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Consolidating Financial Information By Industry Segment (Table Text Block)
3 Months Ended 6 Months Ended 12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Mar. 31, 2016
Table Text Block Supplement [Abstract]          
Consolidated Balance Sheet by Industry Segment    

Consolidating balance sheets by industry segment as of September 30, 2016 are as follows:

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

907,861

$

11,775

$

1,691

$

 

$

921,327

Reinsurance recoverables and trade receivables, net

 

40,590

 

111,548

 

31,105

 

 

 

183,243

Inventories, net

 

81,609

 

 

 

 

 

81,609

Prepaid expenses

 

87,968

 

 

 

 

 

87,968

Investments, fixed maturities and marketable equities

 

 

245,627

 

1,386,793

 

 

 

1,632,420

Investments, other

 

22,579

 

66,862

 

292,624

 

 

 

382,065

Deferred policy acquisition costs, net

 

 

 

118,652

 

 

 

118,652

Other assets

 

82,272

 

1,005

 

2,323

 

 

 

85,600

Related party assets

 

82,278

 

13,246

 

507

 

(15,860)

(c)

 

80,171

 

 

1,305,157

 

450,063

 

1,833,695

 

(15,860)

 

 

3,573,055

 

 

 

 

 

 

 

 

 

 

 

 

Investment in subsidiaries

 

488,557

 

 

 

(488,557)

(b)

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, at cost:

 

 

 

 

 

 

 

 

 

 

 

Land

 

616,969

 

 

 

 

 

616,969

Buildings and improvements

 

2,401,802

 

 

 

 

 

2,401,802

Furniture and equipment

 

448,990

 

 

 

 

 

448,990

Rental trailers and other rental equipment

 

490,451

 

 

 

 

 

490,451

Rental trucks

 

3,720,268

 

 

 

 

 

3,720,268

 

 

7,678,480

 

 

 

 

 

7,678,480

Less:  Accumulated depreciation

 

(2,244,417)

 

 

 

 

 

(2,244,417)

Total property, plant and equipment

 

5,434,063

 

 

 

 

 

5,434,063

Total assets

$

7,227,777

$

450,063

$

1,833,695

$

(504,417)

 

$

9,007,118

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances as of June 30, 2016

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 


 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

431,130

$

3,303

$

4,488

$

 

$

438,921

Notes, loans and leases payable

 

2,992,490

 

 

 

 

 

2,992,490

Policy benefits and losses, claims and loss expenses payable

 

399,325

 

249,931

 

438,872

 

 

 

1,088,128

Liabilities from investment contracts

 

 

 

1,043,129

 

 

 

1,043,129

Other policyholders' funds and liabilities

 

 

3,581

 

6,630

 

 

 

10,211

Deferred income

 

27,801

 

 

 

 

 

27,801

Deferred income taxes

 

749,144

 

12,028

 

30,352

 

 

 

791,524

Related party liabilities

 

12,973

 

2,780

 

107

 

(15,860)

(c)

 

Total liabilities

 

4,612,863

 

271,623

 

1,523,578

 

(15,860)

 

 

6,392,204

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

Series preferred stock:

 

 

 

 

 

 

 

 

 

 

 

Series A preferred stock

 

 

 

 

 

 

Series B preferred stock

 

 

 

 

 

 

Series A common stock

 

 

 

 

 

 

Common stock

 

10,497

 

3,301

 

2,500

 

(5,801)

(b)

 

10,497

Additional paid-in capital

 

452,119

 

91,120

 

26,271

 

(117,601)

(b)

 

451,909

Accumulated other comprehensive income (loss)

 

(19,890)

 

11,926

 

41,590

 

(53,516)

(b)

 

(19,890)

Retained earnings

 

2,857,079

 

72,093

 

239,756

 

(311,639)

(b)

 

2,857,289

Cost of common shares in treasury, net

 

(525,653)

 

 

 

 

 

(525,653)

Cost of preferred shares in treasury, net

 

(151,997)

 

 

 

 

 

(151,997)

Unearned employee stock ownership plan shares

 

(7,241)

 

 

 

 

 

(7,241)

Total stockholders' equity

 

2,614,914

 

178,440

 

310,117

 

(488,557)

 

 

2,614,914

Total liabilities and stockholders' equity

$

7,227,777

$

450,063

$

1,833,695

$

(504,417)

 

$

9,007,118

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances as of June 30, 2016

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidating balance sheets by industry segment as of March 31, 2016 are as follows:

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

 

Assets:

 

(In thousands)

Cash and cash equivalents

$ 

585,666

$ 

14,049

$ 

931

$ 

 

$ 

600,646

Reinsurance recoverables and trade receivables, net

 

34,451

 

111,978

 

28,781

 

 

 

175,210

Inventories, net

 

79,756

 

 

 

 

 

79,756

Prepaid expenses

 

134,300

 

 

 

 

 

134,300

Investments, fixed maturities and marketable equities

 

 

238,570

 

1,271,968

 

 

 

1,510,538

Investments, other

 

21,431

 

47,374

 

241,267

 

 

 

310,072

Deferred policy acquisition costs, net

 

 

 

136,386

 

 

 

136,386

Other assets

 

71,719

 

3,088

 

2,403

 

 

 

77,210

Related party assets

 

88,022

 

12,465

 

613

 

(15,366)

(c)

 

85,734

 

 

1,015,345

 

427,524

 

1,682,349

 

(15,366)

 

 

3,109,852

 

 

 

 

 

 

 

 

 

 

 

 

Investment in subsidiaries

 

432,277

 

 

 

(432,277)

(b)

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, at cost:

 

 

 

 

 

 

 

 

 

 

 

Land

 

587,347

 

 

 

 

 

587,347

Buildings and improvements

 

2,187,400

 

 

 

 

 

2,187,400

Furniture and equipment

 

399,943

 

 

 

 

 

399,943

Rental trailers and other rental equipment

 

462,379

 

 

 

 

 

462,379

Rental trucks

 

3,514,175

 

 

 

 

 

3,514,175

 

 

7,151,244

 

 

 

 

 

7,151,244

Less:  Accumulated depreciation

 

(2,133,733)

 

 

 

 

 

(2,133,733)

Total property, plant and equipment

 

5,017,511

 

 

 

 

 

5,017,511

Total assets

$ 

6,465,133

$ 

427,524

$ 

1,682,349

$ 

(447,643)

 

$ 

8,127,363

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances as of December 31, 2015

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 


 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

492,982

$

1,535

$

8,096

$

 

$

502,613

Notes, loans and leases payable

 

2,665,396

 

 

 

 

 

2,665,396

Policy benefits and losses, claims and loss expenses payable

 

386,366

 

252,819

 

432,227

 

 

 

1,071,412

Liabilities from investment contracts

 

 

 

951,490

 

 

 

951,490

Other policyholders' funds and liabilities

 

 

3,017

 

5,633

 

 

 

8,650

Deferred income

 

22,784

 

 

 

 

 

22,784

Deferred income taxes

 

633,061

 

7,526

 

13,025

 

 

 

653,612

Related party liabilities

 

13,138

 

2,067

 

161

 

(15,366)

(c)

 

Total liabilities

 

4,213,727

 

266,964

 

1,410,632

 

(15,366)

 

 

5,875,957

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

Series preferred stock:

 

 

 

 

 

 

 

 

 

 

 

Series A preferred stock

 

 

 

 

 

 

Series B preferred stock

 

 

 

 

 

 

Series A common stock

 

 

 

 

 

 

Common stock

 

10,497

 

3,301

 

2,500

 

(5,801)

(b)

 

10,497

Additional paid-in capital

 

451,839

 

91,120

 

26,271

 

(117,601)

(b)

 

451,629

Accumulated other comprehensive income (loss)

 

(60,525)

 

3,611

 

10,504

 

(14,115)

(b)

 

(60,525)

Retained earnings

 

2,533,431

 

62,528

 

232,442

 

(294,760)

(b)

 

2,533,641

Cost of common shares in treasury, net

 

(525,653)

 

 

 

 

 

(525,653)

Cost of preferred shares in treasury, net

 

(151,997)

 

 

 

 

 

(151,997)

Unearned employee stock ownership plan shares

 

(6,186)

 

 

 

 

 

(6,186)

Total stockholders' equity

 

2,251,406

 

160,560

 

271,717

 

(432,277)

 

 

2,251,406

Total liabilities and stockholders' equity

$

6,465,133

$

427,524

$

1,682,349

$

(447,643)

 

$

8,127,363

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances as of December 31, 2015

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Operations by Industry Segment

Consolidating statement of operations by industry segment for the quarter ended September 30, 2016 are as follows:

 

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rentals

$

712,739

$

$

$

(1,029)

(c)

$

711,710

Self-storage revenues

 

72,163

 

 

 

 

 

72,163

Self-moving and self-storage products and service sales

 

70,330

 

 

 

 

 

70,330

Property management fees

 

6,712

 

 

 

 

 

6,712

Life insurance premiums

 

 

 

40,893

 

 

 

40,893

Property and casualty insurance premiums

 

 

14,009

 

 

 

 

14,009

Net investment and interest income

 

2,353

 

3,878

 

19,767

 

(182)

(b)

 

25,816

Other revenue

 

56,103

 

 

1,301

 

(126)

(b)

 

57,278

Total revenues

 

920,400

 

17,887

 

61,961

 

(1,337)

 

 

998,911

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

386,527

 

7,220

 

5,611

 

(1,145)

(b,c)

 

398,213

Commission expenses

 

80,462

 

 

 

 

 

80,462

Cost of sales

 

40,952

 

 

 

 

 

40,952

Benefits and losses

 

 

3,573

 

43,263

 

 

 

46,836

Amortization of deferred policy acquisition costs

 

 

 

5,989

 

 

 

5,989

Lease expense

 

9,395

 

 

 

(46)

(b)

 

9,349

Depreciation, net of (gains) losses on disposals

 

109,904

 

 

 

 

 

109,904

Total costs and expenses

 

627,240

 

10,793

 

54,863

 

(1,191)

 

 

691,705

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

293,160

 

7,094

 

7,098

 

(146)

 

 

307,206

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

9,305

 

 

 

(9,305)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

302,465

 

7,094

 

7,098

 

(9,451)

 

 

307,206

Interest expense

 

(28,361)

 

 

 

146

(b)

 

(28,215)

Pretax earnings

 

274,104

 

7,094

 

7,098

 

(9,305)

 

 

278,991

Income tax expense

 

(97,629)

 

(2,406)

 

(2,481)

 

 

 

(102,516)

Earnings available to common shareholders

$

176,475

$

4,688

$

4,617

$

(9,305)

 

$

176,475

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended June 30, 2016

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

Consolidating statement of operations by industry segment for the quarter ended September 30, 2015 are as follows:

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rentals

$ 

699,184

$ 

$ 

$ 

(965)

(c)

$ 

698,219

Self-storage revenues

 

62,060

 

 

 

 

 

62,060

Self-moving and self-storage products and service sales

 

70,703

 

 

 

 

 

70,703

Property management fees

 

6,320

 

 

 

 

 

6,320

Life insurance premiums

 

 

 

40,515

 

 

 

40,515

Property and casualty insurance premiums

 

 

13,372

 

 

 

 

13,372

Net investment and interest income

 

1,845

 

3,253

 

17,248

 

(195)

(b)

 

22,151

Other revenue

 

48,182

 

 

1,424

 

(43)

(b)

 

49,563

Total revenues

 

888,294

 

16,625

 

59,187

 

(1,203)

 

 

962,903

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

394,660

 

7,089

 

5,530

 

(997)

(b,c)

 

406,282

Commission expenses

 

80,799

 

 

 

 

 

80,799

Cost of sales

 

39,881

 

 

 

 

 

39,881

Benefits and losses

 

 

3,471

 

39,957

 

 

 

43,428

Amortization of deferred policy acquisition costs

 

 

 

5,643

 

 

 

5,643

Lease expense

 

12,770

 

 

 

(46)

(b)

 

12,724

Depreciation, net of (gains) losses on disposals

 

63,078

 

 

 

 

 

63,078

Total costs and expenses

 

591,188

 

10,560

 

51,130

 

(1,043)

 

 

651,835

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

297,106

 

6,065

 

8,057

 

(160)

 

 

311,068

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

9,179

 

 

 

(9,179)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

306,285

 

6,065

 

8,057

 

(9,339)

 

 

311,068

Interest expense

 

(24,133)

 

 

 

160

(b)

 

(23,973)

Pretax earnings

 

282,152

 

6,065

 

8,057

 

(9,179)

 

 

287,095

Income tax expense

 

(98,773)

 

(2,123)

 

(2,820)

 

 

 

(103,716)

Earnings available to common shareholders

$ 

183,379

$ 

3,942

$ 

5,237

$ 

(9,179)

 

$ 

183,379

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended June 30, 2015

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

Consolidating statements of operations by industry for the six months ended September 30, 2016 are as follows:

 

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rentals

$

1,359,855

$

$

$

(1,809)

(c)

$

1,358,046

Self-storage revenues

 

139,885

 

 

 

 

 

139,885

Self-moving and self-storage products and service sales

 

147,633

 

 

 

 

 

147,633

Property management fees

 

13,316

 

 

 

 

 

13,316

Life insurance premiums

 

 

 

81,785

 

 

 

81,785

Property and casualty insurance premiums

 

 

25,264

 

 

 

 

25,264

Net investment and interest income

 

4,465

 

9,508

 

39,761

 

(369)

(b)

 

53,365

Other revenue

 

101,077

 

 

2,210

 

(261)

(b)

 

103,026

Total revenues

 

1,766,231

 

34,772

 

123,756

 

(2,439)

 

 

1,922,320

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

760,199

 

13,505

 

11,642

 

(2,051)

(b,c)

 

783,295

Commission expenses

 

154,278

 

 

 

 

 

154,278

Cost of sales

 

84,314

 

 

 

 

 

84,314

Benefits and losses

 

 

6,670

 

87,169

 

 

 

93,839

Amortization of deferred policy acquisition costs

 

 

 

13,931

 

 

 

13,931

Lease expense

 

20,490

 

 

 

(93)

(b)

 

20,397

Depreciation, net of (gains) losses on disposals

 

205,285

 

 

 

 

 

205,285

Total costs and expenses

 

1,224,566

 

20,175

 

112,742

 

(2,144)

 

 

1,355,339

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

541,665

 

14,597

 

11,014

 

(295)

 

 

566,981

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

16,879

 

 

 

(16,879)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

558,544

 

14,597

 

11,014

 

(17,174)

 

 

566,981

Interest expense

 

(55,154)

 

 

 

295

(b)

 

(54,859)

Pretax earnings

 

503,390

 

14,597

 

11,014

 

(16,879)

 

 

512,122

Income tax expense

 

(179,742)

 

(5,032)

 

(3,700)

 

 

 

(188,474)

Earnings available to common shareholders

$

323,648

$

9,565

$

7,314

$

(16,879)

 

$

323,648

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the six months ended June 30, 2016

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

Consolidating statements of operations by industry for the six months ended September 30, 2015 are as follows:

 

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rentals

$ 

1,329,223

$ 

$ 

$ 

(1,718)

(c)

$ 

1,327,505

Self-storage revenues

 

119,251

 

 

 

 

 

119,251

Self-moving and self-storage products and service sales

 

147,961

 

 

 

 

 

147,961

Property management fees

 

12,431

 

 

 

 

 

12,431

Life insurance premiums

 

 

 

80,781

 

 

 

80,781

Property and casualty insurance premiums

 

 

23,928

 

 

 

 

23,928

Net investment and interest income

 

4,662

 

7,587

 

32,268

 

(394)

(b)

 

44,123

Other revenue

 

89,606

 

 

2,207

 

(85)

(b)

 

91,728

Total revenues

 

1,703,134

 

31,515

 

115,256

 

(2,197)

 

 

1,847,708

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

746,515

 

13,428

 

11,292

 

(1,784)

(b,c)

 

769,451

Commission expenses

 

153,857

 

 

 

 

 

153,857

Cost of sales

 

81,136

 

 

 

 

 

81,136

Benefits and losses

 

 

5,544

 

81,275

 

 

 

86,819

Amortization of deferred policy acquisition costs

 

 

 

10,421

 

 

 

10,421

Lease expense

 

29,881

 

 

 

(93)

(b)

 

29,788

Depreciation, net of (gains) losses on disposals

 

114,060

 

 

 

 

 

114,060

Total costs and expenses

 

1,125,449

 

18,972

 

102,988

 

(1,877)

 

 

1,245,532

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

577,685

 

12,543

 

12,268

 

(320)

 

 

602,176

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

16,129

 

 

 

(16,129)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

593,814

 

12,543

 

12,268

 

(16,449)

 

 

602,176

Interest expense

 

(46,393)

 

 

 

320

(b)

 

(46,073)

Pretax earnings

 

547,421

 

12,543

 

12,268

 

(16,129)

 

 

556,103

Income tax expense

 

(192,757)

 

(4,390)

 

(4,292)

 

 

 

(201,439)

Earnings available to common shareholders

$ 

354,664

$ 

8,153

$ 

7,976

$ 

(16,129)

 

$ 

354,664

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the six months ended June 30, 2015

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 
Consolidated Cash Flow Statement by Industry Segment    

Consolidating cash flow statements by industry segment for the six months ended September 30, 2016 are as follows:

 

 

Moving & Storage

Consolidated

 

Property &

Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

AMERCO

Consolidated

 

 

(Unaudited)

Cash flows from operating activities:

 

(In thousands)

Net earnings

$ 

323,648

$ 

9,565

$ 

7,314

$ 

(16,879)

 

$ 

323,648

Earnings from consolidated entities

 

(16,879)

 

 

 

16,879

 

 

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

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

233,543

 

 

 

 

 

233,543

Amortization of deferred policy acquisition costs

 

 

 

13,931

 

 

 

13,931

Amortization of debt issuance costs

 

1,765

 

 

 

 

 

1,765

Interest credited to policyholders

 

 

 

11,028

 

 

 

11,028

Change in allowance for losses on trade receivables

 

92

 

 

(58)

 

 

 

34

Change in allowance for inventory reserve

 

800

 

 

 

 

 

800

Net gain on sale of real and personal property

 

(28,258)

 

 

 

 

 

(28,258)

Net gain on sale of investments

 

 

(2,709)

 

(1,936)

 

 

 

(4,645)

Deferred income taxes

 

114,112

 

24

 

588

 

 

 

114,724

Net change in other operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Reinsurance recoverables and trade receivables

 

(6,265)

 

429

 

(2,266)

 

 

 

(8,102)

Inventories

 

(2,674)

 

 

 

 

 

(2,674)

Prepaid expenses

 

46,248

 

 

 

 

 

46,248

Capitalization of deferred policy acquisition costs

 

 

 

(14,360)

 

 

 

(14,360)

Other assets

 

(10,925)

 

2,150

 

80

 

 

 

(8,695)

Related party assets

 

5,718

 

(523)

 

 

 

 

5,195

Accounts payable and accrued expenses

 

41,958

 

1,766

 

1,438

 

 

 

45,162

Policy benefits and losses, claims and loss expenses payable

 

13,165

 

(2,888)

 

6,645

 

 

 

16,922

Other policyholders' funds and liabilities

 

 

566

 

997

 

 

 

1,563

Deferred income

 

5,034

 

 

 

 

 

5,034

Related party liabilities

 

(170)

 

456

 

(54)

 

 

 

232

Net cash provided (used) by operating activities

 

720,912

 

8,836

 

23,347

 

 

 

753,095

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(761,277)

 

 

 

 

 

(761,277)

Short term investments

 

 

(36,646)

 

(373,279)

 

 

 

(409,925)

Fixed maturities investments

 

 

(13,469)

 

(155,348)

 

 

 

(168,817)

Equity securities

 

 

 

(489)

 

 

 

(489)

Real estate

 

(3,510)

 

(4,580)

 

(7,698)

 

 

 

(15,788)

Mortgage loans

 

(1,982)

 

(3,063)

 

(131,637)

 

 

 

(136,682)

Proceeds from sales and paydown's of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

310,409

 

 

 

 

 

310,409

Short term investments

 

 

17,771

 

368,737

 

 

 

386,508

Fixed maturities investments

 

 

16,623

 

103,902

 

 

 

120,525

Preferred stock

 

 

2,651

 

 

 

 

2,651

Real estate

 

 

 

831

 

 

 

831

Mortgage loans

 

4,345

 

9,603

 

91,783

 

 

 

105,731

Net cash provided (used) by investing activities

 

(452,015)

 

(11,110)

 

(103,198)

 

 

 

(566,323)

 

 

(page 1 of 2)

(a) Balance for the period ended June 30, 2016

 

 

 

 

 

 

 

 

 

 

 


 

 

 

Moving & Storage

Consolidated

 

Property &

Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

AMERCO

Consolidated

 

 

(Unaudited)

Cash flows from financing activities:

 

(In thousands)

Borrowings from credit facilities

 

304,787

 

 

27,000

 

 

 

331,787

Principal repayments on credit facilities

 

(131,479)

 

 

(27,000)

 

 

 

(158,479)

Debt issuance costs

 

(2,085)

 

 

 

 

 

(2,085)

Capital lease payments

 

(83,414)

 

 

 

 

 

(83,414)

Employee Stock Ownership Plan

 

(4,653)

 

 

 

 

 

(4,653)

Securitization deposits

 

245

 

 

 

 

 

245

Common stock dividend paid

 

(19,586)

 

 

 

 

 

(19,586)

Investment contract deposits

 

 

 

130,166

 

 

 

130,166

Investment contract withdrawals

 

 

 

(49,555)

 

 

 

(49,555)

Net cash provided (used) by financing activities

 

63,815

 

 

80,611

 

 

 

144,426

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

(10,517)

 

 

 

 

 

(10,517)

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

322,195

 

(2,274)

 

760

 

 

 

320,681

Cash and cash equivalents at beginning of period

 

585,666

 

14,049

 

931

 

 

 

600,646

Cash and cash equivalents at end of period

$ 

907,861

$ 

11,775

$ 

1,691

$ 

 

$ 

921,327

 

 

(page 2 of 2)

(a) Balance for the period ended June 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

Consolidating cash flow statements by industry segment for the six months ended September 30, 2015 are as follows:

 

 

Moving & Storage

Consolidated

 

Property &

Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

AMERCO

Consolidated

 

 

(Unaudited)

Cash flows from operating activities:

 

(In thousands)

Net earnings

$ 

354,664

$ 

8,153

$ 

7,976

$ 

(16,129)

 

$ 

354,664

Earnings from consolidated entities

 

(16,129)

 

 

 

16,129

 

 

Adjustments to reconcile net earnings to cash provided by operations:

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

192,865

 

 

 

 

 

192,865

Amortization of deferred policy acquisition costs

 

 

 

10,421

 

 

 

10,421

Amortization of debt issuance costs

 

1,512

 

 

 

 

 

1,512

Interest credited to policyholders

 

 

 

10,484

 

 

 

10,484

Change in allowance for losses on trade receivables

 

(21)

 

 

12

 

 

 

(9)

Change in allowance for inventory reserve

 

(603)

 

 

 

 

 

(603)

Net gain on sale of real and personal property

 

(78,805)

 

 

 

 

 

(78,805)

Net gain on sale of investments

 

 

(810)

 

(2,212)

 

 

 

(3,022)

Deferred income taxes

 

23,125

 

3,127

 

1,007

 

 

 

27,259

Net change in other operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Reinsurance recoverables and trade receivables

 

1,021

 

8,827

 

3,770

 

 

 

13,618

Inventories

 

(2,107)

 

 

 

 

 

(2,107)

Prepaid expenses

 

71,813

 

 

 

 

 

71,813

Capitalization of deferred policy acquisition costs

 

 

 

(15,636)

 

 

 

(15,636)

Other assets

 

15,609

 

1,097

 

88

 

 

 

16,794

Related party assets

 

58,373

 

(606)

 

 

 

 

57,767

Accounts payable and accrued expenses

 

51,340

 

1,243

 

6,942

 

 

 

59,525

Policy benefits and losses, claims and loss expenses payable

 

20,648

 

(13,336)

 

4,390

 

 

 

11,702

Other policyholders' funds and liabilities

 

 

(1,308)

 

3,992

 

 

 

2,684

Deferred income

 

2,339

 

 

 

 

 

2,339

Related party liabilities

 

(26)

 

(75)

 

4

 

 

 

(97)

Net cash provided (used) by operating activities

 

695,618

 

6,312

 

31,238

 

 

 

733,168

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(720,265)

 

 

 

 

 

(720,265)

Short term investments

 

 

(19,247)

 

(229,835)

 

 

 

(249,082)

Fixed maturities investments

 

 

(20,286)

 

(149,613)

 

 

 

(169,899)

Equity securities

 

 

 

(1,315)

 

 

 

(1,315)

Preferred stock

 

 

(3)

 

 

 

 

(3)

Real estate

 

 

(6)

 

(17)

 

 

 

(23)

Mortgage loans

 

(11,748)

 

 

(74,613)

 

 

 

(86,361)

Proceeds from sales and paydown's of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

379,198

 

 

 

 

 

379,198

Short term investments

 

 

20,865

 

222,769

 

 

 

243,634

Fixed maturities investments

 

 

12,783

 

76,302

 

 

 

89,085

Equity securities

 

 

 

808

 

 

 

808

Mortgage loans

 

10,011

 

4,253

 

15,631

 

 

 

29,895

Net cash provided (used) by investing activities

 

(342,804)

 

(1,641)

 

(139,883)

 

 

 

(484,328)

 

 

(page 1 of 2)

(a) Balance for the period ended June 30, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Moving & Storage

Consolidated

 

Property &

Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

AMERCO

Consolidated

 

 

(Unaudited)

Cash flows from financing activities:

 

(In thousands)

Borrowings from credit facilities

 

414,735

 

 

47,000

 

 

 

461,735

Principal repayments on credit facilities

 

(140,958)

 

 

(47,000)

 

 

 

(187,958)

Debt issuance costs

 

(5,957)

 

 

 

 

 

(5,957)

Capital lease payments

 

(77,786)

 

 

 

 

 

(77,786)

Employee Stock Ownership Plan

 

(1,484)

 

 

 

 

 

(1,484)

Securitization deposits

 

298

 

 

 

 

 

298

Common stock dividend paid

 

(19,594)

 

 

 

 

 

(19,594)

Investment contract deposits

 

 

 

140,220

 

 

 

140,220

Investment contract withdrawals

 

 

 

(25,974)

 

 

 

(25,974)

Net cash provided (used) by financing activities

 

169,254

 

 

114,246

 

 

 

283,500

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

(12,543)

 

 

 

 

 

(12,543)

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

509,525

 

4,671

 

5,601

 

 

 

519,797

Cash and cash equivalents at beginning of period

 

431,873

 

8,495

 

1,482

 

 

 

441,850

Cash and cash equivalents at end of period

$ 

941,398

$ 

13,166

$ 

7,083

$ 

 

$ 

961,647

 

 

(page 2 of 2)

(a) Balance for the period ended June 30, 2015