Excluding the impact of currency, the increase in Adjusted EBITDA reflected incremental gains from
cost savings initiatives (2) that were partly
offset by a combination of factors that included
higher input
costs, lower net sales as well as business
investments in Rest of World markets.
These gains should more than
offset marginally
higher borrowing
costs for Berkshire's BNSF railroad and Berkshire Hathaway Energy, which finance their large capital
investments with borrowed money.