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Business segment data (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of revenues, earnings before income taxes, interest expense, income tax expense, capital expenditures, depreciation, goodwill and identifiable assets by segment | We view our insurance segment as possessing two distinct activities – underwriting and investing. Underwriting decisions are the responsibility of the underwriting managers, while investment decisions are the responsibility of Berkshire’s CEO and other corporate investment managers. Accordingly, performance of underwriting operations is evaluated without any allocation of investment income. As such, the insurance net investment income is presented in the aggregate as a separate component of insurance segment operating earnings. Earnings data of our business segments for each of the three years ended December 31, 2024 are shown in the following tables (in millions).
| 2024 |
| GEICO |  | BH Primary |  | BHRG |  | Total Underwriting |  | Investment Income |  | Total |
Revenues | $ | 42,252 |  | $ | 18,733 |  | $ | 27,272 |  | $ | 88,257 |  | $ | 16,812 |  | $ | 105,069 |
Costs and Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Losses and LAE |  | 30,331 |  |  | 12,666 |  |  | 13,189 |  |  | 56,186 |  |  | — |  |  | 56,186 |
Life, annuity and health benefits |  | — |  |  | — |  |  | 3,858 |  |  | 3,858 |  |  | — |  |  | 3,858 |
Other segment items |  | 4,108 |  |  | 5,212 |  |  | 7,488 |  |  | 16,808 |  |  | 64 |  |  | 16,872 |
Total costs and expenses |  | 34,439 |  |  | 17,878 |  |  | 24,535 |  |  | 76,852 |  |  | 64 |  |  | 76,916 |
Earnings before income taxes | $ | 7,813 |  | $ | 855 |  | $ | 2,737 |  | $ | 11,405 |  | $ | 16,748 |  | $ | 28,153 |
| 2023 |
| GEICO |  | BH Primary |  | BHRG |  | Total Underwriting |  | Investment Income |  | Total |
Revenues | $ | 39,264 |  | $ | 17,129 |  | $ | 27,010 |  | $ | 83,403 |  | $ | 11,619 |  | $ | 95,022 |
Costs and Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Losses and LAE |  | 31,814 |  |  | 11,224 |  |  | 14,149 |  |  | 57,187 |  |  | — |  |  | 57,187 |
Life, annuity and health benefits |  | — |  |  | — |  |  | 4,029 |  |  | 4,029 |  |  | — |  |  | 4,029 |
Other segment items |  | 3,815 |  |  | 4,531 |  |  | 6,928 |  |  | 15,274 |  |  | 38 |  |  | 15,312 |
Total costs and expenses |  | 35,629 |  |  | 15,755 |  |  | 25,106 |  |  | 76,490 |  |  | 38 |  |  | 76,528 |
Earnings before income taxes | $ | 3,635 |  | $ | 1,374 |  | $ | 1,904 |  | $ | 6,913 |  | $ | 11,581 |  | $ | 18,494 |
| 2022 |
| GEICO |  | BH Primary |  | BHRG |  | Total Underwriting |  | Investment Income |  | Total |
Revenues | $ | 38,984 |  | $ | 13,746 |  | $ | 21,846 |  | $ | 74,576 |  | $ | 7,734 |  | $ | 82,310 |
Costs and Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Losses and LAE |  | 36,297 |  |  | 9,889 |  |  | 11,460 |  |  | 57,646 |  |  | — |  |  | 57,646 |
Life, annuity and health benefits |  | — |  |  | — |  |  | 5,243 |  |  | 5,243 |  |  | — |  |  | 5,243 |
Other segment items |  | 4,567 |  |  | 3,464 |  |  | 3,678 |  |  | 11,709 |  |  | 10 |  |  | 11,719 |
Total costs and expenses |  | 40,864 |  |  | 13,353 |  |  | 20,381 |  |  | 74,598 |  |  | 10 |  |  | 74,608 |
Earnings before income taxes | $ | (1,880 | ) | $ | 393 |  | $ | 1,465 |  | $ | (22 | ) | $ | 7,724 |  | $ | 7,702 |
Insurance other segment items include commissions and brokerage expenses and other insurance underwriting expenses.
|  |  |  | BNSF |
|  |  |  | 2024 |  | 2023 |  | 2022 |
Revenues |  |  |  | $ | 23,572 |  | $ | 23,876 |  | $ | 25,888 |
Costs and Expenses: |  |  |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  | 5,872 |  |  | 5,551 |  |  | 5,321 |
Fuel |  |  |  |  | 3,267 |  |  | 3,684 |  |  | 4,581 |
Depreciation and amortization |  |  |  |  | 2,621 |  |  | 2,627 |  |  | 2,510 |
Interest expense |  |  |  |  | 1,078 |  |  | 1,048 |  |  | 1,025 |
Other segment items |  |  |  |  | 4,086 |  |  | 4,352 |  |  | 4,743 |
Total costs and expenses |  |  |  |  | 16,924 |  |  | 17,262 |  |  | 18,180 |
Earnings before income taxes |  |  |  | $ | 6,648 |  | $ | 6,614 |  | $ | 7,708 |
BNSF other segment items include purchased services, equipment rents and materials expenses. Notes to Consolidated Financial Statements (26) Business segment data
|  |  |  | BHE |
|  |  |  | 2024 |  | 2023 |  | 2022 |
Revenues |  |  |  | $ | 26,348 |  | $ | 26,008 |  | $ | 26,393 |
Costs and Expenses: |  |  |  |  |  |  |  |  |
Energy cost of sales |  |  |  |  | 6,616 |  |  | 7,057 |  |  | 6,757 |
Energy operations and maintenance |  |  |  |  | 5,470 |  |  | 6,456 |  |  | 4,216 |
Energy depreciation and amortization |  |  |  |  | 3,957 |  |  | 3,960 |  |  | 3,695 |
Real estate costs and expenses |  |  |  |  | 4,509 |  |  | 4,316 |  |  | 5,117 |
Interest expense |  |  |  |  | 2,528 |  |  | 2,283 |  |  | 2,140 |
Other segment items |  |  |  |  | 976 |  |  | 996 |  |  | 1,322 |
Total costs and expenses |  |  |  |  | 24,056 |  |  | 25,068 |  |  | 23,247 |
Earnings before income taxes |  |  |  | $ | 2,292 |  | $ | 940 |  | $ | 3,146 |
BHE other segment items primarily consist of property taxes and other expenses. Energy operations and maintenance includes losses associated with the 2020 and 2022 Wildfires. See Note 27.
| Manufacturing |  | Service and Retailing |
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022 |
Revenues | $ | 77,231 |  | $ | 75,405 |  | $ | 75,781 |  | $ | 39,874 |  | $ | 39,996 |  | $ | 38,303 |
Costs and Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales and services |  | 50,702 |  |  | 50,389 |  |  | 52,297 |  |  | 23,818 |  |  | 23,915 |  |  | 22,952 |
Cost of leasing |  | 1,142 |  |  | 1,051 |  |  | 1,083 |  |  | 5,917 |  |  | 5,011 |  |  | 4,462 |
Interest expense |  | 934 |  |  | 784 |  |  | 739 |  |  | 118 |  |  | 101 |  |  | 42 |
Other segment items |  | 12,558 |  |  | 11,736 |  |  | 10,485 |  |  | 6,321 |  |  | 6,248 |  |  | 6,076 |
Total costs and expenses |  | 65,336 |  |  | 63,960 |  |  | 64,604 |  |  | 36,174 |  |  | 35,275 |  |  | 33,532 |
Earnings before income taxes | $ | 11,895 |  | $ | 11,445 |  | $ | 11,177 |  | $ | 3,700 |  | $ | 4,721 |  | $ | 4,771 |
Other segment items of manufacturing, services and retailing segments primarily consist of selling, general and administrative expenses.
| Pilot |  |  | McLane |
| 2024 |  | 2023 |  |  | 2024 |  | 2023 |  | 2022 |
Revenues | $ | 46,891 |  | $ | 51,739 |  |  | $ | 51,907 |  | $ | 52,607 |  | $ | 53,209 |
Costs and Expenses: |  |  |  |  |  |  |  |  |  |  |
Cost of sales and services |  | 42,591 |  |  | 47,505 |  |  |  | 47,604 |  |  | 48,495 |  |  | 49,236 |
Depreciation and amortization |  | 1,012 |  |  | 796 |  |  |  | 217 |  |  | 208 |  |  | 176 |
Other segment items |  | 2,674 |  |  | 2,470 |  |  |  | 3,452 |  |  | 3,449 |  |  | 3,526 |
Total costs and expenses |  | 46,277 |  |  | 50,771 |  |  |  | 51,273 |  |  | 52,152 |  |  | 52,938 |
Earnings before income taxes | $ | 614 |  | $ | 968 |  |  | $ | 634 |  | $ | 455 |  | $ | 271 |
Pilot other segment items primarily consist of store operating, interest and general and administrative expenses. McLane other segment items include general and administrative expenses. Reconciliations of revenues and earnings (loss) before income taxes of our business segments to the consolidated amounts for each of the three years ended December 31, 2024 follows (in millions).
| Revenues |  | Earnings (loss) before income taxes |
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022 |
Total operating businesses | $ | 370,892 |  | $ | 364,653 |  | $ | 301,884 |  | $ | 53,936 |  | $ | 43,637 |  | $ | 34,775 |
Investment gains (losses) |  | — |  |  | — |  |  | — |  |  | 52,799 |  |  | 74,855 |  |  | (67,899 | )
Interest expense, not allocated to segments |  | — |  |  | — |  |  | — |  |  | (427 | ) |  | (426 | ) |  | (420 | )
Non-controlled businesses |  | — |  |  | — |  |  | — |  |  | 1,841 |  |  | 1,973 |  |  | 1,863 |
Corporate, eliminations and other |  | 541 |  |  | (171 | ) |  | 136 |  |  | 2,227 |  |  | 127 |  |  | 1,181 |
| $ | 371,433 |  | $ | 364,482 |  | $ | 302,020 |  | $ | 110,376 |  | $ | 120,166 |  | $ | (30,500 | )
Notes to Consolidated Financial Statements (26) Business segment data Additional segment data for each of the three most recent years follows (in millions).
| Interest expense |  |  | Income tax expense (benefit) |
| 2024 |  | 2023 |  | 2022 |  |  | 2024 |  | 2023 |  | 2022 |
Business segments |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | — |  | $ | — |  | $ | — |  |  | $ | 5,462 |  | $ | 3,497 |  | $ | 1,247 |
BNSF |  | 1,078 |  |  | 1,048 |  |  | 1,025 |  |  |  | 1,617 |  |  | 1,527 |  |  | 1,763 |
BHE |  | 2,528 |  |  | 2,283 |  |  | 2,140 |  |  |  | (1,871 | ) |  | (2,022 | ) |  | (1,629 | )
Manufacturing |  | 934 |  |  | 784 |  |  | 739 |  |  |  | 2,598 |  |  | 2,487 |  |  | 2,403 |
Pilot |  | 302 |  |  | 414 |  |  | — |  |  |  | — |  |  | 169 |  |  | — |
McLane |  | 22 |  |  | — |  |  | — |  |  |  | 152 |  |  | 117 |  |  | 66 |
Service and retailing |  | 118 |  |  | 101 |  |  | 42 |  |  |  | 912 |  |  | 1,135 |  |  | 1,131 |
|  | 4,982 |  |  | 4,630 |  |  | 3,946 |  |  |  | 8,870 |  |  | 6,910 |  |  | 4,981 |
Reconciliation to consolidated amount |  |  |  |  |  |  |  |  |  |  |  |  |
Investment gains (losses) |  | — |  |  | — |  |  | — |  |  |  | 11,179 |  |  | 15,930 |  |  | (14,166 | )
Interest expense, not allocated to segments |  | 427 |  |  | 426 |  |  | 420 |  |  |  | (90 | ) |  | (90 | ) |  | (88 | )
Non-controlled businesses |  | — |  |  | — |  |  | — |  |  |  | 322 |  |  | 223 |  |  | 334 |
Corporate, eliminations and other |  | (209 | ) |  | (53 | ) |  | (14 | ) |  |  | 534 |  |  | 46 |  |  | 437 |
| $ | 5,200 |  | $ | 5,003 |  | $ | 4,352 |  |  | $ | 20,815 |  | $ | 23,019 |  | $ | (8,502 | )
| Capital expenditures |  |  | Depreciation and amortization |
| 2024 |  | 2023 |  | 2022 |  |  | 2024 |  | 2023 |  | 2022 |
Business segments |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 99 |  | $ | 68 |  | $ | 82 |  |  | $ | 411 |  | $ | 401 |  | $ | 260 |
BNSF |  | 3,690 |  |  | 3,920 |  |  | 3,532 |  |  |  | 2,621 |  |  | 2,627 |  |  | 2,510 |
BHE |  | 9,013 |  |  | 9,148 |  |  | 7,505 |  |  |  | 4,003 |  |  | 4,010 |  |  | 3,751 |
Manufacturing |  | 2,779 |  |  | 2,714 |  |  | 2,477 |  |  |  | 2,422 |  |  | 2,290 |  |  | 2,140 |
Pilot |  | 799 |  |  | 705 |  |  | — |  |  |  | 1,012 |  |  | 796 |  |  | — |
McLane |  | 236 |  |  | 264 |  |  | 93 |  |  |  | 217 |  |  | 208 |  |  | 176 |
Service and retailing |  | 2,360 |  |  | 2,590 |  |  | 1,775 |  |  |  | 1,522 |  |  | 1,335 |  |  | 1,245 |
| $ | 18,976 |  | $ | 19,409 |  | $ | 15,464 |  |  |  | 12,208 |  |  | 11,667 |  |  | 10,082 |
Reconciliation to consolidated amount |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate, eliminations and other |  |  |  |  |  |  |  |  | 647 |  |  | 819 |  |  | 817 |
|  |  |  |  |  |  |  | $ | 12,855 |  | $ | 12,486 |  | $ | 10,899 |
| Goodwill at year-end |  |  | Identifiable assets at year-end |
| 2024 |  | 2023 |  | 2022 |  |  | 2024 |  | 2023 |  | 2022 |
Business segments |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance | $ | 16,557 |  | $ | 16,563 |  | $ | 16,548 |  |  | $ | 539,884 |  | $ | 538,860 |  | $ | 459,917 |
BNSF |  | 15,351 |  |  | 15,350 |  |  | 14,852 |  |  |  | 80,813 |  |  | 79,227 |  |  | 77,752 |
BHE |  | 11,669 |  |  | 11,804 |  |  | 11,745 |  |  |  | 128,276 |  |  | 124,383 |  |  | 118,114 |
Manufacturing |  | 27,716 |  |  | 27,831 |  |  | 28,460 |  |  |  | 119,860 |  |  | 115,875 |  |  | 113,578 |
Pilot |  | 6,477 |  |  | 6,605 |  |  | — |  |  |  | 19,652 |  |  | 21,404 |  |  | — |
McLane |  | 232 |  |  | 232 |  |  | 232 |  |  |  | 7,165 |  |  | 6,861 |  |  | 7,049 |
Service and retailing |  | 5,878 |  |  | 6,241 |  |  | 6,282 |  |  |  | 37,198 |  |  | 34,600 |  |  | 31,291 |
| $ | 83,880 |  | $ | 84,626 |  | $ | 78,119 |  |  |  | 932,848 |  |  | 921,210 |  |  | 807,701 |
Reconciliation to consolidated amount |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate and other |  |  |  |  |  |  |  |  | 137,153 |  |  | 64,142 |  |  | 62,645 |
Goodwill |  |  |  |  |  |  |  |  | 83,880 |  |  | 84,626 |  |  | 78,119 |
|  |  |  |  |  |  |  | $ | 1,153,881 |  | $ | 1,069,978 |  | $ | 948,465 |
Schedule of premiums written and earned | Property/casualty and life/health insurance premiums written and earned are summarized below (in millions).
| Property/Casualty |  |  | Life/Health |
| 2024 |  | 2023 |  | 2022 |  |  | 2024 |  | 2023 |  | 2022 |
Premiums Written: |  |  |  |  |  |  |  |  |  |  |  |  |
Direct | $ | 65,495 |  | $ | 61,990 |  | $ | 56,700 |  |  | $ | 19 |  | $ | — |  | $ | 582 |
Assumed |  | 20,422 |  |  | 20,751 |  |  | 15,143 |  |  |  | 5,016 |  |  | 5,126 |  |  | 5,222 |
Ceded |  | (2,231 | ) |  | (2,402 | ) |  | (1,155 | ) |  |  | (28 | ) |  | (33 | ) |  | (37 | )
| $ | 83,686 |  | $ | 80,339 |  | $ | 70,688 |  |  | $ | 5,007 |  | $ | 5,093 |  | $ | 5,767 |
Premiums Earned: |  |  |  |  |  |  |  |  |  |  |  |  |
Direct | $ | 64,880 |  | $ | 60,437 |  | $ | 55,879 |  |  | $ | 18 |  | $ | — |  | $ | 582 |
Assumed |  | 20,738 |  |  | 20,442 |  |  | 14,184 |  |  |  | 5,008 |  |  | 5,105 |  |  | 5,263 |
Ceded |  | (2,359 | ) |  | (2,548 | ) |  | (1,293 | ) |  |  | (28 | ) |  | (33 | ) |  | (39 | )
| $ | 83,259 |  | $ | 78,331 |  | $ | 68,770 |  |  | $ | 4,998 |  | $ | 5,072 |  | $ | 5,806 |
Schedule of insurance premiums written by geographic region | Insurance premiums written by geographic region (based upon the domicile of the insured or reinsured) are summarized below (in millions).
| Property/Casualty |  |  | Life/Health |
| 2024 |  | 2023 |  | 2022 |  |  | 2024 |  | 2023 |  | 2022 |
United States | $ | 71,723 |  | $ | 67,831 |  | $ | 59,648 |  |  | $ | 1,358 |  | $ | 1,285 |  | $ | 2,107 |
Western Europe |  | 5,252 |  |  | 5,014 |  |  | 4,901 |  |  |  | 1,407 |  |  | 1,323 |  |  | 1,235 |
Asia Pacific |  | 5,043 |  |  | 5,306 |  |  | 4,699 |  |  |  | 1,548 |  |  | 1,760 |  |  | 1,704 |
All other |  | 1,668 |  |  | 2,188 |  |  | 1,440 |  |  |  | 694 |  |  | 725 |  |  | 721 |
| $ | 83,686 |  | $ | 80,339 |  | $ | 70,688 |  |  | $ | 5,007 |  | $ | 5,093 |  | $ | 5,767 |

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