Berkshire acquired the remaining 20% noncontrolling interest in Pilot Travel Centers for $2.6 billion, increasing its ownership to 100%. This move consolidates Berkshire's control over Pilot and its operations.

Berkshire Hathaway Energy repurchased shares of its common stock held by certain noncontrolling BHE shareholders for $2.9 billion. This move increases Berkshire's stake in BHE and simplifies its capital structure.

During 2024, Berkshire paid $9.2 billion to acquire equity securities and received $143.4 billion from sales of equity securities. This indicates active portfolio management and a willingness to reallocate capital based on market conditions.

GEICO's pre-tax underwriting earnings increased significantly in 2024, reflecting higher average premiums per auto policy, lower claims frequencies, and improved operating efficiencies. This indicates successful management efforts to improve GEICO's performance.

BNSF's operating earnings increased due to volume growth and lower operating costs from improved productivity, partially offset by a $290 million charge related to a labor agreement that was finalized in the fourth quarter of 2024 and by increased litigation accruals.

BHE's earnings are impacted by wildfire loss accruals, with significant fluctuations year-over-year. This highlights the ongoing challenge of managing wildfire risk and the associated financial exposure.

The 10-K explicitly mentions the reliance on technology and the increasing sophistication and frequency of cyber-attacks. A significant disruption or failure of technology systems could result in service interruptions, safety failures, security events, regulatory compliance failures, and loss of assets.

The 10-K highlights the rising risks from geopolitical events, including armed and diplomatic conflicts, which may adversely affect operating businesses through reduced sales, increased costs, supply chain restrictions, and losses in the values of securities owned.

The 10-K acknowledges the dependence on Warren Buffett for major investment and capital allocation decisions. The unavailability of his services could have a material adverse effect on operations.

The 10-K mentions that competition for private passenger automobile insurance tends to focus on price and level of customer service provided. GEICO competes with other direct sellers and companies using agency sales forces.

The 10-K states that the business environment in which BNSF Railway operates is highly competitive. Depending on the specific market, deregulated motor carriers and other railroads, as well as river barges, ships and pipelines, may exert pressure on price and service levels.

The 10-K states that PCC is subject to substantial competition in all of its markets. Components and similar products may be produced by competitors, who use either the same types of manufacturing processes as PCC or other processes.

GEICO's cost-efficient direct response marketing methods and emphasis on customer satisfaction enable it to offer competitive rates and value to its customers.

In order to remain competitive, BNSF Railway and other railroads seek to develop and implement operating efficiencies to improve productivity.

Lubrizol expends significant capital to ensure the safety of its employees and the communities where it operates, as well as delivering on its commitments to operational excellence and cybersecurity.

FlightSafety strives to maintain and manufacture simulators and develop courseware using state-of-the-art technology, incorporating critical safety standards and procedures. FlightSafety invests in research and development, further advancing the delivery of new equipment and training programs.

IMC's staff of scientists and engineers continuously develop and innovate products that address end user needs and requirements.

Lubrizol uses its technological leadership position and applies its scientific capabilities, formulation know-how and market expertise in product development to improve the demand, quality and value of its products.

Berkshire's common stock repurchase program permits Berkshire to repurchase its Class A and Class B shares at any time that Warren Buffett believes that the repurchase price is below Berkshire's intrinsic value, conservatively determined.

Over the years, BHE has invested heavily in owned renewable generation and storage, with cumulative investments of $35.4 billion through December 31, 2024.

Our railroad business requires significant ongoing capital investment to improve and maintain its railroad network so that transportation services can be safely and reliably provided to customers on a timely basis.

BNSF management has committed to a broad sustainability model, applying science-based approaches, that is anticipated to result in a 30% reduction in BNSF Railway's GHG emissions by 2030 from its baseline year of 2018.

BHE and its energy subsidiaries continue to focus on delivering reliable, affordable, safe and clean energy to its customers and on actions to mitigate its GHG emissions.

The Berkshire Code of Business Conduct and Ethics emphasizes, among other things, the commitment to ethics and compliance with government laws and regulations and provides basic standards for ethical and legal behavior of its employees.

HomeServices' principal sources of revenue are dependent on residential real estate transaction volumes, which are normally higher in the second and third quarters of each year. This business is highly competitive and subject to general real estate market conditions.

Climate and weather-related events and the regulation of GHG emissions could impact our businesses to varying degrees. Climate-related events, including hurricanes, floods, wildfires, and other extreme weather events may increase the physical risks and impacts to our operations.

Increasingly, states are adopting legislation and regulations to reduce GHG emissions, and local governments and consumers are seeking increasing amounts of clean and renewable energy.