Berkshire Hathaway 2013 Annual Report Download - page 33

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BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
Year Ended December 31,
2013 2012 2011
Cash flows from operating activities:
Net earnings ................................................................ $19,845 $ 15,312 $ 10,746
Adjustments to reconcile net earnings to operating cash flows:
Investment (gains) losses .................................................. (4,065) (1,462) (1,274)
Depreciation and amortization ............................................. 6,508 6,154 5,492
Other ................................................................. 373 (213) 2
Changes in operating assets and liabilities before business acquisitions:
Losses and loss adjustment expenses ........................................ 578 (421) 3,063
Deferred charges reinsurance assumed ....................................... (340) 121 (329)
Unearned premiums ...................................................... 519 1,134 852
Receivables and originated loans ........................................... 1,035 (1,610) (1,159)
Derivative contract assets and liabilities ...................................... (2,430) (2,183) 1,881
Income taxes ........................................................... 3,514 1,710 1,493
Other ................................................................. 2,167 2,408 (291)
Net cash flows from operating activities .......................................... 27,704 20,950 20,476
Cash flows from investing activities:
Purchases of fixed maturity securities ............................................ (7,546) (8,250) (7,362)
Purchases of equity securities .................................................. (8,558) (7,376) (15,660)
Purchases of other investments ................................................. (12,250) — (5,000)
Sales of fixed maturity securities ............................................... 4,311 2,982 3,353
Redemptions and maturities of fixed maturity securities ............................. 11,203 6,064 6,872
Sales and redemptions of equity securities ........................................ 3,869 8,088 14,163
Purchases of loans and finance receivables ........................................ (490) (650) (1,657)
Collections of loans and finance receivables ...................................... 654 1,714 2,915
Acquisitions of businesses, net of cash acquired ................................... (6,431) (3,188) (8,685)
Purchases of property, plant and equipment ....................................... (11,087) (9,775) (8,191)
Other ..................................................................... (1,210) (183) 63
Net cash flows from investing activities .......................................... (27,535) (10,574) (19,189)
Cash flows from financing activities:
Proceeds from borrowings of insurance and other businesses ......................... 2,622 1,820 2,091
Proceeds from borrowings of railroad, utilities and energy businesses .................. 7,491 4,707 2,290
Proceeds from borrowings of finance businesses ................................... 3,462 2,352 1,562
Repayments of borrowings of insurance and other businesses ......................... (2,835) (2,078) (2,307)
Repayments of borrowings of railroad, utilities and energy businesses .................. (1,596) (2,119) (2,335)
Repayments of borrowings of finance businesses .................................. (3,842) (3,131) (1,959)
Changes in short term borrowings, net ........................................... (1,317) (309) 301
Acquisitions of noncontrolling interests and treasury stock ........................... (2,890) (2,096) (1,878)
Other ..................................................................... (134) 48 18
Net cash flows from financing activities .......................................... 961 (806) (2,217)
Effects of foreign currency exchange rate changes ...................................... 64 123 2
Increase (decrease) in cash and cash equivalents ....................................... 1,194 9,693 (928)
Cash and cash equivalents at beginning of year ........................................ 46,992 37,299 38,227
Cash and cash equivalents at end of year * .......................................... $48,186 $ 46,992 $ 37,299
* Cash and cash equivalents at end of year are comprised of the following:
Insurance and Other ......................................................... $ 42,614 $ 42,358 $ 33,513
Railroad, Utilities and Energy ................................................. 3,400 2,570 2,246
Finance and Financial Products ................................................ 2,172 2,064 1,540
$ 48,186 $ 46,992 $ 37,299
See accompanying Notes to Consolidated Financial Statements
31