$BRK-B
BERKSHIRE HATHAWAY INC

2011 Q2 Form 10-Q Financial Statement

#000115752311004793 Filed on August 05, 2011

View on sec.gov

Income Statement

Concept 2011 Q2 2010 Q2
Revenue $38.27B $31.71B
YoY Change 20.7% 7.1%
Cost Of Revenue $29.56B $25.40B
YoY Change 16.39% 18.3%
Gross Profit $8.710B $6.309B
YoY Change 38.06% -22.47%
Gross Profit Margin 22.76% 19.9%
Selling, General & Admin $2.122B $1.915B
YoY Change 10.81% -7.62%
% of Gross Profit 24.36% 30.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.141B $1.100B
YoY Change 3.73% 41.39%
% of Gross Profit 13.1% 17.44%
Operating Expenses $2.783B $2.734B
YoY Change 1.79% -3.6%
Operating Profit $4.316B $4.874B
YoY Change -11.45% -8.06%
Interest Expense -$662.0M -$637.0M
YoY Change 3.92% 24.9%
% of Operating Profit -15.34% -13.07%
Other Income/Expense, Net
YoY Change
Pretax Income $5.265B $2.938B
YoY Change 79.2% -38.68%
Income Tax $1.725B $848.0M
% Of Pretax Income 32.76% 28.86%
Net Earnings $3.417B $1.968B
YoY Change 73.63% -40.27%
Net Earnings / Revenue 8.93% 6.21%
Basic Earnings Per Share $2.072K $1.195K
Diluted Earnings Per Share $1.709B $984.0M
COMMON SHARES
Basic Shares Outstanding 1.649M shares 1647B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2011 Q2 2010 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.89B $27.95B
YoY Change 71.33% 14.04%
Cash & Equivalents $47.89B $27.95B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $7.960B $6.563B
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $75.25B $51.92B
YoY Change 44.92% 11.24%
LONG-TERM ASSETS
Property, Plant & Equipment $94.95B $91.15B
YoY Change 4.17% 93.92%
Goodwill $49.13B $49.11B
YoY Change 0.02%
Intangibles
YoY Change
Long-Term Investments $118.2B $111.5B
YoY Change 5.93% -0.7%
Other Assets
YoY Change
Total Long-Term Assets $307.4B $297.3B
YoY Change 3.43% 29.83%
TOTAL ASSETS
Total Short-Term Assets $75.25B $51.92B
Total Long-Term Assets $307.4B $297.3B
Total Assets $382.7B $349.2B
YoY Change 9.6% 26.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.72B $28.36B
YoY Change 4.78% 23.01%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.532B $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $40.88B $37.24B
YoY Change 9.79% 16.77%
LONG-TERM LIABILITIES
Long-Term Debt $55.19B $57.97B
YoY Change -4.8% 49.47%
Other Long-Term Liabilities $82.04B $76.39B
YoY Change 7.4% 1.76%
Total Long-Term Liabilities $137.2B $134.4B
YoY Change 2.13% 18.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $40.88B $37.24B
Total Long-Term Liabilities $137.2B $134.4B
Total Liabilities $215.9B $201.7B
YoY Change 7.06% 25.17%
SHAREHOLDERS EQUITY
Retained Earnings $104.1B $91.83B
YoY Change 13.39%
Common Stock $37.78B $38.09B
YoY Change -0.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $163.0B $142.8B
YoY Change
Total Liabilities & Shareholders Equity $382.7B $349.2B
YoY Change 9.6% 26.68%

Cashflow Statement

Concept 2011 Q2 2010 Q2
OPERATING ACTIVITIES
Net Income $3.417B $1.968B
YoY Change 73.63% -40.27%
Depreciation, Depletion And Amortization $1.141B $1.100B
YoY Change 3.73% 41.39%
Cash From Operating Activities $6.481B $3.547B
YoY Change 82.72% 24.24%
INVESTING ACTIVITIES
Capital Expenditures -$1.962B -$1.546B
YoY Change 26.91% 22.7%
Acquisitions
YoY Change
Other Investing Activities $2.294B $17.00M
YoY Change 13394.12% -100.58%
Cash From Investing Activities $332.0M -$1.529B
YoY Change -121.71% -63.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -147.0M 387.0M
YoY Change -137.98% 156.29%
NET CHANGE
Cash From Operating Activities 6.481B 3.547B
Cash From Investing Activities 332.0M -1.529B
Cash From Financing Activities -147.0M 387.0M
Net Change In Cash 6.666B 2.405B
YoY Change 177.17% -299.09%
FREE CASH FLOW
Cash From Operating Activities $6.481B $3.547B
Capital Expenditures -$1.962B -$1.546B
Free Cash Flow $8.443B $5.093B
YoY Change 65.78% 23.77%

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dei Document Fiscal Period Focus
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Q2
dei Trading Symbol
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dei Entity Registrant Name
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dei Document Type
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<div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Note 2.&#xA0;&#xA0;&#xA0;&#xA0;New accounting pronouncements</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#xA0;</div> <div style="TEXT-INDENT: 24pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In October 2010, the FASB issued Accounting Standards Update (&#x201C;ASU&#x201D;) 2010-26, &#x201C;Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts.&#x201D; ASU 2010-26 modifies the types of costs incurred by insurance entities that may be deferred in the acquiring or renewing of insurance contracts. ASU 2010-26 requires that only direct incremental costs related to successful efforts are capitalized. Capitalized costs may include certain advertising costs which are allowed to&#xA0;be&#xA0;capitalized if the primary purpose of the advertising is to elicit sales to customers proven to have responded directly to the advertising and the probable future revenues generated from the advertising are proven to be in excess of expected future costs to be incurred in realizing those revenues. ASU 2010-26 is effective for Berkshire beginning January 1, 2012 and may be applied on a prospective or retrospective basis. We do not believe that the adoption of ASU 2010-26 will have a material effect on our Consolidated Financial Statements.</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#xA0;</div> <div style="TEXT-INDENT: 28pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In May 2011, the FASB issued ASU 2011-04, &#x201C;Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.&#x201D;&#xA0;&#xA0;ASU 2011-04 attempts to improve the comparability of fair value measurements disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS.&#xA0;&#xA0;Amendments in ASU 2011-04 clarify the intent of the application of existing fair value measurement and disclosure requirements, as well as change certain measurement requirements and disclosures.&#xA0;&#xA0;ASU 2011-04 is effective for Berkshire beginning January 1, 2012 and will be appiled on a prospective basis.&#xA0;&#xA0;We do not believe that the adoption of ASU 2011-04 will have a material effect on our Consolidated Financial Statements.</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#xA0;</div> <div style="TEXT-INDENT: 28pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In June 2011, the FASB issued ASU 2011-05, &#x201C;Presentation of Comprehensive Income.&#x201D;&#xA0;&#xA0;ASU 2011-05 changes the way other comprehensive income (&#x201C;OCI&#x201D;) appears within the financial statements.&#xA0;&#xA0;Companies will be required to show net income, OCI and total comprehensive income in one continuous statement or in two separate but consecutive statements.&#xA0;&#xA0;Components of OCI may no longer be presented solely in the statement of changes in shareholders<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#x2019;</font> equity.&#xA0;&#xA0;Any reclassification between OCI and net income will be presented on the face of the financial statements.&#xA0;&#xA0;ASU 2011-05 is effective for Berkshire beginning January 1, 2012.&#xA0;&#xA0;The adoption of ASU 2011-05 will not impact the measurement of net earnings or other comprehensive income.</font></div> </div>
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