Berkshire Hathaway 2000 Annual Report Download - page 72

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71
BERKSHIRE HATHAWAY INC.
MANUFACTURING, RETAILING AND SERVICES BUSINESSES
Balance Sheets
(dollars in millions)
December 31,
2000 1999
Assets
Cash and cash equivalents................................................................................................... $ 400 $ 370
Accounts receivable............................................................................................................. 1,226 923
Inventories .......................................................................................................................... 1,215 806
Investments in MidAmerican Energy Holdings Company.................................................... 1,719
Properties and equipment .................................................................................................... 2,250 1,509
Other................................................................................................................................... 921 388
$7,731 $3,996
Liabilities
Accounts payable, accruals and other .................................................................................. $1,674 $ 908
Income taxes ....................................................................................................................... 187 196
Term debt and other borrowings.......................................................................................... 1,213 740
3,074 1,844
Equity
Minority shareholders’ ........................................................................................................ 59 75
Berkshire shareholders’ ....................................................................................................... 4,598 2,077
4,657 2,152
$7,731 $3,996
Statements of Earnings
(dollars in millions)
2000 1999 1998
Revenues:
Sales and service revenues................................................................................... $7,326 $5,918 $4,675
Income from MidAmerican Energy Holdings Company ...................................... 197  
Interest income.................................................................................................... 18 11 8
7,541 5,929 4,683
Cost and expenses:
Cost of products and services sold ....................................................................... 4,893 4,061 3,010
Selling, general and administrative expenses....................................................... 1,657 1,126 1,014
Interest on debt.................................................................................................... 85 31 19
6,635 5,218 4,043
Earnings from operations before income taxes..................................................... 906 711 640
Income tax expense ............................................................................................. 334 267 234
572 444 406
Minority interest ................................................................................................. 21 5 5
Net earnings........................................................................................................ $ 551 $ 439 $ 401
This presentation reflects the results of operations of recent business acquisitions from their respective dates
of acquisition; (International Dairy Queen — January 7, 1998; Executive Jet — August 7, 1998; Jordan’s
Furniture — November 13, 1999; CORT Business Services — February 18, 2000; MidAmerican Energy — March
14, 2000 (accounted for on the equity method); Ben Bridge Jeweler — July 3, 2000; Acme Building Brands and
Justin Brands — August 1, 2000; Benjamin Moore — December 18, 2000).
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 73.
These statements do not conform to GAAP in all respects
These statements are unaudited