|
|
BERKSHIRE HATHAWAY INC. COMBINED FINANCIAL STATEMENTS BUSINESS GROUPS
Berkshire's consolidated data is rearranged in the presentations on the following six pages into four categories, corresponding to the way Mr. Buffett and Mr. Munger think about Berkshire's businesses. The presentations may be helpful to readers in making estimates of Berkshire's intrinsic value. The presentations in this section do not conform in all respects to generally accepted accounting principles. Principal departures from GAAP relate to accounting treatment for assets acquired in business acquisitions, although students and practitioners of accounting will recognize others.
Opinions of Berkshire's independent auditors were not solicited for this data. The four-category presentations in no way fell within their purview. |
|
BERKSHIRE HATHAWAY INC.
INSURANCE GROUP
Berkshire's insurance businesses are comprised of four operating groups of subsidiaries. GEICO Corporation ("GEICO"), currently the sixth largest auto insurer in the U.S., was merged with another Berkshire subsidiary at the beginning of 1996. Prior to that date, Berkshire subsidiaries owned approximately 51% of the then outstanding capital stock of GEICO. GEICO, through its subsidiaries, is a multiple line property and casualty insurer the principal business of which is writing private passenger automobile insurance. GEICO's voluntary auto policy count grew 21% during the twelve months ended December 31, 1998. At the same time, outstanding underwriting results continued to be generated.
The Berkshire Hathaway Reinsurance Division provides treaty and limited facultative reinsurance to other property/casualty insurers and reinsurers. Berkshire is one of the world's leading providers of catastrophe excess of loss reinsurance. Berkshire's unparalled capital strength has enabled it to offer dollar coverages of a magnitude far in excess of its competitors.
Berkshire's third group of businesses underwrite miscellaneous forms of direct insurance. National Indemnity Company and other affiliated entities underwrite multiple lines of traditional insurance for primarily commercial accounts. The "Homestate Group" companies underwrite various commercial coverages for risks in an increasing number of selected states. Cypress Insurance Company provides workers' compensation insurance to employers in California and other states. Central States Indemnity Company issues credit insurance distributed through credit card issuers nationwide and Kansas Bankers Surety Company is an insurer for primarily small and medium sized banks located in the midwest.
On December 21, 1998, Berkshire completed its acquisition of General Re Corporation. General Re is a holding company for global reinsurance and related risk management operations. General Re, through its domestic subsidiaries, General Reinsurance Corporation and National Reinsurance Corporation, is one of the largest professional property/casualty reinsurance group domiciled in the United States. General Re also owns a controlling interest in Cologne Re, a major international reinsurer.
Berkshire Hathaway's insurance businesses maintains capital strength at unparalleled high levels. Statutory surplus as regards policyholders of these businesses increased to about $45 billion at December 31, 1998.
Combined financial statements of the Insurance Group - unaudited and not fully adjusted to conform to Generally Accepted Accounting Principles - are presented on the following page. These combined financial statements include the assets and liabilities of General Re's insurance operations as of December 31, 1998 but exclude the operating results of General Re from 1998's Statement of Earnings.
BERKSHIRE HATHAWAY INC.
INSURANCE GROUP
Balance Sheets
(dollars in millions)
|
|
December 31, |
||
|
|
1998 |
|
1997 |
|
Assets |
|
|
|
|
Investments: |
|
|
|
|
Fixed maturities at market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$21,216 |
|
$10,028 |
|
Equity securities and other investments at market: |
|
|
|
|
American Express Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
5,067 |
|
4,315 |
|
The Coca-Cola Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
13,368 |
|
13,305 |
|
The Walt Disney Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
1,489 |
|
2,083 |
|
Freddie Mac. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
3,885 |
|
2,683 |
|
The Gillette Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
4,590 |
|
4,821 |
|
Wells Fargo & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
2,466 |
|
2,208 |
|
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
8,629 |
|
6,526 |
|
|
60,710 |
|
45,969 |
|
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
13,081 |
|
516 |
|
Deferred costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
1,226 |
|
608 |
|
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
7,745 |
|
1,287 |
|
|
$82,762 |
|
$48,380 |
|
|
====== |
|
====== |
|
Liabilities |
|
|
|
|
Losses and loss adjustment expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$23,012 |
|
$6,850 |
|
Unearned premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
3,324 |
|
1,274 |
|
Policyholder liabilities and other accruals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
6,419 |
|
1,654 |
|
Income taxes, principally deferred. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
11,432 |
|
10,372 |
|
|
44,187 |
|
20,150 |
|
Equity |
|
|
|
|
Minority shareholders' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
1,554 |
|
359 |
|
Berkshire shareholders'. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
37,021 |
|
27,871 |
|
|
38,575 |
|
28,230 |
|
|
$82,762 |
|
$48,380 |
|
|
====== |
|
====== |
Statements of Earnings
(dollars in millions)
|
|
1998 |
|
1997 |
|
1996 |
|
Premiums written . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$5,476 |
|
$4,852 |
|
$4,105 |
|
|
===== |
|
===== |
|
===== |
|
Premiums earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$5,300 |
|
$4,761 |
|
$4,118 |
|
Losses and loss expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
3,904 |
|
3,420 |
|
3,090 |
|
Underwriting expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
1,131 |
|
880 |
|
806 |
|
Total losses and expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
5,035 |
|
4,300 |
|
3,896 |
|
Underwriting gain - pre-tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
265 |
|
461 |
|
222 |
|
Net investment income* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
974 |
|
882 |
|
726 |
|
Realized investment gain. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
2,462 |
|
1,059 |
|
2,290 |
|
Earnings before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
3,701 |
|
2,402 |
|
3,238 |
|
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
1,186 |
|
704 |
|
1,007 |
|
|
2,515 |
|
1,698 |
|
2,231 |
|
Minority interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
17 |
|
15 |
|
7 |
|
Net earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$2,498 |
|
$1,683 |
|
$2,224 |
|
|
===== |
|
===== |
|
===== |
|
* Net investment income is summarized below: |
|
|
|
|
|
|
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$363 |
|
$457 |
|
$418 |
|
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
621 |
|
430 |
|
322 |
|
Investment expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
(10) |
|
(5) |
|
(14) |
|
|
$974 |
|
$882 |
|
$726 |
|
|
==== |
|
==== |
|
==== |
These statements do not conform to GAAP in all respects
These statements are unaudited
BERKSHIRE HATHAWAY INC.
MANUFACTURING, RETAILING AND SERVICES BUSINESSES
Combined financial statements of Berkshire's Manufacturing, Retailing and Services businesses - unaudited and not fully adjusted to conform to Generally Accepted Accounting Principles - are presented on the following page. The operations whose data have been combined in these presentations include the following:
|
Operation |
|
Product/Service/Activity |
|
Adalet |
|
Electrical enclosure systems and cable accessories |
|
Blue Chip Stamps |
|
Marketing motivational services |
|
Borsheim's |
|
Retailing fine jewelry |
|
Buffalo News |
|
Daily and Sunday newspaper |
|
Campbell Hausfeld |
|
Air compressors, air tools, painting systems, pressure washers, welders and generators |
|
Carefree |
|
Comfort and convenience products for the recreational vehicle industry |
|
Cleveland Wood Products |
|
Vacuum cleaner brushes and bags |
|
Dexter Shoe Companies |
|
Dress, casual and athletic shoes |
|
Douglas Products |
|
Specialty and cordless vacuum cleaners |
|
Executive Jet |
|
Fractional ownership programs for general aviation aircraft |
|
Fechheimer Bros. Co. |
|
Uniforms and accessories |
|
FlightSafety |
|
High technology training to operators of aircraft and ships |
|
France |
|
Ignition and sign transformers and components |
|
H. H. Brown Shoe Co. |
|
Work shoes, boots and casual footwear |
|
Halex |
|
Zinc die cast conduit fittings and other electrical construction materials |
|
Helzberg's Diamond Shops |
|
Retailing fine jewelry |
|
International Dairy Queen |
|
Licensing and servicing Dairy Queen Stores |
|
Kingston |
|
Appliance controls |
|
Kirby |
|
Home cleaning systems |
|
Lowell Shoe, Inc. |
|
Women's and nurses' shoes |
|
Meriam |
|
Pressure and flow measurement devices |
|
Nebraska Furniture Mart |
|
Retailing home furnishings |
|
Northland |
|
Fractional horsepower electric motors |
|
Powerwinch |
|
Marine and general purpose winches, windlasses, and hoists |
|
Precision Steel Products |
|
Steel service center |
|
Quikut |
|
Cutlery for the home and sporting goods markets |
|
ScottCare |
|
Cardiopulmonary rehabilitation and monitoring equipment |
|
Scot Labs |
|
Cleaning compounds and solutions |
|
See's Candies |
|
Boxed chocolates and other confectionery products |
|
Stahl |
|
Truck equipment including service bodies, flatbed bodies, cranes, tool boxes, hoists and dump bodies |
|
Star Furniture Company |
|
Retailing home furnishings |
|
Wayne Combustion Systems |
|
Oil and gas burners for residential and commercial furnaces and water heaters |
|
Wayne Pumps |
|
Sump, utility and sewage pumps |
|
Western Enterprises |
|
Medical and industrial compressed gas fittings and regulators |
|
Western Plastics |
|
Molded plastic components |
|
R.C. Willey Home Furnishings |
|
Retailing home furnishings |
|
World Book |
|
Printed and multimedia encyclopedias and other reference materials |
BERKSHIRE HATHAWAY INC.
MANUFACTURING, RETAILING AND SERVICES BUSINESSES
Balance Sheets
(dollars in millions)
|
|
December 31, |
||
|
|
1998 |
|
1997 |
|
Assets |
|
|
|
|
Cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$ 281 |
|
$ 103 |
|
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
823 |
|
624 |
|
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
727 |
|
599 |
|
Properties and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
1,190 |
|
892 |
|
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
331 |
|
156 |
|
|
$3,352 |
|
$2,374 |
|
|
===== |
|
===== |
|
Liabilities |
|
|
|
|
Accounts payable, accruals and other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$ 761 |
|
$ 532 |
|
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
166 |
|
157 |
|
Term debt and other borrowings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
442 |
|
216 |
|
|
1,369 |
|
905 |
|
Equity |
|
|
|
|
Minority shareholders' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
75 |
|
52 |
|
Berkshire shareholders' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
1,908 |
|
1,417 |
|
|
1,983 |
|
1,469 |
|
|
$3,352 |
|
$2,374 |
|
|
===== |
|
===== |
Statements of Earnings
(dollars in millions)
|
|
1998 |
|
1997 |
|
1996 |
|
Revenues: |
|
|
|
|
|
|
Sales and service revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$4,675 |
|
$3,615 |
|
$3,095 |
|
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
8 |
|
7 |
|
6 |
|
|
4,683 |
|
3,622 |
|
3,101 |
|
Cost and expenses: |
|
|
|
|
|
|
Cost of products and services sold . . . . . . . . . . . . . . . . . . . . . . . . |
3,010 |
|
2,179 |
|
1,876 |
|
Selling, general and administrative expenses . . . . . . . . . . . . . . . . . |
1,014 |
|
899 |
|
832 |
|
Interest on debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
19 |
|
20 |
|
16 |
|
|
4,043 |
|
3,098 |
|
2,724 |
|
Earnings from operations before income taxes . . . . . . . . . . . . . . . . |
640 |
|
524 |
|
377 |
|
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
234 |
|
200 |
|
138 |
|
|
406 |
|
324 |
|
239 |
|
Minority interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
5 |
|
6 |
|
5 |
|
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$ 401 |
|
$ 318 |
|
$ 234 |
|
|
==== |
|
==== |
|
==== |
This presentation reflects the results of operations of FlightSafety International, Star Furniture Company, International Dairy Queen and Executive Jet from their respective dates of acquisition; (FlightSafety - December 23, 1996; Star Furniture - July 1, 1997; International Dairy Queen - January 7, 1998; Executive Jet - August 7, 1998).
Purchase accounting adjustments, including goodwill, arising from Berkshire's business acquisitions are not reflected in these statements, but instead are reflected in the statements of non-operating activities at page 71.
These statements do not conform to GAAP in all respects
These statements are unaudited
BERKSHIRE HATHAWAY INC.
FINANCE AND FINANCIAL PRODUCTS BUSINESSES
Scott Fetzer Financial Group, Inc., Berkshire Hathaway Life Insurance Co. of Nebraska and General Re Financial Products make up Berkshire's finance and financial products businesses.
Balance Sheets
(dollars in millions)
|
|
1998 |
|
1997 |
|
Assets |
|
|
|
|
Cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$ 907 |
|
$ 56 |
|
Investment in securities with fixed maturities: |
|||
|
Held to maturity, at cost (fair value $1,366 in 1998; $1,082 in 1997). . . . . . . |
1,227 |
|
971 |
|
Trading, at fair value (cost $5,643) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
5,219 |
|
- |
|
Available for sale, at fair value (cost $745) . . . . . . . . . . . . . . . . . . . . . . . . . . |
743 |
|
- |
|
Trading account assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
6,234 |
|
- |
|
Securities purchased under agreements to resell. . . . . . . . . . . . . . . . . . . . . . . . |
1,083 |
|
- |
|
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
1,576 |
|
244 |
|
|
$16,989 |
|
$1,271 |
|
|
====== |
|
===== |
|
Liabilities |
|
|
|
|
Annuity reserves and policyholder liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$ 816 |
|
$ 697 |
|
Securities sold under agreements to repurchase . . . . . . . . . . . . . . . . . . . . . . . . |
4,065 |
|
- |
|
Securities sold but not yet purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
1,181 |
|
- |
|
Trading account liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
5,834 |
|
- |
|
Notes payable and other borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
1,503 |
|
326 |
|
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
2,428 |
|
126 |
|
|
$15,827 |
|
$1,149 |
|
Equity |
|
|
|
|
Berkshire shareholders' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
1,162 |
|
122 |
|
|
$16,989 |
|
$1,271 |
|
|
====== |
|
===== |
Statements of Earnings
(dollars in millions)
|
|
1998 |
|
1997 |
|
1996 |
|
Revenues: |
|
|
|
|
|
|
Annuity premiums earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$ 95 |
|
$ 248 |
|
$ 259 |
|
Other revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
293 |
|
112 |
|
94 |
|
|
388 |
|
360 |
|
353 |
|
Expenses: |
|
|
|
|
|
|
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
27 |
|
24 |
|
32 |
|
Annuity benefits and underwriting expenses . . . . . . . . . . . . . . . . . |
146 |
|
287 |
|
277 |
|
General and administrative. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
16 |
|
21 |
|
21 |
|
|
189 |
|
332 |
|
330 |
|
Earnings from operations before income taxes. . . . . . . . . . . . . . . |
199 |
|
28 |
|
23 |
|
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
70 |
|
10 |
|
8 |
|
Net earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$ 129 |
|
$ 18 |
|
$ 15 |
|
|
==== |
|
==== |
|
==== |
This presentation includes the assets and liabilities as of December 31, 1998 of General Re Financial Products, acquired in connection with the acquisition of General Re Corporation on December 21, 1998. It does not include the operating results of this business.
These statements do not conform to GAAP in all respects
These statements are unaudited
BERKSHIRE HATHAWAY INC.
NON-OPERATING ACTIVITIES
These statements reflect the consolidated financial statement values for assets, liabilities, shareholders' equity, revenues and expenses that were not assigned to any Berkshire operating group in the unaudited, and not fully GAAP - adjusted group financial statements heretofore presented (pages 65 to 70).
Statements of Net Assets
(dollars in millions)
|
|
December 31, |
||
|
|
1998 |
|
1997 |
|
Assets |
|
|
|
|
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$ 220 |
|
$ 383 |
|
Investments: |
|
|
|
|
Fixed maturities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
30 |
|
269 |
|
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
267 |
|
307 |
|
Unamortized goodwill and other purchase accounting adjustments * . . . . . . . . |
18,613 |
|
3,099 |
|
Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
130 |
|
136 |
|
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
128 |
|
104 |
|
|
$19,388 |
|
$4,298 |
|
|
====== |
|
===== |
|
Liabilities |
|
|
|
|
Accounts payable, accruals and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$ 40 |
|
$ 40 |
|
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
158 |
|
152 |
|
Borrowings under investment agreements and other debt . . . . . . . . . . . . . . . . |
1,863 |
|
2,016 |
|
|
2,061 |
|
2,208 |
|
Equity |
|
|
|
|
Minority shareholders'. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
15 |
|
45 |
|
Berkshire shareholders'. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
17,312 |
|
2,045 |
|
|
17,327 |
|
2,090 |
|
|
$19,388 |
|
$4,298 |
|
|
====== |
|
===== |
Statements of Earnings
(dollars in millions)
|
|
1998 |
|
1997 |
|
1996 |
|
Revenues: |
|
|
|
|
|
|
Interest, dividend and other income . . . . . . . . . . . . . . . . . . . . . . . . . |
$ 63 |
|
$ 41 |
|
$ 55 |
|
Realized investment gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
40 |
|
53 |
|
194 |
|
|
103 |
|
94 |
|
249 |
|
Expenses: |
|
|
|
|
|
|
Corporate administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
6 |
|
7 |
|
5 |
|
Shareholder-designated contributions . . . . . . . . . . . . . . . . . . . . . . . |
17 |
|
15 |
|
13 |
|
Amortization of goodwill and purchase accounting adjustments * |
210 |
|
105 |
|
76 |
|
Interest on debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
96 |
|
101 |
|
91 |
|
Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
-- |
|
(7) |
|
(3) |
|
|
329 |
|
221 |
|
182 |
|
Income (loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . |
(226) |
|
(127) |
|
67 |
|
Income tax expense (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
(33) |
|
(17) |
|
44 |
|
|
(193) |
|
(110) |
|
23 |
|
Minority interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
5 |
|
8 |
|
7 |
|
Net earnings (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$(198) |
|
$(118) |
|
$ 16 |
|
|
===== |
|
===== |
|
==== |
* Purchase accounting adjustments and goodwill arose in accounting for business acquisitions.
These statements do not conform to GAAP in all respects
These statements are unaudited