U-Haul 2016 Annual Report Download - page 107

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AMERCO AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
F-51
Consolidating cash flow statements by industry segment for the year ended March 31, 2014 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
$
342,391
$
12,662
$
17,330
$
(29,992)
$
342,391
Earnings from consolidated subsidiaries
(29,992)
–
–
29,992
–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation
293,169
–
–
–
293,169
Amortization of deferred policy acquisition costs
–
–
19,982
–
19,982
Interest credited to policyholders
–
–
22,890
–
22,890
Change in allowance for losses on trade receivables
(28)
–
(8)
–
(36)
Change in allowance for inventory reserve
871
–
–
–
871
Net gain on sale of real and personal property
(33,557)
–
–
–
(33,557)
Net gain on sale of investments
(1,325)
(536)
(4,550)
–
(6,411)
Deferred income taxes
34,605
7,301
4,465
–
46,371
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables
14,328
43,675
4,503
–
62,506
Inventories
(11,495)
–
–
–
(11,495)
Prepaid expenses
2,186
–
–
–
2,186
Capitalization of deferred policy acquisition costs
–
–
(32,611)
–
(32,611)
Other assets
8,670
(781)
(222)
–
7,667
Related party assets
11,060
(4,231)
–
725
(b)
7,554
Accounts payable and accrued expenses
32,394
62
3,909
–
36,365
Policy benefits and losses, claims and loss expenses payable
(8,202)
(34,968)
12,674
–
(30,496)
Other policyholders' funds and liabilities
–
513
118
–
631
Deferred income
1,259
–
–
–
1,259
Related party liabilities
5,647
(131)
(61)
(725)
(b)
4,730
Net cash provided (used) by operating activities
661,981
23,566
48,419
–
733,966
Cash flows from investing activities:
Purchases of:
Property, plant and equipment
(1,000,243)
–
–
–
(1,000,243)
Short term investments
–
(60,551)
(210,139)
–
(270,690)
Fixed maturities investments
–
(58,790)
(223,634)
–
(282,424)
Equity securities
–
(746)
(816)
–
(1,562)
Preferred stock
–
(640)
–
–
(640)
Real estate
–
–
(532)
–
(532)
Mortgage loans
(21,349)
(3,500)
(39,159)
11,589
(b)
(52,419)
Proceeds from sales and paydowns of:
Property, plant and equipment
270,053
–
–
–
270,053
Short term investments
–
68,852
200,200
–
269,052
Fixed maturities investments
–
17,106
121,295
–
138,401
Equity securities
26,569
2,570
–
–
29,139
Preferred stock
–
4,504
1,500
–
6,004
Real estate
193
–
351
–
544
Mortgage loans
38,959
6,267
15,049
(11,589)
(b)
48,686
Net cash provided (used) by investing activities
(685,818)
(24,928)
(135,885)
–
(846,631)
(a) Balance for the period ended December 31, 2013
(b) Eliminate intercompany investments