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BERKSHIRE HATHAWAY INC. and Subsidiaries CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (dollars in millions) Year Ended December 31, 2013 2012 2011 Net earnings ................................................................... $19,845 $15,312 $10,746 Other comprehensive income: Net change in unrealized appreciation of investments ............................... 25,111 15,700 (2,146) Applicable income taxes ..................................................... (8,691) (5,434) 811 Reclassification of investment appreciation in net earnings .......................... (2,447) (953) (1,245) Applicable income taxes ..................................................... 856 334 436 Foreign currency translation .................................................. (82) 276 (126) Applicable income taxes ..................................................... 34 (9) (18) Prior service cost and actuarial gains/losses of defined benefit pension plans ............ 2,602 5 (1,121) Applicable income taxes ..................................................... (950) (26) 401 Other, net ................................................................. 138 (32) (104) Other comprehensive income, net .................................................. 16,571 9,861 (3,112) Comprehensive income .......................................................... 36,416 25,173 7,634 Comprehensive income attributable to noncontrolling interests ........................... 394 503 385 Comprehensive income attributable to Berkshire Hathaway shareholders ................... $36,022 $24,670 $ 7,249 CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (dollars in millions) Common stock and capital in excess of par value Berkshire Hathaway shareholders’ equity Accumulated other comprehensive income Retained earnings Treasury stock Noncontrolling interests Balance at December 31, 2010 ................ $37,541 $20,583 $ 99,194 $ — $ 5,616 $162,934 Net earnings .......................... — — 10,254 — 492 10,746 Other comprehensive income, net .......... — (3,005) — — (107) (3,112) Issuance (repurchase) of common stock ..... 355 — — (67) — 288 Transactions with noncontrolling interests . . . (81) 76 — — (1,890) (1,895) Balance at December 31, 2011 ................ 37,815 17,654 109,448 (67) 4,111 168,961 Net earnings .......................... — — 14,824 — 488 15,312 Other comprehensive income, net .......... — 9,846 — — 15 9,861 Issuance (repurchase) of common stock ..... 118 — — (1,296) — (1,178) Transactions with noncontrolling interests . . . (695) — — — (673) (1,368) Balance at December 31, 2012 ................ 37,238 27,500 124,272 (1,363) 3,941 191,588 Net earnings .......................... — — 19,476 — 369 19,845 Other comprehensive income, net .......... — 16,546 — — 25 16,571 Issuance of common stock ............... 92 — — — — 92 Transactions with noncontrolling interests . . . (1,850) (21) — — (1,740) (3,611) Balance at December 31, 2013 ................ $35,480 $44,025 $143,748 $(1,363) $ 2,595 $224,485 Total See accompanying Notes to Consolidated Financial Statements 30
BERKSHIRE HATHAWAY INC. and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS (dollars in millions) Year Ended December 31, 2013 2012 2011 Cash flows from operating activities: Net earnings ................................................................ $19,845 $ 15,312 $ 10,746 Adjustments to reconcile net earnings to operating cash flows: Investment (gains) losses .................................................. (4,065) (1,462) (1,274) Depreciation and amortization ............................................. 6,508 6,154 5,492 Other ................................................................. 373 (213) 2 Changes in operating assets and liabilities before business acquisitions: Losses and loss adjustment expenses ........................................ 578 (421) 3,063 Deferred charges reinsurance assumed ....................................... (340) 121 (329) Unearned premiums ...................................................... 519 1,134 852 Receivables and originated loans ........................................... 1,035 (1,610) (1,159) Derivative contract assets and liabilities ...................................... (2,430) (2,183) 1,881 Income taxes ........................................................... 3,514 1,710 1,493 Other ................................................................. 2,167 2,408 (291) Net cash flows from operating activities .......................................... 27,704 20,950 20,476 Cash flows from investing activities: Purchases of fixed maturity securities ............................................ (7,546) (8,250) (7,362) Purchases of equity securities .................................................. (8,558) (7,376) (15,660) Purchases of other investments ................................................. (12,250) — (5,000) Sales of fixed maturity securities ............................................... 4,311 2,982 3,353 Redemptions and maturities of fixed maturity securities ............................. 11,203 6,064 6,872 Sales and redemptions of equity securities ........................................ 3,869 8,088 14,163 Purchases of loans and finance receivables ........................................ (490) (650) (1,657) Collections of loans and finance receivables ...................................... 654 1,714 2,915 Acquisitions of businesses, net of cash acquired ................................... (6,431) (3,188) (8,685) Purchases of property, plant and equipment ....................................... (11,087) (9,775) (8,191) Other ..................................................................... (1,210) (183) 63 Net cash flows from investing activities .......................................... (27,535) (10,574) (19,189) Cash flows from financing activities: Proceeds from borrowings of insurance and other businesses ......................... 2,622 1,820 2,091 Proceeds from borrowings of railroad, utilities and energy businesses .................. 7,491 4,707 2,290 Proceeds from borrowings of finance businesses ................................... 3,462 2,352 1,562 Repayments of borrowings of insurance and other businesses ......................... (2,835) (2,078) (2,307) Repayments of borrowings of railroad, utilities and energy businesses .................. (1,596) (2,119) (2,335) Repayments of borrowings of finance businesses .................................. (3,842) (3,131) (1,959) Changes in short term borrowings, net ........................................... (1,317) (309) 301 Acquisitions of noncontrolling interests and treasury stock ........................... (2,890) (2,096) (1,878) Other ..................................................................... (134) 48 18 Net cash flows from financing activities .......................................... 961 (806) (2,217) Effects of foreign currency exchange rate changes ...................................... 64 123 2 Increase (decrease) in cash and cash equivalents ....................................... 1,194 9,693 (928) Cash and cash equivalents at beginning of year ........................................ 46,992 37,299 38,227 Cash and cash equivalents at end of year * .......................................... $48,186 $ 46,992 $ 37,299 * Cash and cash equivalents at end of year are comprised of the following: Insurance and Other ......................................................... $ 42,614 $ 42,358 $ 33,513 Railroad, Utilities and Energy ................................................. 3,400 2,570 2,246 Finance and Financial Products ................................................ 2,172 2,064 1,540 $ 48,186 $ 46,992 $ 37,299 See accompanying Notes to Consolidated Financial Statements 31
Page 1 and 2: BERKSHIRE HATHAWAY INC. 2013 ANNUAL
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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
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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
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Page 35 and 36: Notes to Consolidated Financial Sta
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Management’s Discussion (Continue
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In June 1996, Berkshire’s Chairma
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Besides, Berkshire has access to tw
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INTRINSIC VALUE Now let’s focus o
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BERKSHIRE HATHAWAY INC. INTRINSIC V
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BERKSHIRE HATHAWAY INC. OPERATING C
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BERKSHIRE HATHAWAY INC. DAILY NEWSP
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BERKSHIRE HATHAWAY INC. DIRECTORS W
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