XML 57 R75.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Cash Flow Statement by Industry Segment (Table Text Block)
12 Months Ended
Mar. 31, 2015
Table Text Block Supplement [Abstract]  
Consolidated Cash Flow Statement by Industry Segment

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

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

 

158,610

 

–

 

7,446

 

–

 

 

166,056

Policy benefits and losses, claims and loss expenses payable

 

(4,327)

 

(23,472)

 

10,178

 

–

 

 

(17,621)

Other policyholders' funds and liabilities

 

–

 

339

 

671

 

–

 

 

1,010

Deferred income

 

(13,181)

 

–

 

–

 

–

 

 

(13,181)

Related party liabilities

 

(1,016)

 

428

 

(67)

 

(211)

(b)

 

(866)

Net cash provided (used) by operating activities

 

767,464

 

16,575

 

24,151

 

–

 

 

808,190

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(1,111,899)

 

–

 

–

 

–

 

 

(1,111,899)

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

 

(695,057)

 

(20,838)

 

(109,334)

 

–

 

 

(825,229)

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balance for the period ended December 31, 2014

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany investments

 

 

 

 

 

 

 

 

 

 

 

 


Continuation of 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 financing activities:

 

 

 

 

 

 

 

 

 

 

 

Borrowings from credit facilities

 

657,535

 

–

 

–

 

–

 

 

657,535

Principal repayments on credit facilities

 

(593,722)

 

–

 

–

 

–

 

 

(593,722)

Debt issuance costs

 

(12,327)

 

–

 

–

 

–

 

 

(12,327)

Capital lease payments

 

(121,202)

 

–

 

–

 

–

 

 

(121,202)

Leveraged Employee Stock Ownership Plan

 

(5,172)

 

–

 

–

 

–

 

 

(5,172)

Common stock dividends paid

 

(19,594)

 

–

 

–

 

–

 

 

(19,594)

Investment contract deposits

 

–

 

–

 

123,129

 

–

 

 

123,129

Investment contract withdrawals

 

–

 

–

 

(54,108)

 

–

 

 

(54,108)

Net cash provided (used) by financing activities

 

(94,482)

 

–

 

69,021

 

–

 

 

(25,461)

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

(10,762)

 

–

 

–

 

–

 

 

(10,762)

 

 

 

 

 

 

 

 

 

 

 

 

Decrease in cash and cash equivalents

 

(32,837)

 

(4,263)

 

(16,162)

 

–

 

 

(53,262)

Cash and cash equivalents at beginning of period

 

464,710

 

12,758

 

17,644

 

–

 

 

495,112

Cash and cash equivalents at end of period

$

431,873

$

8,495

$

1,482

$

–

 

$

441,850

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balance for the period ended December 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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

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

 

30,822

 

–

 

3,909

 

–

 

 

34,731

Policy benefits and losses, claims and loss expenses payable

 

(8,202)

 

(34,968)

 

12,674

 

–

 

 

(30,496)

Other policyholders' funds and liabilities

 

–

 

575

 

118

 

–

 

 

693

Deferred income

 

1,259

 

–

 

–

 

–

 

 

1,259

Related party liabilities

 

5,647

 

(131)

 

(61)

 

(725)

(b)

 

4,730

Net cash provided (used) by operating activities

 

660,409

 

23,566

 

25,529

 

–

 

 

709,504

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(999,365)

 

–

 

–

 

–

 

 

(999,365)

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

 

(684,940)

 

(24,928)

 

(135,885)

 

–

 

 

(845,753)

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balance for the period ended December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany investments

 

 

 

 

 

 

 

 

 

 

 


Continuation of 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 financing activities:

 

 

 

 

 

 

 

 

 

 

 

Borrowings from credit facilities

 

431,029

 

–

 

–

 

–

 

 

431,029

Principal repayments on credit facilities

 

(293,068)

 

–

 

–

 

–

 

 

(293,068)

Debt issuance costs

 

(3,943)

 

–

 

–

 

–

 

 

(3,943)

Capital lease payments

 

(53,079)

 

–

 

–

 

–

 

 

(53,079)

Leveraged Employee Stock Ownership Plan - repayments from loan

 

487

 

–

 

–

 

–

 

 

487

Proceeds from (repayment of) intercompany loans

 

–

 

–

 

–

 

–

 

 

–

Common stock dividends paid

 

(19,568)

 

–

 

–

 

–

 

 

(19,568)

Investment contract deposits

 

–

 

–

 

140,613

 

–

 

 

140,613

Investment contract withdrawals

 

–

 

–

 

(34,677)

 

–

 

 

(34,677)

Net cash provided (used) by financing activities

 

61,858

 

–

 

105,936

 

–

 

 

167,794

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

(177)

 

–

 

–

 

–

 

 

(177)

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

37,150

 

(1,362)

 

(4,420)

 

–

 

 

31,368

Cash and cash equivalents at beginning of period

 

427,560

 

14,120

 

22,064

 

–

 

 

463,744

Cash and cash equivalents at end of period

$

464,710

$

12,758

$

17,644

$

–

 

$

495,112

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balance for the period ended December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 


Consolidating cash flow statements by industry segment for the year ended March 31, 2013 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

$

264,708

$

9,256

$

14,985

$

(24,241)

 

$

264,708

Earnings from consolidated subsidiaries

 

(24,241)

 

–

 

–

 

24,241

 

 

–

Adjustments to reconcile net earnings to the cash provided by operations:

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

260,492

 

–

 

–

 

–

 

 

260,492

Amortization of deferred policy acquisition costs

 

–

 

–

 

17,376

 

–

 

 

17,376

Change in allowance for losses on trade receivables

 

(134)

 

–

 

–

 

–

 

 

(134)

Change in allowance for inventory reserve

 

1,133

 

–

 

–

 

–

 

 

1,133

Net gain on sale of real and personal property

 

(22,496)

 

–

 

–

 

–

 

 

(22,496)

Net gain on sale of investments

 

(76)

 

(4,883)

 

(3,364)

 

–

 

 

(8,323)

Deferred income taxes

 

9,206

 

4,459

 

(147)

 

–

 

 

13,518

Net change in other operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Reinsurance recoverables and trade receivables

 

(6,022)

 

45,201

 

(2,857)

 

–

 

 

36,322

Inventories

 

1,206

 

–

 

–

 

–

 

 

1,206

Prepaid expenses

 

(15,587)

 

–

 

–

 

–

 

 

(15,587)

Capitalization of deferred policy acquisition costs

 

–

 

–

 

(50,640)

 

–

 

 

(50,640)

Other assets

 

21,216

 

294

 

46

 

–

 

 

21,556

Related party assets

 

133,970

 

(1,361)

 

–

 

1,063

(b)

 

133,672

Accounts payable and accrued expenses

 

41,330

 

–

 

(1,298)

 

–

 

 

40,032

Policy benefits and losses, claims and loss expenses payable

 

1,102

 

(52,755)

 

21,175

 

–

 

 

(30,478)

Other policyholders' funds and liabilities

 

–

 

(281)

 

302

 

–

 

 

21

Deferred income

 

(1,312)

 

–

 

–

 

–

 

 

(1,312)

Related party liabilities

 

1,145

 

346

 

36

 

(1,063)

(b)

 

464

Net cash provided (used) by operating activities

 

665,640

 

276

 

(4,386)

 

–

 

 

661,530

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(655,984)

 

–

 

–

 

–

 

 

(655,984)

Short term investments

 

–

 

(97,269)

 

(314,369)

 

–

 

 

(411,638)

Fixed maturities investments

 

–

 

(44,460)

 

(398,802)

 

–

 

 

(443,262)

Equity securities

 

–

 

(16,289)

 

–

 

–

 

 

(16,289)

Preferred stock

 

–

 

(6,296)

 

–

 

–

 

 

(6,296)

Real estate

 

(243)

 

–

 

(830)

 

–

 

 

(1,073)

Mortgage loans

 

(45,206)

 

(1,821)

 

(33,684)

 

–

 

 

(80,711)

Proceeds from sales and paydowns of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

220,699

 

–

 

–

 

–

 

 

220,699

Short term investments

 

–

 

87,738

 

329,782

 

–

 

 

417,520

Fixed maturities investments

 

–

 

35,493

 

125,313

 

–

 

 

160,806

Equity securities

 

372

 

–

 

–

 

–

 

 

372

Preferred stock

 

–

 

7,258

 

–

 

–

 

 

7,258

Real estate

 

667

 

–

 

4

 

–

 

 

671

Mortgage loans

 

46,468

 

25,448

 

23,798

 

–

 

 

95,714

Net cash provided (used) by investing activities

 

(433,227)

 

(10,198)

 

(268,788)

 

–

 

 

(712,213)

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balance for the period ended December 31, 2012

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany investments

 

 

 

 

 

 

 

 

 

 

 

Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2013 are as follows:

 

 

 

 

 

 

 

 

 

 

Moving & Storage

Consolidated

 

Property &

Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

AMERCO

Consolidated

 

 

(In thousands)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

Borrowings from credit facilities

 

270,546

 

–

 

–

 

–

 

 

270,546

Principal repayments on credit facilities

 

(257,957)

 

–

 

–

 

–

 

 

(257,957)

Debt issuance costs

 

(2,223)

 

–

 

–

 

–

 

 

(2,223)

Capital lease payments

 

(26,877)

 

–

 

–

 

–

 

 

(26,877)

Leveraged Employee Stock Ownership Plan - repayments from loan

 

692

 

–

 

–

 

–

 

 

692

Securitization deposits

 

1,195

 

–

 

–

 

–

 

 

1,195

Proceeds from (repayment of) intercompany loans

 

–

 

–

 

–

 

–

 

 

–

Common stock dividends paid

 

(97,421)

 

–

 

–

 

–

 

 

(97,421)

Contribution to related party

 

(1,500)

 

1,500

 

–

 

–

 

 

–

Investment contract deposits

 

–

 

–

 

301,729

 

–

 

 

301,729

Investment contract withdrawals

 

–

 

–

 

(31,901)

 

–

 

 

(31,901)

Net cash provided (used) by financing activities

 

(113,545)

 

1,500

 

269,828

 

–

 

 

157,783

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

(536)

 

–

 

–

 

–

 

 

(536)

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

118,332

 

(8,422)

 

(3,346)

 

–

 

 

106,564

Cash and cash equivalents at beginning of period

 

309,228

 

22,542

 

25,410

 

–

 

 

357,180

Cash and cash equivalents at end of period

$

427,560

$

14,120

$

22,064

$

–

 

$

463,744

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balance for the period ended December 31, 2012