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AMERCO AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
F-49
Consolidating cash flow statements by industry segment for the year ended March 31, 2015, 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
$
356,741
$
15,417
$
19,366
$
(34,783)
$
356,741
Earnings from consolidated subsidiaries
(34,783)
–
–
34,783
–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation
352,796
–
–
–
352,796
Amortization of deferred policy acquisition costs
–
–
19,661
–
19,661
Interest credited to policyholders
–
–
18,110
–
18,110
Change in allowance for losses on trade receivables
(179)
–
11
–
(168)
Change in allowance for inventory reserve
(872)
–
–
–
(872)
Net gain on sale of real and personal property
(74,631)
–
–
–
(74,631)
Net gain on sale of investments
–
(841)
(3,084)
–
(3,925)
Deferred income taxes
66,628
8,030
1,842
–
76,500
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables
(3,213)
16,830
(3,985)
–
9,632
Inventories
(1,579)
–
–
–
(1,579)
Prepaid expenses
(65,720)
–
–
–
(65,720)
Capitalization of deferred policy acquisition costs
–
–
(27,084)
–
(27,084)
Other assets
4,437
102
(804)
–
3,735
Related party assets
27,753
(258)
–
211
(b)
27,706
Accounts payable and accrued expenses
91,409
22
7,446
–
98,877
Policy benefits and losses, claims and loss expenses payable
(4,327)
(23,472)
10,178
–
(17,621)
Other policyholders' funds and liabilities
–
317
671
–
988
Deferred income
(13,181)
–
–
–
(13,181)
Related party liabilities
(1,016)
428
(67)
(211)
(b)
(866)
Net cash provided (used) by operating activities
700,263
16,575
42,261
–
759,099
Cash flows from investing activities:
Purchases of:
Property, plant and equipment
(1,041,931)
–
–
–
(1,041,931)
Short term investments
–
(40,583)
(249,796)
–
(290,379)
Fixed maturities investments
–
(43,062)
(171,309)
–
(214,371)
Equity securities
–
(3,333)
(426)
–
(3,759)
Preferred stock
–
(1,006)
(1,000)
–
(2,006)
Real estate
–
(7,857)
(7,542)
–
(15,399)
Mortgage loans
(22,876)
(4,350)
(15,457)
–
(42,683)
Proceeds from sales and paydowns of:
Property, plant and equipment
411,629
–
–
–
411,629
Short term investments
–
53,112
234,771
–
287,883
Fixed maturities investments
–
18,556
89,311
–
107,867
Equity securities
–
3,082
–
–
3,082
Preferred stock
–
400
2,027
–
2,427
Real estate
–
–
396
–
396
Mortgage loans
28,089
4,203
9,691
–
41,983
Net cash provided (used) by investing activities
(625,089)
(20,838)
(109,334)
–
(755,261)
(a) Balance for the period ended December 31, 2014
(b) Eliminate intercompany investments