Cover and table of contents

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Cover and table of contents

10-K 1 d437858d10k.htm 10-K

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2017

Commission file number 001-14905

BERKSHIRE 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, Nebraska68131
(Address of principal executive office)(Zip Code)

Registrant’s telephone number, including area code (402) 346-1400

Securities registered pursuant to Section 12(b) of the Act:

Title of each className of each exchange on which registered
Class A common stock, $5.00 Par ValueNew York Stock Exchange
Class B common stock, $0.0033 Par ValueNew York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: NONE

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑

Indicate by check mark whether 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, and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulations S-T during the preceding 12 months. Yes ☑ No ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☐

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,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.: Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying 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 ☑

State the aggregate market value of the voting stock held by non-affiliates of the Registrant as of June 30, 2017: $327,898,000,000*

Indicate number of shares outstanding of each of the Registrant’s classes of common stock:

February 13, 2018—Class A common stock, $5 par value748,745 shares
February 13, 2018—Class B common stock, $0.0033 par value1,344,332,039 shares

DOCUMENTS INCORPORATED BY REFERENCE

DocumentIncorporated In
Proxy Statement for Registrant’s Annual Meeting to be held May 5, 2018Part III
*This aggregate value is computed at the last sale price of the common stock on June 30, 2017. It does not include the value of Class A common stock (312,306 shares) and Class B common stock (64,664,309 shares) held by Directors and Executive Officers of the Registrant and members of their immediate families, some of whom may not constitute “affiliates” for purpose of the Securities Exchange Act of 1934.
Table of Contents

Table of Contents

Page No.
Part I
Item 1.Business DescriptionK-1
Item 1A.Risk FactorsK-22
Item 1B.Unresolved Staff CommentsK-25
Item 2.Description of PropertiesK-25
Item 3.Legal ProceedingsK-29
Item 4.Mine Safety DisclosuresK-29
Part II
Item 5.Market for Registrant’s Common Equity, Related Security Holder Matters and Issuer Purchases of Equity SecuritiesK-30
Item 6.Selected Financial DataK-31
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of OperationsK-32
Item 7A.Quantitative and Qualitative Disclosures About Market RiskK-60
Item 8.Financial Statements and Supplementary DataK-61
Consolidated Balance Sheets— December 31, 2017 and December 31, 2016K-62
Consolidated Statements of Earnings— Years Ended December 31, 2017, December 31, 2016, and December 31, 2015K-64
Consolidated Statements of Comprehensive Income— Years Ended December 31, 2017, December 31, 2016, and December 31, 2015K-65
Consolidated Statements of Changes in Shareholders’ Equity— Years Ended December 31, 2017, December 31, 2016, and December 31, 2015K-65
Consolidated Statements of Cash Flows— Years Ended December 31, 2017, December 31, 2016, and December 31, 2015K-66
Notes to Consolidated Financial StatementsK-67
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial DisclosureK-104
Item 9A.Controls and ProceduresK-104
Item 9B.Other InformationK-104
Part III
Item 10.Directors, Executive Officers and Corporate GovernanceK-104
Item 11.Executive CompensationK-104
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersK-104
Item 13.Certain Relationships and Related Transactions and Director IndependenceK-104
Item 14.Principal Accountant Fees and ServicesK-104
Part IV
Item 15.Exhibits and Financial Statement SchedulesK-105
Exhibit IndexK-108
SignaturesK-109
Table of Contents

Part I

Next: Item 1. Business Description