Berkshire Hathaway 1998 Annual Report Download - page 70

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69
BERKSHIRE HATHAWAY INC.
MANUFACTURING, RETAILING AND SERVICES BUSINESSES
Balance Sheets
(dollars in millions)
December 31,
1998 1997
Assets
Cash and cash equivalents ................................................. $ 281 $ 103
Accounts receivable ...................................................... 823 624
Inventories ............................................................. 727 599
Properties and equipment .................................................. 1,190 892
Other ................................................................. 331 156
$3,352 $2,374
Liabilities
Accounts payable, accruals and other ......................................... $ 761 $ 532
Income taxes ............................................................ 166 157
Term debt and other borrowings ............................................. 442 216
1,369 905
Equity
Minority shareholders’ .................................................... 75 52
Berkshire shareholders’ ................................................... 1,908 1,417
1,983 1,469
$3,352 $2,374
Statements of Earnings
(dollars in millions)
1998 1997 1996
Revenues:
Sales and service revenues ........................................... $4,67 $3,61 $3,09
5 5 5
Interest income .................................................... 8 7 6
4,683 3,622 3,101
Cost and expenses:
Cost of products and services sold ...................................... 3,010 2,179 1,876
Selling, general and administrative expenses ............................. 1,014 899 832
Interest on debt .................................................... 19 20 16
4,043 3,098 2,724
Earnings from operations before income taxes ............................ 640 524 377
Income tax expense ................................................. 234 200 138
406 324 239
Minority interest ................................................... 5 6 5
Net earnings ...................................................... $ 401 $ 318 $ 234
This presentation reflects the results of operations of FlightSafety International, Star Furniture Company,
International Dairy Queen and Executive Jet from their respective dates of acquisition; (FlightSafety — December 23,
1996; Star Furniture — July 1, 1997; International Dairy Queen — January 7, 1998; Executive Jet — August 7, 1998).
Purchase accounting adjustments, including goodwill, arising from Berkshire's business acquisitions are not reflected
in these statements, but instead are reflected in the statements of non-operating activities at page 71.
These statements do not conform to GAAP in all respects
These statements are unaudited