December 31, 2019 Raw materials $ 4,705 $ 4,492 Work in process and other 2,712 2,700 Finished manufactured goods 4,645 4,821 Goods acquired for resale 7,299 7,839 $ 19,361 $ 19,852 |
Property, plant and equipment i
Property, plant and equipment including equipment held for lease | 9 Months Ended |
Sep. 30, 2020 | |
Property, plant and equipment including equipment held for lease | Note 10. Property, plant and equipment A summary of property, plant and equipment of our insurance and other businesses follows (in millions). September 30, 2020 December 31, 2019 Land, buildings and improvements $ 13,555 $ 13,259 Machinery and equipment 24,765 24,285 Furniture, fixtures and other 4,689 4,666 43,009 42,210 Accumulated depreciation (21,868 ) (20,772 ) $ 21,141 $ 21,438 A summary of property, plant and equipment of railroad and utilities and energy businesses follows (in millions). The utility generation, transmission and distribution systems and interstate natural gas pipeline assets are owned by regulated public utility and natural gas pipeline subsidiaries. September 30, 2020 December 31, 2019 Railroad: Land, track structure and other roadway $ 63,318 $ 62,404 Locomotives, freight cars and other equipment 13,477 13,482 Construction in progress 1,075 748 77,870 76,634 Accumulated depreciation (12,724 ) (12,101 ) 65,146 64,533 Utilities and energy: Utility generation, transmission and distribution systems 82,743 81,127 Interstate natural gas pipeline assets 8,281 8,165 Independent power plants and other assets 8,952 8,817 Construction in progress 5,132 3,732 105,108 101,841 Accumulated depreciation (29,856 ) (28,536 ) 75,252 73,305 $ 140,398 $ 137,838 Depreciation expense for the first nine months of 2020 and 2019 is summarized below (in millions). First Nine Months 2020 2019 Insurance and other $ 1,725 $ 1,660 Railroad, utilities and energy 4,105 3,881 $ 5,830 $ 5,541 |
Equipment held for lease [Member] | |
Property, plant and equipment including equipment held for lease | Notes to Consolidated Financial Statements (Continued) Note 11. Equipment held for lease Equipment held for lease includes railcars, aircraft, over-the-road trailers, intermodal tank containers, cranes, storage units and furniture. A summary of equipment held for lease follows (in millions). September 30, 2020 December 31, 2019 Railcars $ 9,396 $ 9,260 Aircraft 8,061 8,093 Other 4,887 4,862 22,344 22,215 Accumulated depreciation (7,630 ) (7,150 ) $ 14,714 $ 15,065 Depreciation expense for equipment held for lease in the first nine months was $900 million in 2020 and $880 million in 2019. Operating lease revenues by type for the third quarter and first nine months of 2020 and 2019 were as follows (in millions). Third Quarter First Nine Months 2020 2019 2020 2019 Fixed lease revenue $ 1,047 $ 1,097 $ 3,205 $ 3,289 Variable lease revenue 269 341 700 1,076 $ 1,316 $ 1,438 $ 3,905 $ 4,365 |
Goodwill and other intangible a
Goodwill and other intangible assets | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | Note 12. Goodwill and other intangible assets Reconciliations of the changes in the carrying value of goodwill for the first nine months of 2020 and for the year ended December 31, 2019 follow (in millions). September 30, 2020 December 31, 2019 Balance at beginning of year $ 81,882 $ 81,025 Acquisitions of businesses 25 890 Impairment charges (10,021 ) — Other, including foreign currency translation (21 ) (33 ) Balance at end of period $ 71,865 $ 81,882 Other intangible assets and related accumulated amortization are summarized as follows (in millions). September 30, 2020 December 31, 2019 Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Insurance and other: Customer relationships $ 27,344 $ 5,548 $ 27,943 $ 5,025 Trademarks and trade names 5,193 774 5,286 759 Patents and technology 4,720 3,255 4,560 3,032 Other 3,319 1,347 3,364 1,286 $ 40,576 $ 10,924 $ 41,153 $ 10,102 Railroad, utilities and energy: Customer relationships $ 678 $ 352 $ 678 $ 324 Trademarks, trade names and other 325 91 325 84 $ 1,003 $ 443 $ 1,003 $ 408 Notes to Consolidated Financial Statements (Continued) Note 12. Goodwill and other intangible assets (Continued) Intangible asset amortization expense in the first nine months was $962 million in 2020 and $986 million in 2019. Intangible assets with indefinite lives were $18.3 billion as of September 30, 2020 and $19.0 billion as of December 31, 2019 and primarily related to certain customer relationships and trademarks and trade names. During the second quarter of 2020, we concluded it was necessary to reevaluate goodwill and indefinite-lived intangible assets of certain of our reporting units for impairment due to the disruptions arising from the COVID-19 pandemic. We believed that the most significant of these disruptions related to the air travel and commercial aerospace and supporting industries. We recorded pre-tax goodwill impairment charges of approximately $10 billion and pre-tax indefinite-lived intangible asset impairment charges of $638 million in the second quarter of 2020. Approximately $10 billion of these charges related to Precision Castparts Corp. (“PCC”), the largest business within Berkshire's manufacturing segment. The carrying value of PCC-related goodwill and indefinite-lived intangible assets prior to the impairment charges was approximately $31 billion. The amounts of the impairment charges were determined based on discounted cash flow methods and reflect our current assessments of the risks and uncertainties associated with the aerospace industry. Significant judgment is required in estimating the fair value of a reporting unit and in performing impairment tests. Due to the inherent uncertainty in forecasting cash flows and earnings, actual results in the future may vary significantly from the forecasts. Disruptions arising from the COVID-19 pandemic will likely continue to evolve and the effects on our businesses may differ from what we currently estimate. If the effects prove to be worse than is reflected in our current estimates, additional goodwill or indefinite-lived intangible asset impairment charges could be required. |
Derivative contracts
Derivative contracts | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative contracts | Note 13. Derivative contracts We are party to derivative contracts through certain of our subsidiaries. The most significant derivative contracts consist of equity index put option contracts. The liabilities and related notional values of these contracts follow (in millions). Liabilities Notional Value September 30, 2020 $ 1,547 $ 12,472 December 31, 2019 968 14,385 The equity index put option contracts are European style options written prior to March 2008 on four major equity indexes. Notional value in the preceding table represents the aggregate undiscounted amounts payable assuming the value of each index is zero at each contract’s expiration date. Certain contracts are denominated in foreign currencies and the related notional amounts are based on the foreign currency exchange rates as of the balance sheet date. These contracts produced pre-tax losses of $43 million in the third quarter and $640 million in the first nine months of 2020 and pre-tax gains of $234 million in the third quarter and $1,217 million in the first nine months of 2019. Substantially all open contracts as of September 30, 2020 will expire by February 2023. The weighted average life of unexpired contracts at September 30, 2020 was approximately 1.25 years. Future payments, if any, under any given contract will be required if the prevailing index value is below the contract strike price at the contract expiration date. We received aggregate premiums of $2.1 billion on the contract inception dates with respect to unexpired contracts as of September 30, 2020 and we have no counterparty credit risk. The aggregate intrinsic value (the undiscounted liability assuming the contracts are settled based on the index values and foreign currency exchange rates as of the balance sheet date) was $1.2 billion at September 30, 2020 and $397 million at December 31, 2019. These contracts may not be unilaterally terminated or fully settled before the contract expiration dates and the ultimate amount of cash basis gains or losses will not be determined until the contract expiration dates. Our regulated utility subsidiaries are exposed to variations in the prices of fuel required to generate electricity, wholesale electricity purchased and sold and natural gas supplied for customers. We may use forward purchases and sales, futures, swaps and options to manage a portion of these price risks. Most of the net derivative contract assets or liabilities of our regulated utilities are probable of recovery through rates and are offset by regulatory liabilities or assets. |
Unpaid losses and loss adjustme
Unpaid losses and loss adjustment expenses | 9 Months Ended |
Sep. 30, 2020 | |
Insurance [Abstract] | |
Unpaid losses and loss adjustment expenses | Notes to Consolidated Financial Statements (Continued) Note 14. Unpaid losses and loss adjustment expenses Our liabilities for unpaid losses and loss adjustment expenses (also referred to as “claim liabilities”) under property and casualty insurance and reinsurance contracts are based upon estimates of the ultimate claim costs associated with claim occurrences as of the balance sheet date and include estimates for incurred-but-not-reported (“IBNR”) claims. A reconciliation of the changes in claim liabilities, excluding liabilities under retroactive reinsurance contracts (see Note 15), for each of the nine months ending September 30, 2020 and 2019 follows (in millions). 2020 2019 Balances at beginning of year: Gross liabilities $ 73,019 $ 68,458 Reinsurance recoverable on unpaid losses (2,855 ) (3,060 ) Net liabilities 70,164 65,398 Incurred losses and loss adjustment expenses: Current accident year events 31,777 31,179 Prior accident years’ events 69 (396 ) Total 31,846 30,783 Paid losses and loss adjustment expenses: Current accident year events (11,691 ) (13,144 ) Prior accident years’ events (15,259 ) (13,967 ) Total (26,950 ) (27,111 ) Foreign currency translation adjustment 124 (178 ) Balances at September 30: Net liabilities 75,184 68,892 Reinsurance recoverable on unpaid losses 2,857 3,105 Gross liabilities $ 78,041 $ 71,997 Incurred losses and loss adjustment expenses shown in the preceding table were recorded in earnings and related to insured events occurring in the current year (“current accident year”) and events occurring in all prior years (“prior accident years”). We recorded a net increase in estimated ultimate liabilities for prior accident years of $69 million in the first nine months of 2020 and a net decrease of $396 million in the first nine months of 2019, which produced a corresponding increase and decrease in incurred losses and loss adjustment expenses. These changes in the ultimate liability estimates as percentages of the net liabilities at the beginning of each year were relatively insignificant. In the first nine months of 2020, we reduced estimated ultimate liabilities for prior years’ loss events for primary insurance by $273 million and increased estimates for reinsurance liabilities by $342 million. The net decrease for primary insurance was primarily attributable to lower than anticipated private passenger automobile, medical professional liability and workers’ compensation claims. The net increase related to reinsurance included increased claims estimates for legacy casualty exposures. In the first nine months of 2019, the net decrease in estimated ultimate liabilities for prior accident years was primarily attributable to private passenger automobile, medical professional liability and workers’ compensation claims, partly offset by increased liabilities for legacy casualty exposures and other commercial insurance business. |
Retroactive reinsurance contrac
Retroactive reinsurance contracts | 9 Months Ended |
Sep. 30, 2020 | |
Insurance [Abstract] | |
Retroactive reinsurance contracts | Notes to Consolidated Financial Statements (Continued) Note 15. Retroactive reinsurance contracts Retroactive reinsurance policies provide indemnification of losses and loss adjustment expenses of short-duration insurance contracts with respect to underlying loss events that occurred prior to the contract inception date. Claims payments may commence immediately after the contract inception 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 nine months ending September 30, 2020 and 2019 follow (in millions). 2020 2019 Unpaid losses and loss adjustment expenses Deferred charges reinsurance assumed Unpaid losses and loss adjustment expenses Deferred charges reinsurance assumed Balances at beginning of year $ 42,441 $ (13,747 ) $ 41,834 $ (14,104 ) Incurred losses and loss adjustment expenses: Current year contracts — — 175 (82 ) Prior years’ contracts 131 735 (2 ) 827 Total 131 735 173 745 Paid losses and loss adjustment expenses (786 ) — (643 ) — Balances at September 30 $ 41,786 $ (13,012 ) $ 41,364 $ (13,359 ) Incurred losses and loss adjustment expenses, net of deferred charges $ 866 $ 918 In the preceding table, classifications of incurred losses and loss adjustment expenses are based on the inception dates of the contracts. Incurred losses and loss adjustment expenses in the first nine months related to contracts written in prior years were $866 million in 2020 and $825 million in 2019. Such losses reflected the recurring amortization of deferred charges and the effects of changes in the estimated timing and amount of future loss payments. Berkshire’s subsidiary, National Indemnity Company (“NICO”), is party to a contract with various subsidiaries of American International Group, Inc. (collectively, “AIG”), in which NICO’s ultimate liability is contractually limited to $20 billion. Our estimated ultimate claim liabilities with respect to the AIG contract at both September 30, 2020 and December 31, 2019 were $18.2 billion. Deferred charge assets related to the AIG contract were approximately $5.8 billion at September 30, 2020 and $6.3 billion at December 31, 2019. |
Notes payable and other borrowi
Notes payable and other borrowings | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Notes payable and other borrowings | Note 16. Notes payable and other borrowings Notes payable and other borrowings are summarized below (dollars in millions). The weighted average interest rates and maturity date ranges shown in the following tables are based on borrowings as of September 30, 2020. Weighted Average Interest Rate September 30, 2020 December 31, 2019 Insurance and other: Berkshire Hathaway Inc. (“Berkshire”): U.S. Dollar denominated due 2020-2047 3.2 % $ 8,320 $ 8,324 Euro denominated due 2021-2035 1.0 % 7,986 7,641 Japanese Yen denominated due 2023-2060 0.6 % 5,902 3,938 Berkshire Hathaway Finance Corporation (“BHFC”): U.S. Dollar denominated due 2020-2049 4.1 % 8,829 8,679 Great Britain Pound denominated due 2039-2059 2.5 % 2,218 2,274 Other subsidiary borrowings due 2020-2045 4.2 % 4,676 5,262 Subsidiary short-term borrowings 2.7 % 960 1,472 $ 38,891 $ 37,590 Notes to Consolidated Financial Statements (Continued) Note 16. Notes payable and other borrowings (Continued) In March 2020, Berkshire repaid €1.0 billion of maturing senior notes and issued €1.0 billion of 0.0% senior notes due in 2025. In April 2020, Berkshire issued ¥195.5 billion (approximately $1.8 billion) of senior notes with maturity dates ranging from 2023 to 2060 and a weighted average interest rate of 1.07%. 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. BHFC borrowings are fully and unconditionally guaranteed by Berkshire. In the first nine months of 2020, BHFC repaid $350 million of maturing senior notes and issued $500 million of 1.85% senior notes due in 2030. In October 2020, BHFC repaid $550 million of maturing senior notes and issued $2.5 billion of senior notes consisting of $750 million of 1.45% senior notes due in 2030 and $1.75 billion of 2.85% senior notes due in 2050. The carrying values of Berkshire and BHFC non-U.S. Dollar denominated senior notes (€6.85 billion, £1.75 billion and ¥625.5 billion par) reflect the applicable foreign currency 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 losses of $549 million in the third quarter and $447 million in the first nine months of 2020 and pre-tax gains of $383 million in the third quarter and $447 million in the first nine months of 2019. In addition to BHFC borrowings, Berkshire guaranteed approximately $1.2 billion of other subsidiary borrowings at September 30, 2020. 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 Interest Rate September 30, 2020 December 31, 2019 Railroad, utilities and energy: Berkshire Hathaway Energy Company (“BHE”) and subsidiaries: BHE senior unsecured debt due 2021-2050 4.5 % $ 11,462 $ 8,581 Subsidiary and other debt due 2020-2064 4.3 % 31,693 30,772 Short-term borrowings 1.8 % 2,400 3,214 Burlington Northern Santa Fe and subsidiaries due 2020-2097 4.6 % 23,245 23,211 $ 68,800 $ 65,778 BHE subsidiary debt represents amounts issued pursuant to separate financing agreements. Substantially all of the assets of certain BHE subsidiaries are, or may be, pledged or encumbered to support or otherwise secure such debt. These borrowing arrangements generally contain various covenants, which pertain to leverage ratios, interest coverage ratios and/or debt service coverage ratios. During the first nine months of 2020, BHE and its subsidiaries issued new term debt of approximately $5.5 billion with maturity dates ranging from 2025 to 2062 and a weighted average interest rate of 3.4%. In the first nine months of 2020, BHE and its subsidiaries repaid $1.9 billion of debt and reduced short-term borrowings. On October 29, 2020, BHE issued $500 million of 1.65% senior notes due in 2031 and $1.5 billion of 2.85% senior notes due in 2051. BNSF’s borrowings are primarily senior unsecured debentures. In April 2020, BNSF issued $575 million of 3.05% senior unsecured debentures due in 2051. During the first nine months of 2020, BNSF repaid $541 million of debt. As of September 30, 2020, 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 September 30, 2020, our subsidiaries had unused lines of credit and commercial paper capacity aggregating approximately $9.5 billion to support short-term borrowing programs and provide additional liquidity. Such unused lines of credit included approximately $7.8 billion related to BHE and its subsidiaries. |
Fair value measurements
Fair value measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Notes to Consolidated Financial Statements (Continued) Note 17. Fair value measurements Our financial assets and liabilities are summarized below as of September 30, 2020 and December 31, 2019, with fair values shown according to the fair value hierarchy (in millions). The carrying values of cash and cash equivalents, U.S. Treasury Bills, other receivables and accounts payable, accruals and other liabilities are considered to be reasonable estimates of their fair values. Carrying Value Fair Value Quoted Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2020 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and agencies $ 3,377 $ 3,377 $ 3,331 $ 46 $ — Foreign governments 9,969 9,969 6,890 3,079 — Corporate bonds 5,574 5,574 — 5,574 — Other 515 515 — 515 — Investments in equity securities 245,317 245,317 236,804 38 8,475 Investment in Kraft Heinz common stock 13,101 9,747 9,747 — — Loans and finance receivables 18,584 19,737 — 2,509 17,228 Derivative contract assets (1) 261 261 2 64 195 Derivative contract liabilities: Railroad, utilities and energy (1) 109 109 5 93 11 Equity index put options 1,547 1,547 — — 1,547 Notes payable and other borrowings: Insurance and other 38,891 43,439 — 43,426 13 Railroad, utilities and energy 68,800 84,315 — 84,315 — 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 — (1) Notes to Consolidated Financial Statements (Continued) Note 17. 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 the nine months ended September 30, 2020 and 2019 follow (in millions). Gains (losses) included in: Balance at beginning of year Earnings Regulatory assets and liabilities Acquisitions, dispositions and settlements Balance at September 30 Investments in fixed maturity and equity securities: 2020 $ 10,407 $ (2,235 ) $ — $ (2 ) $ 8,170 2019 7 499 — 10,002 10,508 Net derivative contract liabilities: 2020 (857 ) (72 ) (36 ) (398 ) (1,363 ) 2019 (2,343 ) 1,528 (41 ) (282 ) (1,138 ) Quantitative information as of September 30, 2020 with respect to significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follows (dollars in millions). Fair Value Principal Valuation Techniques Unobservable Inputs Weighted Average Investments in equity securities: Preferred stock $ 8,159 Discounted cash flow Expected duration 9 years Discount for transferability restrictions and subordination 375 basis points Common stock warrants 10 Warrant pricing model Expected duration 9 years Volatility 28% Derivative contract liabilities 1,547 Option pricing model Volatility 20% Investments in equity securities in the preceding table include our investments in Occidental Preferred and Occidental common stock warrants. See Note 4 for information regarding these investments. These investments are subject to contractual restrictions on transferability and may contain provisions that 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 and the effects of subordination in liquidation. 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. Notes to Consolidated Financial Statements (Continued) Note 17. Fair value measurements (Continued) Our equity index put option derivative 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. As described in Note 12, we recorded goodwill and indefinite-lived intangible asset impairment charges in the second quarter of 2020. These charges reflected our estimates of fair values of the related reporting units for goodwill and of the indefinite-lived intangible assets, and the related measurements are considered Level 3 measurements. In estimating fair values of reporting units and indefinite-lived intangible assets, we consider the available facts and circumstances concerning the reporting unit and the industries in which it operates. The key assumptions and inputs we generally use in such determinations include forecasting revenues and expenses, cash flows and capital expenditures, as well as the selection of a discount rate and other inputs. These inputs also include our qualitative assessment of risks and uncertainties. We utilized discounted cash flow/earnings methods to develop our estimates of the fair values and we also considered other publicly available information. Estimates of the fair value of reporting units can be significantly affected by expectations of the severity, duration or long-term effects of the COVID-19 pandemic on the reporting unit’s business, which we cannot reliably predict at this time. Consequently, fair value estimates in such instances may be subject to wide variations. We concluded it was appropriate to reflect the increased risks and uncertainties precipitated by the pandemic through a combination of increases in discount rates and reductions to operating and long-term growth assumptions. We also incorporated forecasted operating results that were reduced from what was used in estimating fair value in connection with the 2019 annual impairment test conducted during the fourth quarter. |
Common stock
Common stock | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Common stock | Note 18. Common stock Changes i Class A, $5 Par Value (1,650,000 shares authorized) Class B, $0.0033 Par Value (3,225,000,000 shares authorized) Issued Treasury Outstanding Issued Treasury Outstanding Balances at December 31, 2019 719,307 (17,337 ) 701,970 1,408,183,852 (23,702,319 ) 1,384,481,533 Conversions of Class A common stock to Class B common stock (39,694 ) — (39,694 ) 59,541,000 — 59,541,000 Treasury stock acquired — (11,330 ) (11,330 ) — (64,487,462 ) (64,487,462 ) Balances at September 30, 2020 679,613 (28,667 ) 650,946 1,467,724,852 (88,189,781 ) 1,379,535,071 Each Class A common share is entitled to one vote per share. Class B common stock possesses dividend and distribution rights equal to one-fifteen-hundredth one-ten-thousandth Since we have two classes of common stock, we provide earnings per share data on the Consolidated Statements of Earnings for average equivalent Class A shares outstanding and average equivalent Class B shares outstanding. Class B shares are economically equivalent to one-fifteen-hundredth (1/1,500) (1/1,500) Berkshire’s common stock repurchase program permits Berkshire to repurchase its Class A and Class B 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 Bills holdings below $20 billion. The repurchase program does not obligate Berkshire to repurchase any specific dollar amount or number of Class A or Class B shares and there is no expiration date to the program. |
Income taxes
Income taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Note 19. Income taxes Our consolidated effective income tax rates were 19.8% for the third quarter and 30.8% for the first nine months of 2020 and 18.7% for the third quarter and 20.2% for the first nine months of 2019. Our effective income tax rate normally reflects recurring benefits from dividends-received deductions applicable to investments in equity securities and production tax credits related to wind-powered electricity generation placed in service in the U.S. Our periodic effective income tax rate will also vary due to the changes in mix of pre-tax earnings, the magnitude of gains or losses with respect to our investments in equity securities and of non-deductible goodwill impairment charges and other expenses and the underlying income tax rates applicable in the various taxing jurisdictions. |
Accumulated other comprehensive
Accumulated other comprehensive income | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Accumulated other comprehensive income | Note 20. Accumulated other comprehensive income A summary of the net changes in after-tax accumulated other comprehensive income attributable to Berkshire Hathaway shareholders for the nine months ending September 30, 2020 and 2019 follows (in millions). Unrealized appreciation of investments, net Foreign currency translation Defined benefit pension plans Other Accumulated other comprehensive income First nine months of 2020 Balance at beginning of year $ 481 $ (4,346 ) $ (1,369 ) $ (9 ) $ (5,243 ) Other comprehensive income, net 29 (28 ) 67 (15 ) 53 Balance at end of period $ 510 $ (4,374 ) $ (1,302 ) $ (24 ) $ (5,190 ) First nine months of 2019 Balance at beginning of year $ 370 $ (4,603 ) $ (816 ) $ 34 $ (5,015 ) Other comprehensive income, net 137 (534 ) 33 (29 ) (393 ) Balance at end of period $ 507 $ (5,137 ) $ (783 ) $ 5 $ (5,408 ) |
Supplemental cash flow informat
Supplemental cash flow information | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental cash flow information | Note 21. Supplemental cash flow information A summary of supplemental cash flow information is presented in the following table (in millions). First Nine Months 2020 2019 Cash paid during the period for: Income taxes $ 2,715 $ 4,395 Interest: Insurance and other 892 879 Railroad, utilities and energy 2,174 2,149 Non-cash investing and financing activities: Non-cash acquisition of equity securities 430 — |
Contingencies and commitments
Contingencies and commitments | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies and commitments | Note 22. Contingencies and commitments We are parties in a variety of legal actions that routinely arise out of the normal course of business, including legal actions seeking to establish liability directly through insurance contracts or indirectly through reinsurance contracts issued by Berkshire subsidiaries. Plaintiffs occasionally seek punitive or exemplary damages. We do not believe that such normal and routine litigation will have a material effect on our financial condition or results of operations. Berkshire and certain of its subsidiaries are also involved in other kinds of legal actions, some of which assert or may assert claims or seek to impose fines and penalties. We believe that any liability that may arise as a result of other pending legal actions will not have a material effect on our consolidated financial condition or results of operations. In July 2020, Berkshire Hathaway Energy (“BHE”) reached a definitive agreement with Dominion Energy, Inc. (“Dominion”) to acquire substantially all of Dominion’s natural gas transmission and storage business, which includes more than 7,700 miles of natural gas transmission pipelines, about 900 billion cubic feet of operated natural gas storage capacity and partial ownership of a liquefied natural gas export, import and storage facility. The agreement provided for an aggregate acquisition price of approximately $4.0 billion and that BHE would also assume approximately $5.7 billion of existing asset-related long-term debt. Notes to Consolidated Financial Statements (Continued) Note 22. Contingencies and commitments (Continued) On October 5, 2020, BHE and Dominion agreed, as permitted under the acquisition agreement, to provide for the acquisition of all originally agreed upon businesses, except for certain pipeline assets (the “Excluded Assets”), for approximately $2.7 billion in cash and BHE’s assumption of approximately $5.3 billion of debt. This acquisition was completed on November 1, 2020. In addition, on October 5, 2020, BHE and Dominion entered into a second acquisition agreement providing for BHE’s acquisition of the Excluded Assets for approximately $1.3 billion in cash and BHE’s assumption of approximately $0.4 billion of debt. The closing of this acquisition is subject to receiving necessary regulatory approvals and other customary closing conditions and is expected to occur in early 2021. |
Revenues from contracts with cu
Revenues from contracts with customers | 9 Months Ended |
Sep. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenues from contracts with customers | Note 23. Revenues from contracts with customers We recognize revenue 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 third quarter and first nine months of 2020 and 2019 (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 considered to be revenues from contracts with customers under GAAP. Manufacturing McLane Company Service and Retail BNSF Berkshire Hathaway Energy Insurance, Corporate and other Total Three months ending September 30, 2020 Manufactured products: Industrial and commercial products $ 4,889 $ — $ 54 $ — $ — $ — $ 4,943 Building products 4,322 — — — — — 4,322 Consumer products 4,036 — — — — — 4,036 Grocery and convenience store distribution — 7,905 — — — — 7,905 Food and beverage distribution — 3,968 — — — — 3,968 Auto sales — — 2,195 — — — 2,195 Other retail and wholesale distribution 599 — 3,182 — — — 3,781 Service 370 144 865 5,135 1,474 — 7,988 Electricity and natural gas — — — — 4,356 — 4,356 Total 14,216 12,017 6,296 5,135 5,830 — 43,494 Other revenues 929 23 966 14 396 17,202 19,530 $ 15,145 $ 12,040 $ 7,262 $ 5,149 $ 6,226 $ 17,202 $ 63,024 Nine months ending September 30, 2020 Manufactured products: Industrial and commercial products $ 15,639 $ — $ 143 $ — $ — $ — $ 15,782 Building products 11,682 — — — — — 11,682 Consumer products 10,373 — — — — — 10,373 Grocery and convenience store distribution — 23,051 — — — — 23,051 Food and beverage distribution — 11,561 — — — — 11,561 Auto sales — — 5,999 — — — 5,999 Other retail and wholesale distribution 1,691 — 8,735 — — — 10,426 Service 1,105 398 2,460 15,059 3,238 — 22,260 Electricity and natural gas — — — — 11,190 — 11,190 Total 40,490 35,010 17,337 15,059 14,428 — 122,324 Other revenues 2,686 69 2,884 42 964 52,160 58,805 $ 43,176 $ 35,079 $ 20,221 $ 15,101 $ 15,392 $ 52,160 $ 181,129 Notes to Consolidated Financial Statements (Continued) Note 23. Revenues from contracts with customers (Continued) Manufacturing McLane Company Service and Retail BNSF Berkshire Hathaway Energy Insurance, Corporate and other Total Three months ending September 30, 2019 Manufactured products: Industrial and commercial products $ 6,346 $ — $ 44 $ — $ — $ — $ 6,390 Building products 4,101 — — — — — 4,101 Consumer products 3,528 — — — — — 3,528 Grocery and convenience store distribution — 8,298 — — — — 8,298 Food and beverage distribution — 4,202 — — — — 4,202 Auto sales — — 2,250 — — — 2,250 Other retail and wholesale distribution 524 — 2,946 — — — 3,470 Service 445 80 1,034 5,967 1,191 — 8,717 Electricity and natural gas — — — — 4,213 — 4,213 Total 14,944 12,580 6,274 5,967 5,404 — 45,169 Other revenues 937 24 1,080 15 316 17,431 19,803 $ 15,881 $ 12,604 $ 7,354 $ 5,982 $ 5,720 $ 17,431 $ 64,972 Nine months ending September 30, 2019 Manufactured products: Industrial and commercial products $ 19,308 $ — $ 136 $ — $ — $ — $ 19,444 Building products 11,796 — — — — — 11,796 Consumer products 10,487 — — — — — 10,487 Grocery and convenience store distribution — 24,375 — — — — 24,375 Food and beverage distribution — 12,648 — — — — 12,648 Auto sales — — 6,312 — — — 6,312 Other retail and wholesale distribution 1,602 — 8,959 — — — 10,561 Service 1,222 123 3,068 17,517 3,139 — 25,069 Electricity and natural gas — — — — 11,329 — 11,329 Total 44,415 37,146 18,475 17,517 14,468 — 132,021 Other revenues 2,715 68 3,323 41 894 50,186 57,227 $ 47,130 $ 37,214 $ 21,798 $ 17,558 $ 15,362 $ 50,186 $ 189,248 A summary of the transaction price allocated to the significant unsatisfied remaining performance obligations relating to contracts with expected durations in excess of one year as of September 30, 2020 follows (in millions). Performance obligations expected to be satisfied: Less than 12 months Greater than 12 months Total Electricity and natural gas $ 1,642 $ 5,379 $ 7,021 Other sales and service contracts 1,206 2,457 3,663 |
Business segment data
Business segment data | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Business segment data | Note 24. 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. Revenues and earnings before income taxes by segment for the third quarter and first nine months of 2020 and 2019 were as follows (in millions). Third Quarter First Nine Months 2020 2019 2020 2019 Revenues of Operating Businesses Insurance: Underwriting: GEICO $ 8,540 $ 8,996 $ 26,689 $ 26,487 Berkshire Hathaway Primary Group 2,490 2,387 7,103 6,825 Berkshire Hathaway Reinsurance Group 4,883 3,940 13,464 11,193 Investment income 1,223 1,789 4,486 4,930 Total insurance 17,136 17,112 51,742 49,435 BNSF 5,176 6,021 15,195 17,676 Berkshire Hathaway Energy 6,226 5,720 15,392 15,362 Manufacturing 15,170 15,897 43,238 47,173 McLane Company 12,040 12,604 35,079 37,214 Service and retailing 7,279 7,378 20,272 21,865 63,027 64,732 180,918 188,725 Reconciliation of segments to consolidated amount Corporate, eliminations and other (3 ) 240 211 523 $ 63,024 $ 64,972 $ 181,129 $ 189,248 Third Quarter First Nine Months 2020 2019 2020 2019 Earnings Before Income Taxes of Operating Businesses Insurance: Underwriting: GEICO $ 276 $ 376 $ 3,320 $ 1,539 Berkshire Hathaway Primary Group (126 ) 153 (63 ) 290 Berkshire Hathaway Reinsurance Group (441 ) 52 (2,033 ) (305 ) Investment income 1,220 1,782 4,480 4,916 Total insurance 929 2,363 5,704 6,440 BNSF 1,777 1,941 4,855 5,379 Berkshire Hathaway Energy 1,122 1,061 2,074 2,194 Manufacturing 2,255 2,484 5,765 7,205 McLane Company 96 50 205 220 Service and retailing 779 639 1,745 2,005 6,958 8,538 20,348 23,443 Reconciliation of segments to consolidated amount Investment and derivative gains/losses 31,582 10,926 1,392 41,296 Interest expense, not allocated to segments (116 ) (96 ) (363 ) (312 ) Equity method investments 290 644 333 936 Goodwill and intangible asset impairments (25 ) — (10,659 ) — Corporate, eliminations and other (759 ) 477 (761 ) 532 $ 37,930 $ 20,489 $ 10,290 $ 65,895 |
New accounting pronouncements (
New accounting pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Changes And Error Corrections [Abstract] | |
New accounting pronouncements | We adopted Accounting Standards Codification (“ASC”) 326 “Financial Instruments-Credit Losses” on January 1, 2020. ASC 326 provides for the measurement of expected credit losses on financial assets that are carried at amortized cost based on the net amounts expected to be collected. Measurements of expected credit losses therefore include provisions for non-collection, whether the risk is probable or remote. Prior to the adoption of ASC 326, credit losses were measured when non-collection was considered probable based on the prevailing facts and circumstances. We elected to not measure an allowance for expected credit losses on accrued interest and instead reverse uncollectible accrued interest through interest income on a timely basis. Upon adoption of ASC 326, we recorded a charge to retained earnings of $388 million representing the cumulative after-tax increase in our allowances for credit losses, which was primarily related to our manufactured housing loans. Expected credit losses for such financial assets are based on the net present value of future principal payments less estimated expenses related to the charge-off and foreclosure of expected uncollectible loans and include provisions for loans that are not in foreclosure. Our principal credit quality indicator is whether the loans are performing. Expected credit loss estimates consider historical default rates, collateral recovery rates, historical runoff rates, interest rates, reductions of future cash flows for modified loans, the historical time elapsed from last payment until foreclosure, among other matters. In addition, our estimates consider current conditions and reasonable and supportable forecasts. Notes to Consolidated Financial Statements (Continued) Note 2. New accounting pronouncements (Continued) Trade receivables, insurance premium receivables and other receivables are primarily short-term in duration with stated collection terms of less than one year from the date of origination. In establishing credit loss allowances for such receivables, we primarily utilize credit loss history. However, credit loss allowances may be adjusted as a result of current conditions and when we expect reasonable and supportable forecasts to deviate from historical experience. In evaluating expected credit losses of reinsurance recoverables, we review the credit quality of the counterparty and consider credit ratings, right-of-offset provisions within reinsurance contracts and other forms of credit enhancement including, collateral, funds held arrangements, guarantees, as well as other publicly available information. We adopted ASU 2017-04 “Simplifying the Test for Goodwill Impairment” as of January 1, 2020. Under ASU 2017-04, the measurement of a goodwill impairment is represented by the excess of the carrying value over the fair value of the reporting unit and is limited to the carrying value of goodwill. 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 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. |
Investments in fixed maturity_2
Investments in fixed maturity securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of investments in securities with fixed maturities | Investments in fixed maturity securities as of September 30, 2020 and December 31, 2019 are summarized by type below (in millions). Amortized Cost Unrealized Gains Unrealized Losses Fair Value September 30, 2020 U.S. Treasury, U.S. government corporations and agencies $ 3,311 $ 66 $ — $ 3,377 Foreign governments 9,898 82 (11 ) 9,969 Corporate bonds 5,125 455 (6 ) 5,574 Other 447 70 (2 ) 515 $ 18,781 $ 673 $ (19 ) $ 19,435 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 |
Schedule of amortized cost and estimated fair value of securities with fixed maturities | The amortized cost and estimated fair value of fixed maturity securities as of September 30, 2020 are summarized below by contractual maturity dates (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 $ 9,847 $ 7,885 $ 302 $ 405 $ 342 $ 18,781 Fair value 9,887 8,030 349 764 405 19,435 |
Investments in equity securit_2
Investments in equity securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of investments in equity securities | Investments in equity securities as of September 30, 2020 and December 31, 2019 are summarized in the tables below (in millions). Cost Basis Net Unrealized Gains Fair Value September 30, 2020* Banks, insurance and finance $ 27,145 $ 29,065 $ 56,210 Consumer products 37,016 98,022 135,038 Commercial, industrial and other 41,468 12,601 54,069 $ 105,629 $ 139,688 $ 245,317 * Approximately 70% of the aggregate fair value was concentrated in four companies (American Express Company – $15.2 billion; Apple Inc. – $111.7 billion; Bank of America Corporation – $24.9 billion and The Coca-Cola Company – $19.7 billion). 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 60% of the aggregate fair value was concentrated in four companies (American Express Company – $18.9 billion; Apple Inc. – $73.7 billion; Bank of America Corporation – $33.4 billion and The Coca-Cola Company – $22.1 billion). |
Equity method investments (Tabl
Equity method investments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Summarized unaudited financial information of Kraft Heinz | Summarized consolidated financial information of Kraft Heinz follows (in millions). September 26, 2020 December 28, 2019 Assets $ 98,122 $ 101,450 Liabilities 48,783 49,701 Third Quarter First Nine Months 2020 2019 2020 2019 Sales $ 6,441 $ 6,076 $ 19,246 $ 18,441 Net earnings (loss) attributable to Kraft Heinz common shareholders* 597 899 (676 ) 1,753 * |
Investment gains_losses (Tables
Investment gains/losses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of investment gains and losses | Investment gains/losses in the third quarter and first nine months of 2020 and 2019 are summarized as follows (in millions). Third Quarter First Nine Months 2020 2019 2020 2019 Equity securities: Unrealized investment gains during the period on securities held at the end of the period $ 30,837 $ 10,489 $ 16,458 $ 39,546 Investment gains/losses on securities sold during the period 1,330 135 (13,901 ) 464 32,167 10,624 2,557 40,010 Fixed maturity securities: Gross realized gains 12 59 53 71 Gross realized losses (2 ) (2 ) (22 ) (18 ) Other (552 ) 11 (556 ) 16 $ 31,625 $ 10,692 $ 2,032 $ 40,079 |
Loans and finance receivables (
Loans and finance receivables (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Loans and Finance Receivables [Member] | |
Schedule of receivables | Loans and finance receivables are summarized as follows (in millions). September 30, 2020 December 31, 2019 Loans and finance receivables before allowances and discounts $ 19,832 $ 18,199 Allowances for credit losses (731 ) (167 ) Unamortized acquisition discounts and points (517 ) (505 ) $ 18,584 $ 17,527 |
Schedule of reconciliation of allowance for credit losses on loans and finance receivables | Loans and finance receivables are principally installment loans originated or acquired by our manufactured housing business. Reconciliations of the allowance for credit losses on loans and finance receivables for each of the first nine months of 2020 and 2019 follow (in millions). 2020 2019 Balance at beginning of year $ 167 $ 177 Adoption of ASC 326 486 — Provision for credit losses 177 109 Charge-offs, net of recoveries (99 ) (103 ) Balance at September 30 $ 731 $ 183 |
Manufactured Housing Loan Balances [Member] | |
Summary of performing and non-performing manufactured housing loans before discounts and allowances by year of loan origination | A summary of performing and non-performing manufactured housing loans before discounts and allowances by year of loan origination as of September 30, 2020 follows (in millions). Loans and Financing Receivables by Origination Year 2020 2019 2018 2017 2016 Prior Total Performing $ 3,328 $ 2,603 $ 1,983 $ 1,471 $ 1,314 $ 6,918 $ 17,617 Non-performing 3 4 6 7 8 49 77 Total $ 3,331 $ 2,607 $ 1,989 $ 1,478 $ 1,322 $ 6,967 $ 17,694 |
Other receivables (Tables)
Other receivables (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Insurance and Other [Member] | |
Schedule of receivables | Other receivables of insurance and other businesses are comprised of the following (in millions). September 30, 2020 December 31, 2019 Insurance premiums receivable $ 15,379 $ 13,379 Reinsurance recoverable on unpaid losses 2,857 2,855 Trade receivables 11,840 12,275 Other 4,916 4,327 Allowances for credit losses (603 ) (418 ) $ 34,389 $ 32,418 |
Railroad, Utilities and Energy [Member] | |
Schedule of receivables | Receivables of railroad and utilities and energy businesses are comprised of the following (in millions). September 30, 2020 December 31, 2019 Trade receivables $ 3,245 $ 3,120 Other 305 388 Allowances for credit losses (124 ) (91 ) $ 3,426 $ 3,417 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories are comprised of the following (in millions). September 30, 2020 December 31, 2019 Raw materials $ 4,705 $ 4,492 Work in process and other 2,712 2,700 Finished manufactured goods 4,645 4,821 Goods acquired for resale 7,299 7,839 $ 19,361 $ 19,852 |
Property, plant and equipment_2
Property, plant and equipment including equipment held for lease (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Schedule of depreciation expense | Depreciation expense for the first nine months of 2020 and 2019 is summarized below (in millions). First Nine Months 2020 2019 Insurance and other $ 1,725 $ 1,660 Railroad, utilities and energy 4,105 3,881 $ 5,830 $ 5,541 |
Insurance and Other [Member] | |
Schedule of property, plant and equipment | A summary of property, plant and equipment of our insurance and other businesses follows (in millions). September 30, 2020 December 31, 2019 Land, buildings and improvements $ 13,555 $ 13,259 Machinery and equipment 24,765 24,285 Furniture, fixtures and other 4,689 4,666 43,009 42,210 Accumulated depreciation (21,868 ) (20,772 ) $ 21,141 $ 21,438 |
Railroad, Utilities and Energy [Member] | |
Schedule of property, plant and equipment | A summary of property, plant and equipment of railroad and utilities and energy businesses follows (in millions). The utility generation, transmission and distribution systems and interstate natural gas pipeline assets are owned by regulated public utility and natural gas pipeline subsidiaries. September 30, 2020 December 31, 2019 Railroad: Land, track structure and other roadway $ 63,318 $ 62,404 Locomotives, freight cars and other equipment 13,477 13,482 Construction in progress 1,075 748 77,870 76,634 Accumulated depreciation (12,724 ) (12,101 ) 65,146 64,533 Utilities and energy: Utility generation, transmission and distribution systems 82,743 81,127 Interstate natural gas pipeline assets 8,281 8,165 Independent power plants and other assets 8,952 8,817 Construction in progress 5,132 3,732 105,108 101,841 Accumulated depreciation (29,856 ) (28,536 ) 75,252 73,305 $ 140,398 $ 137,838 |
Equipment held for lease (Table
Equipment held for lease (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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. A summary of equipment held for lease follows (in millions). September 30, 2020 December 31, 2019 Railcars $ 9,396 $ 9,260 Aircraft 8,061 8,093 Other 4,887 4,862 22,344 22,215 Accumulated depreciation (7,630 ) (7,150 ) $ 14,714 $ 15,065 |
Summary of operating lease revenues by type | Operating lease revenues by type for the third quarter and first nine months of 2020 and 2019 were as follows (in millions). Third Quarter First Nine Months 2020 2019 2020 2019 Fixed lease revenue $ 1,047 $ 1,097 $ 3,205 $ 3,289 Variable lease revenue 269 341 700 1,076 $ 1,316 $ 1,438 $ 3,905 $ 4,365 |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Reconciliation of the change in goodwill | Reconciliations of the changes in the carrying value of goodwill for the first nine months of 2020 and for the year ended December 31, 2019 follow (in millions). September 30, 2020 December 31, 2019 Balance at beginning of year $ 81,882 $ 81,025 Acquisitions of businesses 25 890 Impairment charges (10,021 ) — Other, including foreign currency translation (21 ) (33 ) Balance at end of period $ 71,865 $ 81,882 |
Schedule of intangible assets | Other intangible assets and related accumulated amortization are summarized as follows (in millions). September 30, 2020 December 31, 2019 Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Insurance and other: Customer relationships $ 27,344 $ 5,548 $ 27,943 $ 5,025 Trademarks and trade names 5,193 774 5,286 759 Patents and technology 4,720 3,255 4,560 3,032 Other 3,319 1,347 3,364 1,286 $ 40,576 $ 10,924 $ 41,153 $ 10,102 Railroad, utilities and energy: Customer relationships $ 678 $ 352 $ 678 $ 324 Trademarks, trade names and other 325 91 325 84 $ 1,003 $ 443 $ 1,003 $ 408 |
Derivative contracts (Tables)
Derivative contracts (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative contracts outstanding | The liabilities and related notional values of these contracts follow (in millions). Liabilities Notional Value September 30, 2020 $ 1,547 $ 12,472 December 31, 2019 968 14,385 |
Unpaid losses and loss adjust_2
Unpaid losses and loss adjustment expenses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Insurance [Abstract] | |
Schedule of liability for unpaid claims and claims adjustment expense | A reconciliation of the changes in claim liabilities, excluding liabilities under retroactive reinsurance contracts (see Note 15), for each of the nine months ending September 30, 2020 and 2019 follows (in millions). 2020 2019 Balances at beginning of year: Gross liabilities $ 73,019 $ 68,458 Reinsurance recoverable on unpaid losses (2,855 ) (3,060 ) Net liabilities 70,164 65,398 Incurred losses and loss adjustment expenses: Current accident year events 31,777 31,179 Prior accident years’ events 69 (396 ) Total 31,846 30,783 Paid losses and loss adjustment expenses: Current accident year events (11,691 ) (13,144 ) Prior accident years’ events (15,259 ) (13,967 ) Total (26,950 ) (27,111 ) Foreign currency translation adjustment 124 (178 ) Balances at September 30: Net liabilities 75,184 68,892 Reinsurance recoverable on unpaid losses 2,857 3,105 Gross liabilities $ 78,041 $ 71,997 |
Retroactive reinsurance contr_2
Retroactive reinsurance contracts (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 nine months ending September 30, 2020 and 2019 follow (in millions). 2020 2019 Unpaid losses and loss adjustment expenses Deferred charges reinsurance assumed Unpaid losses and loss adjustment expenses Deferred charges reinsurance assumed Balances at beginning of year $ 42,441 $ (13,747 ) $ 41,834 $ (14,104 ) Incurred losses and loss adjustment expenses: Current year contracts — — 175 (82 ) Prior years’ contracts 131 735 (2 ) 827 Total 131 735 173 745 Paid losses and loss adjustment expenses (786 ) — (643 ) — Balances at September 30 $ 41,786 $ (13,012 ) $ 41,364 $ (13,359 ) Incurred losses and loss adjustment expenses, net of deferred charges $ 866 $ 918 |
Notes payable and other borro_2
Notes payable and other borrowings (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Schedule of short and long term outstanding debt disclosure | Notes payable and other borrowings are summarized below (dollars in millions). The weighted average interest rates and maturity date ranges shown in the following tables are based on borrowings as of September 30, 2020. Weighted Average Interest Rate September 30, 2020 December 31, 2019 Insurance and other: Berkshire Hathaway Inc. (“Berkshire”): U.S. Dollar denominated due 2020-2047 3.2 % $ 8,320 $ 8,324 Euro denominated due 2021-2035 1.0 % 7,986 7,641 Japanese Yen denominated due 2023-2060 0.6 % 5,902 3,938 Berkshire Hathaway Finance Corporation (“BHFC”): U.S. Dollar denominated due 2020-2049 4.1 % 8,829 8,679 Great Britain Pound denominated due 2039-2059 2.5 % 2,218 2,274 Other subsidiary borrowings due 2020-2045 4.2 % 4,676 5,262 Subsidiary short-term borrowings 2.7 % 960 1,472 $ 38,891 $ 37,590 |
Railroad, Utilities and Energy [Member] | |
Schedule of short and long term outstanding debt disclosure | Weighted Average Interest Rate September 30, 2020 December 31, 2019 Railroad, utilities and energy: Berkshire Hathaway Energy Company (“BHE”) and subsidiaries: BHE senior unsecured debt due 2021-2050 4.5 % $ 11,462 $ 8,581 Subsidiary and other debt due 2020-2064 4.3 % 31,693 30,772 Short-term borrowings 1.8 % 2,400 3,214 Burlington Northern Santa Fe and subsidiaries due 2020-2097 4.6 % 23,245 23,211 $ 68,800 $ 65,778 |
Fair value measurements (Tables
Fair value measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial assets and liabilities measured at fair value on a recurring basis | Our financial assets and liabilities are summarized below as of September 30, 2020 and December 31, 2019, with fair values shown according to the fair value hierarchy (in millions). The carrying values of cash and cash equivalents, U.S. Treasury Bills, other receivables and accounts payable, accruals and other liabilities are considered to be reasonable estimates of their fair values. Carrying Value Fair Value Quoted Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2020 Investments in fixed maturity securities: U.S. Treasury, U.S. government corporations and agencies $ 3,377 $ 3,377 $ 3,331 $ 46 $ — Foreign governments 9,969 9,969 6,890 3,079 — Corporate bonds 5,574 5,574 — 5,574 — Other 515 515 — 515 — Investments in equity securities 245,317 245,317 236,804 38 8,475 Investment in Kraft Heinz common stock 13,101 9,747 9,747 — — Loans and finance receivables 18,584 19,737 — 2,509 17,228 Derivative contract assets (1) 261 261 2 64 195 Derivative contract liabilities: Railroad, utilities and energy (1) 109 109 5 93 11 Equity index put options 1,547 1,547 — — 1,547 Notes payable and other borrowings: Insurance and other 38,891 43,439 — 43,426 13 Railroad, utilities and energy 68,800 84,315 — 84,315 — 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 — (1) |
Reconciliations of significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) | Reconciliations of assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the nine months ended September 30, 2020 and 2019 follow (in millions). Gains (losses) included in: Balance at beginning of year Earnings Regulatory assets and liabilities Acquisitions, dispositions and settlements Balance at September 30 Investments in fixed maturity and equity securities: 2020 $ 10,407 $ (2,235 ) $ — $ (2 ) $ 8,170 2019 7 499 — 10,002 10,508 Net derivative contract liabilities: 2020 (857 ) (72 ) (36 ) (398 ) (1,363 ) 2019 (2,343 ) 1,528 (41 ) (282 ) (1,138 ) |
Fair value assets and liabilities measured on recurring basis, unobservable inputs, additional information | Quantitative information as of September 30, 2020 with respect to significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follows (dollars in millions). Fair Value Principal Valuation Techniques Unobservable Inputs Weighted Average Investments in equity securities: Preferred stock $ 8,159 Discounted cash flow Expected duration 9 years Discount for transferability restrictions and subordination 375 basis points Common stock warrants 10 Warrant pricing model Expected duration 9 years Volatility 28% Derivative contract liabilities 1,547 Option pricing model Volatility 20% |
Common stock (Tables)
Common stock (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Changes in issued, treasury and outstanding Berkshire common stock | Changes i Class A, $5 Par Value (1,650,000 shares authorized) Class B, $0.0033 Par Value (3,225,000,000 shares authorized) Issued Treasury Outstanding Issued Treasury Outstanding Balances at December 31, 2019 719,307 (17,337 ) 701,970 1,408,183,852 (23,702,319 ) 1,384,481,533 Conversions of Class A common stock to Class B common stock (39,694 ) — (39,694 ) 59,541,000 — 59,541,000 Treasury stock acquired — (11,330 ) (11,330 ) — (64,487,462 ) (64,487,462 ) Balances at September 30, 2020 679,613 (28,667 ) 650,946 1,467,724,852 (88,189,781 ) 1,379,535,071 |
Accumulated other comprehensi_2
Accumulated other comprehensive income (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income | A summary of the net changes in after-tax accumulated other comprehensive income attributable to Berkshire Hathaway shareholders for the nine months ending September 30, 2020 and 2019 follows (in millions). Unrealized appreciation of investments, net Foreign currency translation Defined benefit pension plans Other Accumulated other comprehensive income First nine months of 2020 Balance at beginning of year $ 481 $ (4,346 ) $ (1,369 ) $ (9 ) $ (5,243 ) Other comprehensive income, net 29 (28 ) 67 (15 ) 53 Balance at end of period $ 510 $ (4,374 ) $ (1,302 ) $ (24 ) $ (5,190 ) First nine months of 2019 Balance at beginning of year $ 370 $ (4,603 ) $ (816 ) $ 34 $ (5,015 ) Other comprehensive income, net 137 (534 ) 33 (29 ) (393 ) Balance at end of period $ 507 $ (5,137 ) $ (783 ) $ 5 $ (5,408 ) |
Supplemental cash flow inform_2
Supplemental cash flow information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental cash flow information | A summary of supplemental cash flow information is presented in the following table (in millions). First Nine Months 2020 2019 Cash paid during the period for: Income taxes $ 2,715 $ 4,395 Interest: Insurance and other 892 879 Railroad, utilities and energy 2,174 2,149 Non-cash investing and financing activities: Non-cash acquisition of equity securities 430 — |
Revenues from contracts with _2
Revenues from contracts with customers (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from contracts with customers disaggregated by reportable segment and source of revenue | Note 23. Revenues from contracts with customers We recognize revenue 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 third quarter and first nine months of 2020 and 2019 (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 considered to be revenues from contracts with customers under GAAP. Manufacturing McLane Company Service and Retail BNSF Berkshire Hathaway Energy Insurance, Corporate and other Total Three months ending September 30, 2020 Manufactured products: Industrial and commercial products $ 4,889 $ — $ 54 $ — $ — $ — $ 4,943 Building products 4,322 — — — — — 4,322 Consumer products 4,036 — — — — — 4,036 Grocery and convenience store distribution — 7,905 — — — — 7,905 Food and beverage distribution — 3,968 — — — — 3,968 Auto sales — — 2,195 — — — 2,195 Other retail and wholesale distribution 599 — 3,182 — — — 3,781 Service 370 144 865 5,135 1,474 — 7,988 Electricity and natural gas — — — — 4,356 — 4,356 Total 14,216 12,017 6,296 5,135 5,830 — 43,494 Other revenues 929 23 966 14 396 17,202 19,530 $ 15,145 $ 12,040 $ 7,262 $ 5,149 $ 6,226 $ 17,202 $ 63,024 Nine months ending September 30, 2020 Manufactured products: Industrial and commercial products $ 15,639 $ — $ 143 $ — $ — $ — $ 15,782 Building products 11,682 — — — — — 11,682 Consumer products 10,373 — — — — — 10,373 Grocery and convenience store distribution — 23,051 — — — — 23,051 Food and beverage distribution — 11,561 — — — — 11,561 Auto sales — — 5,999 — — — 5,999 Other retail and wholesale distribution 1,691 — 8,735 — — — 10,426 Service 1,105 398 2,460 15,059 3,238 — 22,260 Electricity and natural gas — — — — 11,190 — 11,190 Total 40,490 35,010 17,337 15,059 14,428 — 122,324 Other revenues 2,686 69 2,884 42 964 52,160 58,805 $ 43,176 $ 35,079 $ 20,221 $ 15,101 $ 15,392 $ 52,160 $ 181,129 Manufacturing McLane Company Service and Retail BNSF Berkshire Hathaway Energy Insurance, Corporate and other Total Three months ending September 30, 2019 Manufactured products: Industrial and commercial products $ 6,346 $ — $ 44 $ — $ — $ — $ 6,390 Building products 4,101 — — — — — 4,101 Consumer products 3,528 — — — — — 3,528 Grocery and convenience store distribution — 8,298 — — — — 8,298 Food and beverage distribution — 4,202 — — — — 4,202 Auto sales — — 2,250 — — — 2,250 Other retail and wholesale distribution 524 — 2,946 — — — 3,470 Service 445 80 1,034 5,967 1,191 — 8,717 Electricity and natural gas — — — — 4,213 — 4,213 Total 14,944 12,580 6,274 5,967 5,404 — 45,169 Other revenues 937 24 1,080 15 316 17,431 19,803 $ 15,881 $ 12,604 $ 7,354 $ 5,982 $ 5,720 $ 17,431 $ 64,972 Nine months ending September 30, 2019 Manufactured products: Industrial and commercial products $ 19,308 $ — $ 136 $ — $ — $ — $ 19,444 Building products 11,796 — — — — — 11,796 Consumer products 10,487 — — — — — 10,487 Grocery and convenience store distribution — 24,375 — — — — 24,375 Food and beverage distribution — 12,648 — — — — 12,648 Auto sales — — 6,312 — — — 6,312 Other retail and wholesale distribution 1,602 — 8,959 — — — 10,561 Service 1,222 123 3,068 17,517 3,139 — 25,069 Electricity and natural gas — — — — 11,329 — 11,329 Total 44,415 37,146 18,475 17,517 14,468 — 132,021 Other revenues 2,715 68 3,323 41 894 50,186 57,227 $ 47,130 $ 37,214 $ 21,798 $ 17,558 $ 15,362 $ 50,186 $ 189,248 |
Transaction price allocated to significant unsatisfied remaining performance obligations | A summary of the transaction price allocated to the significant unsatisfied remaining performance obligations relating to contracts with expected durations in excess of one year as of September 30, 2020 follows (in millions). Performance obligations expected to be satisfied: Less than 12 months Greater than 12 months Total Electricity and natural gas $ 1,642 $ 5,379 $ 7,021 Other sales and service contracts 1,206 2,457 3,663 |
Business segment data (Tables)
Business segment data (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of revenues and earnings or loss before income taxes by segment | Our operating businesses include a large and diverse group of insurance, manufacturing, service and retailing businesses. We organize our reportable business segments in a manner that reflects how management views those business activities. Certain businesses are grouped together for segment reporting based upon similar products or product lines, marketing, selling and distribution characteristics, even though those business units are operated under separate local management. Revenues and earnings before income taxes by segment for the third quarter and first nine months of 2020 and 2019 were as follows (in millions). Third Quarter First Nine Months 2020 2019 2020 2019 Revenues of Operating Businesses Insurance: Underwriting: GEICO $ 8,540 $ 8,996 $ 26,689 $ 26,487 Berkshire Hathaway Primary Group 2,490 2,387 7,103 6,825 Berkshire Hathaway Reinsurance Group 4,883 3,940 13,464 11,193 Investment income 1,223 1,789 4,486 4,930 Total insurance 17,136 17,112 51,742 49,435 BNSF 5,176 6,021 15,195 17,676 Berkshire Hathaway Energy 6,226 5,720 15,392 15,362 Manufacturing 15,170 15,897 43,238 47,173 McLane Company 12,040 12,604 35,079 37,214 Service and retailing 7,279 7,378 20,272 21,865 63,027 64,732 180,918 188,725 Reconciliation of segments to consolidated amount Corporate, eliminations and other (3 ) 240 211 523 $ 63,024 $ 64,972 $ 181,129 $ 189,248 Third Quarter First Nine Months 2020 2019 2020 2019 Earnings Before Income Taxes of Operating Businesses Insurance: Underwriting: GEICO $ 276 $ 376 $ 3,320 $ 1,539 Berkshire Hathaway Primary Group (126 ) 153 (63 ) 290 Berkshire Hathaway Reinsurance Group (441 ) 52 (2,033 ) (305 ) Investment income 1,220 1,782 4,480 4,916 Total insurance 929 2,363 5,704 6,440 BNSF 1,777 1,941 4,855 5,379 Berkshire Hathaway Energy 1,122 1,061 2,074 2,194 Manufacturing 2,255 2,484 5,765 7,205 McLane Company 96 50 205 220 Service and retailing 779 639 1,745 2,005 6,958 8,538 20,348 23,443 Reconciliation of segments to consolidated amount Investment and derivative gains/losses 31,582 10,926 1,392 41,296 Interest expense, not allocated to segments (116 ) (96 ) (363 ) (312 ) Equity method investments 290 644 333 936 Goodwill and intangible asset impairments (25 ) — (10,659 ) — Corporate, eliminations and other (759 ) 477 (761 ) 532 $ 37,930 $ 20,489 $ 10,290 $ 65,895 |
General - Narrative (Detail)
General - Narrative (Detail) | 6 Months Ended |
Oct. 07, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Reduction in premium rate of insurance policies program percentage | 15.00% |
New accounting pronouncements -
New accounting pronouncements - Narrative (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Retained earnings | $ 408,791 | $ 402,493 | |
ASU 2016-13 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Change in accounting principle, accounting standards update, adopted | true | ||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | ||
ASU 2016-13 [Member] | Cumulative effect, period of adoption, adjustment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Retained earnings | $ (388) | ||
ASU 2017-04 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Change in accounting principle, accounting standards update, adopted | true | ||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 |
Investments in fixed maturity_3
Investments in fixed maturity securities (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | $ 18,781 | $ 18,073 |
Unrealized gains on fixed maturity securities | 673 | 626 |
Unrealized losses on fixed maturity securities | (19) | (14) |
Fair value of fixed maturity securities | 19,435 | 18,685 |
U.S. Treasury, U.S. government corporations and agencies [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 3,311 | 3,054 |
Unrealized gains on fixed maturity securities | 66 | 37 |
Unrealized losses on fixed maturity securities | (1) | |
Fair value of fixed maturity securities | 3,377 | 3,090 |
Foreign governments [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 9,898 | 8,584 |
Unrealized gains on fixed maturity securities | 82 | 63 |
Unrealized losses on fixed maturity securities | (11) | (9) |
Fair value of fixed maturity securities | 9,969 | 8,638 |
Corporate bonds [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 5,125 | 5,896 |
Unrealized gains on fixed maturity securities | 455 | 459 |
Unrealized losses on fixed maturity securities | (6) | (3) |
Fair value of fixed maturity securities | 5,574 | 6,352 |
Other [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of fixed maturity securities | 447 | 539 |
Unrealized gains on fixed maturity securities | 70 | 67 |
Unrealized losses on fixed maturity securities | (2) | (1) |
Fair value of fixed maturity securities | $ 515 | $ 605 |
Investments in fixed maturity_4
Investments in fixed maturity securities - Narrative (Detail) | Sep. 30, 2020 |
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 | Sep. 30, 2020 | Dec. 31, 2019 |
Summary of Investment Holdings [Line Items] | ||
Due in one year or less - amortized cost | $ 9,847 | |
Due after one year through five years - amortized cost | 7,885 | |
Due after five years through ten years - amortized cost | 302 | |
Due after ten years - amortized cost | 405 | |
Amortized cost of fixed maturity securities | 18,781 | $ 18,073 |
Due in one year or less - fair value | 9,887 | |
Due after one year through five years - fair value | 8,030 | |
Due after five years through ten years - fair value | 349 | |
Due after ten years - fair value | 764 | |
Fair value of fixed maturity securities | 19,435 | $ 18,685 |
Mortgage-backed securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost of mortgage-backed securities | 342 | |
Fair value of mortgage-backed securities | $ 405 |
Investments in equity securit_3
Investments in equity securities (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | ||
Summary of Investment Holdings [Line Items] | ||||
Cost Basis | $ 105,629 | $ 110,340 | ||
Net Unrealized Gains | 139,688 | 137,687 | ||
Fair Value | 245,317 | [1] | 248,027 | [2] |
Banks, insurance and finance [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost Basis | 27,145 | 40,419 | ||
Net Unrealized Gains | 29,065 | 61,976 | ||
Fair Value | 56,210 | 102,395 | ||
Consumer products [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost Basis | 37,016 | 38,887 | ||
Net Unrealized Gains | 98,022 | 60,747 | ||
Fair Value | 135,038 | 99,634 | ||
Commercial, industrial and other [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost Basis | 41,468 | 31,034 | ||
Net Unrealized Gains | 12,601 | 14,964 | ||
Fair Value | $ 54,069 | $ 45,998 | ||
[1] | Approximately 70% of the aggregate fair value was concentrated in four companies (American Express Company – $15.2 billion; Apple Inc. – $111.7 billion; Bank of America Corporation – $24.9 billion and The Coca-Cola Company – $19.7 billion). | |||
[2] | Approximately 60% of the aggregate fair value was concentrated in four companies (American Express Company – $18.9 billion; Apple Inc. – $73.7 billion; Bank of America Corporation – $33.4 billion and The Coca-Cola Company – $22.1 billion). |
Investments in equity securit_4
Investments in equity securities (Parenthetical) (Detail) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020USD ($)Company | Dec. 31, 2019USD ($)Company | |||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | $ 245,317 | [1] | $ 248,027 | [2] |
American Express Company [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | 15,200 | 18,900 | ||
Apple Inc. [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | 111,700 | 73,700 | ||
Bank of America Corporation [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | 24,900 | 33,400 | ||
The Coca-Cola Company [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Fair value of investments | $ 19,700 | $ 22,100 | ||
Equity Securities [Member] | Investment Concentration [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Concentration percentage | 70.00% | 60.00% | ||
Number of companies in concentration percentage | Company | 4 | 4 | ||
[1] | Approximately 70% of the aggregate fair value was concentrated in four companies (American Express Company – $15.2 billion; Apple Inc. – $111.7 billion; Bank of America Corporation – $24.9 billion and The Coca-Cola Company – $19.7 billion). | |||
[2] | Approximately 60% of the aggregate fair value was concentrated in four companies (American Express Company – $18.9 billion; Apple Inc. – $73.7 billion; Bank of America Corporation – $33.4 billion and The Coca-Cola Company – $22.1 billion). |
Investments in equity securit_5
Investments in equity securities - Narrative (Detail) - Investment Commitment [Member] - USD ($) $ / shares in Units, $ in Billions | Aug. 03, 2020 | Aug. 08, 2019 | Sep. 30, 2020 |
Summary of Investment Holdings [Line Items] | |||
Investment commitment description | On August 8, 2019, Berkshire invested a total of $10 billion in Occidental Corporation (“Occidental”) newly issued Occidental Cumulative Perpetual Preferred Stock with an aggregate liquidation value of $10 billion, and warrants to purchase up to 80 million shares of Occidental common stock at an exercise price of $62.50 per share. In accordance with the terms of the warrants, on August 3, 2020, the number of shares of common stock that can be purchased was increased to 83.86 million shares and the exercise price was reduced to $59.62 per share. The preferred stock accrues dividends at 8% per annum and is redeemable at the option of Occidental commencing in 2029 at a redemption price equal to 105% of the liquidation preference plus any accumulated and unpaid dividends, 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. Our investments in Occidental are included in the commercial, industrial and other category in the preceding tables. | ||
Occidental Corporation [Member] | Cumulative Perpetual Preferred Stock and Warrants [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Investment commitment amount | $ 10 | ||
Occidental 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, redemption year start | 2029 | ||
Investment in preferred stock, redemption price percentage of liquidation preference | 105.00% | ||
Occidental Corporation [Member] | Warrant [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Number of common shares that can be purchased | 83,860,000 | 80,000,000 | |
Exercise price for warrants, per share | $ 62.50 | ||
Exercise price for warrants, per share | $ 59.62 |
Equity method investments - Nar
Equity method investments - Narrative (Detail) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020USD ($)shares | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Sep. 30, 2020USD ($)shares | Sep. 30, 2019USD ($) | Dec. 31, 2017StoreLocationgal | Dec. 31, 2019USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method earnings (losses) | $ 290,000,000 | $ 644,000,000 | $ 333,000,000 | $ 936,000,000 | |||
Pilot Travel Centers LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of retail | Store | 950 | ||||||
Pilot Travel Centers LLC [Member] | U.S. States [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of fueling locations | Location | 44 | ||||||
Pilot Travel Centers LLC [Member] | Canadian Provinces [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of fueling locations | Location | 6 | ||||||
Pilot Travel Centers LLC [Member] | Minimum [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gallons of fuel purchased annually | gal | 11,000,000,000 | ||||||
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 | 325,442,152 | |||||
Equity method investment ownership percentage | 26.60% | 26.60% | |||||
Equity method investments, fair value | $ 9,700,000,000 | $ 9,700,000,000 | $ 10,500,000,000 | ||||
Equity method investments, carrying value | 13,100,000,000 | 13,100,000,000 | 13,800,000,000 | ||||
Equity method earnings (losses) | 159,000,000 | $ 228,000,000 | (180,000,000) | 467,000,000 | |||
Goodwill and identifiable intangible asset impairment charges from equity method investments | 850,000,000 | 293,000,000 | |||||
Common stock dividends received | 391,000,000 | 391,000,000 | |||||
Amount of difference between carrying value and fair value based on quoted market price | $ 3,400,000,000 | $ 3,400,000,000 | |||||
Difference between carrying value and fair value percentage | 26.00% | 26.00% | |||||
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 | $ 4,100,000,000 | $ 4,100,000,000 | $ 3,700,000,000 | ||||
Equity method earnings (losses) | $ 513,000,000 | $ 491,000,000 | |||||
Berkadia Commercial Mortgage LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investment ownership percentage | 50.00% | 50.00% | |||||
Commercial paper outstanding | $ 1,470,000,000 | $ 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 | $ 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% | 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% | 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% | 50.00% |
Equity method investments - Una
Equity method investments - Unaudited financial information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 26, 2020 | Dec. 31, 2019 | Dec. 28, 2019 | ||
Schedule of Equity Method Investments [Line Items] | ||||||||
Assets | $ 829,946 | $ 829,946 | $ 817,729 | |||||
Liabilities | 410,731 | 410,731 | $ 389,166 | |||||
Sales | 63,024 | $ 64,972 | 181,129 | $ 189,248 | ||||
The Kraft Heinz Company [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Assets | $ 98,122 | $ 101,450 | ||||||
Liabilities | $ 48,783 | $ 49,701 | ||||||
Sales | 6,441 | 6,076 | 19,246 | 18,441 | ||||
Net earnings (loss) attributable to Kraft Heinz common shareholders* | [1] | $ 597 | $ 899 | $ (676) | $ 1,753 | |||
[1] | Includes goodwill and identifiable intangible asset impairment charges of approximately |
Equity method investments - U_2
Equity method investments - Unaudited financial information (Parenthetical) (Detail) - USD ($) $ in Billions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
The Kraft Heinz Company [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Goodwill and identifiable intangible asset impairment charges | $ 3.2 | $ 1.1 |
Investment gains_losses (Detail
Investment gains/losses (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | ||||
Equity securities - Unrealized investment gains during the period on securities held at the end of the period | $ 30,837 | $ 10,489 | $ 16,458 | $ 39,546 |
Investment gains/losses on securities sold during the period | 1,330 | 135 | (13,901) | 464 |
Equity securities - Investment gains (losses), total | 32,167 | 10,624 | 2,557 | 40,010 |
Fixed maturity securities - Gross realized gains | 12 | 59 | 53 | 71 |
Fixed maturity securities - Gross realized losses | (2) | (2) | (22) | (18) |
Other | (552) | 11 | (556) | 16 |
Investment gains (losses) | $ 31,625 | $ 10,692 | $ 2,032 | $ 40,079 |
Investment gains_losses - Narra
Investment gains/losses - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | ||||
Sales of equity securities | $ 28,564 | $ 7,127 | ||
Taxable gains (loss) on sales of equity securities | $ 3,900 | $ 609 | $ 666 | $ 1,960 |
Loans and finance receivables_2
Loans and finance receivables (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||||
Loans and finance receivables before allowances and discounts | $ 19,832 | $ 18,199 | ||
Allowances for credit losses | (731) | (167) | $ (183) | $ (177) |
Unamortized acquisition discounts and points | (517) | (505) | ||
Loans and finance receivables | $ 18,584 | $ 17,527 |
Loans and finance receivables -
Loans and finance receivables - Schedule of reconciliation of allowance for credit losses on loans and finance receivables (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Allowance For Credit Loss [Abstract] | ||
Balance at beginning of year | $ 167 | $ 177 |
Adoption of ASC 326 | 486 | |
Provision for credit losses | 177 | 109 |
Charge-offs, net of recoveries | (99) | (103) |
Balance at September 30 | $ 731 | $ 183 |
Loans and finance receivables_3
Loans and finance receivables - Narrative (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
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 | $ 1,600,000,000 |
Lee Enterprises, Inc. [Member] | Term Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding loan balance | $ 538,000,000 | |
Loans and Finance Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of manufactured housing loan balances evaluated collectively for impairment | 99.00% | |
Manufactured Housing Loan Balances [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balances considered to be current as to payment status | 97.00% |
Loans and finance receivables_4
Loans and finance receivables - Summary of performing and non-performing manufactured housing loans before discounts and allowances by year of loan origination (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and financing receivables by origination year, Total | $ 19,832 | $ 18,199 |
Manufactured Housing Loan Balances [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and financing receivables by origination year, 2020 | 3,331 | |
Loans and financing receivables by origination year, 2019 | 2,607 | |
Loans and financing receivables by origination year, 2018 | 1,989 | |
Loans and financing receivables by origination year, 2017 | 1,478 | |
Loans and financing receivables by origination year, 2016 | 1,322 | |
Loans and financing receivables by origination year, Prior | 6,967 | |
Loans and financing receivables by origination year, Total | 17,694 | |
Performing [Member] | Manufactured Housing Loan Balances [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and financing receivables by origination year, 2020 | 3,328 | |
Loans and financing receivables by origination year, 2019 | 2,603 | |
Loans and financing receivables by origination year, 2018 | 1,983 | |
Loans and financing receivables by origination year, 2017 | 1,471 | |
Loans and financing receivables by origination year, 2016 | 1,314 | |
Loans and financing receivables by origination year, Prior | 6,918 | |
Loans and financing receivables by origination year, Total | 17,617 | |
Non-Performing [Member] | Manufactured Housing Loan Balances [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and financing receivables by origination year, 2020 | 3 | |
Loans and financing receivables by origination year, 2019 | 4 | |
Loans and financing receivables by origination year, 2018 | 6 | |
Loans and financing receivables by origination year, 2017 | 7 | |
Loans and financing receivables by origination year, 2016 | 8 | |
Loans and financing receivables by origination year, Prior | 49 | |
Loans and financing receivables by origination year, Total | $ 77 |
Other receivables (Detail)
Other receivables (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Reinsurance recoverable on unpaid losses | $ 2,857 | $ 2,855 | $ 3,105 | $ 3,060 |
Insurance and Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Insurance premiums receivable | 15,379 | 13,379 | ||
Reinsurance recoverable on unpaid losses | 2,857 | 2,855 | ||
Trade receivables | 11,840 | 12,275 | ||
Other | 4,916 | 4,327 | ||
Allowances for credit losses | (603) | (418) | ||
Other receivables | 34,389 | 32,418 | ||
Railroad, Utilities and Energy [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Trade receivables | 3,245 | 3,120 | ||
Other | 305 | 388 | ||
Allowances for credit losses | (124) | (91) | ||
Receivables | $ 3,426 | $ 3,417 |
Other receivables - Narrative (
Other receivables - Narrative (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Receivables [Abstract] | |
Provisions for credit losses on receivables | $ 449 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 4,705 | $ 4,492 |
Work in process and other | 2,712 | 2,700 |
Finished manufactured goods | 4,645 | 4,821 |
Goods acquired for resale | 7,299 | 7,839 |
Total inventory | $ 19,361 | $ 19,852 |
Property, plant and equipment (
Property, plant and equipment (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Insurance and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 43,009 | $ 42,210 |
Property, plant and equipment, accumulated depreciation | (21,868) | (20,772) |
Total property, plant and equipment, net | 21,141 | 21,438 |
Insurance and Other [Member] | Land, buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,555 | 13,259 |
Insurance and Other [Member] | Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 24,765 | 24,285 |
Insurance and Other [Member] | Furniture, fixtures and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,689 | 4,666 |
Railroad [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 77,870 | 76,634 |
Property, plant and equipment, accumulated depreciation | (12,724) | (12,101) |
Total property, plant and equipment, net | 65,146 | 64,533 |
Railroad [Member] | Land, track structure and other roadway [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 63,318 | 62,404 |
Railroad [Member] | Locomotives, freight cars and other equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,477 | 13,482 |
Railroad [Member] | Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,075 | 748 |
Utilities and Energy [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 105,108 | 101,841 |
Property, plant and equipment, accumulated depreciation | (29,856) | (28,536) |
Total property, plant and equipment, net | 75,252 | 73,305 |
Utilities and Energy [Member] | Utility generation, transmission and distribution systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 82,743 | 81,127 |
Utilities and Energy [Member] | Interstate natural gas pipeline assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 8,281 | 8,165 |
Utilities and Energy [Member] | Independent power plants and other assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 8,952 | 8,817 |
Utilities and Energy [Member] | Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 5,132 | 3,732 |
Railroad, Utilities and Energy [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, net | $ 140,398 | $ 137,838 |
Property, plant and equipment -
Property, plant and equipment - Depreciation expense (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 5,830 | $ 5,541 |
Insurance and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | 1,725 | 1,660 |
Railroad, Utilities and Energy [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 4,105 | $ 3,881 |
Equipment held for lease (Detai
Equipment held for lease (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Equipment held for lease, gross | $ 22,344 | $ 22,215 |
Equipment held for lease, accumulated depreciation | (7,630) | (7,150) |
Equipment held for lease, net | 14,714 | 15,065 |
Railcars [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Equipment held for lease, gross | 9,396 | 9,260 |
Aircraft [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Equipment held for lease, gross | 8,061 | 8,093 |
Other [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Equipment held for lease, gross | $ 4,887 | $ 4,862 |
Equipment held for lease - Narr
Equipment held for lease - Narrative (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Depreciation expense for equipment held for lease | $ 900 | $ 880 |
Equipment held for lease - Summ
Equipment held for lease - Summary of operating lease revenues by type (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Leases Lease Income [Abstract] | ||||
Fixed lease revenue | $ 1,047 | $ 1,097 | $ 3,205 | $ 3,289 |
Variable lease revenue | 269 | 341 | 700 | 1,076 |
Total | $ 1,316 | $ 1,438 | $ 3,905 | $ 4,365 |
Goodwill and other intangible_3
Goodwill and other intangible assets - Goodwill (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Balance at beginning of year | $ 81,882 | $ 81,025 | |
Acquisitions of businesses | 25 | 890 | |
Impairment charges | $ (10,000) | (10,021) | |
Other, including foreign currency translation | (21) | (33) | |
Balance at end of period | $ 71,865 | $ 81,882 |
Goodwill and other intangible_4
Goodwill and other intangible assets - Intangible assets (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Insurance and Other [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 40,576 | $ 41,153 |
Accumulated amortization | 10,924 | 10,102 |
Railroad, Utilities and Energy [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,003 | 1,003 |
Accumulated amortization | 443 | 408 |
Trademarks and trade names [Member] | Insurance and Other [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 5,193 | 5,286 |
Accumulated amortization | 774 | 759 |
Customer relationships [Member] | Insurance and Other [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 27,344 | 27,943 |
Accumulated amortization | 5,548 | 5,025 |
Customer relationships [Member] | Railroad, Utilities and Energy [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 678 | 678 |
Accumulated amortization | 352 | 324 |
Other intangible assets [Member] | Insurance and Other [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 3,319 | 3,364 |
Accumulated amortization | 1,347 | 1,286 |
Trademarks, Trade Names and Other [Member] | Railroad, Utilities and Energy [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 325 | 325 |
Accumulated amortization | 91 | 84 |
Patents and technology [Member] | Insurance and Other [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 4,720 | 4,560 |
Accumulated amortization | $ 3,255 | $ 3,032 |
Goodwill and other intangible_5
Goodwill and other intangible assets - Intangible assets - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Goodwill [Line Items] | ||||
Intangible asset amortization expense | $ 962 | $ 986 | ||
Intangible assets with indefinite lives, excluding goodwill | 18,300 | $ 19,000 | ||
Pre tax goodwill impairment | $ 10,000 | $ 10,021 | ||
Pre tax intangible assets impairment charges | 638 | |||
PCC [Member] | ||||
Goodwill [Line Items] | ||||
Pre tax impairment charges | 10,000 | |||
Goodwill and indefinite-lived intangible assets | $ 31,000 |
Derivative contracts (Detail)
Derivative contracts (Detail) - Not Designated as Hedging Instrument [Member] - Equity Index Put Options [Member] - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Liabilities | $ 1,547 | $ 968 |
Notional Value | $ 12,472 | $ 14,385 |
Derivative contracts - Narrativ
Derivative contracts - Narrative (Detail) - Not Designated as Hedging Instrument [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Derivative [Line Items] | |||||
Collateral posting requirements under contracts with collateral provisions | $ 0 | $ 0 | |||
Equity Index Put Options [Member] | |||||
Derivative [Line Items] | |||||
Derivative contract pre-tax gains (losses) | (43,000,000) | $ 234,000,000 | $ (640,000,000) | $ 1,217,000,000 | |
Derivative maturity month and year | 2023-02 | ||||
Weighted average life of unexpired derivative contracts | 1 year 3 months | ||||
Premiums received at contract inception dates | 2,100,000,000 | $ 2,100,000,000 | |||
Aggregate intrinsic value of equity index put option contracts | $ 1,200,000,000 | $ 1,200,000,000 | $ 397,000,000 | ||
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 - Reconciliations of changes in claim liabilities (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Gross liabilities at beginning of year | $ 73,019 | $ 68,458 |
Reinsurance recoverable on unpaid losses at beginning of year | (2,855) | (3,060) |
Net liabilities at beginning of year | 70,164 | 65,398 |
Net liabilities at end of period | 75,184 | 68,892 |
Reinsurance recoverable on unpaid losses at end of period | 2,857 | 3,105 |
Gross liabilities at end of period | 78,041 | 71,997 |
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 | 31,777 | 31,179 |
Incurred losses and loss adjustment expenses, prior accident years' events | 69 | (396) |
Total | 31,846 | 30,783 |
Paid losses and loss adjustment expenses, current accident year events | (11,691) | (13,144) |
Paid losses and loss adjustment expenses, prior accident years' events | (15,259) | (13,967) |
Total | (26,950) | (27,111) |
Foreign currency translation adjustment | $ 124 | $ (178) |
Unpaid losses and loss adjust_4
Unpaid losses and loss adjustment expenses - Narrative (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
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 | $ (273) | |
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 | 342 | |
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 | $ 69 | $ (396) |
Retroactive reinsurance contr_3
Retroactive reinsurance contracts - Reconciliation of changes in claim liabilities and deferred charge assets (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Unpaid losses and loss adjustment expenses, beginning of year | $ 42,441 | $ 41,834 |
Unpaid losses and loss adjustment expenses, end of year | 41,786 | 41,364 |
Deferred charges reinsurance assumed, beginning of year | (13,747) | (14,104) |
Deferred charges reinsurance assumed, end of year | (13,012) | (13,359) |
Retroactive Reinsurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Incurred losses and loss adjustment expenses, prior accident years' events | 866 | 825 |
Total incurred losses and loss adjustment expenses | 866 | 918 |
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 | 175 | |
Incurred losses and loss adjustment expenses, prior accident years' events | 131 | (2) |
Total incurred losses and loss adjustment expenses | 131 | 173 |
Paid losses and loss adjustment expenses | (786) | (643) |
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 | (82) | |
Incurred losses and loss adjustment expenses, prior accident years' events | 735 | 827 |
Total incurred losses and loss adjustment expenses | $ 735 | $ 745 |
Retroactive reinsurance contr_4
Retroactive reinsurance contracts - Narrative (Detail) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effects of Reinsurance [Line Items] | ||||
Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts | $ 41,786 | $ 41,364 | $ 42,441 | $ 41,834 |
Deferred charges under retroactive reinsurance contracts | 13,012 | 13,359 | 13,747 | $ 14,104 |
Retroactive Reinsurance [Member] | ||||
Effects of Reinsurance [Line Items] | ||||
Incurred losses and loss adjustment expenses, prior accident years' events | 866 | $ 825 | ||
NICO [Member] | AIG [Member] | Retroactive Reinsurance [Member] | ||||
Effects of Reinsurance [Line Items] | ||||
Maximum contractual liability under contract | 20,000 | |||
Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts | 18,200 | 18,200 | ||
Deferred charges under retroactive reinsurance contracts | $ 5,800 | $ 6,300 |
Notes payable and other borro_3
Notes payable and other borrowings (Detail) € in Millions, £ in Millions, $ in Millions, ¥ in Billions | 9 Months Ended | ||||
Sep. 30, 2020USD ($) | Sep. 30, 2020EUR (€) | Sep. 30, 2020JPY (¥) | Sep. 30, 2020GBP (£) | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | € 6,850 | ¥ 625.5 | £ 1,750 | ||
Railroad, Utilities and Energy [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 68,800 | $ 65,778 | |||
Insurance and Other [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | 38,891 | 37,590 | |||
Insurance and Other [Member] | Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Other borrowings | 4,676 | 5,262 | |||
Short-term borrowings | $ 960 | 1,472 | |||
Weighted average interest rate, percentage | 4.20% | 4.20% | 4.20% | 4.20% | |
Short-term borrowings, weighted average interest rate | 2.70% | 2.70% | 2.70% | 2.70% | |
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | U.S. Dollar Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 8,320 | 8,324 | |||
Weighted average interest rate, percentage | 3.20% | 3.20% | 3.20% | 3.20% | |
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Euro Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 7,986 | 7,641 | |||
Weighted average interest rate, percentage | 1.00% | 1.00% | 1.00% | 1.00% | |
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Japanese Yen Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 5,902 | 3,938 | |||
Weighted average interest rate, percentage | 0.60% | 0.60% | 0.60% | 0.60% | |
Insurance and Other [Member] | Minimum [Member] | Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2020 | ||||
Insurance and Other [Member] | Minimum [Member] | Berkshire Hathaway Inc. (Parent) [Member] | U.S. Dollar Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2020 | ||||
Insurance and Other [Member] | Minimum [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Euro Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2021 | ||||
Insurance and Other [Member] | Minimum [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Japanese Yen Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2023 | ||||
Insurance and Other [Member] | Maximum [Member] | Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2045 | ||||
Insurance and Other [Member] | Maximum [Member] | Berkshire Hathaway Inc. (Parent) [Member] | U.S. Dollar Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2047 | ||||
Insurance and Other [Member] | Maximum [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Euro Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2035 | ||||
Insurance and Other [Member] | Maximum [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Japanese Yen Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2060 | ||||
Berkshire Hathaway Energy [Member] | Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate, percentage | 4.50% | 4.50% | 4.50% | 4.50% | |
Senior unsecured debt | $ 11,462 | 8,581 | |||
Berkshire Hathaway Energy [Member] | Railroad, Utilities and Energy [Member] | Minimum [Member] | Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2021 | ||||
Berkshire Hathaway Energy [Member] | Railroad, Utilities and Energy [Member] | Maximum [Member] | Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2050 | ||||
Berkshire Hathaway Energy Subsidiaries | Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 31,693 | 30,772 | |||
Weighted average interest rate, percentage | 4.30% | 4.30% | 4.30% | 4.30% | |
Berkshire Hathaway Energy Subsidiaries | Railroad, Utilities and Energy [Member] | Minimum [Member] | Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2020 | ||||
Berkshire Hathaway Energy Subsidiaries | Railroad, Utilities and Energy [Member] | Maximum [Member] | Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2064 | ||||
Burlington Northern Santa Fe And Subsidiaries | Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 23,245 | 23,211 | |||
Weighted average interest rate, percentage | 4.60% | 4.60% | 4.60% | 4.60% | |
Burlington Northern Santa Fe And Subsidiaries | Railroad, Utilities and Energy [Member] | Minimum [Member] | Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2020 | ||||
Burlington Northern Santa Fe And Subsidiaries | Railroad, Utilities and Energy [Member] | Maximum [Member] | Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2097 | ||||
Berkshire Hathaway Finance Corporation [Member] | Insurance and Other [Member] | Subsidiaries [Member] | U.S. Dollar Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 8,829 | 8,679 | |||
Weighted average interest rate, percentage | 4.10% | 4.10% | 4.10% | 4.10% | |
Berkshire Hathaway Finance Corporation [Member] | Insurance and Other [Member] | Subsidiaries [Member] | Great Britain Pound Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable and other borrowings | $ 2,218 | 2,274 | |||
Weighted average interest rate, percentage | 2.50% | 2.50% | 2.50% | 2.50% | |
Berkshire Hathaway Finance Corporation [Member] | Insurance and Other [Member] | Minimum [Member] | Subsidiaries [Member] | U.S. Dollar Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2020 | ||||
Berkshire Hathaway Finance Corporation [Member] | Insurance and Other [Member] | Minimum [Member] | Subsidiaries [Member] | Great Britain Pound Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2039 | ||||
Berkshire Hathaway Finance Corporation [Member] | Insurance and Other [Member] | Maximum [Member] | Subsidiaries [Member] | U.S. Dollar Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2049 | ||||
Berkshire Hathaway Finance Corporation [Member] | Insurance and Other [Member] | Maximum [Member] | Subsidiaries [Member] | Great Britain Pound Denominated [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2059 | ||||
Berkshire Hathaway Energy and Subsidiaries [Member] | Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Short-term borrowings | $ 2,400 | $ 3,214 | |||
Short-term borrowings, weighted average interest rate | 1.80% | 1.80% | 1.80% | 1.80% |
Notes payable and other borro_4
Notes payable and other borrowings - Narrative (Detail) € in Millions, £ in Millions, $ in Millions, ¥ in Billions | Oct. 29, 2020USD ($) | Oct. 31, 2020USD ($) | Apr. 30, 2020USD ($) | Apr. 30, 2020JPY (¥) | Mar. 31, 2020EUR (€) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020EUR (€) | Sep. 30, 2020JPY (¥) | Sep. 30, 2020GBP (£) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |||||||||||||
Notes payable and other borrowings | € 6,850 | ¥ 625.5 | £ 1,750 | ||||||||||
Insurance and Other [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Notes payable and other borrowings | $ 38,891 | $ 38,891 | $ 37,590 | ||||||||||
Insurance and Other [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Subsidiaries Excluding Berkshire Hathaway Finance Corporation [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Guarantee obligation | $ 1,200 | $ 1,200 | |||||||||||
Insurance and Other [Member] | Subsidiaries [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Weighted average interest rate, percentage | 4.20% | 4.20% | 4.20% | 4.20% | 4.20% | ||||||||
Insurance and Other [Member] | Subsidiaries [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt maturity year | 2020 | ||||||||||||
Insurance and Other [Member] | Subsidiaries [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt maturity year | 2045 | ||||||||||||
Insurance and Other [Member] | Senior Notes [Member] | Berkshire Hathaway Inc. (Parent) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Gains (losses) attributable to changes in foreign currency exchange rates | $ (549) | $ 383 | $ (447) | $ 447 | |||||||||
Insurance and Other [Member] | Senior Notes [Member] | Subsidiaries [Member] | Berkshire Hathaway Finance Corporation [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of borrowings | 350 | ||||||||||||
Insurance and Other [Member] | Senior Notes [Member] | Subsidiaries [Member] | Berkshire Hathaway Finance Corporation [Member] | Subsequent Event [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of borrowings | $ 550 | ||||||||||||
Principal amount of debt issued | 2,500 | ||||||||||||
Insurance and Other [Member] | Senior Notes [Member] | Notes Due 2025 at 0.0% [Member] | Berkshire Hathaway Inc. (Parent) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of borrowings | € | € 1,000 | ||||||||||||
Principal amount of debt issued | € | € 1,000 | ||||||||||||
Debt instrument, interest rate, stated percentage | 0.00% | ||||||||||||
Debt maturity year | 2025 | ||||||||||||
Insurance and Other [Member] | Senior Notes [Member] | Debt Due 2023 To 2060 [Member] | Berkshire Hathaway Inc. (Parent) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount of debt issued | $ 1,800 | ¥ 195.5 | |||||||||||
Weighted average interest rate, percentage | 1.07% | 1.07% | |||||||||||
Insurance and Other [Member] | Senior Notes [Member] | Debt Due 2023 To 2060 [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt maturity year | 2023 | 2023 | |||||||||||
Insurance and Other [Member] | Senior Notes [Member] | Debt Due 2023 To 2060 [Member] | Berkshire Hathaway Inc. (Parent) [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt maturity year | 2060 | 2060 | |||||||||||
Insurance and Other [Member] | Senior Notes [Member] | Notes Due 2030 at 1.85% [Member] | Subsidiaries [Member] | Berkshire Hathaway Finance Corporation [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount of debt issued | $ 500 | ||||||||||||
Debt instrument, interest rate, stated percentage | 1.85% | 1.85% | 1.85% | 1.85% | 1.85% | ||||||||
Debt maturity year | 2030 | ||||||||||||
Insurance and Other [Member] | Senior Notes [Member] | Notes Due 2030 at 1.45% [Member] | Subsidiaries [Member] | Berkshire Hathaway Finance Corporation [Member] | Subsequent Event [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount of debt issued | $ 750 | ||||||||||||
Debt instrument, interest rate, stated percentage | 1.45% | ||||||||||||
Debt maturity year | 2030 | ||||||||||||
Insurance and Other [Member] | Senior Notes [Member] | Notes Due 2050 at 2.85% [Member] | Subsidiaries [Member] | Berkshire Hathaway Finance Corporation [Member] | Subsequent Event [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount of debt issued | $ 1,750 | ||||||||||||
Debt instrument, interest rate, stated percentage | 2.85% | ||||||||||||
Debt maturity year | 2050 | ||||||||||||
Railroad, Utilities and Energy [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Notes payable and other borrowings | $ 68,800 | $ 68,800 | $ 65,778 | ||||||||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy and Subsidiaries [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of borrowings | $ 1,900 | ||||||||||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Weighted average interest rate, percentage | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | ||||||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Minimum [Member] | Berkshire Hathaway Energy [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt maturity year | 2021 | ||||||||||||
Railroad, Utilities and Energy [Member] | Subsidiaries [Member] | Maximum [Member] | Berkshire Hathaway Energy [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt maturity year | 2050 | ||||||||||||
Railroad, Utilities and Energy [Member] | Debt Due 2025 To 2062 [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy and Subsidiaries [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount of debt issued | $ 5,500 | ||||||||||||
Weighted average interest rate, percentage | 3.40% | 3.40% | 3.40% | 3.40% | 3.40% | ||||||||
Railroad, Utilities and Energy [Member] | Debt Due 2025 To 2062 [Member] | Subsidiaries [Member] | Minimum [Member] | Berkshire Hathaway Energy and Subsidiaries [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt maturity year | 2025 | ||||||||||||
Railroad, Utilities and Energy [Member] | Debt Due 2025 To 2062 [Member] | Subsidiaries [Member] | Maximum [Member] | Berkshire Hathaway Energy and Subsidiaries [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt maturity year | 2062 | ||||||||||||
Railroad, Utilities and Energy [Member] | Senior Notes [Member] | Notes Due 2031 at 1.65% [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy [Member] | Subsequent Event [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount of debt issued | $ 500 | ||||||||||||
Debt instrument, interest rate, stated percentage | 1.65% | ||||||||||||
Debt maturity year | 2031 | ||||||||||||
Railroad, Utilities and Energy [Member] | Senior Notes [Member] | Notes Due 2051 at 2.85% [Member] | Subsidiaries [Member] | Berkshire Hathaway Energy [Member] | Subsequent Event [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount of debt issued | $ 1,500 | ||||||||||||
Debt instrument, interest rate, stated percentage | 2.85% | ||||||||||||
Debt maturity year | 2051 | ||||||||||||
Railroad, Utilities and Energy [Member] | Senior Unsecured Debenture [Member] | Debentures Due 2051 [Member] | Subsidiaries [Member] | BNSF [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of borrowings | $ 541 | ||||||||||||
Principal amount of debt issued | $ 575 | ||||||||||||
Debt instrument, interest rate, stated percentage | 3.05% | 3.05% | |||||||||||
Debt maturity year | 2051 | 2051 |
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 | Sep. 30, 2020USD ($) |
Line of Credit Facility [Line Items] | |
Unused lines of credit available | $ 9.5 |
Berkshire Hathaway Energy and Subsidiaries [Member] | |
Line of Credit Facility [Line Items] | |
Unused lines of credit available | $ 7.8 |
Fair value measurements - Finan
Fair value measurements - Financial assets and liabilities (Detail) € in Millions, £ in Millions, $ in Millions, ¥ in Billions | Sep. 30, 2020USD ($) | Sep. 30, 2020EUR (€) | Sep. 30, 2020JPY (¥) | Sep. 30, 2020GBP (£) | Dec. 31, 2019USD ($) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | $ 19,435 | $ 18,685 | ||||||
Investments in equity securities | 245,317 | [1] | 248,027 | [2] | ||||
Loans and finance receivables - carrying value | 18,584 | 17,527 | ||||||
Notes payable and other borrowings - carrying value | € 6,850 | ¥ 625.5 | £ 1,750 | |||||
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 | 68,800 | 65,778 | ||||||
Insurance and Other [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | 19,435 | 18,685 | ||||||
Investments in equity securities | 245,317 | 248,027 | ||||||
Equity method investments - carrying value | 17,152 | 17,505 | ||||||
Loans and finance receivables - carrying value | 18,584 | 17,527 | ||||||
Derivative contract liabilities | 1,547 | 968 | ||||||
Notes payable and other borrowings - carrying value | 38,891 | 37,590 | ||||||
The Kraft Heinz Company [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity method investments - carrying value | 13,100 | 13,800 | ||||||
Equity method investments | 9,700 | 10,500 | ||||||
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 | 3,377 | 3,090 | ||||||
Foreign governments [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | 9,969 | 8,638 | ||||||
Corporate bonds [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | 5,574 | 6,352 | ||||||
Other [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | 515 | 605 | ||||||
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 | 236,804 | 237,271 | ||||||
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 | 9,747 | 10,456 | ||||||
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 | 3,331 | 3,046 | ||||||
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 | 6,890 | 5,437 | ||||||
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] | 5 | 6 | |||||
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 | 38 | 46 | ||||||
Loans and finance receivables | 2,509 | 1,809 | ||||||
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 | 84,315 | 76,237 | ||||||
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 | 43,426 | 40,569 | ||||||
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 | 46 | 44 | ||||||
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 | 3,079 | 3,201 | ||||||
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 | 5,574 | 6,350 | ||||||
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 | 515 | 605 | ||||||
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] | 64 | 23 | |||||
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] | 93 | 59 | |||||
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 | 8,475 | 10,710 | ||||||
Loans and finance receivables | 17,228 | 16,052 | ||||||
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 | 13 | 20 | ||||||
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 | 1,547 | 968 | ||||||
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 | |||||||
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] | 195 | 122 | |||||
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 | 11 | |||||
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 | 245,317 | 248,027 | ||||||
Loans and finance receivables | 18,584 | 17,527 | ||||||
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 | 68,800 | 65,778 | ||||||
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 | 38,891 | 37,590 | ||||||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Equity Index Put Options [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative contract liabilities | 1,547 | 968 | ||||||
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 | 13,101 | 13,757 | ||||||
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 | 3,377 | 3,090 | ||||||
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Foreign governments [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | 9,969 | 8,638 | ||||||
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 | 5,574 | 6,352 | ||||||
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 | 515 | 605 | ||||||
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] | 261 | 145 | |||||
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] | 109 | 76 | |||||
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 | 245,317 | 248,027 | ||||||
Loans and finance receivables | 19,737 | 17,861 | ||||||
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 | 84,315 | 76,237 | ||||||
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 | 43,439 | 40,589 | ||||||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Equity Index Put Options [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative contract liabilities | 1,547 | 968 | ||||||
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 | 9,747 | 10,456 | ||||||
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 | 3,377 | 3,090 | ||||||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Foreign governments [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments in fixed maturity securities | 9,969 | 8,638 | ||||||
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 | 5,574 | 6,352 | ||||||
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 | 515 | 605 | ||||||
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] | 261 | 145 | |||||
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] | $ 109 | $ 76 | |||||
[1] | Approximately 70% of the aggregate fair value was concentrated in four companies (American Express Company – $15.2 billion; Apple Inc. – $111.7 billion; Bank of America Corporation – $24.9 billion and The Coca-Cola Company – $19.7 billion). | |||||||
[2] | Approximately 60% of the aggregate fair value was concentrated in four companies (American Express Company – $18.9 billion; Apple Inc. – $73.7 billion; Bank of America Corporation – $33.4 billion and The Coca-Cola Company – $22.1 billion). | |||||||
[3] | Assets are included in other assets and liabilities are included in accounts payable, accruals and other liabilities. |
Fair value measurements - Signi
Fair value measurements - Significant unobservable inputs (Detail) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net derivative contract liabilities - Beginning Balance | $ (857) | $ (2,343) |
Net derivative contract liabilities - Gains (losses) included in earnings | (72) | 1,528 |
Net derivative contract liabilities - Gains (losses) included in regulatory assets and liabilities | (36) | (41) |
Net derivative contract liabilities - Acquisitions, dispositions and settlements | (398) | (282) |
Net derivative contract liabilities - Ending Balance | (1,363) | (1,138) |
Investments in Fixed Maturity and Equity Securities [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 10,407 | 7 |
Gains (losses) included in earnings | (2,235) | 499 |
Acquisitions, dispositions and settlements | (2) | 10,002 |
Ending Balance | $ 8,170 | $ 10,508 |
Fair value measurements - Other
Fair value measurements - Other information (Detail) $ in Millions | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair value of investments | $ 245,317 | [1] | $ 248,027 | [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 | 8,475 | $ 10,710 | ||
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 | 1,547 | |||
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 | 8,159 | |||
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 | $ 10 | |||
Significant Unobservable Inputs (Level 3) [Member] | Expected Duration [Member] | Weighted Average [Member] | Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member] | Discounted Cash Flow [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable inputs, term | 9 years | |||
Significant Unobservable Inputs (Level 3) [Member] | Expected Duration [Member] | Weighted Average [Member] | Common Stock Warrants [Member] | Fair Value, Measurements, Recurring [Member] | Warrant Pricing Model [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable inputs, term | 9 years | |||
Significant Unobservable Inputs (Level 3) [Member] | Discount for Transferability Restrictions and Subordination [Member] | Weighted Average [Member] | Preferred Stock [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 | 0.20 | |||
Significant Unobservable Inputs (Level 3) [Member] | Volatility [Member] | Weighted Average [Member] | Common Stock Warrants [Member] | Fair Value, Measurements, Recurring [Member] | Warrant Pricing Model [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable inputs | 0.28 | |||
[1] | Approximately 70% of the aggregate fair value was concentrated in four companies (American Express Company – $15.2 billion; Apple Inc. – $111.7 billion; Bank of America Corporation – $24.9 billion and The Coca-Cola Company – $19.7 billion). | |||
[2] | Approximately 60% of the aggregate fair value was concentrated in four companies (American Express Company – $18.9 billion; Apple Inc. – $73.7 billion; Bank of America Corporation – $33.4 billion and The Coca-Cola Company – $22.1 billion). |
Common stock - Narrative (Detai
Common stock - Narrative (Detail) | 9 Months Ended | |
Sep. 30, 2020USD ($)Voteshares | Dec. 31, 2019shares | |
Class of Stock [Line Items] | ||
Preferred Stock, shares authorized | 1,000,000 | |
Preferred Stock, shares issued | 0 | |
Economic equivalent of Class B share to Class A share | 0.0667% | |
Common Stock Repurchase Program [Member] | ||
Class of Stock [Line Items] | ||
Shares repurchase, authorization description | Berkshire’s common stock repurchase program permits Berkshire to repurchase its Class A and Class B 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 Bills 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 | 650,946 | 701,970 |
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 | 1,379,535,071 | 1,384,481,533 |
Equivalent Class A [Member] | ||
Class of Stock [Line Items] | ||
Shares outstanding | 1,570,636 | 1,624,958 |
Common stock (Detail)
Common stock (Detail) | 9 Months Ended |
Sep. 30, 2020shares | |
Class A [Member] | |
Class of Stock [Line Items] | |
Shares issued, beginning balance | 719,307 |
Treasury shares, beginning balance | (17,337) |
Shares outstanding, beginning balance | 701,970 |
Conversions of Class A common stock to Class B common stock | (39,694) |
Treasury stock acquired | (11,330) |
Shares issued, ending balance | 679,613 |
Treasury shares, ending balance | (28,667) |
Shares outstanding, ending balance | 650,946 |
Class B [Member] | |
Class of Stock [Line Items] | |
Shares issued, beginning balance | 1,408,183,852 |
Treasury shares, beginning balance | (23,702,319) |
Shares outstanding, beginning balance | 1,384,481,533 |
Conversions of Class A common stock to Class B common stock | 59,541,000 |
Treasury stock acquired | (64,487,462) |
Shares issued, ending balance | 1,467,724,852 |
Treasury shares, ending balance | (88,189,781) |
Shares outstanding, ending balance | 1,379,535,071 |
Common stock (Parenthetical) (D
Common stock (Parenthetical) (Detail) | Sep. 30, 2020$ / 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 |
Income taxes - Narrative (Detai
Income taxes - Narrative (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 19.80% | 18.70% | 30.80% | 20.20% |
Accumulated other comprehensi_3
Accumulated other comprehensive income (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of year | $ 424,791 | |
Other comprehensive income, net | 53 | $ (393) |
Balance at end of period | 415,155 | |
Unrealized appreciation of investments, net [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of year | 481 | 370 |
Other comprehensive income, net | 29 | 137 |
Balance at end of period | 510 | 507 |
Foreign currency translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of year | (4,346) | (4,603) |
Other comprehensive income, net | (28) | (534) |
Balance at end of period | (4,374) | (5,137) |
Defined benefit pension plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of year | (1,369) | (816) |
Other comprehensive income, net | 67 | 33 |
Balance at end of period | (1,302) | (783) |
Other AOCI transactions [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of year | (9) | 34 |
Other comprehensive income, net | (15) | (29) |
Balance at end of period | (24) | 5 |
Accumulated other comprehensive income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of year | (5,243) | (5,015) |
Balance at end of period | $ (5,190) | $ (5,408) |
Supplemental cash flow inform_3
Supplemental cash flow information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Supplemental Cash Flow Information [Line Items] | ||
Cash paid during the period for income taxes | $ 2,715 | $ 4,395 |
Non-cash investing and financing activities: | ||
Non-cash acquisition of equity securities | 430 | |
Insurance and Other [Member] | ||
Supplemental Cash Flow Information [Line Items] | ||
Cash paid during the period for interest | 892 | 879 |
Railroad, Utilities and Energy [Member] | ||
Supplemental Cash Flow Information [Line Items] | ||
Cash paid during the period for interest | $ 2,174 | $ 2,149 |
Contingencies and Commitments -
Contingencies and Commitments - Narrative (Detail) - Berkshire Hathaway Energy [Member] - Dominion Energy, Inc. [Member] $ in Billions | Oct. 05, 2020USD ($) | Jul. 31, 2020USD ($)Bcfemi | Sep. 30, 2020 |
Long Term Purchase Commitment [Line Items] | |||
Business acquisition, contingent acquisition description | to acquire substantially all of Dominion’s natural gas transmission and storage business, which includes more than 7,700 miles of natural gas transmission pipelines, about 900 billion cubic feet of operated natural gas storage capacity and partial ownership of a liquefied natural gas export, import and storage facility. | ||
Natural gas storage capacity acquired | Bcfe | 900 | ||
Business combination, contingent consideration acquisition price | $ 4 | ||
Business acquisition, asset-related long-term debt | $ 5.7 | ||
First Acquisition Agreement [Member] | Subsequent Event [Member] | |||
Long Term Purchase Commitment [Line Items] | |||
Business acquisition, date of acquisition | Oct. 5, 2020 | ||
Payment for acquisition of business in cash | $ 2.7 | ||
Business acquisition assumed debt | $ 5.3 | ||
Business acquisition, date of completed | Nov. 1, 2020 | ||
Second Acquisition Agreement [Member] | Subsequent Event [Member] | |||
Long Term Purchase Commitment [Line Items] | |||
Business acquisition, date of acquisition | Oct. 5, 2020 | ||
Payment for acquisition of business in cash | $ 1.3 | ||
Business acquisition assumed debt | $ 0.4 | ||
Minimum [Member] | |||
Long Term Purchase Commitment [Line Items] | |||
Business acquisition, length of pipelines acquired | mi | 7,700 |
Revenue from contracts with cus
Revenue from contracts with customers disaggregated by reportable segment and source of revenue (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 43,494 | $ 45,169 | $ 122,324 | $ 132,021 |
Other revenues | 19,530 | 19,803 | 58,805 | 57,227 |
Total revenues | 63,024 | 64,972 | 181,129 | 189,248 |
Industrial and Commercial Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4,943 | 6,390 | 15,782 | 19,444 |
Building Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4,322 | 4,101 | 11,682 | 11,796 |
Consumer Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4,036 | 3,528 | 10,373 | 10,487 |
Grocery and Convenience Store Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 7,905 | 8,298 | 23,051 | 24,375 |
Food and Beverage Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3,968 | 4,202 | 11,561 | 12,648 |
Auto Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,195 | 2,250 | 5,999 | 6,312 |
Other Retail and Wholesale Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3,781 | 3,470 | 10,426 | 10,561 |
Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 7,988 | 8,717 | 22,260 | 25,069 |
Electricity and Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4,356 | 4,213 | 11,190 | 11,329 |
Manufacturing Businesses [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 14,216 | 14,944 | 40,490 | 44,415 |
Other revenues | 929 | 937 | 2,686 | 2,715 |
Total revenues | 15,145 | 15,881 | 43,176 | 47,130 |
Manufacturing Businesses [Member] | Industrial and Commercial Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4,889 | 6,346 | 15,639 | 19,308 |
Manufacturing Businesses [Member] | Building Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4,322 | 4,101 | 11,682 | 11,796 |
Manufacturing Businesses [Member] | Consumer Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4,036 | 3,528 | 10,373 | 10,487 |
Manufacturing Businesses [Member] | Other Retail and Wholesale Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 599 | 524 | 1,691 | 1,602 |
Manufacturing Businesses [Member] | Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 370 | 445 | 1,105 | 1,222 |
McLane Company [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 12,017 | 12,580 | 35,010 | 37,146 |
Other revenues | 23 | 24 | 69 | 68 |
Total revenues | 12,040 | 12,604 | 35,079 | 37,214 |
McLane Company [Member] | Grocery and Convenience Store Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 7,905 | 8,298 | 23,051 | 24,375 |
McLane Company [Member] | Food and Beverage Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3,968 | 4,202 | 11,561 | 12,648 |
McLane Company [Member] | Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 144 | 80 | 398 | 123 |
Service and Retailing Businesses [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 6,296 | 6,274 | 17,337 | 18,475 |
Other revenues | 966 | 1,080 | 2,884 | 3,323 |
Total revenues | 7,262 | 7,354 | 20,221 | 21,798 |
Service and Retailing Businesses [Member] | Industrial and Commercial Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 54 | 44 | 143 | 136 |
Service and Retailing Businesses [Member] | Auto Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,195 | 2,250 | 5,999 | 6,312 |
Service and Retailing Businesses [Member] | Other Retail and Wholesale Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3,182 | 2,946 | 8,735 | 8,959 |
Service and Retailing Businesses [Member] | Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 865 | 1,034 | 2,460 | 3,068 |
BNSF [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 5,135 | 5,967 | 15,059 | 17,517 |
Other revenues | 14 | 15 | 42 | 41 |
Total revenues | 5,149 | 5,982 | 15,101 | 17,558 |
BNSF [Member] | Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 5,135 | 5,967 | 15,059 | 17,517 |
Berkshire Hathaway Energy [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 5,830 | 5,404 | 14,428 | 14,468 |
Other revenues | 396 | 316 | 964 | 894 |
Total revenues | 6,226 | 5,720 | 15,392 | 15,362 |
Berkshire Hathaway Energy [Member] | Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,474 | 1,191 | 3,238 | 3,139 |
Berkshire Hathaway Energy [Member] | Electricity and Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4,356 | 4,213 | 11,190 | 11,329 |
Insurance Corporate And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 17,202 | 17,431 | 52,160 | 50,186 |
Total revenues | $ 17,202 | $ 17,431 | $ 52,160 | $ 50,186 |
Revenue from contracts with c_2
Revenue from contracts with customers transaction price allocated to remaining performance obligations (Detail) $ in Millions | Sep. 30, 2020USD ($) |
Electricity and Natural Gas [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 7,021 |
Electricity and Natural Gas [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 1,642 |
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]: 2021-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 5,379 |
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 | $ 3,663 |
Other Sales and Service Contracts [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 1,206 |
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]: 2021-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 2,457 |
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 | Sep. 30, 2020USD ($) |
Electricity and Natural Gas [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 7,021 |
Other Sales and Service Contracts [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 3,663 |
Business segment data - Revenue
Business segment data - Revenues (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 63,024 | $ 64,972 | $ 181,129 | $ 189,248 |
BNSF [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 5,149 | 5,982 | 15,101 | 17,558 |
Berkshire Hathaway Energy [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 6,226 | 5,720 | 15,392 | 15,362 |
Manufacturing Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 15,145 | 15,881 | 43,176 | 47,130 |
McLane Company [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 12,040 | 12,604 | 35,079 | 37,214 |
Service and Retailing Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 7,262 | 7,354 | 20,221 | 21,798 |
Operating Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 63,027 | 64,732 | 180,918 | 188,725 |
Operating Businesses [Member] | Insurance Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest, dividend and other investment income | 1,223 | 1,789 | 4,486 | 4,930 |
Total revenues | 17,136 | 17,112 | 51,742 | 49,435 |
Operating Businesses [Member] | Insurance Group [Member] | GEICO [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Premiums earned | 8,540 | 8,996 | 26,689 | 26,487 |
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Reinsurance Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Premiums earned | 4,883 | 3,940 | 13,464 | 11,193 |
Operating Businesses [Member] | Insurance Group [Member] | Berkshire Hathaway Primary Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Premiums earned | 2,490 | 2,387 | 7,103 | 6,825 |
Operating Businesses [Member] | BNSF [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 5,176 | 6,021 | 15,195 | 17,676 |
Operating Businesses [Member] | Berkshire Hathaway Energy [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 6,226 | 5,720 | 15,392 | 15,362 |
Operating Businesses [Member] | Manufacturing Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 15,170 | 15,897 | 43,238 | 47,173 |
Operating Businesses [Member] | McLane Company [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 12,040 | 12,604 | 35,079 | 37,214 |
Operating Businesses [Member] | Service and Retailing Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 7,279 | 7,378 | 20,272 | 21,865 |
Corporate, Eliminations and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ (3) | $ 240 | $ 211 | $ 523 |
Business segment data - Earning
Business segment data - Earnings (loss) before income taxes (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Investment and derivative contract gains/losses | $ 31,582 | $ 10,926 | $ 1,392 | $ 41,296 |
Equity method earnings (losses) | 290 | 644 | 333 | 936 |
Earnings (loss) before income taxes | 37,930 | 20,489 | 10,290 | 65,895 |
Operating Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings (loss) before income taxes from operating businesses | 6,958 | 8,538 | 20,348 | 23,443 |
Operating Businesses [Member] | Insurance Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings (loss) before income taxes from operating businesses | 929 | 2,363 | 5,704 | 6,440 |
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 | 1,220 | 1,782 | 4,480 | 4,916 |
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 | 276 | 376 | 3,320 | 1,539 |
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 | (441) | 52 | (2,033) | (305) |
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 | (126) | 153 | (63) | 290 |
Operating Businesses [Member] | BNSF [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings (loss) before income taxes from operating businesses | 1,777 | 1,941 | 4,855 | 5,379 |
Operating Businesses [Member] | Berkshire Hathaway Energy [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings (loss) before income taxes from operating businesses | 1,122 | 1,061 | 2,074 | 2,194 |
Operating Businesses [Member] | Manufacturing Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings (loss) before income taxes from operating businesses | 2,255 | 2,484 | 5,765 | 7,205 |
Operating Businesses [Member] | McLane Company [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings (loss) before income taxes from operating businesses | 96 | 50 | 205 | 220 |
Operating Businesses [Member] | Service and Retailing Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings (loss) before income taxes from operating businesses | 779 | 639 | 1,745 | 2,005 |
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Investment and derivative contract gains/losses | 31,582 | 10,926 | 1,392 | 41,296 |
Interest expense, not allocated to segments | (116) | (96) | (363) | (312) |
Equity method earnings (losses) | 290 | 644 | 333 | 936 |
Goodwill and intangible asset impairments | (25) | (10,659) | ||
Corporate, Eliminations and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings (loss) before income taxes from operating businesses | $ (759) | $ 477 | $ (761) | $ 532 |