Subject: Re: Repurchase price
Something doesn't quite add up for me regarding share repurchases. Multiplying the repurchased shares times the average price paid per share shown on page K-32 of the Annual Report, I calculate $2.855B spent on share repurchases in the 4th quarter. I've done the same exercise for the other quarters in 2022 and calculate a total of $8.032B spent on share repurchases in 2022. However, today's news release says, "Approximately $2.6 billion was used to repurchase Berkshire shares during the fourth quarter bringing the total for the year to approximately $7.9 billion." Likewise, page K-57 of the Annual Report says, "Berkshire paid $7.9 billion during 2022 to repurchase shares of its Class A and Class B common stock."

Does anyone know why there's a discrepancy? Or has anyone else done the calculations and gotten different numbers than what I calculated? It's obviously not a huge discrepancy, but $100M here and $100M there starts to add up.