XML 30 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidating Financial Information by Industry Segment
3 Months Ended
Jun. 30, 2017
Segment Reporting [Abstract]  
11. Consolidating Financial Information by Industry Segment

AMERCO’s three reportable segments are:

  • Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate,
  • Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and
  • Life Insurance, comprised of Oxford and its subsidiaries.

Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes are shown as liabilities on the condensed consolidating statements.

The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries.

Investments in subsidiaries are accounted for by the parent using the equity method of accounting.

 

 

 

Consolidating balance sheets by industry segment as of June 30, 2017 are as follows:

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

748,823

$

8,291

$

46,408

$

 

$

803,522

Reinsurance recoverables and trade receivables, net

 

52,275

 

103,382

 

31,380

 

 

 

187,037

Inventories, net

 

93,374

 

 

 

 

 

93,374

Prepaid expenses

 

80,118

 

 

 

 

 

80,118

Investments, fixed maturities and marketable equities

 

 

259,126

 

1,503,905

 

 

 

1,763,031

Investments, other

 

33,183

 

63,337

 

279,704

 

 

 

376,224

Deferred policy acquisition costs, net

 

 

 

128,878

 

 

 

128,878

Other assets

 

96,466

 

589

 

2,495

 

 

 

99,550

Related party assets

 

81,146

 

11,380

 

18,428

 

(30,089)

(c)

 

80,865

 

 

1,185,385

 

446,105

 

2,011,198

 

(30,089)

 

 

3,612,599

 

 

 

 

 

 

 

 

 

 

 

 

Investment in subsidiaries

 

489,779

 

 

 

(489,779)

(b)

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, at cost:

 

 

 

 

 

 

 

 

 

 

 

Land

 

661,622

 

 

 

 

 

661,622

Buildings and improvements

 

2,710,924

 

 

 

 

 

2,710,924

Furniture and equipment

 

529,374

 

 

 

 

 

529,374

Rental trailers and other rental equipment

 

515,733

 

 

 

 

 

515,733

Rental trucks

 

4,228,778

 

 

 

 

 

4,228,778

 

 

8,646,431

 

 

 

 

 

8,646,431

Less:  Accumulated depreciation

 

(2,457,890)

 

 

 

 

 

(2,457,890)

Total property, plant and equipment

 

6,188,541

 

 

 

 

 

6,188,541

Total assets

$

7,863,705

$

446,105

$

2,011,198

$

(519,868)

 

$

9,801,140

 

 

 

 

 

 

 

 

 

 

 

 

(a)  Balances as of March 31, 2017

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

415,785

$

3,178

$

13,159

$

 

$

432,122

Notes, loans and leases payable

 

3,386,851

 

 

 

 

 

3,386,851

Policy benefits and losses, claims and loss expenses payable

 

406,786

 

238,930

 

445,834

 

 

 

1,091,550

Liabilities from investment contracts

 

 

 

1,221,381

 

 

 

1,221,381

Other policyholders' funds and liabilities

 

 

4,284

 

9,948

 

 

 

14,232

Deferred income

 

37,135

 

 

 

 

 

37,135

Deferred income taxes

 

826,856

 

10,924

 

17,025

 

 

 

854,805

Related party liabilities

 

27,228

 

2,421

 

440

 

(30,089)

(c)

 

Total liabilities

 

5,100,641

 

259,737

 

1,707,787

 

(30,089)

 

 

7,038,076

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity :

 

 

 

 

 

 

 

 

 

 

 

Series preferred stock:

 

 

 

 

 

 

 

 

 

 

 

Series A preferred stock

 

 

 

 

 

 

Series B preferred stock

 

 

 

 

 

 

Serial common stock

 

 

 

 

 

 

Common stock

 

10,497

 

3,301

 

2,500

 

(5,801)

(b)

 

10,497

Additional paid-in capital

 

452,529

 

91,120

 

26,271

 

(117,601)

(b)

 

452,319

Accumulated other comprehensive income (loss)

 

(35,098)

 

8,030

 

21,980

 

(30,010)

(b)

 

(35,098)

Retained earnings

 

3,018,890

 

83,917

 

252,660

 

(336,367)

(b)

 

3,019,100

Cost of common shares in treasury, net

 

(525,653)

 

 

 

 

 

(525,653)

Cost of preferred shares in treasury, net

 

(151,997)

 

 

 

 

 

(151,997)

Unearned employee stock ownership plan shares

 

(6,104)

 

 

 

 

 

(6,104)

Total stockholders' equity

 

2,763,064

 

186,368

 

303,411

 

(489,779)

 

 

2,763,064

Total liabilities and stockholders' equity

$

7,863,705

$

446,105

$

2,011,198

$

(519,868)

 

$

9,801,140

 

 

 

 

 

 

 

 

 

 

 

 

(a)  Balances as of March 31, 2017

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 

 


Consolidating balance sheets by industry segment as of March 31, 2017 are as follows:

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(In thousands)

Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

671,665

$

12,725

$

13,416

$

 

$

697,806

Reinsurance recoverables and trade receivables, net

 

41,234

 

107,757

 

29,090

 

 

 

178,081

Inventories, net

 

82,439

 

 

 

 

 

82,439

Prepaid expenses

 

124,728

 

 

 

 

 

124,728

Investments, fixed maturities and marketable equities

 

 

248,816

 

1,414,952

 

 

 

1,663,768

Investments, other

 

35,342

 

63,086

 

269,402

 

 

 

367,830

Deferred policy acquisition costs, net

 

 

 

130,213

 

 

 

130,213

Other assets

 

93,197

 

1,922

 

2,406

 

 

 

97,525

Related party assets

 

88,829

 

11,496

 

18,465

 

(32,622)

(c)

 

86,168

 

 

1,137,434

 

445,802

 

1,877,944

 

(32,622)

 

 

3,428,558

 

 

 

 

 

 

 

 

 

 

 

 

Investment in subsidiaries

 

477,058

 

 

 

(477,058)

(b)

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, at cost:

 

 

 

 

 

 

 

 

 

 

 

Land

 

648,757

 

 

 

 

 

648,757

Buildings and improvements

 

2,618,265

 

 

 

 

 

2,618,265

Furniture and equipment

 

510,415

 

 

 

 

 

510,415

Rental trailers and other rental equipment

 

492,280

 

 

 

 

 

492,280

Rental trucks

 

4,091,598

 

 

 

 

 

4,091,598

 

 

8,361,315

 

 

 

 

 

8,361,315

Less:  Accumulated depreciation

 

(2,384,033)

 

 

 

 

 

(2,384,033)

Total property, plant and equipment

 

5,977,282

 

 

 

 

 

5,977,282

Total assets

$

7,591,774

$

445,802

$

1,877,944

$

(509,680)

 

$

9,405,840

 

 

 

 

 

 

 

 

 

 

 

 

(a)  Balances as of December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 

 


 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(In thousands)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

441,667

$

1,926

$

6,948

$

 

$

450,541

Notes, loans and leases payable

 

3,262,880

 

 

 

 

 

3,262,880

Policy benefits and losses, claims and loss expenses payable

 

399,181

 

244,980

 

442,161

 

 

 

1,086,322

Liabilities from investment contracts

 

 

 

1,112,498

 

 

 

1,112,498

Other policyholders' funds and liabilities

 

 

4,184

 

5,966

 

 

 

10,150

Deferred income

 

28,696

 

 

 

 

 

28,696

Deferred income taxes

 

809,566

 

11,243

 

14,200

 

 

 

835,009

Related party liabilities

 

30,040

 

2,539

 

43

 

(32,622)

(c)

 

Total liabilities

 

4,972,030

 

264,872

 

1,581,816

 

(32,622)

 

 

6,786,096

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity :

 

 

 

 

 

 

 

 

 

 

 

Series preferred stock:

 

 

 

 

 

 

Series A preferred stock

 

 

 

 

 

 

Series B preferred stock

 

 

 

 

 

 

Series A common stock

 

 

 

 

 

 

Common stock

 

10,497

 

3,301

 

2,500

 

(5,801)

(b)

 

10,497

Additional paid-in capital

 

452,382

 

91,120

 

26,271

 

(117,601)

(b)

 

452,172

Accumulated other comprehensive income (loss)

 

(51,236)

 

6,166

 

16,933

 

(23,099)

(b)

 

(51,236)

Retained earnings

 

2,892,683

 

80,343

 

250,424

 

(330,557)

(b)

 

2,892,893

Cost of common shares in treasury, net

 

(525,653)

 

 

 

 

 

(525,653)

Cost of preferred shares in treasury, net

 

(151,997)

 

 

 

 

 

(151,997)

Unearned employee stock ownership plan shares

 

(6,932)

 

 

 

 

 

(6,932)

Total stockholders' equity

$

2,619,744

 

180,930

 

296,128

 

(477,058)

 

 

2,619,744

Total liabilities and stockholders' equity

 

7,591,774

$

445,802

$

1,877,944

$

(509,680)

 

$

9,405,840

 

 

 

 

 

 

 

 

 

 

 

 

(a)  Balances as of December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 

 


Consolidating statement of operations by industry segment for the quarter ended June 30, 2017 are as follows:

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rentals

$

670,698

$

$

$

(840)

(c)

$

669,858

Self-storage revenues

 

76,718

 

 

 

 

 

76,718

Self-moving and self-storage products and service sales

 

78,911

 

 

 

 

 

78,911

Property management fees

 

6,762

 

 

 

 

 

6,762

Life insurance premiums

 

 

 

39,091

 

 

 

39,091

Property and casualty insurance premiums

 

 

11,815

 

 

 

 

11,815

Net investment and interest income

 

2,657

 

4,291

 

20,655

 

(386)

(b)

 

27,217

Other revenue

 

46,781

 

 

910

 

(138)

(b)

 

47,553

Total revenues

 

882,527

 

16,106

 

60,656

 

(1,364)

 

 

957,925

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

404,043

 

8,232

 

5,617

 

(968)

(b,c)

 

416,924

Commission expenses

 

75,365

 

 

 

 

 

75,365

Cost of sales

 

47,595

 

 

 

 

 

47,595

Benefits and losses

 

 

2,438

 

45,282

 

 

 

47,720

Amortization of deferred policy acquisition costs

 

 

 

6,321

 

 

 

6,321

Lease expense

 

8,334

 

 

 

(47)

(b)

 

8,287

Depreciation, net of (gains) losses on disposals

 

126,682

 

 

 

 

 

126,682

Total costs and expenses

 

662,019

 

10,670

 

57,220

 

(1,015)

 

 

728,894

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

220,508

 

5,436

 

3,436

 

(349)

 

 

229,031

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

5,810

 

 

 

(5,810)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

226,318

 

5,436

 

3,436

 

(6,159)

 

 

229,031

Interest expense

 

(30,694)

 

 

 

349

(b)

 

(30,345)

Pretax earnings

 

195,624

 

5,436

 

3,436

 

(5,810)

 

 

198,686

Income tax expense

 

(69,417)

 

(1,862)

 

(1,200)

 

 

 

(72,479)

Earnings available to common shareholders

$

126,207

$

3,574

$

2,236

$

(5,810)

 

$

126,207

 

 

 

 

 

 

 

 

 

 

 

 

(a)  Balances for the quarter ended March 31, 2017

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 


Consolidating statements of operations by industry for the quarter ended June 30, 2016 are as follows:

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rentals

$

647,116

$

$

$

(780)

(c)

$

646,336

Self-storage revenues

 

67,722

 

 

 

 

 

67,722

Self-moving and self-storage products and service sales

 

77,303

 

 

 

 

 

77,303

Property management fees

 

6,604

 

 

 

 

 

6,604

Life insurance premiums

 

 

 

40,892

 

 

 

40,892

Property and casualty insurance premiums

 

 

11,255

 

 

 

 

11,255

Net investment and interest income

 

2,112

 

5,630

 

19,994

 

(405)

(b)

 

27,331

Other revenue

 

44,974

 

 

909

 

(135)

(b)

 

45,748

Total revenues

 

845,831

 

16,885

 

61,795

 

(1,320)

 

 

923,191

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

373,672

 

6,285

 

6,031

 

(906)

(b,c)

 

385,082

Commission expenses

 

73,816

 

 

 

 

 

73,816

Cost of sales

 

43,362

 

 

 

 

 

43,362

Benefits and losses

 

 

3,097

 

43,906

 

 

 

47,003

Amortization of deferred policy acquisition costs

 

 

 

7,942

 

 

 

7,942

Lease expense

 

11,095

 

 

 

(47)

(b)

 

11,048

Depreciation, net of (gains) losses on disposals

 

95,381

 

 

 

 

 

95,381

Total costs and expenses

 

597,326

 

9,382

 

57,879

 

(953)

 

 

663,634

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

248,505

 

7,503

 

3,916

 

(367)

 

 

259,557

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

7,574

 

 

 

(7,574)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

256,079

 

7,503

 

3,916

 

(7,941)

 

 

259,557

Interest expense

 

(26,793)

 

 

 

367

(b)

 

(26,426)

Pretax earnings

 

229,286

 

7,503

 

3,916

 

(7,574)

 

 

233,131

Income tax expense

 

(82,113)

 

(2,626)

 

(1,219)

 

 

 

(85,958)

Earnings available to common shareholders

$

147,173

$

4,877

$

2,697

$

(7,574)

 

$

147,173

 

 

 

 

 

 

 

 

 

 

 

 

(a)  Balances for the quarter ended March 31, 2016

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease/interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 


Consolidating cash flow statements by industry segment for the quarter ended June 30, 2017 are as follows:

 

 

Moving & Storage

Consolidated

 

Property &

Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

AMERCO

Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

Net earnings

$

126,207

$

3,574

$

2,236

$

(5,810)

 

$

126,207

Earnings from consolidated subsidiaries

 

(5,810)

 

 

 

5,810

 

 

Adjustments to reconcile net earnings to the cash provided by operations:

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

131,423

 

 

 

 

 

131,423

Amortization of deferred policy acquisition costs

 

 

 

6,321

 

 

 

6,321

Amortization of debt issuance costs

 

932

 

 

 

 

 

932

Interest credited to policyholders

 

 

 

7,651

 

 

 

7,651

Change in allowance for losses on trade receivables

 

(26)

 

 

 

 

 

(26)

Change in allowance for inventory reserve

 

1,114

 

 

 

 

 

1,114

Net gain on sale of real and personal property

 

(4,741)

 

 

 

 

 

(4,741)

Net gain on sale of investments

 

 

(589)

 

(1,396)

 

 

 

(1,985)

Deferred income taxes

 

16,765

 

(1,600)

 

(3,141)

 

 

 

12,024

Net change in other operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Reinsurance recoverables and trade receivables

 

(10,955)

 

4,375

 

(2,290)

 

 

 

(8,870)

Inventories

 

(11,982)

 

 

 

 

 

(11,982)

Prepaid expenses

 

44,788

 

 

 

 

 

44,788

Capitalization of deferred policy acquisition costs

 

 

 

(8,228)

 

 

 

(8,228)

Other assets

 

16,237

 

1,665

 

(90)

 

 

 

17,812

Related party assets

 

7,721

 

115

 

 

 

 

7,836

Accounts payable and accrued expenses

 

48,255

 

1,249

 

12,200

 

 

 

61,704

Policy benefits and losses, claims and loss expenses payable

 

7,125

 

(6,051)

 

3,673

 

 

 

4,747

Other policyholders' funds and liabilities

 

 

101

 

3,982

 

 

 

4,083

Deferred income

 

8,393

 

 

 

 

 

8,393

Related party liabilities

 

(2,812)

 

(117)

 

397

 

 

 

(2,532)

Net cash provided by operating activities

 

372,634

 

2,722

 

21,315

 

 

 

396,671

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(480,259)

 

 

 

 

 

(480,259)

Short term investments

 

 

(10,779)

 

(5,712)

 

 

 

(16,491)

Fixed maturities investments

 

 

(11,602)

 

(111,488)

 

 

 

(123,090)

Real estate

 

(505)

 

 

 

 

 

(505)

Mortgage loans

 

 

(6,059)

 

(18,323)

 

 

 

(24,382)

Proceeds from sales and paydowns of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

142,343

 

 

 

 

 

142,343

Short term investments

 

 

15,424

 

9,215

 

 

 

24,639

Fixed maturities investments

 

 

4,275

 

32,284

 

 

 

36,559

Real estate

 

2,664

 

 

 

 

 

2,664

Mortgage loans

 

 

1,585

 

4,469

 

 

 

6,054

Net cash used by investing activities

 

(335,757)

 

(7,156)

 

(89,555)

 

 

 

(432,468)

 

 

(page 1 of 2)

(a) Balance for the period ended March 31, 2017

 

 

 

 

 

 

 

 

 

 

 


 

 

Moving & Storage

Consolidated

 

Property &

Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

AMERCO

Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

Borrowings from credit facilities

 

155,367

 

 

 

 

 

155,367

Principal repayments on credit facilities

 

(64,819)

 

 

 

 

 

(64,819)

Payments of debt issuance costs

 

(1,734)

 

 

 

 

 

(1,734)

Capital lease payments

 

(56,522)

 

 

 

 

 

(56,522)

Employee Stock Ownership Plan

 

3,516

 

 

 

 

 

3,516

Securitization deposits

 

49

 

 

 

 

 

49

Investment contract deposits

 

 

 

155,437

 

 

 

155,437

Investment contract withdrawals

 

 

 

(54,205)

 

 

 

(54,205)

Net cash provided by financing activities

 

35,857

 

 

101,232

 

 

 

137,089

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

4,424

 

 

 

 

 

4,424

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

77,158

 

(4,434)

 

32,992

 

 

 

105,716

Cash and cash equivalents at beginning of period

 

671,665

 

12,725

 

13,416

 

 

 

697,806

Cash and cash equivalents at end of period

$

748,823

$

8,291

$

46,408

$

 

$

803,522

 

 

(page 2 of 2)

(a) Balance for the period ended March 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 


Consolidating cash flow statements by industry segment for the quarter ended June 30, 2016 are as follows:

 

 

Moving & Storage

Consolidated

 

Property &

Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

AMERCO

Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

Net earnings

$

147,173

$

4,877

$

2,697

$

(7,574)

 

$

147,173

Earnings from consolidated subsidiaries

 

(7,574)

 

 

 

7,574

 

 

Adjustments to reconcile net earnings to the cash provided by operations:

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

114,021

 

 

 

 

 

114,021

Amortization of deferred policy acquisition costs

 

 

 

7,942

 

 

 

7,942

Amortization of debt issuance costs

 

961

 

 

 

 

 

961

Interest credited to policyholders

 

 

 

5,059

 

 

 

5,059

Change in allowance for losses on trade receivables

 

21

 

 

 

 

 

21

Change in allowance for inventory reserve

 

1,221

 

 

 

 

 

1,221

Net gain on sale of real and personal property

 

(18,640)

 

 

 

 

 

(18,640)

Net gain on sale of investments

 

 

(2,163)

 

(243)

 

 

 

(2,406)

Deferred income taxes

 

22,401

 

(21)

 

353

 

 

 

22,733

Net change in other operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Reinsurance recoverables and trade receivables

 

(10,746)

 

(421)

 

(2,971)

 

 

 

(14,138)

Inventories

 

(4,391)

 

 

 

 

 

(4,391)

Prepaid expenses

 

39,828

 

 

 

 

 

39,828

Capitalization of deferred policy acquisition costs

 

 

 

(7,252)

 

 

 

(7,252)

Other assets

 

(5,817)

 

2,377

 

48

 

 

 

(3,392)

Related party assets

 

3,687

 

397

 

 

 

 

4,084

Accounts payable and accrued expenses

 

58,699

 

(142)

 

(1,458)

 

 

 

57,099

Policy benefits and losses, claims and loss expenses payable

 

(1,600)

 

(1,746)

 

4,719

 

 

 

1,373

Other policyholders' funds and liabilities

 

 

8

 

234

 

 

 

242

Deferred income

 

8,727

 

 

 

 

 

8,727

Related party liabilities

 

861

 

(7)

 

(73)

 

 

 

781

Net cash provided by operating activities

 

348,832

 

3,159

 

9,055

 

 

 

361,046

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(437,287)

 

 

 

 

 

(437,287)

Short term investments

 

 

(18,901)

 

(258,137)

 

 

 

(277,038)

Fixed maturities investments

 

 

(13,469)

 

(153,179)

 

 

 

(166,648)

Real estate

 

(3,495)

 

 

 

 

 

(3,495)

Mortgage loans

 

(1,838)

 

(3,063)

 

(57,671)

 

 

 

(62,572)

Proceeds from sales and paydowns of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

147,196

 

 

 

 

 

147,196

Short term investments

 

 

11,246

 

268,095

 

 

 

279,341

Fixed maturities investments

 

 

8,201

 

47,745

 

 

 

55,946

Preferred stock

 

 

2,000

 

 

 

 

2,000

Real estate

 

 

 

831

 

 

 

831

Mortgage loans

 

3,490

 

6,217

 

84,308

 

 

 

94,015

Net cash used by investing activities

 

(291,934)

 

(7,769)

 

(68,008)

 

 

 

(367,711)

 

 

(page 1 of 2)

(a) Balance for the period ended March 31, 2016

 

 

 

 

 

 

 

 

 

 

 


 

 

Moving & Storage

Consolidated

 

Property &

Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

AMERCO

Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

Borrowings from credit facilities

 

103,338

 

 

 

 

 

103,338

Principal repayments on credit facilities

 

(48,326)

 

 

 

 

 

(48,326)

Payments of debt issuance costs

 

(223)

 

 

 

 

 

(223)

Capital lease payments

 

(37,405)

 

 

 

 

 

(37,405)

Employee Stock Ownership Plan

 

(1,393)

 

 

 

 

 

(1,393)

Securitization deposits

 

93

 

 

 

 

 

93

Common stock dividends paid

 

(19,586)

 

 

 

 

 

(19,586)

Investment contract deposits

 

 

 

74,157

 

 

 

74,157

Investment contract withdrawals

 

 

 

(14,051)

 

 

 

(14,051)

Net cash provided (used) by financing activities

 

(3,502)

 

 

60,106

 

 

 

56,604

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

(4,397)

 

 

 

 

 

(4,397)

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

48,999

 

(4,610)

 

1,153

 

 

 

45,542

Cash and cash equivalents at beginning of period

 

585,666

 

14,049

 

931

 

 

 

600,646

Cash and cash equivalents at end of period

$

634,665

$

9,439

$

2,084

$

 

$

646,188

 

 

(page 1 of 2)

(a) Balance for the period ended March 31, 2016