Berkshire Hathaway 2010 Annual Report Download - page 33

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BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS
(dollars in millions except per-share amounts)
Year Ended December 31,
2010 2009 2008
Revenues:
Insurance and Other:
Insurance premiums earned ...................................................... $ 30,749 $ 27,884 $ 25,525
Sales and service revenues ....................................................... 67,225 62,555 65,854
Interest, dividend and other investment income ....................................... 5,215 5,531 5,140
Investment gains/losses .......................................................... 4,044 358 1,166
Other-than-temporary impairment losses on investments ............................... (1,973) (3,155) (1,813)
105,260 93,173 95,872
Railroad, Utilities and Energy:
Operating revenues ............................................................. 26,186 11,204 12,668
Other ........................................................................ 178 239 1,303
26,364 11,443 13,971
Finance and Financial Products:
Interest, dividend and other investment income ....................................... 1,683 1,600 1,616
Investment gains/losses .......................................................... 14 (40) 7
Derivative gains/losses .......................................................... 261 3,624 (6,821)
Other ........................................................................ 2,603 2,693 3,141
4,561 7,877 (2,057)
136,185 112,493 107,786
Costs and expenses:
Insurance and Other:
Insurance losses and loss adjustment expenses ....................................... 18,087 18,251 16,259
Life, annuity and health insurance benefits .......................................... 4,453 1,937 1,942
Insurance underwriting expenses .................................................. 6,196 6,236 4,634
Cost of sales and services ........................................................ 55,585 52,647 54,103
Selling, general and administrative expenses ......................................... 7,704 8,117 8,052
Interest expense ................................................................ 278 189 212
92,303 87,377 85,202
Railroad, Utilities and Energy:
Cost of sales and operating expenses ............................................... 19,637 8,739 9,840
Interest expense ................................................................ 1,577 1,176 1,168
21,214 9,915 11,008
Finance and Financial Products:
Interest expense ................................................................ 703 627 583
Other ........................................................................ 2,914 3,022 3,419
3,617 3,649 4,002
117,134 100,941 100,212
Earnings before income taxes ....................................................... 19,051 11,552 7,574
Income tax expense ............................................................. 5,607 3,538 1,978
Earnings from equity method investments ........................................... 50 427 —
Net earnings ...................................................................... 13,494 8,441 5,596
Less: Earnings attributable to noncontrolling interests .................................. 527 386 602
Net earnings attributable to Berkshire Hathaway ....................................... $ 12,967 $ 8,055 $ 4,994
Average common shares outstanding * ............................................. 1,635,661 1,551,174 1,548,960
Net earnings per share attributable to Berkshire Hathaway shareholders * ................. $ 7,928 $ 5,193 $ 3,224
* 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 attributable to Berkshire Hathaway shown above represents net earnings per
equivalent Class A common share. Net earnings per Class B common share is equal to one-fifteen-hundredth (1/1,500) of such amount or
$5.29 per share for 2010, $3.46 per share for 2009 and $2.15 per share for 2008 after giving effect to the 50-for-1 Class B stock split that
became effective on January 21, 2010. See Note 18.
See accompanying Notes to Consolidated Financial Statements
31