U-Haul 2011 Annual Report Download - page 108

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AMERCO AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
F-52
Consolidating cash flow statements by industry segment for the year ended March 31, 2009 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 (loss) 13,410$ (64,180)$ 6,371$ 57,809$ 13,410$ 5,011$ 11,241$ (16,252)$ 13,410$
Earnings from consolidated subsidiaries 41,557 - - (57,809) (16,252) - - 16,252 -
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation 18 235,916 12,635 - 248,569 - - - 248,569
Amortization of deferred policy acquisition costs - - - - - 22 12,372 - 12,394
Change in allowance for losses on trade receivables - (118) - - (118) - 101 - (17)
Change in allowance for losses on mortgage notes - (309) - - (309) - - - (309)
Change in allowance for inventory reserves - 792 - - 792 - - - 792
Net (gain) loss on sale of real and personal propert
y
- 19,044 (2,400) - 16,644 - - - 16,644
Net (gain) loss on sale of investments - - - - - 110 (46) - 64
Deferred income taxes 4,353 - - - 4,353 1,992 1,596 - 7,941
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables - 2,383 4 - 2,387 (12,958) (498) - (11,069)
Inventories - (6,192) - - (6,192) - - - (6,192)
Prepaid expenses 3,681 (1,417) 164 - 2,428 - - - 2,428
Capitalization of deferred policy acquisition costs - - - - - 8 (10,914) - (10,906)
Other assets (302) (6,607) 1,630 - (5,279) 312 170 - (4,797)
Related party assets 3,857 (3,071) (23) - 763 3,814 - - 4,577
Accounts payable and accrued expenses 2,521 (4,256) 416 - (1,319) - (502) - (1,821)
Policy benefits and losses, claims and loss expenses payable - 417 - - 417 (2,869) (5,168) - (7,620)
Other policyholders' funds and liabilities - - - - - 2,922 (1,429) - 1,493
Deferred income - 13,037 - - 13,037 - - - 13,037
Related party liabilities - (1,390) - - (1,390) 385 (3,187) - (4,192)
Net cash provided (used) by operating activities 69,095 184,049 18,797 - 271,941 (1,251) 3,736 - 274,426
Cash flows from investing activities:
Purchases of:
Property, plant and equipment (1) (342,180) (54,509) - (396,690) - - - (396,690)
Short term investments - - - - - (116,778) (204,144) - (320,922)
Fixed maturities investments - - - - - (15,321) (128,344) - (143,665)
Equity securities - - - - - - (1) - (1)
Preferred stock - - - - - - (2,000) - (2,000)
Real estate - (36) (182) - (218) (396) - - (614)
Mortgage loans - - - - - (12,187) (12,512) - (24,699)
Proceeds from sales of:
Property, plant and equipment - 124,892 3,296 - 128,188 - - - 128,188
Short term investments - - - - - 96,420 202,562 - 298,982
Fixed maturities investments - - - - - 63,871 170,446 - 234,317
Equity securities - - - - - - 28 - 28
Preferred stock - - - - - - - - -
Real estate - - - - - - - - -
Mortgage loans - - - - - 1 5,883 - 5,884
Net cash provided (used) by investing activities (1) (217,324) (51,395) - (268,720) 15,610 31,918 - (221,192)
(a) Balance for the period ended December 31, 2008
Moving & Storage
(In thousands)
(page 1 of 2)
AMERCO Legal Group