10-Q 1 uhal-20230930.htm SEPTEMBER 30, 2023 10-Q
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended September 30, 2023

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from __________________ to __________________

Commission File Number 001-11255

 

 

 

State or other jurisdiction of incorporation or organization

Registrant, State of Incorporation,

Address and Telephone Number

I.R.S. Employer

Identification No.

 

 

 

 

 

 

 

 

 

 

Nevada

 

88-0106815

 

 

U-Haul Holding Company

 

(A Nevada Corporation)

 

 

5555 Kietzke Lane Suite 100

 

 

Reno, Nevada 89511

 

 

Telephone (775) 688-6300

 

 

 

 

 

N/A

 

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.25 par value

UHAL

New York Stock Exchange

Series N Non-Voting Common Stock, $0.001 par value

UHAL.B

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No


Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 

Large Accelerated Filer    Accelerated Filer  

Non-accelerated Filer   Smaller Reporting Company

Emerging Growth Company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act .

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No

19,607,788 shares of Common Stock, $0.25 par value, were outstanding as of November 3, 2023.

176,470,092 shares of Series N Non-Voting Common Stock, $0.001 par value, were outstanding as of November 3, 2023.

 


 

 

TABLE OF CONTENTS

 

 

Page

 

PART I FINANCIAL INFORMATION

 

Item 1.

Financial Statements

 

 

a) Consolidated Balance Sheets as of September 30, 2023 and March 31, 2023 (unaudited)

 

1

 

 

b) Consolidated Statements of Operations for the Quarters Ended September 30, 2023 and 2022 (unaudited)

 

2

 

 

c) Consolidated Statements of Operations for the Six Months Ended September 30, 2023 and 2022 (unaudited)

 

3

 

 

d) Consolidated Statements of Comprehensive Income (Loss) for the Quarters and Six Months Ended September 30, 2023 and 2022 (unaudited)

 

4

 

 

e) Consolidated Statements of Changes in Stockholders’ Equity for the Quarters Ended September 30, 2023 and 2022 (unaudited)

 

5

 

 

f) Consolidated Statements of Changes in Stockholders’ Equity for the Six Months Ended September 30, 2023 and 2022 (unaudited)

 

6

 

 

g) Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2023 and 2022 (unaudited)

 

7

 

 

h) Notes to Consolidated Financial Statements (unaudited)

 

8

 

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

59

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

73

Item 4.

Controls and Procedures

75

 

 

 

 

PART II OTHER INFORMATION

 

Item 1.

Legal Proceedings

76

Item 1A.

Risk Factors

76

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

77

Item 3.

Defaults Upon Senior Securities

77

Item 4.

Mine Safety Disclosures

77

Item 5.

Other Information

77

Item 6.

Exhibits

77


 

Part i Financial information

Item 1. Financial Statements

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED balance sheets

 

 

September 30,

 

March 31,

 

 

2023

 

2023

 

 

(Unaudited)

 

 

(In thousands, except share data)

ASSETS

 

 

 

 

Cash and cash equivalents

$

2,145,131

$

2,060,524

Reinsurance recoverables and trade receivables, net

 

212,565

 

189,498

Inventories and parts

 

161,535

 

151,474

Prepaid expenses

 

263,541

 

241,711

Investments, fixed maturities and marketable equities

 

2,534,164

 

2,770,394

Investments, other

 

650,151

 

575,540

Deferred policy acquisition costs, net

 

121,365

 

128,463

Other assets

 

52,769

 

51,052

Right of use assets - financing, net

 

377,733

 

474,765

Right of use assets - operating, net

 

65,316

 

58,917

Related party assets

 

40,140

 

48,308

 

 

6,624,410

 

6,750,646

Property, plant and equipment, at cost:

 

 

 

 

Land

 

1,613,871

 

1,537,206

Buildings and improvements

 

7,649,849

 

7,088,810

Furniture and equipment

 

966,211

 

928,241

Rental trailers and other rental equipment

 

912,046

 

827,696

Rental trucks

 

5,921,507

 

5,278,340

 

 

17,063,484

 

15,660,293

Less: Accumulated depreciation

 

(4,666,444)

 

(4,310,205)

Total property, plant and equipment, net

 

12,397,040

 

11,350,088

Total assets

$

19,021,450

$

18,100,734

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Accounts payable and accrued expenses

$

757,988

$

761,039

Notes, loans and finance leases payable, net

 

6,400,899

 

6,108,042

Operating lease liabilities

 

64,580

 

58,373

Policy benefits and losses, claims and loss expenses payable

 

865,397

 

880,202

Liabilities from investment contracts

 

2,393,590

 

2,398,884

Other policyholders' funds and liabilities

 

7,677

 

8,232

Deferred income

 

56,821

 

52,282

Deferred income taxes, net

 

1,444,120

 

1,329,489

Total liabilities

 

11,991,072

 

11,596,543

 

 

 

 

 

Commitments and contingencies (notes 4 and 9)

 

 

 

 

Stockholders' equity:

 

 

 

 

Series preferred stock, with or without par value, 50,000,000 shares authorized:

 

 

 

 

Series A preferred stock, with no par value, 6,100,000 shares authorized;

 

 

 

 

6,100,000 shares issued and none outstanding

 

 

Series B preferred stock, with no par value, 100,000 shares authorized; none

 

 

 

 

issued and outstanding

 

 

Serial common stock, with or without par value, 250,000,000 shares authorized:

 

 

 

 

Serial common stock of $0.25 par value, 10,000,000 shares authorized;

 

 

 

 

none issued and outstanding

 

 

Common stock, with $0.25 par value, 250,000,000 shares authorized:

 

 

 

 

Common stock of $0.25 par value, 250,000,000 shares authorized; 41,985,700

 

 

 

 

issued and 19,607,788 outstanding

 

10,497

 

10,497

Series N Non-Voting Common Stock with $0.001 par value, 250,000,000 shares authorized

 

 

 

 

Series N Non-Voting Common Stock, with $0.001 par value, 250,000,000 shares authorized;

 

 

 

 

176,470,092 shares issued and outstanding

 

176

 

176

Additional paid-in capital

 

453,643

 

453,643

Accumulated other comprehensive loss

 

(275,664)

 

(285,623)

Retained earnings

 

7,519,376

 

7,003,148

Cost of common stock in treasury, net (22,377,912 shares)

 

(525,653)

 

(525,653)

Cost of preferred stock in treasury, net (6,100,000 shares)

 

(151,997)

 

(151,997)

Total stockholders' equity

 

7,030,378

 

6,504,191

Total liabilities and stockholders' equity

$

19,021,450

$

18,100,734

The accompanying notes are an integral part of these consolidated financial statements.

1


 


U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED Statements of operations

 

 

Quarter Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

Revenues:

 

 

 

 

Self-moving equipment rentals

$

1,069,405

$

1,162,025

Self-storage revenues

 

208,890

 

185,586

Self-moving and self-storage products and service sales

 

91,571

 

96,864

Property management fees

 

9,267

 

9,277

Life insurance premiums

 

22,498

 

25,456

Property and casualty insurance premiums

 

25,571

 

25,718

Net investment and interest income

 

64,738

 

30,509

Other revenue

 

157,920

 

167,429

Total revenues

 

1,649,860

 

1,702,864

 

 

 

 

 

Costs and expenses:

 

 

 

 

Operating expenses

 

835,258

 

811,594

Commission expenses

 

111,961

 

125,341

Cost of sales

 

66,620

 

72,625

Benefits and losses

 

42,553

 

39,512

Amortization of deferred policy acquisition costs

 

6,826

 

6,972

Lease expense

 

8,450

 

7,684

Depreciation, net of gains on disposal ($46,803 and $64,342 respectively)

 

154,122

 

117,318

Net losses on disposal of real estate

 

1,715

 

1,872

Total costs and expenses

 

1,227,505

 

1,182,918

 

 

 

 

 

Earnings from operations

 

422,355

 

519,946

Other components of net periodic benefit costs

 

(364)

 

(304)

Interest expense

 

(63,943)

 

(57,193)

Fees on early extinguishment of debt

 

 

(959)

Pretax earnings

 

358,048

 

461,490

Income tax expense

 

(84,540)

 

(111,624)

Net earnings available to common stockholders

$

273,508

$

349,866

Basic and diluted earnings per share of Common Stock

$

1.36

$

2.23

Weighted average shares outstanding of Common Stock: Basic and diluted

 

19,607,788

 

19,607,788

Basic and diluted earnings per share of Series N Non-Voting Common Stock

$

1.40

$

1.73

Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted

 

176,470,092

 

176,470,092

 

Related party revenues for the second quarter of fiscal 2024 and 2023, net of eliminations, were $9.3 million and $9.3 million, respectively.

Related party costs and expenses for the second quarter of fiscal 2024 and 2023, net of eliminations, were $25.6 million and $27.0 million, respectively.

Please see Note 10, Related Party Transactions, of the Notes to Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

The accompanying notes are an integral part of these consolidated financial statements.

2


 

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONSOLIDATED Statements of operations

 

 

Six Months Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands, except share and per share amounts)

Revenues:

 

 

 

 

Self-moving equipment rentals

$

2,068,611

$

2,252,800

Self-storage revenues

 

407,851

 

358,763

Self-moving and self-storage products and service sales

 

192,443

 

206,215

Property management fees

 

18,444

 

18,416

Life insurance premiums

 

45,629

 

51,237

Property and casualty insurance premiums

 

45,893

 

45,690

Net investment and interest income

 

129,330

 

64,082

Other revenue

 

281,967

 

303,501

Total revenues

 

3,190,168

 

3,300,704

 

 

 

 

 

Costs and expenses:

 

 

 

 

Operating expenses

 

1,598,499

 

1,544,761

Commission expenses

 

218,888

 

243,834

Cost of sales

 

137,295

 

152,296

Benefits and losses

 

87,897

 

79,269

Amortization of deferred policy acquisition costs

 

14,871

 

14,644

Lease expense

 

16,033

 

15,159

Depreciation, net of gains on disposal ($102,464 and $128,690 respectively)

 

291,936

 

231,114

Net losses on disposal of real estate

 

2,736

 

4,179

Total costs and expenses

 

2,368,155

 

2,285,256

 

 

 

 

 

Earnings from operations

 

822,013

 

1,015,448

Other components of net periodic benefit costs

 

(729)

 

(608)

Interest expense

 

(124,541)

 

(106,992)

Fees on early extinguishment of debt

 

 

(959)

Pretax earnings

 

696,743

 

906,889

Income tax expense

 

(166,397)

 

(218,678)

Net earnings available to common stockholders

$

530,346

$

688,211

Basic and diluted earnings per common share

$

2.63

$

4.41

Weighted average common shares outstanding: Basic and diluted

 

19,607,788

 

19,607,788

Basic and diluted earnings per share of Series N Non-Voting Common Stock

$

2.71

$

3.41

Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted

 

176,470,092

 

176,470,092

 

Related party revenues for the first six months of fiscal 2024 and 2023, net of eliminations, were $18.4 million and $18.4 million, respectively.

Related party costs and expenses for the first six months of fiscal 2024 and 2023, net of eliminations, were $49.3 million and $52.5 million, respectively.

Please see Note 10, Related Party Transactions, of the Notes to Consolidated Financial Statements for more information on the related party revenues and costs and expenses.

The accompanying notes are an integral part of these consolidated financial statements.

3


 

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

consolidatED statements of COMPREHENSIVE INCOME (loss)

Quarter Ended September 30, 2023

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

358,048

$

(84,540)

$

273,508

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(2,849)

 

 

(2,849)

Unrealized net loss on investments and impact of LFPB discount rates

 

(16,867)

 

3,570

 

(13,297)

Change in fair value of cash flow hedges

 

4,418

 

(1,085)

 

3,333

Amounts reclassified into earnings on hedging activities

 

(1,345)

 

330

 

(1,015)

Total other comprehensive income (loss)

 

(16,643)

 

2,815

 

(13,828)

 

 

 

 

 

 

 

Total comprehensive income

$

341,405

$

(81,725)

$

259,680

 

 

 

 

 

 

 

Quarter Ended September 30, 2022

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

461,490

$

(111,624)

$

349,866

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(739)

 

 

(739)

Unrealized net loss on investments and impact of LFPB discount rates

 

(137,836)

 

29,392

 

(108,444)

Change in fair value of cash flow hedges

 

8,336

 

(2,047)

 

6,289

Amounts reclassified into earnings on hedging activities

 

24

 

(5)

 

19

Total other comprehensive income (loss)

 

(130,215)

 

27,340

 

(102,875)

 

 

 

 

 

 

 

Total comprehensive income

$

331,275

$

(84,284)

$

246,991

 

Six Months Ended September 30, 2023

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

696,743

$

(166,397)

$

530,346

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(2,380)

 

 

(2,380)

Unrealized net gain on investments and impact of LFPB discount rates

 

8,676

 

(1,629)

 

7,047

Change in fair value of cash flow hedges

 

9,511

 

(2,336)

 

7,175

Amounts reclassified into earnings on hedging activities

 

(2,495)

 

612

 

(1,883)

Total other comprehensive income (loss)

 

13,312

 

(3,353)

 

9,959

 

 

 

 

 

 

 

Total comprehensive income

$

710,055

$

(169,750)

$

540,305

 

 

 

 

 

 

 

Six Months Ended September 30, 2022

 

Pre-tax

 

Tax

 

Net

 

 

(Unaudited)

 

 

(In thousands)

Comprehensive income:

 

 

 

 

 

 

Net earnings

$

906,889

$

(218,678)

$

688,211

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation

 

(542)

 

 

(542)

Unrealized net loss on investments and impact of LFPB discount rates

 

(310,882)

 

66,056

 

(244,826)

Change in fair value of cash flow hedges

 

8,506

 

(2,089)

 

6,417

Amounts reclassified into earnings on hedging activities

 

590

 

(144)

 

446

Total other comprehensive income (loss)

 

(302,328)

 

63,823

 

(238,505)

 

 

 

 

 

 

 

Total comprehensive income

$

604,561

$

(154,855)

$

449,706

The accompanying notes are an integral part of these consolidated financial statements.

4


 

 

U-Haul Holding Company and consolidated subsidiaries

 consolidated statements of changes in stockholders’ equity

 

 

 

Common Stock

 

Series N Non-Voting Common Stock

 

Additional Paid-In Capital

 

Accumulated Other Comprehensive

Income (Loss)

 

Retained Earnings

 

Less: Treasury Common Stock

 

Less: Treasury Preferred Stock

 

Total Stockholders' Equity

 

(Unaudited)

 

(In thousands)

Balance as of June 30, 2023

$

10,497

$

176

$

453,643

$

(261,836)

$

7,252,927

$

(525,653)

$

(151,997)

$

6,777,757

Foreign currency translation

 

 

 

 

(2,849)

 

 

 

 

(2,849)

Unrealized net loss on investments and impact of LFPB discount rates, net of tax

 

 

 

 

(13,297)

 

 

 

 

(13,297)

Change in fair value of cash flow hedges, net of tax

 

 

 

 

3,333

 

 

 

 

3,333

Amounts reclassified into earnings on hedging activities

 

 

 

 

(1,015)

 

 

 

 

(1,015)

Net earnings

 

 

 

 

 

273,508

 

 

 

273,508

Series N Non-Voting Common Stock dividends: ($0.04 per share)

 

 

 

 

 

(7,059)

 

 

 

(7,059)

Net activity

 

 

 

 

(13,828)

 

266,449

 

 

 

252,621

Balance as of September 30, 2023

$

10,497

$

176

$

453,643

$

(275,664)

$

7,519,376

$

(525,653)

 

(151,997)

$

7,030,378

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2022

$

10,497

$

$

453,819

$

(140,622)

$

6,440,942

$

(525,653)

$

(151,997)

$

6,086,986

Foreign currency translation

 

 

 

 

(739)

 

 

 

 

(739)

Unrealized net loss on investments and impact of LFPB discount rates, net of tax

 

 

 

 

(108,444)

 

 

 

 

(108,444)

Change in fair value of cash flow hedges, net of tax

 

 

 

 

6,289

 

 

 

 

6,289

Amounts reclassified into earnings on hedging activities

 

 

 

 

19

 

 

 

 

19

Net earnings

 

 

 

 

 

349,866

 

 

 

349,866

Common stock dividends: ($0.50 per share)

 

 

 

 

 

(9,804)

 

 

 

(9,804)

Net activity

 

 

 

 

(102,875)

 

340,062

 

 

 

237,187

Balance as of September 30, 2022

$

10,497

$

$

453,819

$

(243,497)

$

6,781,004

$

(525,653)

$

(151,997)

$

6,324,173

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

 

 

5


 

 

 

 

 

U-Haul Holding Company and consolidated subsidiaries

 consolidated statements of changes in stockholders’ equity

 

 

 

Common Stock

 

Series N Non-Voting Common Stock

 

Additional Paid-In Capital

 

Accumulated Other Comprehensive

Income (Loss)

 

Retained Earnings

 

Less: Treasury Common Stock

 

Less: Treasury Preferred Stock

 

Total Stockholders' Equity

 

(Unaudited)

 

(In thousands)

Balance as of March 31, 2023

$

10,497

$

176

$

453,643

$

(285,623)

$

7,003,148

$

(525,653)

$

(151,997)

$

6,504,191

Foreign currency translation

 

 

 

 

(2,380)

 

 

 

 

(2,380)

Unrealized net gain on investments and impact of LFPB discount rates, net of tax

 

 

 

 

7,047

 

 

 

 

7,047

Change in fair value of cash flow hedges, net of tax

 

 

 

 

7,175

 

 

 

 

7,175

Amounts reclassified into earnings on hedging activities

 

 

 

 

(1,883)

 

 

 

 

(1,883)

Net earnings

 

 

 

 

 

530,346

 

 

 

530,346

Series N Non-Voting Common Stock dividends: ($0.08)

 

 

 

 

 

(14,118)

 

 

 

(14,118)

Net activity

 

 

 

 

9,959

 

516,228

 

 

 

526,187

Balance as of September 30, 2023

$

10,497

$

176

 

453,643

$

(275,664)

$

7,519,376

$

(525,653)

 

(151,997)

$

7,030,378

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of March 31, 2022

$

10,497

$

$

453,819

$

(4,992)

$

6,112,401

$

(525,653)

$

(151,997)

$

5,894,075

Foreign currency translation

 

 

 

 

(542)

 

 

 

 

(542)

Unrealized net loss on investments and impact of LFPB discount rates, net of tax

 

 

 

 

(244,826)

 

 

 

 

(244,826)

Change in fair value of cash flow hedges, net of tax

 

 

 

 

6,417

 

 

 

 

6,417

Amounts reclassified into earnings on hedging activities

 

 

 

 

446

 

 

 

 

446

Net earnings

 

 

 

 

 

688,211

 

 

 

688,211

Common stock dividends: ($1.00 per share)

 

 

 

 

 

(19,608)

 

 

 

(19,608)

Net activity

 

 

 

 

(238,505)

 

668,603

 

 

 

430,098

Balance as of September 30, 2022

$

10,497

$

$

453,819

$

(243,497)

$

6,781,004

$

(525,653)

$

(151,997)

$

6,324,173

 

The accompanying notes are an integral part of these consolidated financial statements.

6


 

U-Haul holding company AND CONSOLIDATED subsidiaries

 consolidatED statements of cash flows

 

 

Six Months Ended September 30,

 

 

2023

 

2022

 

 

(Unaudited)

 

 

(In thousands)

Cash flows from operating activities:

 

 

 

 

Net earnings

$

530,346

$

688,211

Adjustments to reconcile net earnings to cash provided by operations:

 

 

 

 

Depreciation

 

394,400

 

359,804

Amortization of deferred policy acquisition costs

 

14,871

 

14,644

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

 

8,441

 

10,249

Amortization of debt issuance costs

 

3,427

 

3,356

Interest credited to policyholders

 

36,329

 

24,690

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

 

578

 

(5,494)

Provision for allowance for inventories and parts reserves

 

3,461

 

7,125

Net gains on disposal of personal property

 

(102,464)

 

(128,690)

Net losses on disposal of real estate

 

2,736

 

4,179

Net (gains) losses on sales of investments

 

(917)

 

7,207

Net (gains) losses on equity securities

 

(2,745)

 

7,963

Deferred income taxes

 

107,751

 

103,828

Net change in other operating assets and liabilities:

 

 

 

 

Reinsurance recoverables and trade receivables

 

(23,402)

 

32,342

Inventories and parts

 

(13,520)

 

(14,416)

Prepaid expenses

 

(21,824)

 

3

Capitalization of deferred policy acquisition costs

 

(7,773)

 

(14,900)

Other assets and right-of-use assets operating, net

 

(8,751)

 

2,432

Related party assets

 

7,403

 

(1,640)

Accounts payable and accrued expenses

 

23,248

 

64,297

Policy benefits and losses, claims and loss expenses payable and operating lease liabilities

 

(18,553)

 

11,460

Other policyholders' funds and liabilities

 

(554)

 

1,314

Deferred income

 

4,115

 

9,458

Related party liabilities

 

828

 

742

Net cash provided by operating activities

 

937,431

 

1,188,164

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Escrow deposits

 

573

 

9,688

Purchases of:

 

 

 

 

Property, plant and equipment

 

(1,664,387)

 

(1,335,528)

Short term investments

 

(44,903)

 

(36,173)

Fixed maturities investments

 

(106,777)

 

(202,265)

Equity securities

 

(309)

 

(4,356)

Real estate investments

 

(537)

 

(4,931)

Mortgage loans

 

(97,702)

 

(75,635)

Proceeds from sales and paydowns of:

 

 

 

 

Property, plant and equipment

 

408,279

 

329,611

Short term investments

 

15,959

 

33,373

Fixed maturities investments

 

389,216

 

106,527

Equity securities

 

300

 

717

Preferred stock

 

913

 

Mortgage loans

 

13,049

 

74,165

Net cash used by investing activities

 

(1,086,326)

 

(1,104,807)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Borrowings from credit facilities

 

704,960

 

792,654

Principal repayments on credit facilities

 

(351,893)

 

(441,019)

Payment of debt issuance costs

 

(4,018)

 

(3,942)

Finance lease payments

 

(59,752)

 

(65,831)

Securitization deposits

 

151

 

49

Common stock dividends paid

 

 

(19,608)

Series N Non-Voting Common Stock dividends paid

 

(14,118)