BERKSHIRE HATHAWAY INC.

(Parent Company)

Condensed Financial Information

(Dollars in millions)

Schedule I

Balance Sheets


	December 31,
	2014		2013
Assets:
Cash and cash equivalents	$	9,449	$	3,412
Investments in fixed maturity and equity securities		152		178
Investments in and advances to/from consolidated subsidiaries		227,615		215,465
Investments in H.J. Heinz Holding Corporation		11,660		12,111
Other assets		91		97

	$	248,967	$	231,263

Liabilities and Shareholders’ Equity:
Accounts payable, accrued interest and other liabilities	$	100	$	209
Income taxes		343		853
Notes payable and other borrowings		8,354		8,311

		8,797		9,373
Berkshire Hathaway shareholders’ equity		240,170		221,890

	$	248,967	$	231,263

Statements of Earnings and Comprehensive Income


	Year ended December 31,
	2014			2013		2012
Income items:
From consolidated subsidiaries:
Dividends and distributions	$	4,969		$	6,158	$	6,799
Undistributed earnings		14,496			13,657		8,301

		19,465			19,815		15,100
Other income		758			229		88

		20,223			20,044		15,188

Cost and expense items:
General and administrative		(1	)		94		133
Interest expense		236			228		196
Income taxes		116			246		35

		351			568		364

Net earnings attributable to Berkshire Hathaway shareholders		19,872			19,476		14,824
Other comprehensive income attributable to Berkshire Hathaway shareholders		(1,293	)		16,546		9,846

Comprehensive income attributable to Berkshire Hathaway shareholders	$	18,579		$	36,022	$	24,670

See Note to Condensed Financial Information

Statements of Cash Flows


	Year ended December 31,
	2014			2013			2012
Cash flows from operating activities:
Net earnings attributable to Berkshire Hathaway shareholders	$	19,872		$	19,476		$	14,824
Adjustments to reconcile net earnings to cash flows from operating activities:
Undistributed earnings of subsidiaries		(14,496	)		(13,657	)		(8,301	)
Income taxes payable		136			396			80
Other		(75	)		112			101

Net cash flows from operating activities		5,437			6,327			6,704

Cash flows from investing activities:
Investments in H.J. Heinz Holding Corporation		—			(12,250	)		—
Investments in and advances to/repayments from subsidiaries		1,673			(433	)		(1,525	)

Net cash flows from investing activities		1,673			(12,683	)		(1,525	)

Cash flows from financing activities:
Proceeds from borrowings		832			2,611			1,740
Repayments of borrowings		(792	)		(2,656	)		(1,751	)
Acquisitions of noncontrolling interests		(1,231	)		(836	)		(800	)
Acquisitions of treasury stock		—			—			(1,296	)
Other		118			92			196

Net cash flows from financing activities		(1,073	)		(789	)		(1,911	)

Increase (decrease) in cash and cash equivalents		6,037			(7,145	)		3,268
Cash and cash equivalents at beginning of year		3,412			10,557			7,289

Cash and cash equivalents at end of year	$	9,449		$	3,412		$	10,557

Other cash flow information:
Income taxes paid	$	2,512		$	4,080		$	3,406
Interest paid		233			205			180

Note to Condensed Financial Information

On June 7, 2013, Berkshire invested $12.25 billion in a newly formed entity, H.J. Heinz Holding Corporation (“Heinz Holding”), which acquired H.J. Heinz Company. Berkshire’s investments in Heinz Holding consist of 425 million shares of common stock, warrants to acquire approximately 46 million additional shares of common stock, and cumulative compounding preferred stock with a liquidation preference of $8 billion. Berkshire accounts for the investments in Heinz Holding common stock and common stock warrants under the equity method. The investment in Heinz Holding preferred stock is carried at cost.

Berkshire’s notes payable and borrowings at December 31, 2014 mature over the next five years as follows: 2015—$1,710 million; 2016—$1,051 million; 2017—$1,144 million; 2018—$808 million and 2019—$755 million.

Berkshire Hathaway Inc. has guaranteed debt obligations of certain of its subsidiaries. As of December 31, 2014, the unpaid balance of subsidiary debt guaranteed by Berkshire totaled approximately $14.6 billion. Berkshire’s guarantee of subsidiary debt is an absolute, unconditional and irrevocable guarantee for the full and prompt payment when due of all present and future payment obligations. Berkshire also provides guarantees in connection with long-term equity index put option and credit default contracts entered into by a subsidiary. The estimated fair value of liabilities recorded under such contracts was approximately $4.8 billion as of December 31, 2014. The amount of subsidiary payments under these contracts, if any, is contingent upon future events and will not be fully known for several years.