Cover and table of contents

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Cover and 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, 2021

OR

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

For the transition period from to

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 No.)
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 classTrading SymbolsName of each exchange on which registered
Class A Common Stock Class B Common Stock 0.750% Senior Notes due 2023 1.125% Senior Notes due 2027 1.625% Senior Notes due 2035 1.300% Senior Notes due 2024 2.150% Senior Notes due 2028 0.625% Senior Notes due 2023 0.000% Senior Notes due 2025 2.375% Senior Notes due 2039 0.500% Senior Notes due 2041 2.625% Senior Notes due 2059BRK.A BRK.B BRK23 BRK27 BRK35 BRK24 BRK28 BRK23A BRK25 BRK39 BRK41 BRK59New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New 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 (or for such shorter period that the registrant was required to file such reports), 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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

State the aggregate market value of the voting stock held by non-affiliates of the Registrant as of June 30, 2021: $503,600,000,000*

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

February 14, 2022—Class A common stock, $5 par value615,333 shares
February 14, 2022—Class B common stock, $0.0033 par value1,291,212,661 shares

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Proxy Statement for the Registrant’s Annual Meeting to be held April 30, 2022 are incorporated in Part III.

*This aggregate value is computed at the last sale price of the common stock as reported on the New York Stock Exchange on June 30, 2021. It does not include the value of Class A common stock and Class B common stock 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

Page No.
Part I
Item 1.Business DescriptionK-1
Item 1A.Risk FactorsK-24
Item 1B.Unresolved Staff CommentsK-27
Item 2.Description of PropertiesK-27
Item 3.Legal ProceedingsK-29
Item 4.Mine Safety DisclosuresK-30
Part II
Item 5.Market for Registrant’s Common Equity, Related Security Holder Matters and Issuer Purchases of Equity SecuritiesK-30
Item 6.[Reserved]
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of OperationsK-32
Item 7A.Quantitative and Qualitative Disclosures About Market RiskK-66
Item 8.Financial Statements and Supplementary DataK-67
Consolidated Balance Sheets— December 31, 2021 and December 31, 2020K-70
Consolidated Statements of Earnings— Years Ended December 31, 2021, December 31, 2020, and December 31, 2019K-72
Consolidated Statements of Comprehensive Income— Years Ended December 31, 2021, December 31, 2020, and December 31, 2019K-73
Consolidated Statements of Changes in Shareholders’ Equity— Years Ended December 31, 2021, December 31, 2020, and December 31, 2019K-73
Consolidated Statements of Cash Flows— Years Ended December 31, 2021, December 31, 2020, and December 31, 2019K-74
Notes to Consolidated Financial StatementsK-75
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial DisclosureK-113
Item 9A.Controls and ProceduresK-113
Item 9B.Other InformationK-113
Part III
Item 10.Directors, Executive Officers and Corporate GovernanceK-113
Item 11.Executive CompensationK-113
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersK-113
Item 13.Certain Relationships and Related Transactions and Director IndependenceK-113
Item 14.Principal Accountant Fees and ServicesK-113
Part IV
Item 15.Exhibits and Financial Statement SchedulesK-113
Exhibit IndexK-117
SignaturesK-119

Part I

Next: Item 1. Business Description