BERKSHIRE HATHAWAY INC.

(Parent Company)

Condensed Financial Information

(Dollars in millions)

Schedule I

Balance Sheets


	December 31,
	2011		2010
Assets:
Cash and cash equivalents	$	7,289	$	6,616
Investments in fixed maturity and equity securities		38		304
Investments in and advances to/from consolidated subsidiaries		166,219		159,036
Other assets		49		27

	$	173,595	$	165,983

Liabilities and Shareholders’ Equity:
Accounts payable, accrued interest and other liabilities	$	129	$	45
Income taxes		329		260
Notes payable and other borrowings		8,287		8,360

		8,745		8,665
Shareholders’ equity		164,850		157,318

	$	173,595	$	165,983

Statements of Earnings


	Year ended December 31,
	2011		2010		2009
Income items:
From consolidated subsidiaries:
Dividends	$	5,883	$	4,493	$	3,068
Undistributed earnings		4,546		8,546		5,045

		10,429		13,039		8,113
Other income		101		115		8

		10,530		13,154		8,121

Cost and expense items:
General and administrative		61		34		27
Interest to affiliates, net		5		6		7
Other interest		146		130		6
Income taxes		64		17		26

		276		187		66

Net earnings	$	10,254	$	12,967	$	8,055

See Note to Condensed Financial Information

BERKSHIRE HATHAWAY INC.

(Parent Company)

Condensed Financial Information

(Dollars in millions)

Schedule I (continued)

Statements of Cash Flows


	Year ended December 31,
	2011			2010			2009
Cash flows from operating activities:
Net earnings	$	10,254		$	12,967		$	8,055
Adjustments to reconcile net earnings to cash flows from operating activities:
Undistributed earnings of subsidiaries		(4,546	)		(8,546	)		(5,045	)
Income taxes payable		69			34			102
Other		70			31			(12	)

Net cash flows from operating activities		5,847			4,486			3,100

Cash flows from investing activities:
Purchases of fixed maturity securities		—			(98	)		(200	)
Sales of fixed maturity securities		298			—			127
Investments in and advances to subsidiaries		(3,633	)		(11,929	)		(4	)

Net cash flows from investing activities		(3,335	)		(12,027	)		(77	)

Cash flows from financing activities:
Proceeds from borrowings		2,021			8,137			196
Repayments of borrowings		(2,094	)		(117	)		(100	)
Purchases of noncontrolling interests		(1,811	)		(1	)		(19	)
Other		45			153			(28	)

Net cash flows from financing activities		(1,839	)		8,172			49

Increase in cash and cash equivalents		673			631			3,072
Cash and cash equivalents at beginning of year		6,616			5,985			2,913

Cash and cash equivalents at end of year	$	7,289		$	6,616		$	5,985

Other cash flow information:
Income taxes paid	$	1,882		$	2,325		$	1,203
Interest paid		122			69			6

Note to Condensed Financial Information

In February 2010, Berkshire issued $8.0 billion aggregate par amount of senior notes including $2.0 billion that matured in 2011. The proceeds from these borrowings together with approximately $3.9 billion of available cash were contributed to a wholly-owned subsidiary in connection with the acquisition of all remaining outstanding shares of the Burlington Northern Santa Fe Corporation. In August 2011, Berkshire issued $2.0 billion of debentures consisting of $750 million of 2.2% senior notes due in 2016, $500 million of 3.75% senior notes due in 2021 and $750 million of floating rate senior notes due in 2014. In January 2012, Berkshire issued $1.1 billion of 1.9% senior notes due 2017 and $600 million of 3.4% senior notes due 2022 and in February 2012 redeemed $1.1 billion of floating rate notes and $600 million of 1.4% senior notes that were both due at that time. Berkshire’s borrowings at December 31, 2011 and 2010 also included $287 million and $360 million, respectively, under investment agreements. Berkshire’s aggregate borrowings as of December 31, 2011, mature in each of the next five years as follows: 2012—$1,700 million; 2013—$2,600 million; 2014—$750 million; 2015—$1,700 million; and 2016—$750 million.

Berkshire Hathaway Inc. has guaranteed debt obligations of certain of its subsidiaries. As of December 31, 2011, the unpaid balance of subsidiary debt guaranteed by Berkshire totaled approximately $16 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 $10.0 billion as of December 31, 2011. The amount of subsidiary payments under these contracts, if any, is contingent upon future events. The timing of subsidiary payments, if any, will not be fully known for several decades.