UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 7, 2009
BERKSHIRE HATHAWAY INC.
(Exact name of registrant as specified in its charter)
| DELAWARE | 001-14905 | 47-0813844 | ||
| (State or other jurisdiction | (Commission File | (I.R.S. Employer | ||
| of incorporation) | Number) | Identification No.) |
| 3555 Farnam Street | ||
| Omaha, Nebraska | 68131 | |
| (Address of principal executive offices) | (zip Code) |
Registrant’s telephone number, including area code: (402) 346-1400
| ¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 8.01 Other Events
As previously disclosed in the Quarterly Report on Form 10-Q for the period ended March 31, 2009, Berkshire Hathaway Inc. (“Berkshire”) adopted the provisions of Statement of Financial Accounting Standards No. 160, “Noncontrolling Interests in Consolidated Financial Statements—an amendment of ARB No. 51,” (“SFAS 160”) on January 1, 2009. The accounting and recognition provisions of SFAS 160 are required to be adopted prospectively. The initial adoption of SFAS 160 did not have a material impact on Berkshire’s consolidated financial condition, results of operations or cash flows.
As a result of the retrospective presentation and disclosure requirements of SFAS 160, Berkshire reclassified noncontrolling interests to a separate component of shareholders’ equity in the Consolidated Balance Sheets for all periods presented in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2009. Previously, these amounts were reported separately as minority shareholders’ interests and other liabilities in the Consolidated Balance Sheets. The effect on Berkshire’s Consolidated Balance Sheets related to the adoption of SFAS 160 is summarized as follows (in millions):
| December 31, | ||||||
| 2008 | 2007 | |||||
| Total shareholders’ equity previously reported (1) |
$ | 109,267 | $ | 120,733 | ||
| SFAS 160 reclassification of noncontrolling interests |
4,440 | 2,668 | ||||
| Total shareholders’ equity, as adjusted for the adoption of SFAS 160 |
$ | 113,707 | $ | 123,401 | ||
Additionally, the adoption of SFAS 160 requires that net earnings reported in the Consolidated Statements of Earnings include earnings attributable to noncontrolling interests. Earnings attributable to Berkshire shareholders and earnings attributable to noncontrolling interests are reported separately. Previously, earnings attributable to noncontrolling interests were reported as minority shareholders’ interests. Earnings per share computations under SFAS 160 continue to be based upon net earnings attributable to Berkshire shareholders, so SFAS 160 had no impact on previously reported earnings per share.
The effect on the Consolidated Statements of Earnings related to the adoption of SFAS 160 is summarized as follows (in millions):
| Year Ended December 31, | |||||||||
| 2008 | 2007 | 2006 | |||||||
| Net earnings, as previously reported (1) |
$ | 4,994 | $ | 13,213 | $ | 11,015 | |||
| SFAS 160 reclassification of noncontrolling interests |
602 | 354 | 258 | ||||||
| Net earnings, as adjusted for the adoption of SFAS 160 |
5,596 | 13,567 | 11,273 | ||||||
| Net earnings attributable to noncontrolling interests |
602 | 354 | 258 | ||||||
| Net earnings attributable to Berkshire shareholders |
$ | 4,994 | $ | 13,213 | $ | 11,015 | |||
SFAS 160 also resulted in a change to the operating cash flows section of the Consolidated Statements of Cash Flows. Earnings attributable to noncontrolling interests are included in net earnings, offset with a corresponding elimination of the minority interests component of the adjustments to reconcile net earnings to operating cash flows. The change did not otherwise impact Berkshire’s Consolidated Statements of Cash Flows.
| (1) |
As originally presented in Item 8 – Financial Statements and Supplementary Data of Berkshire’s Annual Report on Form 10-K for the year ended December 31, 2008. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| July 7, 2009 |
BERKSHIRE HATHAWAY INC. |
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| /s/ Marc D. Hamburg |
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| By: Marc D. Hamburg |
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| Senior Vice President and Chief Financial Officer |
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