Item 6. Selected Financial Data

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Item 6. Selected Financial Data

Selected Financial Data for the Past Five Years

(dollars in millions except per-share data)

	2019		2018			2017		2016		2015
Revenues:
Insurance premiums earned	$	61,078	$	57,418		$	60,597	$	45,881	$	41,294
Sales and service revenues		134,989		133,336			130,243		123,053		110,811
Leasing revenue		5,856		5,732			2,552		2,553		1,546
Railroad, utilities and energy revenues		43,453		43,673			40,005		37,447		39,923
Interest, dividend and other investment income		9,240		7,678			6,536		6,180		6,867
Total revenues	$	254,616	$	247,837		$	239,933	$	215,114	$	200,441

Investment and derivative gains/losses	$	72,607	$	(22,455	)	$	2,128	$	8,304	$	10,347

Earnings:
Net earnings attributable to Berkshire Hathaway (1)	$	81,417	$	4,021		$	44,940	$	24,074	$	24,083
Net earnings per share attributable to Berkshire Hathaway shareholders (2)	$	49,828	$	2,446		$	27,326	$	14,645	$	14,656

Year-end data:
Total assets	$	817,729	$	707,794		$	702,095	$	620,854	$	552,257
Notes payable and other borrowings:
Insurance and other		37,590		34,975			40,409		42,559		26,550
Railroad, utilities and energy		65,778		62,515			62,178		59,085		57,739

Berkshire Hathaway shareholders’ equity		424,791		348,703			348,296		282,070		254,619
Class A equivalent common shares outstanding, in thousands		1,625		1,641			1,645		1,644		1,643
Berkshire Hathaway shareholders’ equity per outstanding Class A equivalent common share	$	261,417	$	212,503		$	211,750	$	171,542	$	154,935

(1)

Includes after-tax investment and derivative gains/losses of $57.4 billion in 2019, $(17.7) billion in 2018, $1.4 billion in 2017, $6.5 billion in 2016 and $6.7 billion in 2015. Beginning in 2018, investment gains/losses include the changes in fair values of equity securities during the period. Previously, investment gains/losses of equity securities were recognized in earnings when securities were sold or were other-than-temporarily impaired. Net earnings in 2017 includes a one-time net benefit of $29.1 billion attributable to the enactment of the Tax Cuts and Jobs Act of 2017.

(2)	Represents net earnings per average equivalent Class A share outstanding. Net earnings per average equivalent Class B common share outstanding is equal to 1/1,500 of such amount.

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