Berkshire Hathaway 2003 Annual Report Download - page 25

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24
BERKSHIRE HATHAWAY INC.
and Subsidiaries
Selected Financial Data for the Past Five Years
(dollars in millions except per share data)
2003 2002 2001 2000 1999
Revenues:
Insurance premiums earned .......................................... $21,493 $19,182 $17,905 $19,343 $14,306
Sales and service revenues............................................ 32,098 16,958 14,507 7,000 5,918
Interest, dividend and other investment income ........... 3,098 2,943 2,765 2,685 2,314
Interest and other revenues of finance and financial
products businesses.................................................... 3,041 2,234 1,928 1,322 1,105
Realized investment gains (1) ........................................ 4,129 918 1,488 4,499 1,247
Total revenues............................................................... $63,859 $42,235 $38,593 $34,849 $24,890
Earnings:
Net earnings (1) (2) (3)....................................................... $ 8,151 $ 4,286 $ 795 $ 3,328 $ 1,557
Net earnings per share (3) .............................................. $ 5,309 $ 2,795 $ 521 $ 2,185 $ 1,025
Year-end data:
Total assets ................................................................... $180,559 $169,544 $162,752 $135,792 $131,416
Notes payable and other borrowings
of insurance and other non-finance businesses.......... 4,182 4,775 3,455 2,611 2,465
Notes payable and other borrowings of
finance businesses ..................................................... 4,937 4,513 9,049 2,168 1,998
Shareholders’ equity ..................................................... 77,596 64,037 57,950 61,724 57,761
Class A equivalent common shares
outstanding, in thousands........................................... 1,537 1,535 1,528 1,526 1,521
Shareholders’ equity per outstanding
Class A equivalent common share............................. $ 50,498 $ 41,727 $ 37,920 $ 40,442 $ 37,987
(1) The amount of realized investment gains and losses for any given period has no predictive value, and variations in amount
from period to period have no practical analytical value, particularly in view of the unrealized appreciation now existing in
Berkshire's consolidated investment portfolio. After-tax realized investment gains were $2,729 million in 2003, $566 million
in 2002, $923 million in 2001, $2,746 million in 2000 and $809 million in 1999.
(2) Net earnings for the year ending December 31, 2001 includes pre-tax underwriting losses of $2.4 billion in connection with
the September 11th terrorist attack. Such loss reduced net earnings by approximately $1.5 billion and earnings per share by
$982.
(3) Effective January 1, 2002, Berkshire adopted Statement of Financial Accounting Standards (“SFAS”) No. 142 “Goodwill
and Other Intangible Assets.” SFAS No. 142 changed the accounting for goodwill from a model that required amortization
of goodwill, supplemented by impairment tests, to an accounting model that is based solely upon impairment tests.
A reconciliation of Berkshire’s Consolidated Statements of Earnings for each of the five years ending December 31, 2003 from
amounts reported to amounts exclusive of goodwill amortization is shown below. Goodwill amortization for the years ending
December 31, 2001 and 2000 includes $78 million and $65 million, respectively, related to Berkshire’s equity method investment
in MidAmerican Energy Holdings Company.
2003 2002 2001 2000 1999
Net earnings as reported........................................................... $8,151 $4,286 $ 795 $ 3,328 $ 1,557
Goodwill amortization, after tax ............................................... — — 636 548 476
Net earnings as adjusted ........................................................... $8,151 $4,286 $ 1,431 $ 3,876 $ 2,033
Earnings per Class A equivalent common share:
As reported................................................................................ $5,309 $2,795 $ 521 $ 2,185 $ 1,025
Goodwill amortization............................................................... — — 416 360 313
Earnings per share as adjusted................................................. $5,309 $2,795 $ 937 $ 2,545 $ 1,338