Item 15. Exhibits and Financial Statement Schedules

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Item 15. Exhibits and Financial Statement Schedules

(a)1. Financial Statements

The following Consolidated Financial Statements, as well as the Report of Independent Registered Public Accounting Firm, are included in Part II Item 8 of this report:

		PAGE
Report of Independent Registered Public Accounting Firm		K-67
Consolidated Balance Sheets— December 31, 2020 and December 31, 2019		K-70
Consolidated Statements of Earnings— Years Ended December 31, 2020, December 31, 2019, and December 31, 2018		K-72
Consolidated Statements of Comprehensive Income— Years Ended December 31, 2020, December 31, 2019, and December 31, 2018		K-73
Consolidated Statements of Changes in Shareholders’ Equity— Years Ended December 31, 2020, December 31, 2019, and December 31, 2018		K-73
Consolidated Statements of Cash Flows— Years Ended December 31, 2020, December 31, 2019, and December 31, 2018		K-74
Notes to Consolidated Financial Statements		K-75

2. Financial Statement Schedule
Report of Independent Registered Public Accounting Firm		K-117
Schedule I—Parent Company Condensed Financial Information Balance Sheets as of December 31, 2020 and 2019, Statements of Earnings and Comprehensive Income and Cash Flows for the years ended December 31, 2020, December 31, 2019 and December 31, 2018 and Note to Condensed Financial Information		K-118

Other schedules are omitted because they are not required, information therein is not applicable, or is reflected in the Consolidated Financial Statements or notes thereto.

(b) Exhibits

See the “Exhibit Index” at page K-120.

K-116

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of

Berkshire Hathaway Inc.

Omaha, Nebraska

Opinion on the Financial Statement Schedule

We have audited the consolidated financial statements of Berkshire Hathaway Inc. and subsidiaries (the “Company”) as of December 31, 2020 and 2019, and for each of the three years in the period ended December 31, 2020, and the Company’s internal control over financial reporting as of December 31, 2020, and have issued our report thereon dated February 27, 2021; such consolidated financial statements and report are included elsewhere in this Form 10-K. Our audits also included the financial statement schedule of the Company listed in the Index at Item 15. This financial statement schedule is the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statement schedule based on our audits. In our opinion, such financial statement schedule, when considered in relation to the financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

/s/ Deloitte & Touche LLP

Omaha, Nebraska

February 27, 2021

K-117

BERKSHIRE HATHAWAY INC. (Parent Company)

Condensed Financial Information

(Dollars in millions)

Schedule I

Balance Sheets

	December 31,
	2020		2019
Assets:
Cash and cash equivalents	$	12,329	$	15,004
Short-term investments in U.S. Treasury Bills		29,773		25,514
Investments in and advances to/from consolidated subsidiaries		411,826		392,162
Investment in The Kraft Heinz Company		13,336		13,757
Other assets		108		131
	$	467,372	$	446,568
Liabilities and Shareholders’ Equity:
Accounts payable, accrued interest and other liabilities	$	369	$	320
Income taxes, principally deferred		1,174		1,554
Notes payable and other borrowings		22,665		19,903
		24,208		21,777
Berkshire Hathaway shareholders’ equity		443,164		424,791
	$	467,372	$	446,568

Statements of Earnings and Comprehensive Income

	Year ended December 31,
	2020			2019			2018
Income items:
From consolidated subsidiaries:
Dividends and distributions	$	26,110		$	15,603		$	9,658
Undistributed earnings (losses)		17,402			65,237			(3,952	)
		43,512			80,840			5,706
Investment gains (losses)		(24	)		(125	)		(4	)
Equity in net earnings (losses) of The Kraft Heinz Company		95			493			(2,730	)
Other income		328			780			649
		43,911			81,988			3,621
Cost and expense items:
General and administrative		194			122			216
Interest expense		489			591			601
Foreign exchange (gains) losses on non-U.S. Dollar denominated debt		970			(193	)		(366	)
Income tax expense (benefit)		(263	)		51			(851	)
		1,390			571			(400	)
Net earnings attributable to Berkshire Hathaway shareholders		42,521			81,417			4,021
Other comprehensive income attributable to Berkshire Hathaway shareholders		1,000			(228	)		(2,211	)
Comprehensive income attributable to Berkshire Hathaway shareholders	$	43,521		$	81,189		$	1,810

See Note to Condensed Financial Information

K-118

BERKSHIRE HATHAWAY INC. (Parent Company)

Condensed Financial Information

(Dollars in millions)

Schedule I (continued)

Statements of Cash Flows

	Year ended December 31,
	2020			2019			2018
Cash flows from operating activities:
Net earnings attributable to Berkshire Hathaway shareholders	$	42,521		$	81,417		$	4,021
Adjustments to reconcile net earnings to cash flows from operating activities:
Investment gains/losses		24			125			4
Undistributed earnings of consolidated subsidiaries		(17,402	)		(65,237	)		3,952
Non-cash dividends from subsidiaries		(8,296	)		—			—
Income taxes payable		(72	)		(56	)		(972	)
Other		1,100			(693	)		3,062
Net cash flows from operating activities		17,875			15,556			10,067
Cash flows from investing activities:
Investments in and advances to/from consolidated subsidiaries, net		(1,947	)		60			460
Purchases of U.S. Treasury Bills		(54,715	)		(40,107	)		(29,740	)
Sales and maturities of U.S. Treasury Bills		59,035			36,943			21,442
Other		11			737			—
Net cash flows from investing activities		2,384			(2,367	)		(7,838	)
Cash flows from financing activities:
Proceeds from borrowings		2,923			3,967			17
Repayments of borrowings		(1,151	)		(758	)		(1,563	)
Acquisition of treasury stock		(24,706	)		(4,850	)		(1,346	)
Other		—			19			61
Net cash flows from financing activities		(22,934	)		(1,622	)		(2,831	)
Increase (decrease) in cash and cash equivalents		(2,675	)		11,567			(602	)
Cash and cash equivalents at beginning of year		15,004			3,437			4,039
Cash and cash equivalents at end of year	$	12,329		$	15,004		$	3,437
Other cash flow information:
Income taxes paid	$	3,391		$	3,531		$	2,790
Interest paid	359			364				388

Note to Condensed Financial Information

Berkshire currently owns 26.6% of the outstanding shares of The Kraft Heinz Company (“Kraft Heinz”) common stock, which is accounted for pursuant to the equity method. See Note 5 to the accompanying Consolidated Financial Statements for additional information regarding this investment.

In 2020, the Parent Company repaid €1.0 billion of maturing senior notes and issued €1.0 billion of 0.0% senior notes due in 2025 and ¥195.5 billion (approximately $1.8 billion) of senior notes with maturity dates ranging from 2023 to 2060 with a weighted average interest rate of 1.07%. As of December 31, 2020, the Parent Company’s non-U.S. Dollar denominated borrowings included €6.85 billion and ¥625.5 billion par value senior notes. The gains and losses from the periodic remeasurement of these non-U.S. Dollar denominated notes due to changes in foreign currency exchange rates are included in earnings. See Note 17 to the accompanying Consolidated Financial Statements for additional information.

Parent Company debt maturities over the next five years are as follows: 2021—$2,172 million; 2022—$600 million; 2023—$4,633 million; 2024—$2,272 million and 2025—$1,801 million. The Parent Company guarantees certain debt of subsidiaries, which in the aggregate, approximated $14.4 billion at December 31, 2020 and included $13.1 billion of debt issued by Berkshire Hathaway Finance Corporation. Such guarantees are an absolute, unconditional and irrevocable guarantee for the full and prompt payment when due of all present and future payment obligations. The Parent Company has also provided guarantees in connection with equity index put option contracts and certain retroactive reinsurance contracts issued by subsidiaries. The amounts of subsidiary payments under these contracts, if any, is contingent upon the outcome of future events.

K-119

EXHIBIT INDEX

Exhibit No.
2(i)		Agreement and Plan of Merger dated as of June 19, 1998 between Berkshire and General Re Corporation. Incorporated by reference to Annex I to Registration Statement No. 333-61129 filed on Form S-4.

2(ii)		Agreement and Plan of Merger dated as of November 2, 2009 by and among Berkshire, R Acquisition Company, LLC and BNSF. Incorporated by reference to Annex A to Registration Statement No. 333-163343 on Form S-4.

2(iii)		Agreement and Plan of Merger dated August 8, 2015, by and among Berkshire, NW Merger Sub Inc. and Precision Castparts Corporation (“PCC”) Incorporated by reference to Exhibit 2.1 to PCC’s Current Report on Form 8-K filed on August 10, 2015 (SEC File No. 001-10348)


3(i)		Restated Certificate of Incorporation Incorporated by reference to Exhibit 3(i) to Form 10-K filed on March 2, 2015.

3(ii)		By-Laws Incorporated by reference to Exhibit 3(ii) to Form 8-K filed on May 4, 2016.

4.1		Indenture, dated as of December 22, 2003, between Berkshire Hathaway Finance Corporation, Berkshire Hathaway Inc. and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), as trustee. Incorporated by reference to Exhibit 4.1 on Form S-4 of Berkshire Hathaway Finance Corporation and Berkshire Hathaway Inc. filed on February 4, 2004. SEC File No. 333-112486


4.2		Indenture, dated as of February 1, 2010, among Berkshire Hathaway Inc., Berkshire Hathaway Finance Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee. Incorporated by reference to Exhibit 4.1 to Berkshire’s Registration Statement on Form S-3 filed on February 1, 2010. SEC File No. 333-164611


4.3		Indenture, dated as of January 26, 2016, by and among Berkshire Hathaway Inc., Berkshire Hathaway Finance Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee. Incorporated by reference to Exhibit 4.1 to Berkshire’s Registration Statement on Form S-3 filed on January 26, 2016. SEC File No. 333-209122


4.4		Indenture, dated as of December 1, 1995, between BNSF and The First National Bank of Chicago, as trustee. Incorporated by reference to Exhibit 4 on Form S-3 of BNSF filed on February 8, 1999.

4.5		Indenture, dated as of October 4, 2002, by and between MidAmerican Energy Holdings Company and The Bank of New York, Trustee. Incorporated by reference to Exhibit 4.1 to the Berkshire Hathaway Energy Company Registration Statement No. 333-101699 dated December 6, 2002.


		Other instruments defining the rights of holders of long-term debt of Registrant and its subsidiaries are not being filed since the total amount of securities authorized by all other such instruments does not exceed 10% of the total assets of the Registrant and its subsidiaries on a consolidated basis as of December 31, 2020. The Registrant hereby agrees to furnish to the Commission upon request a copy of any such debt instrument to which it is a party.

10.1		Equity Commitment Letter of Berkshire Hathaway Inc. with Hawk Acquisition Holding Corporation dated February 13, 2013. Incorporated by reference to Exhibit 10.1 on Form 8-K of Berkshire Hathaway Inc. filed on February 14, 2013.

14		Code of Ethics
		Berkshire’s Code of Business Conduct and Ethics is posted on its Internet website at www.berkshirehathaway.com

21		Subsidiaries of Registrant

23		Consent of Independent Registered Public Accounting Firm

31.1		Rule 13a—14(a)/15d-14(a) Certification

31.2		Rule 13a—14(a)/15d-14(a) Certification

32.1		Section 1350 Certification

32.2		Section 1350 Certification

K-120

Exhibit No.
95		Mine Safety Disclosures

101		The following financial information from Berkshire Hathaway Inc.’s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in iXBRL (Inline Extensible Business Reporting Language) includes: (i) the Cover Page (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Earnings, (iv) the Consolidated Statements of Comprehensive Income, (v) the Consolidated Statements of Changes in Shareholders’ Equity, (vi) the Consolidated Statements of Cash Flows, and (vii) the Notes to Consolidated Financial Statements and Schedule I, tagged in summary and detail.

104		Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101)

K-121

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	BERKSHIRE HATHAWAY INC.

Date: February 27, 2021	/S/ MARC D. HAMBURG
	Marc D. Hamburg Senior Vice President and Principal Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


/S/ WARREN E. BUFFETT Warren E. Buffett	Chairman of the Board of Directors—Chief Executive Officer	February 27, 2021 Date

/S/ GREGORY E. ABEL Gregory E. Abel	Director—Vice Chairman—Non Insurance Operations	February 27, 2021 Date

/S/ HOWARD G. BUFFETT Howard G. Buffett	Director	February 27, 2021 Date

/S/ STEPHEN B. BURKE Stephen B. Burke	Director	February 27, 2021 Date

/S/ KENNETH I. CHENAULT Kenneth I. Chenault	Director	February 27, 2021 Date

/S/ SUSAN L. DECKER Susan L. Decker	Director	February 27, 2021 Date

/S/ DAVID S. GOTTESMAN David S. Gottesman	Director	February 27, 2021 Date

/S/ CHARLOTTE GUYMAN Charlotte Guyman	Director	February 27, 2021 Date

/S/ AJIT JAIN Ajit Jain	Director—Vice Chairman—Insurance Operations	February 27, 2021 Date

/S/ CHARLES T. MUNGER Charles T. Munger	Director—Vice Chairman	February 27, 2021 Date

/S/ THOMAS S. MURPHY Thomas S. Murphy	Director	February 27, 2021 Date

/S/ RONALD L. OLSON Ronald L. Olson	Director	February 27, 2021 Date

/S/ WALTER SCOTT, JR. Walter Scott, Jr.	Director	February 27, 2021 Date

/S/ MERYL B. WITMER Meryl B. Witmer	Director	February 27, 2021 Date

/S/ MARC D. HAMBURG Marc D. Hamburg	Senior Vice President—Principal Financial Officer	February 27, 2021 Date

/S/ DANIEL J. JAKSICH Daniel J. Jaksich	Vice President—Principal Accounting Officer	February 27, 2021 Date

K-122

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