Berkshire Hathaway 2000 Annual Report Download - page 27

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26
BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
Year Ended December 31,
2000 1999 1998
Cash flows from operating activities:
Net earnings............................................................................................... $3,328 $1,557 $2,830
Adjustments to reconcile net earnings to cash flows
from operating activities:
Realized investment gain ........................................................................ (3,955) (1,365) (2,415)
Depreciation and amortization ................................................................ 997 688 265
Changes in assets and liabilities before effects from
business acquisitions:
Losses and loss adjustment expenses....................................................... 5,976 3,790 347
Deferred charges – reinsurance assumed ................................................. (1,075) (958) (80)
Unearned premiums ............................................................................... 97 394 179
Receivables ............................................................................................. (3,062) (834) (56)
Accounts payable, accruals and other liabilities....................................... 660
(5)
4
Finance businesses trading activities ....................................................... (1,126) 473 52
Income taxes .......................................................................................... 757 (1,395) (329)
Other...................................................................................................... 350 (145) (140)
Net cash flows from operating activities.................................................. 2,947 2,200 657
Cash flows from investing activities:
Purchases of securities with fixed maturities .............................................. (16,550) (18,380) (2,697)
Purchases of equity securities .................................................................... (4,145) (3,664) (1,865)
Proceeds from sales of securities with fixed maturities............................... 13,119 4,509 6,339
Proceeds from redemptions and maturities of securities
with fixed maturities............................................................................... 2,530 2,833 2,132
Proceeds from sales of equity securities ..................................................... 6,870 4,355 4,868
Loans and investments originated in finance businesses ............................. (857) (2,526) (1,028)
Principal collection on loans and investments
originated in finance businesses .............................................................. 1,142 845 295
Acquisitions of businesses, net of cash acquired......................................... (3,798) (153) 4,971
Other ........................................................................................................ (582) (417) (302)
Net cash flows from investing activities .................................................. (2,271) (12,598) 12,713
Cash flows from financing activities:
Proceeds from borrowings of finance businesses........................................ 120 736 120
Proceeds from other borrowings ................................................................ 681 1,118 1,266
Repayments of borrowings of finance businesses ....................................... (274) (46) (83)
Repayments of other borrowings ............................................................... (806) (1,333) (1,225)
Change in short term borrowings of finance businesses.............................. 500 (311) —
Changes in other short term borrowings..................................................... 324 340 (20)
Other ........................................................................................................
(75)
(137)
3
Net cash flows from financing activities.................................................. 470 367 61
Increase (decrease) in cash and cash equivalents ..................................... 1,146
(10,031)
13,431
Cash and cash equivalents at beginning of year............................................. 4,458 14,489 1,058
Cash and cash equivalents at end of year * ............................................... $5,604 $4,458 $14,489
* Cash and cash equivalents at end of year are comprised of the following:
Finance and financial products businesses.............................................. $ 341 $ 623 $ 907
Other ..................................................................................................... 5,263 3,835 13,582
$5,604 $ 4,458 $14,489
See accompanying Notes to Consolidated Financial Statements