Consolidating Financial Information By Industry Segment (Table Text Block)
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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] |
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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 | | | | | | | | | | | |
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| | 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 | | | | | | | | | | | |
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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 | | | | | | | | | | | |
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| | 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 | | | | | | | | | | | |
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| | 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 | | | | | | | | | | | |
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| | 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 | | | | | | | | | | | |
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Consolidated Cash Flow Statement by Industry Segment |
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| | 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 | | | | | | | | | | | |
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| | 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 | | | | | | | | | | | |
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