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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.
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.
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.
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.
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.
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.
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) | |
