Berkshire Hathaway 10-Q 2023-03-31

Filed 2023-05-08. 8 sections, 221K characters. Original on sec.gov · Markdown · JSON

Cover and table of contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


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

For the quarterly period ended March 31, 2023


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

For the transition period from to

Commission file number 001-14905

BERKSHIRE HATHAWAY INC**.**

(Exact name of registrant as specified in its charter)


Delaware	47-0813844
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

3555 Farnam Street**,** Omaha**,** Nebraska 68131

(Address of principal executive office) (Zip Code)

(402) 346-1400

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

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


Title of each class	Trading Symbols	Name of each exchange on which registered
Class A Common Stock Class B Common Stock 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 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 New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Number of shares of common stock outstanding as of April 25, 2023:


Class A —	585,848
Class B —	1,295,970,861

BERKSHIRE HATHAWAY INC.


		Page No.

Part I – Financial Information

Item 1. Financial Statements
	Consolidated Balance Sheets—March 31, 2023 and December 31, 2022	2
	Consolidated Statements of Earnings—First Quarter 2023 and 2022	4
	Consolidated Statements of Comprehensive Income—First Quarter 2023 and 2022	5
	Consolidated Statements of Changes in Shareholders’ Equity—First Quarter 2023 and 2022	5
	Consolidated Statements of Cash Flows—First Quarter 2023 and 2022	6
	Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	47
Item 4.	Controls and Procedures	47

Part II – Other Information		47

Item 1.	Legal Proceedings	47
Item 1A.	Risk Factors	47
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities	48
Item 3.	Defaults Upon Senior Securities	48
Item 4.	Mine Safety Disclosures	48
Item 5.	Other Information	48
Item 6.	Exhibits	50

Signature		50

Part I Financia****l Information

Item 1. Financial Statements

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED BA****LANCE SHEETS

(dollars in millions)


	March 31, 2023		December 31, 2022
	(Unaudited)
ASSETS
Insurance and Other:
Cash and cash equivalents*	$	23,805	$	32,260
Short-term investments in U.S. Treasury Bills		103,869		92,774
Investments in fixed maturity securities		22,566		25,128
Investments in equity securities		328,161		308,793
Equity method investments		26,403		28,050
Loans and finance receivables		23,144		23,208
Other receivables		45,674		43,490
Inventories		25,499		25,366
Property, plant and equipment		21,208		21,113
Equipment held for lease		15,674		15,584
Goodwill		50,997		51,522
Other intangible assets		30,001		29,187
Deferred charges - retroactive reinsurance		9,699		9,870
Other		19,729		19,657
		746,429		726,002
Railroad, Utilities and Energy:
Cash and cash equivalents*		2,942		3,551
Receivables		6,814		4,795
Property, plant and equipment		168,973		160,268
Goodwill		32,505		26,597
Regulatory assets		5,557		5,062
Other		33,852		22,190
		250,643		222,463
	$	997,072	$	948,465

——————

*** *Includes U.S. Treasury Bills with maturities of three months or less when purchased of $*3.6 *billion at March 31, 2023 and $*2.6 billion at December 31, 2022.

See accompanying Notes to Consolidated Financial Statements

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CON****SOLIDATED BALANCE SHEETS

(dollars in millions)


	March 31, 2023			December 31, 2022
	(Unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Insurance and Other:
Unpaid losses and loss adjustment expenses	$	107,957		$	107,472
Unpaid losses and loss adjustment expenses under retroactive reinsurance contracts		35,063			35,415
Unearned premiums		30,359			28,657
Life, annuity and health insurance benefits		19,937			19,753
Other policyholder liabilities		11,231			11,370
Accounts payable, accruals and other liabilities		32,842			33,201
Aircraft repurchase liabilities and unearned lease revenues		7,052			6,820
Notes payable and other borrowings		41,436			46,538
		285,877			289,226
Railroad, Utilities and Energy:
Accounts payable, accruals and other liabilities		19,683			16,615
Regulatory liabilities		6,858			7,369
Notes payable and other borrowings		82,188			76,206
		108,729			100,190
Income taxes, principally deferred		86,206			77,368
Total liabilities		480,812			466,784
Redeemable noncontrolling interests		3,183			—
Shareholders’ equity:
Common stock		8			8
Capital in excess of par value		35,156			35,167
Accumulated other comprehensive income		(4,976	)		(5,052	)
Retained earnings		546,631			511,127
Treasury stock, at cost		(72,265	)		(67,826	)
Berkshire Hathaway shareholders’ equity		504,554			473,424
Noncontrolling interests		8,523			8,257
Total shareholders’ equity		513,077			481,681
	$	997,072		$	948,465

See accompanying Notes to Consolidated Financial Statements

BERKSHIRE HATHAWAY INC.

and Subsidiaries

CONSOLIDATED STATEM****ENTS OF EARNINGS

(dollars in millions except per share amounts)

(Unaudited)


	First Quarter
	2023		2022
Revenues:
Insurance and Other:
Insurance premiums earned	$	19,796	$	17,488
Sales and service revenues		38,388		37,862
Leasing revenues		2,044		1,672
Interest, dividend and other investment income		3,229		1,862
		63,457		58,884
Railroad, Utilities and Energy:
Freight rail transportation revenues		6,001		5,944
Utility and energy operating revenues		14,917		4,818
Service revenues and other income		1,018		1,197
		21,936		11,959
Total revenues		85,393		70,843

Investment and derivative contract gains (losses)		34,758		(1,978	)

Costs and expenses:
Insurance and Other:
Insurance losses and loss adjustment expenses		14,221		13,332
Life, annuity and health insurance benefits		785		1,337
Insurance underwriting expenses		3,587		2,604
Cost of sales and services		30,319		29,785
Cost of leasing		1,477		1,232
Selling, general and administrative expenses		5,602		4,251
Interest expense		328		264
		56,319		52,805
Railroad, Utilities and Energy:
Freight rail transportation expenses		4,161		3,925
Utilities and energy cost of sales and other expenses		13,846		3,591
Other expenses		871		1,156
Interest expense		890		770
		19,768		9,442
Total costs and expenses		76,087		62,247
Earnings before income taxes and equity method earnings		44,064		6,618
Equity method earnings		688		339
Earnings before income taxes		44,752		6,957
Income tax expense		8,995		1,252
Net earnings		35,757		5,705
Earnings attributable to noncontrolling interests		253		125
Net earnings attributable to Berkshire Hathaway shareholders	$	35,504	$	5,580
Net earnings per average equivalent Class A share	$	24,377	$	3,784
Net earnings per average equivalent Class B share*	$	16.25	$	2.52
Average equivalent Class A shares outstanding		1,456,438		1,474,703
Average equivalent Class B shares outstanding		2,184,657,109		2,212,054,009

——————

*** Class B shares are economically equivalent to one-fifteen-hundredth of a Class A share. Accordingly, net earnings per average equivalent Class B share outstanding is equal to one-fifteen-hundredth of the equivalent Class A amount. See Note 19.

See accompanying Notes to Consolidated Financial Statements

BERKSHIRE HATHAWAY INC.

and Subsidiaries

**CONSOLIDATED STAT

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Insurance—Underwriting (Continued)

Berkshire Hathaway Primary Group (Continued)

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


	First Quarter
	2023				2022
	Amount		%		Amount		%
Premiums written	$	4,158			$	3,392
Premiums earned	$	3,961		100.0	$	3,118		100.0
Losses and loss adjustment expenses		2,656		67.1		2,274		72.9
Underwriting expenses		1,037		26.1		752		24.1
Total losses and expenses		3,693		93.2		3,026		97.0
Pre-tax underwriting earnings	$	268			$	92

Premiums written increased $766 million (22.6%) in the first quarter of 2023 compared to 2022. The increase was primarily due to the inclusion of Alleghany Insurance ($570 million), as well as increased volumes from BH Specialty, BH Direct and USLI.

Losses and loss adjustment expenses increased $382 million (16.8%) in the first quarter of 2023 compared to 2022, primarily due to the impact of Alleghany Insurance ($233 million). BH Primary’s loss ratio decreased 5.8 percentage points in the first quarter of 2023 compared to 2022, reflecting changes in business mix (including the impact of Alleghany Insurance), lower incurred losses from current year catastrophes and increased reductions in loss estimates for prior years’ events. Incurred losses from significant catastrophes during the first quarter were $37 million in 2023 and $75 million in 2022. Incurred losses and loss adjustment expenses reflected net reductions in estimated ultimate liabilities for prior years’ loss events of $41 million in the first quarter of 2023 and $22 million in the first quarter of 2022. BH Primary insurers write significant levels of workers’ compensation, commercial and professional liability insurance and the related claim costs may be subject to high severity and long claim-tails. Claims liabilities could be greater than anticipated due to a variety of factors.

Underwriting expenses increased $285 million (37.9%) in the first quarter of 2023 compared to 2022. Alleghany Insurance underwriting expenses for the first quarter of 2023 were $139 million. Underwriting expenses as percentages of premiums earned increased 2.0 percentage points in the first quarter of 2023 compared to 2022. The increase was primarily attributable to changes in business mix.

Berkshire Hathaway Reinsurance Group

The Berkshire Hathaway Reinsurance Group (“BHRG”) offers excess-of-loss and quota-share reinsurance coverages on property and casualty risks to insurers and reinsurers worldwide through several subsidiaries, led by National Indemnity Company (“NICO”), General Reinsurance Corporation, General Reinsurance AG and, beginning October 19, 2022, Alleghany’s Transatlantic Reinsurance Company and affiliates (“TransRe Group”). We also write life and health reinsurance coverages through General Re Life Corporation, General Reinsurance AG and Berkshire Hathaway Life Insurance Company of Nebraska (“BHLN”). We assume property and casualty risks under retroactive reinsurance contracts written through NICO and we write periodic payment annuity contracts through BHLN.

A summary of BHRG’s premiums and pre-tax underwriting results follows (in millions). Pre-tax underwriting losses in the first quarter of 2022 were increased $14 million for the life and health business and $16 million for the periodic payment annuity business, while earnings from the variable annuity business were increased $175 million from the previously reported amounts due to the retrospective adoption of ASU 2018-12.


	First Quarter
	Premiums earned				Pre-tax underwriting earnings (loss)
	2023		2022		2023			2022
Property/casualty	$	5,149	$	3,399	$	390		$	405
Life/health		1,060		1,248		137			(26	)
Retroactive reinsurance		—		—		(195	)		(190	)
Periodic payment annuity		—		169		(164	)		(119	)
Variable annuity		—		—		63			231
	$	6,209	$	4,816	$	231		$	301

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Insurance—Underwriting (Continued)

Berkshire Hathaway Reinsurance Group (Continued)

Property/casualty

A summary of property/casualty reinsurance underwriting results follows (dollars in millions).


	First Quarter
	2023				2022
	Amount		%		Amount		%
Premiums written	$	6,268			$	4,386
Premiums earned	$	5,149		100.0	$	3,399		100.0
Losses and loss adjustment expenses		3,387		65.8		2,307		67.9
Underwriting expenses		1,372		26.6		687		20.2
Total losses and expenses		4,759		92.4		2,994		88.1
Pre-tax underwriting earnings	$	390			$	405

Premiums written in the first quarter of 2023 included $1.3 billion from the inclusion of TransRe Group. Otherwise, premiums written increased $542 million (12.4%) in the first quarter of 2023 compared to 2022, primarily due to net increases in new and renewal property business and higher rates, partially offset by unfavorable foreign currency translation effects.

Losses and loss adjustment expenses increased $1.1 billion (46.8%) in the first quarter of 2023 compared to 2022, primarily from the inclusion of TransRe Group ($700 million). The loss ratio decreased 2.1 percentage points in the first quarter of 2023 compared to 2022. Losses incurred from significant catastrophes during the first quarter were $407 million in 2023 and $315 million in 2022. Losses and loss adjustment expenses included reductions in estimated ultimate liabilities for prior years’ events of $361 million in the first quarter of 2023 and $137 million in the first quarter of 2022.

The expense ratio i

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Reference is made to Berkshire’s Annual Report on Form 10-K for the year ended December 31, 2022 and in particular the “Market Risk Disclosures” included in “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” As of March 31, 2023, there were no material changes in the market risks described in Berkshire’s Annual Report.

Item 4. Controls and Procedures

As of the end of the period covered by this Quarterly Report on Form 10-Q, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Chairman (Chief Executive Officer) and the Senior Vice President (Chief Financial Officer), of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rule 13a-15. Based upon that evaluation, the Chairman (Chief Executive Officer) and the Senior Vice President (Chief Financial Officer) concluded that the Company’s disclosure controls and procedures are effective in timely alerting them to material information relating to the Company (including its consolidated subsidiaries) required to be included in the Company’s periodic SEC filings. During the quarter, there have been no significant changes in the Company’s internal control over financial reporting or in other factors that could significantly affect internal control over financial reporting.

Part II Other Information

Item 1. Legal Proceedings

Berkshire and its subsidiaries are parties in a variety of legal actions that routinely arise out of the normal course of business, including legal actions seeking to establish liability directly through insurance contracts or indirectly through reinsurance contracts issued by Berkshire subsidiaries. Plaintiffs occasionally seek punitive or exemplary damages. We do not believe that such normal and routine litigation will have a material effect on our financial condition or results of operations. Berkshire and certain of its subsidiaries are also involved in other kinds of legal actions, some of which assert or may assert claims or seek to impose fines and penalties. We currently believe that any liability that may arise as a result of other pending legal actions will not have a material effect on our consolidated financial condition or results of operations.

Item 1A. Risk Factors

Our significant business risks are described in Item 1A to Form 10-K for the year ended December 31, 2022, to which reference is made herein. The risks and uncertainties we describe are not the only ones facing us. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business or operations. Any adverse effect on our business, financial condition or operating results could result in a decline in the value of our securities and the loss of all or part of your investment.

Item 2. Unregistered Sales of Equity Securities and Use o****f Proceeds and Issuer Repurchases of Equity Securities

Berkshire’s common stock repurchase program permits Berkshire to repurchase its Class A and Class B shares any time that Warren Buffett, Berkshire’s Chairman of the Board and Chief Executive Officer, and Charlie Munger, Vice Chairman of the Board, believe that the repurchase price is below Berkshire’s intrinsic value, conservatively determined. Repurchases may be in the open market or through privately negotiated transactions. Information with respect to Berkshire’s Class A and Class B common stock repurchased during the first quarter of 2023 follows.


Period	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
January
Class A common stock		468	$	475,158.19		468	*
Class B common stock		1,323,333	$	310.87		1,323,333	*

February
Class A common stock		249	$	464,461.13		249	*
Class B common stock		892,938	$	304.58		892,938	*

March
Class A common stock		4,386	$	465,791.01		4,386	*
Class B common stock		4,500,593	$	305.57		4,500,593	*

** The program does not specify a maximum number of shares to be repurchased or obligate Berkshire to repurchase any specific dollar amount or number of Class A or Class B shares and there is no expiration date to the repurchase program. Berkshire will not repurchase its common stock if the repurchases reduce the total value of Berkshire’s consolidated cash, cash equivalents and U.S. Treasury Bills holdings to less than $30 billion.*

Item 3. Defaults Upo****n Senior Securities

None

Item 4. Mine Safe****ty Disclosures

Information regarding the Company’s mine safety violations and other legal matters disclosed in accordance with Section 1503(a) of the Dodd-Frank Reform Act is included in Exhibit 95 to this Form 10-Q.

Item 5. Other Information

As disclosed in Notes 2 and 16 to the accompanying Consolidated Financial Statements included in this Form 10-Q, we adopted ASU 2018-12 on January 1, 2023 on the modified retrospective basis beginning as of the January 1, 2021 transition date. Most significantly, ASU 2018-12 changed the measurement of our long duration life, annuity and health insurance benefit liabilities, primarily attributable to changes in discount rate assumptions used in measuring such liabilities. ASU 2018-12 also made relatively minor modifications to the accounting for deferred policy acquisition cost amortization and changed the classification and measurement of certain market risk benefit liabilities, such as those related to variable annuity contracts.

Item 5. Other Information (Continued)

A summary of the revisions to the affected balances included in our previously reported Consolidated Financial Statements for the years ended December 31, 2021 and 2022 and as of the January 1, 2021 transition date follows. Amounts are in millions, except per share amounts.


	Dec. 31, 2020			January 1, 2021						December 31, 2021									December 31, 2022
	Previously reported			Increase (decrease)			As revised			Previously reported			Increase (decrease)			As revised			Previously reported			Increase (decrease)			As revised
Assets:
Other receivables	$	32,310		$	738		$	33,048		$	35,388		$	580		$	35,968		$	43,506		$	(16	)	$	43,490
Other		14,580			—			14,580			15,854			24			15,878			19,628			29			19,657
Total assets		873,729		$	738			874,467			958,784		$	604			959,388			948,452		$	13			948,465
Liabilities and shareholders’ equity:
Unearned premiums		21,395		$	(56	)		21,339			23,512		$	(56	)		23,456			28,657		$	—			28,657
Life, annuity and health insurance benefits		21,616			7,220			28,836			22,282			5,013			27,295			22,421			(2,668	)		19,753
Other policyholder liabilities		8,670			1,697			10,367			9,901			1,485			11,386			10,101			1,269			11,370
Income taxes, principally deferred		74,098			(1,695	)		72,403			90,243			(1,207	)		89,036			77,020			348			77,368
Total liabilities		422,393			7,166			429,559			443,854			5,235			449,089			467,835			(1,051	)		466,784
Accumulated other comprehensive income		(4,243	)		(5,751	)		(9,994	)		(4,027	)		(4,096	)		(8,123	)		(6,591	)		1,539			(5,052	)
Retained earnings		444,626			(677	)		443,949			534,421			(535	)		533,886			511,602			(475	)		511,127
Berkshire Hathaway shareholders’ equity		443,164			(6,428	)		436,736			506,199			(4,631	)		501,568			472,360			1,064			473,424
Total shareholders’ equity		451,336			(6,428	)		444,908			514,930			(4,631	)		510,299			480,617			1,064			481,681
Total liabilities and shareholders’ equity		873,729		$	738			874,467			958,784		$	604			959,388			948,452		$	13			948,465


	Year ended December 31, 2021									Year ended December 31, 2022
	Previously reported			Increase (decrease)			As revised			Previously reported			Increase (decrease)			As revised
Revenues:
Insurance premiums earned	$	69,478		$	(18	)	$	69,460		$	74,645		$	(69	)	$	74,576
Cost and expenses:
Life, annuity and health insurance benefits		6,007			(183	)		5,824			5,152			91			5,243
Insurance underwriting expenses		12,569			(10	)		12,559			11,942			(236	)		11,706
Earnings (loss) before income taxes		111,686			175			111,861			(30,576	)		76			(30,500	)
Income tax expense (benefit)		20,879			33			20,912			(8,518	)		16			(8,502	)
Net earnings (loss)		90,807			142			90,949			(22,058	)		60			(21,998	)
Net earnings (loss) attributable to Berkshire Hathaway shareholders		89,795			142			89,937			(22,819	)		60			(22,759	)
Other comprehensive income:
Foreign currency translation		(1,011	)		—			(1,011	)		(2,136	)		(2	)		(2,138	)
Long duration insurance contracts		—			2,108			2,108			—			7,177			7,177
Applicable income taxes		—			(453	)		(453	)		—			(1,540	)		(1,540	)
Other comprehensive income, net		234			1,655			1,889			(2,625	)		5,635			3,010
Comprehensive income attributable to Berkshire Hathaway shareholders		90,011			1,797			91,808			(25,383	)		5,695			(19,688	)
Net earnings (loss) per average equivalent Class A share	$	59,460		$	94		$	59,554		$	(15,535	)	$	41		$	(15,494	)
Net earnings (loss) per average equivalent Class B share	$	39.64		$	0.06		$	39.70		$	(10.36	)	$	0.03		$	(10.33	)

Item 6. Exhibits


	a. Exhibits

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

3(ii)	By-Laws Incorporated by reference to Exhibit 3(ii) to Form 8-K filed on May 4, 2022.

31.1	Rule 13a-14(a)/15d-14(a) Certifications

31.2	Rule 13a-14(a)/15d-14(a) Certifications

32.1	Section 1350 Certifications

32.2	Section 1350 Certifications

95	Mine Safety Disclosures

101	The following financial information from Berkshire Hathaway Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, formatted in iXBRL (Inline Extensible Business Reporting Language) includes: (i) the Cover Page (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Earnings, (iv) the Consolidated Statements of Comprehensive Income, (v) the Consolidated Statements of Changes in Shareholders’ Equity, (vi) the Consolidated Statements of Cash Flows, and (vii) the Notes to Consolidated Financial Statements, tagged in summary and detail.

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

SIGNAT****URE

Pursuant to the requirement of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.


		BERKSHIRE HATHAWAY INC.
		(Registrant)

Date: May 6, 2023		/S/ MARC D. HAMBURG
		(Signature)
		Marc D. Hamburg,
		Senior Vice President and
		Principal Financial Officer