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Consolidating Financial Information By Industry Segment (Table Text Block)
9 Months Ended
Dec. 31, 2017
Table Text Block Supplement [Abstract]  
Consolidated Balance Sheet by Industry Segment

Consolidating balance sheets by industry segment as of December 31, 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

$

978,264

$

12,296

$

32,327

$

 

$

1,022,887

Reinsurance recoverables and trade receivables, net

 

74,264

 

100,849

 

30,760

 

 

 

205,873

Inventories, net

 

95,672

 

 

 

 

 

95,672

Prepaid expenses

 

147,375

 

 

 

 

 

147,375

Investments, fixed maturities and marketable equities

 

 

272,939

 

1,595,375

 

 

 

1,868,314

Investments, other

 

23,144

 

67,879

 

316,799

 

 

 

407,822

Deferred policy acquisition costs, net

 

 

 

124,820

 

 

 

124,820

Other assets

 

90,442

 

594

 

2,572

 

 

 

93,608

Related party assets

 

45,111

 

7,521

 

18,364

 

(28,087)

(c)

 

42,909

 

 

1,454,272

 

462,078

 

2,121,017

 

(28,087)

 

 

4,009,280

 

 

 

 

 

 

 

 

 

 

 

 

Investment in subsidiaries

 

522,874

 

 

 

(522,874)

(b)

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, at cost:

 

 

 

 

 

 

 

 

 

 

 

Land

 

738,525

 

 

 

 

 

738,525

Buildings and improvements

 

3,000,208

 

 

 

 

 

3,000,208

Furniture and equipment

 

600,216

 

 

 

 

 

600,216

Rental trailers and other rental equipment

 

538,334

 

 

 

 

 

538,334

Rental trucks

 

4,243,305

 

 

 

 

 

4,243,305

 

 

9,120,588

 

 

 

 

 

9,120,588

Less:  Accumulated depreciation

 

(2,632,909)

 

 

 

 

 

(2,632,909)

Total property, plant and equipment

 

6,487,679

 

 

 

 

 

6,487,679

Total assets

$

8,464,825

$

462,078

$

2,121,017

$

(550,961)

 

$

10,496,959

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances as of September 30, 2017

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 


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

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

461,518

$

3,158

$

5,279

$

 

$

469,955

Notes, loans and leases payable

 

3,493,908

 

 

 

 

 

3,493,908

Policy benefits and losses, claims and loss expenses payable

 

408,724

 

238,085

 

443,397

 

 

 

1,090,206

Liabilities from investment contracts

 

 

 

1,319,945

 

 

 

1,319,945

Other policyholders' funds and liabilities

 

 

5,282

 

5,457

 

 

 

10,739

Deferred income

 

27,491

 

 

 

 

 

27,491

Deferred income taxes

 

634,388

 

13,510

 

23,650

 

 

 

671,548

Related party liabilities

 

25,629

 

2,341

 

117

 

(28,087)

(c)

 

Total liabilities

 

5,051,658

 

262,376

 

1,797,845

 

(28,087)

 

 

7,083,792

 

 

 

 

 

 

 

 

 

 

 

 

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

 

452,829

 

91,120

 

26,271

 

(117,601)

(b)

 

452,619

Accumulated other comprehensive income (loss)

 

(9,911)

 

12,301

 

30,616

 

(42,917)

(b)

 

(9,911)

Retained earnings

 

3,643,043

 

92,980

 

263,785

 

(356,555)

(b)

 

3,643,253

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

 

(5,641)

 

 

 

 

 

(5,641)

Total stockholders' equity

 

3,413,167

 

199,702

 

323,172

 

(522,874)

 

 

3,413,167

Total liabilities and stockholders' equity

$

8,464,825

$

462,078

$

2,121,017

$

(550,961)

 

$

10,496,959

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances as of September 30, 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

 

 

 

Assets:

 

(In thousands)

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

 

 

 

 

 

 

 

 

 

 

 

 


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)

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

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Operations by Industry Segment

Consolidating statement of operations by industry segment for the quarter ended December 31, 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

$

576,018

$

$

$

(1,217)

(c)

$

574,801

Self-storage revenues

 

82,127

 

 

 

 

 

82,127

Self-moving and self-storage products and service sales

 

53,130

 

 

 

 

 

53,130

Property management fees

 

9,881

 

 

 

 

 

9,881

Life insurance premiums

 

 

 

38,957

 

 

 

38,957

Property and casualty insurance premiums

 

 

16,754

 

 

(661)

(c)

 

16,093

Net investment and interest income

 

3,662

 

3,645

 

21,887

 

(373)

(b)

 

28,821

Other revenue

 

37,669

 

 

1,535

 

(132)

(b)

 

39,072

Total revenues

 

762,487

 

20,399

 

62,379

 

(2,383)

 

 

842,882

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

426,394

 

8,160

 

5,521

 

(2,004)

(b,c)

 

438,071

Commission expenses

 

63,487

 

 

 

 

 

63,487

Cost of sales

 

33,995

 

 

 

 

 

33,995

Benefits and losses

 

 

4,644

 

40,524

 

 

 

45,168

Amortization of deferred policy acquisition costs

 

 

 

5,952

 

 

 

5,952

Lease expense

 

8,498

 

 

 

(83)

(b)

 

8,415

Depreciation, net of (gains) losses on disposal

 

137,061

 

 

 

 

 

137,061

Net (gains) losses on disposal of real estate

 

(192,404)

 

 

 

 

 

(192,404)

Total costs and expenses

 

477,031

 

12,804

 

51,997

 

(2,087)

 

 

539,745

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

285,456

 

7,595

 

10,382

 

(296)

 

 

303,137

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

11,823

 

 

 

(11,823)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

297,279

 

7,595

 

10,382

 

(12,119)

 

 

303,137

Interest expense

 

(31,854)

 

 

 

296

(b)

 

(31,558)

Pretax earnings

 

265,425

 

7,595

 

10,382

 

(11,823)

 

 

271,579

Income tax (expense) benefit

 

263,469

 

(2,528)

 

(3,626)

 

 

 

257,315

Earnings available to common shareholders

$

528,894

$

5,067

$

6,756

$

(11,823)

 

$

528,894

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended September 30, 2017

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 


Consolidating statement of operations by industry segment for the quarter ended December 31, 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

$ 

542,545

$ 

$ 

$ 

(1,072)

(c)

$ 

541,473

Self-storage revenues

 

72,309

 

 

 

 

 

72,309

Self-moving and self-storage products and service sales

 

51,562

 

 

 

 

 

51,562

Property management fees

 

9,734

 

 

 

 

 

9,734

Life insurance premiums

 

 

 

41,279

 

 

 

41,279

Property and casualty insurance premiums

 

 

14,938

 

 

 

 

14,938

Net investment and interest income

 

2,570

 

3,443

 

17,221

 

(401)

(b)

 

22,833

Other revenue

 

35,264

 

 

1,194

 

(131)

(b)

 

36,327

Total revenues

 

713,984

 

18,381

 

59,694

 

(1,604)

 

 

790,455

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

377,165

 

7,688

 

5,693

 

(1,194)

(b,c)

 

389,352

Commission expenses

 

61,052

 

 

 

 

 

61,052

Cost of sales

 

32,537

 

 

 

 

 

32,537

Benefits and losses

 

 

3,474

 

41,929

 

 

 

45,403

Amortization of deferred policy acquisition costs

 

 

 

5,200

 

 

 

5,200

Lease expense

 

8,854

 

 

 

(47)

(b)

 

8,807

Depreciation, net of (gains) losses on disposal

 

118,541

 

 

 

 

 

118,541

Net (gains) losses on disposal of real estate

 

(2,418)

 

 

 

 

 

(2,418)

Total costs and expenses

 

595,731

 

11,162

 

52,822

 

(1,241)

 

 

658,474

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

118,253

 

7,219

 

6,872

 

(363)

 

 

131,981

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

9,046

 

 

 

(9,046)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

127,299

 

7,219

 

6,872

 

(9,409)

 

 

131,981

Interest expense

 

(29,145)

 

 

 

363

(b)

 

(28,782)

Amortization on early extinguishment of debt

 

(499)

 

 

 

 

 

(499)

Pretax earnings

 

97,655

 

7,219

 

6,872

 

(9,046)

 

 

102,700

Income tax expense

 

(32,427)

 

(2,488)

 

(2,557)

 

 

 

(37,472)

Earnings available to common shareholders

$ 

65,228

$ 

4,731

$ 

4,315

$ 

(9,046)

 

$ 

65,228

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended September 30, 2016

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 


Consolidating statements of operations by industry segment for the nine months ended December 31, 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

$

1,988,430

$

$

$

(3,213)

(c)

$

1,985,217

Self-storage revenues

 

239,317

 

 

 

 

 

239,317

Self-moving and self-storage products and service sales

 

205,309

 

 

 

 

 

205,309

Property management fees

 

23,474

 

 

 

 

 

23,474

Life insurance premiums

 

 

 

116,910

 

 

 

116,910

Property and casualty insurance premiums

 

 

44,067

 

 

(1,133)

(c)

 

42,934

Net investment and interest income

 

9,496

 

11,637

 

62,531

 

(1,157)

(b)

 

82,507

Other revenue

 

144,196

 

 

4,024

 

(395)

(b)

 

147,825

Total revenues

 

2,610,222

 

55,704

 

183,465

 

(5,898)

 

 

2,843,493

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

1,310,892

 

24,632

 

16,669

 

(4,716)

(b,c)

 

1,347,477

Commission expenses

 

222,203

 

 

 

 

 

222,203

Cost of sales

 

124,456

 

 

 

 

 

124,456

Benefits and losses

 

 

11,954

 

128,043

 

 

 

139,997

Amortization of deferred policy acquisition costs

 

 

 

18,217

 

 

 

18,217

Lease expense

 

25,460

 

 

 

(183)

(b)

 

25,277

Depreciation, net of (gains) losses on disposal

 

396,540

 

 

 

 

 

396,540

Net (gains) losses on disposal of real estate

 

(192,223)

 

 

 

 

 

(192,223)

Total costs and expenses

 

1,887,328

 

36,586

 

162,929

 

(4,899)

 

 

2,081,944

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

722,894

 

19,118

 

20,536

 

(999)

 

 

761,549

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

25,998

 

 

 

(25,998)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

748,892

 

19,118

 

20,536

 

(26,997)

 

 

761,549

Interest expense

 

(94,925)

 

 

 

999

(b)

 

(93,926)

Pretax earnings

 

653,967

 

19,118

 

20,536

 

(25,998)

 

 

667,623

Income tax (expense) benefit

 

125,773

 

(6,481)

 

(7,175)

 

 

 

112,117

Earnings available to common shareholders

$

779,740

$

12,637

$

13,361

$

(25,998)

 

$

779,740

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the nine months ended September 30, 2017

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 


Consolidating statements of operations by industry segment for the nine months ended December 31, 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

$ 

1,902,400

$ 

$ 

$ 

(2,881)

(c)

$ 

1,899,519

Self-storage revenues

 

212,194

 

 

 

 

 

212,194

Self-moving and self-storage products and service sales

 

199,195

 

 

 

 

 

199,195

Property management fees

 

23,050

 

 

 

 

 

23,050

Life insurance premiums

 

 

 

123,064

 

 

 

123,064

Property and casualty insurance premiums

 

 

40,202

 

 

 

 

40,202

Net investment and interest income

 

7,035

 

12,951

 

56,982

 

(1,214)

(b)

 

75,754

Other revenue

 

136,341

 

 

3,404

 

(392)

(b)

 

139,353

Total revenues

 

2,480,215

 

53,153

 

183,450

 

(4,487)

 

 

2,712,331

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

1,137,364

 

21,193

 

17,335

 

(3,245)

(b,c)

 

1,172,647

Commission expenses

 

215,330

 

 

 

 

 

215,330

Cost of sales

 

116,851

 

 

 

 

 

116,851

Benefits and losses

 

 

10,144

 

129,098

 

 

 

139,242

Amortization of deferred policy acquisition costs

 

 

 

19,131

 

 

 

19,131

Lease expense

 

29,344

 

 

 

(140)

(b)

 

29,204

Depreciation, net of (gains) losses on disposal

 

323,785

 

 

 

 

 

323,785

Net (gains) losses on disposal of real estate

 

(2,377)

 

 

 

 

 

(2,377)

Total costs and expenses

 

1,820,297

 

31,337

 

165,564

 

(3,385)

 

 

2,013,813

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

659,918

 

21,816

 

17,886

 

(1,102)

 

 

698,518

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

25,925

 

 

 

(25,925)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

685,843

 

21,816

 

17,886

 

(27,027)

 

 

698,518

Interest expense

 

(84,299)

 

 

 

1,102

(b)

 

(83,197)

Amortization on early extinguishment of debt

 

(499)

 

 

 

 

 

(499)

Pretax earnings

 

601,045

 

21,816

 

17,886

 

(25,925)

 

 

614,822

Income tax expense

 

(212,169)

 

(7,520)

 

(6,257)

 

 

 

(225,946)

Earnings available to common shareholders

$ 

388,876

$ 

14,296

$ 

11,629

$ 

(25,925)

 

$ 

388,876

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the nine months ended September 30, 2016

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Cash Flow Statement by Industry Segment

Consolidating cash flow statements by industry segment for the nine months ended December 31, 2017 are as follows:

 

 

Moving & Storage

Consolidated

 

Property &

Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

AMERCO

Consolidated

 

 

(Unaudited)

Cash flows from operating activities:

 

(In thousands)

Net earnings

$ 

779,740

$ 

12,637

$ 

13,361

$ 

(25,998)

 

$ 

779,740

Earnings from consolidated entities

 

(25,998)

 

 

 

25,998

 

 

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

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

410,800

 

 

 

 

 

410,800

Amortization of deferred policy acquisition costs

 

 

 

18,217

 

 

 

18,217

Amortization of debt issuance costs

 

2,910

 

 

 

 

 

2,910

Interest credited to policyholders

 

 

 

23,250

 

 

 

23,250

Change in allowance for losses on trade receivables

 

(22)

 

 

(3)

 

 

 

(25)

Change in allowance for inventory reserve

 

4,334

 

 

 

 

 

4,334

Net (gains) losses on disposal of personal property

 

(14,260)

 

 

 

 

 

(14,260)

Net (gains) losses on disposal of real estate

 

(192,223)

 

 

 

 

 

(192,223)

Net (gains) losses on sales of investments

 

 

(881)

 

(3,369)

 

 

 

(4,250)

Deferred income taxes

 

(176,566)

 

(1,315)

 

(1,166)

 

 

 

(179,047)

Net change in other operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Reinsurance recoverables and trade receivables

 

(32,898)

 

6,908

 

(1,669)

 

 

 

(27,659)

Inventories

 

(17,410)

 

 

 

 

 

(17,410)

Prepaid expenses

 

(22,220)

 

 

 

 

 

(22,220)

Capitalization of deferred policy acquisition costs

 

 

 

(21,501)

 

 

 

(21,501)

Other assets

 

4,649

 

1,796

 

(166)

 

 

 

6,279

Related party assets

 

43,822

 

3,982

 

 

 

 

47,804

Accounts payable and accrued expenses

 

15,455

 

1,229

 

10,080

 

 

 

26,764

Policy benefits and losses, claims and loss expenses payable

 

8,427

 

(6,896)

 

1,236

 

 

 

2,767

Other policyholders' funds and liabilities

 

 

1,099

 

(509)

 

 

 

590

Deferred income

 

(1,297)

 

 

 

 

 

(1,297)

Related party liabilities

 

(4,412)

 

(205)

 

75

 

 

 

(4,542)

Net cash provided (used) by operating activities

 

782,831

 

18,354

 

37,836

 

 

 

839,021

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Escrow deposits

 

19,707

 

 

 

 

 

19,707

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(970,472)

 

 

 

 

 

(970,472)

Short term investments

 

 

(39,701)

 

(9,042)

 

 

 

(48,743)

Fixed maturities investments

 

 

(34,284)

 

(239,999)

 

 

 

(274,283)

Equity securities

 

 

 

(662)

 

 

 

(662)

Preferred stock

 

 

(1,000)

 

 

 

 

(1,000)

Real estate

 

(1,637)

 

(16)

 

(130)

 

 

 

(1,783)

Mortgage loans

 

 

(11,609)

 

(69,098)

 

 

 

(80,707)

Proceeds from sales and paydowns of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

591,040

 

 

 

 

 

591,040

Short term investments

 

 

43,570

 

10,749

 

 

 

54,319

Fixed maturities investments

 

 

17,821

 

84,583

 

 

 

102,404

Preferred stock

 

 

3,188

 

 

 

 

3,188

Real estate

 

5,348

 

 

 

 

 

5,348

Mortgage loans

 

 

3,248

 

20,478

 

 

 

23,726

Net cash provided (used) by investing activities

 

(356,014)

 

(18,783)

 

(203,121)

 

 

 

(577,918)

 

 

(page 1 of 2)

(a) Balance for the period ended September 30, 2017

 

 

 

 

 

 

 

 

 

 

 


Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2017 are as follows:

 

 

 

Moving & Storage

Consolidated

 

Property &

Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

AMERCO

Consolidated

 

 

(Unaudited)

Cash flows from financing activities:

 

(In thousands)

Borrowings from credit facilities

 

426,262

 

 

 

 

 

426,262

Principal repayments on credit facilities

 

(303,212)

 

 

 

 

 

(303,212)

Debt issuance costs

 

(4,581)

 

 

 

 

 

(4,581)

Capital lease payments

 

(219,623)

 

 

 

 

 

(219,623)

Employee Stock Ownership Plan

 

(6,764)

 

 

 

 

 

(6,764)

Securitization deposits

 

(2,181)

 

 

 

 

 

(2,181)

Common stock dividend paid

 

(19,587)

 

 

 

 

 

(19,587)

Investment contract deposits

 

 

 

347,695

 

 

 

347,695

Investment contract withdrawals

 

 

 

(163,499)

 

 

 

(163,499)

Net cash provided (used) by financing activities

 

(129,686)

 

 

184,196

 

 

 

54,510

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

9,468

 

 

 

 

 

9,468

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

306,599

 

(429)

 

18,911

 

 

 

325,081

Cash and cash equivalents at beginning of period

 

671,665

 

12,725

 

13,416

 

 

 

697,806

Cash and cash equivalents at end of period

$ 

978,264

$ 

12,296

$ 

32,327

$ 

 

$ 

1,022,887

 

 

(page 2 of 2)

(a) Balance for the period ended September 30, 2017

 

 

 

 

 

 

 

 

 

 

 


Consolidating cash flow statements by industry segment for the nine months ended December 31, 2016 are as follows:

 

 

Moving & Storage

Consolidated

 

Property &

Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

AMERCO

Consolidated

 

 

(Unaudited)

Cash flows from operating activities:

 

(In thousands)

Net earnings

$ 

388,876

$ 

14,296

$ 

11,629

$ 

(25,925)

 

$ 

388,876

Earnings from consolidated entities

 

(25,925)

 

 

 

25,925

 

 

Adjustments to reconcile net earnings to cash provided by operations:

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

354,183

 

 

 

 

 

354,183

Amortization of deferred policy acquisition costs

 

 

 

19,131

 

 

 

19,131

Amortization of debt issuance costs

 

3,125

 

 

 

 

 

3,125

Interest credited to policyholders

 

 

 

18,190

 

 

 

18,190

Change in allowance for losses on trade receivables

 

22

 

 

(50)

 

 

 

(28)

Change in allowance for inventory reserve

 

1,897

 

 

 

 

 

1,897

Net (gains) losses on disposal of personal property

 

(30,398)

 

 

 

 

 

(30,398)

Net (gains) losses on disposal of real estate

 

(2,377)

 

 

 

 

 

(2,377)

Net (gains) losses on sales of investments

 

 

(2,717)

 

(1,231)

 

 

 

(3,948)

Deferred income taxes

 

114,017

 

(549)

 

(1,020)

 

 

 

112,448

Net change in other operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Reinsurance recoverables and trade receivables

 

(24,147)

 

2,388

 

(2,160)

 

 

 

(23,919)

Inventories

 

(1,901)

 

 

 

 

 

(1,901)

Prepaid expenses

 

79,578

 

 

 

 

 

79,578

Capitalization of deferred policy acquisition costs

 

 

 

(21,040)

 

 

 

(21,040)

Other assets

 

(3,185)

 

2,439

 

83

 

 

 

(663)

Related party assets

 

(5,906)

 

437

 

 

 

 

(5,469)

Accounts payable and accrued expenses

 

22,313

 

2,363

 

6,097

 

 

 

30,773

Policy benefits and losses, claims and loss expenses payable

 

11,805

 

(5,650)

 

6,688

 

 

 

12,843

Other policyholders' funds and liabilities

 

 

1,024

 

(1,406)

 

 

 

(382)

Deferred income

 

1,105

 

 

 

 

 

1,105

Related party liabilities

 

(1,018)

 

371

 

(64)

 

 

 

(711)

Net cash provided (used) by operating activities

 

882,064

 

14,402

 

34,847

 

 

 

931,313

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Escrow deposits

 

(768)

 

 

 

 

 

(768)

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(981,316)

 

 

 

 

 

(981,316)

Short term investments

 

 

(67,094)

 

(499,277)

 

 

 

(566,371)

Fixed maturities investments

 

 

(22,138)

 

(239,713)

 

 

 

(261,851)

Equity securities

 

 

 

(489)

 

 

 

(489)

Real estate

 

(3,510)

 

(4,648)

 

(7,705)

 

 

 

(15,863)

Mortgage loans

 

(9,738)

 

(16,686)

 

(132,885)

 

 

 

(159,309)

Proceeds from sales and paydowns of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

412,892

 

 

 

 

 

412,892

Short term investments

 

 

59,583

 

507,372

 

 

 

566,955

Fixed maturities investments

 

 

20,697

 

126,536

 

 

 

147,233

Preferred stock

 

 

3,351

 

 

 

 

3,351

Real estate

 

 

 

1,681

 

 

 

1,681

Mortgage loans

 

4,986

 

9,742

 

94,532

 

 

 

109,260

Net cash provided (used) by investing activities

 

(577,454)

 

(17,193)

 

(149,948)

 

 

 

(744,595)

 

 

(page 1 of 2)

(a) Balance for the period ended September 30, 2016

 

 

 

 

 

 

 

 

 

 

 


Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2016 are as follows:

 

 

 

Moving & Storage

Consolidated

 

Property &

Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

AMERCO

Consolidated

 

 

(Unaudited)

Cash flows from financing activities:

 

(In thousands)

Borrowings from credit facilities

 

507,008

 

 

27,000

 

 

 

534,008

Principal repayments on credit facilities

 

(217,545)

 

 

(27,000)

 

 

 

(244,545)

Debt issuance costs

 

(4,529)

 

 

 

 

 

(4,529)

Capital lease payments

 

(141,750)

 

 

 

 

 

(141,750)

Employee Stock Ownership Plan

 

(7,541)

 

 

 

 

 

(7,541)

Securitization deposits

 

371

 

 

 

 

 

371

Common stock dividend paid

 

(39,171)

 

 

 

 

 

(39,171)

Investment contract deposits

 

 

 

180,554

 

 

 

180,554

Investment contract withdrawals

 

 

 

(64,459)

 

 

 

(64,459)

Net cash provided (used) by financing activities

 

96,843

 

 

116,095

 

 

 

212,938

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

(16,117)

 

 

 

 

 

(16,117)

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

385,336

 

(2,791)

 

994

 

 

 

383,539

Cash and cash equivalents at beginning of period

 

585,666

 

14,049

 

931

 

 

 

600,646

Cash and cash equivalents at end of period

$ 

971,002

$ 

11,258

$ 

1,925

$ 

 

$ 

984,185

 

 

(page 2 of 2)

(a) Balance for the period ended September 30, 2016