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Berkshire Hathaway 2nd Quarter 2001

Berkshire Hathaway 2nd Quarter 2001

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12/16/2011

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1
CONSOLIDATED BALANCE SHEETS
(dollars in millions except per share amounts)
June 30,December 31,20012000
ASSETS
Cash and cash equivalents.........................................................................................$ 7,143$ 5,263Investments:Securities with fixed maturities..............................................................................31,23332,567Equity securities.....................................................................................................29,16037,619Other.......................................................................................................................1,9241,637Receivables...............................................................................................................11,78911,764Inventories.................................................................................................................2,2701,275Investments in MidAmerican Energy Holdings Company.......................................1,7711,719Assets of finance and financial products businesses.................................................30,88516,829Property, plant and equipment..................................................................................4,5972,699Goodwill of acquired businesses...............................................................................21,24418,875Other assets...............................................................................................................6,760 5,545$148,776$135,792
LIABILITIES AND SHAREHOLDERS’ EQUITY
Losses and loss adjustment expenses........................................................................$ 35,929$ 33,022Unearned premiums..................................................................................................4,7533,885Accounts payable, accruals and other liabilities.......................................................9,5038,374Income taxes, principally deferred............................................................................7,09810,125Borrowings under investment agreements and other debt........................................3,6602,663Liabilities of finance and financial products businesses...........................................27,763 14,73088,706 72,799Minority shareholders’ interests................................................................................1,340 1,269Shareholders’ equity:Common Stock:*Class A Common Stock, $5 par valueand Class B Common Stock, $0.1667 par value..............................................88Capital in excess of par value.................................................................................25,55525,524Accumulated other comprehensive income............................................................13,13917,543Retained earnings...................................................................................................20,028 18,649Total shareholders’ equity................................................................................58,730 61,724$148,776$135,792*
Class B Common Stock has economic rights equal to one-thirtieth (1/30) of the economic rights of Class ACommon Stock. Accordingly, on an equivalent Class A Common Stock basis, there are 1,527,140 sharesoutstanding at June 30, 2001 versus 1,526,230 shares outstanding at December 31, 2000.See accompanying Notes to Interim Consolidated Financial Statements
 
2
BERKSHIRE HATHAWAY INC.CONSOLIDATED STATEMENTS OF EARNINGS
(dollars in millions except per share amounts)
Second QuarterFirst Hal2001200020012000
Revenues:
Insurance premiums earned.............................................................$5,382$3,408$9,108$6,628Sales and service revenues...............................................................3,8121,6967,0903,303Interest, dividend and other investment income...............................6806271,3581,256Income from MidAmerican Energy Holdings Company.................38228527Income from finance and financial products businesses..................8494255376Realized investment gain.................................................................660 717 902 1,45310,656 6,56418,79813,043
Cost and expenses:
Insurance losses and loss adjustment expenses................................4,9892,9758,0145,652Insurance underwriting expenses.....................................................7978071,7241,683Cost of products and services sold...................................................2,6461,1334,9472,221Selling, general and administrative expenses...................................7563781,486756Goodwill amortization.....................................................................144123286245Interest expense................................................................................57 34 117 679,389 5,45016,57410,624
Earnings before income taxes and minority interest
.....................1,2671,1142,2242,419Income taxes....................................................................................473395812859Minority interest...............................................................................21 79 33 113
Net earnings
.......................................................................................$ 773$ 640$1,379$1,447Average common shares outstanding *............................................1,527,0281,521,0571,526,7851,520,869
Net earnings per common share *
...................................................$ 506$ 421$ 903$ 951
* Average shares outstanding include average Class A Common shares and average Class B Common shares determined on an equivalent Class A Common Stock basis. Net earnings per share shown above represents net earnings per equivalent Class A Common share. Net earnings per Class B Common share is equal to one-thirtieth (1/30) of such amount.
See accompanying Notes to Interim Consolidated Financial Statements
 
3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
First Half 20012000Net cash flows from operating activities..........................................................................................$2,614$ 943Cash flows from investing activities:Purchases of investments...............................................................................................................(4,757)(14,508)Proceeds from sales and maturities of investments........................................................................8,62712,337Loans and investments originated in finance businesses..............................................................(1,548)(363)Principal collection on loans and investmentsoriginated in finance businesses..................................................................................................772872Acquisitions of businesses, net of cash acquired...........................................................................(3,720)(381)Other..............................................................................................................................................(371) (242)Net cash flows from investing activities.....................................................................................(997)(2,285)Cash flows from financing activities:Proceeds from borrowings of finance businesses.........................................................................34799Proceeds from other borrowings....................................................................................................335369Repayments of borrowings of finance businesses.........................................................................(15)(45)Repayments of other borrowings...................................................................................................(331)(428)Change in short term borrowings of finance businesses................................................................998Changes in other short term borrowings........................................................................................(338)169Other..............................................................................................................................................(6) (67)Net cash flows from financing activities.....................................................................................990 97Increase (decrease) in cash and cash equivalents........................................................................2,607(1,245)Cash and cash equivalents at beginning of year *...........................................................................5,604 4,458Cash and cash equivalents at end of first half *................................................................................$8,211$3,213Supplemental cash flow information:Cash paid during the period for:Income taxes......................................................................................................................................$ 863$ 641Interest of finance and financial products businesses.......................................................................335473Other interest......................................................................................................................................11972Non-cash investing activity:Liabilities assumed in connection with acquisitions of businesses......................................................2,639162Contingent value of Exchange Notes recognized in earnings.............................................................4490Value of equity securities used to redeem Exchange Notes................................................................87224
*Cash and cash equivalents are comprised of the following: Beginning of year —Finance and financial products businesses................................................................................................$ 341$ 623Other ..........................................................................................................................................................5,263 3,835$5,604$4,458 End of first half —Finance and financial products businesses................................................................................................$1,068$1,30Other ..........................................................................................................................................................7,143 1,90$8,211$3,213
See accompanying Notes to Interim Consolidated Financial Statements

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