Author Topic: Calculation of per share investements from 2009 to present  (Read 2162 times)

LongTermView

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Calculation of per share investements from 2009 to present
« on: November 26, 2015, 05:15:11 PM »

From 2005 to 2008 it looks like this involves cash and investments from the "Insurance and Other" portion of the balance sheet less some minority interests.

How is it calculated from 2009 to present?

I see orion asked about this but it wasn't answered: http://www.cornerofberkshireandfairfax.ca/forum/berkshire-hathaway/calculating-per-share-investments-and-pre-tax-earnings/
The http://www.cornerofberkshireandfairfax.ca/forum/berkshire-hathaway/brk-intrinsic-value/ thread has some general info but I don't see specifics in terms of balance sheet components.

Here is how I see it from 2005 to 2008:

2005:
###
On an equivalent Class A common stock basis there are 1,540,723 shares outstanding as of December 31, 2005.
74,129 per share * 1,540,723 shares = 114.2 billion

balance sheet in millions:
 40,471 Insurance Cash
 27,420 Insurance Fixed
 46,721 Insurance Equity
-------
114,621

114.6b less about 0.4b in minority interests = 114.2b.
###

2006:
###
On an equivalent Class A common stock basis there are 1,542,649 shares outstanding as of December 31, 2006.
80,636 per share * 1,542,649 shares = 124.4 billion

balance sheet in millions:
 37,977 Insurance Cash
 25,300 Insurance Fixed
 61,533 Insurance Equity
-------
124,810

124.8b less about 0.4b in minority interests = 124.4b.
###

2007:
###
The first is our investments: stocks, bonds and cash equivalents. At yearend these totaled $141 billion (not counting those in our finance or utility operations,
which we assign to our second bucket of value).
On an equivalent Class A common stock basis there are 1,547,693 shares outstanding as of December 31, 2007
90,343 per share * 1,547,693 shares = 139.8 billion

balance sheet in millions:
 37,703 Insurance Cash
 28,515 Insurance Fixed
 74,999 Insurance Equity
-------
141,217

141.2 less about 0.4b in minority interests = 139.8b.
###

2008:
###
The first is our investments: stocks, bonds and cash equivalents. At yearend those totaled $122 billion.
On an equivalent Class A common stock basis there are 1,549,234 shares outstanding as of December 31, 2008
77,793 per share * 1,549,234 shares = 120.5 billion

balance sheet in millions:
 24,302 Insurance Cash
 27,115 Insurance Fixed
 49,073 Insurance Equity
 21,535 Insurance Other Investments
-------
122,025

122b less about 1.5b in minority interests = 120.5b.
###



LongTermView

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Re: Calculation of per share investements from 2009 to present
« Reply #1 on: February 20, 2017, 09:30:03 PM »

I looked at the 2015 annual report again today:

Quote
In 2015 our per-share cash and investments increased 8.3% to $159,794 (with our Kraft Heinz shares stated at market value)

On an equivalent Class A common stock basis, there were 1,643,393 shares outstanding as of December 31, 2015



$262,604 million = $159,794*1,643,393

Here is what I get from the notes to consolidated financial statements:
 $61,181 Insurance cash [Balance Sheet]
  $3,437 Rail cash [Balance Sheet]
  $7,112 Finance cash [Balance Sheet]
 $25,988 Insurance fixed maturity [Note 3]
     $39 Financed fixed maturity [Note 3]
$110,212 Insurance equity securities [Note 4]
  $1,238 Rail eqity securities [Note 4]
    $372 Finance equity securities [Note 4]
 $15,998 Insurance other [Note 5]
  $5,719 Finance other [Note 5]
 $23,679 Fair value Kraft common [Note 18]
  $8,363 Fair value Kraft preferred [Note 18]
--------
$263,338 million

Of course we get the same thing if we use the balance sheet directly (except for the Kraft Heinz part):
 $61,181 Ins. Cash and equivalents
 $25,988 Ins. Fixed maturity
$110,212 Ins. Equity securities
 $15,998 Ins. Other
 $23,679 Fair value Kraft common [Note 18]
  $8,363 Fair value Kraft preferred [Note 18]
  $3,437 Rail Cash and equivalents
  $1,238 Rail equity sec*
  $7,112 Finance cash and equivalents
    $411 Finance equity/fixed
  $5,719 Finance other
--------
$263,338 million

*Included in other assets.

Maybe non-controlling interests account for the difference between $262.6 billion and $263.4 billion?

What about the $87,722 million float liability on page 10, is it being treated as zero?  What about the $25,117 million investment tax liability on page 60, is that treated as zero as well?