U-Haul 2006 Annual Report Download - page 14

AMERCO AND CONSOLIDATED ENTITIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
2006 2005 2004
Cash flows from o
p
eratin
g
activities:
Net earnin
g
s
(
loss
)
$ 121,154 $ 89,424 $
(
2,852
)
De
p
reciation 133,447 118,091 144,889
Amortization of deferred
p
olic
y
ac
q
uisition costs 24,261 28,512 39,083
Chan
g
e in
p
rovision for losses on trade receivables
(
183
)
(
506
)
(
271
)
Chan
g
e in
p
rovision for losses on mort
g
a
g
e notes
(
2,230
)
- -
Provision
(
reduction
)
for inventor
y
reserves 2,458
(
1,000
)
(
267
)
Net loss on sale of real and
p
ersonal
p
ro
p
ert
y
9,370 3,012 3,924
Net
(g
ain
)
loss on sale of investments 2,408 616
(
1,962
)
Write-off of unamortized debt issuance costs 13,629 - -
Deferred income taxes 28,429 61,113 96,042
Net chan
g
e in other o
p
eratin
g
assets and liabilities:
Trade receivables 10,661 32,189 6,887
Inventories
(
3,596
)
(
9,856
)
735
Pre
p
aid ex
p
enses
(
28,809
)
(
6,702
)
8,674
Ca
p
italization of deferred
p
olic
y
ac
q
uistion costs
(
12,110
)
(
8,873
)
(
17,231
)
Other assets
(
1,457
)
(
23,887
)
2,196
Related
p
art
y
assets
(
8,090
)
74,780
(
247,161
)
Accounts
p
a
y
able and accrued ex
p
enses 36,596
(
96,022
)
39,280
Polic
y
benefits and losses, claims and loss ex
p
enses
p
a
y
able
(
4,918
)
(
15,618
)
(
15,894
)
Other
p
olic
y
holders' funds and liabilities
(
3,908
)
7,910
(
8,577
)
Deferred income
(
2,588
)
(
14,407
)
12,763
Related
p
art
y
liabilities
(
44,016
)
(
18,079
)
(
123,076
)
Net cash
p
rovided
(
used
)
b
y
o
p
eratin
g
activities 270,508 220,697
(
62,818
)
Cash flow from investment activities:
Purchase of:
Pro
p
ert
y
,
p
lant and e
q
ui
p
ment
(
344,382
)
(
284,966
)
(
198,443
)
Short term investments
(
534,106
)
(
16,830
)
-
Fixed maturit
y
investments
(
260,138
)
(
98,211
)
(
77,384
)
E
q
uit
y
securities -
(
6,349
)
(
1,736
)
Other asset investments, net - - 637
Real estate -
(
63
)
(
17,156
)
Mort
g
a
g
e loans
(
8,868
)
(
2,750
)
(
450
)
Proceeds from sales of:
Pro
p
ert
y
,
p
lant and e
q
ui
p
ment 59,960 243,707 63,175
Short term investments 600,850 10,866 -
Fixed maturit
y
investments 159,616 152,024 243,490
E
q
uit
y
securities 6,769 56 3,452
Preferred stock 11,650 15,803 16,882
Real estate 36,388 16,185 6,338
Mort
g
a
g
e loans 11,762 5,368 16,374
Pa
y
ments from notes and mort
g
a
g
e receivables 1,663 1,336 5,008
Net cash
p
rovided
(
used
)
b
y
investin
g
activities
(
258,836
)
36,176 60,187
Cash flow from financin
g
activities:
Borrowin
g
s from credit facilities 1,277,047 129,355 997,014
Princi
p
al re
p
a
y
ments on credit facilties
(
1,093,342
)
(
213,405
)
(
888,184
)
Debt issuance costs
(
29,588
)
-
(
24,831
)
Levera
g
ed Em
p
lo
y
ee Stock Ownershi
p
Plan - Re
p
a
y
ment from loan 1,553 1,135 1,151
Pa
y
off of ca
p
ital leases -
(
99,609
)
-
Preferred stock dividends
p
aid
(
12,963
)
(
29,167
)
(
3,241
)
Investment contract de
p
osits 20,322 26,331 50,990
Investment contract withdrawals
(
75,011
)
(
97,137
)
(
115,530
)
Net cash
p
rovided
(
used
)
b
y
financin
g
activities 88,018
(
282,497
)
17,369
Effects of exchan
g
e rate on cash
(
186
)
22
(
15
)
Increase
(
decrease
)
in cash and cash e
q
uivalents 99,504
(
25,602
)
14,723
Cash and cash e
q
uivalents at the be
g
innin
g
of
p
eriod 55,955 81,557 66,834
Cash and cash equivalents at the end of period $ 155,459 $ 55,955 $ 81,557
(In thousands)
Years Ended March 31,
The accompanying notes are an integral part of these consolidated financial statements.
F-7