U-Haul 2016 Annual Report Download - page 111

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F-55
CONDENSED FINANCIAL INFORMATION OF AMERCO
STATEMENTS OF CASH FLOW
Years Ended March 31,
2016
2015
2014
(In thousands)
Cash flows from operating activities:
Net earnings
$
489,001
$
356,741
$
342,391
Change in investments in subsidiaries
(417,087)
(300,566)
(287,803)
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation
6
6
5
Net gain on sale of investments
–
–
(1,325)
Deferred income taxes
124,838
66,628
34,605
Net change in other operating assets and liabilities:
Prepaid expenses
(8,723)
(66,786)
3,938
Other assets
6
84
(41)
Related party assets
56,849
(539)
–
Accounts payable and accrued expenses
(14)
5,239
6,589
Net cash provided by operating activities
244,876
60,807
98,359
Cash flows from investing activities:
Purchases of property, plant and equipment
(8)
–
(2)
Proceeds of equity securities
–
–
26,569
Net cash provided by investing activities
(8)
–
26,567
Cash flows from financing activities:
Proceeds from (repayments) of intercompany loans
(76,354)
(71,207)
(110,933)
Common stock dividends paid
(78,374)
(19,594)
(19,568)
Net cash provided (used) by financing activities
(154,728)
(90,801)
(130,501)
Increase (decrease) in cash and cash equivalents
90,140
(29,994)
(5,575)
Cash and cash equivalents at beginning of period
291,550
321,544
327,119
Cash and cash equivalents at end of period
$
381,690
$
291,550
$
321,544
Income taxes paid, net of income taxes refunds received, amounted to $141.9 million, $195.1 million
and $138.4 million for fiscal 2016, 2015 and 2014, respectively.
The accompanying notes are an integral part of these condensed consolidated financial statements.