Berkshire Hathaway 1998 Annual Report Download - page 23

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22
BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(dollars in millions except per share amounts)
December 31,
1998 1997
ASSETS
Cash and cash equivalents .............................................. $ 13,582 $ 1,002
Investments:
Securities with fixed maturities ......................................... 21,246 10,298
Equity securities and other investments .................................. 39,761 36,248
Receivables ......................................................... 7,224 1,711
Inventories ......................................................... 767 639
Assets of finance and financial products businesses ........................... 16,989 1,249
Property, plant and equipment ........................................... 1,491 1,057
Goodwill of acquired businesses ......................................... 18,446 3,067
Other assets ......................................................... 2,731 840
$122,237 $56,111
LIABILITIES AND SHAREHOLDERS’ EQUITY
Losses and loss adjustment expenses ...................................... $23,012 $ 6,850
Unearned premiums .................................................. 3,324 1,274
Accounts payable, accruals and other liabilities .............................. 7,182 2,202
Income taxes, principally deferred ........................................ 11,762 10,539
Borrowings under investment agreements and other debt ....................... 2,385 2,267
Liabilities of finance and financial products businesses ........................ 15,525 1,067
63,190 24,199
Minority shareholders’ interests ......................................... 1,644 457
Shareholders’ equity:
Common Stock:*
Class A Common Stock, $5 par value
and Class B Common Stock, $0.1667 par value .......................... 8 7
Capital in excess of par value .......................................... 25,121 2,347
Accumulated other comprehensive income ................................ 18,510 18,198
Retained earnings ................................................... 13,764 10,934
57,403 31,486
Less: Cost of Class A common shares in treasury ............................ — 31
Total shareholders’ equity ........................................... 57,403 31,455
$122,237 $56,111
* Class B Common Stock has economic rights equal to one-thirtieth (1/30) of the economic rights of Class A
Common Stock. Accordingly, on an equivalent Class A Common Stock basis, there are 1,518,548 shares
outstanding at December 31, 1998 versus 1,234,127 outstanding at December 31, 1997.
See accompanying Notes to Consolidated Financial Statements