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Business segment data | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Business segment data | (26) Business segment data Our operating businesses include a large and diverse group of insurance, manufacturing, service and retailing businesses. We organize our reportable business segments in a manner that reflects how management views those business activities. Certain businesses are grouped together for segment reporting based upon similar products or product lines, marketing, selling and distribution characteristics, even though those business units are operated under separate local management. We acquired control of PTC on January 31, 2023 and PTC is considered a reportable segment beginning February 1, 2023. In this presentation, statement of earnings and capital expenditures data of the PTC segment are for the eleven months ending December 31, 2023. Previously, our earnings from PTC were determined under the equity method and included in earnings from non-controlled businesses. The tabular information that follows shows data of reportable segments reconciled to amounts reflected in our Consolidated Financial Statements. Intersegment transactions are not eliminated from segment results when management considers those transactions in assessing the results of the respective segments. Furthermore, our management does not consider investment and derivative gains/losses, impairments or amortization of certain business acquisition accounting adjustments or certain other corporate income and expense items in assessing the financial performance of operating units. Collectively, these items are included in reconciliations of segment amounts to consolidated amounts. Berkshire’s operating segments are as follows.
Business Identity |  | Business Activity
Insurance: |  |
GEICO |  | Underwriting private passenger automobile insurance mainly by direct response methods
Berkshire Hathaway Primary Group |  | Underwriting multiple lines of property and casualty insurance policies for primarily commercial accounts
Berkshire Hathaway Reinsurance Group |  | Underwriting excess-of-loss, quota-share and facultative reinsurance worldwide
Railroad (“BNSF”) |  | Operation of one of the largest railroad systems in North America through Burlington Northern Santa Fe, LLC
Berkshire Hathaway Energy (“BHE”) |  | Regulated electric and gas utility, including power generation and distribution activities and real estate brokerage activities through Berkshire Hathaway Energy Company and affiliates
Pilot Travel Centers (“PTC”) |  | Largest operator of travel centers in North America and a marketer of wholesale fuel
Manufacturing |  | Manufacturers of numerous products including industrial, consumer and building products, including home building and related financial services
McLane Company (“McLane”) |  | Wholesale distribution of groceries and non-food items
Service and retailing |  | Providers of numerous services including shared aircraft ownership programs, aviation pilot training, electronic components distribution, various retailing businesses, including automobile dealerships and trailer and furniture leasing
Notes to Consolidated Financial Statements (26) Business segment data A disaggregation of our consolidated data for each of the three most recent years is presented as follows (in millions).
| Revenues |  |  | Earnings (loss) before income taxes |
| 2023 |  | 2022 |  | 2021 |  |  | 2023 |  | 2022 |  | 2021 |
Operating Businesses |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance: |  |  |  |  |  |  |  |  |  |  |  |  |
Underwriting: |  |  |  |  |  |  |  |  |  |  |  |  |
GEICO | $ | 39,264 |  | $ | 38,984 |  | $ | 37,706 |  |  | $ | 3,635 |  | $ | (1,880 | ) | $ | 1,259 |
Berkshire Hathaway Primary Group |  | 17,129 |  |  | 13,746 |  |  | 11,575 |  |  |  | 1,374 |  |  | 393 |  |  | 607 |
Berkshire Hathaway Reinsurance Group |  | 27,010 |  |  | 21,846 |  |  | 20,179 |  |  |  | 1,904 |  |  | 1,465 |  |  | (755 | )
Insurance underwriting |  | 83,403 |  |  | 74,576 |  |  | 69,460 |  |  |  | 6,913 |  |  | (22 | ) |  | 1,111 |
Investment income |  | 11,619 |  |  | 7,734 |  |  | 5,662 |  |  |  | 11,581 |  |  | 7,724 |  |  | 5,649 |
Total insurance |  | 95,022 |  |  | 82,310 |  |  | 75,122 |  |  |  | 18,494 |  |  | 7,702 |  |  | 6,760 |
BNSF |  | 23,876 |  |  | 25,888 |  |  | 23,282 |  |  |  | 6,614 |  |  | 7,708 |  |  | 7,861 |
BHE |  | 26,008 |  |  | 26,393 |  |  | 25,096 |  |  |  | 940 |  |  | 3,146 |  |  | 3,293 |
PTC |  | 51,739 |  |  | — |  |  | — |  |  |  | 968 |  |  | — |  |  | — |
Manufacturing |  | 75,405 |  |  | 75,781 |  |  | 68,730 |  |  |  | 11,445 |  |  | 11,177 |  |  | 9,841 |
McLane |  | 52,607 |  |  | 53,209 |  |  | 49,450 |  |  |  | 455 |  |  | 271 |  |  | 230 |
Service and retailing |  | 39,996 |  |  | 38,303 |  |  | 34,832 |  |  |  | 4,721 |  |  | 4,771 |  |  | 4,481 |
|  | 364,653 |  |  | 301,884 |  |  | 276,512 |  |  |  | 43,637 |  |  | 34,775 |  |  | 32,466 |
Reconciliation to consolidated amount |  |  |  |  |  |  |  |  |  |  |  |  |
Investment and derivative gains (losses) |  | — |  |  | — |  |  | — |  |  |  | 74,855 |  |  | (67,899 | ) |  | 78,542 |
Interest expense, not allocated to segments |  | — |  |  | — |  |  | — |  |  |  | (426 | ) |  | (420 | ) |  | (455 | )
Non-controlled businesses |  | — |  |  | — |  |  | — |  |  |  | 1,973 |  |  | 1,863 |  |  | 886 |
Corporate, eliminations and other |  | (171 | ) |  | 136 |  |  | (327 | ) |  |  | 127 |  |  | 1,181 |  |  | 422 |
| $ | 364,482 |  | $ | 302,020 |  | $ | 276,185 |  |  | $ | 120,166 |  | $ | (30,500 | ) | $ | 111,861 |
|  | Interest expense |  |  | Income tax expense (benefit) |
|  | 2023 |  | 2022 |  | 2021 |  |  | 2023 |  | 2022 |  | 2021 |
Operating Businesses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance |  | $ | — |  | $ | — |  | $ | — |  |  | $ | 3,497 |  | $ | 1,247 |  | $ | 1,083 |
BNSF |  |  | 1,048 |  |  | 1,025 |  |  | 1,032 |  |  |  | 1,527 |  |  | 1,763 |  |  | 1,871 |
BHE |  |  | 2,283 |  |  | 2,140 |  |  | 2,054 |  |  |  | (2,022 | ) |  | (1,629 | ) |  | (1,153 | )
PTC |  |  | 414 |  |  | — |  |  | — |  |  |  | 169 |  |  | — |  |  | — |
Manufacturing |  |  | 784 |  |  | 739 |  |  | 704 |  |  |  | 2,487 |  |  | 2,403 |  |  | 2,193 |
McLane |  |  | — |  |  | — |  |  | — |  |  |  | 117 |  |  | 66 |  |  | 61 |
Service and retailing |  |  | 101 |  |  | 42 |  |  | 38 |  |  |  | 1,135 |  |  | 1,131 |  |  | 1,086 |
|  |  | 4,630 |  |  | 3,946 |  |  | 3,828 |  |  |  | 6,910 |  |  | 4,981 |  |  | 5,141 |
Reconciliation to consolidated amount |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment and derivative gains (losses) |  |  | — |  |  | — |  |  | — |  |  |  | 15,930 |  |  | (14,166 | ) |  | 16,025 |
Interest expense, not allocated to segments |  |  | 426 |  |  | 420 |  |  | 455 |  |  |  | (90 | ) |  | (88 | ) |  | (96 | )
Non-controlled businesses |  |  | — |  |  | — |  |  | — |  |  |  | 223 |  |  | 334 |  |  | 82 |
Corporate, eliminations and other |  |  | (53 | ) |  | (14 | ) |  | (111 | ) |  |  | 46 |  |  | 437 |  |  | (240 | )
|  | $ | 5,003 |  | $ | 4,352 |  | $ | 4,172 |  |  | $ | 23,019 |  | $ | (8,502 | ) | $ | 20,912 |
Notes to Consolidated Financial Statements (26) Business segment data
| Capital expenditures |  |  | Depreciation of tangible assets |
| 2023 |  | 2022 |  | 2021 |  |  | 2023 |  | 2022 |  | 2021 |
Operating Businesses |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 68 |  | $ | 82 |  | $ | 62 |  |  | $ | 72 |  | $ | 69 |  | $ | 72 |
BNSF |  | 3,920 |  |  | 3,532 |  |  | 2,910 |  |  |  | 2,581 |  |  | 2,479 |  |  | 2,406 |
BHE |  | 9,148 |  |  | 7,505 |  |  | 6,611 |  |  |  | 3,913 |  |  | 3,702 |  |  | 3,584 |
PTC |  | 705 |  |  | — |  |  | — |  |  |  | 510 |  |  | — |  |  | — |
Manufacturing |  | 2,714 |  |  | 2,477 |  |  | 2,100 |  |  |  | 2,099 |  |  | 2,021 |  |  | 2,037 |
McLane |  | 264 |  |  | 93 |  |  | 106 |  |  |  | 208 |  |  | 176 |  |  | 189 |
Service and retailing |  | 2,590 |  |  | 1,775 |  |  | 1,487 |  |  |  | 1,275 |  |  | 1,219 |  |  | 1,177 |
| $ | 19,409 |  | $ | 15,464 |  | $ | 13,276 |  |  | $ | 10,658 |  | $ | 9,666 |  | $ | 9,465 |
| Goodwill at year-end |  |  | Identifiable assets at year-end |
| 2023 |  | 2022 |  | 2021 |  |  | 2023 |  | 2022 |  | 2021 |
Operating Businesses |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 16,563 |  | $ | 16,548 |  | $ | 15,181 |  |  | $ | 538,860 |  | $ | 459,917 |  | $ | 483,417 |
BNSF |  | 15,350 |  |  | 14,852 |  |  | 14,852 |  |  |  | 79,227 |  |  | 77,752 |  |  | 76,586 |
BHE |  | 11,804 |  |  | 11,745 |  |  | 11,906 |  |  |  | 124,383 |  |  | 118,114 |  |  | 113,447 |
PTC |  | 6,605 |  |  | — |  |  | — |  |  |  | 21,404 |  |  | — |  |  | — |
Manufacturing |  | 27,831 |  |  | 28,460 |  |  | 25,463 |  |  |  | 115,875 |  |  | 113,578 |  |  | 107,231 |
McLane |  | 232 |  |  | 232 |  |  | 232 |  |  |  | 6,861 |  |  | 7,049 |  |  | 6,841 |
Service and retailing |  | 6,241 |  |  | 6,282 |  |  | 6,241 |  |  |  | 34,600 |  |  | 31,291 |  |  | 28,221 |
| $ | 84,626 |  | $ | 78,119 |  | $ | 73,875 |  |  |  | 921,210 |  |  | 807,701 |  |  | 815,743 |
Reconciliation to consolidated amount |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate and other |  |  |  |  |  |  |  |  | 64,142 |  |  | 62,645 |  |  | 69,770 |
Goodwill |  |  |  |  |  |  |  |  | 84,626 |  |  | 78,119 |  |  | 73,875 |
|  |  |  |  |  |  |  | $ | 1,069,978 |  | $ | 948,465 |  | $ | 959,388 |
Property/casualty and life/health insurance premiums written and earned are summarized below (in millions).
| Property/Casualty |  |  | Life/Health |
| 2023 |  | 2022 |  | 2021 |  |  | 2023 |  | 2022 |  | 2021 |
Premiums Written: |  |  |  |  |  |  |  |  |  |  |  |  |
Direct | $ | 61,990 |  | $ | 56,700 |  | $ | 53,829 |  |  | $ | — |  | $ | 582 |  | $ | 646 |
Assumed |  | 20,751 |  |  | 15,143 |  |  | 12,461 |  |  |  | 5,126 |  |  | 5,222 |  |  | 5,670 |
Ceded |  | (2,402 | ) |  | (1,155 | ) |  | (1,015 | ) |  |  | (33 | ) |  | (37 | ) |  | (40 | )
| $ | 80,339 |  | $ | 70,688 |  | $ | 65,275 |  |  | $ | 5,093 |  | $ | 5,767 |  | $ | 6,276 |
Premiums Earned: |  |  |  |  |  |  |  |  |  |  |  |  |
Direct | $ | 60,437 |  | $ | 55,879 |  | $ | 52,139 |  |  | $ | — |  | $ | 582 |  | $ | 646 |
Assumed |  | 20,442 |  |  | 14,184 |  |  | 12,072 |  |  |  | 5,105 |  |  | 5,263 |  |  | 5,698 |
Ceded |  | (2,548 | ) |  | (1,293 | ) |  | (1,054 | ) |  |  | (33 | ) |  | (39 | ) |  | (41 | )
| $ | 78,331 |  | $ | 68,770 |  | $ | 63,157 |  |  | $ | 5,072 |  | $ | 5,806 |  | $ | 6,303 |
Insurance premiums written by geographic region (based upon the domicile of the insured or reinsured) are summarized below (in millions).
| Property/Casualty |  |  | Life/Health |
| 2023 |  | 2022 |  | 2021 |  |  | 2023 |  | 2022 |  | 2021 |
United States | $ | 67,831 |  | $ | 59,648 |  | $ | 55,451 |  |  | $ | 1,285 |  | $ | 2,107 |  | $ | 2,143 |
Asia Pacific |  | 5,306 |  |  | 4,699 |  |  | 3,822 |  |  |  | 1,760 |  |  | 1,704 |  |  | 2,030 |
Western Europe |  | 5,014 |  |  | 4,901 |  |  | 4,613 |  |  |  | 1,323 |  |  | 1,235 |  |  | 1,298 |
All other |  | 2,188 |  |  | 1,440 |  |  | 1,389 |  |  |  | 725 |  |  | 721 |  |  | 805 |
| $ | 80,339 |  | $ | 70,688 |  | $ | 65,275 |  |  | $ | 5,093 |  | $ | 5,767 |  | $ | 6,276 |
Notes to Consolidated Financial Statements (26) Business segment data Consolidated sales, service and leasing revenues were $164.1 billion in 2023, $165.0 billion in 2022 and $151.0 billion in 2021. Sales, service and leasing revenues attributable to the United States were 85% in 2023, 86% in 2022 and 85% in 2021 of such amounts. The remainder of sales, service and leasing revenues were primarily in Europe, the Asia-Pacific region and Canada. Railroad, utilities and energy revenues were $101.4 billion in 2023, $52.1 billion in 2022 and $48.2 billion in 2021. Railroad, utilities and energy revenues attributable to the United States were 94% in 2023 and 96% in both 2022 and 2021. At December 31, 2023, approximately 90% of our consolidated net property, plant and equipment and equipment held for lease was located in the United States with the remainder primarily in the United Kingdom and Canada.

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