Berkshire Hathaway 2004 Annual Report Download - page 41

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40
Notes to Consolidated Financial Statements (Continued)
(5) Investments in fixed maturity securities
Investments in securities with fixed maturities as of December 31, 2004 and 2003 are shown below (in millions).
A
mortized Unrealized Unrealized
F
ai
r
Cos
t
Gains Losses(a) Value
December 31, 2004
Insurance and other:
Obligations of U.S. Treasury, U.S. government
corporations and agencies ............................................... $ 1,576 $ 25 $ (11) $ 1,590
Obligations of states, municipalities
and political subdivisions ................................................ 3,569 156 — 3,725
Obligations of foreign governments ...................................... 6,996 101 (10) 7,087
Corporate bonds and redeemable preferred stock.................. 6,541 1,898 (6) 8,433
Mortgage-backed securities ................................................... 1,918 95 (2) 2,011
$20,600 $ 2,275 $ (29) $22,846
Finance and financial products, available-for-sale:
Obligations of U.S. Treasury, U.S. government
corporations and agencies ............................................... $ 3,682 $ 518 $ — $ 4,200
Corporate bonds ..................................................................... 433 80 (1) 512
Mortgage-backed securities ................................................... 2,200 103 — 2,303
$ 6,315 $ 701 $ (1) $ 7,015
Mortgage-backed securities, held-to-maturity....................... $ 1,424 $ 190 $ — $ 1,614
A
mortized Unrealized Unrealized
F
ai
r
December 31
,
2003 Cos
t
Gains Losses Value
Insurance and other:
Obligations of U.S. Treasury, U.S. government
corporations and agencies ............................................... $ 2,019 $ 95 $ (5) $ 2,109
Obligations of states, municipalities
and political subdivisions ................................................ 4,659 241 — 4,900
Obligations of foreign governments ...................................... 4,986 80 (26) 5,040
Corporate bonds and redeemable preferred stocks ................ 8,677 2,472 (23) 11,126
Mortgage-backed securities ................................................... 2,802 145 (6) 2,941
$23,143 $ 3,033 $ (60) $26,116
Finance and financial products, available-for-sale:
Obligations of U.S. Treasury, U.S. government
corporations and agencies ............................................... $ 3,733 $ 320 $ — $ 4,053
Corporate bonds ..................................................................... 704 79 — 783
Mortgage-backed securities ................................................... 4,076 180 — 4,256
$ 8,513 $ 579 $ — $ 9,092
Mortgage-backed securities, held-to-maturity ....................... $ 563 $ 105 $ — $ 668
(a) Primarily relates to securities whose amortized cost has exceeded fair value for less than twelve months.
Shown below are the amortized cost and estimated fair values of securities with fixed maturities at December 31,
2004, by contractual maturity dates. Actual maturities will differ from contractual maturities because issuers of certain of
the securities retain early call or prepayment rights. Amounts are in millions.
Amortized Fair
Cost Value
Due in 2005 ................................................................................................................. $ 4,657 $ 4,803
Due 2006 – 2009 ......................................................................................................... 8,210 8,718
Due 2010 – 2014 ......................................................................................................... 6,606 7,818
Due after 2014............................................................................................................. 3,324 4,208
22,797 25,547
Mortgage-backed securities......................................................................................... 5,542 5,928
$28,339 $31,475