Berkshire Hathaway 2002 Annual Report Download - page 30

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29
BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
Year Ended December 31,
2002 2001 2000
Cash flows from operating activities:
Net earnings................................................................................................ $ 4,286 $ 795 $3,328
Adjustments to reconcile net earnings to cash flows
from operating activities:
Realized investment gains .......................................................................... (637) (1,363) (3,955)
Depreciation and amortization.................................................................... 811 1,076 997
Changes in assets and liabilities before effects from
business acquisitions:
Losses and loss adjustment expenses....................................................... 3,209 7,571 5,976
Deferred charges reinsurance assumed .................................................... (147) (498) (1,075)
Unearned premiums................................................................................. 1,880 929 97
Receivables .............................................................................................. (896) 219 (3,062)
Accounts payable, accruals and other liabilities ...................................... 1,062 (339) 660
Finance businesses operating activities.................................................... 2,720 (1,083) (1,126)
Income taxes ............................................................................................ 195 (329) 757
Other........................................................................................................... (1,280) (404) 350
Net cash flows from operating activities .................................................... 11,203 6,574 2,947
Cash flows from investing activities:
Purchases of securities with fixed maturities.............................................. (17,797) (16,475) (16,550)
Purchases of equity securities..................................................................... (1,756) (1,075) (4,145)
Proceeds from sales of securities with fixed maturities.............................. 9,126 8,470 13,119
Proceeds from redemptions and maturities of securities
with fixed maturities ................................................................................ 7,974 4,305 2,530
Proceeds from sales of equity securities..................................................... 1,406 3,881 6,870
Loans and investments originated in finance businesses............................ (840) (9,502) (857)
Principal collection on loans and investments
originated in finance businesses............................................................... 3,974 4,126 1,142
Acquisitions of businesses, net of cash acquired........................................ (2,620) (4,697) (3,798)
Other........................................................................................................... (846) (727) (582)
Net cash flows from investing activities..................................................... (1,379) (11,694) (2,271)
Cash flows from financing activities:
Proceeds from borrowings of finance businesses....................................... 211 6,288 120
Proceeds from other borrowings................................................................. 1,472 824 681
Repayments of borrowings of finance businesses ...................................... (3,802) (865) (274)
Repayments of other borrowings................................................................ (774) (798) (806)
Change in short term borrowings of finance businesses............................. (1,207) 826 500
Changes in other short term borrowings..................................................... 380 (377) 324
Other........................................................................................................... 146 116 (75)
Net cash flows from financing activities .................................................... (3,574) 6,014 470
Increase in cash and cash equivalents......................................................... 6,250 894 1,146
Cash and cash equivalents at beginning of year............................................... 6,498 5,604 4,458
Cash and cash equivalents at end of year *.................................................. $12,748 $ 6,498 $ 5,604
* Cash and cash equivalents at end of year are comprised of the following:
Insurance and Other................................................................................... $10,294 $ 5,313 $ 5,263
Finance and Financial Products................................................................ 2,454 1,185 341
$12,748 $ 6,498 $ 5,604
See accompanying Notes to Consolidated Financial Statements