Note 21A. Consolidating Financial Information by Industry Segment

AMERCO’s three reportable segments are:

Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate,
Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and
Life Insurance, comprised of Oxford and its subsidiaries.

Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes are shown as liabilities on the consolidating statements.

The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries.

Investments in subsidiaries are accounted for by the parent using the equity method of accounting.

Note 21A. Financial Information by Consolidating Industry Segment:

Consolidating balance sheets by industry segment as of March 31, 2015 are as follows:


		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Assets:
Cash and cash equivalents	$	431,873	$	8,495	$	1,482	$	–		$	441,850
Reinsurance recoverables and trade receivables, net		32,364		125,506		31,999		–			189,869
Inventories, net		69,472		–		–		–			69,472
Prepaid expenses		126,296		–		–		–			126,296
Investments, fixed maturities and marketable equities		–		228,530		1,076,432		–			1,304,962
Investments, other		27,637		50,867		190,216		–			268,720
Deferred policy acquisition costs, net		–		–		115,422		–			115,422
Other assets		101,689		1,924		2,544		–			106,157
Related party assets		144,040		13,268		586		(16,104)	(c)		141,790
		933,371		428,590		1,418,681		(16,104)			2,764,538

Investment in subsidiaries		443,462		–		–		(443,462)	(b)		–

Property, plant and equipment, at cost:
Land		467,482		–		–		–			467,482
Buildings and improvements		1,728,033		–		–		–			1,728,033
Furniture and equipment		355,349		–		–		–			355,349
Rental trailers and other rental equipment		436,642		–		–		–			436,642
Rental trucks		3,059,987		–		–		–			3,059,987
		6,047,493		–		–		–			6,047,493
Less: Accumulated depreciation		(1,939,856)		–		–		–			(1,939,856)
Total property, plant and equipment		4,107,637		–		–		–			4,107,637
Total assets	$	5,484,470	$	428,590	$	1,418,681	$	(459,566)		$	6,872,175

(a) Balances as of December 31, 2014
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2015 are as follows:


		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	489,140	$	–	$	5,995	$	–		$	495,135
Notes, loans and leases payable		2,190,869		–		–		–			2,190,869
Policy benefits and losses, claims and loss expenses payable		363,552		271,744		426,892		–			1,062,188
Liabilities from investment contracts		–		–		685,745		–			685,745
Other policyholders' funds and liabilities		–		4,072		4,927		–			8,999
Deferred income		18,081		–		–		–			18,081
Deferred income taxes		524,550		(18,592)		20,841		–			526,799
Related party liabilities		13,919		2,073		112		(16,104)	(c)		–
Total liabilities		3,600,111		259,297		1,144,512		(16,104)			4,987,816

Stockholders' equity :
Series preferred stock:
Series A preferred stock		–		–		–		–			–
Series B preferred stock		–		–		–		–			–
Series A common stock		–		–		–		–			–
Common stock		10,497		3,301		2,500		(5,801)	(b)		10,497
Additional paid-in capital		449,878		91,120		26,271		(117,601)	(b)		449,668
Accumulated other comprehensive income (loss)		(34,365)		8,871		32,310		(41,181)	(b)		(34,365)
Retained earnings		2,142,390		66,001		213,088		(278,879)	(b)		2,142,600
Cost of common shares in treasury, net		(525,653)		–		–		–			(525,653)
Cost of preferred shares in treasury, net		(151,997)		–		–		–			(151,997)
Unearned employee stock ownership plan shares		(6,391)		–		–		–			(6,391)
Total stockholders' equity		1,884,359		169,293		274,169		(443,462)			1,884,359
Total liabilities and stockholders' equity	$	5,484,470	$	428,590	$	1,418,681	$	(459,566)		$	6,872,175

(a) Balances as of December 31, 2014
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2014 are as follows:


		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Assets:
Cash and cash equivalents	$	464,710	$	12,758	$	17,644	$	–		$	495,112
Reinsurance recoverables and trade receivables, net		28,961		142,335		28,026		–			199,322
Inventories, net		67,020		–		–		–			67,020
Prepaid expenses		55,269		–		–		–			55,269
Investments, fixed maturities and marketable equities		–		192,173		946,102		–			1,138,275
Investments, other		32,850		54,674		161,326		–			248,850
Deferred policy acquisition costs, net		–		–		118,707		–			118,707
Other assets		93,857		1,991		1,740		–			97,588
Related party assets		172,507		13,011		515		(16,409)	(c)		169,624
		915,174		416,942		1,274,060		(16,409)			2,589,767

Investment in subsidiaries		373,490		–		–		(373,490)	(b)		–

Property, plant and equipment, at cost:
Land		405,177		–		–		–			405,177
Buildings and improvements		1,430,272		–		–		–			1,430,272
Furniture and equipment		322,146		–		–		–			322,146
Rental trailers and other rental equipment		373,325		–		–		–			373,325
Rental trucks		2,610,797		–		–		–			2,610,797
		5,141,717		–		–		–			5,141,717
Less: Accumulated depreciation		(1,732,506)		–		–		–			(1,732,506)
Total property, plant and equipment		3,409,211		–		–		–			3,409,211
Total assets	$	4,697,875	$	416,942	$	1,274,060	$	(389,899)		$	5,998,978

(a) Balances as of December 31, 2013
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2014 are as follows:


		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	356,211	$	–	$	1,743	$	–		$	357,954
Notes, loans and leases payable		1,942,359		–		–		–			1,942,359
Policy benefits and losses, claims and loss expenses payable		370,668		295,216		416,714		–			1,082,598
Liabilities from investment contracts		–		–		616,725		–			616,725
Other policyholders' funds and liabilities		–		3,732		4,256		–			7,988
Deferred income		31,390		–		–		–			31,390
Deferred income taxes		455,295		(30,440)		7,741		–			432,596
Related party liabilities		14,584		1,647		178		(16,409)	(c)		–
Total liabilities		3,170,507		270,155		1,047,357		(16,409)			4,471,610

Stockholders' equity :
Series preferred stock:		–		–		–		–			–
Series A preferred stock		–		–		–		–			–
Series B preferred stock		–		–		–		–			–
Series A common stock		–		–		–		–			–
Common stock		10,497		3,301		2,500		(5,801)	(b)		10,497
Additional paid-in capital		444,420		91,120		26,271		(117,601)	(b)		444,210
Accumulated other comprehensive income (loss)		(53,923)		1,782		4,210		(5,992)	(b)		(53,923)
Retained earnings (deficit)		1,805,243		50,584		193,722		(244,096)	(b)		1,805,453
Cost of common shares in treasury, net		(525,653)		–		–		–			(525,653)
Cost of preferred shares in treasury, net		(151,997)		–		–		–			(151,997)
Unearned employee stock ownership plan shares		(1,219)		–		–		–			(1,219)
Total stockholders' equity (deficit)	$	1,527,368		146,787		226,703		(373,490)			1,527,368
Total liabilities and stockholders' equity		4,697,875	$	416,942	$	1,274,060	$	(389,899)		$	5,998,978

(a) Balances as of December 31, 2013
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating statements of operations by industry segment for period ending March 31, 2015 are as follows:


		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Revenues:
Self-moving equipment rentals	$	2,149,986	$	–	$	–	$	(3,595)	(c)	$	2,146,391
Self-storage revenues		211,136		–		–		–			211,136
Self-moving & self-storage products & service sales		244,177		–		–		–			244,177
Property management fees		25,341		–		–		–			25,341
Life insurance premiums		–		–		156,103		–			156,103
Property and casualty insurance premiums		–		46,456		–		–			46,456
Net investment and interest income		13,644		12,819		59,051		(786)	(b)		84,728
Other revenue		156,154		–		4,502		(457)	(b)		160,199
Total revenues		2,800,438		59,275		219,656		(4,838)			3,074,531

Costs and expenses:
Operating expenses		1,436,145		24,802		22,476		(4,014)	(b,c)		1,479,409
Commission expenses		249,642		–		–		–			249,642
Cost of sales		146,072		–		–		–			146,072
Benefits and losses		–		10,996		147,764		–			158,760
Amortization of deferred policy acquisition costs		–		–		19,661		–			19,661
Lease expense		79,984		–		–		(186)	(b)		79,798
Depreciation, net of (gains) losses on disposals		278,165		–		–		–			278,165
Total costs and expenses		2,190,008		35,798		189,901		(4,200)			2,411,507

Earnings from operations before equity in earnings of subsidiaries		610,430		23,477		29,755		(638)			663,024

Equity in earnings of subsidiaries		34,783		–		–		(34,783)	(d)		–

Earnings from operations		645,213		23,477		29,755		(35,421)			663,024
Interest expense		(98,163)		–		–		638	(b)		(97,525)
Fees and amortization on early extinguishment of debt		(4,081)		–		–		–			(4,081)
Pretax earnings		542,969		23,477		29,755		(34,783)			561,418
Income tax expense		(186,228)		(8,060)		(10,389)		–			(204,677)
Earnings available to common shareholders	$	356,741	$	15,417	$	19,366	$	(34,783)		$	356,741

(a) Balances for the year ended December 31, 2014
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statements of operations by industry segment for period ending March 31, 2014 are as follows:


		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Revenues:
Self-moving equipment rentals	$	1,958,209	$	–	$	–	$	(2,786)	(c)	$	1,955,423
Self-storage revenues		181,794		–		–		–			181,794
Self-moving & self-storage products & service sales		234,187		–		–		–			234,187
Property management fees		24,493		–		–		–			24,493
Life insurance premiums		–		–		157,919		–			157,919
Property and casualty insurance premiums		–		41,052		–		–			41,052
Net investment and interest income		15,212		10,592		54,398		(611)	(b)		79,591
Other revenue		158,055		–		3,211		(473)	(b)		160,793
Total revenues		2,571,950		51,644		215,528		(3,870)			2,835,252

Costs and expenses:
Operating expenses		1,272,406		20,799		23,686		(3,217)	(b,c)		1,313,674
Commission expenses		227,332		–		–		–			227,332
Cost of sales		127,270		–		–		–			127,270
Benefits and losses		–		11,513		145,189		–			156,702
Amortization of deferred policy acquisition costs		–		–		19,982		–			19,982
Lease expense		100,649		–		–		(183)	(b)		100,466
Depreciation, net of (gains) losses on disposals		259,612		–		–		–			259,612
Total costs and expenses		1,987,269		32,312		188,857		(3,400)			2,205,038

Earnings from operations before equity in earnings of subsidiaries		584,681		19,332		26,671		(470)			630,214

Equity in earnings of subsidiaries		29,992		–		–		(29,992)	(d)		–

Earnings from operations		614,673		19,332		26,671		(30,462)			630,214
Interest expense		(93,162)		–		–		470	(b)		(92,692)
Pretax earnings		521,511		19,332		26,671		(29,992)			537,522
Income tax expense		(179,120)		(6,670)		(9,341)		–			(195,131)
Earnings available to common shareholders	$	342,391	$	12,662	$	17,330	$	(29,992)		$	342,391

(a) Balances for the year ended December 31, 2013
(b) Eliminate intercompany lease/interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statements of operations by industry segment for period ending March 31, 2013 are as follows:


		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Revenues:
Self-moving equipment rentals	$	1,769,058	$	–	$	–	$	(1,538)	(c)	$	1,767,520
Self-storage revenues		152,660		–		–		–			152,660
Self-moving & self-storage products & service sales		221,117		–		–		–			221,117
Property management fees		24,378		–		–		–			24,378
Life insurance premiums		–		–		178,115		–			178,115
Property and casualty insurance premiums		–		34,342		–		–			34,342
Net investment and interest income		18,622		13,858		50,850		(427)	(b)		82,903
Other revenue		96,507		–		2,525		(1,480)	(b)		97,552
Total revenues		2,282,342		48,200		231,490		(3,445)			2,558,587

Costs and expenses:
Operating expenses		1,152,429		18,007		26,482		(2,984)	(b,c)		1,193,934
Commission expenses		204,758		–		–		–			204,758
Cost of sales		107,216		–		–		–			107,216
Benefits and losses		–		15,999		164,677		–			180,676
Amortization of deferred policy acquisition costs		–		–		17,376		–			17,376
Lease expense		117,615		–		–		(167)	(b)		117,448
Depreciation, net of (gains) losses on disposals		237,996		–		–		–			237,996
Total costs and expenses		1,820,014		34,006		208,535		(3,151)			2,059,404

Earnings from operations before equity in earnings of subsidiaries		462,328		14,194		22,955		(294)			499,183

Equity in earnings of subsidiaries		24,241		–		–		(24,241)	(d)		–

Earnings from operations		486,569		14,194		22,955		(24,535)			499,183
Interest expense		(90,990)		–		–		294	(b)		(90,696)
Pretax earnings		395,579		14,194		22,955		(24,241)			408,487
Income tax expense		(130,871)		(4,938)		(7,970)		–			(143,779)
Earnings available to common shareholders	$	264,708	$	9,256	$	14,985	$	(24,241)		$	264,708

(a) Balances for the year ended December 31, 2012
(b) Eliminate intercompany lease/interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating cash flow statements by industry segment for the year ended March 31, 2015, are as follows:


		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination			AMERCO Consolidated
		(In thousands)
Cash flows from operating activities:
Net earnings	$	356,741	$	15,417	$	19,366	$	(34,783)		$	356,741
Earnings from consolidated subsidiaries		(34,783)		–		–		34,783			–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		352,796		–		–		–			352,796
Amortization of deferred policy acquisition costs		–		–		19,661		–			19,661
Change in allowance for losses on trade receivables		(179)		–		11		–			(168)
Change in allowance for inventory reserve		(872)		–		–		–			(872)
Net gain on sale of real and personal property		(74,631)		–		–		–			(74,631)
Net gain on sale of investments		–		(841)		(3,084)		–			(3,925)
Deferred income taxes		66,628		8,030		1,842		–			76,500
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(3,213)		16,830		(3,985)		–			9,632
Inventories		(1,579)		–		–		–			(1,579)
Prepaid expenses		(65,720)		–		–		–			(65,720)
Capitalization of deferred policy acquisition costs		–		–		(27,084)		–			(27,084)
Other assets		4,437		102		(804)		–			3,735
Related party assets		27,753		(258)		–		211	(b)		27,706
Accounts payable and accrued expenses		158,610		–		7,446		–			166,056
Policy benefits and losses, claims and loss expenses payable		(4,327)		(23,472)		10,178		–			(17,621)
Other policyholders' funds and liabilities		–		339		671		–			1,010
Deferred income		(13,181)		–		–		–			(13,181)
Related party liabilities		(1,016)		428		(67)		(211)	(b)		(866)
Net cash provided (used) by operating activities		767,464		16,575		24,151		–			808,190

Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(1,111,899)		–		–		–			(1,111,899)
Short term investments		–		(40,583)		(249,796)		–			(290,379)
Fixed maturities investments		–		(43,062)		(171,309)		–			(214,371)
Equity securities		–		(3,333)		(426)		–			(3,759)
Preferred stock		–		(1,006)		(1,000)		–			(2,006)
Real estate		–		(7,857)		(7,542)		–			(15,399)
Mortgage loans		(22,876)		(4,350)		(15,457)		–			(42,683)
Proceeds from sales and paydowns of:
Property, plant and equipment		411,629		–		–		–			411,629
Short term investments		–		53,112		234,771		–			287,883
Fixed maturities investments		–		18,556		89,311		–			107,867
Equity securities		–		3,082		–		–			3,082
Preferred stock		–		400		2,027		–			2,427
Real estate		–		–		396		–			396
Mortgage loans		28,089		4,203		9,691		–			41,983
Net cash provided (used) by investing activities		(695,057)		(20,838)		(109,334)		–			(825,229)

(a) Balance for the period ended December 31, 2014
(b) Eliminate intercompany investments

Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2015, are as follows:


		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(In thousands)
Cash flows from financing activities:
Borrowings from credit facilities		657,535		–		–		–		657,535
Principal repayments on credit facilities		(593,722)		–		–		–		(593,722)
Debt issuance costs		(12,327)		–		–		–		(12,327)
Capital lease payments		(121,202)		–		–		–		(121,202)
Leveraged Employee Stock Ownership Plan		(5,172)		–		–		–		(5,172)
Common stock dividends paid		(19,594)		–		–		–		(19,594)
Investment contract deposits		–		–		123,129		–		123,129
Investment contract withdrawals		–		–		(54,108)		–		(54,108)
Net cash provided (used) by financing activities		(94,482)		–		69,021		–		(25,461)

Effects of exchange rate on cash		(10,762)		–		–		–		(10,762)

Decrease in cash and cash equivalents		(32,837)		(4,263)		(16,162)		–		(53,262)
Cash and cash equivalents at beginning of period		464,710		12,758		17,644		–		495,112
Cash and cash equivalents at end of period	$	431,873	$	8,495	$	1,482	$	–	$	441,850

(a) Balance for the period ended December 31, 2014

Consolidating cash flow statements by industry segment for the year ended March 31, 2014, are as follows:


		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination			AMERCO Consolidated
		(In thousands)
Cash flows from operating activities:
Net earnings	$	342,391	$	12,662	$	17,330	$	(29,992)		$	342,391
Earnings from consolidated subsidiaries		(29,992)		–		–		29,992			–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		293,169		–		–		–			293,169
Amortization of deferred policy acquisition costs		–		–		19,982		–			19,982
Change in allowance for losses on trade receivables		(28)		–		(8)		–			(36)
Change in allowance for inventory reserve		871		–		–		–			871
Net gain on sale of real and personal property		(33,557)		–		–		–			(33,557)
Net gain on sale of investments		(1,325)		(536)		(4,550)		–			(6,411)
Deferred income taxes		34,605		7,301		4,465		–			46,371
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		14,328		43,675		4,503		–			62,506
Inventories		(11,495)		–		–		–			(11,495)
Prepaid expenses		2,186		–		–		–			2,186
Capitalization of deferred policy acquisition costs		–		–		(32,611)		–			(32,611)
Other assets		8,670		(781)		(222)		–			7,667
Related party assets		11,060		(4,231)		–		725	(b)		7,554
Accounts payable and accrued expenses		30,822		–		3,909		–			34,731
Policy benefits and losses, claims and loss expenses payable		(8,202)		(34,968)		12,674		–			(30,496)
Other policyholders' funds and liabilities		–		575		118		–			693
Deferred income		1,259		–		–		–			1,259
Related party liabilities		5,647		(131)		(61)		(725)	(b)		4,730
Net cash provided (used) by operating activities		660,409		23,566		25,529		–			709,504

Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(999,365)		–		–		–			(999,365)
Short term investments		–		(60,551)		(210,139)		–			(270,690)
Fixed maturities investments		–		(58,790)		(223,634)		–			(282,424)
Equity securities		–		(746)		(816)		–			(1,562)
Preferred stock		–		(640)		–		–			(640)
Real estate		–		–		(532)		–			(532)
Mortgage loans		(21,349)		(3,500)		(39,159)		11,589	(b)		(52,419)
Proceeds from sales and paydowns of:
Property, plant and equipment		270,053		–		–		–			270,053
Short term investments		–		68,852		200,200		–			269,052
Fixed maturities investments		–		17,106		121,295		–			138,401
Equity securities		26,569		2,570		–		–			29,139
Preferred stock		–		4,504		1,500		–			6,004
Real estate		193		–		351		–			544
Mortgage loans		38,959		6,267		15,049		(11,589)	(b)		48,686
Net cash provided (used) by investing activities		(684,940)		(24,928)		(135,885)		–			(845,753)

(a) Balance for the period ended December 31, 2013
(b) Eliminate intercompany investments

Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2014, are as follows:


		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(In thousands)
Cash flows from financing activities:
Borrowings from credit facilities		431,029		–		–		–		431,029
Principal repayments on credit facilities		(293,068)		–		–		–		(293,068)
Debt issuance costs		(3,943)		–		–		–		(3,943)
Capital lease payments		(53,079)		–		–		–		(53,079)
Leveraged Employee Stock Ownership Plan - repayments from loan		487		–		–		–		487
Proceeds from (repayment of) intercompany loans		–		–		–		–		–
Common stock dividends paid		(19,568)		–		–		–		(19,568)
Investment contract deposits		–		–		140,613		–		140,613
Investment contract withdrawals		–		–		(34,677)		–		(34,677)
Net cash provided (used) by financing activities		61,858		–		105,936		–		167,794

Effects of exchange rate on cash		(177)		–		–		–		(177)

Increase (decrease) in cash and cash equivalents		37,150		(1,362)		(4,420)		–		31,368
Cash and cash equivalents at beginning of period		427,560		14,120		22,064		–		463,744
Cash and cash equivalents at end of period	$	464,710	$	12,758	$	17,644	$	–	$	495,112

(a) Balance for the period ended December 31, 2013

Consolidating cash flow statements by industry segment for the year ended March 31, 2013 are as follows:


		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination			AMERCO Consolidated
		(In thousands)
Cash flows from operating activities:
Net earnings	$	264,708	$	9,256	$	14,985	$	(24,241)		$	264,708
Earnings from consolidated subsidiaries		(24,241)		–		–		24,241			–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		260,492		–		–		–			260,492
Amortization of deferred policy acquisition costs		–		–		17,376		–			17,376
Change in allowance for losses on trade receivables		(134)		–		–		–			(134)
Change in allowance for inventory reserve		1,133		–		–		–			1,133
Net gain on sale of real and personal property		(22,496)		–		–		–			(22,496)
Net gain on sale of investments		(76)		(4,883)		(3,364)		–			(8,323)
Deferred income taxes		9,206		4,459		(147)		–			13,518
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(6,022)		45,201		(2,857)		–			36,322
Inventories		1,206		–		–		–			1,206
Prepaid expenses		(15,587)		–		–		–			(15,587)
Capitalization of deferred policy acquisition costs		–		–		(50,640)		–			(50,640)
Other assets		21,216		294		46		–			21,556
Related party assets		133,970		(1,361)		–		1,063	(b)		133,672
Accounts payable and accrued expenses		41,330		–		(1,298)		–			40,032
Policy benefits and losses, claims and loss expenses payable		1,102		(52,755)		21,175		–			(30,478)
Other policyholders' funds and liabilities		–		(281)		302		–			21
Deferred income		(1,312)		–		–		–			(1,312)
Related party liabilities		1,145		346		36		(1,063)	(b)		464
Net cash provided (used) by operating activities		665,640		276		(4,386)		–			661,530

Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(655,984)		–		–		–			(655,984)
Short term investments		–		(97,269)		(314,369)		–			(411,638)
Fixed maturities investments		–		(44,460)		(398,802)		–			(443,262)
Equity securities		–		(16,289)		–		–			(16,289)
Preferred stock		–		(6,296)		–		–			(6,296)
Real estate		(243)		–		(830)		–			(1,073)
Mortgage loans		(45,206)		(1,821)		(33,684)		–			(80,711)
Proceeds from sales and paydowns of:
Property, plant and equipment		220,699		–		–		–			220,699
Short term investments		–		87,738		329,782		–			417,520
Fixed maturities investments		–		35,493		125,313		–			160,806
Equity securities		372		–		–		–			372
Preferred stock		–		7,258		–		–			7,258
Real estate		667		–		4		–			671
Mortgage loans		46,468		25,448		23,798		–			95,714
Net cash provided (used) by investing activities		(433,227)		(10,198)		(268,788)		–			(712,213)

(a) Balance for the period ended December 31, 2012
(b) Eliminate intercompany investments

Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2013 are as follows:


		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(In thousands)
Cash flows from financing activities:
Borrowings from credit facilities		270,546		–		–		–		270,546
Principal repayments on credit facilities		(257,957)		–		–		–		(257,957)
Debt issuance costs		(2,223)		–		–		–		(2,223)
Capital lease payments		(26,877)		–		–		–		(26,877)
Leveraged Employee Stock Ownership Plan - repayments from loan		692		–		–		–		692
Securitization deposits		1,195		–		–		–		1,195
Proceeds from (repayment of) intercompany loans		–		–		–		–		–
Common stock dividends paid		(97,421)		–		–		–		(97,421)
Contribution to related party		(1,500)		1,500		–		–		–
Investment contract deposits		–		–		301,729		–		301,729
Investment contract withdrawals		–		–		(31,901)		–		(31,901)
Net cash provided (used) by financing activities		(113,545)		1,500		269,828		–		157,783

Effects of exchange rate on cash		(536)		–		–		–		(536)

Increase (decrease) in cash and cash equivalents		118,332		(8,422)		(3,346)		–		106,564
Cash and cash equivalents at beginning of period		309,228		22,542		25,410		–		357,180
Cash and cash equivalents at end of period	$	427,560	$	14,120	$	22,064	$	–	$	463,744

(a) Balance for the period ended December 31, 2012