Consolidating Financial Information By Industry Segment (Table Text Block)
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3 Months Ended |
6 Months Ended |
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Table Text Block Supplement [Abstract] |
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Consolidated Balance Sheet by Industry Segment |
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Consolidating balance sheets by industry segment as of September 30, 2020 are as follows:
Moving & Storage
Consolidated
Property & Casualty Insurance (a)
Life
Insurance (a)
Eliminations
AMERCO
Consolidated
(Unaudited)
(In thousands)
Assets:
Cash and cash equivalents
$
1,163,253
$
3,483
$
48,832
$
-
$
1,215,568
Reinsurance recoverables and trade receivables, net
78,982
91,371
43,044
-
213,397
Inventories and parts, net
100,595
-
-
-
100,595
Prepaid expenses
447,073
-
-
-
447,073
Investments, fixed maturities and marketable equities
-
285,987
2,209,355
-
2,495,342
Investments, other
20,988
99,542
304,997
-
425,527
Deferred policy acquisition costs, net
-
-
93,407
-
93,407
Other assets
68,169
816
2,329
-
71,314
Right of use assets - financing, net
970,361
-
-
-
970,361
Right of use assets - operating
101,482
262
202
-
101,946
Related party assets
39,481
6,281
14,213
(27,578)
(c)
32,397
2,990,384
487,742
2,716,379
(27,578)
6,166,927
Investment in subsidiaries
705,467
-
-
(705,467)
(b)
-
Property, plant and equipment, at cost:
Land
1,052,205
-
-
-
1,052,205
Buildings and improvements
4,863,590
-
-
-
4,863,590
Furniture and equipment
767,290
-
-
-
767,290
Rental trailers and other rental equipment
531,465
-
-
-
531,465
Rental trucks
3,644,674
-
-
-
3,644,674
10,859,224
-
-
-
10,859,224
Less:
Accumulated depreciation
(2,902,673)
-
-
-
(2,902,673)
Total property, plant and equipment, net
7,956,551
-
-
-
7,956,551
Total assets
$
11,652,402
$
487,742
$
2,716,379
$
(733,045)
$
14,123,478
(a) Balances as of June 30, 2020
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
23
amerco and consolidated subsidiaries
notes to condensed consolidated financial statements - (continued)
Consolidating
balance
sheets
by
industry
segment
as
of
September
30,
2020
are
as
follows:
Moving & Storage
Consolidated
Property & Casualty Insurance (a)
Life
Insurance (a)
Eliminations
AMERCO
Consolidated
(Unaudited)
(In thousands)
Liabilities:
Accounts payable and accrued expenses
$
622,424
$
2,890
$
5,352
$
-
$
630,666
Notes, loans and finance/capital leases payable, net
4,689,896
-
11,329
-
4,701,225
Operating lease liability
101,493
271
212
-
101,976
Policy benefits and losses, claims and loss expenses payable
425,376
204,592
385,221
-
1,015,189
Liabilities from investment contracts
-
-
1,838,280
-
1,838,280
Other policyholders' funds and liabilities
-
658
4,768
-
5,426
Deferred income
41,715
-
-
-
41,715
Deferred income taxes, net
1,143,886
10,491
28,993
-
1,183,370
Related party liabilities
25,928
4,490
1,107
(31,525)
(c)
-
Total liabilities
7,050,718
223,392
2,275,262
(31,525)
9,517,847
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
454,029
91,120
26,271
(117,601)
(b)
453,819
Accumulated other comprehensive income (loss)
74,209
17,243
114,835
(128,131)
(b)
78,156
Retained earnings
4,740,599
152,686
297,511
(449,987)
(b)
4,740,809
Cost of common stock in treasury, net
(525,653)
-
-
-
(525,653)
Cost of preferred stock in treasury, net
(151,997)
-
-
-
(151,997)
Unearned employee stock ownership plan stock
-
-
-
-
-
Total stockholders' equity
4,601,684
264,350
441,117
(701,520)
4,605,631
Total liabilities and stockholders' equity
$
11,652,402
$
487,742
$
2,716,379
$
(733,045)
$
14,123,478
(a) Balances as of June 30, 2020
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
24
amerco and consolidated subsidiaries
notes to condensed consolidated financial statements - (continued)
Consolidating
balance
sheets
by
industry
segment
as
of
March
31,
2020
are
as
follows:
Moving & Storage
Consolidated
Property & Casualty Insurance (a)
Life
Insurance (a)
Eliminations
AMERCO
Consolidated
Assets:
(In thousands)
Cash and cash equivalents
$
459,078
$
4,794
$
30,480
$
-
$
494,352
Reinsurance recoverables and trade receivables, net
60,073
93,995
32,604
-
186,672
Inventories and parts, net
101,083
-
-
-
101,083
Prepaid expenses
562,904
-
-
-
562,904
Investments, fixed maturities and marketable equities
-
288,998
2,203,740
-
2,492,738
Investments, other
20,988
90,145
249,240
-
360,373
Deferred policy acquisition costs, net
-
-
103,118
-
103,118
Other assets
69,128
680
2,148
-
71,956
Right of use assets - financing, net
1,080,353
-
-
-
1,080,353
Right of use assets - operating
106,631
-
-
-
106,631
Related party assets
41,027
7,137
18,629
(32,009)
(c)
34,784
2,501,265
485,749
2,639,959
(32,009)
5,594,964
Investment in subsidiaries
668,498
-
-
(668,498)
(b)
-
Property, plant and equipment, at cost:
Land
1,032,945
-
-
-
1,032,945
Buildings and improvements
4,663,461
-
-
-
4,663,461
Furniture and equipment
752,363
-
-
-
752,363
Rental trailers and other rental equipment
511,520
-
-
-
511,520
Rental trucks
3,595,933
-
-
-
3,595,933
10,556,222
-
-
-
10,556,222
Less:
Accumulated depreciation
(2,713,162)
-
-
-
(2,713,162)
Total property, plant and equipment, net
7,843,060
-
-
-
7,843,060
Total assets
$
11,012,823
$
485,749
$
2,639,959
$
(700,507)
$
13,438,024
(a) Balances as of December 31, 2019
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
25
amerco and consolidated subsidiaries
notes to condensed consolidated financial statements - (continued)
Consolidating
balance
sheets
by
industry
segment
as
of
March
31,
2020
are
as
follows:
Moving & Storage
Consolidated
Property & Casualty Insurance (a)
Life
Insurance (a)
Eliminations
AMERCO
Consolidated
(In thousands)
Liabilities:
Accounts payable and accrued expenses
$
545,685
$
5,530
$
3,138
$
-
$
554,353
Notes, loans and finance/capital leases payable, net
4,609,844
-
11,447
-
4,621,291
Operating lease liability
106,443
-
-
-
106,443
Policy benefits and losses, claims and loss expenses payable
410,107
210,341
377,199
-
997,647
Liabilities from investment contracts
-
-
1,802,217
-
1,802,217
Other policyholders' funds and liabilities
-
5,751
4,439
-
10,190
Deferred income
31,620
-
-
-
31,620
Deferred income taxes, net
1,063,681
8,447
21,415
-
1,093,543
Related party liabilities
24,275
4,616
2,670
(31,561)
(c)
-
Total liabilities
6,791,655
234,685
2,222,525
(31,561)
9,217,304
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
454,029
91,120
26,271
(117,601)
(b)
453,819
Accumulated other comprehensive income (loss)
35,100
12,581
78,550
(91,579)
(b)
34,652
Retained earnings
4,399,192
144,062
310,113
(453,965)
(b)
4,399,402
Cost of common stock in treasury, net
(525,653)
-
-
-
(525,653)
Cost of preferred stock in treasury, net
(151,997)
-
-
-
(151,997)
Unearned employee stock ownership plan stock
-
-
-
-
-
Total stockholders' equity
4,221,168
251,064
417,434
(668,946)
4,220,720
Total liabilities and stockholders' equity
$
11,012,823
$
485,749
$
2,639,959
$
(700,507)
$
13,438,024
(a) Balances as of December 31, 2019
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
26
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Consolidated Statement of Operations by Industry Segment |
Consolidating statement of operations by industry segment for the quarter ended September 30, 2020 are as follows:
Moving & Storage
Consolidated
Property & Casualty Insurance (a)
Life
Insurance (a)
Eliminations
AMERCO
Consolidated
(Unaudited)
(In thousands)
Revenues:
Self-moving equipment rentals
$
931,814
$
-
$
-
$
(784)
(c)
$
931,030
Self-storage revenues
115,273
-
-
-
115,273
Self-moving and self-storage products and service sales
98,628
-
-
-
98,628
Property management fees
7,840
-
-
-
7,840
Life insurance premiums
-
-
31,057
-
31,057
Property and casualty insurance premiums
-
16,721
-
(852)
(c)
15,869
Net investment and interest income
595
5,952
27,651
(865)
(b)
33,333
Other revenue
91,168
-
852
(142)
(b)
91,878
Total revenues
1,245,318
22,673
59,560
(2,643)
1,324,908
Costs and expenses:
Operating expenses
562,798
8,166
4,893
(1,774)
(b,c)
574,083
Commission expenses
99,365
-
-
-
99,365
Cost of sales
60,933
-
-
-
60,933
Benefits and losses
-
2,438
43,014
-
45,452
Amortization of deferred policy acquisition costs
-
-
5,552
-
5,552
Lease expense
7,403
-
61
(594)
(b)
6,870
Depreciation, net of gains on disposal
137,438
-
-
-
137,438
Net losses on disposal of real estate
3,425
-
-
-
3,425
Total costs and expenses
871,362
10,604
53,520
(2,368)
933,118
Earnings from operations before equity in earnings of subsidiaries
373,956
12,069
6,040
(275)
391,790
Equity in earnings of subsidiaries
14,338
-
-
(14,338)
(d)
-
Earnings from operations
388,294
12,069
6,040
(14,613)
391,790
Other components of net periodic benefit costs
(246)
-
-
-
(246)
Interest expense
(40,800)
-
-
275
(b)
(40,525)
Pretax earnings
347,248
12,069
6,040
(14,338)
351,019
Income tax expense
(80,883)
(2,554)
(1,217)
-
(84,654)
Earnings available to common stockholders
$
266,365
$
9,515
$
4,823
$
(14,338)
$
266,365
(a) Balances for the quarter ended June 30, 2020
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
27
amerco and consolidated subsidiaries
notes to condensed consolidated financial statements - (continued)
|
Consolidating statements of operations by industry for the quarter ended September 30, 2019 are as follows:
Moving & Storage
Consolidated
Property & Casualty Insurance (a)
Life
Insurance (a)
Eliminations
AMERCO
Consolidated
(Unaudited)
(In thousands)
Revenues:
Self-moving equipment rentals
$
805,659
$
-
$
-
$
(1,334)
(c)
$
804,325
Self-storage revenues
104,965
-
-
-
104,965
Self-moving and self-storage products and service sales
73,121
-
-
-
73,121
Property management fees
7,233
-
-
-
7,233
Life insurance premiums
-
-
32,355
-
32,355
Property and casualty insurance premiums
-
19,216
-
(851)
(c)
18,365
Net investment and interest income
3,031
4,312
26,165
(410)
(b)
33,098
Other revenue
75,543
-
1,339
(130)
(b)
76,752
Total revenues
1,069,552
23,528
59,859
(2,725)
1,150,214
Costs and expenses:
Operating expenses
552,708
9,395
5,619
(2,309)
(b,c)
565,413
Commission expenses
86,099
-
-
-
86,099
Cost of sales
43,930
-
-
-
43,930
Benefits and losses
-
5,041
40,784
-
45,825
Amortization of deferred policy acquisition costs
-
-
6,515
-
6,515
Lease expense
6,492
-
-
(136)
(b)
6,356
Depreciation, net of gains on disposal
151,553
-
-
-
151,553
Net gains on disposal of real estate
(217)
-
-
-
(217)
Total costs and expenses
840,565
14,436
52,918
(2,445)
905,474
Earnings from operations before equity in earnings of subsidiaries
228,987
9,092
6,941
(280)
244,740
Equity in earnings of subsidiaries
12,914
-
-
(12,914)
(d)
-
Earnings from operations
241,901
9,092
6,941
(13,194)
244,740
Other components of net periodic benefit costs
(264)
-
-
-
(264)
Interest expense
(39,402)
-
-
280
(b)
(39,122)
Pretax earnings
202,235
9,092
6,941
(12,914)
205,354
Income tax expense
(45,909)
(1,864)
(1,255)
-
(49,028)
Earnings available to common stockholders
$
156,326
$
7,228
$
5,686
$
(12,914)
$
156,326
(a) Balances for the quarter ended June 30, 2019
(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, 2020 are as follows:
Moving & Storage
Consolidated
Property & Casualty Insurance (a)
Life
Insurance (a)
Eliminations
AMERCO
Consolidated
(Unaudited)
(In thousands)
Revenues:
Self-moving equipment rentals
$
1,586,727
$
-
$
-
$
(1,412)
(c)
$
1,585,315
Self-storage revenues
224,228
-
-
-
224,228
Self-moving and self-storage products and service sales
189,978
-
-
-
189,978
Property management fees
15,187
-
-
-
15,187
Life insurance premiums
-
-
61,965
-
61,965
Property and casualty insurance premiums
-
31,228
-
(1,625)
(c)
29,603
Net investment and interest income
1,257
5,079
45,657
(1,678)
(b)
50,315
Other revenue
154,241
-
1,591
(278)
(b)
155,554
Total revenues
2,171,618
36,307
109,213
(4,993)
2,312,145
Costs and expenses:
Operating expenses
1,042,879
16,991
10,181
(3,306)
(b,c)
1,066,745
Commission expenses
168,540
-
-
-
168,540
Cost of sales
113,764
-
-
-
113,764
Benefits and losses
-
6,468
78,561
-
85,029
Amortization of deferred policy acquisition costs
-
-
12,440
-
12,440
Lease expense
14,540
1
71
(1,139)
(b)
13,473
Depreciation, net of gains on disposal
303,109
-
-
-
303,109
Net losses on disposal of real estate
3,169
-
-
-
3,169
Total costs and expenses
1,646,001
23,460
101,253
(4,445)
1,766,269
Earnings from operations before equity in earnings of subsidiaries
525,617
12,847
7,960
(548)
545,876
Equity in earnings of subsidiaries
16,733
-
-
(16,733)
(d)
-
Earnings from operations
542,350
12,847
7,960
(17,281)
545,876
Other components of net periodic benefit costs
(493)
-
-
-
(493)
Interest expense
(80,594)
-
-
548
(b)
(80,046)
Pretax earnings
461,263
12,847
7,960
(16,733)
465,337
Income tax expense
(107,172)
(2,716)
(1,358)
-
(111,246)
Earnings available to common stockholders
$
354,091
$
10,131
$
6,602
$
(16,733)
$
354,091
(a) Balances for the six months ended June 30, 2020
(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, 2019 are as follows:
Moving & Storage
Consolidated
Property & Casualty Insurance (a)
Life
Insurance (a)
Eliminations
AMERCO
Consolidated
(Unaudited)
(In thousands)
Revenues:
Self-moving equipment rentals
$
1,554,795
$
-
$
-
$
(1,874)
(c)
$
1,552,921
Self-storage revenues
203,239
-
-
-
203,239
Self-moving and self-storage products and service sales
153,147
-
-
-
153,147
Property management fees
14,389
-
-
-
14,389
Life insurance premiums
-
-
65,065
-
65,065
Property and casualty insurance premiums
-
33,330
-
(1,541)
(c)
31,789
Net investment and interest income
6,298
10,503
52,866
(820)
(b)
68,847
Other revenue
138,082
-
2,249
(265)
(b)
140,066
Total revenues
2,069,950
43,833
120,180
(4,500)
2,229,463
Costs and expenses:
Operating expenses
1,075,232
17,476
10,847
(3,670)
(b,c)
1,099,885
Commission expenses
166,998
-
-
-
166,998
Cost of sales
92,859
-
-
-
92,859
Benefits and losses
-
8,799
86,032
-
94,831
Amortization of deferred policy acquisition costs
-
-
12,579
-
12,579
Lease expense
13,664
-
-
(272)
(b)
13,392
Depreciation, net of gains on disposal
292,153
-
-
-
292,153
Net gains on disposal of real estate
(1,839)
-
-
-
(1,839)
Total costs and expenses
1,639,067
26,275
109,458
(3,942)
1,770,858
Earnings from operations before equity in earnings of subsidiaries
430,883
17,558
10,722
(558)
458,605
Equity in earnings of subsidiaries
22,745
-
-
(22,745)
(d)
-
Earnings from operations
453,628
17,558
10,722
(23,303)
458,605
Other components of net periodic benefit costs
(527)
-
-
-
(527)
Interest expense
(78,568)
-
-
558
(b)
(78,010)
Pretax earnings
374,533
17,558
10,722
(22,745)
380,068
Income tax expense
(85,785)
(3,642)
(1,893)
-
(91,320)
Earnings available to common stockholders
$
288,748
$
13,916
$
8,829
$
(22,745)
$
288,748
(a) Balances for the six months ended June 30, 2019
(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, 2020 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
$
354,091
$
10,131
$
6,602
$
(16,733)
$
354,091
Earnings from consolidated entities
(16,733)
-
-
16,733
-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation
332,240
-
-
-
332,240
Amortization of deferred policy acquisition costs
-
-
12,440
-
12,440
Amortization of premiums and accretion of discounts related to investments, net
-
786
6,140
-
6,926
Amortization of debt issuance costs
2,755
-
-
-
2,755
Interest credited to policyholders
-
-
24,241
-
24,241
Change in allowance for losses on trade receivables
(139)
-
(1)
-
(140)
Change in allowance for inventories and parts reserve
106
-
-
-
106
Net gains on disposal of personal property
(29,131)
-
-
-
(29,131)
Net losses on disposal of real estate
3,169
-
-
-
3,169
Net gains on sales of investments
-
(28)
(1,260)
-
(1,288)
Net losses on equity investments
-
2,254
-
-
2,254
Deferred income taxes
79,947
804
(553)
-
80,198
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables
(19,696)
1,848
(10,440)
-
(28,288)
Inventories and parts
386
-
-
-
386
Prepaid expenses
116,064
-
-
-
116,064
Capitalization of deferred policy acquisition costs
-
-
(13,404)
-
(13,404)
Other assets
(181)
10
(382)
-
(553)
Related party assets
1,918
867
-
-
2,785
Accounts payable and accrued expenses
114,195
(2,618)
912
-
112,489
Policy benefits and losses, claims and loss expenses payable
14,300
(5,748)
8,023
-
16,575
Other policyholders' funds and liabilities
-
(5,093)
329
-
(4,764)
Deferred income
10,245
-
2,992
-
13,237
Related party liabilities
1,652
(135)
(1,563)
-
(46)
Net cash provided by operating activities
965,188
3,078
34,076
-
1,002,342
Cash flows from investing activities:
Escrow deposits
1,266
-
-
-
1,266
Purchases of:
Property, plant and equipment
(662,259)
-
-
-
(662,259)
Short term investments
-
(19,204)
(18)
-
(19,222)
Fixed maturities investments
-
(3,505)
(157,250)
-
(160,755)
Equity securities
-
-
(719)
-
(719)
Preferred stock
-
-
(13,111)
-
(13,111)
Real estate
-
-
(223)
-
(223)
Mortgage loans
-
(14,145)
(58,171)
-
(72,316)
Proceeds from sales and paydowns of:
Property, plant and equipment
314,335
-
-
-
314,335
Short term investments
-
23,180
-
-
23,180
Fixed maturities investments
-
8,730
217,926
-
226,656
Equity securities
-
-
72
-
72
Real estate
-
-
-
-
-
Mortgage loans
-
555
2,664
-
3,219
Net cash used by investing activities
(346,658)
(4,389)
(8,830)
-
(359,877)
(page 1 of 2)
(a) Balance for the period ended June 30, 2020
31
amerco and consolidated subsidiaries
notes to condensed consolidated financial statements - (continued)
Consolidating cash flow statements by industry segment for the six months ended September 30, 2020 are as follows:
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
576,123
-
9,600
-
585,723
Principal repayments on credit facilities
(377,062)
-
(9,717)
-
(386,779)
Payments of debt issuance costs
(3,477)
-
-
-
(3,477)
Finance/capital lease payments
(122,720)
-
-
-
(122,720)
Common stock dividend paid
(9,804)
-
-
-
(9,804)
Net contribution from (to) related party
18,599
-
(18,599)
-
-
Investment contract deposits
-
-
114,288
-
114,288
Investment contract withdrawals
-
-
(102,466)
-
(102,466)
Net cash provided by financing activities
81,659
-
(6,894)
-
74,765
Effects of exchange rate on cash
3,986
-
-
-
3,986
Increase (decrease) in cash and cash equivalents
704,175
(1,311)
18,352
-
721,216
Cash and cash equivalents at beginning of period
459,078
4,794
30,480
-
494,352
Cash and cash equivalents at end of period
$
1,163,253
$
3,483
$
48,832
$
-
$
1,215,568
(page 2 of 2)
(a) Balance for the period ended June 30, 2020
|
Consolidating cash flow statements by industry segment for the six months ended September 30, 2019 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
$
288,748
$
13,916
$
8,829
$
(22,745)
$
288,748
Earnings from consolidated entities
(22,745)
-
-
22,745
-
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation
326,830
-
-
-
326,830
Amortization of deferred policy acquisition costs
-
-
12,579
-
12,579
Amortization of premiums and accretion of discounts related to investments, net
-
754
5,727
-
6,481
Amortization of debt issuance costs
2,100
-
-
-
2,100
Interest credited to policyholders
-
-
26,584
-
26,584
Change in allowance for losses on trade receivables
(113)
-
-
-
(113)
Change in allowance for inventories and parts reserve
537
-
-
-
537
Net gains on disposal of personal property
(34,677)
-
-
-
(34,677)
Net gains on disposal of real estate
(1,839)
-
-
-
(1,839)
Net gains on sales of investments
-
(127)
(7,468)
-
(7,595)
Net gains on equity investments
-
(2,553)
-
-
(2,553)
Deferred income taxes
87,544
(1,438)
(2,398)
-
83,708
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables
(987)
5,430
(1,972)
-
2,471
Inventories and parts
613
-
-
-
613
Prepaid expenses
(21,908)
-
-
-
(21,908)
Capitalization of deferred policy acquisition costs
-
-
(10,370)
-
(10,370)
Other assets
(1,205)
1,736
(6)
-
525
Related party assets
(2,628)
(2,391)
-
-
(5,019)
Accounts payable and accrued expenses
59,091
11
1,485
-
60,587
Policy benefits and losses, claims and loss expenses payable
17,272
(6,214)
(349)
-
10,709
Other policyholders' funds and liabilities
-
381
(4,517)
-
(4,136)
Deferred income
2,077
-
-
-
2,077
Related party liabilities
406
412
607
-
1,425
Net cash provided by operating activities
699,116
9,917
28,731
-
737,764
Cash flows from investing activities:
Escrow deposits
5,573
-
-
-
5,573
Purchases of:
Property, plant and equipment
(1,589,371)
-
-
-
(1,589,371)
Short term investments
-
(20,275)
(105)
-
(20,380)
Fixed maturities investments
-
(6,531)
(172,095)
-
(178,626)
Equity securities
-
-
(83)
-
(83)
Real estate
-
(328)
(40)
-
(368)
Mortgage loans
-
(6,250)
(13,410)
-
(19,660)
Proceeds from sales and paydowns of:
Property, plant and equipment
401,451
-
-
-
401,451
Short term investments
-
17,282
-
-
17,282
Fixed maturities investments
-
10,308
117,375
-
127,683
Real estate
311
-
-
-
311
Mortgage loans
-
1,696
2,603
-
4,299
Net cash used by investing activities
(1,182,036)
(4,098)
(65,755)
-
(1,251,889)
(page 1 of 2)
(a) Balance for the period ended June 30, 2019
33
amerco and consolidated subsidiaries
notes to condensed consolidated financial statements - (continued)
Consolidating cash flow statements by industry segment for the six months ended September 30, 2019 are as follows:
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
656,245
-
2,500
-
658,745
Principal repayments on credit facilities
(141,134)
-
(2,500)
-
(143,634)
Payment of debt issuance costs
(2,301)
-
-
-
(2,301)
Finance/capital lease payments
(180,902)
-
-
-
(180,902)
Employee stock ownership plan stock
(206)
-
-
-
(206)
Common stock dividend paid
(19,600)
-
-
-
(19,600)
Net contribution from (to) related party
21,600
-
-
-
21,600
Investment contract deposits
-
-
105,846
-
105,846
Investment contract withdrawals
-
-
(78,177)
-
(78,177)
Net cash provided (used) by financing activities
333,702
-
27,669
-
361,371
Effects of exchange rate on cash
4,284
-
-
-
4,284
Increase (decrease) in cash and cash equivalents
(144,934)
5,819
(9,355)
-
(148,470)
Cash and cash equivalents at beginning of period
643,918
5,757
24,026
-
673,701
Cash and cash equivalents at end of period
$
498,984
$
11,576
$
14,671
$
-
$
525,231
(page 2 of 2)
(a) Balance for the period ended June 30, 2019
|