Berkshire Hathaway 2004 Annual Report Download - page 28

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27
BERKSHIRE HATHAWAY INC.
and Subsidiaries
Selected Financial Data for the Past Five Years
(dollars in millions except per share data)
2004 2003 2002 2001 2000
Revenues:
Insurance premiums earned .......................................... $21,085 $21,493 $19,182 $17,905 $19,343
Sales and service revenues............................................ 43,222 32,098 16,958 14,507 7,000
Interest, dividend and other investment income ........... 2,816 3,098 2,943 2,765 2,685
Interest and other revenues of finance and financial
products businesses.................................................... 3,763 3,041
2,234 1,928
1,322
Investment gains (1) ....................................................... 3,496 4,129 918 1,488 4,499
Total revenues............................................................... $74,382 $63,859 $42,235 $38,593 $34,849
Earnings:
Net earnings (1) (2) (3)....................................................... $ 7,308 $ 8,151 $ 4,286 $ 795 $ 3,328
Net earnings per share (3) .............................................. $ 4,753 $ 5,309 $ 2,795 $ 521 $ 2,185
Year-end data:
Total assets.................................................................... $188,874 $180,559 $169,544 $162,752 $135,792
Notes payable and other borrowings
of insurance and other non-finance businesses.......... 3,450 4,182 4,775 3,455 2,611
Notes payable and other borrowings of
finance businesses ..................................................... 5,387 4,937 4,513 9,049 2,168
Shareholders’ equity ..................................................... 85,900 77,596 64,037 57,950 61,724
Class A equivalent common shares
outstanding, in thousands........................................... 1,539 1,537 1,535 1,528 1,526
Shareholders’ equity per outstanding
Class A equivalent common share ............................. $ 55,824 $ 50,498 $ 41,727 $ 37,920 $ 40,442
(1) The amount of 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 investment gains were $2,259 million in 2004, $2,729 million in 2003, $566
million in 2002, $923 million in 2001 and $2,746 million in 2000.
(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, 2004 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.
2004 2003 2002 2001 2000
Net earnings as reported........................................................... $7,308 $8,151 $4,286 $ 795 $ 3,328
Goodwill amortization, after tax ............................................... — — — 636 548
Net earnings as adjusted ........................................................... $7,308 $8,151 $4,286 $ 1,431 $ 3,876
Earnings per Class A equivalent common share:
As reported................................................................................ $4,753 $5,309 $2,795 $ 521 $ 2,185
Goodwill amortization............................................................... — — — 416 360
Earnings per share as adjusted................................................. $4,753 $5,309 $2,795 $ 937 $ 2,545