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Berkshire Hathaway Inc – ‘10-K’ for 12/31/11 – ‘R21’

On:  Monday, 2/27/12, at 6:02am ET   ·   For:  12/31/11   ·   Accession #:  1193125-12-79022   ·   File #:  1-14905

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/27/12  Berkshire Hathaway Inc            10-K       12/31/11  129:16M                                    Donnelley … Solutions/FA

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   1.74M 
 3: EX-21       Subsidiaries List                                   HTML     76K 
 4: EX-23       Consent of Experts or Counsel                       HTML     34K 
 9: EX-95       Mine-Safety Disclosure                              HTML     44K 
 2: EX-12       Statement re: Computation of Ratios                 HTML     51K 
 5: EX-31.1     Certification -- §302 - SOA'02                      HTML     39K 
 6: EX-31.2     Certification -- §302 - SOA'02                      HTML     39K 
 7: EX-32.1     Certification -- §906 - SOA'02                      HTML     33K 
 8: EX-32.2     Certification -- §906 - SOA'02                      HTML     33K 
85: R1          Document and Entity Information                     HTML     65K 
64: R2          Consolidated Balance Sheets                         HTML    166K 
80: R3          Consolidated Statements of Earnings                 HTML    157K 
89: R4          Consolidated Statements of Earnings                 HTML     41K 
                (Parenthetical)                                                  
117: R5          Consolidated Statements of Comprehensive Income     HTML    102K  
67: R6          Consolidated Statements of Changes in               HTML     63K 
                Shareholders' Equity                                             
79: R7          Consolidated Statements of Cash Flows               HTML    176K 
58: R8          Significant accounting policies and practices       HTML     85K 
47: R9          Significant business acquisitions                   HTML     60K 
119: R10         Investments in fixed maturity securities            HTML     70K  
91: R11         Investments in equity securities                    HTML     59K 
90: R12         Other investments                                   HTML     54K 
98: R13         Investment gains/losses and other-than-temporary    HTML     59K 
                investment losses                                                
99: R14         Receivables                                         HTML     51K 
95: R15         Inventories                                         HTML     42K 
100: R16         Goodwill and other intangible assets                HTML     62K  
81: R17         Property, plant and equipment                       HTML     63K 
86: R18         Derivative contracts                                HTML     84K 
93: R19         Supplemental cash flow information                  HTML     47K 
128: R20         Unpaid losses and loss adjustment expenses          HTML     68K  
110: R21         Notes payable and other borrowings                  HTML     73K  
73: R22         Income taxes                                        HTML     85K 
92: R23         Dividend restrictions - Insurance subsidiaries      HTML     36K 
76: R24         Fair value measurements                             HTML    147K 
36: R25         Common stock                                        HTML     65K 
111: R26         Pension plans                                       HTML    111K  
124: R27         Contingencies and Commitments                       HTML     46K  
52: R28         Business segment data                               HTML    188K 
51: R29         Quarterly data                                      HTML     55K 
56: R30         Condensed Financial Information                     HTML    102K 
57: R31         Significant accounting policies and practices       HTML    166K 
                (Policies)                                                       
59: R32         Significant business acquisitions (Tables)          HTML     51K 
24: R33         Investments in fixed maturity securities (Tables)   HTML     70K 
108: R34         Investments in equity securities (Tables)           HTML     57K  
71: R35         Other investments (Tables)                          HTML     49K 
74: R36         Investment gains/losses and other-than-temporary    HTML     61K 
                investment losses (Tables)                                       
41: R37         Receivables (Tables)                                HTML     47K 
127: R38         Inventories (Tables)                                HTML     40K  
16: R39         Goodwill and other intangible assets (Tables)       HTML     61K 
61: R40         Property, plant and equipment (Tables)              HTML     61K 
115: R41         Derivative contracts (Tables)                       HTML     70K  
38: R42         Supplemental cash flow information (Tables)         HTML     44K 
50: R43         Unpaid losses and loss adjustment expenses          HTML     58K 
                (Tables)                                                         
55: R44         Notes payable and other borrowings (Tables)         HTML     69K 
65: R45         Income taxes (Tables)                               HTML     84K 
23: R46         Fair value measurements (Tables)                    HTML    144K 
46: R47         Common stock (Tables)                               HTML     69K 
18: R48         Pension plans (Tables)                              HTML    114K 
113: R49         Contingencies and Commitments (Tables)              HTML     39K  
37: R50         Business segment data (Tables)                      HTML    180K 
109: R51         Quarterly data (Tables)                             HTML     52K  
42: R52         Significant Accounting Policies - Narrative         HTML     79K 
                (Detail)                                                         
62: R53         Significant Business Acquisitions - Narrative       HTML     74K 
                (Detail)                                                         
17: R54         Significant Business Acquisitions - Lubrizol        HTML     80K 
                (Detail)                                                         
20: R55         Investments in fixed maturity securities (Detail)   HTML     59K 
54: R56         Investments in fixed maturity securities -          HTML     41K 
                Narrative (Detail)                                               
28: R57         Investments in fixed maturity securities -          HTML     83K 
                Amortized cost and estimated fair value of                       
                securities with fixed maturities (Detail)                        
120: R58         Investments in equity securities (Detail)           HTML     54K  
69: R59         Investments in equity securities - Fair value by    HTML     45K 
                segment (Detail)                                                 
96: R60         Investments in equity securities - Narrative        HTML     40K 
                (Detail)                                                         
45: R61         Other investments (Detail)                          HTML     52K 
48: R62         Other investments - Narrative (Detail)              HTML     97K 
105: R63         Investment gains/losses and other-than-temporary    HTML     49K  
                investment losses (Detail)                                       
101: R64         Investment gains/losses and other-than-temporary    HTML     66K  
                impairment losses - Narrative (Detail)                           
72: R65         Investment gains/losses and other-than-temporary    HTML     41K 
                impairment losses - Other-than-temporary                         
                impairment losses (Detail)                                       
103: R66         Receivables (Detail)                                HTML     63K  
43: R67         Receivables - Narrative (Detail)                    HTML     54K 
77: R68         Inventories (Detail)                                HTML     46K 
123: R69         Goodwill and other intangible assets (Detail)       HTML     46K  
19: R70         Goodwill and other intangible assets - Intangible   HTML     46K 
                assets (Detail)                                                  
35: R71         Goodwill and other intangible assets - Intangible   HTML     55K 
                assets - Narrative (Detail)                                      
63: R72         Property, plant and equipment (Detail)              HTML     70K 
26: R73         Property, plant and equipment - Narrative (Detail)  HTML     51K 
126: R74         Derivative contracts (Detail)                       HTML     61K  
39: R75         Derivative contracts - gains and losses (Detail)    HTML     40K 
30: R76         Derivative contracts - Narrative (Detail)           HTML     67K 
34: R77         Supplemental cash flow information (Detail)         HTML     56K 
21: R78         Unpaid losses and loss adjustment expenses          HTML     73K 
                (Detail)                                                         
25: R79         Unpaid losses and loss adjustment expenses -        HTML     51K 
                Narrative (Detail)                                               
87: R80         Notes payable and other borrowings (Detail)         HTML     93K 
32: R81         Notes payable and other borrowings - Narrative      HTML     73K 
                (Detail)                                                         
121: R82         Income taxes - Liabilities (Detail)                 HTML     45K  
60: R83         Income taxes - Deferred taxes (Detail)              HTML     81K 
94: R84         Income taxes - Narrative (Detail)                   HTML     41K 
102: R85         Income taxes - Income tax expense components        HTML     58K  
                (Detail)                                                         
31: R86         Income taxes - Income tax expense reconciliation    HTML     61K 
                (Detail)                                                         
33: R87         Dividend restrictions - Insurance subsidiaries      HTML     44K 
                (Detail)                                                         
118: R88         Fair value measurements - Financial Instruments     HTML     99K  
                (Detail)                                                         
27: R89         Fair value measurements - Financial assets and      HTML     98K 
                liabilities measured and carried at fair value on                
                a recurring basis (Detail)                                       
88: R90         Fair value measurements - Significant unobservable  HTML     73K 
                inputs (Detail)                                                  
84: R91         Common stock (Detail)                               HTML     60K 
107: R92         Common stock (Parenthetical) (Detail)               HTML     40K  
83: R93         Common stock - Narrative (Detail)                   HTML     57K 
68: R94         Pension plans - Net periodic pension expense        HTML     54K 
                (Detail)                                                         
112: R95         Pension plans - Narrative (Detail)                  HTML     66K  
66: R96         Pension plans- Projected benefit obligation         HTML     64K 
                roll-forward (Detail)                                            
40: R97         Pension plans - Plan assets roll-forward (Detail)   HTML     59K 
75: R98         Pension plans - Fair value of plan assets (Detail)  HTML     64K 
70: R99         Pension plans - Additional tabular disclosures      HTML     75K 
                (Detail)                                                         
53: R100        Pension plans - Narrative 2 (Detail)                HTML     36K 
129: R101        Contingencies and Commitments - Commitments -       HTML     58K  
                Narrative (Detail)                                               
104: R102        Contingencies and Commitments - Operating leases    HTML     61K  
                minimum payments (Detail)                                        
82: R103        Business segment data (Detail)                      HTML    164K 
22: R104        Business Segment Data - Insurance premiums by       HTML     43K 
                geographic area (Detail)                                         
114: R105        Business Segment Data - Narrative (Detail)          HTML     56K  
122: R106        Business Segment Data - Insurance premiums by type  HTML     77K  
                (Detail)                                                         
116: R107        Quarterly data (Detail)                             HTML     60K  
78: R108        Condensed Financial Information - Balance Sheets    HTML     80K 
                (Detail)                                                         
29: R109        Condensed Financial Information - Statements of     HTML     88K 
                Earnings (Detail)                                                
97: R110        Condensed Financial Information - Statements of     HTML    116K 
                Cash Flows (Detail)                                              
44: R111        Note to Condensed Financial Information -           HTML     73K 
                Narrative (Detail)                                               
125: XML         IDEA XML File -- Filing Summary                      XML    206K  
49: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS   2.45M 
10: EX-101.INS  XBRL Instance -- brka-20111231                       XML   4.09M 
12: EX-101.CAL  XBRL Calculations -- brka-20111231_cal               XML    366K 
13: EX-101.DEF  XBRL Definitions -- brka-20111231_def                XML   1.89M 
14: EX-101.LAB  XBRL Labels -- brka-20111231_lab                     XML   1.80M 
15: EX-101.PRE  XBRL Presentations -- brka-20111231_pre              XML   1.99M 
11: EX-101.SCH  XBRL Schema -- brka-20111231                         XSD    408K 
106: ZIP         XBRL Zipped Folder -- 0001193125-12-079022-xbrl      Zip    317K

‘R21’   —   Notes payable and other borrowings

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v2.4.0.6
Notes payable and other borrowings
 12 Months Ended
Notes payable and other borrowings
(14) Notes payable and other borrowings

Notes payable and other borrowings are summarized below (in millions). The average interest rates shown in the following tables are the weighted average interest rates on outstanding debt as of December 31, 2011. Maturity date ranges are based on borrowings as of December 31, 2011.

 

 C:  C:  C:  C: 
     Average
Interest  Rate		     December 31,  
       2011      2010  

Insurance and other:

        

Issued by Berkshire parent company due 2012-2047

      2.0 %    $ 8,287       $ 8,360   

Short-term subsidiary borrowings

      0.2 %      1,490         1,682   

Other subsidiary borrowings due 2012-2036

      5.9 %      3,991         2,429   
    

 

 

     

 

 

  
     $ 13,768       $ 12,471   
    

 

 

     

 

 

  

 

In connection with the BNSF acquisition, the Berkshire parent company issued $8.0 billion aggregate par amount of senior unsecured notes, including $2.0 billion par amount of floating rate notes that matured in February 2011. In August 2011, the Berkshire parent company issued $2.0 billion of senior notes consisting of $750 million of 2.2% senior notes due in 2016, $500 million of 3.75% senior notes due in 2021 and $750 million of floating rate senior notes due in 2014. In January 2012, the Berkshire parent company also issued $1.1 billion of 1.9% senior notes due in 2017 and $600 million of 3.4% senior notes due in 2022 and in February 2012 redeemed $1.1 billion of floating rate notes and $600 million of 1.4% senior notes that were both due at that time. Other subsidiary borrowings as of December 31, 2011 included $1.6 billion in pre-acquisition debt issued by Lubrizol.

 

     Average
Interest  Rate		     December 31,  
       2011      2010  

Railroad, utilities and energy:

        

Issued by MidAmerican Energy Holdings Company (“MidAmerican”) and its subsidiaries:

        

MidAmerican senior unsecured debt due 2012-2037

      6.1 %    $ 5,363       $ 5,371   

Subsidiary and other debt due 2012-2039

      5.2 %      14,552         14,275   

Issued by BNSF due 2012-2097

      5.9 %      12,665         11,980   
    

 

 

     

 

 

  
     $ 32,580       $ 31,626   
    

 

 

     

 

 

  

MidAmerican subsidiary debt represents amounts issued pursuant to separate financing agreements. All or substantially all of the assets of certain MidAmerican subsidiaries are or may be pledged or encumbered to support or otherwise secure the debt. These borrowing arrangements generally contain various covenants including, but not limited to, leverage ratios, interest coverage ratios and debt service coverage ratios. BNSF’s borrowings are primarily unsecured. As of December 31, 2011, BNSF and MidAmerican and their subsidiaries were in compliance with all applicable covenants. Berkshire does not guarantee any debt or other borrowings of BNSF, MidAmerican or their subsidiaries. In May 2011, BNSF issued $750 million in debentures comprised of $250 million of 4.1% debentures due in June 2021 and $500 million of 5.4% debentures due in June 2041. In August 2011, BNSF issued $750 million in debentures comprised of $450 million of 3.45% debentures due in September 2021 and $300 million of 4.95% debentures due in September 2041.

 

     Average
Interest  Rate		     December 31,  
       2011      2010  

Finance and financial products:

        

Issued by Berkshire Hathaway Finance Corporation (“BHFC”) due 2012-2040

      4.4 %    $ 11,531       $ 11,535   

Issued by other subsidiaries due 2012-2036

      4.8 %      2,505         2,942   
    

 

 

     

 

 

  
     $ 14,036       $ 14,477   
    

 

 

     

 

 

  

BHFC is a 100% owned finance subsidiary of Berkshire, which has fully and unconditionally guaranteed its securities. In January 2011, BHFC issued $1.5 billion of notes and repaid $1.5 billion of maturing notes. The new notes are unsecured and are comprised of $750 million of 4.25% senior notes due in 2021, $375 million of 1.5% senior notes due in 2014 and $375 million of floating rate senior notes due in 2014.

Our subsidiaries in the aggregate have approximately $3.7 billion of available unused lines of credit and commercial paper capacity at December 31, 2011, to support our short-term borrowing programs and provide additional liquidity. Generally, Berkshire’s guarantee of a subsidiary’s debt obligation is an absolute, unconditional and irrevocable guarantee for the full and prompt payment when due of all present and future payment obligations.

Principal repayments expected during each of the next five years are as follows (in millions).

 

     2012      2013      2014      2015      2016  

Insurance and other

    $ 3,390       $ 2,725       $ 1,345       $ 1,918       $ 869   

Railroad, utilities and energy

      2,567         1,774         1,618         713         681   

Finance and financial products

      3,155         3,661         1,335         1,656         205   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   $ 9,112       $ 8,160       $ 4,298       $ 4,287       $ 1,755   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
Filed on:2/27/128-K,  EFFECT
For Period end:12/31/1111-K,  13F-HR,  5
9/15/094
 List all Filings 

2 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 7/19/12  SEC                               UPLOAD10/16/17    1:45K  Berkshire Hathaway Inc.
 6/15/12  SEC                               UPLOAD10/16/17    1:54K  Berkshire Hathaway Inc.
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Filing Submission 0001193125-12-079022   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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