U-Haul 2011 Annual Report Download - page 104

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AMERCO AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
F-48
Consolidating cash flow statements by industry segment for the year ended March 31, 2011, are as follows:
AMERCO U-Haul Real Estate Elimination
Moving &
Storage
Consolidated
Property &
Casualty
Insurance (a)
Life
Insurance (a) Elimination
AMERCO
Consolidated
Cash flows from operating activities:
Net earnings 184,126$ 110,093$ 7,550$ (117,643)$ 184,126$ 3,807$ 11,120$ (15,478)$ 183,575$
Earnings from consolidated subsidiaries (132,570) - - 117,643 (14,927) - - 14,927 -
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation 9 198,991 13,324 - 212,324 - - - 212,324
Amortization of deferred policy acquisition costs - - - - - - 9,494 - 9,494
Change in allowance for losses on trade receivables - 30 - - 30 - (2) - 28
Change in allowance for losses on mortgage notes - - - - - - - - -
Change in allowance for inventory reserve - (674) - - (674) - - - (674)
Net gain on sale of real and personal propert
y
- (21,875) (1,183) - (23,058) - - - (23,058)
Net (gain) loss on sale of investments (65) (11) - - (76) 285 (1,344) - (1,135)
Deferred income taxes 73,790 - - - 73,790 1,960 5,148 - 80,898
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables - (1,443) - - (1,443) (5,137) (533) - (7,113)
Inventories - (6,431) - - (6,431) - - - (6,431)
Prepaid expenses (15,966) 11,773 (51) - (4,244) - - - (4,244)
Capitalization of deferred policy acquisition costs - - - - - - (25,239) - (25,239)
Other assets 34,937 (5,888) 238 - 29,287 30 205 - 29,522
Related party assets 273 55 (64) - 264 (351) - - (87)
Accounts payable and accrued expenses (8,603) 18,923 (486) - 9,834 - 2,713 - 12,547
Policy benefits and losses, claims and loss expenses payable - 10,994 - - 10,994 4,288 94,317 - 109,599
Other policyholders' funds and liabilities - - - - - (789) 1,361 - 572
Deferred income - 1,967 - - 1,967 - - - 1,967
Related party liabilities - 83 - - 83 157 9 - 249
Net cash provided (used) by operating activities 135,931 316,587 19,328 - 471,846 4,250 97,249 (551) 572,794
Cash flows from investing activities:
Purchases of:
Property, plant and equipment (5) (407,526) (72,887) - (480,418) - - - (480,418)
Short term investments - - - - - (76,381) (184,385) - (260,766)
Fixed maturities investments - - - - - (34,580) (181,351) - (215,931)
Equity securities (8,253) - - - (8,253) (3,297) - - (11,550)
Preferred stock - - - - - (11,644) (2,708) - (14,352)
Real estate - - - - - (76) (117) - (193)
Mortgage loans - (13,117) (8,692) - (21,809) (13,244) (7,395) 3,890 (38,558)
Other investments - - - - - - (2,000) - (2,000)
Proceeds from sales of:
Property, plant and equipment - 179,043 1,368 - 180,411 - - - 180,411
Short term investments - - - - - 99,112 211,083 - 310,195
Fixed maturities investments - - - - - 23,275 108,706 - 131,981
Equity securities 1,065 - - - 1,065 133 - - 1,198
Preferred stock - - - - - 1,914 - - 1,914
Real estate - - 125 - 125 309 1,491 - 1,925
Mortgage loans - 5,412 2,995 - 8,407 6,106 4,533 (3,890) 15,156
Net cash provided (used) by investing activities (7,193) (236,188) (77,091) - (320,472) (8,373) (52,143) - (380,988)
(a) Balance for the period ended December 31, 2010
Moving & Storage
(In thousands)
AMERCO Legal Group
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