Berkshire Hathaway 2001 Annual Report Download - page 33

Download and view the complete annual report

Please find page 33 of the 2001 Berkshire Hathaway annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 74

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74

32
Notes to Consolidated Financial Statements (Continued)
(4) Investments in securities with fixed maturities
Data with respect to investments in securities with fixed maturities are shown below (in millions).
Amortized Unrealized Unrealized Fair
Cost(2) Gains Losses Value
December 31, 2001(1)
Available for sale:
Bonds:
U.S. Treasury securities and obligations of
U.S. government corporations and agencies.............. $ 8,969 $ 62 $(212) $ 8,819
Obligations of states, municipalities
and political subdivisions........................................... 7,390 98 (43) 7,445
Obligations of foreign governments................................ 2,460 55 (15) 2,500
Corporate bonds .............................................................. 5,802 427 (498) 5,731
Redeemable preferred stocks .............................................. 93 1 (4) 90
Mortgage-backed securities ................................................ 11,379 257 (2) 11,634
36,093 900 (774) 36,219
Held to maturity securities ..................................................... 290 94 – 384
$36,383 $994 $(774) $36,603
Amortized Unrealized Unrealized Fair
Cost(2) Gains Losses Value
December 31, 2000(1)
Available for sale:
Bonds:
U.S. Treasury securities and obligations of
U.S. government corporations and agencies.............. $ 3,662 $ 26 $ (9) $ 3,679
Obligations of states, municipalities
and political subdivisions........................................... 8,185 45 (57) 8,173
Obligations of foreign governments................................ 1,944 19 (20) 1,943
Corporate bonds .............................................................. 5,918 147 (209) 5,856
Redeemable preferred stocks .............................................. 102 – (5) 97
Mortgage-backed securities ................................................ 12,609 275 (65) 12,819
$32,420 $512 $(365) $32,567
(1) Amounts above exclude securities with fixed maturities held by finance and financial products businesses. See
Note 9.
(2) In connection with the acquisition of General Re on December 21, 1998, fixed maturity securities with a fair
value of $17.6 billion were acquired. Such amount was approximately $1.2 billion in excess of General Re’s
historical amortized cost. The unamortized excess amount was $565 million at December 31, 2001 and $680
million at December 31, 2000.
Shown below are the amortized cost and estimated fair values of securities with fixed maturities at December 31,
2001, 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.
Amortized Fair
Cost Value
Due in one year or less ............................................................................................... $ 2,498 $ 2,563
Due after one year through five years ........................................................................ 5,141 5,265
Due after five years through ten years........................................................................ 6,022 6,016
Due after ten years...................................................................................................... 11,281 11,063
24,942 24,907
Mortgage-backed securities........................................................................................ 11,441 11,696
$36,383 $36,603