U-Haul 2016 Annual Report Download - page 103
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AMERCO AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
F-47
Consolidating cash flow statements by industry segment for the year ended March 31, 2016, are as follows:
Moving &
Storage
Consolidated
Property &
Casualty
Insurance (a)
Life
Insurance (a)
Elimination
AMERCO
Consolidated
(In thousands)
Cash flows from operating activities:
Net earnings
$
489,001
$
16,168
$
19,354
$
(35,522)
$
489,001
Earnings from consolidated subsidiaries
(35,522)
–
–
35,522
–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation
389,393
–
–
–
389,393
Amortization of deferred policy acquisition costs
–
–
23,272
–
23,272
Interest credited to policyholders
–
–
20,465
–
20,465
Change in allowance for losses on trade receivables
7
–
(212)
–
(205)
Change in allowance for inventory reserve
(1,343)
–
–
–
(1,343)
Net gain on sale of real and personal property
(98,703)
–
–
–
(98,703)
Net gain on sale of investments
–
(1,317)
(3,174)
–
(4,491)
Deferred income taxes
124,838
9,311
3,926
–
138,075
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables
(2,169)
13,528
3,406
–
14,765
Inventories
(9,009)
–
–
–
(9,009)
Prepaid expenses
(10,338)
–
–
–
(10,338)
Capitalization of deferred policy acquisition costs
–
–
(32,590)
–
(32,590)
Other assets
16,231
(1,050)
141
–
15,322
Related party assets
55,962
682
–
–
56,644
Accounts payable and accrued expenses
26,093
1,533
9,761
–
37,387
Policy benefits and losses, claims and loss expenses payable
23,215
(18,925)
5,336
–
9,626
Other policyholders' funds and liabilities
–
(1,056)
707
–
(349)
Deferred income
4,757
–
–
–
4,757
Related party liabilities
(779)
115
48
–
(616)
Net cash provided (used) by operating activities
971,634
18,989
50,440
–
1,041,063
Cash flows from investing activities:
Purchases of:
Property, plant and equipment
(1,509,154)
–
–
–
(1,509,154)
Short term investments
–
(44,735)
(471,164)
–
(515,899)
Fixed maturities investments
–
(45,048)
(372,014)
–
(417,062)
Equity securities
–
–
(1,315)
–
(1,315)
Preferred stock
–
(1,005)
–
–
(1,005)
Real estate
–
(36)
(39)
–
(75)
Mortgage loans
(15,384)
(1,800)
(85,404)
–
(102,588)
Proceeds from sales and paydowns of:
Property, plant and equipment
539,256
–
–
–
539,256
Short term investments
–
44,756
483,424
–
528,180
Fixed maturities investments
–
26,193
128,343
–
154,536
Equity securities
–
1,236
808
–
2,044
Preferred stock
–
1,126
–
–
1,126
Real estate
–
–
–
–
–
Mortgage loans
21,589
5,878
21,090
–
48,557
Net cash provided (used) by investing activities
(963,693)
(13,435)
(296,271)
–
(1,273,399)
(a) Balance for the period ended December 31, 2015
(b) Eliminate intercompany investments