Berkshire Hathaway (BRK-B) 10-Q 2017 Q3 Quarterly report

Exhibit 12

BERKSHIRE HATHAWAY INC.

Calculation of Ratio of Consolidated Earnings to Consolidated Fixed Charges

(Dollars in millions)

	Nine Months Ending September 30, 2017			Year Ended December 31,
				2016			2015		2014		2013		2012
Net earnings attributable to Berkshire Hathaway shareholders	$	12,389		$	24,074		$	24,083	$	19,872	$	19,476	$	14,824
Income tax expense		4,750			9,240			10,532		7,935		8,951		6,924
Earnings attributable to noncontrolling interests		308			353			331		298		369		488
Equity in net (earnings) loss of The Kraft Heinz Company		(800	)		(923	)		122		26		262		—
Dividends from The Kraft Heinz Company		594			952			366		—		—		—
Fixed charges		4,222			4,195			4,134		3,882		3,386		3,304
Earnings available for fixed charges	$	21,463		$	37,891		$	39,568	$	32,013	$	32,444	$	25,540
Fixed charges
Interest expense, including amortization(1)	$	3,800		$	3,497		$	3,515	$	3,253	$	2,801	$	2,744
Rentals representing interest and capitalized interest		422			698			619		629		585		560
	$	4,222		$	4,195		$	4,134	$	3,882	$	3,386	$	3,304
Ratio of earnings to fixed charges		5.08x			9.03x			9.57x		8.25x		9.58x		7.73x

(1) Includes foreign currency exchange losses of $878 million for the first nine months of 2017 related to Berkshire’s Euro denominated debt. Also includes gains of $244 million in 2016 and losses of $69 million in 2015 with respect to Berkshire’s Euro denominated debt. These gains and losses were predominantly from the periodic revaluation of the Euro denominated debt due to changes in the Euro/U.S. Dollar exchange rate.