Berkshire Hathaway 2001 Annual Report Download - page 25

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24
BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
Year Ended December 31,
2001 2000 1999
Cash flows from operating activities:
Net earnings................................................................................................ $ 795 $3,328 $1,557
Adjustments to reconcile net earnings to cash flows
from operating activities:
Realized investment gain............................................................................ (1,363) (3,955) (1,365)
Depreciation and amortization.................................................................... 1,076 997 688
Changes in assets and liabilities before effects from
business acquisitions:
Losses and loss adjustment expenses....................................................... 7,571 5,976 3,790
Deferred charges – reinsurance assumed ................................................. (498) (1,075) (958)
Unearned premiums................................................................................. 929 97 394
Receivables .............................................................................................. 219 (3,062) (834)
Accounts payable, accruals and other liabilities ...................................... (339) 660 (5)
Finance businesses trading activities ....................................................... (1,083) (1,126) 473
Income taxes ............................................................................................ (329) 757 (1,395)
Other........................................................................................................... (404) 350 (145)
Net cash flows from operating activities .................................................... 6,574 2,947 2,200
Cash flows from investing activities:
Purchases of securities with fixed maturities.............................................. (16,475) (16,550) (18,380)
Purchases of equity securities..................................................................... (1,075) (4,145) (3,664)
Proceeds from sales of securities with fixed maturities.............................. 8,470 13,119 4,509
Proceeds from redemptions and maturities of securities
with fixed maturities ................................................................................ 4,305 2,530 2,833
Proceeds from sales of equity securities..................................................... 3,881 6,870 4,355
Loans and investments originated in finance businesses............................ (9,502) (857) (2,526)
Principal collection on loans and investments
originated in finance businesses ................................................................. 4,126 1,142 845
Acquisitions of businesses, net of cash acquired........................................ (4,697) (3,798) (153)
Other........................................................................................................... (727) (582) (417)
Net cash flows from investing activities..................................................... (11,694) (2,271) (12,598)
Cash flows from financing activities:
Proceeds from borrowings of finance businesses....................................... 6,288 120 736
Proceeds from other borrowings................................................................. 824 681 1,118
Repayments of borrowings of finance businesses ...................................... (865) (274) (46)
Repayments of other borrowings................................................................ (798) (806) (1,333)
Change in short term borrowings of finance businesses............................. 826 500 (311)
Changes in other short term borrowings..................................................... (377) 324 340
Other........................................................................................................... 116 (75) (137)
Net cash flows from financing activities .................................................... 6,014 470 367
Increase (decrease) in cash and cash equivalents ....................................... 894 1,146 (10,031)
Cash and cash equivalents at beginning of year............................................... 5,604 4,458 14,489
Cash and cash equivalents at end of year *.................................................. $ 6,498 $ 5,604 $ 4,458
* Cash and cash equivalents at end of year are comprised of the following:
Finance and financial products businesses................................................ $ 1,185 $ 341 $ 623
Other........................................................................................................... 5,313 5,263 3,835
$ 6,498 $ 5,604 $ 4,458
See accompanying Notes to Consolidated Financial Statements