u8Zcc

Recommendations

Info

Business Activities Berkshire Hathaway Inc. is a holding company owning subsidiaries that engage in a number of diverse business activities including insurance and reinsurance, freight rail transportation, utilities and energy, finance, manufacturing, services and retailing. Included in the group of subsidiaries that underwrite insurance and reinsurance is GEICO, the second largest private passenger auto insurer in the United States and two of the largest reinsurers in the world, General Re and the Berkshire Hathaway Reinsurance Group. Other subsidiaries that underwrite property and casualty insurance include: National Indemnity Company, Berkshire Hathaway Homestate Insurance Companies, Medical Protective Company, Applied Underwriters, U.S. Liability Insurance Company, Central States Indemnity Company, BoatU.S., the Guard Insurance Group and Berkshire Hathaway Specialty Insurance Company. Burlington Northern Santa Fe (“BNSF”) operates one of the largest railroad systems in North America. In serving the Midwest, Pacific Northwest and the Western, Southwestern and Southeastern regions and ports of the U.S., BNSF transports a range of products and commodities derived from manufacturing, agricultural and natural resource industries. MidAmerican Energy Holdings Company (“MidAmerican”) is an international energy holding company owning a wide variety of operating companies engaged in the generation, transmission and distribution of energy. MidAmerican’s principal operating energy companies are: MidAmerican Energy Company, PacifiCorp and NV Energy; Northern Powergrid; Kern River Gas Transmission Company and Northern Natural Gas; and MidAmerican Renewables. In addition, MidAmerican owns HomeServices of America, a real estate brokerage firm. Numerous business activities are conducted through Berkshire’s manufacturing services, retailing and finance subsidiaries. The Marmon Group is an international association of approximately 160 manufacturing and service businesses that operate independently within diverse business sectors. The Lubrizol Corporation is a specialty chemical company that produces and supplies chemical products for transportation, industrial and consumer markets. IMC International Metalworking Companies (Iscar) is an industry leader in the metal cutting tools business. McLane Company is a wholesale distributor of groceries and nonfood items to discount retailers, convenience stores, quick service restaurants and others. Berkshire’s finance and financial products businesses primarily engage in proprietary investing strategies, consumer lending (Clayton Homes) and transportation equipment and furniture leasing (XTRA and CORT). Shaw Industries is the world’s largest manufacturer of tufted broadloom carpet. Benjamin Moore is a formulator, manufacturer and retailer of architectural and industrial coatings. Johns Manville is a leading manufacturer of insulation and building products. Acme Brick is a manufacturer of face brick and concrete masonry products. MiTek Inc. produces steel connector products and engineering software for the building components market. Fruit of the Loom, Russell, Vanity Fair, Garan, Fechheimer, H.H. Brown Shoe Group, Justin Brands and Brooks Sports manufacture, license and distribute apparel and footwear under a variety of brand names. FlightSafety International provides training to aircraft operators. NetJets provides fractional ownership programs for general aviation aircraft. Nebraska Furniture Mart, R.C. Willey Home Furnishings, Star Furniture and Jordan’s Furniture are retailers of home furnishings. Borsheims, Helzberg Diamond Shops and Ben Bridge Jeweler are retailers of fine jewelry. In addition, other manufacturing, service and retail businesses include: The Buffalo News and BH Media Group (publisher of The Omaha World-Herald and 29 other daily newspapers); See’s Candies, a manufacturer and seller of boxed chocolates and other confectionery products; Scott Fetzer, a diversified manufacturer and distributor of commercial and industrial products; Larson-Juhl, a designer, manufacturer and distributor of highquality picture framing products; CTB, a manufacturer of equipment for the livestock and agricultural industries; International Dairy Queen, a licensor and service provider to over 6,300 stores that offer prepared dairy treats and food; The Pampered Chef, the premier direct seller of kitchen tools in the U.S.; Forest River, a leading manufacturer of leisure vehicles in the U.S.; Business Wire, the leading global distributor of corporate news, multimedia and regulatory filings; TTI, Inc., a leading distributor of electronic components; Richline Group, a leading jewelry manufacturer; and Oriental Trading Company, a direct retailer of party supplies, school supplies and toys and novelties. Berkshire also has a major economic interest in Heinz, one of the world’s leading marketers and producers of food products. Operating decisions for the various Berkshire businesses are made by managers of the business units. Investment decisions and all other capital allocation decisions are made for Berkshire and its subsidiaries by Warren E. Buffett, in consultation with Charles T. Munger. Mr. Buffett is Chairman and Mr. Munger is Vice Chairman of Berkshire’s Board of Directors. ************
BERKSHIRE HATHAWAY INC. 2013 ANNUAL REPORT TABLE OF CONTENTS Business Activities ....................................... Inside Front Cover Corporate Performance vs. the S&P 500 .................................. 2 Chairman’s Letter* ................................................... 3 Acquisition Criteria ................................................... 25 Management’s Report on Internal Control Over Financial Reporting ............ 25 Selected Financial Data for the Past Five Years ............................. 26 Report of Independent Registered Public Accounting Firm .................... 27 Consolidated Financial Statements ....................................... 28 Management’s Discussion .............................................. 67 Owner’s Manual ..................................................... 103 Intrinsic Value ....................................................... 109 Common Stock Data .................................................. 110 Operating Companies ................................................. 111 Real Estate Brokerage Businesses ........................................ 112 Daily Newspapers .................................................... 113 Purchase Proposal for Nebraska Furniture Mart ............................. 114 Financial Statements of Nebraska Furniture Mart as of December 31, 1946 ....... 116 Memorandum Regarding Pitfalls of Pension Promises ....................... 118 Directors and Officers of the Company ....................... Inside Back Cover *Copyright © 2014 By Warren E. Buffett All Rights Reserved
Page 1: BERKSHIRE HATHAWAY INC. 2013 ANNUAL
Page 5 and 6: BERKSHIRE HATHAWAY INC. To the Shar
Page 7 and 8: Š While Charlie and I search for e
Page 9 and 10: Intrinsic Business Value As much as
Page 11 and 12: One venture materialized last June
Page 13 and 14: Regulated, Capital-Intensive Busine
Page 15 and 16: Ron Peltier continues to build Home
Page 17 and 18: I can’t resist, however, giving y
Page 19 and 20: Berkshire has one major equity posi
Page 21 and 22: Š My two purchases were made in 19
Page 23 and 24: A couple of interesting sidelights
Page 25 and 26: About 1:15 p.m. on Sunday, I will b
Page 27 and 28: BERKSHIRE HATHAWAY INC. ACQUISITION
Page 29 and 30: REPORT OF INDEPENDENT REGISTERED PU
Page 31 and 32: BERKSHIRE HATHAWAY INC. and Subsidi
Page 33 and 34: BERKSHIRE HATHAWAY INC. and Subsidi
Page 35 and 36: Notes to Consolidated Financial Sta
Page 53 and 54:
Notes to Consolidated Financial Sta
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
BERKSHIRE HATHAWAY INC. and Subsidi
Page 71 and 72:
Management’s Discussion (Continue
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
In June 1996, Berkshire’s Chairma
Page 107 and 108:
Besides, Berkshire has access to tw
Page 109 and 110:
INTRINSIC VALUE Now let’s focus o
Page 111 and 112:
BERKSHIRE HATHAWAY INC. INTRINSIC V
Page 113 and 114:
BERKSHIRE HATHAWAY INC. OPERATING C
Page 115 and 116:
BERKSHIRE HATHAWAY INC. DAILY NEWSP
Page 117 and 118:
115
Page 119 and 120:
117
Page 121 and 122:
119
Page 123 and 124:
121
Page 125 and 126:
123
Page 127 and 128:
125
Page 129 and 130:
127
Page 131 and 132:
129
Page 133 and 134:
131
Page 135 and 136:
133
Page 137 and 138:
135
Page 139 and 140:
BERKSHIRE HATHAWAY INC. DIRECTORS W
show all

u8Zcc

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?