Berkshire Hathaway 1999 Annual Report Download - page 68

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67
BERKSHIRE HATHAWAY INC.
MANUFACTURING, RETAILING AND SERVICES BUSINESSES
Balance Sheets
(dollars in millions)
December 31,
1999 1998
Assets
Cash and cash equivalents ................................................. $ 370 $ 281
Accounts receivable ...................................................... 923 823
Inventories ............................................................. 806 727
Properties and equipment .................................................. 1,509 1,190
Other ................................................................. 388 331
$3,996 $3,352
Liabilities
Accounts payable, accruals and other ......................................... $ 908 $ 761
Income taxes ............................................................ 196 166
Term debt and other borrowings ............................................. 740 442
1,844 1,369
Equity
Minority shareholders’ .................................................... 75 75
Berkshire shareholders’ ................................................... 2,077 1,908
2,152 1,983
$3,996 $3,352
Statements of Earnings
(dollars in millions)
1999 1998 1997
Revenues:
Sales and service revenues .......................................... $5,918 $4,675 $3,615
Interest income ................................................... 11 8 7
5,929 4,683 3,622
Cost and expenses:
Cost of products and services sold ..................................... 4,061 3,010 2,179
Selling, general and administrative expenses ............................ 1,126 1,014 899
Interest on debt ................................................... 31 19 20
5,218 4,043 3,098
Earnings from operations before income taxes ........................... 711 640 524
Income tax expense ................................................ 267 234 200
444 406 324
Minority interest .................................................. 5 5 6
Net earnings ..................................................... $ 439 $ 401 $ 318
This presentation reflects the results of operations of Star Furniture Company, International Dairy Queen, Executive
Jet and Jordan’s Furniture from their respective dates of acquisition; (Star Furniture — July 1, 1997; International Dairy
Queen — January 7, 1998; Executive Jet — August 7, 1998; Jordan’s Furniture — November 13, 1999).
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 69.
These statements do not conform to GAAP in all respects
These statements are unaudited