No. of Recommendations: 5
Just as an update to this, in case anybody wondered what the actual accounting change was -
Berkshire's acquisition of Pilot greatly increased the non-cash depreciation and amortization expense at Pilot, reducing their reported profitability under GAAP:
From BRK's 10Q on Pilot's earnings/expenses:
"Operating and other expenses include depreciation and amortization expense of $243 million in the second quarter of 2023 and $411 million in the five months ending June 30, 2023, a significant portion of which derives from property, plant and equipment and finite-lived intangible asset fair value remeasurements in connection with our application of the acquisition accounting method in 2023."
