FORM 10-Q UNITED STATES SECURITIES ... - Berkshire …

1 FORM 10-QUNITED STATES SECURITIES AND EXCHANGE COMMISSIONW ashington, 20549(Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from toCommission file number 001-14905 Berkshire HATHAWAY INC.(Exact name of registrant as specified in its charter)Delaware47-0813844(State or other jurisdiction of incorporation or organization)( Employer Identification Number)3555 Farnam Street, Omaha, Nebraska 68131(Address of principal executive office) (Zip Code)(402) 346-1400(Registrant s telephone number, including area code)(Former name, former address and former fiscal year, if changed since last report) SECURITIES registered pursuant to Section 12(b) of the Act.

2 Title of each class Trading Symbols Name of each exchange on which registered Class A Common StockClass B Common Senior Notes due Senior Notes due Senior Notes due Senior Notes due Senior Notes due Senior Notes due Senior Notes due Senior Notes due Senior Notes due Senior Notes due York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeIndicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SECURITIES Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

3 Yes No Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

4 Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Number of shares of common stock outstanding as of April 22, 2021: Class A 637,990 Class B 1,326,572,128 1 Berkshire HATHAWAY INC. Page I Financial Information Item 1. Financial Statements Consolidated Balance Sheets March 31, 2021 and December 31, 20202-3 Consolidated Statements of Earnings First Quarter 2021 and 20204 Consolidated Statements of Comprehensive Income First Quarter 2021 and 20205 Consolidated Statements of Changes in Shareholders Equity First Quarter 2021 and 20205 Consolidated Statements of Cash Flows First Quarter 2021 and 20206 Notes to Consolidated Financial Statements7-22 Item s Discussion and Analysis of Financial Condition and Results of Operations23-40 Item and Qualitative Disclosures About Market Risk41 Item and Procedures41 Part II Other Information 41 Item Proceedings41 Item Factors41 Item Sales of Equity SECURITIES and Use of Proceeds and Issuer Repurchases of Equity Securities42 Item Upon Senior Securities42

5 Item Safety Disclosures42 Item Information42 Item 43 2 Part I Financial InformationItem 1. Financial StatementsBERKSHIRE HATHAWAY SubsidiariesCONSOLIDATED BALANCE SHEETS(dollars in millions) March 31,2021 December 31,2020 (Unaudited) ASSETS Insurance and Other: Cash and cash equivalents*$56,826 $44,714 Short-term investments in Treasury Bills 85,385 90,300 Investments in fixed maturity SECURITIES 20,027 20,410 Investments in equity SECURITIES 282,097 281,170 Equity method investments 16,533 17,303 Loans and finance receivables 19,449 19,201 Other receivables 35,002 32,310 Inventories 18,886 19,208 Property, plant and equipment 20,990 21,200 Equipment held for lease 14,567 14,601 Goodwill 47,054 47,121 Other intangible assets 29,184 29,462 Deferred charges under retroactive reinsurance contracts 12,189 12,441 Other 15,447 14,580 673,636 664,021 Railroad, Utilities and Energy.

6 Cash and cash equivalents* 3,228 3,276 Receivables 4,050 3,542 Property, plant and equipment 151,799 151,216 Goodwill 26,641 26,613 Regulatory assets 3,492 3,440 Other 21,547 21,621 210,757 209,708 $884,393 $873,729 *Includes Treasury Bills with maturities of three months or less when purchased of $ billion at March 31, 2021 and $ billion at December 31, 2020. See accompanying Notes to Consolidated Financial Statements3 Berkshire HATHAWAY SubsidiariesCONSOLIDATED BALANCE SHEETS(dollars in millions) March 31,2021 December 31,2020 (Unaudited) LIABILITIES AND SHAREHOLDERS EQUITY Insurance and Other: Unpaid losses and loss adjustment expenses$80,961 $79,854 Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts 40,685 40,966 Unearned premiums 23,756 21,395 Life, annuity and health insurance benefits 21,709 21,616 Other policyholder liabilities 8,486 8,670 Accounts payable, accruals and other liabilities 28,486 29,279 Payable for purchase of short-term investments in Treasury Bills 4,084 Derivative contract liabilities 577 1,065 Aircraft repurchase liabilities and unearned lease revenues 5,717 5,856 Notes payable and other borrowings 39,556 41,522 254,017 250,223 Railroad, Utilities and Energy.

7 Accounts payable, accruals and other liabilities 15,207 15,224 Regulatory liabilities 7,626 7,475 Notes payable and other borrowings 74,975 75,373 97,808 98,072 Income taxes, principally deferred 76,392 74,098 Total liabilities 428,217 422,393 Shareholders equity: Common stock 8 8 Capital in excess of par value 35,630 35,626 Accumulated other comprehensive income (4,570) (4,243)Retained earnings 456,337 444,626 Treasury stock, at cost (39,418) (32,853) Berkshire Hathaway shareholders equity 447,987 443,164 Noncontrolling interests 8,189 8,172 Total shareholders equity 456,176 451,336 $884,393 $873,729 See accompanying Notes to Consolidated Financial Statements 4 Berkshire HATHAWAY SubsidiariesCONSOLIDATED STATEMENTS OF EARNINGS(dollars in millions except per share amounts) First Quarter 2021 2020 (Unaudited) Revenues: Insurance and Other.

8 Insurance premiums earned $16,424 $15,748 Sales and service revenues 33,698 31,926 Leasing revenues 1,324 1,428 Interest, dividend and other investment income 1,851 2,276 53,297 51,378 Railroad, Utilities and Energy: Freight rail transportation revenues 5,378 5,380 Energy operating revenues 4,848 3,634 Service revenues and other income 1,076 873 11,302 9,887 Total revenues 64,599 61,265 Investment and derivative contract gains/losses 5,700 (70,275) Costs and expenses: Insurance and Other: Insurance losses and loss adjustment expenses 10,964 10,979 Life, annuity and health insurance benefits 1,480 1,383 Insurance underwriting expenses 3,014 2,924 Cost of sales and services 26,530 25,392 Cost of leasing 882 1,002 Selling, general and administrative expenses 3,910 4,471 Interest expense 276 296 47,056 46,447 Railroad, Utilities and Energy.

9 Freight rail transportation expenses 3,510 3,593 Utilities and energy cost of sales and other expenses 3,589 2,722 Other expenses 1,093 849 Interest expense 774 728 8,966 7,892 Total costs and expenses 56,022 54,339 Earnings (loss) before income taxes and equity method earnings 14,277 (63,349)Equity method earnings 251 300 Earnings (loss) before income taxes 14,528 (63,049)Income tax expense (benefit) 2,688 (13,352)Net earnings (loss) 11,840 (49,697)Earnings attributable to noncontrolling interests 129 49 Net earnings (loss) attributable to Berkshire Hathaway shareholders $11,711 $(49,746)Net earnings (loss) per average equivalent Class A share $7,638 $(30,653)Net earnings (loss) per average equivalent Class B share* $ $( )Average equivalent Class A shares outstanding 1,533,284 1,622,889 Average equivalent Class B shares outstanding 2,299,925,502 2,434,333,367 *Class B shares are economically equivalent to one-fifteen-hundredth of a Class A share.

10 Accordingly, net earnings per average equivalent Class B share outstanding is equal to one-fifteen-hundredth of the equivalent Class A amount. See Note 17. See accompanying Notes to Consolidated Financial Statements 5 Berkshire HATHAWAY SubsidiariesCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(dollars in millions) First Quarter 2021 2020 (Unaudited) Net earnings (loss) $11,840 $(49,697)Other comprehensive income: Unrealized appreciation of investments (87) (180)Applicable income taxes 20 41 Foreign currency translation (285) (1,454)Applicable income taxes (3) 47 Defined benefit pension plans 61 95 Applicable income taxes (20) (21)Other, net (6) (59)Other comprehensive income, net (320) (1,531)Comprehensive income 11,520 (51,228)Comprehensive income attributable to noncontrolling interests 136 (4)Comprehensive income attributable to Berkshire Hathaway shareholders $11,384 $(51,224)CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY(dollars in millions)(Unaudited)