XML 46 R31.htm IDEA: XBRL DOCUMENT v3.19.1
Consolidating Financial Information by Industry Segment
12 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Consolidating Financial Information by Industry Segment

AMERCO’s three reportable segments are:

  • Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of   U-Haul and Real Estate;
  • Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA; and
  • Life Insurance, comprised of Oxford and its subsidiaries.

Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes, net are shown as liabilities on the consolidating statements.

The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries.

Investments in subsidiaries are accounted for by the parent using the equity method of accounting.

 

 

Note 21A. Financial Information by Consolidating Industry Segment:

Consolidating balance sheets by industry segment as of March 31, 2019 are as follows:

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(In thousands)

Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

643,918

$

5,757

$

24,026

$

–

 

$

673,701

Reinsurance recoverables and trade receivables, net

 

90,832

 

102,120

 

31,833

 

–

 

 

224,785

Inventories and parts, net

 

103,504

 

–

 

–

 

–

 

 

103,504

Prepaid expenses

 

174,100

 

–

 

–

 

–

 

 

174,100

Investments, fixed maturities and marketable equities

 

–

 

279,641

 

1,955,756

 

–

 

 

2,235,397

Investments, other

 

23,013

 

74,679

 

203,044

 

–

 

 

300,736

Deferred policy acquisition costs, net

 

–

 

–

 

136,276

 

–

 

 

136,276

Other assets

 

72,768

 

2,456

 

3,130

 

–

 

 

78,354

Related party assets

 

35,997

 

6,639

 

16,466

 

(28,213)

(c)

 

30,889

 

 

1,144,132

 

471,292

 

2,370,531

 

(28,213)

 

 

3,957,742

 

 

 

 

 

 

 

 

 

 

 

 

Investment in subsidiaries

 

534,157

 

–

 

–

 

(534,157)

(b)

 

–

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, at cost:

 

 

 

 

 

 

 

 

 

 

 

Land

 

976,454

 

–

 

–

 

–

 

 

976,454

Buildings and improvements

 

4,003,726

 

–

 

–

 

–

 

 

4,003,726

Furniture and equipment

 

689,780

 

–

 

–

 

–

 

 

689,780

Rental trailers and other rental equipment

 

590,039

 

–

 

–

 

–

 

 

590,039

Rental trucks

 

4,762,028

 

–

 

–

 

–

 

 

4,762,028

 

 

11,022,027

 

–

 

–

 

–

 

 

11,022,027

Less:  Accumulated depreciation

 

(3,088,056)

 

–

 

–

 

–

 

 

(3,088,056)

Total property, plant and equipment

 

7,933,971

 

–

 

–

 

–

 

 

7,933,971

Total assets

$

9,612,260

$

471,292

$

2,370,531

$

(562,370)

 

$

11,891,713

 

 

 

 

 

 

 

 

 

 

 

 

(a)  Balances as of December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 


Consolidating balance sheets by industry segment as of March 31, 2019 are as follows:

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(In thousands)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

548,099

$

2,844

$

5,930

$

–

 

$

556,873

Notes, loans and leases payable, net

 

4,163,323

 

–

 

–

 

–

 

 

4,163,323

Policy benefits and losses, claims and loss expenses payable

 

407,934

 

229,958

 

373,291

 

–

 

 

1,011,183

Liabilities from investment contracts

 

–

 

–

 

1,666,742

 

–

 

 

1,666,742

Other policyholders' funds and liabilities

 

–

 

5,259

 

9,788

 

–

 

 

15,047

Deferred income

 

35,186

 

–

 

–

 

–

 

 

35,186

Deferred income taxes, net

 

741,644

 

6,961

 

2,365

 

–

 

 

750,970

Related party liabilities

 

25,446

 

3,836

 

692

 

(29,974)

(c)

 

–

Total liabilities

 

5,921,632

 

248,858

 

2,058,808

 

(29,974)

 

 

8,199,324

 

 

 

 

 

 

 

 

 

 

 

 

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

 

453,536

 

91,120

 

26,271

 

(117,601)

(b)

 

453,326

Accumulated other comprehensive income (loss)

 

(68,459)

 

(3,721)

 

(5,300)

 

10,782

(b)

 

(66,698)

Retained earnings

 

3,976,752

 

131,734

 

288,252

 

(419,776)

(b)

 

3,976,962

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

 

(4,048)

 

–

 

–

 

–

 

 

(4,048)

Total stockholders' equity

 

3,690,628

 

222,434

 

311,723

 

(532,396)

 

 

3,692,389

Total liabilities and stockholders' equity

$

9,612,260

$

471,292

$

2,370,531

$

(562,370)

 

$

11,891,713

 

 

 

 

 

 

 

 

 

 

 

 

(a)  Balances as of December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 

 


Consolidating balance sheets by industry segment as of March 31, 2018 are as follows:

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(In thousands)

Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

702,036

$

6,639

$

50,713

$

–

 

$

759,388

Reinsurance recoverables and trade receivables, net

 

64,798

 

99,682

 

29,058

 

–

 

 

193,538

Inventories and parts, net

 

89,877

 

–

 

–

 

–

 

 

89,877

Prepaid expenses

 

166,129

 

–

 

–

 

–

 

 

166,129

Investments, fixed maturities and marketable equities

 

–

 

285,846

 

1,634,014

 

–

 

 

1,919,860

Investments, other

 

22,992

 

65,553

 

310,519

 

–

 

 

399,064

Deferred policy acquisition costs, net

 

–

 

–

 

124,767

 

–

 

 

124,767

Other assets

 

241,493

 

685

 

2,604

 

–

 

 

244,782

Related party assets

 

40,003

 

6,959

 

18,334

 

(32,020)

(c)

 

33,276

 

 

1,327,328

 

465,364

 

2,170,009

 

(32,020)

 

 

3,930,681

 

 

 

 

 

 

 

 

 

 

 

 

Investment in subsidiaries

 

544,151

 

–

 

–

 

(544,151)

(b)

 

–

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, at cost:

 

 

 

 

 

 

 

 

 

 

 

Land

 

827,649

 

–

 

–

 

–

 

 

827,649

Buildings and improvements

 

3,140,713

 

–

 

–

 

–

 

 

3,140,713

Furniture and equipment

 

632,803

 

–

 

–

 

–

 

 

632,803

Rental trailers and other rental equipment

 

545,968

 

–

 

–

 

–

 

 

545,968

Rental trucks

 

4,390,750

 

–

 

–

 

–

 

 

4,390,750

 

 

9,537,883

 

–

 

–

 

–

 

 

9,537,883

Less:  Accumulated depreciation

 

(2,721,142)

 

–

 

–

 

–

 

 

(2,721,142)

Total property, plant and equipment

 

6,816,741

 

–

 

–

 

–

 

 

6,816,741

Total assets

$

8,688,220

$

465,364

$

2,170,009

$

(576,171)

 

$

10,747,422

 

 

 

 

 

 

 

 

 

 

 

 

(a)  Balances as of December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 


Consolidating balance sheets by industry segment as of March 31, 2018 are as follows:

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(In thousands)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

506,158

$

2,582

$

2,375

$

–

 

$

511,115

Notes, loans and leases payable, net

 

3,513,076

 

–

 

–

 

–

 

 

3,513,076

Policy benefits and losses, claims and loss expenses payable

 

568,456

 

234,359

 

445,218

 

–

 

 

1,248,033

Liabilities from investment contracts

 

–

 

–

 

1,364,066

 

–

 

 

1,364,066

Other policyholders' funds and liabilities

 

–

 

5,377

 

4,663

 

–

 

 

10,040

Deferred income

 

34,276

 

–

 

–

 

–

 

 

34,276

Deferred income taxes, net

 

629,389

 

8,927

 

19,792

 

–

 

 

658,108

Related party liabilities

 

28,157

 

2,870

 

993

 

(32,020)

(c)

 

–

Total liabilities

 

5,279,512

 

254,115

 

1,837,107

 

(32,020)

 

 

7,338,714

 

 

 

 

 

 

 

 

 

 

 

 

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

 

452,956

 

91,120

 

26,271

 

(117,601)

(b)

 

452,746

Accumulated other comprehensive income (loss)

 

(4,623)

 

16,526

 

35,982

 

(52,508)

(b)

 

(4,623)

Retained earnings

 

3,635,351

 

100,302

 

268,149

 

(368,241)

(b)

 

3,635,561

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

 

(7,823)

 

–

 

–

 

–

 

 

(7,823)

Total stockholders' equity

$

3,408,708

 

211,249

 

332,902

 

(544,151)

 

 

3,408,708

Total liabilities and stockholders' equity

 

8,688,220

$

465,364

$

2,170,009

$

(576,171)

 

$

10,747,422

 

 

 

 

 

 

 

 

 

 

 

 

(a)  Balances as of December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 


Consolidating statements of operations by industry segment for period ending March 31, 2019 are as follows:

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(In thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rentals

$

2,656,327

$

–

$

–

$

(2,830)

(c)

$

2,653,497

Self-storage revenues

 

367,276

 

–

 

–

 

–

 

 

367,276

Self-moving & self-storage products & service sales

 

264,146

 

–

 

–

 

–

 

 

264,146

Property management fees

 

29,148

 

–

 

–

 

–

 

 

29,148

Life insurance premiums

 

–

 

–

 

63,488

 

–

 

 

63,488

Property and casualty insurance premiums

 

–

 

63,488

 

–

 

(2,635)

(c)

 

60,853

Net investment and interest income

 

13,857

 

12,349

 

86,395

 

(1,667)

(b)

 

110,934

Other revenue

 

215,055

 

–

 

4,831

 

(521)

(b)

 

219,365

Total revenues

 

3,545,809

 

75,837

 

154,714

 

(7,653)

 

 

3,768,707

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

1,938,317

 

34,218

 

14,613

 

(5,968)

(b,c)

 

1,981,180

Commission expenses

 

288,408

 

–

 

–

 

–

 

 

288,408

Cost of sales

 

162,142

 

–

 

–

 

–

 

 

162,142

Benefits and losses

 

–

 

14,213

 

86,064

 

–

 

 

100,277

Amortization of deferred policy acquisition costs

 

–

 

–

 

28,556

 

–

 

 

28,556

Lease expense

 

33,702

 

–

 

–

 

(544)

(b)

 

33,158

Depreciation, net gains on disposals

 

554,043

 

–

 

–

 

–

 

 

554,043

Net gains on disposal of real estate

 

(44)

 

–

 

–

 

–

 

 

(44)

Total costs and expenses

 

2,976,568

 

48,431

 

129,233

 

(6,512)

 

 

3,147,720

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

569,241

 

27,406

 

25,481

 

(1,141)

 

 

620,987

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

41,811

 

–

 

–

 

(41,811)

(d)

 

–

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

611,052

 

27,406

 

25,481

 

(42,952)

 

 

620,987

Other components of net periodic benefit costs

 

(1,013)

 

–

 

–

 

–

 

 

(1,013)

Interest expense

 

(143,586)

 

–

 

–

 

1,141

(b)

 

(142,445)

Pretax earnings

 

466,453

 

27,406

 

25,481

 

(41,811)

 

 

477,529

Income tax benefit (expense)

 

(95,596)

 

(5,698)

 

(5,378)

 

–

 

 

(106,672)

Earnings available to common shareholders

$

370,857

$

21,708

$

20,103

$

(41,811)

 

$

370,857

 

 

 

 

 

 

 

 

 

 

 

 

(a)  Balances for the year ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 


Consolidating statements of operations by industry segment for period ending March 31, 2018 are as follows:

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(In thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rentals

$

2,483,956

$

–

$

–

$

(4,214)

(c)

$

2,479,742

Self-storage revenues

 

323,903

 

–

 

–

 

–

 

 

323,903

Self-moving & self-storage products & service sales

 

261,557

 

–

 

–

 

–

 

 

261,557

Property management fees

 

29,602

 

–

 

–

 

–

 

 

29,602

Life insurance premiums

 

–

 

–

 

154,703

 

–

 

 

154,703

Property and casualty insurance premiums

 

–

 

58,800

 

–

 

(1,700)

(c)

 

57,100

Net investment and interest income

 

12,232

 

15,771

 

84,158

 

(1,688)

(b)

 

110,473

Other revenue

 

179,417

 

–

 

5,001

 

(384)

(b)

 

184,034

Total revenues

 

3,290,667

 

74,571

 

243,862

 

(7,986)

 

 

3,601,114

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

1,758,697

 

32,710

 

22,061

 

(6,412)

(b,c)

 

1,807,056

Commission expenses

 

276,705

 

–

 

–

 

–

 

 

276,705

Cost of sales

 

160,489

 

–

 

–

 

–

 

 

160,489

Benefits and losses

 

–

 

15,983

 

169,328

 

–

 

 

185,311

Amortization of deferred policy acquisition costs

 

–

 

–

 

24,514

 

–

 

 

24,514

Lease expense

 

34,243

 

–

 

–

 

(283)

(b)

 

33,960

Depreciation, net gains on disposals

 

543,247

 

–

 

–

 

–

 

 

543,247

Net gains on disposal of real estate

 

(195,414)

 

–

 

–

 

–

 

 

(195,414)

Total costs and expenses

 

2,577,967

 

48,693

 

215,903

 

(6,695)

 

 

2,835,868

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

712,700

 

25,878

 

27,959

 

(1,291)

 

 

765,246

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

46,990

 

–

 

–

 

(46,990)

(d)

 

–

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

759,690

 

25,878

 

27,959

 

(48,281)

 

 

765,246

Other components of net periodic benefit costs

 

(927)

 

–

 

–

 

–

 

 

(927)

Interest expense

 

(127,997)

 

–

 

–

 

1,291

(b)

 

(126,706)

Pretax earnings

 

630,766

 

25,878

 

27,959

 

(46,990)

 

 

637,613

Income tax expense

 

159,817

 

(2,989)

 

(3,858)

 

–

 

 

152,970

Earnings available to common shareholders

$

790,583

$

22,889

$

24,101

$

(46,990)

 

$

790,583

 

 

 

 

 

 

 

 

 

 

 

 

(a)  Balances for the year ended December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease/interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 


Consolidating statements of operations by industry segment for period ending March 31, 2017 are as follows:

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

AMERCO

Consolidated

 

 

(In thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rentals

$

2,366,526

$

–

$

–

$

(3,693)

(c)

$

2,362,833

Self-storage revenues

 

286,886

 

–

 

–

 

–

 

 

286,886

Self-moving & self-storage products & service sales

 

253,073

 

–

 

–

 

–

 

 

253,073

Property management fees

 

29,075

 

–

 

–

 

–

 

 

29,075

Life insurance premiums

 

–

 

–

 

163,579

 

–

 

 

163,579

Property and casualty insurance premiums

 

–

 

52,334

 

–

 

–

 

 

52,334

Net investment and interest income

 

9,688

 

16,652

 

77,540

 

(1,604)

(b)

 

102,276

Other revenue

 

167,752

 

–

 

4,480

 

(521)

(b)

 

171,711

Total revenues

 

3,113,000

 

68,986

 

245,599

 

(5,818)

 

 

3,421,767

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

1,520,506

 

28,421

 

22,429

 

(4,175)

(b,c)

 

1,567,181

Commission expenses

 

267,230

 

–

 

–

 

–

 

 

267,230

Cost of sales

 

152,485

 

–

 

–

 

–

 

 

152,485

Benefits and losses

 

–

 

13,404

 

169,306

 

–

 

 

182,710

Amortization of deferred policy acquisition costs

 

–

 

–

 

26,218

 

–

 

 

26,218

Lease expense

 

37,529

 

–

 

–

 

(186)

(b)

 

37,343

Depreciation, net gains on disposals

 

449,025

 

–

 

–

 

–

 

 

449,025

Net (gains) losses on disposal of real estate

 

(3,590)

 

–

 

–

 

–

 

 

(3,590)

Total costs and expenses

 

2,423,185

 

41,825

 

217,953

 

(4,361)

 

 

2,678,602

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

689,815

 

27,161

 

27,646

 

(1,457)

 

 

743,165

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

35,797

 

–

 

–

 

(35,797)

(d)

 

–

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

725,612

 

27,161

 

27,646

 

(37,254)

 

 

743,165

Other components of net periodic benefit costs

 

(902)

 

–

 

–

 

–

 

 

(902)

Interest expense

 

(114,863)

 

–

 

–

 

1,457

(b)

 

(113,406)

Amortization on early extinguished of debt

 

(499)

 

 

 

 

 

 

 

 

(499)

Pretax earnings

 

609,348

 

27,161

 

27,646

 

(35,797)

 

 

628,358

Income tax expense

 

(210,924)

 

(9,346)

 

(9,664)

 

–

 

 

(229,934)

Earnings available to common shareholders

$

398,424

$

17,815

$

17,982

$

(35,797)

 

$

398,424

 

 

 

 

 

 

 

 

 

 

 

 

(a)  Balances for the year ended December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease/interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

Consolidating cash flow statements by industry segment for the year ended March 31, 2019, 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

$

370,857

$

21,708

$

20,103

$

(41,811)

 

$

370,857

Earnings from consolidated subsidiaries

 

(41,811)

 

–

 

–

 

41,811

 

 

–

Adjustments to reconcile net earnings to cash provided by operations:

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

581,025

 

–

 

–

 

–

 

 

581,025

Amortization of deferred policy acquisition costs

 

–

 

–

 

28,556

 

–

 

 

28,556

Amortization of premiums and accretion of discounts related to investments, net

 

–

 

1,361

 

11,746

 

–

 

 

13,107

Amortization of debt issuance costs

 

3,923

 

–

 

–

 

–

 

 

3,923

Interest credited to policyholders

 

–

 

–

 

35,387

 

–

 

 

35,387

Change in allowance for losses on trade receivables

 

57

 

–

 

(5)

 

–

 

 

52

Change in allowance for inventories and parts reserve

 

(146)

 

–

 

–

 

–

 

 

(146)

Net gains on disposal of personal property

 

(26,982)

 

–

 

–

 

–

 

 

(26,982)

Net gains on disposal of real estate

 

(44)

 

–

 

–

 

–

 

 

(44)

Net (gains) losses on sales of investments

 

–

 

(2,971)

 

308

 

–

 

 

(2,663)

Net losses on equity securities

 

–

 

5,739

 

–

 

–

 

 

5,739

Deferred income taxes

 

112,434

 

830

 

(6,453)

 

–

 

 

106,811

Net change in other operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Reinsurance recoverables and trade receivables

 

(26,160)

 

(2,438)

 

(2,767)

 

–

 

 

(31,365)

Inventories and parts

 

(13,492)

 

–

 

–

 

–

 

 

(13,492)

Prepaid expenses

 

(8,620)

 

–

 

–

 

–

 

 

(8,620)

Capitalization of deferred policy acquisition costs

 

–

 

–

 

(25,957)

 

–

 

 

(25,957)

Other assets

 

159,126

 

(1,449)

 

(525)

 

–

 

 

157,152

Related party assets

 

3,857

 

339

 

(2)

 

–

 

 

4,194

Accounts payable and accrued expenses

 

6,454

 

257

 

3,552

 

–

 

 

10,263

Policy benefits and losses, claims and loss expenses payable

 

(159,793)

 

(4,400)

 

(71,927)

 

–

 

 

(236,120)

Other policyholders' funds and liabilities

 

–

 

(117)

 

5,124

 

–

 

 

5,007

Deferred income

 

966

 

–

 

–

 

–

 

 

966

Related party liabilities

 

(2,711)

 

944

 

(300)

 

–

 

 

(2,067)

Net cash provided (used) by operating activities

 

958,940

 

19,803

 

(3,160)

 

–

 

 

975,583

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Escrow deposits

 

4,299

 

–

 

–

 

–

 

 

4,299

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(1,869,968)

 

–

 

–

 

–

 

 

(1,869,968)

Short term investments

 

–

 

(53,878)

 

(170)

 

–

 

 

(54,048)

Fixed maturities investments

 

–

 

(33,775)

 

(506,270)

 

–

 

 

(540,045)

Equity securities

 

–

 

–

 

(957)

 

–

 

 

(957)

Preferred stock

 

–

 

–

 

–

 

–

 

 

–

Real estate

 

(236)

 

(187)

 

(212)

 

–

 

 

(635)

Mortgage loans

 

–

 

(20,031)

 

(43,580)

 

–

 

 

(63,611)

Proceeds from sales and paydowns of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

606,271

 

–

 

–

 

–

 

 

606,271

Short term investments

 

–

 

58,767

 

7,270

 

–

 

 

66,037

Fixed maturities investments

 

–

 

12,305

 

111,246

 

–

 

 

123,551

Equity securities

 

–

 

8,608

 

–

 

–

 

 

8,608

Preferred stock

 

–

 

1,625

 

–

 

–

 

 

1,625

Real estate

 

–

 

–

 

–

 

–

 

 

–

Mortgage loans

 

–

 

5,881

 

141,856

 

–

 

 

147,737

Net cash used by investing activities

 

(1,259,634)

 

(20,685)

 

(290,817)

 

–

 

 

(1,571,136)

 

 

(page 1 of 2)

(a) Balance for the period ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 


Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2019, 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

 

897,311

 

–

 

–

 

–

 

 

897,311

Principal repayments on credit facilities

 

(299,748)

 

–

 

–

 

–

 

 

(299,748)

Payment of debt issuance costs

 

(7,243)

 

–

 

–

 

–

 

 

(7,243)

Capital lease payments

 

(303,431)

 

–

 

–

 

–

 

 

(303,431)

Employee stock ownership plan shares

 

(418)

 

–

 

–

 

–

 

 

(418)

Securitization deposits

 

–

 

–

 

–

 

–

 

 

–

Common stock dividends paid

 

(39,179)

 

–

 

–

 

–

 

 

(39,179)

Investment contract deposits

 

–

 

–

 

400,123

 

–

 

 

400,123

Investment contract withdrawals

 

–

 

–

 

(132,833)

 

–

 

 

(132,833)

Net cash provided by financing activities

 

247,292

 

–

 

267,290

 

–

 

 

514,582

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

(4,716)

 

–

 

–

 

–

 

 

(4,716)

 

 

 

 

 

 

 

 

 

 

 

 

Decrease in cash and cash equivalents

 

(58,118)

 

(882)

 

(26,687)

 

–

 

 

(85,687)

Cash and cash equivalents at beginning of period

 

702,036

 

6,639

 

50,713

 

–

 

 

759,388

Cash and cash equivalents at end of period

$

643,918

$

5,757

$

24,026

$

–

 

$

673,701

 

 

(page 2 of 2)

(a) Balance for the period ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 


Consolidating cash flow statements by industry segment for the year ended March 31, 2018, 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

$

790,583

$

22,889

$

24,101

$

(46,990)

 

$

790,583

Earnings from consolidated subsidiaries

 

(46,990)

 

–

 

–

 

46,990

 

 

–

Adjustments to reconcile net earnings to cash provided by operations:

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

555,069

 

–

 

–

 

–

 

 

555,069

Amortization of deferred policy acquisition costs

 

–

 

–

 

24,514

 

–

 

 

24,514

Amortization of premiums and accretion of discounts related to investments, net

 

–

 

1,356

 

11,434

 

–

 

 

12,790

Amortization of debt issuance costs

 

3,868

 

–

 

–

 

–

 

 

3,868

Interest credited to policyholders

 

–

 

–

 

32,302

 

–

 

 

32,302

Change in allowance for losses on trade receivables

 

(31)

 

–

 

(89)

 

–

 

 

(120)

Change in allowance for inventories and parts reserve

 

5,065

 

–

 

–

 

–

 

 

5,065

Net gains on disposal of personal property

 

(11,822)

 

–

 

–

 

–

 

 

(11,822)

Net gains on disposal of real estate

 

(195,414)

 

–

 

–

 

–

 

 

(195,414)

Net gains on sales of investments

 

–

 

(1,703)

 

(4,566)

 

–

 

 

(6,269)

Net (gains) losses on equity securities

 

–

 

–

 

–

 

–

 

 

–

Deferred income taxes

 

(182,358)

 

(6,596)

 

(4,480)

 

–

 

 

(193,434)

Net change in other operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Reinsurance recoverables and trade receivables

 

(23,444)

 

8,075

 

40

 

–

 

 

(15,329)

Inventories and parts

 

(12,384)

 

–

 

–

 

–

 

 

(12,384)

Prepaid expenses

 

(40,765)

 

–

 

–

 

–

 

 

(40,765)

Capitalization of deferred policy acquisition costs

 

–

 

–

 

(27,350)

 

–

 

 

(27,350)

Other assets

 

(167,579)

 

1,810

 

(199)

 

–

 

 

(165,968)

Related party assets

 

48,855

 

4,553

 

–

 

–

 

 

53,408

Accounts payable and accrued expenses

 

(36,384)

 

648

 

(1,244)

 

–

 

 

(36,980)

Policy benefits and losses, claims and loss expenses payable

 

168,687

 

(10,623)

 

3,057

 

–

 

 

161,121

Other policyholders' funds and liabilities

 

–

 

1,194

 

(1,303)

 

–

 

 

(109)

Deferred income

 

5,524

 

–

 

–

 

–

 

 

5,524

Related party liabilities

 

(1,884)

 

318

 

950

 

–

 

 

(616)

Net cash provided by operating activities

 

858,596

 

21,921

 

57,167

 

–

 

 

937,684

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Escrow deposits

 

31,362

 

–

 

–

 

–

 

 

31,362

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(1,363,745)

 

–

 

–

 

–

 

 

(1,363,745)

Short term investments

 

–

 

(63,556)

 

–

 

–

 

 

(63,556)

Fixed maturities investments

 

–

 

(51,273)

 

(339,627)

 

–

 

 

(390,900)

Equity securities

 

–

 

–

 

(662)

 

–

 

 

(662)

Preferred stock

 

–

 

(1,000)

 

–

 

–

 

 

(1,000)

Real estate

 

(1,365)

 

(440)

 

(134)

 

–

 

 

(1,939)

Mortgage loans

 

–

 

(14,409)

 

(69,098)

 

–

 

 

(83,507)

Proceeds from sales and paydowns of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

699,803

 

–

 

–

 

–

 

 

699,803

Short term investments

 

–

 

61,133

 

6,657

 

–

 

 

67,790

Fixed maturities investments

 

–

 

21,670

 

141,799

 

–

 

 

163,469

Preferred stock

 

–

 

4,208

 

–

 

–

 

 

4,208

Real estate

 

2,783

 

–

 

–

 

–

 

 

2,783

Mortgage loans

 

–

 

15,660

 

21,930

 

–

 

 

37,590

Net cash used by investing activities

 

(631,162)

 

(28,007)

 

(239,135)

 

–

 

 

(898,304)

 

 

(page 1 of 2)

(a) Balance for the period ended December 31, 2017

 

 

 

 

 

 

 

 

 

 

 


Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2018, 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

 

498,464

 

–

 

–

 

–

 

 

498,464

Principal repayments on credit facilities

 

(356,451)

 

–

 

–

 

–

 

 

(356,451)

Payment of debt issuance costs

 

(5,111)

 

–

 

–

 

–

 

 

(5,111)

Capital lease payments

 

(296,363)

 

–

 

–

 

–

 

 

(296,363)

Employee stock ownership plan shares

 

(11,640)

 

–

 

–

 

–

 

 

(11,640)

Securitization deposits

 

(2,180)

 

–

 

–

 

–

 

 

(2,180)

Common stock dividends paid

 

(29,380)

 

–

 

–

 

–

 

 

(29,380)

Investment contract deposits

 

–

 

–

 

401,814

 

–

 

 

401,814

Investment contract withdrawals

 

–

 

–

 

(182,549)

 

–

 

 

(182,549)

Net cash provided (used) by financing activities

 

(202,661)

 

–

 

219,265

 

–

 

 

16,604

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

5,598

 

–

 

–

 

–

 

 

5,598

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

30,371

 

(6,086)

 

37,297

 

–

 

 

61,582

Cash and cash equivalents at beginning of period

 

671,665

 

12,725

 

13,416

 

–

 

 

697,806

Cash and cash equivalents at end of period

$

702,036

$

6,639

$

50,713

$

–

 

$

759,388

 

 

(page 2 of 2)

(a) Balance for the period ended December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 


Consolidating cash flow statements by industry segment for the year ended March 31, 2017 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

$

398,424

$

17,815

$

17,982

$

(35,797)

 

$

398,424

Earnings from consolidated subsidiaries

 

(35,797)

 

–

 

–

 

35,797

 

 

–

Adjustments to reconcile net earnings to cash provided by operations:

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

481,520

 

–

 

–

 

–

 

 

481,520

Amortization of deferred policy acquisition costs

 

–

 

–

 

26,218

 

–

 

 

26,218

Amortization of premiums and accretion of discounts related to investments, net

 

–

 

1,336

 

10,492

 

–

 

 

11,828

Amortization of debt issuance costs

 

4,062

 

–

 

–

 

–

 

 

4,062

Interest credited to policyholders

 

–

 

–

 

25,020

 

–

 

 

25,020

Change in allowance for losses on trade receivables

 

31

 

–

 

(77)

 

–

 

 

(46)

Change in allowance for inventories and parts reserve

 

1,330

 

–

 

–

 

–

 

 

1,330

Net gains on disposal of personal property

 

(32,495)

 

–

 

–

 

–

 

 

(32,495)

Net gains on disposal of real estate

 

(3,590)

 

–

 

–

 

–

 

 

(3,590)

Net gains on sales of investments

 

–

 

(2,636)

 

(2,648)

 

–

 

 

(5,284)

Net (gains) losses on equity securities

 

–

 

–

 

–

 

–

 

 

–

Deferred income taxes

 

173,059

 

2,340

 

(2,287)

 

–

 

 

173,112

Net change in other operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Reinsurance recoverables and trade receivables

 

(6,806)

 

4,221

 

(305)

 

–

 

 

(2,890)

Inventories and parts

 

(4,072)

 

–

 

–

 

–

 

 

(4,072)

Prepaid expenses

 

9,386

 

–

 

–

 

–

 

 

9,386

Capitalization of deferred policy acquisition costs

 

–

 

–

 

(27,111)

 

–

 

 

(27,111)

Other assets

 

(3,827)

 

1,341

 

(2)

 

–

 

 

(2,488)

Related party assets

 

(872)

 

1,215

 

–

 

–

 

 

343

Accounts payable and accrued expenses

 

(14,793)

 

392

 

(1,147)

 

–

 

 

(15,548)

Policy benefits and losses, claims and loss expenses payable

 

13,283

 

(7,838)

 

9,933

 

–

 

 

15,378

Other policyholders' funds and liabilities

 

–

 

1,167

 

332

 

–

 

 

1,499

Deferred income

 

5,921

 

–

 

–

 

–

 

 

5,921

Related party liabilities

 

(1,170)

 

226

 

(118)

 

–

 

 

(1,062)

Net cash provided by operating activities

 

983,594

 

19,579

 

56,282

 

–

 

 

1,059,455

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Escrow deposits

 

(38,058)

 

–

 

–

 

–

 

 

(38,058)

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(1,419,505)

 

–

 

–

 

–

 

 

(1,419,505)

Short term investments

 

–

 

(77,693)

 

(558,154)

 

–

 

 

(635,847)

Fixed maturities investments

 

–

 

(42,628)

 

(312,473)

 

–

 

 

(355,101)

Equity securities

 

–

 

–

 

(489)

 

–

 

 

(489)

Real estate

 

(19,406)

 

(4,648)

 

(8,753)

 

–

 

 

(32,807)

Mortgage loans

 

–

 

(21,021)

 

(133,289)

 

–

 

 

(154,310)

Proceeds from sales and paydowns of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

487,475

 

–

 

–

 

–

 

 

487,475

Short term investments

 

–

 

80,225

 

575,501

 

–

 

 

655,726

Fixed maturities investments

 

–

 

30,791

 

158,451

 

–

 

 

189,242

Preferred stock

 

–

 

4,181

 

–

 

–

 

 

4,181

Real estate

 

6,275

 

–

 

2,478

 

–

 

 

8,753

Mortgage loans

 

–

 

9,890

 

96,942

 

–

 

 

106,832

Net cash used by investing activities

 

(983,219)

 

(20,903)

 

(179,786)

 

–

 

 

(1,183,908)

 

 

(page 1 of 2)

(a) Balance for the period ended December 31, 2016

 

 

 

 

 

 

 

 

 

 

 


Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2017 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

 

715,625

 

–

 

27,000

 

–

 

 

742,625

Principal repayments on credit facilities

 

(340,844)

 

–

 

(27,000)

 

–

 

 

(367,844)

Payment of debt issuance costs

 

(5,055)

 

–

 

–

 

–

 

 

(5,055)

Capital lease payments

 

(212,545)

 

–

 

–

 

–

 

 

(212,545)

Employee stock ownership plan shares

 

(11,106)

 

–

 

–

 

–

 

 

(11,106)

Securitization deposits

 

446

 

–

 

–

 

–

 

 

446

Common stock dividends paid

 

(58,757)

 

–

 

–

 

–

 

 

(58,757)

Investment contract deposits

 

–

 

–

 

285,148

 

–

 

 

285,148

Investment contract withdrawals

 

–

 

–

 

(149,159)

 

–

 

 

(149,159)

Net cash provided by financing activities

 

87,764

 

–

 

135,989

 

–

 

 

223,753

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

(2,140)

 

–

 

–

 

–

 

 

(2,140)

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

85,999

 

(1,324)

 

12,485

 

–

 

 

97,160

Cash and cash equivalents at beginning of period

 

585,666

 

14,049

 

931

 

–

 

 

600,646

Cash and cash equivalents at end of period

$

671,665

$

12,725

$

13,416

$

–

 

$

697,806

 

 

(page 2 of 2)

(a) Balance for the period ended December 31, 2016