Berkshire Hathaway 1998 Annual Report Download - page 31

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30
Notes to Consolidated Financial Statements (Continued)
(3) Investments in securities with fixed maturities
The amortized cost and estimated fair values of investments in securities with fixed maturities as of December 31,
1998 and 1997 are as follows (in millions):
December 31, 1998 Gross Gross Estimated
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
Bonds:
U.S. Treasury securities and obligations of
U.S. government corporations and agencies ......... $2,518 $10 — $2,528
Obligations of states, municipalities
and political subdivisions ...................... 9,574 73 — 9,647
Obligations of foreign governments ................ 2,864 — — 2,864
Corporate bonds .............................. 4,609 — — 4,609
Redeemable preferred stocks ...................... 359 3 (7) 355
Mortgage-backed securities ....................... 1,235 8 — 1,243
$21,159 $ 94 $ (7) $21,246
December 31, 1997 Gross Gross Estimated
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
Bonds:
U.S. Treasury securities and obligations of
U.S. government corporations and agencies ......... $5,890 $ 601 $ (1) $6,490
Obligations of states, municipalities
and political subdivisions ...................... 2,151 58 — 2,209
Corporate bonds .............................. 35 — — 35
Redeemable preferred stocks ...................... 764 516 — 1,280
Mortgage-backed securities ....................... 273 11 — 284
$9,113 $1,186 $ (1) $10,298
Amounts above exclude securities with fixed maturities held by finance businesses. See Note 6.
Shown below are the amortized cost and estimated fair values of securities with fixed maturities at December 31,
1998, by contractual maturity dates. Actual maturities will differ from contractual maturities because issuers of certain of
the securities retain early call or prepayment rights. Amounts are in millions. Estimated
Amortized Fair
Cost Value
Due in one year or less ........................................... $ 2,190 $ 2,188
Due after one year through five years ................................. 5,194 5,232
Due after five years through ten years ................................ 6,295 6,335
Due after ten years ............................................... 6,245 6,248
19,924 20,003
Mortgage-backed securities ........................................ 1,235 1,243
$21,159 $21,246