Berkshire Hathaway 2011 Annual Report Download - page 63

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Notes to Consolidated Financial Statements (Continued)
(21) Business segment data (Continued)
Approximately 96% of our revenues in 2011 from railroad, utilities and energy businesses were in the United States versus
97% in 2010 and 91% in 2009. In each year most of the remainder was attributed to the United Kingdom. At December 31,
2011, 91% of our consolidated net property, plant and equipment were located in the United States with the remainder primarily
in the United Kingdom, Canada and Europe.
Premiums written and earned by the property/casualty and life/health insurance businesses are summarized below
(in millions).
Property/Casualty Life/Health
2011 2010 2009 2011 2010 2009
Premiums Written:
Direct .............................................. $18,512 $17,128 $16,484 $ 67 $ 3 $ —
Assumed ........................................... 9,867 9,171 9,321 5,133 5,203 2,727
Ceded .............................................. (542) (465) (552) (130) (124) (97)
$27,837 $25,834 $25,253 $5,070 $5,082 $2,630
Premiums Earned:
Direct .............................................. $18,038 $16,932 $16,553 $ 67 $ 3 $ —
Assumed ........................................... 9,523 9,266 9,284 5,099 5,208 2,723
Ceded .............................................. (522) (536) (579) (130) (124) (97)
$27,039 $25,662 $25,258 $5,036 $5,087 $2,626
(22) Quarterly data
A summary of revenues and earnings by quarter for each of the last two years is presented in the following table. This
information is unaudited. Dollars are in millions, except per share amounts.
1st
Quarter
2nd
Quarter
3rd
Quarter
4th
Quarter
2011
Revenues ............................................................. $33,720 $38,274 $33,739 $37,955
Net earnings attributable to Berkshire * ..................................... 1,511 3,417 2,278 3,048
Net earnings attributable to Berkshire per equivalent Class A common share ........ 917 2,072 1,380 1,846
2010
Revenues ............................................................. $32,037 $31,709 $36,274 $36,165
Net earnings attributable to Berkshire * ..................................... 3,633 1,968 2,989 4,377
Net earnings attributable to Berkshire per equivalent Class A common share ........ 2,272 1,195 1,814 2,656
*Includes realized investment gains/losses, other-than-temporary impairment losses on investments and derivative gains/
losses. Derivative gains/losses include significant amounts related to non-cash changes in the fair value of long-term
contracts arising from short-term changes in equity prices, interest rates and foreign currency rates, among other factors.
After-tax investment and derivative gains/losses for the periods presented above are as follows (in millions):
1st
Quarter
2nd
Quarter
3rd
Quarter
4th
Quarter
Investment and derivative gains/losses – 2011 .................................. $ (82) $ 713 $(1,534) $ 382
Investment and derivative gains/losses – 2010 .................................. 1,411 (1,106) 202 1,367
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