Berkshire Hathaway 1999 Annual Report Download - page 25

Download and view the complete annual report

Please find page 25 of the 1999 Berkshire Hathaway annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 74

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74

24
BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
Year Ended December 31,
1999 1998 1997
Cash flows from operating activities:
Net earnings .............................................. $1,557 $2,830 $1,901
Adjustments to reconcile net earnings to cash flows
from operating activities:
Realized investment gain .................................... (1,365) (2,415) (1,106)
Depreciation and amortization ................................ 688 265 227
Changes in assets and liabilities before effects from
business acquisitions:
Losses and loss adjustment expenses .......................... 3,790 347 576
Deferred charges - reinsurance assumed ....................... (958) (80) (142)
Unearned premiums ...................................... 394 179 90
Receivables ............................................. (834) (56) (120)
Accounts payable, accruals and other liabilities .................. (5) 4 547
Income taxes ............................................ (1,395) (329) 383
Other ................................................... 328 (88) (21)
Net cash flows from operating activities ....................... 2,200 657 2,335
Cash flows from investing activities:
Purchases of securities with fixed maturities ...................... (18,380) (2,697) (6,837)
Purchases of equity securities and other investments ................ (3,664) (1,865) (714)
Proceeds from sales of securities with fixed maturities ............... 4,509 6,339 3,397
Proceeds from redemptions and maturities of securities
with fixed maturities ....................................... 2,833 2,132 779
Proceeds from sales of equity securities and other investments ......... 4,355 4,868 2,016
Loans and investments originated in finance businesses ............. (2,526) (1,028) (491)
Principal collection on loans and investments
originated in finance businesses ............................... 845 295 276
Acquisitions of businesses, net of cash acquired .................... (153) 4,971 (775)
Other .................................................... (417) (302) (182)
Net cash flows from investing activities ........................ (12,598) 12,713 (2,531)
Cash flows from financing activities:
Proceeds from borrowings of finance businesses ................... 714 120 157
Proceeds from other borrowings ............................... 1,846 1,339 1,074
Repayments of borrowings of finance businesses ................... (335) (83) (214)
Repayments of other borrowings ............................... (1,721) (1,318) (1,112)
Other .................................................... (137) 3 (1)
Net cash flows from financing activities ....................... 367 61 (96)
Increase (decrease) in cash and cash equivalents ................. (10,031) 13,431 (292)
Cash and cash equivalents at beginning of year ..................... 14,489 1,058 1,350
Cash and cash equivalents at end of year * ...................... $4,458 $14,489 $1,058
* Cash and cash equivalents at end of year are comprised of the following:
Finance and financial products businesses ..................... $ 623 $ 907 $ 56
Other ....................................................... 3,835 13,582 1,002
$ 4,458 $14,489 $ 1,058
See accompanying Notes to Consolidated Financial Statements