《伯克希爾·哈撒韋Berkshire Hathaway（BRK-A）2025年第一季度財報「NYSE」（英文版）（54頁）.pdf》由會員分享，可在線閱讀，更多相關《伯克希爾·哈撒韋Berkshire Hathaway（BRK-A）2025年第一季度財報「NYSE」（英文版）（54頁）.pdf（54頁珍藏版）》請在三個皮匠報告上搜索。

1、UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549FORM 10-Q(Mark One)QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31,2025ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT

2、OF 1934 For the transition period from toCommission file number 001-14905BERKSHIRE HATHAWAY INC.(Exact name of registrant as specified in its charter)Delaware47-0813844(State or other jurisdiction of incorporation or organization)(I.R.S.Employer Identification Number)3555 Farnam Street,Omaha,Nebrask

3、a 68131(Address of principal executive office)(Zip Code)(402)346-1400(Registrants 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:Title of each class Trading Symbols Name of

4、 each exchange on which registered Class A Common StockClass B Common Stock1.125%Senior Notes due 20272.150%Senior Notes due 20281.500%Senior Notes due 20302.000%Senior Notes due 20341.625%Senior Notes due 20352.375%Senior Notes due 20390.500%Senior Notes due 20412.625%Senior Notes due 2059BRK.ABRK.

5、BBRK27BRK28BRK30BRK34BRK35BRK39BRK41BRK59New 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 whethe

6、r 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

7、90 days.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(232.405 of this chapter)during the preceding 12 months(or for such shorter period that the registrant was required to

8、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,”an

9、d“emerging growth company”in Rule 12b-2 of the Exchange Act.Large accelerated filer Accelerated filerNon-accelerated filerSmaller reporting companyEmerging growth companyIf an emerging growth company,indicate by check mark if the Registrant has elected not to use the extended transition period for c

10、omplying with any new or revised financial accounting standards provided pursuant to Section 13(a)of the Exchange Act.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 21,2025

11、:Class A 542,999Class B 1,342,836,6391BERKSHIRE HATHAWAY INC.Page No.Part I Financial Information Item 1.Financial Statements Consolidated Balance SheetsMarch 31,2025 and December 31,20242 Consolidated Statements of EarningsFirst Quarter 2025 and 20244 Consolidated Statements of Comprehensive Income

12、First Quarter 2025 and 20245 Consolidated Statements of Changes in Shareholders EquityFirst Quarter 2025 and 20245 Consolidated Statements of Cash FlowsFirst Quarter 2025 and 20246 Notes to Consolidated Financial Statements7Item 2.Managements Discussion and Analysis of Financial Condition and Result

13、s of Operations29Item 3.Quantitative and Qualitative Disclosures About Market Risk46Item 4.Controls and Procedures46Part II Other Information 46Item 1.Legal Proceedings46Item 1A.Risk Factors46Item 2.Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securiti

14、es47Item 3.Defaults Upon Senior Securities47Item 4.Mine Safety Disclosures47Item 5.Other Information47Item 6.Exhibits48Signature 48 2Part I Financial InformationItem 1.Financial StatementsBERKSHIRE HATHAWAY INC.and SubsidiariesCONSOLIDATED BALANCE SHEETS(dollars in millions)March 31,2025December 31,

15、2024(Unaudited)AssetsInsurance and Other:Cash and cash equivalents*$36,892$44,333Short-term investments in U.S.Treasury Bills305,501286,472Investments in fixed maturity securities15,03515,364Investments in equity securities263,735271,588Equity method investments31,14431,134Loans and finance receivab

16、les28,13127,798Other receivables47,40143,887Inventories24,03424,008Property,plant and equipment30,21530,071Equipment held for lease17,98417,828Goodwill56,97456,860Other intangible assets34,33134,638Deferred charges-retroactive reinsurance8,6288,797Other25,29124,994 925,296917,772Railroad,Utilities a

17、nd Energy:Cash and cash equivalents*5,2883,396Receivables4,2914,503Property,plant and equipment176,559175,030Goodwill27,03327,020Regulatory assets5,2995,349Other20,76620,811 239,236236,109Total assets$1,164,532$1,153,881*Includes U.S.Treasury Bills with maturities of three months or less when purcha

18、sed of$8.6 billion at March 31,2025 and$14.4 billion at December 31,2024.See accompanying Notes to Consolidated Financial Statements3BERKSHIRE HATHAWAY INC.and SubsidiariesCONSOLIDATED BALANCE SHEETS(dollars in millions)March 31,2025December 31,2024(Unaudited)LiabilitiesInsurance and Other:Unpaid lo

19、sses and loss adjustment expenses$117,123$115,151Unpaid losses and loss adjustment expenses-retroactive reinsurance contracts31,97432,443Unearned premiums32,30630,808Life,annuity and health insurance benefits17,73417,616Other policyholder liabilities10,78210,703Accounts payable,accruals and other li

20、abilities37,09037,489Payable for purchases of U.S.Treasury Bills14,38012,769Aircraft repurchase liabilities and unearned lease revenues9,5099,356Notes payable and other borrowings44,46144,885 315,359311,220Railroad,Utilities and Energy:Accounts payable,accruals and other liabilities17,91618,226Regul

21、atory liabilities7,0477,033Notes payable and other borrowings81,46679,877 106,429105,136Income taxes,principally deferred86,00285,870Total liabilities507,790502,226Shareholders equity:Common stock88Capital in excess of par value35,66535,665Accumulated other comprehensive income(3,084)(3,584)Retained

22、 earnings700,821696,218Treasury stock,at cost(78,939)(78,939)Berkshire shareholders equity654,471649,368Noncontrolling interests2,2712,287Total shareholders equity656,742651,655Total liabilities and shareholders equity$1,164,532$1,153,881See accompanying Notes to Consolidated Financial Statements 4B

23、ERKSHIRE HATHAWAY INC.and SubsidiariesCONSOLIDATED STATEMENTS OF EARNINGS(dollars in millions except per share amounts)(Unaudited)First Quarter20252024Revenues:Insurance and Other:Insurance premiums earned$21,804$21,474Sales and service revenues47,81549,933Leasing revenues2,4312,222Interest,dividend

24、 and other investment income5,6324,338 77,68277,967Railroad,Utilities and Energy:Freight rail transportation revenues5,6715,637Utility and energy operating revenues5,4945,233Service revenues and other income8781,032 12,04311,902Total revenues89,72589,869Investment gains(losses)(6,435)1,876Costs and

25、expenses:Insurance and Other:Insurance losses and loss adjustment expenses14,64613,448Life,annuity and health benefits1,068945Insurance underwriting expenses4,3683,753Cost of sales and services38,55140,792Cost of leasing1,8871,691Selling,general and administrative expenses7,6815,541Interest expense3

26、40406 68,54166,576Railroad,Utilities and Energy:Freight rail transportation expenses3,8733,938Utility and energy cost of sales and other expenses4,0914,103Other expenses8461,005Interest expense917910 9,7279,956Total costs and expenses78,26876,532Earnings before income taxes and equity method earning

27、s5,02215,213Equity method earnings126493Earnings before income taxes5,14815,706Income tax expense4762,874Net earnings4,67212,832Earnings attributable to noncontrolling interests69130Net earnings attributable to Berkshire shareholders$4,603$12,702Net earnings per average equivalent Class A share$3,20

28、0$8,825Net earnings per average equivalent Class B share*$2.13$5.88Average equivalent Class A shares outstanding1,438,2231,439,370Average equivalent Class B shares outstanding2,157,335,1392,159,055,134*Net earnings per average equivalent Class B share outstanding are equal to one-fifteen-hundredth o

29、f the equivalent Class A amount.See Note 18.See accompanying Notes to Consolidated Financial Statements 5BERKSHIRE HATHAWAY INC.and SubsidiariesCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(dollars in millions)(Unaudited)First Quarter20252024Net earnings$4,672$12,832Other comprehensive income:Unre

30、alized gains(losses)on investments41(35)Applicable income taxes(11)6Foreign currency translation482(539)Applicable income taxes(2)Long-duration insurance contract discount rate changes39351Applicable income taxes(11)(67)Defined benefit pension plans(40)6Applicable income taxes2(2)Other,net6(30)Other

31、 comprehensive income,net506(310)Comprehensive income5,17812,522Comprehensive income attributable to noncontrolling interests75107Comprehensive income attributable to Berkshire shareholders$5,103$12,415BERKSHIRE HATHAWAY INC.and SubsidiariesCONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY(d

32、ollars in millions)(Unaudited)Berkshire shareholders equityCommon stockand capital inexcess of parvalueAccumulatedothercomprehensiveincomeRetainedearningsTreasurystockNon-controllinginterestsTotal2025Balance at December 31,2024$35,673$(3,584)$696,218$(78,939)$2,287$651,655Net earnings4,603694,672Oth

33、er comprehensive income,net5006506Transactions with noncontrolling interests and other(91)(91)Balance at March 31,2025$35,673$(3,084)$700,821$(78,939)$2,271$656,742 2024Balance at December 31,2023$34,488$(3,763)$607,350$(76,802)$6,236$567,509Net earnings12,70213012,832Adoption of ASU 2023-02(127)(12

34、7)Other comprehensive income,net(287)(23)(310)Acquisitions of common stock(2,573)(2,573)Transactions with noncontrolling interests and other502(48)454Balance at March 31,2024$34,990$(4,050)$619,925$(79,375)$6,295$577,785See accompanying Notes to Consolidated Financial Statements6BERKSHIRE HATHAWAY I

35、NC.and SubsidiariesCONSOLIDATED STATEMENTS OF CASH FLOWS(dollars in millions)(Unaudited)First Quarter20252024Cash flows from operating activities:Net earnings$4,672$12,832Adjustments to reconcile net earnings to operating cash flows:Investment(gains)losses6,435(1,876)Depreciation and amortization3,2

36、653,168Discount accretion on investments,principally U.S.Treasury Bills(3,129)(1,908)Other1,504(955)Changes in operating assets and liabilities:Unpaid losses and loss adjustment expenses1,215117Deferred charges-retroactive reinsurance169177Unearned premiums1,4511,494Receivables and originated loans(

37、3,295)469Inventories103516Other assets(400)(415)Other liabilities(1,291)(5,486)Income taxes2042,433Net cash flows from operating activities10,90310,566Cash flows from investing activities:Purchases of equity securities(3,183)(2,691)Sales of equity securities4,67719,972Purchases of U.S.Treasury Bills

38、 and fixed maturity securities(158,722)(103,167)Sales of U.S.Treasury Bills and fixed maturity securities6,2867,452Redemptions and maturities of U.S.Treasury Bills and fixed maturity securities138,62080,114Purchases of property,plant and equipment and equipment held for lease(4,281)(4,393)Other202(4

39、90)Net cash flows from investing activities(16,401)(3,203)Cash flows from financing activities:Repayments of borrowings of insurance and other businesses(1,299)(6,938)Proceeds from borrowings of railroad,utilities and energy businesses2,3535,084Repayments of borrowings of railroad,utilities and ener

40、gy businesses(443)(110)Changes in short-term borrowings,net(415)(2,612)Acquisitions of treasury stock(2,562)Other,principally transactions with noncontrolling interests(143)(2,664)Net cash flows from financing activities53(9,802)Effects of foreign currency exchange rate changes(76)(44)Increase(decre

41、ase)in cash and cash equivalents and restricted cash(5,521)(2,483)Cash and cash equivalents and restricted cash at the beginning of the year*48,37638,643Cash and cash equivalents and restricted cash at the end of the first quarter*$42,855$36,160*Cash and cash equivalents and restricted cash are comp

42、rised of:Beginning of the yearInsurance and Other$44,333$34,268Railroad,Utilities and Energy3,3963,754Restricted cash included in other assets647621$48,376$38,643End of the first quarterInsurance and Other$36,892$29,303Railroad,Utilities and Energy5,2886,246Restricted cash included in other assets67

43、5611$42,855$36,160See accompanying Notes to Consolidated Financial Statements 7BERKSHIRE HATHAWAY INC.and SubsidiariesNOTES TO CONSOLIDATED FINANCIAL STATEMENTSMarch 31,2025Note 1.General The accompanying unaudited Consolidated Financial Statements include the accounts of Berkshire Hathaway Inc.(“Be

44、rkshire”or“Company”)consolidated with the accounts of all subsidiaries and affiliates in which Berkshire holds a controlling financial interest 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 Berkshi

45、res most recently issued Annual Report on Form 10-K(“Annual Report”),which includes information necessary or useful to understanding Berkshires businesses and financial statement presentations.Our significant accounting policies and practices were presented as Note 1 to the Consolidated Financial St

46、atements included in the Annual Report.Financial information in this Quarterly Report reflects all 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

47、”).For several reasons,our results for interim periods may not be 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 insur

48、ance subsidiaries can be more significant to results of interim periods than to results for a full year.Changes in market prices of our investments in equity securities and the related changes in unrealized gains and losses will produce significant volatility in our interim and annual earnings.In ad

49、dition,gains and losses from the periodic revaluation of certain assets and liabilities denominated in foreign currencies and asset impairment charges may cause significant variations in periodic net earnings.Significant estimates are used in the preparation of our Consolidated Financial Statements,

50、including those associated with evaluations of long-lived assets,goodwill and other intangible assets for impairment,expected credit losses on the amounts owed to us and the estimation of certain losses assumed under insurance and reinsurance contracts.These estimates may be subject to significant a

51、djustments in future periods.Changes in macroeconomic conditions and geopolitical events,including changes in international trade policies and tariffs,may negatively affect our operating results and the values of our investments in equity securities and of our operating businesses.We are currently u

52、nable to reliably predict the nature,timing or magnitude of the potential economic consequences of any such changes or the impacts on our Consolidated Financial Statements.As described in Note 1 to the Consolidated Financial Statements in the Annual Report,we reclassified the asset,liability,revenue

53、 and expense balances of Pilot Travel Centers LLC(“Pilot”)from the Railroad,Utilities and Energy sections to the Insurance and Other sections of our Consolidated Balance Sheets and Statements of Earnings.Accordingly,we reclassified the Pilot balances in the accompanying Consolidated Statement of Ear

54、nings for the first quarter of 2024 from the Railroad,Utilities and Energy section to the Insurance and Other section to conform with current presentations for comparability purposes.These reclassifications had no effect on consolidated revenues,expenses or net earnings from the amounts previously r

55、eported.The reclassifications to the amounts previously reported in our Consolidated Statement of Earnings are summarized below(in millions).First Quarter 2024As previously reportedReclassificationAs reclassifiedRevenues:Insurance and Other:Sales and service revenues$37,472$12,461$49,933Interest,div

56、idend and other investment income4,305334,338Railroad,Utilities and Energy:Utility and energy operating revenues17,690(12,457)5,233Service revenues and other income1,069(37)1,032Costs and expenses:Insurance and Other:Cost of sales and services29,39511,39740,792Selling,general and administrative expe

57、nses4,7737685,541Interest expense31690406Railroad,Utilities and Energy:Utility and energy cost of sales and other expenses16,268(12,165)4,103Interest expense1,000(90)9108Notes to Consolidated Financial Statements Note 2.New accounting and financial reporting pronouncements In December 2023,the FASB

58、issued Accounting Standards Update 2023-09,“Improvements to Income Tax Disclosures”(“ASU 2023-09”),which provides for additional income tax rate reconciliation and income taxes paid disclosures in annual financial statements.ASU 2023-09 may be adopted prospectively or retrospectively and is effectiv

59、e for fiscal years beginning after December 15,2024.In November 2024,the FASB issued Accounting Standards Update 2024-03,“Disaggregation of Income Statement Expenses”(“ASU 2024-03”),which requires detailed disclosure in the notes to the financial statements of specific categories underlying certain

60、expense captions on the income statement.ASU 2024-03 may be adopted prospectively or retrospectively and is effective for annual reporting periods beginning after December 15,2026,with early adoption permitted.We are evaluating the impacts these pronouncements will have on disclosures in our Consoli

61、dated Financial Statements.On March 6,2024,the U.S.Securities Exchange Commission(“SEC”)issued Release No.33-11275 and No.34-99678“The Enhancement and Standardization of Climate-Related Disclosures for Investors”(“Climate Disclosure Rules”).On April 4,2024,the SEC stayed implementation of the Climat

62、e Disclosure Rules,pending the completion of an ongoing judicial review.On March 27,2025,the SEC voted to end its defense of the Climate Disclosure Rules.Note 3.Investments in fixed maturity securities Investments in fixed maturity securities are summarized as follows(in millions).AmortizedCostUnrea

63、lizedGainsUnrealizedLossesFairValueMarch 31,2025U.S.Treasury,U.S.government corporations and agencies$4,025$18$(1)$4,042Foreign governments9,50420(72)9,452Corporate and other1,314232(5)1,541$14,843$270$(78)$15,035December 31,2024U.S.Treasury,U.S.government corporations and agencies$4,447$16$(4)$4,45

64、9Foreign governments9,44316(97)9,362Corporate and other1,324225(6)1,543$15,214$257$(107)$15,364As of March 31,2025,approximately 94%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 se

65、curities at March 31,2025 are summarized below by contractual maturity dates(in millions).Actual maturities may differ from contractual maturities due to prepayment rights held by issuers.Due in oneyear or lessDue after one year throughfive yearsDue after five years throughten yearsDue afterten year

66、sMortgage-backedsecuritiesTotalAmortized cost$9,595$4,444$556$125$123$14,843Fair value9,5314,48674613613615,035Note 4.Investments in equity securities Investments in equity securities are summarized as follows(in millions).Cost BasisNet Unrealized GainsFair ValueMarch 31,2025Banks,insurance and fina

67、nce$14,268$69,229$83,497Consumer products13,76087,110100,870Commercial,industrial and other49,09730,27179,368$77,125$186,610$263,735December 31,2024Banks,insurance and finance$15,707$75,936$91,643Consumer products12,65892,091104,749Commercial,industrial and other47,14128,05575,196$75,506$196,082$271

68、,5889Notes to Consolidated Financial Statements Note 4.Investments in equity securitiesOur investments in equity securities over the years have been concentrated in relatively few companies.The fair value of our five largest holdings at March 31,2025 and December 31,2024 represented 69%and 71%,respe

69、ctively,of the aggregate fair value of our equity securities shown in the preceding tables.The five largest holdings at each date were American Express Company,Apple Inc.,Bank of America Corporation,The Coca-Cola Company and Chevron Corporation.Since 2019,we have also owned non-voting Cumulative Per

70、petual Preferred Stock of Occidental Petroleum Corporation(“Occidental”)and Occidental common stock warrants.Our investments in the Occidental preferred stock and Occidental common stock warrants are recorded at fair value and included as equity securities in our Consolidated Balance Sheets,as such

71、investments are not in-substance common stock under GAAP.We account for our investment in Occidental common stock under the equity method.See Note 5.The Occidental preferred stock accrues dividends at 8%per annum and is redeemable at the option of Occidental commencing in 2029 at a redemption price

72、equal to 105%of the liquidation value.As of March 31,2025,our investment in Occidental preferred stock had an aggregate liquidation value of approximately$8.5 billion.To date,Occidental has been required to redeem approximately$1.5 billion of the aggregate liquidation value due to excess distributio

73、ns by Occidental to its common stockholders,as defined under the terms of the Occidental preferred stock certificate of designations.The Occidental common stock warrants allow us to purchase up to 83.86 million shares of Occidental common stock at an exercise price of$59.62 per share.The warrants ar

74、e exercisable in whole or in part until one year after the date the preferred stock is fully redeemed.As of March 31,2025,we owned 151.6 million shares of American Express Company(“American Express”)common stock representing 21.6%of the outstanding common stock of American Express.Since 1995,we have

75、 been party to an agreement with American Express whereby we agreed to vote a significant portion of our shares in accordance with the recommendations of the American Express Board of Directors.We have also agreed to passivity commitments as requested by the Board of Governors of the Federal Reserve

76、 System,which collectively,in our judgment,restrict our ability to exercise significant influence over the operating and financial policies of American Express.Accordingly,we do not use the equity method with respect to our investment in American Express common stock,and we continue to record our in

77、vestment at fair value.Note 5.Equity method investments Berkshire and its subsidiaries hold investments in certain entities that are accounted for pursuant to the equity method.The most significant of these are our investments in the common stock of The Kraft Heinz Company(“Kraft Heinz”)and Occident

78、al.As of March 31,2025,we owned 27.3%of the outstanding Kraft Heinz common stock and 28.2%of the outstanding Occidental common stock which excludes the potential effect of the exercise of Occidentals outstanding common stock warrants.Kraft Heinz manufactures and markets food and beverage products,in

79、cluding condiments and sauces,cheese and dairy,meals,meats,refreshment beverages,coffee and other grocery products.Occidental is an international energy company,whose activities include oil and natural gas exploration,development and production,and chemicals manufacturing businesses.We also own a 50

80、%interest in Berkadia Commercial Mortgage LLC(“Berkadia”).Jefferies Financial Group Inc.(“Jefferies”)owns the other 50%interest.Berkadia engages in mortgage banking,investment sales and servicing commercial/multi-family real estate loans.Berkadias commercial paper borrowing capacity(limited to$1.5 b

81、illion)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.The fair values and our carrying values of these investments are included in the following table(in millions).Carrying ValueFa

82、ir ValueMarch 31,2025December 31,2024March 31,2025December 31,2024Kraft Heinz$13,523$13,395$9,903$9,994Occidental17,16517,28713,07813,053Berkadia456452$31,144$31,13410Notes to Consolidated Financial Statements Note 5.Equity method investmentsKraft Heinz and Occidental common stocks are publicly trad

83、ed.As of March 31,2025,the excess of the carrying values over the fair values of our investments in Kraft Heinz and Occidental was 27%and 24%,respectively,of the carrying values of each investment.We evaluated these investments for other-than-temporary impairment as of March 31,2025.For each investm

84、ent,we considered our ability and intent to hold the investment until the fair value exceeds carrying value,the magnitude and duration of the decline in fair value,the operating results and financial condition of the company,as well as other factors.Based on the prevailing facts and circumstances,we

85、 concluded the recognition of an impairment charge in earnings was not required as of March 31,2025.As of March 31,2025,the carrying values of our investments in Kraft Heinz and Berkadia approximated our share of shareowners equity of each of these entities.The carrying value of our investment in Oc

86、cidental common stock exceeded our share of its shareholders equity as of December 31,2024 by approximately$9.9 billion.Based upon the limited information available to us,we concluded the excess represents goodwill.Our earnings and distributions received from equity method investments are summarized

87、 in the following table(in millions).The earnings we recorded in the first quarter of 2025 and 2024 for Occidental represented our share of its earnings for the quarter ended December 31,2024 and 2023,respectively.Equity in EarningsDistributions ReceivedFirst QuarterFirst Quarter2025202420252024Kraf

88、t Heinz$195$215$130$130Occidental(82)2635641Berkadia131594$126$493$195$175Summarized consolidated financial information of Kraft Heinz follows(in millions).March 29,2025December 28,2024Assets$90,274$88,287Liabilities40,66938,962First Quarter20252024Sales$5,999$6,411Net earnings attributable to commo

89、n shareholders712801Summarized consolidated financial information of Occidental follows(in millions).December 31,2024September 30,2024Assets$85,445$85,803Liabilities50,96550,869Quarter ended December 31,20242023Total revenues and other income$6,837$7,529Net earnings(loss)attributable to common share

90、holders(297)1,02911Notes to Consolidated Financial Statements Note 6.Investment gains(losses)Investment gains(losses)are summarized as follows(in millions).First Quarter20252024Investment gains(losses):Equity securities:Increase(decrease)in unrealized investment gains during the period on securities

91、 held at the end of the period$(6,775)$3,982Investment gains(losses)on securities sold during the period371(2,104)(6,404)1,878Fixed maturity securities:Gross realized gains813Gross realized losses(47)(12)Other8(3)$(6,435)$1,876Equity securities gains and losses include unrealized gains and losses fr

92、om 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.Our proceeds from sales of equity securities were approximately$4.7 billion in the first quarter of 2025 and$20.0 billion in 2024.In the preceding table,i

93、nvestment gains and losses on equity securities sold during the period represent the difference between the sales proceeds and the fair value of the equity securities sold at the beginning of the applicable period or,if later,the purchase date.Our taxable gains and losses on equity securities sold a

94、re generally the difference between the proceeds from sales and cost at the acquisition date.Equity securities sold produced taxable gains of$3.1 billion in the first quarter of 2025 and taxable gains of$14.2 billion in 2024.Note 7.Loans and finance receivables Loans and finance receivables are summ

95、arized as follows(in millions).March 31,2025December 31,2024Loans and finance receivables,before allowances and discounts$30,186$29,700Allowances for credit losses(1,276)(1,134)Unamortized acquisition discounts and points(779)(768)$28,131$27,798Loans and finance receivables are principally manufactu

96、red home loans,and to a lesser extent,commercial loans and site-built home loans.Reconciliations of the allowance for credit losses on loans and finance receivables follow(in millions).20252024Balance at the beginning of the year$1,134$950Provision for credit losses18339Charge-offs,net of recoveries

97、(41)(16)Balance at March 31$1,276$973As of March 31,2025,substantially all manufactured and site-built home loans were evaluated collectively for impairment,and we considered approximately 97%of these loans to be current as to payment status.A summary of performing and non-performing home loans befo

98、re discounts and allowances by year of loan origination as of March 31,2025 follows(in millions).Origination Year 20252024202320222021PriorTotalPerforming$1,829$5,764$4,857$3,579$2,980$10,204$29,213Non-performing11125181970144$1,830$5,775$4,882$3,597$2,999$10,274$29,35712Notes to Consolidated Financ

99、ial Statements Note 8.Other receivables Other receivables are comprised of the following(in millions).March 31,2025December 31,2024Insurance and other:Insurance premiums receivable$20,083$18,548Reinsurance recoverables5,3665,177Trade receivables16,97015,638Other5,6665,199Allowances for credit losses

100、(684)(675)$47,401$43,887Railroad,utilities and energy:Trade receivables$3,708$3,764Other699862Allowances for credit losses(116)(123)$4,291$4,503Aggregate provisions for credit losses related to receivables in the preceding tables in the first quarter were$124 million in 2025 and$107 million in 2024.

101、Charge-offs,net of recoveries,in the first quarter were$124 million in 2025 and$116 million in 2024.Note 9.InventoriesInventories of our insurance and other businesses are comprised of the following(in millions).March 31,2025December 31,2024Raw materials$5,500$5,421Work in process and other3,2373,15

102、0Finished manufactured goods5,1154,898Goods acquired for resale10,18210,539$24,034$24,008Inventories,materials and supplies of our railroad,utilities and energy businesses are included in other assets and were approximately$3.0 billion as of March 31,2025 and December 31,2024.Note 10.Property,plant

103、and equipment A summary of property,plant and equipment of our insurance and other businesses follows(in millions).March 31,2025December 31,2024Land,buildings and improvements$20,951$20,735Machinery and equipment32,86632,475Furniture,fixtures and other5,6995,501 59,51658,711Accumulated depreciation(

104、29,301)(28,640)$30,215$30,07113Notes to Consolidated Financial Statements Note 10.Property,plant and equipmentA summary of property,plant and equipment of our railroad,utilities and energy businesses follows(in millions).The utility generation,transmission and distribution systems and interstate nat

105、ural gas pipeline assets are owned by regulated public utility and natural gas pipeline subsidiaries.March 31,2025December 31,2024Railroad:Land,track structure and other roadway$74,882$74,093Locomotives,freight cars and other equipment15,46315,766Construction in progress1,8691,813 92,21491,672Accumu

106、lated depreciation(20,969)(20,411)71,24571,261Utilities and energy:Utility generation,transmission and distribution systems104,030103,015Interstate natural gas pipeline assets20,32720,237Independent power plants and other15,38914,840Construction in progress9,5758,793 149,321146,885Accumulated deprec

107、iation(44,007)(43,116)105,314103,769$176,559$175,030Property,plant and equipment depreciation expense for the first quarter of 2025 and 2024 is summarized below(in millions).20252024Insurance and other$784$767Railroad,utilities and energy1,6651,625$2,449$2,392Note 11.Equipment held for lease Equipme

108、nt held for lease includes railcars,aircraft and other equipment,including over-the-road trailers,intermodal tank containers,cranes,storage units and furniture.Equipment held for lease is summarized below(in millions).March 31,2025December 31,2024Railcars$10,195$10,137Aircraft14,63514,201Other5,6665

109、,686 30,49630,024Accumulated depreciation(12,512)(12,196)$17,984$17,828Depreciation expense on equipment held for lease in the first quarter was$372 million in 2025 and$341 million in 2024.Fixed and variable operating lease revenues are summarized below(in millions).First Quarter20252024Fixed$1,683$

110、1,552Variable748670$2,431$2,22214Notes to Consolidated Financial Statements Note 12.Goodwill and other intangible assets Reconciliations of the changes in the carrying value of goodwill for the first quarter of 2025 and for the year ended December 31,2024 follow(in millions).March 31,2025December 31

111、,2024Balance at the beginning of the year*$83,880$84,626Business acquisitions5887Other,including foreign currency translation69(833)Balance at the end of the period*$84,007$83,880*Net of accumulated goodwill impairments of$11.5 billion as of March 31,2025 and December 31,2024 and$11.1 billion as of

112、December 31,2023.Other intangible assets are summarized below(in millions).March 31,2025December 31,2024GrosscarryingamountAccumulatedamortizationNetcarryingvalueGrosscarryingamountAccumulatedamortizationNetcarryingvalueInsurance and other:Customer relationships$30,896$8,990$21,906$30,941$8,840$22,1

113、01Trademarks and trade names9,0171,0757,9429,0071,0417,966Patents and technology5,4334,4509835,3754,3591,016Other5,5712,0713,5005,5511,9963,555$50,917$16,586$34,331$50,874$16,236$34,638Railroad,utilities and energy:Customer relationships and contracts$1,541$738$803$1,553$728$825Other4361293074371263

114、11$1,977$867$1,110$1,990$854$1,136Intangible asset amortization expense in the first quarter was$444 million in 2025 and$435 million in 2024.Intangible assets with indefinite lives were$18.9 billion as of March 31,2025 and December 31,2024 and primarily related to certain customer relationships and

115、trademarks and trade names.Railroad,utilities and energy intangible assets are included in other assets.Note 13.Unpaid losses and loss adjustment expenses Reconciliations of the changes in unpaid losses and loss adjustment expenses(“claim liabilities”),excluding liabilities under retroactive reinsur

116、ance contracts(see Note 14)follow(in millions).20252024Balance at the beginning of the year:Gross liabilities$115,151$111,082Reinsurance recoverable on unpaid losses(4,593)(4,893)Net liabilities110,558106,189Losses and loss adjustment expenses incurred:Current accident year14,63813,854Prior accident

117、 years(163)(634)Total14,47513,220Losses and loss adjustment expenses paid:Current accident year(3,788)(3,663)Prior accident years(9,105)(8,979)Total(12,893)(12,642)Foreign currency effect198(76)Balance at March 31:Net liabilities112,338106,691Reinsurance recoverable on unpaid losses4,7854,791Gross l

118、iabilities$117,123$111,48215Notes to Consolidated Financial Statements Note 13.Unpaid losses and loss adjustment expenses Our claim liabilities under property and casualty insurance and reinsurance contracts are based upon estimates of the ultimate claim costs associated with claim events that have

119、occurred as of the balance sheet date and include estimates for incurred-but-not-reported(“IBNR”)claims.Losses and loss adjustment expenses incurred in the preceding table related to events occurring in the current year(“current accident year”)and events occurring in all prior years(“prior accident

120、years”).Losses and loss adjustment expenses incurred and paid are net of reinsurance recoveries.Current accident year incurred losses from significant catastrophe events(losses exceeding$150 million per event)in the first quarter of 2025 were$1.1 billion from the Southern California wildfires.There

121、were no significant catastrophe events in the first quarter of 2024.We recorded net reductions of estimated ultimate liabilities for prior accident years claims of$163 million in the first quarter of 2025 and$634 million in the first quarter of 2024,which reduced losses and loss adjustment expenses

122、incurred in those periods.These reductions,as percentages of the net liabilities at the beginning of each year,were 0.1%in 2025 and 0.6%in 2024.Our primary insurance businesses recorded net increases in prior accident years estimated ultimate claim liabilities of$167 million in the first quarter of

123、2025,primarily attributable to increased loss estimates for casualty exposures,partly offset by lower loss estimates for property coverages.Our primary insurance businesses reduced estimated losses for prior accident years in the first quarter of 2024 by$248 million,which derived primarily from lowe

124、r estimates for medical professional liability and property coverages.Our reinsurance businesses recorded net reductions of estimated ultimate liabilities for prior accident years in the first quarter of$330 million in 2025 and$386 million in 2024.These reductions were primarily attributable to lowe

125、r estimates for property coverages.Note 14.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

126、.Exposures include significant asbestos,environmental and other mass tort claims.Retroactive reinsurance contracts are generally subject to aggregate policy limits and thus,our exposure to such claims under these contracts is likewise limited.Reconciliations of the changes in estimated liabilities f

127、or retroactive reinsurance unpaid losses and loss adjustment expenses follow(in millions).20252024Balance at the beginning of the year$32,443$34,647Losses and loss adjustment expenses incurred251Losses and loss adjustment expenses paid(511)(408)Foreign currency effect40(45)Balance at March 31$31,974

128、$34,245Losses and loss adjustment expenses incurred above$2$51Deferred charge adjustments169177Losses and loss adjustment expenses incurred,including deferred charge adjustments$171$228We classify incurred and paid losses and loss adjustment expenses based on the inception dates of the contracts,whi

129、ch reflect when our exposure to losses began.Substantially all of the losses and loss adjustment expenses incurred and paid related to contracts written in prior years.Losses and loss adjustment expenses incurred include changes in estimated ultimate liabilities and related adjustments to deferred c

130、harge assets arising from the changes in the estimated timing and amount of loss payments.Deferred charge assets on retroactive reinsurance contracts were$8.6 billion at March 31,2025 and$8.8 billion at December 31,2024.Note 15.Long-duration insurance contracts A summary of our long-duration life,an

131、nuity and health insurance benefits liabilities disaggregated by our principal product categories follows(in millions).March 31,20252024Periodic payment annuity(annuities)$10,376$10,749Life and health4,4854,259Other2,8732,979$17,734$17,98716Notes to Consolidated Financial Statements Note 15.Long-dur

132、ation insurance contractsReconciliations of the liabilities for each of our principal product categories follow(in millions).The information reflects the changes in discounted present values of expected future policy benefits and expected future net premiums before reinsurance ceded.Net premiums rep

133、resent the portion of expected gross premiums that are required to provide for future policy benefits and variable expenses.AnnuitiesLife and health2025202420252024Expected future policy benefits:Balance at the beginning of the year$10,276$11,212$43,784$52,665Balance at the beginning of the year-ori

134、ginal discount rates11,75711,68155,17065,871Effect of cash flow assumption changes(75)(34)Effect of actual versus expected experience22218(12,870)Change in benefits,net(120)(115)(562)(449)Interest accrual138136318284Foreign currency effect492263(389)Balance at March 31-original discount rates11,8261

135、1,70655,33252,413Effect of changes in discount rate assumptions(1,450)(957)(12,086)(11,627)Balance at March 31$10,376$10,749$43,246$40,786Expected future net premiums:Balance at the beginning of the year$39,294$46,916Balance at the beginning of the year-original discount rates49,50058,731Effect of c

136、ash flow assumption changes(66)(25)Effect of actual versus expected experience195(11,278)Change in premiums,net(544)(407)Interest accrual285251Foreign currency effect234(358)Balance at March 31-original discount rates49,60446,914Effect of changes in discount rate assumptions(10,843)(10,387)Balance a

137、t March 31$38,761$36,527Liabilities for future policy benefits:Balance at March 31$10,376$10,749$4,485$4,259Reinsurance recoverables(47)(50)Balance at March 31,net of reinsurance recoverables$10,376$10,749$4,438$4,209Expected future policy benefits and expected future net premiums declined in the fi

138、rst quarter of 2024,primarily attributable to the commutations of certain life reinsurance contracts.The impacts of these contract commutations were included in the effects of actual versus expected experience.Other information relating to our long-duration insurance liabilities follows(dollars in m

139、illions).AnnuitiesLife and healthMarch 31,March 31,2025202420252024Undiscounted expected future gross premiums$100,956$95,514Discounted expected future gross premiums59,10456,585Undiscounted expected future benefits30,60330,95392,01886,800Weighted average discount rate5.7%5.4%5.2%4.9%Weighted averag

140、e accretion rate4.8%4.8%2.7%2.7%Weighted average duration16 years17 years14 years13 years17Notes to Consolidated Financial StatementsNote 15.Long-duration insurance contractsGross premiums earned and interest expense before reinsurance ceded for the first quarter of 2025 and 2024 were as follows(in

141、millions).Gross premiumsInterest expense2025202420252024Annuities$138$136Life and health9519443333Note 16.Notes payable and other borrowings Notes payable and other borrowings of our insurance and other businesses are summarized below(dollars in millions).The weighted average interest rates and matu

142、rity date ranges are based on borrowings as of March 31,2025.WeightedAverageInterest RateMarch 31,2025December 31,2024Insurance and other:Berkshire Hathaway Inc.(“Berkshire”):U.S.Dollar denominated due 2026-20473.5%$3,546$3,749Euro denominated due 2027-20411.4%3,8644,733Japanese Yen denominated due

143、2025-20601.0%13,22112,609Berkshire Hathaway Finance Corporation(“BHFC”):U.S.Dollar denominated due 2027-20523.6%14,47014,469Great Britain Pound denominated due 2039-20592.5%2,2262,156Euro denominated due 2030-20341.8%1,3471,290Other subsidiary borrowings due 2025-20514.4%4,5514,564Short-term subsidi

144、ary borrowings6.3%1,2361,315$44,461$44,885Berkshire borrowings consist of senior unsecured debt.Berkshire repaid approximately$1.3 billion of maturing debt in the first quarter of 2025.In April 2025,Berkshire issued 90 billion($632 million)of senior notes with maturity dates ranging from 2028 to 205

145、5 and a weighted average interest rate of 1.637%and repaid 41.6 billion($289 million)of senior notes that matured.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

146、lease of certain subsidiaries.BHFC borrowings are fully and unconditionally guaranteed by Berkshire.Berkshire also guarantees certain debt of other subsidiaries,aggregating approximately$2.7 billion at March 31,2025.Generally,Berkshires guarantee of a subsidiarys debt obligation is an absolute,uncon

147、ditional and irrevocable guarantee for the full and prompt payment when due of all payment obligations.The carrying values of Berkshire and BHFC non-U.S.Dollar denominated senior notes(4.85 billion,1.75 billion and 1,988 billion par at March 31,2025)reflect the applicable exchange rates as of each b

148、alance sheet date.The effects of changes in foreign currency exchange rates during the period on these borrowings are recorded in earnings as a component of selling,general and administrative expenses.Changes in the exchange rates produced pre-tax losses of$936 million in the first quarter of 2025 a

149、nd pre-tax gains of$781 million in the first quarter of 2024.Notes payable and other borrowings of our railroad,utilities and energy businesses are summarized below(dollars in millions).The weighted average interest rates and maturity date ranges are based on borrowings as of March 31,2025.WeightedA

150、verageInterest RateMarch 31,2025December 31,2024Railroad,utilities and energy:Berkshire Hathaway Energy Company(“BHE”)and subsidiaries:BHE senior unsecured debt due 2025-20534.4%$12,708$13,107Subsidiary and other debt due 2025-20644.7%44,57942,150Short-term borrowings5.2%6851,123Burlington Northern

151、Santa Fe(“BNSF”)and subsidiaries due 2025-20974.7%23,49423,497$81,466$79,87718Notes to Consolidated Financial Statements Note 16.Notes payable and other borrowings BHE subsidiary debt represents amounts issued pursuant to separate financing agreements.Substantially all of the assets of certain BHE s

152、ubsidiaries are,or may be,pledged or encumbered to support or otherwise secure such debt.These borrowing arrangements generally contain various covenants,including covenants which pertain to leverage ratios,interest coverage ratios and/or debt service coverage ratios.In the first quarter of 2025,BHE

153、 subsidiaries issued$2.4 billion of term debt,with a weighted average interest rate of 6.5%and maturity dates ranging from 2035 to 2055,and BHE and its subsidiaries repaid term debt and short-term borrowings of approximately$890 million in the aggregate.BNSFs borrowings are primarily senior unsecure

154、d debentures.As of March 31,2025,BHE,BNSF and their subsidiaries were in compliance with all applicable debt covenants.Berkshire does not guarantee any debt,borrowings or lines of credit of BHE,BNSF or their subsidiaries.Unused and available lines of credit and commercial paper capacity to support o

155、perations and provide additional liquidity for our subsidiaries were approximately$11.7 billion at March 31,2025,of which approximately$10.6 billion related to BHE and its subsidiaries.Note 17.Fair value measurements Our financial assets and liabilities are summarized below,with fair values shown ac

156、cording 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 or otherwise approximate the fair values.CarryingValueFair ValueLeve

157、l 1Level 2Level 3March 31,2025Investments in fixed maturity securities:U.S.Treasury,U.S.government corporations and agencies$4,042$4,042$4,008$34$Foreign governments9,4529,4529,330122Corporate and other1,5411,5411,043498Investments in equity securities263,735263,735253,939109,786Investments in Kraft

158、 Heinz&Occidental common stock30,68822,98122,981Loans and finance receivables28,13127,51938527,134Derivative contract assets(1)1861863113817Derivative contract liabilities(1)2442441513396Notes payable and other borrowings:Insurance and other44,46139,69839,66236Railroad,utilities and energy81,46674,8

159、7674,876December 31,2024Investments in fixed maturity securities:U.S.Treasury,U.S.government corporations and agencies$4,459$4,459$4,425$34$Foreign governments9,3629,3629,199163Corporate and other1,5431,5431,041502Investments in equity securities271,588271,588261,910109,668Investments in Kraft Heinz

160、&Occidental common stock30,68223,04723,047Loans and finance receivables27,79827,57981026,769Derivative contract assets(1)2012013315810Derivative contract liabilities(1)2342341514376Notes payable and other borrowings:Insurance and other44,88540,18140,15823Railroad,utilities and energy79,87772,50672,5

161、06(1)Assets are included in other assets,and liabilities are included in accounts payable,accruals and other liabilities.19Notes to Consolidated Financial Statements Note 17.Fair value measurementsThe fair values of substantially all of our financial instruments were measured using market or income

162、approaches.The hierarchy for measuring fair value consists of Levels 1 through 3,which are described below.Level 1 Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets.Level 2 Inputs include directly or indirectly observable inputs(other than Leve

163、l 1 inputs)such as quoted prices for similar assets or liabilities exchanged in active or inactive markets;quoted prices for identical assets or liabilities exchanged in inactive markets;other inputs that may be considered in fair value determinations of the assets or liabilities,such as interest ra

164、tes and yield curves,volatilities,prepayment speeds,loss severities,credit risks and default rates;and inputs that are derived principally from or corroborated by observable market data by correlation or other means.Pricing evaluations generally reflect discounted expected future cash flows,which in

165、corporate yield curves for instruments with similar characteristics,such as credit ratings,estimated durations and yields for other instruments of the issuer or entities in the same industry sector.Level 3 Inputs include unobservable inputs used in the measurement of assets and liabilities.Managemen

166、t is required to use its own assumptions regarding unobservable inputs because there is little,if any,market activity in the assets or liabilities and it may be unable to corroborate the related observable inputs.Unobservable inputs require management to make certain projections and assumptions abou

167、t the information that would be used by market participants in valuing assets or liabilities.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)follow(in millions).Balance atJanuary 1Ga

168、ins(losses)in earningsBalance at March 31Investments in equity securities:2025$9,663$117$9,780202410,46819910,667Quantitative information as of March 31,2025 for the significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable in

169、puts(Level 3)follows(dollars in millions).FairValuePrincipal ValuationTechniquesUnobservableInputsWeightedAverageInvestments in equity securities:Preferred stock$8,618Discounted cash flowExpected duration5 years Discounts for liquidity and subordination325 bpsCommon stock warrants1,162Warrant pricin

170、g modelExpected duration6 years Volatility42%Investments in equity securities in the preceding table include our investments in certain preferred stock and common stock warrants that do not have readily determinable market values as defined by GAAP.These investments are private placements and are no

171、t traded in securities markets.We applied discounted cash flow techniques in valuing the preferred stock and we made assumptions regarding the expected duration of the investment and the effects of illiquidity and subordination in liquidation.In valuing the common stock warrants,we used a warrant va

172、luation model.While most of the inputs to the warrant model are observable,we made assumptions regarding the expected duration and volatility.Note 18.Common stock Changes in shares of Berkshires common stock are shown in the table below.In addition to our common stock,one million shares of preferred

173、 stock are authorized,but none are issued.Class A,$5 Par Value(1.65 million shares authorized)Class B,$0.0033 Par Value(3.225 billion shares authorized)IssuedTreasuryOutstandingIssuedTreasuryOutstandingBalance at December 31,2024623,902(76,340)547,5621,551,291,352(215,299,213)1,335,992,139Conversion

174、s of Class A to Class B common stock(3,717)(3,717)5,575,5005,575,500Balance at March 31,2025620,185(76,340)543,8451,556,866,852(215,299,213)1,341,567,63920Notes to Consolidated Financial Statements Note 18.Common stock Each Class A common share is entitled to one vote per share.Class B common stock

175、possesses dividend and distribution rights equal to one-fifteen-hundredth(1/1,500)of such rights of Class A common stock.Each Class B common share possesses voting rights equal to one-ten-thousandth(1/10,000)of the voting rights of a Class A share.Unless otherwise required under Delaware General Cor

176、poration Law,Class A and Class B common shares vote as a single class.Each share of Class A common stock is convertible,at the option of the holder,into 1,500 shares of Class B common stock.Class B common stock is not convertible into Class A common stock.On an equivalent Class A common stock basis,

177、there were 1,438,223 shares outstanding as of March 31,2025 and December 31,2024.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

178、.Average equivalent Class A shares outstanding represents average Class A shares outstanding plus one-fifteen-hundredth(1/1,500)of the average Class B shares outstanding.Average equivalent Class B shares outstanding represents average Class B shares outstanding plus 1,500 times the average Class A s

179、hares outstanding.Berkshires common stock repurchase program permits Berkshire to repurchase its shares any time that Warren Buffett,Berkshires Chairman of the Board and Chief Executive Officer,believes that the repurchase price is below Berkshires intrinsic value,conservatively determined.The progr

180、am allows 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 value of Berkshires consolidated cash,cash equivalents and U.S.Treasury Bill hol

181、dings below$30 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.There were no treasury shares acquired during the first quarter of 2025.Note 19.Income taxes Our co

182、nsolidated effective income tax rate in the first quarter of 2025 was 9.2%compared to 18.3%in the first quarter of 2024.Our effective income tax rate normally reflects recurring benefits from dividends-received deductions applicable to investments in certain equity securities and production tax cred

183、its 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,including realized and unrealized investment gains or losses with respect to our investments in equity securities,the am

184、ount of non-deductible goodwill impairment charges and other expenses and the underlying income tax rates applicable in the various taxing jurisdictions.The Organization for Economic Co-operation and Development issued Pillar Two model rules introducing a global minimum tax of 15%.While the U.S.has

185、not adopted the Pillar Two rules,various countries are enacting legislation to adopt the rules.We do not currently have material operations in jurisdictions with income tax rates lower than the Pillar Two minimum tax rate,and we do not currently expect these rules will materially increase our global

186、 tax costs.There remains uncertainty as to the final Pillar Two rules.Note 20.Accumulated other comprehensive income A summary of the net changes in after-tax accumulated other comprehensive income attributable to Berkshire shareholders follows(in millions).Unrealized investment gains(losses)Foreign

187、 currency translationLong-duration insurance contractsDefined benefit pension plansOtherTotal2025Balance at the beginning of the year$117$(7,039)$2,015$1,148$175$(3,584)Other comprehensive income3047428(38)6500Balance at March 31,2025$147$(6,565)$2,043$1,110$181$(3,084)2024 Balance at the beginning

188、of the year$190$(5,393)$1,353$(97)$184$(3,763)Other comprehensive income(29)(523)2843(22)(287)Balance at March 31,2024$161$(5,916)$1,637$(94)$162$(4,050)21Notes to Consolidated Financial Statements Note 21.Supplemental cash flow information A summary of supplemental cash flow information for the fir

189、st quarter of 2025 and 2024 follows(in millions).20252024Cash paid during the period for:Income taxes$392$339Interest:Insurance and other435557Railroad,utilities and energy905803Note 22.Contingencies and commitments We are parties in a variety of legal actions that routinely arise out of the normal

190、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 litiga

191、tion will have a material effect on our financial condition or results of operations.PacifiCorp,a wholly-owned subsidiary of Berkshire Hathaway Energy Company(“BHE”),operates as a regulated electric utility in Utah,Oregon,Wyoming and other Western states.HomeServices of America,Inc.(“HomeServices”)i

192、s also a wholly-owned subsidiary of BHE.Certain legal matters related to these entities are described below.PacifiCorp In September 2020,a severe weather event with high winds,low humidity and warm temperatures contributed to several major wildfires,which resulted in real and personal property and n

193、atural resource damage,personal injuries,loss of life and widespread power outages in Oregon and Northern California.These wildfires spread across certain parts of PacifiCorps service territory and surrounding areas across multiple counties in Oregon and California,including Siskiyou County,Californ

194、ia;Jackson County,Oregon;Douglas County,Oregon;Marion County,Oregon;Lincoln County,Oregon;and Klamath County,Oregon,burning over 500,000 acres in aggregate and included the Santiam Canyon,Beachie Creek,South Obenchain,Echo Mountain Complex,242,Archie Creek,Slater and other fires.The Slater fire occu

195、rred in both Oregon and California.Third-party reports for these wildfires(the“2020 Wildfires”)indicate over 2,000 structures destroyed,including residences;several other structures damaged;multiple individuals injured;and several fatalities.A significant number of complaints and demands alleging si

196、milar claims have been filed in Oregon and California,including a class action complaint in Oregon associated with the 2020 Wildfires for which certain jury verdicts were issued as described below.The plaintiffs seek damages for economic losses,noneconomic losses,including mental suffering,emotional

197、 distress,personal injury and loss of life,as well as punitive damages,other damages and attorneys fees.Several insurance carriers have filed subrogation complaints in Oregon and California with allegations similar to those made in the aforementioned complaints.Additionally,PacifiCorp received corre

198、spondence from the U.S.and Oregon Departments of Justice regarding the potential recovery of certain costs and damages alleged to have occurred on federal and state lands in connection with certain of the 2020 Wildfires.In December 2024,the United States of America filed a complaint against PacifiCo

199、rp in conjunction with the correspondence from the U.S.Department of Justice.The civil cover sheet accompanying the complaint demands damages estimated to exceed$900 million.PacifiCorp is actively cooperating with the U.S.and Oregon Departments of Justice on resolving these alleged claims.Amounts so

200、ught in outstanding complaints and demands filed in Oregon and in certain demands in California approximate$51 billion,excluding any doubling or trebling of damages or punitive damages included in the complaints.Generally,the complaints filed in California do not specify damages sought and are exclu

201、ded from this amount.Of the$51 billion,$48 billion represents the economic and noneconomic damages sought in the James mass complaints described below.Oregon law provides for doubling of economic and property damages in the event the defendant is found to have acted with gross negligence,recklessnes

202、s,willfulness or malice.Oregon law provides for trebling of damages associated with timber,shrubs and produce in the event the defendant is determined to have willfully and intentionally trespassed.The 2020 wildfires and 2022 wildfire discussed below are referred to as the“Wildfires.”Based on availa

203、ble information to date,we believe it is probable that losses will be incurred associated with the Wildfires.Final determinations of liability will only be made following the completion of comprehensive investigations,litigation and similar processes.Investigations into the cause and origin of each

204、of the 2020 Wildfires are complex and ongoing and have been or are being conducted by various entities,including the U.S.Department of Agriculture Forest Service(“USFS”),the California Public Utilities Commission,the Oregon Department of Forestry(“ODF”),the Oregon Department of Justice,PacifiCorp an

205、d various experts engaged by PacifiCorp.22Notes to Consolidated Financial Statements Note 22.Contingencies and commitmentsIn May 2022,the USFS issued its report of investigation into the Archie Creek fire concluding that the probable cause of the fire was power lines owned and operated by PacifiCorp

206、.The report also states that evidence indicates failure of power line infrastructure.The USFS report of investigation into the Slater fire for the investigation period October 5,2020 to December 8,2020,concluded that the fire was caused by a downed power line owned and operated by PacifiCorp.The rep

207、ort states that evidence indicates a tree fell onto the power line and that wind blew over the 137-foot tree with internal rot that showed no outward signs of distress and would not have been classified or identified as a hazard tree.Settlements have been reached with substantially all individual pl

208、aintiffs,timber companies and insurance subrogation plaintiffs in both the Archie Creek and Slater fires with government timber and suppression cost claims remaining.In April 2023,the USFS issued its report of investigation into a wildland fire that began in the Opal Creek wilderness outside of the

209、Santiam Canyon that was first reported on August 16,2020(“Beachie Creek Fire”),approximately three weeks prior to the September 2020 wind event described above.In March 2025,PacifiCorp received the ODFs final investigation report on the Santiam Canyon fires(“ODFs Report”),which concluded that embers

210、 from the pre-existing Beachie Creek Fire caused 12 fires within the Santiam Canyon.The ODFs Report also found that PacifiCorps power lines did not contribute to the overall spread of fire into the Santiam Canyon even though its power lines ignited seven spot fires within the Santiam Canyon that wer

211、e each suppressed.The Beachie Creek fire that spread into the Santiam Canyon burned approximately 193,000 acres;the South Obenchain fire burned approximately 33,000 acres;the Echo Mountain Complex fire burned approximately 3,000 acres;and the 242 fire burned approximately 14,000 acres.The James case

212、s described below are associated with the Beachie Creek(Santiam Canyon),South Obenchain,Echo Mountain Complex and 242 fires,which are four distinct fires located hundreds of miles apart.On September 30,2020,a class action complaint against PacifiCorp was filed captioned Jeanyne James et al.v.PacifiC

213、orp et al.(“James”),in Oregon Circuit Court in Multnomah County,Oregon(the“Multnomah Court”)in connection with the 2020 Wildfires.In November 2021,the plaintiffs filed an amended complaint to limit the class to include Oregon citizens allegedly impacted by the Santiam Canyon,Echo Mountain Complex,So

214、uth Obenchain and 242 wildfires,as well as to add claims for noneconomic damages.The amended complaint alleged that PacifiCorps assets contributed to the Oregon wildfires occurring on or after September 7,2020,and that PacifiCorp acted with gross negligence,among other things,seeking damages not les

215、s than$600 million of economic damages and in excess of$1 billion of noneconomic damages for the plaintiffs and the class.Numerous cases were consolidated into the original James complaint.Between April 2024 and January 2025,six separate mass complaints against PacifiCorp naming 1,591 individual cla

216、ss members were filed in the Multnomah Court referencing the James case as the lead case.Complaints for five of the plaintiffs in the mass complaints were subsequently dismissed.These James case mass complaints make damages-only allegations seeking economic,noneconomic and punitive damages,as well a

217、s doubling of economic damages.In December 2024,two additional complaints were filed in Multnomah Court on behalf of eight plaintiffs also referencing the James case as the lead case.PacifiCorp believes the magnitude of damages sought by the class members in the James case mass complaints and additi

218、onal two complaints to be of remote likelihood of being awarded based on the amounts awarded in the jury verdicts described below that are being appealed.In January,April and June 2024,the Multnomah Court entered limited judgments and money awards for the James jury verdicts issued in June 2023 for

219、the first trial in which the jury found PacifiCorps conduct grossly negligent,reckless and willful as to each of the 17 named plaintiffs and the entire class,and the first two damages phase trials for which the verdicts were issued in January and March 2024.The limited judgments award aggregate dama

220、ges of$210 million,including$32 million of doubled economic damages,$147 million of noneconomic damages and$41 million of punitive damages based on a 0.25 multiplier applied to economic and noneconomic damages,partially offset by insurance proceeds received by plaintiffs.For each limited judgment en

221、tered in the court,PacifiCorp posted a supersedeas bond,which stays any effort to seek payment of the judgments pending final resolution of any appeals.Under Oregon Revised Statutes 82.010,interest at a rate of 9%per annum will accrue on the judgments commencing at the date the judgments were entere

222、d until the entire money award is paid,amended or reversed by an appellate court.In January 2024,PacifiCorp filed a notice of appeal associated with the June 2023 verdict in the James case,including whether the case can proceed as a class action and filed a motion to stay further damages phase trial

223、s.PacifiCorp amended its appeal of the June 2023 James verdict to include both the January and March 2024 jury verdicts.The appeals process and further actions could take several years.In February and March 2025,the juries for the third and fourth James damages phase trials awarded fifteen plaintiff

224、s$66 million of noneconomic damages in addition to over$6 million of economic damages.PacifiCorp expects the court will award the doubling of economic damages to$13 million and increase the awards for$18 million in punitive damages consistent with the June 2023 James verdict.As a result,PacifiCorp e

225、xpects the total awards for the fifteen plaintiffs to be approximately$97 million.PacifiCorp filed post-trial motions with the Multnomah Court requesting the court offset the damage awards by deducting insurance proceeds received by any of the plaintiffs.PacifiCorp intends to appeal the jurys damage

226、 awards associated with the February and March 2025 jury verdicts once judgments are entered.23Notes to Consolidated Financial Statements Note 22.Contingencies and commitments In October 2024,the Multnomah Court issued a case management order,which sets forth nine additional damages phase trials wit

227、h up to ten plaintiffs per trial.The trials are scheduled to occur throughout 2025,with the verdicts for the first trials received in February and March 2025,as described above.A hearing is scheduled for May 9,2025,to evaluate scheduling additional damages phase trials in 2026.On March 20,2025,Pacif

228、iCorp filed a motion to stay the remaining James damages phase trials in consideration of the ODFs Report.The motion was heard by the court and was denied on April 18,2025.On April 1,2025,PacifiCorp filed its opening brief with the Oregon Court of Appeals in connection with its appeal of the June 20

229、23 James verdict and the January and March 2024 verdicts for the first two James damages phase trials.In the opening brief,PacifiCorp addressed numerous procedural and legal issues,including that the class certification is improper due to the plaintiffs being impacted by distinct fires with independ

230、ent ignition points that were hundreds of miles apart;awarding of noneconomic damages is not allowed under Oregon law;plaintiffs failed to prove that PacifiCorp caused harm to every class member;and jury instructions applied incorrect legal standards in assessing class-wide evidence and individual c

231、laims.Additionally,PacifiCorp incorporated the ODFs Report into its opening appellate brief.Various parties who are not party to the James case have filed supportive amicus briefs with the court.Plaintiffs reply brief and cross-appeal is due May 20,2025.According to the California Department of Fore

232、stry and Fire Protection,a wildfire began on July 29,2022,in the Oak Knoll Ranger District of the Klamath National Forest in Siskiyou County,California located in PacifiCorps service territory(the“2022 Wildfire”)burning over 60,000 acres.Third-party reports indicate that the 2022 Wildfire resulted i

233、n 11 structures damaged,185 structures destroyed,12 injuries and four fatalities.The USFS issued a Wildland Fire Origin and Cause Supplemental Incident Report.The report concluded that a tree coming in contact with a power line is the probable cause of the 2022 Wildfire.A provision for a loss contin

234、gency is recorded when it is probable a liability has been incurred and the amount of loss can be reasonably estimated.PacifiCorp evaluates the related range of reasonably estimated losses and records a loss based on its best estimate within that range or the lower end of the range if there is no be

235、tter estimate.Estimated probable losses associated with the Wildfires were based on the information available to the date of this filing,including(i)ongoing cause and origin investigations;(ii)ongoing settlement and mediation discussions;(iii)other litigation matters and upcoming legal proceedings;a

236、nd(iv)the status of the James case.Estimated losses on the Wildfires include estimates for fire suppression costs,real and personal property damages,natural resource damages and noneconomic damages such as personal injury damages and loss of life damages that are considered probable of being incurre

237、d and that it is able to reasonably estimate at this time,and which is subject to change as additional relevant information becomes available.Through March 31,2025,PacifiCorp recorded cumulative estimated probable Wildfire losses,before taxes and expected related insurance recoveries,of approximatel

238、y$2.75 billion,of which approximately$1.3 billion has been paid in connection with settlements.There were no Wildfire loss accruals recorded in the first quarters of 2025 or 2024.Estimated unpaid liabilities were approximately$1.4 billion at March 31,2025.Insurance recoveries recorded to date in con

239、nection with the Wildfires were$530 million,which were recorded prior to 2024.All insurance recoveries have been received and no further insurance recoveries are expected to become available.It is reasonably possible PacifiCorp will incur significant additional losses beyond the amounts currently ac

240、crued;however,it is currently unable to reasonably estimate the range of possible additional losses that could be incurred due to the number of properties and parties involved,including claimants in the class to the James case and the 2022 Wildfire,the variation in the types of properties and damage

241、s and the ultimate outcome of legal actions,including mediation,settlement negotiations,jury verdicts and the appeals process.HomeServices of America,Inc.HomeServices is currently defending against several antitrust cases,all in federal district courts.In each case,plaintiffs claim HomeServices and

242、certain of its subsidiaries(and in one case BHE)conspired with co-defendants to artificially inflate real estate commissions by following and enforcing multiple listing service(“MLS”)rules that require listing agents to offer a commission split to cooperating agents in order for the property to appe

243、ar on the MLS(“Cooperative Compensation Rule”).None of the complaints specify damages sought.However,two cases also allege Texas state law deceptive trade practices claims,for which plaintiffs have asserted damages totaling approximately$9 billion by separate written notice as required by Texas law.

244、24Notes to Consolidated Financial Statements Note 22.Contingencies and commitments In one of these cases,Burnett(formerly Sitzer)et al.v.HomeServices of America,Inc.et al.(the“Burnett case”),a jury trial in the U.S.District Court for the Western District of Missouri returned a verdict for the plaint

245、iffs on October 31,2023,finding that the named defendants participated in a conspiracy to follow and enforce the Cooperative Compensation Rule,which conspiracy had the purpose or effect of raising,inflating,or stabilizing broker commission rates paid by home sellers.The jury further found that the c

246、lass plaintiffs had proved damages of$1.8 billion.Joint and several liability applies for the co-defendants.Federal law authorizes trebling of damages and the award of pre-judgment interest and attorney fees.To date,all co-defendants have reached settlements with the plaintiffs.The U.S District Cour

247、t approved these settlements in May and November 2024.All settlements have been appealed to the U.S.Court of Appeals for the Eighth Circuit.In April 2024,HomeServices agreed to terms with the plaintiffs to settle all claims asserted against HomeServices and certain of its subsidiaries in the Burnett

248、 case to effectuate a nationwide class settlement.The final settlement agreement includes scheduled payments over the next four years and aggregating$250 million.HomeServices has made payments of$67 million through March of 2025.If the settlement is not affirmed by the U.S.Court of Appeals for the E

249、ighth Circuit,HomeServices intends to vigorously appeal on multiple grounds the jurys findings and damage award in the Burnett case,including whether the case can proceed as a class action.The appeals process and further actions could take several years.Other legal matters In September 2024,National

250、 Indemnity Company(“NICO”)entered into a settlement agreement reached concerning certain non-insurance affiliates that filed voluntary petitions under Chapter 11 of the bankruptcy code in the United States Bankruptcy Court for the District of New Jersey(the“Court”)in 2023.Under the terms of the sett

251、lement agreement,NICO agreed to pay$535 million to the bankruptcy estate in consideration of a release of all estate causes of action against NICO and its affiliates.In connection with the settlement agreement,NICO recorded a pre-tax charge of$490 million,which is net of$45 million from a third part

252、y that was covered under the release.Certain creditors are opposing approval of the settlement agreement and could potentially pursue appeals of any approval granted by the Court.Berkshire and certain of its subsidiaries are also involved in other kinds of legal actions,some of which assert or may a

253、ssert claims or seek to impose fines and penalties.We currently believe that liabilities that may arise as a result of such other pending legal actions will not have a material effect on our consolidated financial condition or results of operations.CommitmentsIn January 2024,we acquired the remainin

254、g noncontrolling interests in Pilot for$2.6 billion.On September 30,2024,BHE repurchased 5.85%of its outstanding common stock held by certain noncontrolling BHE shareholders for$2.9 billion.Additionally,in September and October 2024,Berkshire acquired the remaining 2.12%of BHEs outstanding common st

255、ock held by noncontrolling shareholders in exchange for 2,291,631 shares of Berkshire Class B common stock valued at$1.045 billion.The acquisitions of these noncontrolling interests represented equity transactions.We recorded the differences between the consideration paid and the carrying values of

256、the noncontrolling interests,net of deferred income tax liabilities,if applicable,to capital in excess of par value.Pilot and BHE are now wholly-owned subsidiaries.25Notes to Consolidated Financial Statements Note 23.Revenues from contracts with customers The following table summarizes customer cont

257、ract revenues disaggregated by reportable segment and the source of the revenue(in millions).Other revenues,which are not considered to be revenues from contracts with customers under GAAP,are primarily insurance premiums earned,interest,dividend and other investment income and leasing revenues.BNSF

258、BHEManufacturingServiceandRetailingPilotMcLaneInsurance,Corporateand otherTotalFirst quarter 2025Manufactured products:Industrial and commercial$7,353$73$7,426Building4,5884,588Consumer4,2604,260Grocery and convenience store distribution7,4427,442Food and beverage distribution4,3734,373Auto sales2,7

259、012,701Other retail and wholesale distribution8773,56910,15314,599Service5,6537912831,639631938,622Electricity and natural gas5,3465,346Total5,6536,13717,3617,98210,21612,00859,357Other revenues462071,3912,130206826,38030,368$5,699$6,344$18,752$10,112$10,422$12,016$26,380$89,725First quarter 2024Man

260、ufactured products:Industrial and commercial$7,210$52$7,262Building4,6744,674Consumer4,1934,193Grocery and convenience store distribution7,6027,602Food and beverage distribution4,4364,436Auto sales2,5522,552Other retail and wholesale distribution8193,76812,39316,980Service5,6188063771,377642218,463E

261、lectricity and natural gas5,1295,129Total5,6185,93517,2737,74912,45712,25961,291Other revenues193301,2381,923374124,99028,578$5,637$6,265$18,511$9,672$12,494$12,300$24,990$89,869A summary of the transaction price allocated to the significant unsatisfied remaining performance obligations related to c

262、ontracts with expected durations exceeding one year as of March 31,2025 and the timing of when the performance obligations are expected to be satisfied follows(in millions).Less than12 monthsGreater than12 monthsTotalElectricity and natural gas$3,567$19,013$22,580Other sales and service contracts3,4

263、424,5668,00826Notes to Consolidated Financial Statements Note 24.Business segment data Berkshires numerous and diverse businesses are managed on an unusually decentralized basis.These businesses are aggregated into operating segments in a manner that reflects how Berkshire views the business activit

264、ies.The tabular information that follows shows data of Berkshires reportable business segments reconciled to amounts reflected in our Consolidated Financial Statements.Intersegment transactions are not eliminated from segment results when those transactions are considered in assessing the results of

265、 the respective segments.Furthermore,investment gains and losses,goodwill and indefinite-lived intangible asset impairments and amortization of certain acquisition accounting adjustments or certain other corporate income and expense items are not considered in assessing the financial performance of

266、operating businesses.Collectively,these items are included in corporate,eliminations and other to reconcile segment totals to consolidated amounts.The information in the following tables includes additional disclosures pursuant to ASU 2023-07,which we adopted as of December 31,2024.We view our insur

267、ance segment as possessing two distinct activities underwriting and investing.Our underwriting activities are summarized for GEICO,Berkshire Hathaway Primary Group(“BH Primary”)and Berkshire Hathaway Reinsurance Group(“BHRG”).Earnings data of our business segments are shown in the following tables(i

268、n millions).First Quarter 2025GEICOBH PrimaryBHRGTotal UnderwritingInvestment IncomeTotalRevenues$10,752$4,577$6,475$21,804$3,571$25,375Costs and expenses:Losses and LAE7,4243,4523,77014,64614,646Life,annuity and health benefits1,0681,0681,068Other segment items1,1551,2691,9444,368104,378Total costs

269、 and expenses8,5794,7216,78220,0821020,092Earnings before income taxes$2,173$(144)$(307)$1,722$3,561$5,283First Quarter 2024 GEICOBH PrimaryBHRGTotal UnderwritingInvestment IncomeTotalRevenues$10,234$4,541$6,699$21,474$3,164$24,638Costs and expenses:Losses and LAE7,4142,8123,22213,44813,448Life,annu

270、ity and health benefits945945945Other segment items8921,2431,6203,755123,767Total costs and expenses8,3064,0555,78718,1481218,160Earnings before income taxes$1,928$486$912$3,326$3,152$6,478Other segment items related to insurance underwriting include commissions and brokerage expenses and other insu

271、rance underwriting expenses.BNSFFirst Quarter20252024Revenues$5,720$5,660Costs and expenses:Compensation and benefits1,3871,412Fuel770855Depreciation and amortization671657Interest expense272265Other segment items1,017952Total costs and expenses4,1174,141Earnings before income taxes$1,603$1,519Other

272、 segment items of BNSF include purchased services,equipment rents and materials expenses.27Notes to Consolidated Financial Statements Note 24.Business segment data BHEFirst Quarter20252024Revenues$6,356$6,277Costs and expenses:Energy cost of sales1,5311,670Energy operations and maintenance1,2491,235

273、Energy depreciation and amortization1,009982Real estate costs and expenses8711,086Interest expense646645Other segment items327227Total costs and expenses5,6335,845Earnings before income taxes$723$432Other segment items of BHE primarily consist of property taxes and other expenses.ManufacturingServic

274、e and retailingFirst QuarterFirst Quarter2025202420252024Revenues$18,766$18,529$10,137$9,703Costs and expenses:Cost of sales and services12,32912,2326,0645,786Cost of leasing2942431,5891,448Interest expense2851982729Other segment items3,1422,9421,5161,532Total costs and expenses16,05015,6159,1968,79

275、5Earnings before income taxes$2,716$2,914$941$908Other segment items of the manufacturing,services and retailing segments primarily consist of selling,general and administrative expenses.PilotMcLaneFirst QuarterFirst Quarter2025202420252024Revenues$10,430$12,503$12,175$12,475Costs and expenses:Cost

276、of sales and services9,28411,55711,10111,443Depreciation and amortization2572454950Other segment items721631844817Total costs and expenses10,26212,43311,99412,310Earnings before income taxes$168$70$181$165Other segment items of Pilot primarily consist of store operating,interest and general and admi

277、nistrative expenses.Other segment items of McLane include general and administrative expenses.Reconciliations of revenues and earnings before income taxes of our business segments to the consolidated amounts follow(in millions).RevenuesEarnings beforeincome taxesFirst QuarterFirst Quarter20252024202

278、52024Total operating businesses$88,959$89,785$11,615$12,486Investment gains(losses)(6,435)1,876Equity method investments126493Corporate,eliminations and other76684(158)851$89,725$89,869$5,148$15,70628Notes to Consolidated Financial Statements Note 24.Business segment data Additional segment data fol

279、lows(in millions).Interest expenseIncome tax expense(benefit)First QuarterFirst Quarter2025202420252024Business segmentsInsurance$1,054$1,282BNSF272265389376BHE646645(422)(393)Manufacturing285198611684Pilot729437(1)McLane754542Service and retailing2729225214 1,3091,2361,9392,204Reconciliation to con

280、solidated amountInvestment gains(losses)(1,390)394Equity method investments1188Corporate,eliminations and other(52)80(84)188$1,257$1,316$476$2,874Capital expendituresDepreciation and amortizationFirst QuarterFirst Quarter2025202420252024Business segmentsInsurance$24$35$107$98BNSF652721671657BHE2,128

281、2,1531,019994Manufacturing707708610601Pilot204172257245McLane22254950Service and retailing544579399367$4,281$4,3933,1123,012Reconciliation to consolidated amountCorporate,eliminations and other153156$3,265$3,168GoodwillIdentifiable assetsMarch 31,December 31,March 31,December 31,2025202420252024Busi

282、ness segmentsInsurance$16,557$16,557$532,016$539,884BNSF15,35115,35181,55980,813BHE11,68311,669130,643128,276Manufacturing27,82927,716120,901119,860Pilot6,4776,47719,46019,652McLane2322327,2837,165Service and retailing5,8785,87838,13037,198$84,007$83,880929,992932,848Reconciliation to consolidated a

283、mountCorporate and other150,533137,153Goodwill84,00783,880$1,164,532$1,153,88129Item 2.Managements Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Net earnings attributable to Berkshire shareholders are disaggregated in the table that follows.Amounts ar

284、e after deducting income taxes and exclude earnings attributable to noncontrolling interests(in millions).First Quarter20252024Insurance underwriting$1,336$2,598Insurance investment income2,8932,598BNSF1,2141,143Berkshire Hathaway Energy(“BHE”)1,097717Manufacturing,service and retailing3,0603,088Inv

285、estment gains(losses)(5,038)1,480Other411,078Net earnings attributable to Berkshire shareholders$4,603$12,702Through our subsidiaries,we engage in numerous diverse business activities.The business segment data(Note 24 to the accompanying Consolidated Financial Statements and Note 26 to the Consolida

286、ted Financial Statements included in Form 10-K for the year ended December 31,2024)should be read in conjunction with this discussion.Our periodic operating results may be affected in future periods by impacts of ongoing macroeconomic and geopolitical events,as well as changes in industry or company

287、-specific factors or events.The pace of changes in these events,including international trade policies and tariffs,has accelerated in 2025.Considerable uncertainty remains as to the ultimate outcome of these events.We are currently unable to reliably predict the potential impact on our businesses,wh

288、ether through changes in product costs,supply chain costs and efficiency,and customer demand for our products and services.It is reasonably possible there could be adverse consequences on most,if not all,of our operating businesses,as well as on our investments in equity securities,which could signi

289、ficantly affect our future results.Insurance underwriting after-tax earnings decreased$1.3 billion in the first quarter of 2025 compared to 2024.Underwriting results in the first quarter of 2025 included after-tax losses from the Southern California wildfires of approximately$860 million.After-tax e

290、arnings from insurance investment income increased$295 million in the first quarter of 2025 compared to 2024,attributable to higher interest income from investments in U.S.Treasury Bills,partially offset by lower dividend income.After-tax earnings of BNSF increased 6.2%in the first quarter of 2025 c

291、ompared to 2024 from higher volumes and overall improved operating efficiencies,despite the negative impacts of severe weather in February 2025.After-tax earnings of BHE increased$380 million(53.0%)in the first quarter of 2025 compared to 2024.The earnings increase reflected higher earnings from the

292、 utilities and energy businesses,lower earnings attributable to noncontrolling interests and reduced losses from the real estate brokerage businesses,primarily due to the impact of litigation settlement charges in the first quarter of 2024.After-tax earnings from our manufacturing,service and retail

293、ing businesses decreased slightly in the first quarter of 2025 compared to 2024.Earnings in 2025 reflected an overall increase from our service and retailing businesses and an overall decrease from our manufacturing businesses.The majority of our businesses experienced lower revenues and earnings in

294、 the first quarter of 2025 compared to 2024.Investment gains(losses)predominantly derive from our investments in equity securities and include significant unrealized gains and losses from changes in market prices and foreign currency exchange rates applicable to certain of our investments.We believe

295、 that investment gains and losses,whether realized from dispositions or unrealized from changes in market prices,are generally meaningless in understanding our reported periodic results or evaluating the economic performance of our operating businesses.These gains and losses have caused and will con

296、tinue to cause significant volatility in our periodic earnings.Other earnings include corporate investment income,earnings from equity method investments and foreign currency exchange rate gains and losses related to the non-U.S.denominated debt of Berkshire and BHFC.After-tax foreign currency excha

297、nge rate losses were$713 million in the first quarter of 2025 compared to gains of$597 million in the first quarter of 2024.30Item 2.Managements Discussion and Analysis of Financial Condition and Results of Operations Results of Operations InsuranceUnderwriting Our periodic underwriting earnings may

298、 be subject to considerable volatility from the timing and magnitude of significant property catastrophe loss events.Further,we generally do not retrocede the risks we assume.We currently consider consolidated pre-tax losses exceeding$150 million from an event occurring in the current year to be sig

299、nificant.We incurred significant losses from the Southern California wildfires in the first quarter of 2025,while we experienced no significant catastrophe events in the first quarter of 2024.Changes in estimates for unpaid losses and loss adjustment expenses,including amounts established for occurr

300、ences in prior years,and foreign currency transaction gains and losses arising from the remeasurement of non-U.S.Dollar denominated assets and liabilities can also significantly affect our periodic underwriting results.We write primary insurance and reinsurance policies covering property and casualt

301、y risks,as well as life and health risks.Our insurance and reinsurance businesses are GEICO,Berkshire Hathaway Primary Group(“BH Primary”)and Berkshire Hathaway Reinsurance Group(“BHRG”).We strive to generate pre-tax underwriting earnings(defined as premiums earned less insurance losses/benefits inc

302、urred and underwriting expenses)over the long term in all business categories,except in our retroactive reinsurance and periodic payment annuity businesses.Time-value-of-money concepts are important considerations in establishing premiums for these policies,which are recognized as charges to earning

303、s over the claim settlement periods.Underwriting results of our insurance businesses are summarized below(dollars in millions).First Quarter20252024Pre-tax underwriting earnings(loss):GEICO$2,173$1,928Berkshire Hathaway Primary Group(144)486Berkshire Hathaway Reinsurance Group(307)912Pre-tax underwr

304、iting earnings1,7223,326Income taxes386728Net underwriting earnings$1,336$2,598Effective income tax rate22.4%21.9%GEICO GEICO writes property and casualty policies,primarily private passenger automobile insurance,in all 50 states and the District of Columbia.GEICO offers policies mainly by direct re

305、sponse methods where most customers apply for coverage directly to the company via the Internet or over the telephone.GEICO also operates an insurance agency that offers primarily homeowners and renters insurance to its auto policyholders.A summary of GEICOs underwriting results follows(dollars in m

306、illions).First Quarter20252024Amount%Amount%Premiums written$11,506$10,796Premiums earned$10,752100.0$10,234100.0Losses and loss adjustment expenses7,42469.07,41472.5Underwriting expenses1,15510.88928.7Total losses and expenses8,57979.88,30681.2Pre-tax underwriting earnings$2,173$1,928 31Item 2.Mana

307、gements Discussion and Analysis of Financial Condition and Results of Operations InsuranceUnderwriting GEICO Premiums written increased$710 million(6.6%)in the first quarter of 2025 compared to 2024,reflecting an increase in policies-in-force and higher average premiums per policy.Premiums earned in

308、creased$518 million(5.1%)in the first quarter of 2025 compared to 2024.Losses and loss adjustment expenses increased$10 million(0.1%)in the first quarter of 2025 compared to 2024.GEICOs loss ratio(losses and loss adjustment expenses to premiums earned)was 69.0%in the first quarter of 2025,a decrease

309、 of 3.5 percentage points compared to 2024.The loss ratio decline reflected the impact of higher average premiums per auto policy and lower claims frequencies,partially offset by increases in average claims severities and less favorable development of prior accident years claims estimates.Private pa

310、ssenger automobile claims frequencies declined in the first quarter of 2025 versus 2024 for property damage and collision coverages(six to nine percent range),with bodily injury coverage down slightly.Average auto claims severities increased in the first quarter of 2025 for property damage and colli

311、sion coverages(one to three percent range)and bodily injury coverage(six to eight percent range)compared to 2024.Losses and loss adjustment expenses included reductions in the ultimate loss estimates for prior accident years claims of$45 million in the first quarter of 2025 compared to$155 million i

312、n 2024.Underwriting expenses increased$263 million in the first quarter of 2025 compared to 2024.GEICOs expense ratio(underwriting expense to premiums earned)was 10.8%in the first quarter of 2025,an increase of 2.1 percentage points compared to 2024,attributable to increased policy acquisition relat

313、ed expenses,partially offset by increased operating leverage.The earnings from GEICOs insurance agency(third-party commissions,net of operating expenses)are included as a reduction of underwriting expenses.Berkshire Hathaway Primary Group BH Primary consists of several independently managed business

314、es that provide a variety of primarily commercial insurance solutions,including healthcare professional liability,workers compensation,automobile,general liability,property and specialty coverages for small,medium and large clients.BH Primarys insurers include Berkshire Hathaway Specialty Insurance(

315、“BHSI”),RSUI Group Inc.and CapSpecialty,Inc.(“RSUI and CapSpecialty”),Berkshire Hathaway Homestate companies(“BHHC”),MedPro Group,GUARD Insurance group of companies(“GUARD”),National Indemnity Company(“NICO Primary”),Berkshire Hathaway Direct(“BH Direct”)and U.S.Liability Insurance companies(“USLI”)

316、.A summary of BH Primarys underwriting results follows(dollars in millions).First Quarter20252024Amount%Amount%Premiums written$4,423$4,493Premiums earned$4,577100.0$4,541100.0Losses and loss adjustment expenses3,45275.42,81261.9Underwriting expenses1,26927.71,24327.4Total losses and expenses4,72110

317、3.14,05589.3Pre-tax underwriting earnings(loss)$(144)$486Premiums written declined 1.6%in the first quarter of 2025 compared to 2024.The decline was primarily due to a 34%reduction at GUARD and,to a lesser degree at RSUI,partially offset by higher volumes at NICO Primary,BHHC and BH Direct.GUARDs pr

318、emium decline reflected volume reductions across multiple product categories through exiting certain unprofitable lines and tightened overall underwriting standards.The decline at RSUI was primarily due to lower volumes,partly offset by increased retentions.The increases at NICO Primary and BHHC wer

319、e primarily attributable to commercial auto business,while the increase at BH Direct reflected growth across several lines of business and product categories.32Item 2.Managements Discussion and Analysis of Financial Condition and Results of Operations InsuranceUnderwriting Berkshire Hathaway Primary

320、 Group Losses and loss adjustment expenses increased$640 million(22.8%)and the loss ratio increased 13.5 percentage points in the first quarter of 2025 compared to 2024.Losses incurred from the Southern California wildfires were approximately$300 million in the first quarter of 2025.Losses incurred

321、in 2025 also included increases in estimated ultimate losses for prior accident years claims of$212 million,attributable to higher ultimate loss estimates in liability coverages,partly offset by lower ultimate loss estimates in property and medical liability coverages.Incurred loss estimates for pri

322、or accident years claims were reduced$93 million in the first quarter of 2024.Medical professional liability and other liability claim costs continue to be negatively impacted by unfavorable social inflation trends,including the impacts of jury awards and litigation costs.Berkshire Hathaway Reinsura

323、nce Group The Berkshire Hathaway Reinsurance Group offers excess-of-loss and quota-share reinsurance coverages on property and casualty risks to insurers and reinsurers worldwide through several subsidiaries,led by National Indemnity Company,General Reinsurance Corporation,General Reinsurance AG and

324、 Transatlantic Reinsurance Company.We also write life and health reinsurance coverages through General Re Life Corporation,General Reinsurance AG and Berkshire Hathaway Life Insurance Company of Nebraska.A summary of BHRGs pre-tax underwriting results follows(in millions).First Quarter20252024Proper

325、ty/casualty$68$1,008Life/health70108Retroactive reinsurance(209)(147)Periodic payment annuity(199)(151)Variable annuity(37)94Pre-tax underwriting earnings(loss)$(307)$912Property/casualty A summary of property/casualty reinsurance underwriting results follows(dollars in millions).First Quarter202520

326、24Amount%Amount%Premiums written$6,135$6,455Premiums earned$5,235100.0$5,435100.0Losses and loss adjustment expenses3,59968.72,99355.1Underwriting expenses1,56830.01,43426.4Total losses and expenses5,16798.74,42781.5Pre-tax underwriting earnings$68$1,008Premiums written in the first quarter of 2025

327、declined$320 million(5.0%)versus 2024,primarily attributable to lower volumes in property coverages.Premiums earned in the first quarter of 2025 decreased 3.7%compared to 2024.Losses and loss adjustment expenses increased$606 million(20.2%)and the loss ratio increased 13.6 percentage points in the f

328、irst quarter of 2025 compared to 2024.Losses incurred from the Southern California wildfires were approximately$770 million in the first quarter of 2025.Estimated ultimate liabilities for losses occurring in prior accident years were reduced$330 million in the first quarter of 2025 and$386 million i

329、n 2024,mostly attributable to lower-than-expected property losses.Underwriting expenses increased$134 million(9.3%)and the expense ratio increased 3.6 percentage points in the first quarter of 2025 compared to 2024.Underwriting expenses included foreign currency exchange losses from the remeasuremen

330、t of certain non-U.S.Dollar denominated liabilities of$142 million in the first quarter of 2025 and gains of$26 million in 2024.Otherwise,underwriting expenses in 2025 declined 2.3%from 2024.33Item 2.Managements Discussion and Analysis of Financial Condition and Results of Operations InsuranceUnderw

331、riting Berkshire Hathaway Reinsurance Group Life/health A summary of our life/health reinsurance underwriting results follows(dollars in millions).First Quarter20252024Amount%Amount%Premiums written$1,243$1,231Premiums earned$1,240100.0$1,229100.0Life and health benefits95677.183367.8Underwriting ex

332、penses21417.328823.4Total benefits and expenses1,17094.41,12191.2Pre-tax underwriting earnings$70$108 Premiums written and earned in the first quarter of 2025 were substantially unchanged from 2024.Pre-tax underwriting earnings in the first quarter of 2025 declined$38 million,reflecting the impact o

333、f life contract commutation gains of$51 million in the first quarter of 2024 and increased losses from U.S.long-term care business,partially offset by increased earnings from other life business.Retroactive reinsurance We have written no significant new retroactive reinsurance contracts over the past several years.Pre-tax underwriting results derive from changes in the ultimate claim liability est