Consolidating Financial Information By Industry Segment (Table Text Block)

9 Months Ended

Dec. 31, 2017

Table Text Block Supplement [Abstract]

Consolidated Balance Sheet by Industry Segment

Consolidating balance sheets by industry segment as of December 31, 2017 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Assets:
Cash and cash equivalents	$	978,264	$	12,296	$	32,327	$	–		$	1,022,887
Reinsurance recoverables and trade receivables, net		74,264		100,849		30,760		–			205,873
Inventories, net		95,672		–		–		–			95,672
Prepaid expenses		147,375		–		–		–			147,375
Investments, fixed maturities and marketable equities		–		272,939		1,595,375		–			1,868,314
Investments, other		23,144		67,879		316,799		–			407,822
Deferred policy acquisition costs, net		–		–		124,820		–			124,820
Other assets		90,442		594		2,572		–			93,608
Related party assets		45,111		7,521		18,364		(28,087)	(c)		42,909
		1,454,272		462,078		2,121,017		(28,087)			4,009,280
Investment in subsidiaries		522,874		–		–		(522,874)	(b)		–
Property, plant and equipment, at cost:
Land		738,525		–		–		–			738,525
Buildings and improvements		3,000,208		–		–		–			3,000,208
Furniture and equipment		600,216		–		–		–			600,216
Rental trailers and other rental equipment		538,334		–		–		–			538,334
Rental trucks		4,243,305		–		–		–			4,243,305
		9,120,588		–		–		–			9,120,588
Less:  Accumulated depreciation		(2,632,909)		–		–		–			(2,632,909)
Total property, plant and equipment		6,487,679		–		–		–			6,487,679
Total assets	$	8,464,825	$	462,078	$	2,121,017	$	(550,961)		$	10,496,959
(a) Balances as of September 30, 2017
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of December 31, 2017 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	461,518	$	3,158	$	5,279	$	–		$	469,955
Notes, loans and leases payable		3,493,908		–		–		–			3,493,908
Policy benefits and losses, claims and loss expenses payable		408,724		238,085		443,397		–			1,090,206
Liabilities from investment contracts		–		–		1,319,945		–			1,319,945
Other policyholders' funds and liabilities		–		5,282		5,457		–			10,739
Deferred income		27,491		–		–		–			27,491
Deferred income taxes		634,388		13,510		23,650		–			671,548
Related party liabilities		25,629		2,341		117		(28,087)	(c)		–
Total liabilities		5,051,658		262,376		1,797,845		(28,087)			7,083,792
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		452,829		91,120		26,271		(117,601)	(b)		452,619
Accumulated other comprehensive income (loss)		(9,911)		12,301		30,616		(42,917)	(b)		(9,911)
Retained earnings		3,643,043		92,980		263,785		(356,555)	(b)		3,643,253
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		(5,641)		–		–		–			(5,641)
Total stockholders' equity		3,413,167		199,702		323,172		(522,874)			3,413,167
Total liabilities and stockholders' equity	$	8,464,825	$	462,078	$	2,121,017	$	(550,961)		$	10,496,959
(a) Balances as of September 30, 2017
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2017 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
Assets:		(In thousands)
Cash and cash equivalents	$	671,665	$	12,725	$	13,416	$	–		$	697,806
Reinsurance recoverables and trade receivables, net		41,234		107,757		29,090		–			178,081
Inventories, net		82,439		–		–		–			82,439
Prepaid expenses		124,728		–		–		–			124,728
Investments, fixed maturities and marketable equities		–		248,816		1,414,952		–			1,663,768
Investments, other		35,342		63,086		269,402		–			367,830
Deferred policy acquisition costs, net		–		–		130,213		–			130,213
Other assets		93,197		1,922		2,406		–			97,525
Related party assets		88,829		11,496		18,465		(32,622)	(c)		86,168
		1,137,434		445,802		1,877,944		(32,622)			3,428,558
Investment in subsidiaries		477,058		–		–		(477,058)	(b)		–
Property, plant and equipment, at cost:
Land		648,757		–		–		–			648,757
Buildings and improvements		2,618,265		–		–		–			2,618,265
Furniture and equipment		510,415		–		–		–			510,415
Rental trailers and other rental equipment		492,280		–		–		–			492,280
Rental trucks		4,091,598		–		–		–			4,091,598
		8,361,315		–		–		–			8,361,315
Less:  Accumulated depreciation		(2,384,033)		–		–		–			(2,384,033)
Total property, plant and equipment		5,977,282		–		–		–			5,977,282
Total assets	$	7,591,774	$	445,802	$	1,877,944	$	(509,680)		$	9,405,840
(a) Balances as of December 31, 2016
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2017 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	441,667	$	1,926	$	6,948	$	–		$	450,541
Notes, loans and leases payable		3,262,880		–		–		–			3,262,880
Policy benefits and losses, claims and loss expenses payable		399,181		244,980		442,161		–			1,086,322
Liabilities from investment contracts		–		–		1,112,498		–			1,112,498
Other policyholders' funds and liabilities		–		4,184		5,966		–			10,150
Deferred income		28,696		–		–		–			28,696
Deferred income taxes		809,566		11,243		14,200		–			835,009
Related party liabilities		30,040		2,539		43		(32,622)	(c)		–
Total liabilities		4,972,030		264,872		1,581,816		(32,622)			6,786,096
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		452,382		91,120		26,271		(117,601)	(b)		452,172
Accumulated other comprehensive income (loss)		(51,236)		6,166		16,933		(23,099)	(b)		(51,236)
Retained earnings		2,892,683		80,343		250,424		(330,557)	(b)		2,892,893
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		(6,932)		–		–		–			(6,932)
Total stockholders' equity		2,619,744		180,930		296,128		(477,058)			2,619,744
Total liabilities and stockholders' equity	$	7,591,774	$	445,802	$	1,877,944	$	(509,680)		$	9,405,840
(a) Balances as of December 31, 2016
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidated Statement of Operations by Industry Segment

Consolidating statement of operations by industry segment for the quarter ended December 31, 2017 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	576,018	$	–	$	–	$	(1,217)	(c)	$	574,801
Self-storage revenues		82,127		–		–		–			82,127
Self-moving and self-storage products and service sales		53,130		–		–		–			53,130
Property management fees		9,881		–		–		–			9,881
Life insurance premiums		–		–		38,957		–			38,957
Property and casualty insurance premiums		–		16,754		–		(661)	(c)		16,093
Net investment and interest income		3,662		3,645		21,887		(373)	(b)		28,821
Other revenue		37,669		–		1,535		(132)	(b)		39,072
Total revenues		762,487		20,399		62,379		(2,383)			842,882
Costs and expenses:
Operating expenses		426,394		8,160		5,521		(2,004)	(b,c)		438,071
Commission expenses		63,487		–		–		–			63,487
Cost of sales		33,995		–		–		–			33,995
Benefits and losses		–		4,644		40,524		–			45,168
Amortization of deferred policy acquisition costs		–		–		5,952		–			5,952
Lease expense		8,498		–		–		(83)	(b)		8,415
Depreciation, net of (gains) losses on disposal		137,061		–		–		–			137,061
Net (gains) losses on disposal of real estate		(192,404)		–		–		–			(192,404)
Total costs and expenses		477,031		12,804		51,997		(2,087)			539,745
Earnings from operations before equity in earnings of subsidiaries		285,456		7,595		10,382		(296)			303,137
Equity in earnings of subsidiaries		11,823		–		–		(11,823)	(d)		–
Earnings from operations		297,279		7,595		10,382		(12,119)			303,137
Interest expense		(31,854)		–		–		296	(b)		(31,558)
Pretax earnings		265,425		7,595		10,382		(11,823)			271,579
Income tax (expense) benefit		263,469		(2,528)		(3,626)		–			257,315
Earnings available to common shareholders	$	528,894	$	5,067	$	6,756	$	(11,823)		$	528,894
(a) Balances for the quarter ended September 30, 2017
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statement of operations by industry segment for the quarter ended December 31, 2016 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	542,545	$	–	$	–	$	(1,072)	(c)	$	541,473
Self-storage revenues		72,309		–		–		–			72,309
Self-moving and self-storage products and service sales		51,562		–		–		–			51,562
Property management fees		9,734		–		–		–			9,734
Life insurance premiums		–		–		41,279		–			41,279
Property and casualty insurance premiums		–		14,938		–		–			14,938
Net investment and interest income		2,570		3,443		17,221		(401)	(b)		22,833
Other revenue		35,264		–		1,194		(131)	(b)		36,327
Total revenues		713,984		18,381		59,694		(1,604)			790,455
Costs and expenses:
Operating expenses		377,165		7,688		5,693		(1,194)	(b,c)		389,352
Commission expenses		61,052		–		–		–			61,052
Cost of sales		32,537		–		–		–			32,537
Benefits and losses		–		3,474		41,929		–			45,403
Amortization of deferred policy acquisition costs		–		–		5,200		–			5,200
Lease expense		8,854		–		–		(47)	(b)		8,807
Depreciation, net of (gains) losses on disposal		118,541		–		–		–			118,541
Net (gains) losses on disposal of real estate		(2,418)		–		–		–			(2,418)
Total costs and expenses		595,731		11,162		52,822		(1,241)			658,474
Earnings from operations before equity in earnings of subsidiaries		118,253		7,219		6,872		(363)			131,981
Equity in earnings of subsidiaries		9,046		–		–		(9,046)	(d)		–
Earnings from operations		127,299		7,219		6,872		(9,409)			131,981
Interest expense		(29,145)		–		–		363	(b)		(28,782)
Amortization on early extinguishment of debt		(499)		–		–		–			(499)
Pretax earnings		97,655		7,219		6,872		(9,046)			102,700
Income tax expense		(32,427)		(2,488)		(2,557)		–			(37,472)
Earnings available to common shareholders	$	65,228	$	4,731	$	4,315	$	(9,046)		$	65,228
(a) Balances for the quarter ended September 30, 2016
(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 the nine months ended December 31, 2017 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	1,988,430	$	–	$	–	$	(3,213)	(c)	$	1,985,217
Self-storage revenues		239,317		–		–		–			239,317
Self-moving and self-storage products and service sales		205,309		–		–		–			205,309
Property management fees		23,474		–		–		–			23,474
Life insurance premiums		–		–		116,910		–			116,910
Property and casualty insurance premiums		–		44,067		–		(1,133)	(c)		42,934
Net investment and interest income		9,496		11,637		62,531		(1,157)	(b)		82,507
Other revenue		144,196		–		4,024		(395)	(b)		147,825
Total revenues		2,610,222		55,704		183,465		(5,898)			2,843,493
Costs and expenses:
Operating expenses		1,310,892		24,632		16,669		(4,716)	(b,c)		1,347,477
Commission expenses		222,203		–		–		–			222,203
Cost of sales		124,456		–		–		–			124,456
Benefits and losses		–		11,954		128,043		–			139,997
Amortization of deferred policy acquisition costs		–		–		18,217		–			18,217
Lease expense		25,460		–		–		(183)	(b)		25,277
Depreciation, net of (gains) losses on disposal		396,540		–		–		–			396,540
Net (gains) losses on disposal of real estate		(192,223)		–		–		–			(192,223)
Total costs and expenses		1,887,328		36,586		162,929		(4,899)			2,081,944
Earnings from operations before equity in earnings of subsidiaries		722,894		19,118		20,536		(999)			761,549
Equity in earnings of subsidiaries		25,998		–		–		(25,998)	(d)		–
Earnings from operations		748,892		19,118		20,536		(26,997)			761,549
Interest expense		(94,925)		–		–		999	(b)		(93,926)
Pretax earnings		653,967		19,118		20,536		(25,998)			667,623
Income tax (expense) benefit		125,773		(6,481)		(7,175)		–			112,117
Earnings available to common shareholders	$	779,740	$	12,637	$	13,361	$	(25,998)		$	779,740
(a) Balances for the nine months ended September 30, 2017
(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 the nine months ended December 31, 2016 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	1,902,400	$	–	$	–	$	(2,881)	(c)	$	1,899,519
Self-storage revenues		212,194		–		–		–			212,194
Self-moving and self-storage products and service sales		199,195		–		–		–			199,195
Property management fees		23,050		–		–		–			23,050
Life insurance premiums		–		–		123,064		–			123,064
Property and casualty insurance premiums		–		40,202		–		–			40,202
Net investment and interest income		7,035		12,951		56,982		(1,214)	(b)		75,754
Other revenue		136,341		–		3,404		(392)	(b)		139,353
Total revenues		2,480,215		53,153		183,450		(4,487)			2,712,331
Costs and expenses:
Operating expenses		1,137,364		21,193		17,335		(3,245)	(b,c)		1,172,647
Commission expenses		215,330		–		–		–			215,330
Cost of sales		116,851		–		–		–			116,851
Benefits and losses		–		10,144		129,098		–			139,242
Amortization of deferred policy acquisition costs		–		–		19,131		–			19,131
Lease expense		29,344		–		–		(140)	(b)		29,204
Depreciation, net of (gains) losses on disposal		323,785		–		–		–			323,785
Net (gains) losses on disposal of real estate		(2,377)		–		–		–			(2,377)
Total costs and expenses		1,820,297		31,337		165,564		(3,385)			2,013,813
Earnings from operations before equity in earnings of subsidiaries		659,918		21,816		17,886		(1,102)			698,518
Equity in earnings of subsidiaries		25,925		–		–		(25,925)	(d)		–
Earnings from operations		685,843		21,816		17,886		(27,027)			698,518
Interest expense		(84,299)		–		–		1,102	(b)		(83,197)
Amortization on early extinguishment of debt		(499)		–		–		–			(499)
Pretax earnings		601,045		21,816		17,886		(25,925)			614,822
Income tax expense		(212,169)		(7,520)		(6,257)		–			(225,946)
Earnings available to common shareholders	$	388,876	$	14,296	$	11,629	$	(25,925)		$	388,876
(a) Balances for the nine months ended September 30, 2016
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidated Cash Flow Statement by Industry Segment

Consolidating cash flow statements by industry segment for the nine months ended December 31, 2017 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(Unaudited)
Cash flows from operating activities:		(In thousands)
Net earnings	$	779,740	$	12,637	$	13,361	$	(25,998)	$	779,740
Earnings from consolidated entities		(25,998)		–		–		25,998		–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		410,800		–		–		–		410,800
Amortization of deferred policy acquisition costs		–		–		18,217		–		18,217
Amortization of debt issuance costs		2,910		–		–		–		2,910
Interest credited to policyholders		–		–		23,250		–		23,250
Change in allowance for losses on trade receivables		(22)		–		(3)		–		(25)
Change in allowance for inventory reserve		4,334		–		–		–		4,334
Net (gains) losses on disposal of personal property		(14,260)		–		–		–		(14,260)
Net (gains) losses on disposal of real estate		(192,223)		–		–		–		(192,223)
Net (gains) losses on sales of investments		–		(881)		(3,369)		–		(4,250)
Deferred income taxes		(176,566)		(1,315)		(1,166)		–		(179,047)
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(32,898)		6,908		(1,669)		–		(27,659)
Inventories		(17,410)		–		–		–		(17,410)
Prepaid expenses		(22,220)		–		–		–		(22,220)
Capitalization of deferred policy acquisition costs		–		–		(21,501)		–		(21,501)
Other assets		4,649		1,796		(166)		–		6,279
Related party assets		43,822		3,982		–		–		47,804
Accounts payable and accrued expenses		15,455		1,229		10,080		–		26,764
Policy benefits and losses, claims and loss expenses payable		8,427		(6,896)		1,236		–		2,767
Other policyholders' funds and liabilities		–		1,099		(509)		–		590
Deferred income		(1,297)		–		–		–		(1,297)
Related party liabilities		(4,412)		(205)		75		–		(4,542)
Net cash provided (used) by operating activities		782,831		18,354		37,836		–		839,021
Cash flows from investing activities:
Escrow deposits		19,707		–		–		–		19,707
Purchases of:
Property, plant and equipment		(970,472)		–		–		–		(970,472)
Short term investments		–		(39,701)		(9,042)		–		(48,743)
Fixed maturities investments		–		(34,284)		(239,999)		–		(274,283)
Equity securities		–		–		(662)		–		(662)
Preferred stock		–		(1,000)		–		–		(1,000)
Real estate		(1,637)		(16)		(130)		–		(1,783)
Mortgage loans		–		(11,609)		(69,098)		–		(80,707)
Proceeds from sales and paydowns of:
Property, plant and equipment		591,040		–		–		–		591,040
Short term investments		–		43,570		10,749		–		54,319
Fixed maturities investments		–		17,821		84,583		–		102,404
Preferred stock		–		3,188		–		–		3,188
Real estate		5,348		–		–		–		5,348
Mortgage loans		–		3,248		20,478		–		23,726
Net cash provided (used) by investing activities		(356,014)		(18,783)		(203,121)		–		(577,918)
		(page 1 of 2)
(a) Balance for the period ended September 30, 2017

Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2017 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(Unaudited)
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities		426,262		–		–		–		426,262
Principal repayments on credit facilities		(303,212)		–		–		–		(303,212)
Debt issuance costs		(4,581)		–		–		–		(4,581)
Capital lease payments		(219,623)		–		–		–		(219,623)
Employee Stock Ownership Plan		(6,764)		–		–		–		(6,764)
Securitization deposits		(2,181)		–		–		–		(2,181)
Common stock dividend paid		(19,587)		–		–		–		(19,587)
Investment contract deposits		–		–		347,695		–		347,695
Investment contract withdrawals		–		–		(163,499)		–		(163,499)
Net cash provided (used) by financing activities		(129,686)		–		184,196		–		54,510
Effects of exchange rate on cash		9,468		–		–		–		9,468
Increase (decrease) in cash and cash equivalents		306,599		(429)		18,911		–		325,081
Cash and cash equivalents at beginning of period		671,665		12,725		13,416		–		697,806
Cash and cash equivalents at end of period	$	978,264	$	12,296	$	32,327	$	–	$	1,022,887
		(page 2 of 2)
(a) Balance for the period ended September 30, 2017

Consolidating cash flow statements by industry segment for the nine months ended December 31, 2016 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(Unaudited)
Cash flows from operating activities:		(In thousands)
Net earnings	$	388,876	$	14,296	$	11,629	$	(25,925)	$	388,876
Earnings from consolidated entities		(25,925)		–		–		25,925		–
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		354,183		–		–		–		354,183
Amortization of deferred policy acquisition costs		–		–		19,131		–		19,131
Amortization of debt issuance costs		3,125		–		–		–		3,125
Interest credited to policyholders		–		–		18,190		–		18,190
Change in allowance for losses on trade receivables		22		–		(50)		–		(28)
Change in allowance for inventory reserve		1,897		–		–		–		1,897
Net (gains) losses on disposal of personal property		(30,398)		–		–		–		(30,398)
Net (gains) losses on disposal of real estate		(2,377)		–		–		–		(2,377)
Net (gains) losses on sales of investments		–		(2,717)		(1,231)		–		(3,948)
Deferred income taxes		114,017		(549)		(1,020)		–		112,448
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(24,147)		2,388		(2,160)		–		(23,919)
Inventories		(1,901)		–		–		–		(1,901)
Prepaid expenses		79,578		–		–		–		79,578
Capitalization of deferred policy acquisition costs		–		–		(21,040)		–		(21,040)
Other assets		(3,185)		2,439		83		–		(663)
Related party assets		(5,906)		437		–		–		(5,469)
Accounts payable and accrued expenses		22,313		2,363		6,097		–		30,773
Policy benefits and losses, claims and loss expenses payable		11,805		(5,650)		6,688		–		12,843
Other policyholders' funds and liabilities		–		1,024		(1,406)		–		(382)
Deferred income		1,105		–		–		–		1,105
Related party liabilities		(1,018)		371		(64)		–		(711)
Net cash provided (used) by operating activities		882,064		14,402		34,847		–		931,313
Cash flows from investing activities:
Escrow deposits		(768)		–		–		–		(768)
Purchases of:
Property, plant and equipment		(981,316)		–		–		–		(981,316)
Short term investments		–		(67,094)		(499,277)		–		(566,371)
Fixed maturities investments		–		(22,138)		(239,713)		–		(261,851)
Equity securities		–		–		(489)		–		(489)
Real estate		(3,510)		(4,648)		(7,705)		–		(15,863)
Mortgage loans		(9,738)		(16,686)		(132,885)		–		(159,309)
Proceeds from sales and paydowns of:
Property, plant and equipment		412,892		–		–		–		412,892
Short term investments		–		59,583		507,372		–		566,955
Fixed maturities investments		–		20,697		126,536		–		147,233
Preferred stock		–		3,351		–		–		3,351
Real estate		–		–		1,681		–		1,681
Mortgage loans		4,986		9,742		94,532		–		109,260
Net cash provided (used) by investing activities		(577,454)		(17,193)		(149,948)		–		(744,595)
		(page 1 of 2)
(a) Balance for the period ended September 30, 2016

Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2016 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(Unaudited)
Cash flows from financing activities:		(In thousands)
Borrowings from credit facilities		507,008		–		27,000		–		534,008
Principal repayments on credit facilities		(217,545)		–		(27,000)		–		(244,545)
Debt issuance costs		(4,529)		–		–		–		(4,529)
Capital lease payments		(141,750)		–		–		–		(141,750)
Employee Stock Ownership Plan		(7,541)		–		–		–		(7,541)
Securitization deposits		371		–		–		–		371
Common stock dividend paid		(39,171)		–		–		–		(39,171)
Investment contract deposits		–		–		180,554		–		180,554
Investment contract withdrawals		–		–		(64,459)		–		(64,459)
Net cash provided (used) by financing activities		96,843		–		116,095		–		212,938
Effects of exchange rate on cash		(16,117)		–		–		–		(16,117)
Increase (decrease) in cash and cash equivalents		385,336		(2,791)		994		–		383,539
Cash and cash equivalents at beginning of period		585,666		14,049		931		–		600,646
Cash and cash equivalents at end of period	$	971,002	$	11,258	$	1,925	$	–	$	984,185
		(page 2 of 2)
(a) Balance for the period ended September 30, 2016