Berkshire Hathaway 2006 Annual Report Download - page 29

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28
BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS
(dollars in millions except per share amounts)
Year Ended December 31,
2006 2005 2004
Revenues:
Insurance and Other:
Insurance premiums earned.............................................................. $23,964 $21,997 $21,085
Sales and service revenues ............................................................... 51,803 46,138 43,222
Interest, dividend and other investment income ............................... 4,382 3,487 2,816
Investment gains/losses .................................................................... 1,697 5,728 1,746
81,846 77,350 68,869
Utilities and Energy:
Operating revenues........................................................................... 10,301 — —
Other................................................................................................. 343 — —
10,644 — —
Finance and Financial Products:
Interest income ................................................................................. 1,610 1,554 1,202
Investment gains/losses .................................................................... 114 468 (110)
Derivative gains/losses ..................................................................... 824 (788) 1,835
Other................................................................................................. 3,501 3,079 2,586
6,049 4,313 5,513
98,539 81,663 74,382
Costs and expenses:
Insurance and Other:
Insurance losses and loss adjustment expenses ................................ 13,068 15,482 13,462
Life and health insurance benefits.................................................... 1,618 1,634 1,361
Insurance underwriting expenses...................................................... 5,440 4,828 4,711
Cost of sales and services................................................................. 42,416 38,288 35,882
Selling, general and administrative expenses ................................... 5,932 5,328 4,989
Interest expense ................................................................................ 195 144 137
68,669 65,704 60,542
Utilities and Energy:
Cost of sales and operating expenses ............................................... 8,189 — —
Interest expense................................................................................ 979 — —
9,168 — —
Finance and Financial Products:
Interest expense................................................................................ 550 579 584
Other................................................................................................. 3,374 3,112 2,557
3,924 3,691 3,141
81,761 69,395 63,683
Earnin
g
s before income taxes and e
q
uit
y
in earnin
g
s of
MidAmerican Energy Holdings Company................................... 16,778 12,268 10,699
Equity in earnings of MidAmerican Energy Holdings Company........ — 523 237
Earnings before income taxes and minority interests .................... 16,778 12,791 10,936
Income taxes..................................................................................... 5,505 4,159 3,569
Minority shareholders’ interests ....................................................... 258 104 59
Net earnings ....................................................................................... $11,015 $ 8,528 $ 7,308
Average common shares outstanding * ............................................ 1,541,807 1,539,775 1,537,716
Net earnings per common share *.................................................... $ 7,144 $ 5,538 $ 4,753
* Average shares outstanding include average Class A common shares and average Class B common shares
determined on an equivalent Class A common stock basis. Net earnings per common share shown above represents
net earnings per equivalent Class A common share. Net earnings per Class B common share is equal to one-
thirtieth (1/30) of such amount or $238 per share for 2006, $185 per share for 2005 and $158 per share for 2004.
See accompanying Notes to Consolidated Financial Statements