Berkshire Hathaway 2015 Annual Report Download - page 40

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BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS
(dollars in millions except per-share amounts)
Year Ended December 31,
2015 2014 2013
Revenues:
Insurance and Other:
Insurance premiums earned ............................................ $ 41,294 $ 41,253 $ 36,684
Sales and service revenues ............................................ 107,001 97,097 92,993
Interest, dividend and other investment income ............................ 5,235 5,026 4,934
Investment gains/losses ............................................... 9,363 3,503 3,881
162,893 146,879 138,492
Railroad, Utilities and Energy:
Revenues .......................................................... 40,004 40,690 34,757
Finance and Financial Products:
Sales and service revenues ............................................ 5,430 5,094 4,635
Interest, dividend and other investment income ............................ 1,510 1,432 1,474
Investment gains/losses ............................................... 10 72 184
Derivative gains/losses ............................................... 974 506 2,608
7,924 7,104 8,901
210,821 194,673 182,150
Costs and expenses:
Insurance and Other:
Insurance losses and loss adjustment expenses ............................. 26,527 26,406 21,275
Life, annuity and health insurance benefits ................................ 5,413 5,181 5,072
Insurance underwriting expenses ....................................... 7,517 6,998 7,248
Cost of sales and services ............................................. 87,029 78,873 75,953
Selling, general and administrative expenses .............................. 13,723 12,198 11,732
Interest expense ..................................................... 460 419 395
140,669 130,075 121,675
Railroad, Utilities and Energy:
Cost of sales and operating expenses .................................... 27,650 29,378 25,157
Interest expense ..................................................... 2,653 2,378 1,865
30,303 31,756 27,022
Finance and Financial Products:
Cost of sales and services ............................................. 2,915 2,758 2,566
Selling, general and administrative expenses .............................. 1,586 1,523 1,550
Interest expense ..................................................... 402 456 541
4,903 4,737 4,657
175,875 166,568 153,354
Earnings before income taxes ............................................. 34,946 28,105 28,796
Income tax expense .................................................. 10,532 7,935 8,951
Net earnings ........................................................... 24,414 20,170 19,845
Less: Earnings attributable to noncontrolling interests ....................... 331 298 369
Net earnings attributable to Berkshire Hathaway shareholders ................ $ 24,083 $ 19,872 $ 19,476
Net earnings per equivalent Class A share outstanding* ...................... $ 14,656 $ 12,092 $ 11,850
Average equivalent Class A shares outstanding* ............................. 1,643,183 1,643,456 1,643,613
* Average shares outstanding and net earnings per share are shown on an equivalent Class A common stock basis. Equivalent Class B shares
outstanding are 1,500 times the equivalent Class A amount. Net earnings per equivalent Class B share outstanding are one-fifteen-
hundredth (1/1,500) of the equivalent Class A amount or $9.77 for 2015, $8.06 for 2014 and $7.90 for 2013.
See accompanying Notes to Consolidated Financial Statements
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