U-Haul 2007 Annual Report Download - page 72

AMERCO AND CONSOLIDATED ENTITIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
2007 2006 2005
Cash flows from o
p
eratin
g
activities:
Net earnin
g
s$ 90,553 $ 121,154 $ 89,424
De
p
reciation 186,106 133,572 118,091
Amortization of deferred
p
olic
y
ac
q
uisition costs 17,138 24,261 28,512
Chan
g
e in
p
rovision for losses on trade receivables 49
(
183
)
(
506
)
Chan
g
e in
p
rovision for losses on mort
g
a
g
e notes
(
40
)
(
2,230
)
-
Provision
(
reduction
)
for inventor
y
reserves 2,679 2,458
(
1,000
)
Net loss on sale of real and
p
ersonal
p
ro
p
ert
y
3,483 9,245 3,012
Net loss on sale of investments 622 2,408 616
Write-off of unamortized debt issuance costs 6,969 13,629 -
Deferred income taxes 6,972 28,429 61,113
Net chan
g
e in other o
p
eratin
g
assets and liabilities:
Reinsurance recoverables and trade receivables 48,907 10,661 32,189
Inventories
(
4,761
)
(
3,596
)
(
9,856
)
Pre
p
aid ex
p
enses
(
8,205
)
(
28,809
)
(
6,702
)
Ca
p
italization of deferred
p
olic
y
ac
q
uistion costs
(
8,168
)
(
12,110
)
(
8,873
)
Other assets 2,929
(
1,457
)
(
23,887
)
Related
p
art
y
assets 8,616
(
8,090
)
74,780
Accounts
p
a
y
able and accrued ex
p
enses 22,658 36,596
(
96,022
)
Polic
y
benefits and losses, claims and loss ex
p
enses
p
a
y
able
(
40,169
)
(
4,918
)
(
15,618
)
Other
p
olic
y
holders' funds and liabilities 2,709
(
3,908
)
7,910
Deferred income 1,266
(
2,588
)
(
14,407
)
Related
p
art
y
liabilities 10,408
(
44,016
)
(
18,079
)
Net cash
p
rovided b
y
o
p
eratin
g
activities 350,721 270,508 220,697
Cash flow from investment activities:
Purchase of:
Pro
p
ert
y
,
p
lant and e
q
ui
p
ment
(
648,344
)
(
344,382
)
(
284,966
)
Short term investments
(
249,392
)
(
534,106
)
(
16,830
)
Fixed maturit
y
investments
(
109,672
)
(
260,138
)
(
98,211
)
E
q
uit
y
securities - -
(
6,349
)
Real estate - -
(
63
)
Mort
g
a
g
e loans
(
10,725
)
(
8,868
)
(
2,750
)
Proceeds from sales of:
Pro
p
ert
y
,
p
lant and e
q
ui
p
ment 89,672 59,960 243,707
Short term investments 276,690 600,850 10,866
Fixed maturit
y
investments 116,858 159,616 152,024
E
q
uit
y
securities - 6,769 56
Cash received in excess of
p
urchase of com
p
an
y
ac
q
uired 1,235 - -
Preferred stock 1,225 11,650 15,803
Real estate 6,870 36,388 16,185
Mort
g
a
g
e loans 7,062 11,762 5,368
Pa
y
ments from notes and mort
g
a
g
e receivables 902 1,663 1,336
Net cash
p
rovided
(
used
)
b
y
investin
g
activities
(
517,619
)
(
258,836
)
36,176
Cash flow from financin
g
activities:
Borrowin
g
s from credit facilities 410,189 1,277,047 129,355
Princi
p
al re
p
a
y
ments on credit facilties
(
196,072
)
(
1,093,342
)
(
213,405
)
Debt issuance costs
(
3,058
)
(
29,588
)
-
Levera
g
ed Em
p
lo
y
ee Stock Ownershi
p
Plan - Re
p
a
y
ment from loan 1,204 1,553 1,135
Pa
y
off of ca
p
ital leases - -
(
99,609
)
Treasur
y
stock re
p
urchases
(
49,106
)
- -
Preferred stock dividends
p
aid
(
12,963
)
(
12,963
)
(
29,167
)
Investment contract de
p
osits 16,695 20,322 26,331
Investment contract withdrawals
(
79,204
)
(
75,011
)
(
97,137
)
Net cash
p
rovided
(
used
)
b
y
financin
g
activities 87,685 88,018
(
282,497
)
Effects of exchan
g
e rate on cash
(
974
)
(
186
)
22
Increase
(
decrease
)
in cash and cash e
q
uivalents
(
80,187
)
99,504
(
25,602
)
Cash and cash e
q
uivalents at the be
g
innin
g
of
p
eriod 155,459 55,955 81,557
Cash and cash equivalents at the end of period $ 75,272 $ 155,459 $ 55,955
(In thousands)
Years Ended March 31,
The accompanying notes are an integral part of these consolidated financial statements.
F-7