BERKSHIRE HATHAWAY INC Goodwill & Intangibles Disclosure
Reconciliations of the changes in the carrying value of goodwill during 2025 and 2024 follow (in millions).
|
|
December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Balance at the beginning of the year* |
|
$ |
83,880 |
|
|
$ |
84,626 |
|
Business acquisitions |
|
|
459 |
|
|
|
87 |
|
Other, including impairments and foreign currency translation |
|
|
(1,265 |
) |
|
|
(833 |
) |
Balance at the end of the year* |
|
$ |
83,074 |
|
|
$ |
83,880 |
|
——————
* Net of accumulated goodwill impairments of $13.0 billion as of December 31, 2025, $11.5 billion as of December 31, 2024 and $11.1 billion as of December 31, 2023.
Other intangible assets are summarized below (in millions).
|
December 31, 2025 |
|
|
December 31, 2024 |
|
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|
Gross |
|
Accumulated |
|
Net |
|
|
Gross |
|
Accumulated |
|
Net |
|
||||||
Insurance and other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Customer relationships |
$ |
31,215 |
|
$ |
9,638 |
|
$ |
21,577 |
|
|
$ |
30,941 |
|
$ |
8,840 |
|
$ |
22,101 |
|
Trademarks and trade names |
|
9,007 |
|
|
1,143 |
|
|
7,864 |
|
|
|
9,007 |
|
|
1,041 |
|
|
7,966 |
|
Patents and technology |
|
5,237 |
|
|
4,196 |
|
|
1,041 |
|
|
|
5,375 |
|
|
4,359 |
|
|
1,016 |
|
Other |
|
5,608 |
|
|
2,288 |
|
|
3,320 |
|
|
|
5,551 |
|
|
1,996 |
|
|
3,555 |
|
|
$ |
51,067 |
|
$ |
17,265 |
|
$ |
33,802 |
|
|
$ |
50,874 |
|
$ |
16,236 |
|
$ |
34,638 |
|
Railroad, utilities and energy:* |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Customer relationships and contracts |
$ |
1,541 |
|
$ |
809 |
|
$ |
732 |
|
|
$ |
1,553 |
|
$ |
728 |
|
$ |
825 |
|
Other |
|
442 |
|
|
134 |
|
|
308 |
|
|
|
437 |
|
|
126 |
|
|
311 |
|
|
$ |
1,983 |
|
$ |
943 |
|
$ |
1,040 |
|
|
$ |
1,990 |
|
$ |
854 |
|
$ |
1,136 |
|
——————
* Included in other assets.
Intangible assets with indefinite lives were $18.9 billion as of December 31, 2025 and December 31, 2024 and primarily related to certain customer relationships and trademarks and trade names. Intangible asset amortization expense was $1.7 billion in 2025 and $1.8 billion in 2024 and 2023. Estimated amortization expense over the next five years follows (in billions): 2026 – $1.7; 2027 – $1.6; 2028 – $1.4; 2029 – $1.4 and 2030 – $1.3.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 25, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 29, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.