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Berkshire Hathaway 3rd Quarter 2000

Berkshire Hathaway 3rd Quarter 2000

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12/16/2011

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1
CONSOLIDATED BALANCE SHEETS
(dollars in millions except share amounts)
September 30,December 31,2000 1999
ASSETS
Cash and cash equivalents.................................................................................$ 2,770$ 3,835Investments:Securities with fixed maturities.......................................................................32,29330,222Equity securities.............................................................................................36,58837,772Other..............................................................................................................1,7371,736Receivables.......................................................................................................9,2388,558Inventories........................................................................................................1,444844Investments in MidAmerican Energy Holdings Company..................................1,685
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Assets of finance and financial products businesses...........................................19,05124,229Property, plant and equipment...........................................................................2,4061,903Goodwill of acquired businesses........................................................................18,52618,281Other assets.......................................................................................................4,744 4,036$130,482$131,416
LIABILITIES AND SHAREHOLDERS’ EQUITY
Losses and loss adjustment expenses.................................................................$ 29,484$ 26,802Unearned premiums..........................................................................................4,2733,718Accounts payable, accruals and other liabilities.................................................7,4437,458Income taxes, principally deferred.....................................................................9,2019,566Borrowings under investment agreements and other debt..................................2,6342,465Liabilities of finance and financial products businesses.....................................16,735 22,22369,770 72,232Minority shareholders’ interests........................................................................1,321 1,423Shareholders’ equity:Common Stock: *Class A Common Stock, $5 par value and Class BCommon Stock, $0.1667 par value..............................................................88Capital in excess of par value.........................................................................25,48325,209Accumulated other comprehensive income.....................................................16,33517,223Retained earnings...........................................................................................17,565 15,321Total shareholders’ equity............................................................................59,391 57,761$130,482$131,416
* Class B Common Stock has economic rights equal to one-thirtieth (1/30) of the economic rights of Class A Common Stock. Accordingly, on an equivalent Class A Common Stock basis, there are 1,525,418 shares outstanding at September 30, 2000 and 1,520,562 shares outstanding at December 31, 1999.
See accompanying Notes to Interim Consolidated Financial Statements
 
2
BERKSHIRE HATHAWAY INC.CONSOLIDATED STATEMENTS OF EARNINGS
(dollars in millions except per share amounts)
Third Quarter First Nine Months2000199920001999
Revenues:
Insurance premiums earned.........................................................$4,872$4,603$11,500$10,700Sales and service revenues...........................................................1,8481,3975,1354,166Interest, dividend and other investment income...........................6486141,9041,721Income from investments in MidAmerican Energy......................40
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67
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Income from finance and financial products businesses...............11012486147Realized investment gain.............................................................908 425 2,361 1,2248,426 7,05121,45317,958
Cost and expenses:
Insurance losses and loss adjustment expenses.............................4,3784,18210,0308,979Insurance underwriting expenses.................................................8417932,5082,385Cost of products and services sold................................................1,2569863,4772,917Selling, general and administrative expenses...............................4132671,169805Goodwill amortization.................................................................124119369356Interest expense...........................................................................38 35 105 1007,050 6,38217,65815,542
Earnings before income taxes and minority interest
...................1,3766693,7952,416Income taxes...............................................................................4792371,338855Minority interest..........................................................................100 12 213 28
Net earnings
..................................................................................$ 797$ 420$2,244$1,533Average shares outstanding *......................................................1,524,1701,519,9541,521,9771,519,506
Net earnings per share *
..............................................................$ 523$ 276$1,474$1,009
* Average shares outstanding include average Class A Common shares and average Class B Common shares determined on anequivalent Class A Common Stock basis. Net earnings per share shown above represents net earnings per equivalent Class ACommon 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 Nine Months20001999Net cash flows from operating activities..........................................................................$1,883$1,328Cash flows from investing activities:Purchases of investments...........................................................................................(20,096)(18,218)Proceeds on sales and maturities of investments.........................................................18,4348,741Loans and investments originated in finance businesses.............................................(429)(1,433)Principal collections on loans and investments originated in finance businesses.........984746Acquisitions of businesses..........................................................................................(1,123)
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Other.........................................................................................................................(310) (437)Net cash flows from investing activities...........................................................................(2,540)(10,601)Cash flows from financing activities:Proceeds from borrowings of finance businesses........................................................57627Proceeds from other borrowings.................................................................................2,4051,454Repayments of borrowings of finance businesses........................................................(229)(330)Repayments of other borrowings................................................................................(2,251)(1,362)Other.........................................................................................................................(110) (41)Net cash flows from financing activities..........................................................................(128) 348Decrease in cash and cash equivalents.............................................................................(785)(8,925)Cash and cash equivalents at beginning of year*.............................................................4,458 14,489Cash and cash equivalents at end of first nine months*...................................................$ 3,673$ 5,564Supplemental cash flow information:Cash paid during the period for:Income taxes..............................................................................................................$ 1,037$ 2,175Interest of finance and financial products businesses..................................................655350Other interest.............................................................................................................124112Non-cash investing activity:Liabilities assumed in connection with acquisitions of businesses.................................713
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Common Stock issued in connection with acquisitions of businesses.............................223
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Contingent value of Exchange Notes recognized in earnings........................................10830Value of equity securities used to redeem Exchange Notes............................................259133
*Cash and cash equivalents are comprised of the following: Beginning of year —Finance and financial products businesses..............................................................................$ 623$ 90Other .......................................................................................................................................3,835 13,582$ 4,458$14,489 End of first nine months —Finance and financial products businesses..............................................................................$ 903$ 849Other .......................................................................................................................................2,770 4,715$ 3,673$ 5,564
See accompanying Notes to Interim Consolidated Financial Statements

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