U-Haul 2009 Annual Report Download - page 114

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CONDENSED FINANCIAL INFORMATION OF AMERCO
STATEMENTS OF CASH FLOW
2009 2008 2007
Cash flows from operating activities:
Net earnings $ 13,410 $ 67,581 $ 90,205
Change in investments in subsidiaries and SAC Holding II (a) 41,557 (15,648) (35,796)
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation 18 515 293
Deferred income taxes 4,353 4,372 10,853
Net change in other operating assets and liabilities:
Prepaid expenses 3,379 6,665 (9,122)
Other assets - 4 (10)
Related party assets 3,857 6,007 (1,479)
Accounts payable and accrued expenses 2,521 7,571 (19,561)
Related party liabilities - - (201)
Net cash provided by operating activities 69,095 77,067 35,182
Cash flows from investment activities:
Purchase of property, plant and equipment (1) (1,841) (1,998)
Net cash used by investing activities (1) (1,841) (1,998)
Cash flows from financing activities:
Treasury stock repurchases (976) (57,478) (49,106)
Proceeds from (repayments of) intercompany loans (57,157) (4,764) 28,887
Preferred stock dividends paid (12,963) (12,963) (12,963)
Net dividend from related party 2,010 - -
Net cash used by financing activities (69,086) (75,205) (33,182)
Increase (decrease) in cash and cash equivalents 8 21 2
Cash and cash equivalents at beginning of period 30 9 7
Cash and cash equivalents at end of period $ 38 $ 30 $ 9
(a) Fiscal 2008 and 2007 include SAC Holding II
Years Ended March 31,
(In thousands)
Income taxes paid in cash amounted to $2.0 million, $10.1 million and $74.8 million for fiscal 2009, 2008 and 2007,
respectively.
The accompanying notes are an integral part of these condensed consolidated financial statements.
F-59