Berkshire Hathaway Inc: Form 10-Q for the period ended Sep 30, 2023
Filed with the SEC on Nov 6, 2023 and accepted by EDGAR at Nov 6, 2023, 06:05 ET.
Management's discussion and analysis
As filed, 1,637 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
Berkshire’s common stock repurchase program permits Berkshire to repurchase its Class A and Class B shares any time that Warren Buffett, Berkshire’s Chairman of the Board and Chief Executive Officer, and Charlie Munger, Vice Chairman of the Board, believe that the repurchase price is below Berkshire’s intrinsic value, conservatively determined. Repurchases may be in the open market or through privately negotiated transactions. Information with respect to Berkshire’s Class A and Class B common stock repurchased during the third quarter of 2023 follows.
| Period July | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced program | Maximum number or value of shares that yet may be repurchased under the program |
|---|---|---|---|---|
| Class A common stock | 177 | $521,430.04 | 177 | * |
| Class B common stock | — | $— | — | * |
| August | ||||
| Class A common stock | 607 | $541,740.69 | 607 | * |
| Class B common stock | — | $— | — | * |
| September | ||||
| Class A common stock | 1,115 | $550,813.96 | 1,115 | * |
| Class B common stock | 143,675 | $357.22 | 143,675 | * |
* The program does not specify a maximum number of shares to be repurchased or obligate Berkshire to repurchase any specific dollar amount or number of Class A or Class B shares and there is no expiration date to the repurchase program. Berkshire will not repurchase its common stock if the repurchases reduce the total value of Berkshire’s consolidated cash, cash equivalents and U.S. Treasury Bills holdings to less than $30 billion.
Market risk
As filed, 362 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
Reference is made to Berkshire’s Annual Report on Form 10-K for the year ended December 31, 2022 and in particular the “Market Risk Disclosures” included in “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” As of September 30, 2023, there were no material changes in the market risks described in Berkshire’s Annual Report.
Controls and procedures
As filed, 1,027 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
As of the end of the period covered by this Quarterly Report on Form 10-Q, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Chairman (Chief Executive Officer) and the Senior Vice President (Chief Financial Officer), of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rule 13a-15. Based upon that evaluation, the Chairman (Chief Executive Officer) and the Senior Vice President (Chief Financial Officer) concluded that the Company’s disclosure controls and procedures are effective in timely alerting them to material information relating to the Company (including its consolidated subsidiaries) required to be included in the Company’s periodic SEC filings. During the quarter, there have been no significant changes in the Company’s internal control over financial reporting or in other factors that could significantly affect internal control over financial reporting.
Risk factors
As filed, 538 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
Our significant business risks are described in Item 1A to Form 10-K for the year ended December 31, 2022, to which reference is made herein. The risks and uncertainties we describe are not the only ones facing us. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business or operations. Any adverse effect on our business, financial condition or operating results could result in a decline in the value of our securities and the loss of all or part of your investment.
Figures reported in this filing
Standardized line items from the XBRL in this filing, for the period ended 2023-09-30. Comparative periods it repeats are left out.
| Line item | Period | Value | XBRL concept |
|---|---|---|---|
| Revenue | 3 months2023-07-01 to 2023-09-30 | $65.20bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Revenue | 9 months2023-01-01 to 2023-09-30 | $190.32bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Income tax | 3 months2023-07-01 to 2023-09-30 | −$4.39bn | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months2023-01-01 to 2023-09-30 | $13.84bn | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months2023-07-01 to 2023-09-30 | −$12.77bn | us-gaap:NetIncomeLoss |
| Net income | 9 months2023-01-01 to 2023-09-30 | $58.65bn | us-gaap:NetIncomeLoss |
| Operating cash flow | 9 months2023-01-01 to 2023-09-30 | $34.80bn | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 9 months2023-01-01 to 2023-09-30 | $13.70bn | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Share repurchases | 9 months2023-01-01 to 2023-09-30 | $6.98bn | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Total assets | At period end2023-09-30 | $1.02tn | us-gaap:Assets |
| Total liabilities | At period end2023-09-30 | $485.21bn | us-gaap:Liabilities |
| Shareholders' equity | At period end2023-09-30 | $525.33bn | us-gaap:StockholdersEquity |
Source: SEC EDGAR, the filing index for accession 0000950170-23-058993. Last ingested by Listed: Oct 29, 2026, 17:22 ET. Listed shows no prices and gives no investment advice.