Berkshire Hathaway 2004 Annual Report Download - page 40

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39
(3) Investments in MidAmerican Energy Holdings Company (Continued)
Condensed consolidated balance sheets of MidAmerican are as follows (in millions).
December 31, December 31,
2004 2003
Assets:
Properties, plants, and equipment, net............................................................................ $11,607 $11,181
Goodwill......................................................................................................................... 4,307 4,306
Other assets .................................................................................................................... 3,990 3,658
$19,904 $19,145
Liabilities and shareholders’ equity:
Debt, except debt owed to Berkshire.............................................................................. $10,528 10,296
Debt owed to Berkshire.................................................................................................. 1,478 1,578
Other liabilities and minority interests ........................................................................... 4,927 4,500
16,933 16,374
Shareholders’ equity....................................................................................................... 2,971 2,771
$19,904 $19,145
Condensed consolidated statements of earnings of MidAmerican for each of the three years in the period ending
December 31, 2004 are as follows. Amounts are in millions.
2004 2003 2002
Operating revenue and other income................................................................. $6,727 $6,143 $4,903
Costs and expenses:
Cost of sales and operating expenses ................................................................ 4,390 3,913 3,092
Depreciation and amortization .......................................................................... 638 603 530
Interest expense – debt held by Berkshire......................................................... 170 184 118
Other interest expense ....................................................................................... 713 716 640
5,911 5,416 4,380
Earnings before taxes ........................................................................................ 816 727 523
Income taxes and minority interests .................................................................. 278 284 126
Earnings from continuing operations ................................................................ 538 443 397
Loss on discontinued operations ....................................................................... (368) (27) (17)
Net earnings ...................................................................................................... $ 170 $ 416 $ 380
(4) Loans and receivables
Loans and receivables of insurance and other businesses are comprised of the following (in millions).
December 31, December 31,
2004 2003
Insurance premiums receivable ....................................................................... $ 3,968 $ 5,183
Reinsurance recoverables ................................................................................ 2,556 2,781
Trade and other receivables ............................................................................. 5,225 4,791
Allowances for uncollectible accounts............................................................ (458) (441)
$11,291 $12,314
Loans and finance receivables of finance and financial products businesses are comprised of the following (in
millions).
December 31, December 31,
2004 2003
Consumer installment loans and finance receivables...................................... $ 7,740 $ 2,794
Commercial loans and finance receivables ..................................................... 1,496 2,205
Allowances for uncollectible loans.................................................................. (61) (48)
$ 9,175 $ 4,951