Consolidating Financial Information By Industry Segment (Table Text Block)
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3 Months Ended |
9 Months Ended |
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2022 |
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 December 31, 2022 are as follows:
Moving & Storage
Consolidated
Property & Casualty Insurance (a)
Life
Insurance (a)
Eliminations
U-Haul Holding Company
Consolidated
(Unaudited)
(In thousands)
Assets:
Cash and cash equivalents
$
2,429,943
$
20,505
$
60,171
$
–
$
2,510,619
Reinsurance recoverables and trade receivables, net
124,001
51,481
32,700
–
208,182
Inventories and parts, net
150,140
–
–
–
150,140
Prepaid expenses
228,260
–
–
–
228,260
Investments, fixed maturities and marketable equities
225,218
267,338
2,230,645
–
2,723,201
Investments, other
23,330
108,440
386,685
–
518,455
Deferred policy acquisition costs, net
–
–
159,924
–
159,924
Other assets
53,247
507
3,518
–
57,272
Right of use assets - financing, net
504,640
–
–
–
504,640
Right of use assets - operating, net
62,835
977
44
–
63,856
Related party assets
93,719
3,998
12,499
(34,667)
(c)
75,549
3,895,333
453,246
2,886,186
(34,667)
7,200,098
Investment in subsidiaries
422,549
–
–
(422,549)
(b)
–
Property, plant and equipment, at cost:
Land
1,504,507
–
–
–
1,504,507
Buildings and improvements
6,728,424
–
–
–
6,728,424
Furniture and equipment
898,468
–
–
–
898,468
Rental trailers and other rental equipment
784,394
–
–
–
784,394
Rental trucks
5,167,168
–
–
–
5,167,168
15,082,961
–
–
–
15,082,961
Less:
Accumulated depreciation
(4,166,731)
–
–
–
(4,166,731)
Total property, plant and equipment, net
10,916,230
–
–
–
10,916,230
Total assets
$
15,234,112
$
453,246
$
2,886,186
$
(457,216)
$
18,116,328
(a) Balances as of September 30, 2022
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
Consolidating balance sheets by industry segment as of December 31, 2022, continued:
Moving & Storage
Property & Casualty Insurance (a)
Life
Eliminations
U-Haul Holding Company Consolidated
(Unaudited)
(In thousands)
Liabilities:
Accounts payable and accrued expenses
$
690,320
$
5,943
$
7,149
$
–
$
703,412
Notes, loans and finance leases payable, net
6,200,397
–
–
–
6,200,397
Operating lease liabilities
62,367
988
47
–
63,402
Policy benefits and losses, claims and loss expenses payable
430,645
156,259
393,296
–
980,200
Liabilities from investment contracts
–
–
2,396,702
–
2,396,702
Other policyholders' funds and liabilities
–
4,154
8,425
–
12,579
Deferred income
45,222
–
–
–
45,222
Deferred income taxes, net
1,372,516
2,012
(73,491)
–
1,301,037
Related party liabilities
24,866
2,567
12,832
(40,265)
(c)
–
Total liabilities
8,826,333
171,923
2,744,960
(40,265)
11,702,951
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)
(289,714)
(17,969)
(219,145)
242,712
(b)
(284,116)
Retained earnings
6,910,617
204,871
331,600
(536,261)
(b)
6,910,827
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
6,407,779
281,323
141,226
(416,951)
6,413,377
Total liabilities and stockholders' equity
$
15,234,112
$
453,246
$
2,886,186
$
(457,216)
$
18,116,328
(a) Balances as of September 30, 2022
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
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Consolidating balance sheets by industry segment as of March 31, 2022 are as follows:
Moving & Storage
Consolidated
Property & Casualty Insurance (a)
Life
Insurance (a)
Eliminations
U-Haul Holding Company Consolidated
Assets:
(In thousands)
Cash and cash equivalents
$
2,643,213
$
10,800
$
50,124
$
–
$
2,704,137
Reinsurance recoverables and trade receivables, net
142,895
50,235
36,213
–
229,343
Inventories and parts, net
158,888
–
–
–
158,888
Prepaid expenses
236,915
–
–
–
236,915
Investments, fixed maturities and marketable equities
–
297,488
2,595,911
–
2,893,399
Investments, other
20,653
114,269
408,833
–
543,755
Deferred policy acquisition costs, net
–
–
103,828
–
103,828
Other assets
57,305
371
2,733
–
60,409
Right of use assets - financing, net
620,824
–
–
–
620,824
Right of use assets - operating, net
74,190
93
99
–
74,382
Related party assets
64,611
6,713
16,911
(40,384)
(c)
47,851
4,019,494
479,969
3,214,652
(40,384)
7,673,731
Investment in subsidiaries
737,073
–
–
(737,073)
(b)
–
Property, plant and equipment, at cost:
Land
1,283,142
–
–
–
1,283,142
Buildings and improvements
5,974,639
–
–
–
5,974,639
Furniture and equipment
846,132
–
–
–
846,132
Rental trailers and other rental equipment
615,679
–
–
–
615,679
Rental trucks
4,638,814
–
–
–
4,638,814
13,358,406
–
–
–
13,358,406
Less:
Accumulated depreciation
(3,732,556)
–
–
–
(3,732,556)
Total property, plant and equipment, net
9,625,850
–
–
–
9,625,850
Total assets
$
14,382,417
$
479,969
$
3,214,652
$
(777,457)
$
17,299,581
(a) Balances as of December 31, 2021
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
Consolidating balance sheets by industry segment as of March 31, 2022, continued:
Moving & Storage
Property & Casualty Insurance (a)
Life
Eliminations
U-Haul Holding Company Consolidated
(In thousands)
Liabilities:
Accounts payable and accrued expenses
$
663,482
$
3,849
$
10,454
$
–
$
677,785
Notes, loans and finance leases payable, net
6,022,497
–
–
–
6,022,497
Operating lease liabilities
73,998
93
106
–
74,197
Policy benefits and losses, claims and loss expenses payable
418,890
160,379
398,985
–
978,254
Liabilities from investment contracts
–
–
2,336,238
–
2,336,238
Other policyholders' funds and liabilities
–
3,521
7,291
–
10,812
Deferred income
49,157
–
–
–
49,157
Deferred income taxes, net
1,244,639
12,803
7,916
–
1,265,358
Related party liabilities
25,668
3,196
12,717
(41,581)
(c)
–
Total liabilities
8,498,331
183,841
2,773,707
(41,581)
11,414,298
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
Additional paid-in capital
454,029
91,120
26,271
(117,601)
(b)
453,819
Accumulated other comprehensive income (loss)
45,187
16,630
87,200
(102,633)
(b)
46,384
Retained earnings
6,052,023
185,077
324,974
(509,841)
(b)
6,052,233
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
5,884,086
296,128
440,945
(735,876)
5,885,283
Total liabilities and stockholders' equity
$
14,382,417
$
479,969
$
3,214,652
$
(777,457)
$
17,299,581
(a) Balances as of December 31, 2021
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables
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Consolidated Statement of Operations by Industry Segment |
Moving & Storage
Property & Casualty Insurance (a)
Life
Eliminations
U-Haul Holding Company
(Unaudited)
(In thousands)
Revenues:
Self-moving equipment rentals
$
900,209
$
–
$
–
$
(1,390)
(c)
$
898,819
Self-storage revenues
190,483
–
–
–
190,483
Self-moving and self-storage products and service sales
74,851
–
–
–
74,851
Property management fees
10,080
–
–
–
10,080
Life insurance premiums
–
–
24,399
–
24,399
Property and casualty insurance premiums
–
26,852
–
–
(c)
26,852
Net investment and interest income
24,450
1,614
27,230
(1,000)
(b)
52,294
Other revenue
96,334
–
1,333
(109)
(b)
97,558
Total revenues
1,296,407
28,466
52,962
(2,499)
1,375,336
Costs and expenses:
Operating expenses
718,067
11,790
5,109
(1,497)
(b,c)
733,469
Commission expenses
95,980
–
–
–
95,980
Cost of sales
54,616
–
–
–
54,616
Benefits and losses
–
5,737
35,635
–
41,372
Amortization of deferred policy acquisition costs
–
–
6,979
–
6,979
Lease expense
8,302
93
26
(629)
(b)
7,792
Depreciation, net of gains on disposal
113,866
–
–
–
113,866
Net losses on disposal of real estate
859
–
–
–
859
Total costs and expenses
991,690
17,620
47,749
(2,126)
1,054,933
Earnings from operations before equity in earnings of subsidiaries
304,717
10,846
5,213
(373)
320,403
Equity in earnings of subsidiaries
12,699
–
–
(12,699)
(d)
–
Earnings from operations
317,416
10,846
5,213
(13,072)
320,403
Other components of net periodic benefit costs
(304)
–
–
–
(304)
Interest expense
(59,294)
–
(120)
373
(b)
(59,041)
Fees on early extinguishment of debt
(50)
–
–
–
(50)
Pretax earnings
257,768
10,846
5,093
(12,699)
261,008
Income tax expense
(58,524)
(2,167)
(1,073)
–
(61,764)
Earnings available to common stockholders
$
199,244
$
8,679
$
4,020
$
(12,699)
$
199,244
(a) Balances for the quarter ended September 30, 2022
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
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Moving & Storage
Property & Casualty Insurance (a)
Life
Eliminations
U-Haul Holding Company
(Unaudited)
(In thousands)
Revenues:
Self-moving equipment rentals
$
977,052
$
–
$
–
$
(1,500)
(c)
$
975,552
Self-storage revenues
159,424
–
–
–
159,424
Self-moving and self-storage products and service sales
75,402
–
–
–
75,402
Property management fees
9,651
–
–
–
9,651
Life insurance premiums
–
–
27,010
–
27,010
Property and casualty insurance premiums
–
26,477
–
(859)
(c)
25,618
Net investment and interest income
666
3,343
28,182
(1,007)
(b)
31,184
Other revenue
99,385
–
1,225
(115)
(b)
100,495
Total revenues
1,321,580
29,820
56,417
(3,481)
1,404,336
Costs and expenses:
Operating expenses
642,900
12,198
5,465
(2,468)
(b,c)
658,095
Commission expenses
105,155
–
–
–
105,155
Cost of sales
57,042
–
–
–
57,042
Benefits and losses
–
7,892
39,374
–
47,266
Amortization of deferred policy acquisition costs
–
–
7,947
–
7,947
Lease expense
7,917
73
28
(624)
(b)
7,394
Depreciation, net of gains on disposal
103,736
–
–
–
103,736
Net losses on disposal of real estate
977
–
–
–
977
Total costs and expenses
917,727
20,163
52,814
(3,092)
987,612
Earnings from operations before equity in earnings of subsidiaries
403,853
9,657
3,603
(389)
416,724
Equity in earnings of subsidiaries
10,403
–
–
(10,403)
(d)
–
Earnings from operations
414,256
9,657
3,603
(10,792)
416,724
Other components of net periodic benefit costs
(280)
–
–
–
(280)
Interest expense
(44,311)
–
(120)
389
(b)
(44,042)
Fees on early extinguishment of debt
(956)
–
–
–
(956)
Pretax earnings
368,709
9,657
3,483
(10,403)
371,446
Income tax expense
(87,243)
(2,027)
(710)
–
(89,980)
Earnings available to common stockholders
$
281,466
$
7,630
$
2,773
$
(10,403)
$
281,466
(a) Balances for the quarter ended September 30, 2021
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
|
Moving & Storage
Property & Casualty Insurance (a)
Life
Eliminations
U-Haul Holding Company
(Unaudited)
(In thousands)
Revenues:
Self-moving equipment rentals
$
3,155,295
$
–
$
–
$
(3,676)
(c)
$
3,151,619
Self-storage revenues
549,246
–
–
–
549,246
Self-moving and self-storage products and service sales
281,066
–
–
–
281,066
Property management fees
28,496
–
–
–
28,496
Life insurance premiums
–
–
75,636
–
75,636
Property and casualty insurance premiums
–
73,642
–
(1,100)
(c)
72,542
Net investment and interest income
44,467
1,269
73,659
(3,019)
(b)
116,376
Other revenue
398,293
–
3,466
(700)
(b)
401,059
Total revenues
4,456,863
74,911
152,761
(8,495)
4,676,040
Costs and expenses:
Operating expenses
2,234,359
33,560
15,776
(5,465)
(b,c)
2,278,230
Commission expenses
339,814
–
–
–
339,814
Cost of sales
206,912
–
–
–
206,912
Benefits and losses
–
16,191
106,644
–
122,835
Amortization of deferred policy acquisition costs
–
–
21,623
–
21,623
Lease expense
24,483
277
80
(1,889)
(b)
22,951
Depreciation, net of gains on disposal
344,980
–
–
–
344,980
Net losses on disposal of real estate
5,038
–
–
–
5,038
Total costs and expenses
3,155,586
50,028
144,123
(7,354)
3,342,383
Earnings from operations before equity in earnings of subsidiaries
1,301,277
24,883
8,638
(1,141)
1,333,657
Equity in earnings of subsidiaries
26,420
–
–
(26,420)
(d)
–
Earnings from operations
1,327,697
24,883
8,638
(27,561)
1,333,657
Other components of net periodic benefit costs
(912)
–
–
–
(912)
Interest expense
(166,814)
–
(360)
1,141
(b)
(166,033)
Fees on early extinguishment of debt
(1,009)
–
–
–
(1,009)
Pretax earnings
1,158,962
24,883
8,278
(26,420)
1,165,703
Income tax expense
(273,701)
(5,089)
(1,652)
–
(280,442)
Earnings available to common stockholders
$
885,261
$
19,794
$
6,626
$
(26,420)
$
885,261
(a) Balances for the nine months ended September 30, 2022
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries
|
Moving & Storage
Property & Casualty Insurance (a)
Life
Eliminations
U-Haul Holding Company
(Unaudited)
(In thousands)
Revenues:
Self-moving equipment rentals
$
3,193,594
$
–
$
–
$
(3,604)
(c)
$
3,189,990
Self-storage revenues
450,302
–
–
–
450,302
Self-moving and self-storage products and service sales
272,478
–
–
–
272,478
Property management fees
26,847
–
–
–
26,847
Life insurance premiums
–
–
84,628
–
84,628
Property and casualty insurance premiums
–
67,277
–
(2,291)
(c)
64,986
Net investment and interest income
2,021
15,538
88,448
(3,044)
(b)
102,963
Other revenue
346,591
–
2,985
(324)
(b)
349,252
Total revenues
4,291,833
82,815
176,061
(9,263)
4,541,446
Costs and expenses:
Operating expenses
1,927,060
31,779
16,063
(6,204)
(b,c)
1,968,698
Commission expenses
346,200
–
–
–
346,200
Cost of sales
193,448
–
–
–
193,448
Benefits and losses
–
16,679
122,515
–
139,194
Amortization of deferred policy acquisition costs
–
–
23,520
–
23,520
Lease expense
24,018
279
81
(1,896)
(b)
22,482
Depreciation, net of gains on disposal
361,201
–
–
–
361,201
Net gains on disposal of real estate
(2,930)
–
–
–
(2,930)
Total costs and expenses
2,848,997
48,737
162,179
(8,100)
3,051,813
Earnings from operations before equity in earnings of subsidiaries
1,442,836
34,078
13,882
(1,163)
1,489,633
Equity in earnings of subsidiaries
37,811
–
–
(37,811)
(d)
–
Earnings from operations
1,480,647
34,078
13,882
(38,974)
1,489,633
Other components of net periodic benefit costs
(840)
–
–
–
(840)
Interest expense
(123,568)
–
(360)
1,163
(b)
(122,765)
Fees on early extinguishment of debt
(956)
–
–
–
(956)
Pretax earnings
1,355,283
34,078
13,522
(37,811)
1,365,072
Income tax expense
(318,744)
(7,133)
(2,656)
–
(328,533)
Earnings available to common stockholders
$
1,036,539
$
26,945
$
10,866
$
(37,811)
$
1,036,539
(a) Balances for the nine months ended September 30, 2021
(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
$
885,261
$
19,794
$
6,626
$
(26,420)
$
885,261
Earnings from consolidated entities
(26,420)
–
–
26,420
–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation
544,176
–
–
–
544,176
Amortization of deferred policy acquisition costs
–
–
21,623
–
21,623
Amortization of premiums and accretion of discounts related to investments, net
–
1,285
13,947
–
15,232
Amortization of debt issuance costs
5,694
–
–
–
5,694
Interest credited to policyholders
–
–
39,048
–
39,048
Provision for recoveries for losses on trade receivables, net
(4,470)
(147)
–
–
(4,617)
Provision for allowance for inventories and parts reserve
6,991
–
–
–
6,991
Net gains on disposal of personal property
(199,196)
–
–
–
(199,196)
Net losses on disposal of real estate
5,038
–
–
–
5,038
Net (gains) losses on sales of investments
–
(75)
8,770
–
8,695
Net losses on equity investments
–
10,906
–
–
10,906
Deferred income taxes, net
125,717
(1,594)
(2,416)
–
121,707
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables
23,092
(752)
3,513
–
25,853
Inventories and parts
1,682
–
–
–
1,682
Prepaid expenses
7,867
–
–
–
7,867
Capitalization of deferred policy acquisition costs
–
–
(20,406)
–
(20,406)
Other assets
3,291
122
(730)
–
2,683
Related party assets
(29,478)
2,703
–
–
(26,775)
Accounts payable and accrued expenses
61,253
2,096
(919)
–
62,430
Policy benefits and losses, claims and loss expenses payable
13,299
(4,120)
(5,689)
–
3,490
Other policyholders' funds and liabilities
–
633
1,134
–
1,767
Deferred income
(4,013)
–
1,845
–
(2,168)
Related party liabilities
(799)
(617)
115
–
(1,301)
Net cash provided by operating activities
1,418,985
30,234
66,461
–
1,515,680
Cash flows from investing activities:
Escrow deposits
159
–
–
–
159
Purchases of:
Property, plant and equipment
(2,079,490)
–
–
3,066
(2,076,424)
Short term investments
–
(49,429)
(372)
–
(49,801)
Fixed maturities investments
(224,999)
(42,039)
(224,393)
–
(491,431)
Equity securities
–
(3,177)
(1,651)
–
(4,828)
Preferred stock
–
–
–
–
–
Real estate
(2,677)
(4,920)
(257)
–
(7,854)
Mortgage loans
–
(23,337)
(124,680)
–
(148,017)
Proceeds from sales and paydowns of:
Property, plant and equipment
533,595
–
–
–
533,595
Short term investments
–
67,062
–
–
67,062
Fixed maturities investments
–
17,938
130,352
–
148,290
Equity securities
–
1,181
6
–
1,187
Real estate
–
–
3,066
(3,066)
–
Mortgage loans
–
16,192
140,100
–
156,292
Net cash used by investing activities
$
(1,773,412)
$
(20,529)
$
(77,829)
$
–
$
(1,871,770)
(page 1 of 2)
(a) Balance for the period ended September 30, 2022
Consolidating cash flow statements by industry segment for the nine months ended December 31, 2022 are as follows:
Moving & Storage
Property & Casualty
Life
Elimination
U-Haul Holding Company
(Unaudited)
Cash flows from financing activities:
(In thousands)
Borrowings from credit facilities
$
975,966
$
–
$
–
$
–
$
975,966
Principal repayments on credit facilities
(695,321)
–
–
–
(695,321)
Payments of debt issuance costs
(4,962)
–
–
–
(4,962)
Finance lease payments
(95,290)
–
–
–
(95,290)
Securitization deposits
137
–
–
–
137
Voting Common Stock dividends paid
(19,608)
–
–
–
(19,608)
Non-Voting Common Stock dividends paid
(7,059)
–
–
–
(7,059)
Investment contract deposits
–
–
258,157
–
258,157
Investment contract withdrawals
–
–
(236,742)
–
(236,742)
Net cash provided by financing activities
153,863
–
21,415
–
175,278
Effects of exchange rate on cash
(12,706)
–
–
–
(12,706)
Increase (decrease) in cash and cash equivalents
(213,270)
9,705
10,047
–
(193,518)
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
$
2,429,943
$
20,505
$
60,171
$
–
$
2,510,619
(page 2 of 2)
(a) Balance for the period ended September 30, 2022
|
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
$
1,036,539
$
26,945
$
10,866
$
(37,811)
$
1,036,539
Earnings from consolidated entities
(37,811)
–
–
37,811
–
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation
519,181
–
–
–
519,181
Amortization of deferred policy acquisition costs
–
–
23,520
–
23,520
Amortization of premiums and accretion of discounts related to investments, net
–
1,326
13,160
–
14,486
Amortization of debt issuance costs
4,200
–
–
–
4,200
Interest credited to policyholders
–
–
47,181
–
47,181
Provision for allowance (recoveries) for losses on trade receivables, net
1,413
(174)
4
–
1,243
Provision for allowance for inventories and parts reserve
9,799
–
–
–
9,799
Net gains on disposal of personal property
(157,980)
–
–
–
(157,980)
Net gains on disposal of real estate
(2,930)
–
–
–
(2,930)
Net gains on sales of investments
–
(223)
(3,272)
–
(3,495)
Net gains on equity investments
–
(3,695)
–
–
(3,695)
Deferred income taxes, net
134,541
763
(4,544)
–
130,760
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables
(10,403)
1,567
1,465
–
(7,371)
Inventories and parts
(70,796)
–
–
–
(70,796)
Prepaid expenses
257,591
–
–
–
257,591
Capitalization of deferred policy acquisition costs
–
–
(25,703)
–
(25,703)
Other assets
1,213
72
(107)
–
1,178
Related party assets
(17,870)
(813)
–
–
(18,683)
Accounts payable and accrued expenses
30,634
1,659
965
–
33,258
Policy benefits and losses, claims and loss expenses payable
1,172
(1,987)
7,226
–
6,411
Other policyholders' funds and liabilities
–
61
(2,871)
–
(2,810)
Deferred income
687
–
(1,213)
–
(526)
Related party liabilities
(267)
(2,414)
474
–
(2,207)
Net cash provided by operating activities
1,698,913
23,087
67,151
–
1,789,151
Cash flows from investing activities:
Escrow deposits
5,695
–
–
–
5,695
Purchases of:
Property, plant and equipment
(1,652,984)
–
–
–
(1,652,984)
Short term investments
–
(31,074)
–
–
(31,074)
Fixed maturities investments
–
(7,749)
(440,534)
–
(448,283)
Equity securities
–
–
(1,380)
–
(1,380)
Preferred stock
–
–
(8,000)
–
(8,000)
Real estate
(33)
–
(157)
–
(190)
Mortgage loans
–
(19,132)
(112,501)
–
(131,633)
Proceeds from sales and paydowns of:
Property, plant and equipment
483,783
–
–
–
483,783
Short term investments
–
20,608
61
–
20,669
Fixed maturities investments
–
13,816
270,531
–
284,347
Equity securities
–
–
2,026
–
2,026
Preferred stock
–
2,000
–
–
2,000
Mortgage loans
–
851
27,213
–
28,064
Net cash used by investing activities
$
(1,163,539)
$
(20,680)
$
(262,741)
$
–
$
(1,446,960)
(page 1 of 2)
(a) Balance for the period ended September 30, 2021
Consolidating cash flow statements by industry segment for the nine months ended December 31, 2021 are as follows:
Moving & Storage
Property &
Life
Elimination
U-Haul Holding Company
(Unaudited)
Cash flows from financing activities:
(In thousands)
Borrowings from credit facilities
$
1,202,412
$
–
$
–
$
–
$
1,202,412
Principal repayments on credit facilities
(322,232)
–
(11,187)
–
(333,419)
Payment of debt issuance costs
(8,006)
–
–
–
(8,006)
Finance lease payments
(129,150)
–
–
–
(129,150)
Voting Common Stock dividends paid
(29,412)
–
–
–
(29,412)
Investment contract deposits
–
–
271,657
–
271,657
Investment contract withdrawals
–
–
(177,777)
–
(177,777)
Net cash provided by financing activities
713,612
–
82,693
–
796,305
Effects of exchange rate on cash
(5,046)
–
–
–
(5,046)
Increase (decrease) in cash and cash equivalents
1,243,940
2,407
(112,897)
–
1,133,450
Cash and cash equivalents at beginning of period
1,010,275
5,658
178,079
–
1,194,012
Cash and cash equivalents at end of period
$
2,254,215
$
8,065
$
65,182
$
–
$
2,327,462
(page 2 of 2)
(a) Balance for the period ended September 30, 2021
|
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