Berkshire Hathaway (BRK-B) 10-K risk factor changes: FY2024 vs FY2023

Cyber-attacks could further adversely affect our ability to operate [added: our] facilities, information technology and business systems or compromise confidential customer and employee information.

Government policies and actions [removed: taken,] [added: taken in the U.S. and elsewhere,] including responses of other governments to such [removed: actions,] [added: actions] may adversely affect our operating businesses through reduced sales, increased costs, restricted supply chains, physical damage to our properties and loss of life of our [removed: employees.][added: employees and losses in the values of the securities we own.]

Buffett, Chairman of the Board of Directors and Chief Executive Officer, age [removed: 93.][added: 94.]

[removed: In 2018, Berkshire’s Board of Directors appointed] Mr. Gregory Abel [removed: as] [added: is] Vice Chairman of Berkshire’s non-insurance operations and Mr. Ajit Jain [removed: as] [added: is] Vice Chairman of Berkshire’s insurance operations.

Our inability to recruit, train and retain qualified and competent managers and personnel could negatively affect the operating results, financial condition [removed: and/or] [added: and] liquidity of our subsidiaries and Berkshire as a whole.

Our large statutory surplus is a competitive advantage, and a long-term material decline could have an adverse effect on our claims-paying ability ratings and our ability to write new insurance [removed: business] [added: business,] thus potentially reducing our future underwriting profits.

Over time, [added: regulatory initiatives have been adopted] in [removed: response] [added: the United States and elsewhere for a variety of reasons, including as responses] to financial markets crises, global economic recessions, and social and environmental [removed: issues, regulatory initiatives were adopted in the United States and elsewhere.][added: issues.]

Such initiatives [removed: addressed,] [added: address,] for example, the regulation of banks and other major financial institutions, the regulation of products and [added: services and] environmental and [removed: global-warming matters.][added: climate change matters and income tax policy.]

[removed: The impacts of climate change] [added: Climate] and [added: weather-related events and] the regulation of GHG emissions could impact our businesses to varying degrees.

[removed: Climate change could cause or intensify] [added: Climate-related events, including] hurricanes, floods, wildfires, and other extreme weather events [removed: that] may increase the physical risks [removed: to] and impacts [removed: on] [added: to] our operations.

An increase in the frequency or intensity of extreme weather events and storms could [added: negatively] impact the physical assets of our non-insurance operations and could produce losses affecting our businesses.

Additional GHG [added: and climate-related] policies, including legislation, may emerge that [removed: accelerate] [added: influence] the transition to a [removed: lower-GHG emitting] [added: lower GHG-emitting] economy and could, in turn, [removed: increase] [added: influence] costs for our businesses to comply with those policies, including BNSF and BHE, which combined represent more than 90% of Berkshire’s direct emissions.

Our tolerance for underwriting risk [added: assumed] in our various insurance businesses may result in significant underwriting losses.

However, it will take decades before all claims that have occurred as of any given balance sheet date will be [removed: reported and] settled.

As industry practices and legal, social and [removed: other] environmental conditions [removed: change,] [added: evolve,] unexpected and unintended issues related to claims and coverage may emerge, including new or expanded theories of [removed: liability.][added: liability and increased frequency of litigation.]

These or other changes could impose new financial obligations on us by extending coverage beyond our underwriting [removed: intent.][added: intent and result in increased litigation costs and adverse judicial awards.]

Our estimated unpaid losses arising under contracts covering property and casualty insurance risks are large [removed: ($146] [added: ($147.6] billion at December 31, [removed: 2023),] [added: 2024),] and a small percentage increase to those liabilities can result in [removed: materially lower] [added: a material reduction in] reported earnings.

Cybersecurity risks could result in economic losses to our businesses and reputational damage.

In addition, international trade policies in the U.S. and elsewhere, including tariffs and other barriers, could negatively impact our operating results.

K-24

Further, labor disruptions or strikes at our subsidiaries, our customers or within our supply chains could reduce our sales, increase our costs and negatively impact our periodic operating results.

BNSF can be exposed to significant litigation costs and losses arising from these matters and from ongoing business operations.

Furthermore, our regulated energy subsidiaries are exposed to losses arising from wildfires and related litigation and judicial outcomes.

The energy rates charged by our regulated energy subsidiaries to customers are based on the costs of the business and require regulatory approval.

To the extent costs are not recoverable through approved rates, the operating results and financial condition of these businesses can be negatively impacted, perhaps materially.

Cybersecurity risks.

Mr. Buffett continues to be responsible for major capital allocation and investment decisions.

K-27

Net earnings (loss) attributable to Berkshire [removed: Hathaway] shareholders for each of the past three years are disaggregated in the table that follows.

| | [removed: 2023] [added: 2024] | | | | [removed: 2022] [added: 2023] | | | | [removed: 2021] [added: 2022] | | |

| Insurance – underwriting | $ | [removed: 5,428] [added: 9,020] | | | $ | [removed: (30] [added: 5,428] | [removed: )] | | $ | [removed: 870] [added: (30] | [added: )] |

| Insurance – investment income | | [removed: 9,567] [added: 13,670] | | | | [removed: 6,484] [added: 9,567] | | | | [removed: 4,807] [added: 6,484] | |

| BNSF | | [removed: 5,087] [added: 5,031] | | | | [removed: 5,946] [added: 5,087] | | | | [removed: 5,990] [added: 5,946] | |

| Berkshire Hathaway Energy (“BHE”) | | [removed: 2,331] [added: 3,730] | | | | [removed: 3,904] [added: 2,331] | | | | [removed: 3,572] [added: 3,904] | |

[removed: | Pilot] [added: *Pilot] Travel [removed: Centers (“PTC”) | | 603 | | | | — | | | | — | |][added: Centers*]

| Manufacturing, service and retailing | | [removed: 12,759] [added: 13,072] | | | | [removed: 12,512] [added: 13,362] | | | | [removed: 11,120] [added: 12,512] | |

| Non-controlled businesses* | | [removed: 1,750] [added: 1,519] | | | | [removed: 1,528] [added: 1,750] | | | | [removed: 804] [added: 1,528] | |

| Investment [removed: and derivative contract] gains (losses) | | [removed: 58,873] [added: 41,558] | | | | [removed: (53,612] [added: 58,873] | [removed: )] | | | [removed: 62,340] [added: (53,612] | [added: )] |

| Other | | [removed: (175] [added: 1,395] | [removed: )] | | | [removed: 509] [added: (175] | [added: )] | | | [removed: 434] [added: 509] | |

| Net earnings (loss) attributable to Berkshire [removed: Hathaway] shareholders | $ | [removed: 96,223] [added: 88,995] | | | $ | [removed: (22,759] [added: 96,223] | [removed: )] | | $ | [removed: 89,937] [added: (22,759] | [added: )] |

The business segment data (Note 26 to the accompanying Consolidated Financial Statements) should be [removed: read] [added: referenced] in conjunction with this discussion.

We cannot reliably predict the future economic effects of these [added: factors or] events on our businesses.

Insurance underwriting generated after-tax earnings of [added: $9.0 billion in 2024 and] $5.4 billion in [removed: 2023,] [added: 2023 and] losses of $30 million in [removed: 2022 and earnings of $870 million in 2021.][added: 2022.]

Underwriting results in [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] included after-tax losses from significant catastrophe events of approximately [removed: $2.4 billion] [added: $725 million] and [removed: $2.3] [added: $2.4] billion, respectively.

After-tax earnings from insurance investment income increased [removed: $3.1] [added: $4.1] billion [removed: (47.5%)] in [removed: 2023] [added: 2024] and [removed: $1.7] [added: $3.1] billion in [removed: 2022 (34.9%)] [added: 2023] compared to corresponding prior [removed: years.][added: years, driven by higher interest income from short-term investments.]

After-tax earnings of BNSF declined [removed: 14.4%] [added: 1.1%] in [removed: 2023] [added: 2024] compared to [removed: 2022] [added: 2023] and [removed: were relatively unchanged] [added: 14.4%] in [removed: 2022] [added: 2023] compared to [removed: 2021.][added: 2022.]

After-tax earnings of our utilities and energy business [removed: declined 40.3%] [added: increased $1.4 billion] in [removed: 2023] [added: 2024] compared to [removed: 2022] [added: 2023] and [removed: increased 9.3%] [added: declined $1.6 billion] in [removed: 2022] [added: 2023] compared to [removed: 2021.][added: 2022.]

The earnings decline in 2023 reflected [removed: lower earnings from the U.S. regulated utilities, reflecting] increased [added: estimated] wildfire loss [removed: estimates,] [added: accruals,] as well as lower earnings from other energy [removed: businesses] and real estate brokerage [removed: businesses.][added: businesses compared to 2022.]

Earnings from our manufacturing, service and retailing businesses [removed: increased 2.0%] [added: decreased 2.2%] in [removed: 2023] [added: 2024] compared to [removed: 2022] [added: 2023] and [removed: 12.5%] [added: increased 6.8%] in [removed: 2022] [added: 2023] compared to [removed: 2021.][added: 2022.]

[removed: Earnings] [added: The earnings increase] in 2023 reflected increases at certain industrial products manufacturers and [removed: services businesses and] [added: service businesses,] the [added: full year] impact of Alleghany’s non-insurance businesses acquired in [removed: 2022,] [added: 2022 and earnings from Pilot Travel Centers for the eleven months ending December 31, 2023,] partially offset by lower earnings [removed: from] [added: at] several of our other manufacturing [removed: businesses,] [added: businesses] and [removed: from] [added: at] certain of our service and retailing businesses.

Investment [removed: and derivative contract] gains [removed: (losses)] [added: and losses from changes] in [removed: each of] the [removed: three years predominantly derived from] [added: market prices of] our investments in equity securities [removed: and included] [added: usually produce] significant [removed: net unrealized gains and losses from market price changes.][added: volatility in our earnings.]

We believe that investment gains and [removed: losses on investments in equity securities,] [added: losses,] whether realized from dispositions or unrealized from changes in market prices, are generally meaningless in understanding our reported periodic results or evaluating the economic performance of our operating businesses.

Investment [removed: and derivative contract] gains [removed: (losses)] [added: in 2023] also included an after-tax non-cash remeasurement gain of approximately $2.4 billion [removed: in the first quarter of 2023] related to our previously held 38.6% interest in [removed: PTC] [added: Pilot] through the application of the acquisition accounting method.

Other earnings included after-tax foreign [added: currency] exchange rate gains of [removed: approximately $200] [added: $1.1 billion in 2024, $211] million in [removed: 2023,] [added: 2023 and] $1.3 billion in 2022 [removed: and $1.0 billion in 2021] related to the non-U.S. Dollar denominated debt issued by Berkshire and [removed: its U.S.-based finance subsidiary,] Berkshire Hathaway Finance Corporation (“BHFC”).

We currently consider [added: consolidated] pre-tax [removed: incurred] losses exceeding $150 million from [removed: a] [added: an event occurring in the] current year [removed: catastrophic event] to be significant.

Significant [removed: catastrophe] events in [added: 2024 included Hurricanes Milton and Helene, while significant events in] 2023 [removed: were] [added: included] a cyclone and floods in New Zealand and a hailstorm in Italy.

In 2022, significant events were Hurricane Ian and floods in [removed: Australia, while significant events in 2021 included Hurricane Ida, floods in Europe and Winter Storm Uri.][added: Australia.]

Changes in estimates for unpaid losses and loss adjustment expenses, including amounts established for occurrences in prior years, [added: and foreign currency transaction gains and losses arising from the changes in the valuation of non-U.S. Dollar denominated assets and liabilities] can also significantly affect our periodic underwriting results.

We [removed: provide] [added: write] primary insurance and reinsurance [removed: products] [added: policies] covering property and casualty risks, as well as life and health risks.

We strive to [removed: produce] [added: generate] pre-tax underwriting earnings (defined as premiums earned less insurance losses/benefits incurred and underwriting expenses) over the long term in all business categories, except in [removed: BHRG’s] [added: our] retroactive reinsurance and periodic payment annuity businesses.

[removed: Ultimate claim] [added: Claim and benefit] payments can extend for decades and are expected to exceed premiums, producing underwriting losses over the claim settlement [removed: periods, primarily] [added: periods] through [added: changes in] deferred charge [removed: asset amortization] [added: assets established on retroactive reinsurance contracts] and [removed: liability discount] accretion [removed: charges.][added: of discounted annuity liabilities, as well as changes in the estimated ultimate liabilities.]

| GEICO | $ | [removed: 3,635] [added: 7,813] | | | $ | [removed: (1,880] [added: 3,635] | [removed: )] | | $ | [removed: 1,259] [added: (1,880] | [added: )] |

| Berkshire Hathaway Primary Group | | [removed: 1,374] [added: 855] | | | | [removed: 393] [added: 1,374] | | | | [removed: 607] [added: 393] | |

| Berkshire Hathaway Reinsurance Group | | [removed: 1,904] [added: 2,737] | | | | [removed: 1,465] [added: 1,904] | | | | [removed: (755] [added: 1,465] | [removed: )] |

| Pre-tax underwriting earnings (loss) | | [removed: 6,913] [added: 11,405] | | | | [removed: (22] [added: 6,913] | [removed: )] | | | [removed: 1,111] [added: (22] | [added: )] |

| Income taxes and noncontrolling interests | | [removed: 1,485] [added: 2,385] | | | | [removed: 8] [added: 1,485] | | | | [removed: 241] [added: 8] | |

| Net underwriting earnings (loss) | $ | [removed: 5,428] [added: 9,020] | | | $ | [removed: (30] [added: 5,428] | [removed: )] | | $ | [removed: 870] [added: (30] | [added: )] |

| Effective income tax rate | | [removed: 21.5] [added: 20.9] | % | | [removed: *] | [added: 21.5] | [added: %] | | [added: *] | [removed: 21.7] | [removed: %] |

Our periodic operating results may be affected in future periods due to impacts of ongoing macroeconomic and geopolitical events, as well as changes in industry or company-specific factors or events.

Earnings in 2024 and 2023 benefited from significantly improved operating results at GEICO, which generated a significant loss in 2022.

Underwriting results in 2024 also included estimated claims from Hurricanes Helene and Milton ($1.2 billion after-tax) and accruals in connection with a bankruptcy settlement agreement related to a non-insurance affiliate.

Earnings in 2024 benefited from higher unit volume, improvements in employee productivity and lower other operating costs, and were negatively impacted by charges related to a labor agreement in the fourth quarter of 2024 and litigation charges related to an ongoing legal case.

The earnings increase in 2024 reflected lower estimated wildfire loss accruals at PacifiCorp and higher earnings from natural gas pipelines, primarily due to reductions in earnings attributable to noncontrolling interests, and other energy businesses.

The earnings decline in 2024 reflected lower earnings from our service and retailing businesses, partially offset by earnings increases at several of our manufacturing businesses.

K-33

Investment gains (losses) predominantly derive from our investments in equity securities and include significant unrealized gains and losses from changes in market prices and foreign currency exchange rates applicable to certain of our investments.

Further, we generally do not retrocede the risks we assume.

In January 2025, several wildfires broke out in Southern California resulting in thousands of destroyed or damaged structures.

We preliminarily estimate our insurance group could incur pre-tax losses of approximately $1.3 billion from these wildfires.

Time-value-of-money is an important consideration in establishing premiums for these policies, which we normally receive at the contract inception date.

K-34

2024 versus 2023

GEICO’s pre-tax underwriting earnings increase in 2024 compared to 2023 reflected higher average premiums per auto policy, lower claims frequencies and improved operating efficiencies.

These effects were partially offset by less favorable development of prior accident years’ claims estimates, increases in average claims severities and losses from catastrophe events.

Premiums written increased $3.1 billion (7.7%) in 2024 compared to 2023, reflecting an increase in average written premiums per auto policy of 7.8%, primarily attributable to rate increases, partially offset by a 0.5% decrease in policies-in-force over the past year.

The rate of decline in policies-in-force slowed in the first half of 2024, with growth experienced in the second half of the year.

Premiums earned in 2024 increased $3.0 billion (7.6%) compared to 2023.

Losses and loss adjustment expenses decreased $1.5 billion (4.7%) in 2024 compared to 2023.

Losses and loss adjustment expenses incurred in 2024 from Hurricanes Helene and Milton were approximately $360 million.

Reductions in the ultimate loss estimates for prior accident years’ claims were $550 million in 2024 compared to $1.5 billion in 2023.

Underwriting expenses increased 7.7% in 2024 compared to 2023.

GEICO’s expense ratio (underwriting expense to premiums earned) was 9.7% in 2024, unchanged from 2023, as improved operating efficiencies and increased operating leverage were offset by increased advertising expenses.

GEICO’s loss ratio declined 12.1 percentage points compared to 2022, reflecting the impact of higher average premiums per auto policy, lower property damage and collision claims frequencies and increased favorable development of prior accident years’ claims estimates, partially offset by increases in average claims severities across all significant coverages.

A summary of BH Primary’s underwriting results follows (dollars in millions).

2024 versus 2023

Premiums written increased $694 million (3.8%) in 2024 compared to 2023, primarily due to increases at NICO Primary, BH Direct and BHHC, partially offset by a 16.3% reduction at GUARD.

The increases at NICO Primary and BHHC were primarily attributable to commercial auto coverage, while the increase at BH Direct reflected growth across several product lines.

The decline at GUARD resulted from management’s decision to exit admitted homeowners’ insurance and to tighten underwriting guidelines in other lines of business.

Losses and loss adjustment expenses increased $1.4 billion (12.8%) and the loss ratio increased 2.1 percentage points in 2024 compared to 2023.

Losses incurred included reductions of estimated ultimate losses for prior accident years’ claims of $52 million in 2024 and $537 million in 2023.

The comparative decline reflected a significant increase in loss estimates at GUARD and lower reductions in estimated losses across several of our other businesses that write medical professional liability and commercial liability coverages, partially offset by increased reductions of property loss estimates.

During 2024, due to deteriorating loss experience, management at GUARD performed a comprehensive review of claims and significantly increased estimated ultimate claim liabilities.

The reduction of favorable development of prior years’ liability claims estimates across our other businesses was attributable to unfavorable social inflation trends, including the impacts of jury awards and litigation costs.

Losses incurred from significant catastrophe events were approximately $350 million in 2024 and were minimal in 2023.

Underwriting expenses increased $681 million (15.0%) and the expense ratio increased 1.3 percentage points to 27.8% in 2024 compared to 2023.

The increase in the expense ratio was primarily attributable to BH Specialty from changes in business mix and GUARD due to increased expenses and lower premiums earned.

Losses and loss adjustment expenses increased $1.3 billion (13.5%) in 2023 compared to 2022, attributable to the acquisition of RSUI and CapSpecialty and changes in business mix, partially offset by a decline in significant catastrophe losses of approximately $600 million.

| | | | | | | | | | |

| | | | | | | | | | | | |

We manage our operating businesses on an unusually decentralized basis.

There are few centralized or integrated business functions.

Our senior corporate management team participates in and is ultimately responsible for significant capital allocation decisions, investment activities and the selection of the Chief Executive to head each of the operating businesses.

To varying degrees, our operating businesses have been impacted by government and private sector actions taken to mitigate the adverse economic effects of the COVID-19 virus and its variants, as well as by the development of global geopolitical conflicts, supply chain disruptions and government actions to slow inflation.

Earnings in 2023 benefited from relatively low losses from significant catastrophe events during the year and improved underwriting results at GEICO compared to 2022, reflecting the impacts of premium rate increases and lower claims frequencies.

Underwriting losses in 2022 also reflected accelerating claims costs at GEICO.

Earnings from insurance underwriting increased $60 million in 2022 and $142 million in 2021 from amounts previously reported due to the retrospective adoption of ASU 2018-12.

These increases were primarily attributable to higher short-term interest rates, which resulted in significant increases in earnings from our short-term investments.

Results in 2022 reflected higher revenue per car/unit, substantially offset by lower overall freight volumes and higher fuel and other operating costs compared to 2021.

The increase in 2022 reflected higher earnings from other energy businesses, including tax equity investments and the Northern Powergrid businesses, as well as from the natural gas pipeline businesses, partly offset by lower earnings from the real estate brokerage business.

As disclosed in Note 2 to the accompanying Consolidated Financial Statements, we increased our ownership in PTC from 38.6% to 80% on January 31, 2023 and we began consolidating PTC’s results of operations on February 1, 2023.

In 2021 and 2022 and through January 31, 2023, earnings from PTC on our 38.6% interest were determined under the equity method and are included in earnings from non-controlled businesses in the preceding table.

Management’s Discussion and Analysis

Operating results in 2022 were mixed among our various businesses.

While customer demand for products and services was relatively good in 2022, we experienced weakening demand in the second half of the year at certain of our businesses, which continued through 2023.

Our management views our insurance businesses as possessing two distinct activities – underwriting and investing.

Underwriting decisions are the responsibility of the unit managers, while investing decisions are the responsibility of Berkshire’s Chairman and CEO, Warren E.

Buffett and Berkshire’s corporate investment managers.

Accordingly, we evaluate performance of underwriting operations without any allocation of investment income or investment gains and losses.

We consider investment income as an integral component of our aggregate insurance operating results.

However, we consider investment gains and losses, whether realized or unrealized, as non-operating.

We believe that such gains and losses are not meaningful in understanding the periodic operating results of our insurance businesses.

The timing and magnitude of catastrophe losses can produce significant volatility in our periodic underwriting results, particularly with respect to our reinsurance businesses.

Unpaid loss estimates, including estimates under retroactive reinsurance contracts, were approximately $146 billion as of December 31, 2023 and $143 billion as of December 31, 2022.

Our periodic underwriting results may also include foreign currency transaction gains and losses arising from the changes in the valuation of non-U.S. Dollar denominated liabilities of our U.S.-based subsidiaries due to foreign currency exchange rate fluctuations.

Berkshire acquired Alleghany Corporation (“Alleghany”) on October 19, 2022.

Alleghany conducts property and casualty insurance businesses through RSUI Group Inc. and CapSpecialty, Inc. (“RSUI and CapSpecialty” or “Alleghany Insurance”), and reinsurance businesses through Transatlantic Reinsurance Company and affiliates (“TransRe Group”).

Underwriting results of Alleghany Insurance are included in BH Primary and underwriting results of TransRe Group are included in BHRG.

Time-value-of-money is an important element in establishing prices for retroactive reinsurance and periodic payment annuity policies.

We normally receive premiums at the contract inception date, which are then available for investment.

BHRG’s pre-tax underwriting earnings in 2022 and 2021 were revised from amounts previously reported for the retrospective adoption of ASU 2018-12.

Pre-tax underwriting losses in 2022 reflected higher claims frequencies and significant increases in average claims severities, primarily due to substantial cost inflation, which began to accelerate in the second half of 2021 and continued through 2022.

The reductions in each year were across several major coverages.

In 2022, the reduction was partially offset by an increase in property damage prior years’ claims incurred.

Premiums written increased $712 million (1.9%) in 2022 compared to 2021, reflecting increases in average premiums per auto policy due to rate increases, which were substantially offset by a decrease in policies-in-force.

Voluntary auto policies-in-force declined 8.9% in 2022 compared to 2021 while average premiums per auto policy increased 10.5%.

Premiums earned increased $1.3 billion (3.4%) in 2022 compared to 2021, partially attributable to a reduction in 2021 from the remaining impact of the GEICO Giveback program, which provided a premium reduction on voluntary auto and motorcycle policies from April 2020 to October 2020.

GEICO’s loss ratio was 93.1% in 2022, an increase of 10.9 percentage points over 2021.

The increase was primarily attributable to higher claims frequencies and significantly higher severities, as well as lower reductions of ultimate loss estimates for prior years’ events.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] as required by the Securities Exchange Act of 1934 Rule 13a-15(c).

Based on our evaluation under the framework in *Internal Control—Integrated Framework* (2013), our management concluded that our internal control over financial reporting was effective as of December 31, [removed: 2023.][added: 2024.]

The effectiveness of our internal control over financial reporting as of December 31, [removed: 2023] [added: 2024] has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report which appears on page [removed: K-67.][added: K-64.]

February 22, 2025

K-63

February 24, 2024

K-66

Berkshire also owns and operates numerous other businesses engaged in a variety of manufacturing, [removed: services, retailing] [added: services] and [removed: other] [added: retailing] activities.

Berkshire’s operating [removed: businesses] [added: subsidiaries] are managed on an unusually decentralized basis.

Berkshire’s [removed: senior management team participates] [added: Chairman and Chief Executive Officer, Vice Chairman of Insurance Operations and Vice Chairman of Non-Insurance Operations participate] in and [removed: is] [added: are] ultimately responsible for significant capital allocation decisions, investment activities and the selection of the Chief Executive to head each of the operating businesses.

Berkshire’s senior [added: corporate] management is [removed: also] responsible for establishing and monitoring Berkshire’s corporate governance practices, including monitoring governance efforts, including those at the operating businesses, and participating in the resolution of governance-related issues as needed.

Berkshire’s Board of Directors is responsible for [removed: assuring] [added: selecting] an appropriate successor to the Chief Executive Officer.

Berkshire and its [removed: subsidiary business units] [added: operating subsidiaries] employed approximately [removed: 396,500] [added: 392,400] people worldwide at the end of [removed: 2023,] [added: 2024,] of which approximately 80% were in the United States (“U.S.”) and 20% were represented by unions.

Consistent with Berkshire’s decentralized management philosophy, Berkshire’s operating [removed: businesses individually] [added: subsidiaries each] establish specific policies and practices concerning the attraction and retention of personnel within their organizations.

Given the wide variations in the nature and size of business activities, specific policies and practices [removed: may] vary [removed: widely] among Berkshire’s operating subsidiaries.

Policies and practices commonly address, among other things: maintaining a safe work environment and minimizing or eliminating workplace injuries; offering competitive compensation, which includes various health insurance and retirement benefits, as well as incentives to recognize and reward performance; wellness programs; training, learning and career advancement opportunities; and hiring practices intended to identify qualified [removed: candidates and promote diversity and inclusion in the workforce.][added: candidates.]

Berkshire’s combined U.S. workforce [removed: demographics,] [added: data,] based on U.S. Equal Employment Opportunity Commission guidelines, [removed: are] [added: is] available on its website (https://www.berkshirehathaway.com), under sustainability.

Insurance [removed: and Reinsurance] Businesses

Berkshire’s insurance [removed: and reinsurance] business activities are conducted through numerous domestic and foreign-based insurance subsidiaries.

Berkshire’s insurance businesses employed approximately [removed: 43,000] [added: 41,500] people at the end of [removed: 2023.][added: 2024.]

In direct or primary insurance activities, the insurer assumes the risk of loss from [removed: persons] [added: people] or organizations that are directly subject to the risks.

Admitted insurers are generally required to obtain regulatory approval of their policy forms [removed: and] [added: and/or] premium rates.

In addition, the NAIC develops or adopts statutory accounting principles, model laws, regulations and programs [removed: for use by its members.][added: dealing with regulatory oversight of solvency, risk management, compliance with financial regulation standards and risk-based capital reporting requirements.]

[removed: U.S. states, through the NAIC, and international] [added: International] insurance [removed: regulators] [added: regulators,] through the International Association of Insurance Supervisors [removed: (“IAIS”)] [added: (“IAIS”),] have been developing [added: advisory] standards and best practices focused on establishing a common set of principles (“Insurance Core Principles”) and framework (“ComFrame”) for the regulation of large multi-national insurance groups.

The Nebraska Department of Insurance [added: (“Nebraska DOI”)] acts as the lead supervisor for Berkshire’s insurance [removed: companies] [added: group] and chairs the Berkshire supervisory college.

The NAIC’s [removed: group capital calculation] [added: GCC] is a tool designed to help the lead supervisor understand the capital adequacy across an insurance group.

The combined statutory surplus of Berkshire’s U.S.-based insurers was approximately [removed: $303] [added: $310] billion at December 31, [removed: 2023.][added: 2024.]

The Program [removed: currently] extends to December 31, 2027 through the Terrorism Risk Insurance Program Reauthorization Act of 2019.

Under [removed: the Program,] [added: TRIA,] the deductible is 20% of the aggregate direct subject earned premium for relevant commercial lines of business in the immediately preceding calendar year.

The aggregate deductible for Berkshire’s insurance group is expected to [removed: approximate $2.5] [added: be approximately $2.6] billion in [removed: 2024.][added: 2025.]

Each country imposes licensing, solvency, [removed: auditing] [added: risk management] and financial reporting requirements, although the type and extent of the requirements may differ substantially by jurisdiction.

[removed: Berkshire] [added: Non-U.S.] insurance subsidiaries are [added: primarily] located in [removed: several countries, including] Germany, [added: Ireland,] the United Kingdom (“U.K.”), [removed: Ireland, Luxembourg,] Australia and South Africa, and [removed: also maintain] branches [added: are also maintained] in several other countries.

Other legal requirements involve discretionary licensing procedures, [added: risk management and governance requirements,] local retention of funds and records, and data privacy and protection programs.

There are various regulatory bodies and initiatives that impact Berkshire in multiple international [removed: jurisdictions] [added: jurisdictions,] and the potential for significant effect on the Berkshire insurance group could be heightened due to industry and economic developments.

Alleghany’s operating subsidiaries include property and casualty reinsurance and [removed: insurance, as well as a portfolio of non-insurance] [added: insurance] businesses.

Underwriting profit is defined as earned premiums less incurred [removed: losses,] [added: insurance losses and benefits,] loss adjustment expenses and policy acquisition and other underwriting expenses.

GEICO’s insurance subsidiaries [removed: are led by] [added: include] Government Employees Insurance Company and [removed: include] several other [removed: GEICO] insurance entities.

[removed: The] GEICO [removed: insurance companies offer private passenger automobile insurance to individuals in all 50 states and the District of Columbia, and] [added: subsidiaries] also [removed: offer] [added: sell] insurance for motorcycles, all-terrain vehicles, recreational vehicles, boats and small commercial [added: automobile] fleets.

GEICO also operates [removed: as] an insurance agency [added: that offers insurance written by third parties] for [removed: other] [added: individuals desiring] insurance [removed: carriers] [added: coverages] that [removed: offer] [added: are not sold by GEICO insurance subsidiaries, such as] homeowners, renters, condominium, life and identity protection [removed: insurance to individuals desiring insurance coverages other than those offered by GEICO insurance entities.][added: insurance.]

GEICO competes for private passenger automobile insurance customers in the preferred, standard and non-standard risk markets with other companies that sell directly to the customer and with companies that use agency sales forces, including State Farm, [removed: Allstate, Progressive] [added: Progressive, Allstate] and USAA.

According to the [removed: most recently published] A.M. Best data for [removed: 2022,] [added: 2023 published in 2024,] the five largest automobile insurers had a combined market share of approximately [removed: 61.2%] [added: 62.3%] based on written premiums, with GEICO’s market share being the third largest at approximately [removed: 13.8%.][added: 12.3%.]

[removed: The] [added: GEICO’s] name and [removed: reputation of GEICO] [added: other trademarks] are [added: considered] material assets and [removed: those assets and other service marks] are protected through appropriate registrations.

Berkshire Hathaway Primary Group—The Berkshire Hathaway Primary Group (“BH Primary”) is a collection of independently managed insurers that provide a wide variety of insurance coverages to policyholders located principally in the U.S. [removed: These various operations are discussed below.][added: Nearly 90% of BH Primary premiums written in 2024 were in the U.S., of which approximately 60% was written on an admitted basis, with the remainder written on a non-admitted basis.]

National Indemnity Company (“NICO”), domiciled in Nebraska, and certain affiliates (“NICO Primary”) underwrite commercial automobile and general liability insurance on an admitted basis and on an excess and surplus [added: lines] basis.

[removed: The] Berkshire Hathaway Homestate Companies (“BHHC”) [removed: are] [added: is] a group of insurers offering workers’ compensation, commercial automobile and commercial property coverages to a diverse client base.

BHHC has a national reach, with the ability to provide first-dollar and [removed: small to large] [added: small-to-large] deductible workers’ compensation coverage to employers [removed: in all states, except those where coverage is available only through state-operated workers’ compensation funds.][added: nationwide.]

Berkshire Hathaway Specialty Insurance [removed: Company] (“BHSI”) offers commercial property and casualty, executive and professional, and various other insurance coverages through [removed: BHSI] [added: Berkshire Hathaway Specialty Insurance Company] and [added: several] other Berkshire [removed: insurance affiliates.][added: subsidiaries.]

However, an insurer’s state of domicile has ultimate authority over these solvency and soundness related matters, and the laws and regulations implemented in individual states may differ from those adopted by the NAIC.

The Insurance Core Principles and ComFrame cover a wide range of topics, including group-wide supervision by regulators, corporate governance, risk management, capital adequacy and other macroprudential issues.

As part of ComFrame, the IAIS adopted an international capital standard (“ICS”) for internationally active insurance groups in December 2024.

The NAIC also adopted a group capital calculation (“GCC”) tool for large insurance groups.

While the ICS is based on a consolidation approach, the GCC is based on an aggregation approach called the Aggregation Method.

In December 2024, the IAIS announced that the Aggregation Method has been deemed to be comparable to the ICS.

The Nebraska DOI adopted the GCC tool, and Berkshire’s insurance subsidiaries are required to submit an annual GCC to it.

The GEICO insurance subsidiaries’ principal business is the sale of private passenger automobile insurance to individuals in all 50 states and the District of Columbia.

GEICO’s insurance policies are written on an admitted basis.

These various operations are discussed below.

The GUARD Insurance Companies (“GUARD”) consist of five insurance companies that provide a comprehensive suite of commercial insurance solutions to over 200,000 small-to-medium sized businesses.

This quota-share agreement expires December 31, 2029.

Freight revenues are classified into the following categories: consumer products, industrial products, agricultural products and coal.

The volumes shipped and rates charged are affected by competition from other freight carriers within the transportation industry, and changes in the underlying supply and demand for such products.

Berkshire Hathaway Energy Company (“BHE”) is a holding company headquartered in Iowa with investments in a diversified portfolio of locally managed and operated businesses, principally within the energy industry.

In December 2024, President Biden released new commitments to reach a 61% to 66% reduction in emissions by 2035 from 2005 levels, which includes a 35% reduction in methane emissions.

While in January 2025, President Trump ordered to withdraw the U.S. from the Paris Agreement, the outgoing Biden administration highlighted that the revised targets could be met without federal action.

New natural gas-fueled combustion turbines are expected to utilize lower-emitting fuels and operate as highly efficient generation.

Additionally, new baseload combustion turbines exceeding a 40% annual capacity factor must meet an emission limit equivalent to operating with carbon capture and sequestration beginning January 1, 2032.

The EPA also identified carbon capture and sequestration as the technology basis for the emissions standards for coal units.

Coal-fueled units that will operate after December 31, 2038, must meet emission limits equivalent to operating with carbon capture and sequestration beginning January 1, 2032.

Other units are anticipated to co-fire with natural gas and retire prior to January 1, 2039, or convert to natural gas operations and meet emission limits corresponding to capacity factors.

The EPA deferred action on standards for existing natural gas-fueled combustion turbines.

The rule has been challenged in the D.C. Circuit Court of Appeals.

The incoming Trump administration is expected to ask the court to abate litigation while it reevaluates the rule.

Because the rule is final and in effect, additional rulemaking would be required to rescind and potentially replace the emissions standards.

The rule has been challenged in the D.C. Circuit Court of Appeals.

The Trump administration is expected to ask the court to abate litigation while it reevaluates the rule.

Because the rule is final and in effect, additional rulemaking would be required to rescind and potentially replace the emissions standards.

HomeServices’ franchise network includes approximately 270 franchisees and over 1,400 brokerage offices with approximately 44,700 third-party real estate agents under two brand names.

Continued growth in revenues and earnings will be predicated on PCC’s ability to successfully increase production levels to match the expected growth in aerospace products, as well as improvements in the industry supply chains, which are currently constraining commercial aircraft production at OEMs.

Lubrizol is an industry leader in many of the markets in which it competes.

Some of Lubrizol’s largest customers also may be suppliers, although no single customer represented more than 10% of Lubrizol’s consolidated revenues in 2024.

Steel tool holders are used to hold the insert against the cutting piece.

W&W|AFCO’s multiyear backlog of projects at the end of 2024 was substantial.

In 2024, Clayton completed approximately 51,000 off-site built homes, over 95% of which were built to the Department of Energy’s Zero Energy Ready Home program requirements, as well as approximately 10,000 site-built homes.

Historically, the availability and pricing of these and other inputs has been volatile resulting in input shortages.

Clayton’s off-site home building business is impacted by changes in U.S. home mortgage interest rates.

While interest rates slightly declined in the latter part of 2024, interest rates significantly increased during 2022 and 2023, slowing demand for new home construction, which was partially mitigated by low supplies of pre-existing homes for sale.

Orders may be delivered to the customer or a retailer near the customer.

However, an insurer’s state of domicile has ultimate authority over these matters.

Such matters deal with regulatory oversight of solvency, risk management, compliance with financial regulation standards and risk-based capital reporting requirements.

The IAIS is developing capital standards for internationally active insurance groups (“Insurance Capital Standard”) based on a consolidated group approach and is also evaluating a potentially comparable group capital standard based on the aggregation of regulated entities and their underlying local capital requirements (“Aggregation Method”).

The IAIS is also developing standards that address supervision, coordination of regulators, risk management and governance.

The NAIC adopted a group capital calculation based on methodology similar to the Aggregation Method, which leverages the NAIC’s existing risk based capital calculation methods.

In 2016, the U.K. voted in a national referendum to withdraw from the European Union (“EU”) (“Brexit”), which resulted in the U.K.’s withdrawal from the EU on January 31, 2020.

In anticipation of the U.K. leaving the EU, Berkshire Hathaway European Insurance DAC in Ireland was established to permit property and casualty insurance and reinsurance businesses to continue to operate in the EU.

Berkshire also continues to maintain a substantial presence in London following Brexit.

Alleghany’s non-insurance businesses are included in the manufacturing and services segments.

MedPro Group (“MedPro”) is a leading provider of healthcare liability (“HCL”) insurance.

Berkshire Hathaway GUARD Insurance Companies (“GUARD”) is a group of five insurance companies that provide a full suite of commercial insurance products, as well as homeowners policies to over 450,000 small to mid-sized businesses and homeowners.

This quota-share agreement was renewed and extended effective January 1, 2023, with an expiration of December 31, 2029.

Faraday owns the managing agent of Syndicate 435 at Lloyd’s of London and provides capacity and participates in 100% of the results of Syndicate 435.

BHLN and affiliates also reinsure certain guaranteed minimum death, income and similar risks on closed-blocks of variable annuity risks, which are in run-off.

For the year ending December 31, 2023, 34% of freight revenues were derived from consumer products, 25% from industrial products, 24% from agricultural products and 17% from coal.

Berkshire’s energy businesses include a 92% ownership interest in Berkshire Hathaway Energy Company (“BHE”), based in Des Moines, Iowa.

Through January 31, 2023, the investment in PTC was accounted for using the equity method.

PTC became a subsidiary in Berkshire’s Consolidated Financial Statements beginning February 1, 2023.

PTC’s business activities are primarily associated with fuel distribution and energy products and services.

BHE is a global energy company with subsidiaries and affiliates that generate, transmit, store, distribute and supply energy.

*General Matters*

BHE GT&S was acquired on November 1, 2020.

On June 19, 2019, the EPA repealed the Clean Power Plan and issued the Affordable Clean Energy rule.

In the Affordable Clean Energy rule, the EPA determined that the best system of emissions reduction for existing coal fueled power plants is heat rate improvements and identified a set of candidate technologies and measures that could improve heat rates.

Measures taken to meet the standards of performance must be achieved at the source itself.

On January 19, 2021, the D.C. Circuit Court of Appeals vacated the Affordable Clean Energy rule in its entirety.

In October 2021, the U.S. Supreme Court agreed to hear an appeal of that decision.

Arguments in the case were held in February 2022 and on June 30, 2022, the U.S. Supreme Court issued its decision regarding the scope of the EPA’s authority to regulate GHG emissions under the Clean Air Act.

The U.S. Supreme Court held that the “generation shifting” approach in the Clean Power Plan exceeded the powers granted to the EPA by Congress, although the court did not address whether the EPA may only adopt measures applied at the individual source as it did in the Affordable Clean Energy rule.

The EPA subcategorized the best system of emissions reduction based on fuel type.

For existing coal, the EPA determined that the best system of emissions reduction is carbon capture and sequestration.

For existing natural gas-fueled steam units, the EPA determined that the best system of emissions reduction is an emissions limit between 1,300 and 1,500 pounds of carbon dioxide per gross megawatt hour.

For existing natural gas combustion turbines, the EPA determined the best system of emissions reduction applies only to large, high-load turbines, which must either use carbon capture and sequestration or a co-fueling with hydrogen.

Finally, for new natural gas combustion turbines, the EPA determined that the best system of emissions reduction is a co-fueling with hydrogen between 30% and 96% blend rates by 2038.

The EPA intends to finalize the rule by May 2024.

PTC sold over 16 billion gallons of fuel (primarily diesel and gasoline) in 2023 on a retail and wholesale basis, including 1.3 billion gallons of low carbon fuels and 325 million gallons of diesel exhaust fluid.

PTC also signed a letter of intent with Volvo during 2022 to develop a nationwide public charging network to support the expansion of battery-powered electric trucks.

PTC and its subsidiaries had approximately 26,700 employees at the end of 2023, of which 2,160 work at joint venture travel centers operated by PTC.

PTC’s top 10 customers for diesel sales at its travel centers and dealers account for less than 15% of total diesel gallons sold, while PTC’s top 10 fuel suppliers account for less than 50% of gallons purchased.

PTC retail operations also sell diesel fuel through agreements with third party travel centers where PTC procures and sells diesel fuel at the locations owned by the third parties.

We currently believe that any liability that may arise [removed: as a result of] [added: from] other pending legal actions will not have a material effect on our consolidated financial condition or results of operations.

For the fiscal year ended December 31, [removed: 2023][added: 2024]

For the transition period from [added: _________] to [added: ________]

| Class A Common Stock Class B Common Stock [removed: 1.300% Senior Notes due 2024] 0.000% Senior Notes due 2025 1.125% Senior Notes due 2027 2.150% Senior Notes due 2028 1.500% Senior Notes due 2030 2.000% Senior Notes due 2034 1.625% Senior Notes due 2035 2.375% Senior Notes due 2039 0.500% Senior Notes due 2041 2.625% Senior Notes due 2059 | | BRK.A BRK.B [removed: BRK24] BRK25 BRK27 BRK28 BRK30 BRK34 BRK35 BRK39 BRK41 BRK59 | | 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 [removed: New York Stock Exchange] |

State the aggregate market value of the voting stock held by non-affiliates of the Registrant as of June 30, [removed: 2023: $625,500,000,000][added: 2024: $749,400,000,000]

| February [removed: 12, 2024—Class] [added: 10, 2025—Class] A common stock, $5 par value | [removed: 566,618] [added: 546,189] shares |

| February [removed: 12, 2024—Class] [added: 10, 2025—Class] B common stock, $0.0033 par value | [removed: 1,310,805,008] [added: 1,338,051,639] shares |

Portions of the Proxy Statement for the Registrant’s Annual Meeting to be held May [removed: 4, 2024] [added: 3, 2025] are incorporated in Part III.

| Item 1A. | [Risk Factors](#item_1a_risk_factors) | [removed: K-25] [added: K-24] |

| Item 1B. | [Unresolved Staff Comments](#item_1b_unresolved_staff_comments) | [removed: K-28] [added: K-27] |

| Item 1C. | [Cybersecurity](#item_1c_cybersecurity) | [removed: K-28] [added: K-27] |

| Item 2. | [Description of Properties](#item_2_description_properties) | [removed: K-29] [added: K-28] |

| Item 3. | [Legal Proceedings](#item_3_legal_proceedings) | [removed: K-32] [added: K-31] |

| Item 4. | [Mine Safety Disclosures](#item_4_mine_safety_disclosures) | [removed: K-32] [added: K-31] |

| Item 5. | [Market for Registrant’s Common Equity, Related Security Holder Matters and Issuer Purchases of Equity Securities](#item_5_market_for_registrants_common_equ) | [removed: K-32] [added: K-31] |

| Item 6. | [\[Reserved\]](#item_6_reserved) | [removed: K-34] [added: K-32] |

| Item 7. | [Management’s Discussion and Analysis of Financial Condition and Results of Operations](#item_7_managements_discussion_analysis_f) | [removed: K-35] [added: K-33] |

| Item 7A. | [Quantitative and Qualitative Disclosures About Market Risk](#item_7a_quantitative_qualitative_disclos) | [removed: K-66] [added: K-63] |

| Item 8. | [Financial Statements and Supplementary Data](#item_8_financial_statements_supplementar) | [removed: K-67] [added: K-64] |

| | [Consolidated Balance Sheets— December 31, [removed: 2023] [added: 2024] and December 31, [removed: 2022](#consolidated_balance_sheets)] [added: 2023](#consolidated_balance_sheets)] | [removed: K-70] [added: K-66] |

| | [Consolidated Statements of Earnings—](#consolidated_statements_earnings) [Years Ended December 31, [removed: 2023,] [added: 2024,] December 31, [removed: 2022,] [added: 2023,] and December 31, [removed: 2021](#consolidated_statements_earnings)] [added: 2022](#consolidated_statements_earnings)] | [removed: K-72] [added: K-68] |

| | [Consolidated Statements of Comprehensive Income—](#consolidated_statements_comprehensive_in) [Years Ended December 31, [removed: 2023,] [added: 2024,] December 31, [removed: 2022,] [added: 2023,] and December 31, [removed: 2021](#consolidated_statements_comprehensive_in)] [added: 2022](#consolidated_statements_comprehensive_in)] | [removed: K-73] [added: K-69] |

| | [Consolidated Statements of Changes in Shareholders’ Equity—](#consolidated_statements_changes_in_share) [Years Ended December 31, [removed: 2023,] [added: 2024,] December 31, [removed: 2022,] [added: 2023,] and December 31, [removed: 2021](#consolidated_statements_changes_in_share)] [added: 2022](#consolidated_statements_changes_in_share)] | [removed: K-73] [added: K-69] |

| | [Consolidated Statements of Cash Flows—](#consolidated_statements_cash_flows) [Years Ended December 31, [removed: 2023,] [added: 2024,] December 31, [removed: 2022,] [added: 2023,] and December 31, [removed: 2021](#consolidated_statements_cash_flows)] [added: 2022](#consolidated_statements_cash_flows)] | [removed: K-74] [added: K-70] |

| | [Notes to Consolidated Financial Statements](#notes_to_consolidated_financial_statemen) | [removed: K-75] [added: K-71] |

| Item 9. | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#item_9_changes_in_disagreements_with_acc) | [removed: K-118] [added: K-117] |

| Item 9A. | [Controls and Procedures](#item_9a_controls_procedures) | [removed: K-118] [added: K-117] |

| Item 9B. | [Other Information](#item_9b_or_information) | [removed: K-118] [added: K-117] |

| Item 9C. | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspection](#item_9c_foreign_jurisdictions2) | [removed: K-118] [added: K-117] |

| Item 10. | [Directors, Executive Officers and Corporate Governance](#part_iii) | [removed: K-118] [added: K-117] |

| Item 11. | [Executive Compensation](#part_iii) | [removed: K-118] [added: K-117] |

| Item 12. | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#part_iii) | [removed: K-118] [added: K-117] |

| Item 13. | [Certain Relationships and Related Transactions and Director Independence](#part_iii) | [removed: K-118] [added: K-117] |

| Item 14. | [Principal Accountant Fees and Services](#part_iii) | [removed: K-118] [added: K-117] |

| Item 15. | [Exhibits and Financial Statement Schedules](#item_15_exhibits_financial_statement_sch) | [removed: K-118] [added: K-117] |

| [Exhibit Index](#exhibit_index) | | [removed: K-122] [added: K-121] |

| [Signatures](#signatures) | | K-123 |

| [Signatures](#signatures) | | K-124 |

This dependence exposes [removed: us,] [added: Berkshire and the Business Groups,] along with others who use these service providers, to the impact of a cyber-attack on their service providers.

Additionally, the Audit Committee is updated on cybersecurity trends and [removed: common deficiencies.][added: related issues.]

K-27

K-28

[removed: Railroad Business—Burlington] [added: Burlington] Northern Santa Fe

As of December 31, [removed: 2023,] [added: 2024,] the total BNSF Railway system, including single and multiple main tracks, yard tracks and sidings, consisted of over 50,000 operated miles of track.

BNSF owns or holds under non-cancelable leases exceeding one year approximately [removed: 7,500] [added: 6,800] locomotives and [removed: 72,800] [added: 71,400] freight cars, in addition to maintenance of way and other equipment.

In [removed: 2023,] [added: 2024,] BNSF recorded approximately [removed: $2.5] [added: $2.4] billion in repairs and maintenance expense.

[removed: *Berkshire] [added: Berkshire] Hathaway [removed: Energy*][added: Energy]

BHE or its affiliates own or have interests in the following types of operating electric generating facilities at December 31, [removed: 2023:][added: 2024:]

| Wind | | PacifiCorp, MEC, BHE Canada, BHE Montana and BHE Renewables | | Iowa, Wyoming, Texas, Montana, Nebraska, Washington, California, Illinois, Canada, Oregon and Kansas | | | [removed: 12,524] [added: 12,659] | | | | [removed: 12,524] [added: 12,659] | |

| Natural gas | | PacifiCorp, MEC, NV Energy, BHE Canada and BHE Renewables | | Nevada, Utah, Iowa, [added: Wyoming,] Illinois, Washington, [removed: Wyoming,] Oregon, [added: Texas,] New York, [removed: Texas,] Arizona and Canada | | | [removed: 11,250] [added: 12,887] | | | | [removed: 10,971] [added: 12,251] | |

| Coal | | PacifiCorp, MEC and NV Energy | | Iowa, Wyoming, Utah, Nevada, Colorado and Montana | | | [removed: 12,174] [added: 12,146] | | | | [removed: 7,483] [added: 7,466] | |

| Solar | | MEC, NV Energy, Northern Powergrid and BHE Renewables | | California, Australia, [added: Nevada,] Texas, Arizona, [removed: Iowa, Minnesota] [added: Iowa] and [removed: Nevada] [added: Minnesota] | | | [removed: 2,120] [added: 2,270] | | | | [removed: 1,972] [added: 2,122] | |

| Nuclear | | MEC | | Illinois | | | [removed: 1,809] [added: 1,811] | | | | 452 | |

As of December 31, [removed: 2023,] [added: 2024,] BHE’s subsidiaries also have electric generating facilities that are under construction in [added: Wyoming,] Nevada, [removed: Wyoming] [added: West Virginia] and California having total Facility Net Capacity and Net Owned Capacity of [removed: 1,284] [added: 1,085] MW.

BHE’s subsidiaries also have battery energy storage systems in [removed: Nevada] [added: Nevada, Montana, West Virginia and Oregon] having total Facility Net Capacity and Net Owned Capacity in operation of [removed: 220] [added: 320] MW and under construction of [removed: 100] [added: 527] MW.

PacifiCorp, MEC and NV Energy own electric transmission and distribution systems, including approximately [removed: 27,900] [added: 28,300] miles of transmission lines and approximately [removed: 1,670] [added: 1,660] substations, and gas distribution facilities, including approximately [removed: 28,500] [added: 28,700] miles of gas mains and service lines.

Northern Powergrid (Northeast) and Northern Powergrid (Yorkshire) operate an electricity distribution network that includes approximately 17,100 miles of overhead lines, approximately [removed: 44,000] [added: 44,600] miles of underground cables and approximately [removed: 790] [added: 860] major substations.

BHE GT&S also operates, as the general partner, and [removed: owns] [added: holds] a 75% limited partnership interest in one liquefied natural gas export, import and storage facility in Maryland and operates and has [removed: ownership] interests in three smaller liquefied natural gas facilities in Alabama, Florida and Pennsylvania.

[removed: *Pilot] [added: | Pilot | | U.S. | | | |] Travel [removed: Centers*][added: centers | | | 517 | | | | 92 | |]

| [removed: GEICO] [added: Insurance] | | U.S. | | | | Offices and claims centers | | | 9 | | | | [removed: 91] [added: 83] | |

| | | Non-U.S. | | Locations in [removed: 25] [added: 27] countries | | Offices | | | 1 | | | | [removed: 52] [added: 65] | |

| | | Non-U.S. | | Locations in [removed: 8] [added: 7] countries | | [removed: Offices] [added: Retail/Offices/Warehouses] | | | — | | | | [removed: 15] [added: 96] | |

| | | | | | | Offices/Warehouses | | | [removed: 224] [added: 4] | | | | [removed: 461] [added: 24] | |

| | | | | | | Housing subdivisions | | | [removed: 296] [added: 288] | | | | — | |

| | | Non-U.S. | | Locations in 61 countries | | Manufacturing [removed: facility] [added: facilities] | | | [removed: 172] [added: 170] | | | | [removed: 102] [added: 92] | |

| Service | | U.S. | | | | Training facilities/Hangars | | | 11 | | | | [removed: 86] [added: 82] | |

| | | | | | | Offices/Distribution | | | [removed: 13] [added: 1] | | | | [removed: 140] [added: 50] | |

| | | | | | | [removed: Leasing/Showroom/Retail] [added: Leasing/Showrooms/Retail] | | | [removed: 35] [added: 42] | | | | [removed: 38] [added: 28] | |

| | | Non-U.S. | | Locations in [removed: 18] [added: 20] countries | | Training facilities/Hangars | | | 1 | | | | 14 | |

| | | | | | | Offices/Distribution | | | [removed: —] [added: 14] | | | | [removed: 49] [added: 141] | |

| McLane | | U.S. | | | | Distribution centers/Offices | | | [removed: 64] [added: 61] | | | | 28 | |

K-28

| | | | | Total | | | 43,135 | | | | 36,312 | |

| | | | | | | Offices | | | 6 | | | | 89 | |

| Manufacturing | | U.S. | | | | Manufacturing facilities | | | 520 | | | | 139 | |

| | | | | | | Offices/Warehouses | | | 248 | | | | 512 | |

| | | | | | | Retail/Showrooms | | | 239 | | | | 211 | |

| | | | | | | Offices/Warehouses | | | 119 | | | | 440 | |

| | | | | | | Fuel mixing/Processing facilities | | | 2 | | | | 25 | |

| | | | | | | Product/Rail terminals | | | 9 | | | | 3 | |

| | | | | | | Cardlock/Fuel stops | | | — | | | | 49 | |

| | | | | | | Saltwater disposal wells | | | 138 | | | | — | |

| | | | | | | Ethanol plant | | | 1 | | | | — | |

| | | | | | | | | | | | | | | |

| | | | | | | Retail/Showrooms | | | 145 | | | | 457 | |

Utilities and Energy Businesses

| | | | | Total | | | 41,239 | | | | 34,764 | |

PTC owns and operates approximately 600 travel center locations across the U.S., primarily under the names Pilot or Flying J, owning approximately 90% and leasing 10% of the properties.

Additionally, PTC operates 12 wholesale and retail fuel distribution facilities, 37 fuel mixing and processing facilities, 47 cardlock locations, an ethanol plant and a water disposal business in the oil fields sector.

| Insurance: | | | | | | | | | | | | | | |

| BHRG | | U.S. | | | | Offices | | | 1 | | | | 34 | |

| BH Primary | | U.S. | | | | Offices | | | 5 | | | | 55 | |

| Manufacturing | | U.S. | | | | Manufacturing facility | | | 536 | | | | 178 | |

| | | | | | | Retail/Showroom | | | 232 | | | | 208 | |

| | | | | | | Offices/Warehouses | | | 111 | | | | 437 | |

| | | | | | | Retail/Showroom | | | 145 | | | | 467 | |

| | | Non-U.S. | | Locations in 7 countries | | Retail/Offices/Warehouses | | | — | | | | 94 | |

K-31

| Warren E. Buffett | | [removed: 93] [added: 94] | | Chairman and Chief Executive Officer | | 1970 |

| Gregory E. Abel | | [removed: 61] [added: 62] | | Vice Chairman – Non-Insurance Operations | | 2018 |

| Ajit Jain | | [removed: 72] [added: 73] | | Vice Chairman – Insurance Operations | | 2018 |

| Marc D. Hamburg | | [removed: 74] [added: 75] | | Senior Vice-President – Chief Financial Officer | | 1992 |

The principal risk factors that could cause our actual performance and future events and actions to differ materially from such forward-looking statements include, but are not limited to, changes in market prices of our investments in [removed: fixed maturity and] equity securities; [removed: losses realized from derivative contracts;] the occurrence of one or more catastrophic events, such as an earthquake, hurricane, geopolitical conflict, act of terrorism or cyber-attack that causes losses insured by our insurance subsidiaries and/or losses to our business operations; the frequency and severity of epidemics, pandemics or other outbreaks, [added: and other events] that negatively affect our operating results and restrict our access to borrowed funds through the capital markets at reasonable rates; changes in laws or regulations affecting our insurance, railroad, utilities and energy and finance subsidiaries; changes in federal income tax laws; and changes in general economic and market factors that affect the prices of securities or the industries in which we do business.

Berkshire had approximately [removed: 1,200] [added: 1,100] record holders of its Class A common stock and [removed: 18,000] [added: 16,800] record holders of its Class B common stock at February [removed: 12, 2024.][added: 10, 2025.]

Record owners included nominees holding at least [removed: 323,000] [added: 319,000] shares of Class A common stock and [removed: 1,307,000,000] [added: 1,332,000,000] shares of Class B common stock on behalf of beneficial-but-not-of-record owners.

| Period | [added: |] Total number of shares purchased | | | | Average price paid per share | | | | Total number of shares purchased as part of publicly announced program | | | | Maximum number or value of shares that yet may be repurchased under the program | [removed: |]

| October | | | [added: —] | | | [added: $] | [added: —] | | | | [added: —] | | | [added: *] |

| November | | | [added: —] | | | [added: $] | [added: —] | | | | [added: —] | | | [added: *] |

| December | | | [added: —] | | | [added: $] | [added: —] | | | | [added: —] | | | [added: *] |

Berkshire will not repurchase its common stock if the repurchases reduce the [removed: total] value of Berkshire’s consolidated cash, cash equivalents and U.S. Treasury Bills holdings to less than $30 billion.*

The following chart compares the [removed: subsequent] value of $100 invested in Berkshire common stock on December 31, [removed: 2018] [added: 2019 and subsequent values] with a similar investment in the Standard & Poor’s 500 Stock Index and in the Standard & Poor’s Property & Casualty Insurance Index.

[removed: ][added: ]

* It is difficult to develop a [removed: peer] group of companies [removed: similar] [added: comparable] to Berkshire.

Berkshire owns subsidiaries engaged in [removed: a number of] [added: numerous] diverse business activities of which an important component is the property and casualty insurance business.

K-31

No Class A or Class B shares were repurchased in the fourth quarter of 2024.

K-32

Information with respect to Berkshire’s Class A and Class B common stock repurchased during the fourth quarter of 2023 follows.

| | | | | | | | | | | | | | | |

| Class A common stock | | 1,815 | | | $ | 522,756.10 | | | | 1,815 | | | * | |

| Class B common stock | | — | | | $ | — | | | | — | | | * | |

| Class A common stock | | 1,705 | | | $ | 536,048.49 | | | | 1,705 | | | * | |

| Class B common stock | | 660,585 | | | $ | 347.16 | | | | 660,585 | | | * | |

| Class A common stock | | 103 | | | $ | 541,062.03 | | | | 103 | | | * | |

K-33

K-32

K-34

We have audited the accompanying consolidated balance sheets of Berkshire Hathaway Inc. and subsidiaries (the “Company”) as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of earnings, comprehensive income, changes in shareholders’ equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] and the related notes (collectively referred to as the “financial statements”).

We also have audited the Company’s internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] in conformity with accounting principles generally accepted in the United States of America.

Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

Given the subjectivity of estimating these key assumptions, performing audit procedures to evaluate whether certain of these claim liabilities were appropriately recorded as of December 31, [removed: 2023] [added: 2024] required a high degree of auditor judgment and an increased extent of effort, including the need to involve our actuarial specialists.

Given the subjectivity of estimating these key assumptions, performing audit procedures to evaluate whether certain of these claim liabilities were appropriately recorded as of December 31, [removed: 2023,] [added: 2024,] required a high degree of auditor judgment and an increased extent of effort, including the need to involve our actuarial specialists.

| | [removed: |] December 31, | | | | | | |

| | [added: 2024] | [added: | | |] 2023 | | | | 2022 | | |

| [removed: ASSETS |] [added: Assets:] | | | | | | | |

| Insurance and Other: | | | | | | | | [removed: |]

| Cash and cash [removed: equivalents* |] [added: equivalents] | $ | 33,672 | | | $ | [removed: 32,260] [added: 596] | | [added: | $ | 34,268 | |]

| Short-term investments in U.S. Treasury Bills | | [removed: | 129,619] [added: 286,472] | | | | [removed: 92,774] [added: 129,619] | |

| Investments in fixed maturity securities | | [removed: | 23,758] [added: 15,364] | | | | [removed: 25,128] [added: 23,758] | |

| Investments in equity securities | | [removed: | 353,842] [added: 271,588] | | | | [removed: 308,793] [added: 353,842] | |

| Equity method investments | | [removed: | 29,066] [added: 31,134] | | | | [removed: 28,050] [added: 29,066] | |

| Loans and finance receivables | | [removed: | 24,681] [added: 27,798] | | | | [removed: 23,208] [added: 24,681] | |

| Other receivables | | [removed: |] 44,174 | | | | [removed: 43,490] [added: 2,087] | | [added: | | 46,261 | |]

| Inventories | | [removed: |] 24,159 | | | | [removed: 25,366] [added: 1,697] | | [added: | | 25,856 | |]

| Property, plant and equipment | | [removed: |] 22,030 | | | | [removed: 21,113] [added: 8,169] | | [added: | | 30,199 | |]

| Equipment held for lease | | [removed: | 16,947] [added: 17,828] | | | | [removed: 15,584] [added: 16,947] | |

| Goodwill | | [removed: |] 50,868 | | | | [removed: 51,522] [added: 6,605] | | [added: | | 57,473 | |]

| Other intangible assets | | [removed: |] 29,327 | | | | [removed: 29,187] [added: 6,557] | | [added: | | 35,884 | |]

| Deferred charges - retroactive reinsurance | | [removed: | 9,495] [added: 8,797] | | | | [removed: 9,870] [added: 9,495] | |

| Other | | [removed: |] 19,568 | | | | [removed: 19,657] [added: 2,298] | | [added: | | 21,866 | |]

| Railroad, Utilities and Energy: | | | | | | | | [removed: |]

| Cash and cash [removed: equivalents* |] [added: equivalents] | | 4,350 | | | | [removed: 3,551] [added: (596] | [added: )] | [added: | | 3,754 | |]

| Receivables | | [removed: |] 7,086 | | | | [removed: 4,795] [added: (2,087] | [added: )] | [added: | | 4,999 | |]

| Property, plant and equipment | | [removed: |] 177,616 | | | | [removed: 160,268] [added: (8,169] | [added: )] | [added: | | 169,447 | |]

| Goodwill | | [removed: |] 33,758 | | | | [removed: 26,597] [added: (6,605] | [added: )] | [added: | | 27,153 | |]

| Regulatory assets | | [removed: | 5,565] [added: 5,349] | | | | [removed: 5,062] [added: 5,565] | |

| Other | | [removed: |] 30,397 | | | | [removed: 22,190] [added: (10,552] | [added: )] | [added: | | 19,845 | |]

| | | [added: | | | | | | | | |] $ | [removed: 1,069,978] [added: 1,153,881] | | [added: $] | [added: 1,069,978 | |] $ | 948,465 | |

* *Includes* *U.S. Treasury Bills* *with maturities of three months or less when purchased of [removed: $4.8*] [added: $14.4*] *billion at December 31, [removed: 2023] [added: 2024] and [removed: $2.6*] [added: $4.8*] *billion at December 31, [removed: 2022.*][added: 2023.*]

| [removed: LIABILITIES AND SHAREHOLDERS’ EQUITY |] [added: Shareholders’ equity:] | | | | | | | |

| Unpaid losses and loss adjustment expenses | [removed: |] $ | [removed: 111,082] [added: 115,151] | | | $ | [removed: 107,472] [added: 111,082] | |

| Unpaid losses and loss adjustment expenses - retroactive reinsurance contracts | | [removed: | 34,647] [added: 32,443] | | | | [removed: 35,415] [added: 34,647] | |

| Unearned premiums | | [removed: | 30,507] [added: 30,808] | | | | [removed: 28,657] [added: 30,507] | |

| Life, annuity and health insurance benefits | | [removed: | 20,213] [added: 17,616] | | | | [removed: 19,753] [added: 20,213] | |

| Other policyholder liabilities | | [removed: | 11,545] [added: 10,703] | | | | [removed: 11,370] [added: 11,545] | |

| Accounts payable, accruals and other liabilities | | [removed: |] 32,402 | | | | [removed: 33,201] [added: 4,157] | | [added: | | 36,559 | |]

K-64

February 22, 2025

K-65

| Other receivables | | 43,887 | | | | 46,261 | |

| Inventories | | 24,008 | | | | 25,856 | |

| Property, plant and equipment | | 30,071 | | | | 30,199 | |

| Goodwill | | 56,860 | | | | 57,473 | |

| Other | | 24,994 | | | | 21,866 | |

| | | 917,772 | | | | 839,215 | |

| Cash and cash equivalents* | | 3,396 | | | | 3,754 | |

| Receivables | | 4,503 | | | | 4,999 | |

| Property, plant and equipment | | 175,030 | | | | 169,447 | |

| Goodwill | | 27,020 | | | | 27,153 | |

| Other | | 20,811 | | | | 19,845 | |

| | | 236,109 | | | | 230,763 | |

| Total assets | $ | 1,153,881 | | | $ | 1,069,978 | |

K-66

| | 2024 | | | | 2023 | | |

| Liabilities: | | | | | | | |

| Accounts payable, accruals and other liabilities | | 37,489 | | | | 36,559 | |

| Payable for purchase of U.S. Treasury Bills | | 12,769 | | | | — | |

| Notes payable and other borrowings | | 44,885 | | | | 48,468 | |

| | | 311,220 | | | | 301,274 | |

| Accounts payable, accruals and other liabilities | | 18,226 | | | | 18,304 | |

| Notes payable and other borrowings | | 79,877 | | | | 79,803 | |

| | | 105,136 | | | | 104,925 | |

| Total liabilities, redeemable noncontrolling interests and shareholders’ equity | $ | 1,153,881 | | | $ | 1,069,978 | |

| Sales and service revenues | | 202,334 | | | | 207,148 | | | | 157,518 | |

| | | 321,643 | | | | 314,731 | | | | 249,871 | |

| | | 49,790 | | | | 49,751 | | | | 52,149 | |

| Cost of sales and services | | 163,642 | | | | 169,281 | | | | 124,319 | |

| | | 274,799 | | | | 278,933 | | | | 225,157 | |

| | | 40,898 | | | | 42,211 | | | | 41,327 | |

| Net earnings | | | — | | | — | | | 88,995 | | | — | | | 566 | | | 89,561 | |

| Adoption of ASU 2023-02 | | | — | | | — | | | (127 | ) | | — | | | — | | | (127 | ) |

| Acquisitions of common stock | | | — | | | — | | | — | | | (2,918 | ) | | — | | | (2,918 | ) |

| Balance at December 31, 2024 | | $ | 35,673 | | $ | (3,584 | ) | $ | 696,218 | | $ | (78,939 | ) | $ | 2,287 | | $ | 651,655 | |

| Net earnings (loss) | | $ | 89,561 | | | $ | 97,147 | | | $ | (21,998 | ) |

| Discount accretion on investments, principally U.S. Treasury Bills | | | (11,349 | ) | | | (5,510 | ) | | | (1,132 | ) |

| Other | | | (892 | ) | | | (513 | ) | | | (3,074 | ) |

Change in Accounting Principle

As discussed in Note 1 to the financial statements, effective January 1, 2023, the Company adopted Accounting Standards Update 2018-12 Targeted Improvements to the Accounting for Long-Duration Contracts, using the modified retrospective approach.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)

*Critical Audit Matter Description*

*How the Critical Audit Matter Was Addressed in the Audit*

Goodwill and Indefinite-Lived Intangible Assets — Refer to Notes 1 and 13 to the financial statements

The Company’s evaluation of goodwill and indefinite-lived intangible assets for impairment involves the comparison of the fair value of each reporting unit or asset to its carrying value.

As of December 31, 2023, goodwill of approximately $8 billion and indefinite-lived intangible assets of $13 billion were recorded at the Precision Castparts Corp. (“PCC”) reporting unit.

PCC primarily uses discounted projected future net earnings to estimate fair value, which requires management to make significant estimates and assumptions related to forecasted future revenue, earnings before interest and taxes (“EBIT”), and discount rates.

Given the significant judgments made by management in their evaluation of potential impairment of PCC goodwill and PCC indefinite-lived intangible assets and the difference between their fair values and carrying values, performing audit procedures to evaluate the reasonableness of management’s estimates and assumptions required a high degree of auditor judgment.

Increased audit effort, including the need to involve our fair value specialists, was required to test management’s estimates and assumptions of forecasted future revenue and EBIT and the selection of the discount rate.

Our audit procedures related to forecasts of future revenue and EBIT and the selection of the discount rate for the PCC reporting unit and certain customer relationships included the following, among others:

We tested the effectiveness of controls over goodwill and indefinite-lived intangible assets, including those over the forecasts of future revenue and EBIT and the selection of the discount rate.

We evaluated management’s ability to accurately forecast future revenue and EBIT by comparing prior year forecasts to actual results in the respective years.

We evaluated the reasonableness of management’s current revenue and EBIT forecasts by comparing the forecasts to historical results, newly executed long-term contracts, customer demand and build schedules, and forecasted information included in analyst and industry reports and certain peer companies’ disclosures.

With the assistance of our fair value specialists, we evaluated the valuation methodologies, the terminal growth rates and discount rate, including testing the underlying source information and the mathematical accuracy of the calculations, and developed a range of independent estimates and compared those to the terminal growth rates and discount rate selected by management.

With the assistance of our fair value specialists, we evaluated the valuation methodologies, and the terminal growth rates and discount rate.

We tested the underlying source information and mathematical accuracy of calculations and developed a range of independent estimates and compared those to the terminal growth rates and discount rate selected by management.

February 24, 2024

| | | | 811,206 | | | | 726,002 | |

| | | | 258,772 | | | | 222,463 | |

| | | | 291,341 | | | | 289,226 | |

| | | | 114,858 | | | | 100,190 | |

| | | | | | | | | | | | | |

| | | | 263,067 | | | | 249,871 | | | | 227,956 | |

| | | | 101,415 | | | | 52,149 | | | | 48,229 | |

| | | | 228,955 | | | | 225,157 | | | | 206,615 | |

| | | | 92,189 | | | | 41,327 | | | | 37,137 | |

| | | Berkshire Hathaway shareholders’ equity | | | | | | | | | | | | | | | | | |

| Balance at December 31, 2020 | | $ | 35,634 | | $ | (4,243 | ) | $ | 444,626 | | $ | (32,853 | ) | $ | 8,172 | | $ | 451,336 | |

| Adoption of ASU 2018-12 | | | — | | | (5,751 | ) | | (677 | ) | | — | | | — | | | (6,428 | ) |

| Balance at January 1, 2021 | | | 35,634 | | | (9,994 | ) | | 443,949 | | | (32,853 | ) | | 8,172 | | | 444,908 | |

| Net earnings (loss) | | | — | | | — | | | 89,937 | | | — | | | 1,012 | | | 90,949 | |

| Acquisition of common stock | | | — | | | — | | | — | | | (26,942 | ) | | — | | | (26,942 | ) |

| Other | | | (6,023 | ) | | | (4,206 | ) | | | (3,382 | ) |

Our operating businesses have been impacted to varying degrees in recent years by government and private sector actions to mitigate the adverse economic effects of the COVID-19 virus and its variants as well as by the development of geopolitical conflicts, supply chain disruptions and government actions to slow inflation.

The economic effects from these events over longer terms cannot be reasonably estimated at this time.

Accordingly, significant estimates used in the preparation of our Consolidated Financial Statements, including those associated with evaluations of certain long-lived assets, goodwill and other intangible assets for impairment, expected credit losses on amounts owed to us and the estimations of certain losses assumed under insurance and reinsurance contracts, may be subject to significant adjustments in future periods.

*(d)*

We consider the severity of the decline in value, creditworthiness of the issuer and other relevant factors.

The report called for by Item 308(a) of Regulation S-K is incorporated herein by reference to Management’s Report on Internal Control Over Financial Reporting, included on page [removed: K-66] [added: K-63] of this report.

The attestation report called for by Item 308(b) of Regulation S-K is incorporated herein by reference to the Report of Independent Registered Public Accounting Firm, included on page [removed: K-67] [added: K-64] of this report.

There has been no change in the Corporation’s internal control over financial reporting during the quarter ended December 31, [removed: 2023] [added: 2024] that has materially affected, or is reasonably likely to materially affect, the Corporation’s internal control over financial reporting.

Berkshire has not adopted a Rule 10b5-1 trading arrangement (as defined in Item 408(a)(1)(i) of Regulation S-K) and no directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the fourth quarter of [removed: 2023.][added: 2024.]

Except for the information set forth under the caption “Executive Officers of the Registrant” in Part I hereof, information required by this Part (Items 10, 11, 12, 13 and 14) is incorporated by reference from the Registrant’s definitive proxy statement, filed pursuant to Regulation 14A, for the Annual Meeting of Shareholders of the Registrant to be held on May [removed: 4, 2024,] [added: 3, 2025,] which will involve the election of directors.

| [Report of Independent Registered Public Accounting Firm](#report_independent_registered_public_acc) (PCAOB ID No. 34) | [removed: K-67] [added: K-64] |

| [Consolidated Balance Sheets—](#consolidated_balance_sheets) [December 31, [removed: 2023] [added: 2024] and December 31, [removed: 2022](#consolidated_balance_sheets)] [added: 2023](#consolidated_balance_sheets)] | [removed: K-70] [added: K-66] |

| [Consolidated Statements of Earnings—](#consolidated_statements_earnings) [Years Ended December 31, [removed: 2023,] [added: 2024,] December 31, [removed: 2022,] [added: 2023,] and December 31, [removed: 2021](#consolidated_statements_earnings)] [added: 2022](#consolidated_statements_earnings)] | [removed: K-72] [added: K-68] |

| [Consolidated Statements of Comprehensive Income—](#consolidated_statements_comprehensive_in) [Years Ended December 31, [removed: 2023,] [added: 2024,] December 31, [removed: 2022,] [added: 2023,] and December 31, [removed: 2021](#consolidated_statements_comprehensive_in)] [added: 2022](#consolidated_statements_comprehensive_in)] | [removed: K-73] [added: K-69] |

| [Consolidated Statements of Changes in Shareholders’ Equity—](#consolidated_statements_changes_in_share) [Years Ended December 31, [removed: 2023,] [added: 2024,] December 31, [removed: 2022,] [added: 2023,] and December 31, [removed: 2021](#consolidated_statements_changes_in_share)] [added: 2022](#consolidated_statements_changes_in_share)] | [removed: K-73] [added: K-69] |

| [Consolidated Statements of Cash Flows—](#consolidated_statements_cash_flows) [Years Ended December 31, [removed: 2023,] [added: 2024,] December 31, [removed: 2022,] [added: 2023,] and December 31, [removed: 2021](#consolidated_statements_cash_flows)] [added: 2022](#consolidated_statements_cash_flows)] | [removed: K-74] [added: K-70] |

| [Notes to Consolidated Financial Statements](#notes_to_consolidated_financial_statemen) | [removed: K-75] [added: K-71] |

| [Report of Independent Registered Public Accounting Firm](#report_of_independent_registered_2) | [removed: K-119] [added: K-118] |

| [Schedule I—Parent Company Condensed Financial Information](#schedule_i) [Balance Sheets as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] Statements of Earnings and Comprehensive Income and Cash Flows for the years ended December 31, [removed: 2023,] [added: 2024,] December 31, [removed: 2022,] [added: 2023,] and December 31, [removed: 2021] [added: 2022] and Note to Condensed Financial Information](#schedule_i) | [removed: K-120] [added: K-119] |

See the “Exhibit Index” at page [removed: K-122.][added: K-121.]

We have audited the consolidated financial statements of Berkshire Hathaway Inc. and subsidiaries (the “Company”) as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] and the Company’s internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] and have issued our report thereon dated February [removed: 24, 2024;] [added: 22, 2025;] such consolidated financial statements and report are included elsewhere in this Form 10-K.

| | | [added: 2024 | | | |] 2023 | | | | 2022 | | |

| Cash and cash equivalents | | $ | [removed: 5,566] [added: 6,337] | | | $ | [removed: 2,777] [added: 5,566] | |

| Short-term investments in U.S. Treasury Bills | | | [removed: 16,140] [added: 89,705] | | | | [removed: 17,628] [added: 16,140] | |

| Investments in and advances to consolidated subsidiaries | | | [removed: 546,566] [added: 568,987] | | | | [removed: 463,094] [added: 546,566] | |

| Investment in The Kraft Heinz Company [added: and other assets] | | | [removed: 13,230] [added: 13,417] | | | | [removed: 12,937] [added: 13,246] | |

| Income taxes, principally deferred | | | [removed: 1,229] [added: 1,477] | | | | [removed: 1,276] [added: 1,229] | |

| Notes payable and other borrowings | | | [removed: 18,781] [added: 21,091] | | | | [removed: 21,393] [added: 18,781] | |

| Berkshire [removed: Hathaway] shareholders’ equity | | | [removed: 561,273] [added: 649,368] | | | | [removed: 473,424] [added: 561,273] | |

| | | [removed: 2023] [added: 2024] | | | | [removed: 2022] [added: 2023] | | | | [removed: 2021] [added: 2022] | | |

| Dividends and distributions | | $ | [removed: 9,717] [added: 72,607] | | | $ | [removed: 15,724] [added: 9,717] | | | $ | [removed: 13,462] [added: 15,724] | |

| Undistributed earnings (losses) | | | [removed: 85,550] [added: 14,314] | | | | [removed: (39,579] [added: 85,550] | [removed: )] | | | [removed: 74,961] [added: (39,579] | [added: )] |

| | | | [removed: 95,267] [added: 86,921] | | | | [removed: (23,855] [added: 95,267] | [removed: )] | | | [removed: 88,423] [added: (23,855] | [added: )] |

| Equity in earnings of The Kraft Heinz Company | | | [removed: 758] [added: 745] | | | | [removed: 628] [added: 758] | | | | [removed: 269] [added: 628] | |

| | | | [removed: 96,924] [added: 89,107] | | | | [removed: (22,848] [added: 96,924] | [removed: )] | | | [removed: 88,800] [added: (22,848] | [added: )] |

| General and administrative | | | [removed: 244] [added: 381] | | | | [removed: 131] [added: 244] | | | | [removed: 136] [added: 131] | |

| Interest expense | | | [removed: 636] [added: 535] | | | | [removed: 513] [added: 636] | | | | [removed: 444] [added: 513] | |

| Foreign exchange gains on non-U.S. Dollar denominated debt | | | [removed: (371] [added: (1,376] | ) | | | [removed: (1,401] [added: (371] | ) | | | [removed: (1,281] [added: (1,401] | ) |

| Income tax expense [removed: (benefit)] | | | [removed: 192] [added: 572] | | | | [removed: 668] [added: 192] | | | | [removed: (436] [added: 668] | [removed: )] |

| Net earnings (loss) attributable to Berkshire [removed: Hathaway] shareholders | | | [removed: 96,223] [added: 88,995] | | | | [removed: (22,759] [added: 96,223] | [removed: )] | | | [removed: 89,937] [added: (22,759] | [added: )] |

| Other comprehensive income attributable to Berkshire [removed: Hathaway] shareholders | | | [removed: 1,289] [added: 179] | | | | [removed: 3,071] [added: 1,289] | | | | [removed: 1,871] [added: 3,071] | |

| Comprehensive income attributable to Berkshire [removed: Hathaway] shareholders | | $ | [removed: 97,512] [added: 89,174] | | | $ | [removed: (19,688] [added: 97,512] | [removed: )] | | $ | [removed: 91,808] [added: (19,688] | [added: )] |

| Net earnings (loss) attributable to Berkshire [removed: Hathaway] shareholders | | $ | [removed: 96,223] [added: 88,995] | | | $ | [removed: (22,759] [added: 96,223] | [removed: )] | | $ | [removed: 89,937] [added: (22,759] | [added: )] |

| Undistributed (earnings) losses of consolidated subsidiaries | | | [removed: (85,550] [added: (14,314] | ) | | | [removed: 39,579] [added: (85,550] | [added: )] | | | [removed: (74,961] [added: 39,579] | [removed: )] |

| Non-cash dividends from subsidiaries | | | [removed: (1,811] [added: (58,339] | ) | | | [removed: (7,220] [added: (1,811] | ) | | | [removed: (2,126] [added: (7,220] | ) |

| Income taxes payable | | | [removed: (44] [added: 294] | [removed: )] | | | [removed: 661] [added: (44] | [added: )] | | | [removed: (389] [added: 661] | [removed: )] |

| Net cash flows from operating activities | | | [removed: 7,611] [added: 13,970] | | | | [removed: 8,462] [added: 7,611] | | | | [removed: 11,388] [added: 8,462] | |

| Investments in and advances to consolidated subsidiaries, net | | | [removed: 2,649] [added: (1,332] | [added: )] | | | [removed: (11,852] [added: 2,649] | [removed: )] | | | [removed: (174] [added: (11,852] | ) |

| Purchases of U.S. Treasury Bills | | | [removed: (27,278] [added: (52,864] | ) | | | [removed: (44,187] [added: (27,278] | ) | | | [removed: (34,988] [added: (44,187] | ) |

| Sales and maturities of U.S. Treasury Bills [added: and other] | | | [removed: 31,234] [added: 40,244] | | | | [removed: 37,915] [added: 31,234] | | | | [removed: 57,296] [added: 38,043] | |

K-117

February 22, 2025

| | | 2024 | | | | 2023 | | |

| | | $ | 678,446 | | | $ | 581,518 | |

| Payable for purchase of U.S. Treasury Bills and other liabilities | | $ | 6,510 | | | $ | 235 | |

| | | | 29,078 | | | | 20,245 | |

| | | $ | 678,446 | | | $ | 581,518 | |

| Other income | | | 1,441 | | | | 899 | | | | 379 | |

| | | | 112 | | | | 701 | | | | (89 | ) |

| Other* | | | (2,666 | ) | | | (1,207 | ) | | | (1,799 | ) |

| Class B common stock issued in exchange for noncontrolling interests | | | 1,045 | | | | — | | | | — | |

——————

* *Includes discount accretion on investments and foreign currency exchange (gains) losses.*

In September and October 2024, Berkshire acquired the remaining 2.12% of Berkshire Hathaway Energy’s (“BHE”) outstanding common stock held by noncontrolling shareholders in exchange for 2,291,631 shares of Berkshire Class B common stock valued at $1.045 billion.

During 2024, the Parent Company repaid approximately $1.9 billion of maturing senior notes.

At various dates in 2024, Berkshire borrowed approximately ¥837.4 billion (approximately $5.5 billion) under senior note issuances and term loan agreements.

The borrowings have interest rates ranging from 0.974% to 2.625% and maturity dates ranging from 2027 to 2054.

| 4.7 | | [Indenture, dated as of January 31, 2025, by and among Berkshire Hathaway Inc., as an issuer and a guarantor of the debt securities issued by Berkshire Hathaway Finance Corporation, Berkshire Hathaway Finance Corporation, as an issuer, 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 31, 2025. SEC File No 333-284622.](https://www.sec.gov/Archives/edgar/data/1067983/000119312525018070/d907543dex41.htm) |

| 19 | | [Insider Trading Policies and Procedures](https://www.sec.gov/Archives/edgar/data/1067983/000095017025025210/brka-ex19.htm) |

| | | |

| | | |

February 24, 2024

| Other assets | | | 16 | | | | 12 | |

| | | $ | 581,518 | | | $ | 496,448 | |

| Accounts payable, accrued interest and other liabilities | | $ | 235 | | | $ | 355 | |

| | | | 20,245 | | | | 23,024 | |

| Investment gains (losses) | | | (7 | ) | | | (34 | ) | | | 35 | |

| Other income | | | 906 | | | | 413 | | | | 73 | |

| | | | 701 | | | | (89 | ) | | | (1,137 | ) |

| Investment (gains) losses | | | 7 | | | | 34 | | | | (35 | ) |

| Other | | | (1,214 | ) | | | (1,833 | ) | | | (1,038 | ) |

| Other | | | — | | | | 128 | | | | — | |

Certain 2022 and 2021 amounts were revised for the adoption of Accounting Standards Update 2018-12 “Targeted Improvements to the Accounting for Long-Duration Contracts.” See Note 1(w) to the Consolidated Financial Statements.

During 2023, the Parent Company repaid approximately $4.3 billion of maturing senior notes and issued ¥286.4 billion (approximately $2.05 billion) of senior notes with a weighted average interest rate of 1.15% and maturities ranging from 2026 to 2058.

K-124