Berkshire Hathaway 2002 Annual Report Download - page 40

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(4) Investments in securities with fixed maturities (Continued)
Shown below are the amortized cost and estimated fair values of securities with fixed maturities at
December 31, 2002, 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 ............................................................................................... $ 4,184 $ 4,301
Due after one year through five years ........................................................................ 7,601 7,995
Due after five years through ten years........................................................................ 9,881 10,850
Due after ten years...................................................................................................... 12,508 13,647
34,174 36,793
Mortgage-backed securities........................................................................................ 17,376 18,166
$51,550 $54,959
(5) Investments in equity securities
Data with respect to investments in equity securities are shown below. Amounts are in millions.
Unrealized Fair
Cost Gains(2) Value
December 31, 2002
Common stock of:
American Express Company(1) ............................................................................ $1,470 $ 3,889 $ 5,359
The Coca-Cola Company .................................................................................... 1,299 7,469 8,768
The Gillette Company.......................................................................................... 600 2,315 2,915
Wells Fargo & Company..................................................................................... 306 2,191 2,497
Other equity securities ............................................................................................ 5,489 3,335 8,824
$9,164 $19,199 $28,363
December 31, 2001
Common stock of:
American Express Company(1) ............................................................................ $1,470 $ 3,940 $ 5,410
The Coca-Cola Company .................................................................................... 1,299 8,131 9,430
The Gillette Company.......................................................................................... 600 2,606 3,206
Wells Fargo & Company..................................................................................... 306 2,009 2,315
Other equity securities ............................................................................................ 4,868 3,446 8,314
$8,543 $20,132 $28,675
(1) Common shares of American Express Company ("AXP") owned by Berkshire and its subsidiaries possessed
approximately 11.5% of the voting rights of all AXP shares outstanding at December 31, 2002. The shares are
held subject to various agreements which, generally, prohibit Berkshire from (i) unilaterally seeking
representation on the Board of Directors of AXP and (ii) possessing 17% or more of the aggregate voting
securities of AXP. Berkshire has entered into an agreement with AXP which will remain effective so long as
Berkshire owns 5% or more of AXP's voting securities. The agreement obligates Berkshire, so long as Kenneth
Chenault is chief executive officer of AXP, to vote its shares in accordance with the recommendations of AXP's
Board of Directors. Additionally, subject to certain exceptions, Berkshire has agreed not to sell AXP common
shares to any person who owns 5% or more of AXP voting securities or seeks to control AXP, without the consent
of AXP.
(2) Net of unrealized losses of $406 million and $143 million as of December 31, 2002 and 2001, respectively.