Berkshire Hathaway 2003 Annual Report Download - page 29

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28
BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
Year Ended December 31,
2003 2002 2001
Cash flows from operating activities:
Net earnings................................................................................................ $ 8,151 $ 4,286 $ 795
Adjustments to reconcile net earnings to cash flows
from operating activities:
Realized investment gains .......................................................................... (4,129) (918) (1,488)
Depreciation and amortization.................................................................... 520 520 945
Changes in assets and liabilities before effects from
business acquisitions:
Losses and loss adjustment expenses....................................................... 397 3,209 7,571
Deferred charges reinsurance assumed .................................................... 292 (147) (498)
Unearned premiums................................................................................. (585) 1,880 929
Receivables .............................................................................................. 2,018 (896) 219
Accounts payable, accruals and other liabilities ...................................... (907) 1,062 (339)
Finance businesses operating activities.................................................... 1,558 2,940 (1,083)
Income taxes ............................................................................................ 505 195 (329)
Other........................................................................................................... 437 (996) (148)
Net cash flows from operating activities .................................................... 8,257 11,135 6,574
Cash flows from investing activities:
Purchases of securities with fixed maturities.............................................. (9,924) (16,288) (16,475)
Purchases of equity securities..................................................................... (1,842) (1,756) (1,075)
Proceeds from sales of securities with fixed maturities.............................. 17,650 9,108 8,427
Proceeds from redemptions and maturities of securities
with fixed maturities ................................................................................ 9,847 6,740 4,305
Proceeds from sales of equity securities..................................................... 3,159 1,340 3,881
Loans and investments originated in finance businesses............................ (3,046) (2,281) (9,502)
Principal collection on loans and investments
originated in finance businesses............................................................... 4,241 5,226 4,126
Acquisitions of businesses, net of cash acquired........................................ (3,213) (2,620) (4,697)
Other........................................................................................................... (759) (780) (684)
Net cash flows from investing activities..................................................... 16,113 (1,311) (11,694)
Cash flows from financing activities:
Proceeds from borrowings of finance businesses....................................... 2,479 211 6,288
Proceeds from other borrowings................................................................. 822 1,472 824
Repayments of borrowings of finance businesses ...................................... (2,260) (3,802) (865)
Repayments of other borrowings................................................................ (783) (774) (798)
Change in short term borrowings of finance businesses............................. (63) (1,207) 794
Changes in other short term borrowings..................................................... (642) 380 (345)
Other........................................................................................................... (714) 146 116
Net cash flows from financing activities .................................................... (1,161) (3,574) 6,014
Increase in cash and cash equivalents......................................................... 23,209 6,250 894
Cash and cash equivalents at beginning of year............................................... 12,748 6,498 5,604
Cash and cash equivalents at end of year *.................................................. $35,957 $12,748 $ 6,498
* Cash and cash equivalents at end of year are comprised of the following:
Insurance and Other................................................................................... $31,262 $10,283 $ 5,313
Finance and Financial Products................................................................ 4,695 2,465 1,185
$35,957 $12,748 $ 6,498
See accompanying Notes to Consolidated Financial Statements