U-Haul 2016 Annual Report Download - page 62

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F-6
AMERCO AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended March 31,
2016
2015
2014
(In thousands)
Cash flows from operating activities:
Net earnings
$
489,001
$
356,741
$
342,391
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation
389,393
352,796
293,169
Amortization of deferred policy acquisition costs
23,272
19,661
19,982
Interest credited to policyholders
20,465
18,110
22,890
Change in allowance for losses on trade receivables
(205)
(168)
(36)
Change in allowance for inventory reserves
(1,343)
(872)
871
Net gain on sale of real and personal property
(98,703)
(74,631)
(33,557)
Net gain on sale of investments
(4,491)
(3,925)
(6,411)
Deferred income taxes
138,075
76,500
46,371
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables
14,765
9,632
62,506
Inventories
(9,009)
(1,579)
(11,495)
Prepaid expenses
(10,338)
(65,720)
2,186
Capitalization of deferred policy acquisition costs
(32,590)
(27,084)
(32,611)
Other assets
15,322
3,735
7,667
Related party assets
56,644
27,706
7,554
Accounts payable and accrued expenses
37,387
98,877
36,365
Policy benefits and losses, claims and loss expenses payable
9,626
(17,621)
(30,496)
Other policyholders' funds and liabilities
(349)
988
631
Deferred income
4,757
(13,181)
1,259
Related party liabilities
(616)
(866)
4,730
Net cash provided by operating activities
1,041,063
759,099
733,966
Cash flow from investing activities:
Purchase of:
Property, plant and equipment
(1,509,154)
(1,041,931)
(1,000,243)
Short term investments
(515,899)
(290,379)
(270,690)
Fixed maturity investments
(417,062)
(214,371)
(282,424)
Equity securities
(1,315)
(3,759)
(1,562)
Preferred stock
(1,005)
(2,006)
(640)
Real estate
(75)
(15,399)
(532)
Mortgage loans
(102,588)
(42,683)
(52,419)
Proceeds from sales and paydowns of:
Property, plant and equipment
539,256
411,629
270,053
Short term investments
528,180
287,883
269,052
Fixed maturity investments
154,536
107,867
138,401
Equity securities
2,044
3,082
29,139
Preferred stock
1,126
2,427
6,004
Real estate
–
396
544
Mortgage loans
48,557
41,983
48,686
Net cash used by investing activities
(1,273,399)
(755,261)
(846,631)
Cash flow from financing activities:
Borrowings from credit facilities
855,972
657,535
431,029
Principal repayments on credit facilities
(428,403)
(593,722)
(293,068)
Debt issuance costs
(10,184)
(12,327)
(3,943)
Capital lease payments
(168,661)
(121,202)
(53,079)
Purchases of Employee Stock Ownership Plan Shares
(9,302)
(7,939)
(207)
Securitization deposits
544
–
–
Common stock dividends paid
(78,374)
(19,594)
(19,568)
Investment contract deposits
298,237
105,019
117,723
Investment contract withdrawals
(52,957)
(54,108)
(34,677)
Net cash provided (used) by financing activities
406,872
(46,338)
144,210
Effects of exchange rate on cash
(15,740)
(10,762)
(177)
Increase (decrease) in cash and cash equivalents
158,796
(53,262)
31,368
Cash and cash equivalents at the beginning of period
441,850
495,112
463,744
Cash and cash equivalents at the end of period
$
600,646
$
441,850
$
495,112
The accompanying notes are an integral part of these consolidated financial statements.