Berkshire Hathaway 2001 Annual Report Download - page 24

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23
BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS
(dollars in millions except per share amounts)
Year Ended December 31,
2001 2000 1999
Revenues:
Insurance premiums earned............................................................... $17,905 $19,343 $14,306
Sales and service revenues ................................................................ 14,902 7,361 5,918
Interest, dividend and other investment income ................................ 2,765 2,686 2,314
Income from MidAmerican Energy Holdings Company .................. 165 105 —
Income from finance and financial products businesses ................... 568 556 125
Realized investment gain................................................................... 1,363 3,955 1,365
37,668 34,006 24,028
Cost and expenses:
Insurance losses and loss adjustment expenses ................................. 18,398 17,332 12,518
Insurance underwriting expenses ...................................................... 3,574 3,632 3,220
Cost of products and services sold .................................................... 10,446 4,893 4,065
Selling, general and administrative expenses .................................... 3,000 1,703 1,164
Goodwill amortization....................................................................... 572 715 477
Interest expense................................................................................. 209 144 134
36,199 28,419 21,578
Earnings before income taxes and minority interest....................... 1,469 5,587 2,450
Income taxes...................................................................................... 620 2,018 852
Minority interest................................................................................ 54 241 41
Net earnings ........................................................................................ $ 795 $ 3,328 $ 1,557
Average common shares outstanding *............................................. 1,527,234 1,522,933 1,519,703
Net earnings per common share *..................................................... $ 521 $ 2,185 $ 1,025
* Average shares outstanding include average Class A Common shares and average Class B Common
shares determined on an equivalent Class A Common Stock basis. Net earnings per common share
shown above represents net earnings per equivalent Class A Common share. Net earnings per Class B
Common share is equal to one-thirtieth (1/30) of such amount or $17 per share for 2001, $73 per share
for 2000, and $34 per share for 1999.
See accompanying Notes to Consolidated Financial Statements