Berkshire Hathaway Inc. has filed its annual Form 11-K report with the SEC for the fiscal year ended December 31, 2023. The report details the financial statements of the LiquidPower Specialty Products Inc. 401(k) and Profit Sharing Plan, which is sponsored by a wholly-owned subsidiary of Berkshire Hathaway. The independent audit, conducted by Pannell Kerr Forster of Texas, P.C., concluded that the financial statements present fairly the net assets available for benefits, which amounted to $69,917,043 at the end of 2023, up from $55,607,380 the previous year. The Plan experienced a net increase in assets due to investment income and company and participant contributions. The audit also confirmed the Plan's compliance with U.S. generally accepted accounting principles and the Department of...Show More

Berkshire Hathaway Inc. has filed its annual Form 11-K report with the SEC for the fiscal year ended December 31, 2023. The report details the financial statements of the LiquidPower Specialty Products Inc. 401(k) and Profit Sharing Plan, which is sponsored by a wholly-owned subsidiary of Berkshire Hathaway. The independent audit, conducted by Pannell Kerr Forster of Texas, P.C., concluded that the financial statements present fairly the net assets available for benefits, which amounted to $69,917,043 at the end of 2023, up from $55,607,380 the previous year. The Plan experienced a net increase in assets due to investment income and company and participant contributions. The audit also confirmed the Plan's compliance with U.S. generally accepted accounting principles and the Department of Labor's regulations. The Plan's investments include a mix of mutual funds, common stock, including Berkshire Hathaway Class B stock, and a collective investment trust. The Plan allows for various participant contributions, with the company providing matching contributions and potential discretionary profit-sharing. The Plan's tax status remains qualified under Section 401(a) of the IRC, and no uncertain tax positions were identified. The report also includes a reconciliation of financial statements to Form 5500 and notes on the Plan's administrative expenses, termination rights, and related-party transactions.