XML 46 R35.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidating Financial Information By Industry Segment (Table Text Block)
3 Months Ended 6 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Mar. 31, 2023
Table Text Block Supplement [Abstract]          
Consolidated Balance Sheet by Industry Segment

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

U-Haul Holding Company Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Assets:

 

Cash and cash equivalents

$

2,068,790

$

44,272

$

32,069

$

 

$

2,145,131

Reinsurance recoverables and trade receivables, net

 

130,372

 

50,525

 

31,668

 

 

 

212,565

Inventories and parts

 

161,535

 

 

 

 

 

161,535

Prepaid expenses

 

263,541

 

 

 

 

 

263,541

Investments, fixed maturities and marketable equities

 

97,372

 

268,769

 

2,168,023

 

 

 

2,534,164

Investments, other

 

23,330

 

115,583

 

511,238

 

 

 

650,151

Deferred policy acquisition costs, net

 

 

 

121,365

 

 

 

121,365

Other assets

 

46,667

 

800

 

5,302

 

 

 

52,769

Right of use assets - financing, net

 

377,733

 

 

 

 

 

377,733

Right of use assets - operating, net

 

64,378

 

785

 

153

 

 

 

65,316

Related party assets

 

62,931

 

1,223

 

11,808

 

(35,822)

(c)

 

40,140

 

 

3,296,649

 

481,957

 

2,881,626

 

(35,822)

 

 

6,624,410

 

 

 

 

 

 

 

 

 

 

 

 

Investment in subsidiaries

 

462,493

 

 

 

(462,493)

(b)

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, at cost:

 

 

 

 

 

 

 

 

 

 

 

Land

 

1,613,871

 

 

 

 

 

1,613,871

Buildings and improvements

 

7,649,849

 

 

 

 

 

7,649,849

Furniture and equipment

 

966,211

 

 

 

 

 

966,211

Rental trailers and other rental equipment

 

912,046

 

 

 

 

 

912,046

Rental trucks

 

5,921,507

 

 

 

 

 

5,921,507

 

 

17,063,484

 

 

 

 

 

17,063,484

Less:  Accumulated depreciation

 

(4,666,444)

 

 

 

 

 

(4,666,444)

Total property, plant and equipment, net

 

12,397,040

 

 

 

 

 

12,397,040

Total assets

$

16,156,182

$

481,957

$

2,881,626

$

(498,315)

 

$

19,021,450

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances as of June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 

 

Consolidating balance sheets by operating segment as of September 30, 2023, continued:

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

U-Haul Holding Company Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

745,606

$

4,472

$

7,910

$

 

$

757,988

Notes, loans and finance leases payable, net

 

6,400,899

 

 

 

 

 

6,400,899

Operating lease liabilities

 

63,627

 

800

 

153

 

 

 

64,580

Policy benefits and losses, claims and loss expenses payable

 

324,642

 

150,148

 

390,607

 

 

 

865,397

Liabilities from investment contracts

 

 

 

2,393,590

 

 

 

2,393,590

Other policyholders' funds and liabilities

 

 

2,126

 

5,551

 

 

 

7,677

Deferred income

 

56,821

 

 

 

 

 

56,821

Deferred income taxes, net

 

1,514,732

 

3,973

 

(74,585)

 

 

 

1,444,120

Related party liabilities

 

25,754

 

2,969

 

13,376

 

(42,099)

(c)

 

Total liabilities

 

9,132,081

 

164,488

 

2,736,602

 

(42,099)

 

 

11,991,072

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

Series preferred stock:

 

 

 

 

 

 

 

 

 

 

 

Series A preferred stock

 

 

 

 

 

 

Series B preferred stock

 

 

 

 

 

 

Series A common stock

 

 

 

 

 

 

Voting Common stock

 

10,497

 

3,301

 

2,500

 

(5,801)

(b)

 

10,497

Non-Voting Common stock

 

176

 

 

 

 

 

176

Additional paid-in capital

 

453,853

 

91,120

 

26,271

 

(117,601)

(b)

 

453,643

Accumulated other comprehensive income (loss)

 

(281,941)

 

(13,532)

 

(218,470)

 

238,279

(b)

 

(275,664)

Retained earnings

 

7,519,166

 

236,580

 

334,723

 

(571,093)

(b)

 

7,519,376

Cost of common stock in treasury, net

 

(525,653)

 

 

 

 

 

(525,653)

Cost of preferred stock in treasury, net

 

(151,997)

 

 

 

 

 

(151,997)

Total stockholders' equity

 

7,024,101

 

317,469

 

145,024

 

(456,216)

 

 

7,030,378

Total liabilities and stockholders' equity

$

16,156,182

$

481,957

$

2,881,626

$

(498,315)

 

$

19,021,450

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances as of June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 

     

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

U-Haul Holding Company Consolidated

 

 

 

Assets:

 

(In thousands)

Cash and cash equivalents

$

2,034,242

$

11,276

$

15,006

$

 

$

2,060,524

Reinsurance recoverables and trade receivables, net

 

107,823

 

48,344

 

33,331

 

 

 

189,498

Inventories and parts

 

151,474

 

 

 

 

 

151,474

Prepaid expenses

 

241,711

 

 

 

 

 

241,711

Investments, fixed maturities and marketable equities

 

227,737

 

271,156

 

2,271,501

 

 

 

2,770,394

Investments, other

 

23,314

 

125,130

 

427,096

 

 

 

575,540

Deferred policy acquisition costs, net

 

 

 

128,463

 

 

 

128,463

Other assets

 

46,438

 

730

 

3,884

 

 

 

51,052

Right of use assets - financing, net

 

474,765

 

 

 

 

 

474,765

Right of use assets - operating, net

 

57,978

 

914

 

25

 

 

 

58,917

Related party assets

 

69,144

 

2,347

 

12,268

 

(35,451)

(c)

 

48,308

 

 

3,434,626

 

459,897

 

2,891,574

 

(35,451)

 

 

6,750,646

 

 

 

 

 

 

 

 

 

 

 

 

Investment in subsidiaries

 

426,779

 

 

 

(426,779)

(b)

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, at cost:

 

 

 

 

 

 

 

 

 

 

 

Land

 

1,537,206

 

 

 

 

 

1,537,206

Buildings and improvements

 

7,088,810

 

 

 

 

 

7,088,810

Furniture and equipment

 

928,241

 

 

 

 

 

928,241

Rental trailers and other rental equipment

 

827,696

 

 

 

 

 

827,696

Rental trucks

 

5,278,340

 

 

 

 

 

5,278,340

 

 

15,660,293

 

 

 

 

 

15,660,293

Less:  Accumulated depreciation

 

(4,310,205)

 

 

 

 

 

(4,310,205)

Total property, plant and equipment, net

 

11,350,088

 

 

 

 

 

11,350,088

Total assets

$

15,211,493

$

459,897

$

2,891,574

$

(462,230)

 

$

18,100,734

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances as of December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 

 

Consolidating balance sheets by operating segment as of March 31, 2023, continued:

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

U-Haul Holding Company Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

729,679

$

4,470

$

26,890

$

 

$

761,039

Notes, loans and finance leases payable, net

 

6,108,042

 

 

 

 

 

6,108,042

Operating lease liabilities

 

57,418

 

928

 

27

 

 

 

58,373

Policy benefits and losses, claims and loss expenses payable

 

335,227

 

153,007

 

391,968

 

 

 

880,202

Liabilities from investment contracts

 

 

 

2,398,884

 

 

 

2,398,884

Other policyholders' funds and liabilities

 

 

2,702

 

5,530

 

 

 

8,232

Deferred income

 

52,282

 

 

 

 

 

52,282

Deferred income taxes, net

 

1,405,391

 

1,713

 

(77,615)

 

 

 

1,329,489

Related party liabilities

 

25,082

 

2,544

 

13,644

 

(41,270)

(c)

 

Total liabilities

 

8,713,121

 

165,364

 

2,759,328

 

(41,270)

 

 

11,596,543

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

Series preferred stock:

 

 

 

 

 

 

 

 

 

 

 

Series A preferred stock

 

 

 

 

 

 

Series B preferred stock

 

 

 

 

 

 

Series A common stock

 

 

 

 

 

 

Voting Common stock

 

10,497

 

3,301

 

2,500

 

(5,801)

(b)

 

10,497

Non-Voting Common Stock

 

176

 

 

 

 

 

176

Additional paid-in capital

 

453,853

 

91,120

 

26,271

 

(117,601)

(b)

 

453,643

Accumulated other comprehensive income (loss)

 

(291,442)

 

(14,720)

 

(225,904)

 

246,443

(b)

 

(285,623)

Retained earnings

 

7,002,938

 

214,832

 

329,379

 

(544,001)

(b)

 

7,003,148

Cost of common shares in treasury, net

 

(525,653)

 

 

 

 

 

(525,653)

Cost of preferred shares in treasury, net

 

(151,997)

 

 

 

 

 

(151,997)

Total stockholders' equity

 

6,498,372

 

294,533

 

132,246

 

(420,960)

 

 

6,504,191

Total liabilities and stockholders' equity

$

15,211,493

$

459,897

$

2,891,574

$

(462,230)

 

$

18,100,734

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances as of December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate investment in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany receivables and payables

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Operations by Industry Segment

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

U-Haul Holding Company Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rentals

$

1,070,688

$

$

$

(1,283)

(c)

$

1,069,405

Self-storage revenues

 

208,890

 

 

 

 

 

208,890

Self-moving and self-storage products and service sales

 

91,571

 

 

 

 

 

91,571

Property management fees

 

9,267

 

 

 

 

 

9,267

Life insurance premiums

 

 

 

22,498

 

 

 

22,498

Property and casualty insurance premiums

 

 

26,371

 

 

(800)

(c)

 

25,571

Net investment and interest income

 

28,520

 

5,481

 

31,621

 

(884)

(b)

 

64,738

Other revenue

 

156,642

 

 

1,403

 

(125)

(b)

 

157,920

Total revenues

 

1,565,578

 

31,852

 

55,522

 

(3,092)

 

 

1,649,860

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

820,617

 

12,113

 

4,731

 

(2,203)

(b,c)

 

835,258

Commission expenses

 

111,961

 

 

 

 

 

111,961

Cost of sales

 

66,620

 

 

 

 

 

66,620

Benefits and losses

 

 

4,229

 

38,324

 

 

 

42,553

Amortization of deferred policy acquisition costs

 

 

 

6,826

 

 

 

6,826

Lease expense

 

8,839

 

91

 

33

 

(513)

(b)

 

8,450

Depreciation, net of gains on disposals

 

154,122

 

 

 

 

 

154,122

Net losses on disposal of real estate

 

1,715

 

 

 

 

 

1,715

Total costs and expenses

 

1,163,874

 

16,433

 

49,914

 

(2,716)

 

 

1,227,505

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

401,704

 

15,419

 

5,608

 

(376)

 

 

422,355

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

16,862

 

 

 

(16,862)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

418,566

 

15,419

 

5,608

 

(17,238)

 

 

422,355

Other components of net periodic benefit costs

 

(364)

 

 

 

 

 

(364)

Interest expense

 

(64,199)

 

 

(120)

 

376

(b)

 

(63,943)

Pretax earnings

 

354,003

 

15,419

 

5,488

 

(16,862)

 

 

358,048

Income tax expense

 

(80,495)

 

(3,181)

 

(864)

 

 

 

(84,540)

Net earnings available to common stockholders

$

273,508

$

12,238

$

4,624

$

(16,862)

 

$

273,508

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

U-Haul Holding Company Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rentals

$

1,163,376

$

$

$

(1,351)

(c)

$

1,162,025

Self-storage revenues

 

185,586

 

 

 

 

 

185,586

Self-moving and self-storage products and service sales

 

96,864

 

 

 

 

 

96,864

Property management fees

 

9,277

 

 

 

 

 

9,277

Life insurance premiums

 

 

 

25,456

 

 

 

25,456

Property and casualty insurance premiums

 

 

25,960

 

 

(242)

(c)

 

25,718

Net investment and interest income (loss)

 

15,077

 

(2,597)

 

19,041

 

(1,012)

(b)

 

30,509

Other revenue

 

166,678

 

 

1,199

 

(448)

(b)

 

167,429

Total revenues

 

1,636,858

 

23,363

 

45,696

 

(3,053)

 

 

1,702,864

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

796,498

 

11,576

 

5,558

 

(2,038)

(b,c)

 

811,594

Commission expenses

 

125,341

 

 

 

 

 

125,341

Cost of sales

 

72,625

 

 

 

 

 

72,625

Benefits and losses

 

 

6,075

 

33,437

 

 

 

39,512

Amortization of deferred policy acquisition costs

 

 

 

6,972

 

 

 

6,972

Lease expense

 

8,261

 

26

 

26

 

(629)

(b)

 

7,684

Depreciation, net of gains on disposals

 

117,318

 

 

 

 

 

117,318

Net losses on disposal of real estate

 

1,872

 

 

 

 

 

1,872

Total costs and expenses

 

1,121,915

 

17,677

 

45,993

 

(2,667)

 

 

1,182,918

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

514,943

 

5,686

 

(297)

 

(386)

 

 

519,946

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

3,906

 

 

 

(3,906)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (losses) from operations

 

518,849

 

5,686

 

(297)

 

(4,292)

 

 

519,946

Other components of net periodic benefit costs

 

(304)

 

 

 

 

 

(304)

Interest expense

 

(57,459)

 

 

(120)

 

386

(b)

 

(57,193)

Fees on early extinguishment of debt

 

(959)

 

 

 

 

 

(959)

Pretax earnings (losses)

 

460,127

 

5,686

 

(417)

 

(3,906)

 

 

461,490

Income tax expense

 

(110,261)

 

(1,167)

 

(196)

 

 

 

(111,624)

Net earnings (losses) available to common stockholders

$

349,866

$

4,519

$

(613)

$

(3,906)

 

$

349,866

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the quarter ended June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

U-Haul Holding Company Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rentals

$

2,070,767

$

$

$

(2,156)

(c)

$

2,068,611

Self-storage revenues

 

407,851

 

 

 

 

 

407,851

Self-moving and self-storage products and service sales

 

192,443

 

 

 

 

 

192,443

Property management fees

 

18,444

 

 

 

 

 

18,444

Life insurance premiums

 

 

 

45,629

 

 

 

45,629

Property and casualty insurance premiums

 

 

47,418

 

 

(1,525)

(c)

 

45,893

Net investment and interest income

 

55,815

 

12,273

 

63,132

 

(1,890)

(b)

 

129,330

Other revenue

 

279,771

 

 

2,442

 

(246)

(b)

 

281,967

Total revenues

 

3,025,091

 

59,691

 

111,203

 

(5,817)

 

 

3,190,168

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

1,568,900

 

23,420

 

10,097

 

(3,918)

(b,c)

 

1,598,499

Commission expenses

 

218,888

 

 

 

 

 

218,888

Cost of sales

 

137,295

 

 

 

 

 

137,295

Benefits and losses

 

 

8,687

 

79,210

 

 

 

87,897

Amortization of deferred policy acquisition costs

 

 

 

14,871

 

 

 

14,871

Lease expense

 

16,941

 

183

 

61

 

(1,152)

(b)

 

16,033

Depreciation, net of gains on disposals

 

291,936

 

 

 

 

 

291,936

Net losses on disposal of real estate

 

2,736

 

 

 

 

 

2,736

Total costs and expenses

 

2,236,696

 

32,290

 

104,239

 

(5,070)

 

 

2,368,155

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

788,395

 

27,401

 

6,964

 

(747)

 

 

822,013

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

27,092

 

 

 

(27,092)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

815,487

 

27,401

 

6,964

 

(27,839)

 

 

822,013

Other components of net periodic benefit costs

 

(729)

 

 

 

 

 

(729)

Interest expense

 

(125,048)

 

 

(240)

 

747

(b)

 

(124,541)

Pretax earnings

 

689,710

 

27,401

 

6,724

 

(27,092)

 

 

696,743

Income tax expense

 

(159,364)

 

(5,653)

 

(1,380)

 

 

 

(166,397)

Net earnings available to common stockholders

$

530,346

$

21,748

$

5,344

$

(27,092)

 

$

530,346

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the six months ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

Moving & Storage

Consolidated

 

Property & Casualty Insurance (a)

 

Life

Insurance (a)

 

Eliminations

 

 

U-Haul Holding Company Consolidated

 

 

(Unaudited)

 

 

(In thousands)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Self-moving equipment rentals

$

2,255,086

$

$

$

(2,286)

(c)

$

2,252,800

Self-storage revenues

 

358,763

 

 

 

 

 

358,763

Self-moving and self-storage products and service sales

 

206,215

 

 

 

 

 

206,215

Property management fees

 

18,416

 

 

 

 

 

18,416

Life insurance premiums

 

 

 

51,237

 

 

 

51,237

Property and casualty insurance premiums

 

 

46,790

 

 

(1,100)

(c)

 

45,690

Net investment and interest income (loss)

 

20,017

 

(345)

 

46,429

 

(2,019)

(b)

 

64,082

Other revenue

 

301,959

 

 

2,133

 

(591)

(b)

 

303,501

Total revenues

 

3,160,456

 

46,445

 

99,799

 

(5,996)

 

 

3,300,704

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

1,516,292

 

21,770

 

10,667

 

(3,968)

(b,c)

 

1,544,761

Commission expenses

 

243,834

 

 

 

 

 

243,834

Cost of sales

 

152,296

 

 

 

 

 

152,296

Benefits and losses

 

 

10,454

 

68,815

 

 

 

79,269

Amortization of deferred policy acquisition costs

 

 

 

14,644

 

 

 

14,644

Lease expense

 

16,181

 

184

 

54

 

(1,260)

(b)

 

15,159

Depreciation, net of gains on disposals

 

231,114

 

 

 

 

 

231,114

Net gains on disposal of real estate

 

4,179

 

 

 

 

 

4,179

Total costs and expenses

 

2,163,896

 

32,408

 

94,180

 

(5,228)

 

 

2,285,256

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations before equity in earnings of subsidiaries

 

996,560

 

14,037

 

5,619

 

(768)

 

 

1,015,448

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of subsidiaries

 

15,915

 

 

 

(15,915)

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from operations

 

1,012,475

 

14,037

 

5,619

 

(16,683)

 

 

1,015,448

Other components of net periodic benefit costs

 

(608)

 

 

 

 

 

(608)

Interest expense

 

(107,520)

 

 

(240)

 

768

(b)

 

(106,992)

Fees on early extinguishment of debt

 

(959)

 

 

 

 

 

(959)

Pretax earnings

 

903,388

 

14,037

 

5,379

 

(15,915)

 

 

906,889

Income tax expense

 

(215,177)

 

(2,922)

 

(579)

 

 

 

(218,678)

Net earnings available to common stockholders

$

688,211

$

11,115

$

4,800

$

(15,915)

 

$

688,211

 

 

 

 

 

 

 

 

 

 

 

 

(a) Balances for the six months ended June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

(b) Eliminate intercompany lease / interest income

 

 

 

 

 

 

 

 

 

 

 

(c) Eliminate intercompany premiums

 

 

 

 

 

 

 

 

 

 

 

(d) Eliminate equity in earnings of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 
Consolidated Cash Flow Statement by Industry Segment    

 

 

Moving & Storage

Consolidated

 

Property & Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

U-Haul Holding Company Consolidated

 

 

(Unaudited)

Cash flows from operating activities:

 

(In thousands)

Net earnings

$

530,346

$

21,748

$

5,344

$

(27,092)

 

$

530,346

Earnings from consolidated entities

 

(27,092)

 

 

 

27,092

 

 

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

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

394,400

 

 

 

 

 

394,400

Amortization of deferred policy acquisition costs

 

 

 

14,871

 

 

 

14,871

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

 

 

794

 

7,647

 

 

 

8,441

Amortization of debt issuance costs

 

3,427

 

 

 

 

 

3,427

Interest credited to policyholders

 

 

 

36,329

 

 

 

36,329

Provision for allowance (recoveries) for losses on trade receivables, net

 

646

 

(68)

 

 

 

 

578

Provision for allowance for inventories and parts reserve

 

3,461

 

 

 

 

 

3,461

Net gains on disposal of personal property

 

(102,464)

 

 

 

 

 

(102,464)

Net losses on disposal of real estate

 

2,736

 

 

 

 

 

2,736

Net gains on sales of investments

 

 

(9)

 

(908)

 

 

 

(917)

Net gains on equity securities

 

 

(2,745)

 

 

 

 

(2,745)

Deferred income taxes

 

108,291

 

501

 

(1,041)

 

 

 

107,751

Net change in other operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Reinsurance recoverables and trade receivables

 

(23,200)

 

(1,865)

 

1,663

 

 

 

(23,402)

Inventories and parts

 

(13,520)

 

 

 

 

 

(13,520)

Prepaid expenses

 

(21,824)

 

 

 

 

 

(21,824)

Capitalization of deferred policy acquisition costs

 

 

 

(7,773)

 

 

 

(7,773)

Other assets and right of use assets - operating, net

 

(7,339)

 

134

 

(1,546)

 

 

 

(8,751)

Related party assets

 

6,279

 

1,124

 

 

 

 

7,403

Accounts payable and accrued expenses and operating lease liabilities

 

38,562

 

1,446

 

(16,760)

 

 

 

23,248

Policy benefits and losses, claims and loss expenses payable

 

(10,609)

 

(2,859)

 

(5,085)

 

 

 

(18,553)

Other policyholders' funds and liabilities

 

 

(576)

 

22

 

 

 

(554)

Deferred income

 

4,532

 

 

(417)

 

 

 

4,115

Related party liabilities

 

671

 

425

 

(268)

 

 

 

828

Net cash provided by operating activities

 

887,303

 

18,050

 

32,078

 

 

 

937,431

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Escrow deposits

 

573

 

 

 

 

 

573

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(1,664,387)

 

 

 

 

 

(1,664,387)

Short term investments

 

 

 

(44,903)

 

 

 

(44,903)

Fixed maturities investments

 

(97,331)

 

(2,216)

 

(7,230)

 

 

 

(106,777)

Equity securities

 

 

(308)

 

(1)

 

 

 

(309)

Real estate investments

 

(16)

 

 

(521)

 

 

 

(537)

Mortgage loans

 

 

(7,300)

 

(90,402)

 

 

 

(97,702)

Proceeds from sales and paydowns of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

408,279

 

 

 

 

 

408,279

Short term investments

 

 

15,959

 

 

 

 

15,959

Fixed maturities investments

 

224,999

 

7,180

 

157,037

 

 

 

389,216

Equity securities

 

 

296

 

4

 

 

 

300

Preferred stock

 

 

913

 

 

 

 

913

Mortgage loans

 

 

422

 

12,627

 

 

 

13,049

Net cash used by investing activities

 

(1,127,883)

 

14,946

 

26,611

 

 

 

(1,086,326)

 

 

(page 1 of 2)

(a) Balance for the period ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

Consolidating cash flow statements by operating segment for the six months ended September 30, 2023 are as follows:

 

 

Moving & Storage

Consolidated

 

Property & Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

U-Haul Holding Company Consolidated

 

 

(Unaudited)

Cash flows from financing activities:

 

(In thousands)

Borrowings from credit facilities

 

704,960

 

 

 

 

 

704,960

Principal repayments on credit facilities

 

(351,893)

 

 

 

 

 

(351,893)

Payments of debt issuance costs

 

(4,018)

 

 

 

 

 

(4,018)

Finance lease payments

 

(59,752)

 

 

 

 

 

(59,752)

Securitization deposits

 

151

 

 

 

 

 

151

Series N Non-Voting Common Stock dividends paid

 

(14,118)

 

 

 

 

 

(14,118)

Investment contract deposits

 

 

 

132,630

 

 

 

132,630

Investment contract withdrawals

 

 

 

(174,256)

 

 

 

(174,256)

Net cash provided by financing activities

 

275,330

 

 

(41,626)

 

 

 

233,704

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

(202)

 

 

 

 

 

(202)

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

34,548

 

32,996

 

17,063

 

 

 

84,607

Cash and cash equivalents at beginning of period

 

2,034,242

 

11,276

 

15,006

 

 

 

2,060,524

Cash and cash equivalents at end of period

$

2,068,790

$

44,272

$

32,069

$

 

$

2,145,131

 

 

(page 2 of 2)

(a) Balance for the period ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Moving & Storage

Consolidated

 

Property & Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

U-Haul Holding Company Consolidated

 

 

(Unaudited)

Cash flows from operating activities:

 

(In thousands)

Net earnings

$

688,211

$

11,115

$

4,800

$

(15,915)

 

$

688,211

Earnings from consolidated entities

 

(15,915)

 

 

 

15,915

 

 

Adjustments to reconcile net earnings to cash provided by operations:

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

359,804

 

 

 

 

 

359,804

Amortization of deferred policy acquisition costs

 

 

 

14,644

 

 

 

14,644

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

 

 

857

 

9,392

 

 

 

10,249

Amortization of debt issuance costs

 

3,356

 

 

 

 

 

3,356

Interest credited to policyholders

 

 

 

24,690

 

 

 

24,690

Provision for allowance (recoveries) for losses on trade receivables, net

 

(5,404)

 

(90)

 

 

 

 

(5,494)

Provision for allowance for inventories and parts reserve

 

7,125

 

 

 

 

 

7,125

Net gains on disposal of personal property

 

(128,690)

 

 

 

 

 

(128,690)

Net losses on disposal of real estate

 

4,179

 

 

 

 

 

4,179

Net (gains) losses on sales of investments

 

 

(58)

 

7,265

 

 

 

7,207

Net gains on equity securities

 

 

7,963

 

 

 

 

7,963

Deferred income taxes

 

107,281

 

(1,119)

 

(2,334)

 

 

 

103,828

Net change in other operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

Reinsurance recoverables and trade receivables

 

30,678

 

(1,088)

 

2,752

 

 

 

32,342

Inventories and parts

 

(14,416)

 

 

 

 

 

(14,416)

Prepaid expenses

 

3

 

 

 

 

 

3

Capitalization of deferred policy acquisition costs

 

 

 

(14,900)

 

 

 

(14,900)

Other assets

 

2,877

 

(169)

 

(276)

 

 

 

2,432

Related party assets

 

(2,479)

 

839

 

 

 

 

(1,640)

Accounts payable and accrued expenses

 

65,366

 

1,396

 

(2,465)

 

 

 

64,297

Policy benefits and losses, claims and loss expenses payable

 

19,640

 

(3,381)

 

(4,799)

 

 

 

11,460

Other policyholders' funds and liabilities

 

 

112

 

1,202

 

 

 

1,314

Deferred income

 

7,809

 

 

1,649

 

 

 

9,458

Related party liabilities

 

460

 

(183)

 

465

 

 

 

742

Net cash provided by operating activities

 

1,129,885

 

16,194

 

42,085

 

 

 

1,188,164

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Escrow deposits

 

9,688

 

 

 

 

 

9,688

Purchases of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

(1,335,528)

 

 

 

 

 

(1,335,528)

Short term investments

 

 

(35,975)

 

(198)

 

 

 

(36,173)

Fixed maturities investments

 

 

(18,573)

 

(183,692)

 

 

 

(202,265)

Equity securities

 

 

(2,705)

 

(1,651)

 

 

 

(4,356)

Real estate investments

 

 

(4,920)

 

(11)

 

 

 

(4,931)

Mortgage loans

 

 

(12,715)

 

(62,920)

 

 

 

(75,635)

Proceeds from sales and paydowns of:

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

329,611

 

 

 

 

 

329,611

Short term investments

 

 

33,373

 

 

 

 

33,373

Fixed maturities investments

 

 

10,587

 

95,940

 

 

 

106,527

Equity securities

 

 

711

 

6

 

 

 

717

Mortgage loans

 

 

14,419

 

59,746

 

 

 

74,165

Net cash used by investing activities

 

(996,229)

 

(15,798)

 

(92,780)

 

 

 

(1,104,807)

 

 

(page 1 of 2)

(a) Balance for the period ended June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

Consolidating cash flow statements by operating segment for the six months ended September 30, 2022 are as follows:

 

 

 

Moving & Storage

Consolidated

 

Property &

Casualty

Insurance (a)

 

Life

Insurance (a)

 

Elimination

 

 

U-Haul Holding Company Consolidated

 

 

(Unaudited)

Cash flows from financing activities:

 

(In thousands)

Borrowings from credit facilities

 

792,654

 

 

 

 

 

792,654

Principal repayments on credit facilities

 

(441,019)

 

 

 

 

 

(441,019)

Payment of debt issuance costs

 

(3,942)

 

 

 

 

 

(3,942)

Finance lease payments

 

(65,831)

 

 

 

 

 

(65,831)

Securitization deposits

 

49

 

 

 

 

 

49

Common stock dividends paid

 

(19,608)

 

 

 

 

 

(19,608)

Investment contract deposits

 

 

 

169,017

 

 

 

169,017

Investment contract withdrawals

 

 

 

(139,917)

 

 

 

(139,917)

Net cash provided by financing activities

 

262,303

 

 

29,100

 

 

 

291,403

 

 

 

 

 

 

 

 

 

 

 

 

Effects of exchange rate on cash

 

(13,782)

 

 

 

 

 

(13,782)

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

382,177

 

396

 

(21,595)

 

 

 

360,978

Cash and cash equivalents at beginning of period

 

2,643,213

 

10,800

 

50,124

 

 

 

2,704,137

Cash and cash equivalents at end of period

$

3,025,390

$

11,196

$

28,529

$

 

$

3,065,115

 

 

(page 2 of 2)

(a) Balance for the period ended June 30, 2022