Berkshire Hathaway 2011 Annual Report Download - page 31

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BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
Year Ended December 31,
2011 2010 2009
Cash flows from operating activities:
Net earnings ................................................................ $10,746 $ 13,494 $ 8,441
Adjustments to reconcile net earnings to operating cash flows:
Investment (gains) losses and other-than-temporary impairment losses ............. (1,274) (2,085) 2,837
Depreciation ............................................................ 4,683 4,279 3,127
Other ................................................................. 811 255 (149)
Changes in operating assets and liabilities before business acquisitions:
Losses and loss adjustment expenses ........................................ 3,063 1,009 2,165
Deferred charges reinsurance assumed ....................................... (329) 147 (39)
Unearned premiums ...................................................... 852 110 (21)
Receivables and originated loans ........................................... (1,159) (1,979) 697
Derivative contract assets and liabilities ...................................... 1,881 (880) (5,441)
Income taxes ........................................................... 1,493 2,348 2,035
Other assets ............................................................ (1,601) (1,070) 2,438
Other liabilities ......................................................... 1,310 2,267 (244)
Net cash flows from operating activities .......................................... 20,476 17,895 15,846
Cash flows from investing activities:
Purchases of fixed maturity securities ............................................ (7,362) (9,819) (10,798)
Purchases of equity securities .................................................. (15,660) (4,265) (4,570)
Purchases of other investments ................................................. (5,000) — (7,068)
Sales of fixed maturity securities ............................................... 3,353 5,435 4,338
Redemptions and maturities of fixed maturity securities ............................. 6,872 6,517 5,234
Sales of equity securities ...................................................... 1,518 5,886 5,626
Redemptions of other investments .............................................. 12,645 — —
Purchases of loans and finance receivables ........................................ (1,657) (3,149) (854)
Principal collections on loans and finance receivables ............................... 2,915 3,498 796
Acquisitions of businesses, net of cash acquired ................................... (8,685) (15,924) (108)
Purchases of property, plant and equipment ....................................... (8,191) (5,980) (4,937)
Other ..................................................................... 63 (476) 1,180
Net cash flows from investing activities .......................................... (19,189) (18,277) (11,161)
Cash flows from financing activities:
Proceeds from borrowings of insurance and other businesses ......................... 2,091 8,204 289
Proceeds from borrowings of railroad, utilities and energy businesses .................. 2,290 1,731 1,241
Proceeds from borrowings of finance businesses ................................... 1,562 1,539 1,584
Repayments of borrowings of insurance and other businesses ......................... (2,307) (430) (746)
Repayments of borrowings of railroad, utilities and energy businesses .................. (2,335) (777) (444)
Repayments of borrowings of finance businesses .................................. (1,959) (2,417) (396)
Changes in short term borrowings, net ........................................... 301 370 (885)
Acquisitions of noncontrolling interests and other .................................. (1,860) (95) (410)
Net cash flows from financing activities .......................................... (2,217) 8,125 233
Effects of foreign currency exchange rate changes ...................................... 2 (74) 101
Increase (decrease) in cash and cash equivalents ....................................... (928) 7,669 5,019
Cash and cash equivalents at beginning of year ........................................ 38,227 30,558 25,539
Cash and cash equivalents at end of year * .......................................... $37,299 $ 38,227 $ 30,558
* Cash and cash equivalents at end of year are comprised of the following:
Insurance and Other ......................................................... $ 33,513 $ 34,767 $ 28,223
Railroad, Utilities and Energy ................................................. 2,246 2,557 429
Finance and Financial Products ................................................ 1,540 903 1,906
$ 37,299 $ 38,227 $ 30,558
See accompanying Notes to Consolidated Financial Statements
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