Berkshire Hathaway 2010 Annual Report Download - page 34

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BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
Year Ended December 31,
2010 2009 2008
Cash flows from operating activities:
Net earnings ............................................................. $13,494 $ 8,441 $ 5,596
Adjustments to reconcile net earnings to operating cash flows:
Investment (gains) losses and other-than-temporary impairment losses ........... (2,085) 2,837 640
Depreciation ......................................................... 4,279 3,127 2,810
Other ............................................................... 255 (149) (1,248)
Changes in operating assets and liabilities before business acquisitions:
Losses and loss adjustment expenses ...................................... 1,009 2,165 1,466
Deferred charges reinsurance assumed .................................... 147 (39) 64
Unearned premiums ................................................... 110 (21) 1,311
Receivables and originated loans ......................................... (1,979) 697 (2,222)
Derivative contract assets and liabilities ................................... (880) (5,441) 7,827
Income taxes ......................................................... 2,348 2,035 (2,057)
Other assets and liabilities .............................................. 1,197 2,194 (2,935)
Net cash flows from operating activities ....................................... 17,895 15,846 11,252
Cash flows from investing activities:
Purchases of fixed maturity securities ......................................... (9,819) (10,798) (35,615)
Purchases of equity securities ............................................... (4,265) (4,570) (10,140)
Purchases of other investments .............................................. — (7,068) (14,452)
Sales of fixed maturity securities ............................................. 5,435 4,338 14,796
Redemptions and maturities of fixed maturity securities ........................... 6,517 5,234 18,550
Sales of equity securities ................................................... 5,886 5,626 6,840
Purchases of loans and finance receivables ..................................... (3,149) (854) (1,446)
Principal collections on loans and finance receivables ............................ 3,498 796 740
Acquisitions of businesses, net of cash acquired ................................. (15,924) (108) (6,050)
Purchases of property, plant and equipment .................................... (5,980) (4,937) (6,138)
Other ................................................................... (476) 1,180 849
Net cash flows from investing activities ....................................... (18,277) (11,161) (32,066)
Cash flows from financing activities:
Proceeds from borrowings of insurance and other businesses ....................... 8,204 289 134
Proceeds from borrowings of railroad, utilities and energy businesses ................ 1,731 1,241 2,147
Proceeds from borrowings of finance businesses ................................ 1,539 1,584 5,195
Repayments of borrowings of insurance and other businesses ...................... (430) (746) (247)
Repayments of borrowings of railroad, utilities and energy businesses ............... (777) (444) (2,147)
Repayments of borrowings of finance businesses ................................ (2,417) (396) (3,847)
Changes in short term borrowings, net ........................................ 370 (885) 1,183
Acquisitions of noncontrolling interests and other ............................... (95) (410) (132)
Net cash flows from financing activities ....................................... 8,125 233 2,286
Effects of foreign currency exchange rate changes ............................... (74) 101 (262)
Increase (decrease) in cash and cash equivalents ................................. 7,669 5,019 (18,790)
Cash and cash equivalents at beginning of year ...................................... 30,558 25,539 44,329
Cash and cash equivalents at end of year * ....................................... $38,227 $ 30,558 $ 25,539
* Cash and cash equivalents at end of year are comprised of the following:
Insurance and Other ....................................................... $ 34,767 $ 28,223 $ 24,356
Railroad, Utilities and Energy ............................................... 2,557 429 280
Finance and Financial Products ............................................. 903 1,906 903
$ 38,227 $ 30,558 $ 25,539
See accompanying Notes to Consolidated Financial Statements
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