Berkshire Hathaway 2014 Annual Report Download - page 61

Notes to Consolidated Financial Statements (Continued)
(2) Significant business acquisitions (Continued)
NV Energy’s and AltaLink’s assets acquired, liabilities assumed and residual goodwill at their respective acquisition dates
are summarized as follows (in millions).
AltaLink
as of
December 1,
2014
NV Energy
as of
December 19,
2013
Property, plant and equipment ......................................................... $5,610 $ 9,511
Goodwill ......................................................................... 1,700 2,369
Other assets, including cash and cash equivalents ......................................... 294 2,506
Assets acquired .................................................................... $7,604 $14,386
Accounts payable, accruals and other liabilities ........................................... $1,025 $ 3,456
Notes payable and other borrowings .................................................... 3,851 5,334
Liabilities assumed ................................................................. $4,876 $ 8,790
Net assets acquired ................................................................. $2,728 $ 5,596
On January 1, 2014, we acquired the beverage dispensing equipment manufacturing and merchandising operations of
British engineering company, IMI plc for approximately $1.12 billion. On February 25, 2014, we acquired 100% of the
outstanding common stock of Phillips Specialty Products Inc. (“PSPI”) from Phillips 66 (“PSX”) in exchange for 17,422,615
shares of PSX common stock with an aggregate fair value of $1.35 billion. PSPI, which has been renamed as Lubrizol Specialty
Products Inc. (“LSPI”), provides flow improver products to customers worldwide. Assets of PSPI included cash of
approximately $450 million. On June 30, 2014, we acquired WPLG, Inc. (“WPLG”) from Graham Holding Company (“GHC”)
in exchange for 1,620,190 shares of GHC common stock with an aggregate fair value of $1.13 billion. At the date of the
acquisition, the assets of WPLG, which operates a Miami, Florida, ABC affiliated television station, included 2,107 shares of
Berkshire Hathaway Class A common stock, 1,278 shares of Berkshire Hathaway Class B common stock and cash of $328
million. At their respective acquisition dates, the aggregate fair value of the identified net assets related to these acquisitions was
approximately $2.2 billion and the residual goodwill was approximately $1.4 billion.
The following table sets forth certain unaudited pro forma consolidated earnings data for 2014 and 2013, as if the
acquisitions discussed previously were consummated on the same terms at the beginning of the year preceding their respective
acquisition dates (in millions, except per share amounts).
December 31,
2014 2013
Revenues ............................................................................ $195,298 $186,664
Net earnings attributable to Berkshire Hathaway shareholders .................................. 19,975 19,845
Net earnings per equivalent Class A common share attributable to Berkshire Hathaway shareholders . . . 12,154 12,074
During the last three years, we also completed several smaller-sized business acquisitions, most of which were considered
as “bolt-on” acquisitions to several of our existing business operations. Aggregate consideration paid for these other business
acquisitions was approximately $1.8 billion in 2014; $1.1 billion in 2013; and $3.2 billion in 2012, which included $438 million
for entities that develop, construct and subsequently operate renewable energy generation facilities. We do not believe that these
acquisitions were material, individually or in the aggregate, to our Consolidated Financial Statements.
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