Consolidating Financial Information by Industry Segment (Table Text Block)

12 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Mar. 31, 2016

Table Text Block Supplement [Abstract]

Consolidated Balance Sheet by Industry Segment

Consolidating balance sheets by industry segment as of March31, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Assets:
Cash and cash equivalents	$	702,036	$	6,639	$	50,713	$	–		$	759,388
Reinsurance recoverables and trade receivables, net		64,798		99,682		29,058		–			193,538
Inventories and parts, net		89,877		–		–		–			89,877
Prepaid expenses		165,692		–		–		–			165,692
Investments, fixed maturities and marketable equities		–		285,846		1,634,014		–			1,919,860
Investments, other		22,992		65,553		310,519		–			399,064
Deferred policy acquisition costs, net		–		–		124,767		–			124,767
Other assets		241,493		685		2,604		–			244,782
Related party assets		40,003		6,959		18,334		(32,020)	(c)		33,276
		1,326,891		465,364		2,170,009		(32,020)			3,930,244
Investment in subsidiaries		544,151		–		–		(544,151)	(b)		–
Property, plant and equipment, at cost:
Land		827,649		–		–		–			827,649
Buildings and improvements		3,140,713		–		–		–			3,140,713
Furniture and equipment		632,803		–		–		–			632,803
Rental trailers and other rental equipment		545,968		–		–		–			545,968
Rental trucks		4,390,750		–		–		–			4,390,750
		9,537,883		–		–		–			9,537,883
Less:  Accumulated depreciation		(2,721,142)		–		–		–			(2,721,142)
Total property, plant and equipment		6,816,741		–		–		–			6,816,741
Total assets	$	8,687,783	$	465,364	$	2,170,009	$	(576,171)		$	10,746,985
(a)  Balances as of December 31, 2017
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March31, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	505,721	$	2,582	$	2,375	$	–		$	510,678
Notes, loans and leases payable, net		3,513,076		–		–		–			3,513,076
Policy benefits and losses, claims and loss expenses payable		568,456		234,359		445,218		–			1,248,033
Liabilities from investment contracts		–		–		1,364,066		–			1,364,066
Other policyholders' funds and liabilities		–		5,377		4,663		–			10,040
Deferred income		34,276		–		–		–			34,276
Deferred income taxes		629,389		8,927		19,792		–			658,108
Related party liabilities		28,157		2,870		993		(32,020)	(c)		–
Total liabilities		5,279,075		254,115		1,837,107		(32,020)			7,338,277
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		452,956		91,120		26,271		(117,601)	(b)		452,746
Accumulated other comprehensive income (loss)		(4,623)		16,526		35,982		(52,508)	(b)		(4,623)
Retained earnings		3,635,351		100,302		268,149		(368,241)	(b)		3,635,561
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		(7,823)		–		–		–			(7,823)
Total stockholders' equity		3,408,708		211,249		332,902		(544,151)			3,408,708
Total liabilities and stockholders' equity	$	8,687,783	$	465,364	$	2,170,009	$	(576,171)		$	10,746,985
(a)  Balances as of December 31, 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
		(In thousands)
Assets:
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 and parts, 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, net		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

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Revenues:
Self-moving equipment rentals	$	2,483,956	$	–	$	–	$	(4,214)	(c)	$	2,479,742
Self-storage revenues		323,903		–		–		–			323,903
Self-moving & self-storage products & service sales		261,557		–		–		–			261,557
Property management fees		29,602		–		–		–			29,602
Life insurance premiums		–		–		154,703		–			154,703
Property and casualty insurance premiums		–		58,800		–		(1,700)	(c)		57,100
Net investment and interest income		12,232		15,771		84,158		(1,688)	(b)		110,473
Other revenue		179,417		–		5,001		(384)	(b)		184,034
Total revenues		3,290,667		74,571		243,862		(7,986)			3,601,114
Costs and expenses:
Operating expenses		1,759,624		32,710		22,061		(6,412)	(b,c)		1,807,983
Commission expenses		276,705		–		–		–			276,705
Cost of sales		160,489		–		–		–			160,489
Benefits and losses		–		15,983		169,328		–			185,311
Amortization of deferred policy acquisition costs		–		–		24,514		–			24,514
Lease expense		34,243		–		–		(283)	(b)		33,960
Depreciation, net gains on disposals		543,247		–		–		–			543,247
Net gains on disposal of real estate		(195,414)		–		–		–			(195,414)
Total costs and expenses		2,578,894		48,693		215,903		(6,695)			2,836,795
Earnings from operations before equity in earnings of subsidiaries		711,773		25,878		27,959		(1,291)			764,319
Equity in earnings of subsidiaries		46,990		–		–		(46,990)	(d)		–
Earnings from operations		758,763		25,878		27,959		(48,281)			764,319
Interest expense		(127,997)		–		–		1,291	(b)		(126,706)
Pretax earnings		630,766		25,878		27,959		(46,990)			637,613
Income tax benefit (expense)		159,817		(2,989)		(3,858)		–			152,970
Earnings available to common shareholders	$	790,583	$	22,889	$	24,101	$	(46,990)		$	790,583
(a)  Balances for the year ended December 31, 2017
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Revenues:
Self-moving equipment rentals	$	2,366,526	$	–	$	–	$	(3,693)	(c)	$	2,362,833
Self-storage revenues		286,886		–		–		–			286,886
Self-moving & self-storage products & service sales		253,073		–		–		–			253,073
Property management fees		29,075		–		–		–			29,075
Life insurance premiums		–		–		163,579		–			163,579
Property and casualty insurance premiums		–		52,334		–		–			52,334
Net investment and interest income		9,688		16,652		77,540		(1,604)	(b)		102,276
Other revenue		167,752		–		4,480		(521)	(b)		171,711
Total revenues		3,113,000		68,986		245,599		(5,818)			3,421,767
Costs and expenses:
Operating expenses		1,521,408		28,421		22,429		(4,175)	(b,c)		1,568,083
Commission expenses		267,230		–		–		–			267,230
Cost of sales		152,485		–		–		–			152,485
Benefits and losses		–		13,404		169,306		–			182,710
Amortization of deferred policy acquisition costs		–		–		26,218		–			26,218
Lease expense		37,529		–		–		(186)	(b)		37,343
Depreciation, net gains on disposals		449,025		–		–		–			449,025
Net gains on disposal of real estate		(3,590)		–		–		–			(3,590)
Total costs and expenses		2,424,087		41,825		217,953		(4,361)			2,679,504
Earnings from operations before equity in earnings of subsidiaries		688,913		27,161		27,646		(1,457)			742,263
Equity in earnings of subsidiaries		35,797		–		–		(35,797)	(d)		–
Earnings from operations		724,710		27,161		27,646		(37,254)			742,263
Interest expense		(114,863)		–		–		1,457	(b)		(113,406)
Amortization on early extinguished of debt		(499)		–		–		–			(499)
Pretax earnings		609,348		27,161		27,646		(35,797)			628,358
Income tax expense		(210,924)		(9,346)		(9,664)		–			(229,934)
Earnings available to common shareholders	$	398,424	$	17,815	$	17,982	$	(35,797)		$	398,424
(a)  Balances for the year ended December 31, 2016
(b) Eliminate intercompany lease/interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Revenues:
Self-moving equipment rentals	$	2,301,586	$	–	$	–	$	(3,606)	(c)	$	2,297,980
Self-storage revenues		247,944		–		–		–			247,944
Self-moving & self-storage products & service sales		251,541		–		–		–			251,541
Property management fees		26,533		–		–		–			26,533
Life insurance premiums		–		–		162,662		–			162,662
Property and casualty insurance premiums		–		50,020		–		–			50,020
Net investment and interest income		8,801		14,783		63,999		(966)	(b)		86,617
Other revenue		148,099		–		4,559		(487)	(b)		152,171
Total revenues		2,984,504		64,803		231,220		(5,059)			3,275,468
Costs and expenses:
Operating expenses		1,423,107		27,958		23,037		(4,055)	(b,c)		1,470,047
Commission expenses		262,627		–		–		–			262,627
Cost of sales		144,990		–		–		–			144,990
Benefits and losses		–		12,298		155,138		–			167,436
Amortization of deferred policy acquisition costs		–		–		23,272		–			23,272
Lease expense		49,966		–		–		(186)	(b)		49,780
Depreciation, net gains on disposals		291,235		–		–		–			291,235
Net (gains) losses on disposal of real estate		(545)		–		–		–			(545)
Total costs and expenses		2,171,380		40,256		201,447		(4,241)			2,408,842
Earnings from operations before equity in earnings of subsidiaries		813,124		24,547		29,773		(818)			866,626
Equity in earnings of subsidiaries		35,522		–		–		(35,522)	(d)		–
Earnings from operations		848,646		24,547		29,773		(36,340)			866,626
Interest expense		(98,533)		–		–		818	(b)		(97,715)
Pretax earnings		750,113		24,547		29,773		(35,522)			768,911
Income tax expense		(261,112)		(8,379)		(10,419)		–			(279,910)
Earnings available to common shareholders	$	489,001	$	16,168	$	19,354	$	(35,522)		$	489,001
(a)  Balances for the year ended December 31, 2015
(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 year ended March 31, 2018, 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	$	790,583	$	22,889	$	24,101	$	(46,990)	$	790,583
Earnings from consolidated subsidiaries		(46,990)		–		–		46,990		–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		555,069		–		–		–		555,069
Amortization of deferred policy acquisition costs		–		–		24,514		–		24,514
Amortization of debt issuance costs		3,868		–		–		–		3,868
Interest credited to policyholders		–		–		32,302		–		32,302
Change in allowance for losses on trade receivables		(31)		–		(89)		–		(120)
Change in allowance for inventories and parts reserve		5,065		–		–		–		5,065
Net gains on disposal of personal property		(11,822)		–		–		–		(11,822)
Net gains on disposal of real estate		(195,414)		–		–		–		(195,414)
Net gains on sales of investments		–		(1,703)		(4,566)		–		(6,269)
Deferred income taxes		(182,358)		(6,596)		(4,480)		–		(193,434)
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(23,444)		8,075		40		–		(15,329)
Inventories and parts		(12,384)		–		–		–		(12,384)
Prepaid expenses		(40,765)		–		–		–		(40,765)
Capitalization of deferred policy acquisition costs		–		–		(27,350)		–		(27,350)
Other assets		(167,579)		1,810		(199)		–		(165,968)
Related party assets		48,855		4,553		–		–		53,408
Accounts payable and accrued expenses		(36,384)		648		10,190		–		(25,546)
Policy benefits and losses, claims and loss expenses payable		168,687		(10,623)		3,057		–		161,121
Other policyholders' funds and liabilities		–		1,194		(1,303)		–		(109)
Deferred income		5,524		–		–		–		5,524
Related party liabilities		(1,884)		318		950		–		(616)
Net cash provided by operating activities		858,596		20,565		57,167		–		936,328
Cash flows from investing activities:
Escrow deposits		31,362		–		–		–		31,362
Purchases of:
Property, plant and equipment		(1,363,745)		–		–		–		(1,363,745)
Short term investments		–		(63,556)		–		–		(63,556)
Fixed maturities investments		–		(51,273)		(339,627)		–		(390,900)
Equity securities		–		–		(662)		–		(662)
Preferred stock		–		(1,000)		–		–		(1,000)
Real estate		(1,365)		(440)		(134)		–		(1,939)
Mortgage loans		–		(14,409)		(69,098)		–		(83,507)
Proceeds from sales and paydowns of:
Property, plant and equipment		699,803		–		–		–		699,803
Short term investments		–		61,133		6,657		–		67,790
Fixed maturities investments		–		23,026		141,799		–		164,825
Preferred stock		–		4,208		–		–		4,208
Real estate		2,783		–		–		–		2,783
Mortgage loans		–		15,660		21,930		–		37,590
Net cash used by investing activities		(631,162)		(26,651)		(239,135)		–		(896,948)
		(page 1 of 2)
(a) Balance for the period ended December 31, 2017

Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2018, 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		498,464		–		–		–		498,464
Principal repayments on credit facilities		(356,451)		–		–		–		(356,451)
Payment of debt issuance costs		(5,111)		–		–		–		(5,111)
Capital lease payments		(296,363)		–		–		–		(296,363)
Employee Stock Ownership Plan Shares		(11,640)		–		–		–		(11,640)
Securitization deposits		(2,180)		–		–		–		(2,180)
Common stock dividends paid		(29,380)		–		–		–		(29,380)
Investment contract deposits		–		–		401,814		–		401,814
Investment contract withdrawals		–		–		(182,549)		–		(182,549)
Net cash provided (used) by financing activities		(202,661)		–		219,265		–		16,604
Effects of exchange rate on cash		5,598		–		–		–		5,598
Increase (decrease) in cash and cash equivalents		30,371		(6,086)		37,297		–		61,582
Cash and cash equivalents at beginning of period		671,665		12,725		13,416		–		697,806
Cash and cash equivalents at end of period	$	702,036	$	6,639	$	50,713	$	–	$	759,388
		(page 2 of 2)
(a) Balance for the period ended December 31, 2017

Consolidating cash flow statements by industry segment for the year ended March 31, 2017, 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	$	398,424	$	17,815	$	17,982	$	(35,797)	$	398,424
Earnings from consolidated subsidiaries		(35,797)		–		–		35,797		–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		481,520		–		–		–		481,520
Amortization of deferred policy acquisition costs		–		–		26,218		–		26,218
Amortization of debt issuance costs		4,062		–		–		–		4,062
Interest credited to policyholders		–		–		25,020		–		25,020
Change in allowance for losses on trade receivables		31		–		(77)		–		(46)
Change in allowance for inventories and parts reserve		1,330		–		–		–		1,330
Net gains on disposal of personal property		(32,495)		–		–		–		(32,495)
Net gains on disposal of real estate		(3,590)		–		–		–		(3,590)
Net gains on sales of investments		–		(2,636)		(2,648)		–		(5,284)
Deferred income taxes		173,059		2,340		(2,287)		–		173,112
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(6,806)		4,221		(305)		–		(2,890)
Inventories and parts		(4,072)		–		–		–		(4,072)
Prepaid expenses		9,386		–		–		–		9,386
Capitalization of deferred policy acquisition costs		–		–		(27,111)		–		(27,111)
Other assets		(3,827)		1,341		(2)		–		(2,488)
Related party assets		(872)		1,215		–		–		343
Accounts payable and accrued expenses		(14,793)		392		9,345		–		(5,056)
Policy benefits and losses, claims and loss expenses payable		13,283		(7,838)		9,933		–		15,378
Other policyholders' funds and liabilities		–		1,167		332		–		1,499
Deferred income		5,921		–		–		–		5,921
Related party liabilities		(1,170)		226		(118)		–		(1,062)
Net cash provided by operating activities		983,594		18,243		56,282		–		1,058,119
Cash flows from investing activities:
Escrow deposits		(38,058)		–		–		–		(38,058)
Purchases of:
Property, plant and equipment		(1,419,505)		–		–		–		(1,419,505)
Short term investments		–		(77,693)		(558,154)		–		(635,847)
Fixed maturities investments		–		(42,628)		(312,473)		–		(355,101)
Equity securities		–		–		(489)		–		(489)
Real estate		(19,406)		(4,648)		(8,753)		–		(32,807)
Mortgage loans		–		(21,021)		(133,289)		–		(154,310)
Proceeds from sales and paydowns of:
Property, plant and equipment		487,475		–		–		–		487,475
Short term investments		–		80,225		575,501		–		655,726
Fixed maturities investments		–		32,127		158,451		–		190,578
Preferred stock		–		4,181		–		–		4,181
Real estate		6,275		–		2,478		–		8,753
Mortgage loans		–		9,890		96,942		–		106,832
Net cash used by investing activities		(983,219)		(19,567)		(179,786)		–		(1,182,572)
		(page 1 of 2)
(a) Balance for the period ended December 31, 2016
(b) Eliminate intercompany investments

Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2017, 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		715,625		–		27,000		–		742,625
Principal repayments on credit facilities		(340,844)		–		(27,000)		–		(367,844)
Payment of debt issuance costs		(5,055)		–		–		–		(5,055)
Capital lease payments		(212,545)		–		–		–		(212,545)
Employee Stock Ownership Plan Shares		(11,106)		–		–		–		(11,106)
Securitization deposits		446		–		–		–		446
Common stock dividends paid		(58,757)		–		–		–		(58,757)
Investment contract deposits		–		–		285,148		–		285,148
Investment contract withdrawals		–		–		(149,159)		–		(149,159)
Net cash provided by financing activities		87,764		–		135,989		–		223,753
Effects of exchange rate on cash		(2,140)		–		–		–		(2,140)
Increase (decrease) in cash and cash equivalents		85,999		(1,324)		12,485		–		97,160
Cash and cash equivalents at beginning of period		585,666		14,049		931		–		600,646
Cash and cash equivalents at end of period	$	671,665	$	12,725	$	13,416	$	–	$	697,806
		(page 2 of 2)
(a) Balance for the period ended December 31, 2016

Consolidating cash flow statements by industry segment for the year ended March 31, 2016 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	$	489,001	$	16,168	$	19,354	$	(35,522)		$	489,001
Earnings from consolidated subsidiaries		(35,522)		–		–		35,522			–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		389,393		–		–		–			389,393
Amortization of deferred policy acquisition costs		–		–		23,272		–			23,272
Amortization of debt issuance costs		3,419		–		–		–			3,419
Interest credited to policyholders		–		–		20,465		–			20,465
Change in allowance for losses on trade receivables		7		–		(212)		–			(205)
Change in allowance for inventories and parts reserve		(1,343)		–		–		–			(1,343)
Net gains on disposal of personal property		(98,158)		–		–		–			(98,158)
Net gains on disposal of real estate		(545)		–		–		–			(545)
Net gains on sales of investments		–		(1,317)		(3,174)		–			(4,491)
Deferred income taxes		124,838		9,311		3,926		–			138,075
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(2,169)		13,528		3,406		–			14,765
Inventories and parts		(9,009)		–		–		–			(9,009)
Prepaid expenses		(10,338)		–		–		–			(10,338)
Capitalization of deferred policy acquisition costs		–		–		(32,590)		–			(32,590)
Other assets		17,170		(1,050)		141		–			16,261
Related party assets		55,962		682		(18,075)		18,075	(b)		56,644
Accounts payable and accrued expenses		26,018		1,533		9,761		–			37,312
Policy benefits and losses, claims and loss expenses payable		23,215		(18,925)		5,336		–			9,626
Other policyholders' funds and liabilities		–		(1,056)		707		–			(349)
Deferred income		4,757		–		–		–			4,757
Related party liabilities		17,296		115		48		(18,075)	(b)		(616)
Net cash provided by operating activities		993,992		18,989		32,365		–			1,045,346
Cash flows from investing activities:
Escrow deposits		(4,358)		–		–		–			(4,358)
Purchases of:
Property, plant and equipment		(1,509,154)		–		–		–			(1,509,154)
Short term investments		–		(44,735)		(471,164)		–			(515,899)
Fixed maturities investments		–		(45,048)		(353,939)		–			(398,987)
Equity securities		–		–		(1,315)		–			(1,315)
Preferred stock		–		(1,005)		–		–			(1,005)
Real estate		(15,384)		(36)		(39)		–			(15,459)
Mortgage loans		–		(1,800)		(85,404)		–			(87,204)
Proceeds from sales and paydowns of:
Property, plant and equipment		539,256		–		–		–			539,256
Short term investments		–		44,756		483,424		–			528,180
Fixed maturities investments		–		26,193		128,343		–			154,536
Equity securities		–		1,236		808		–			2,044
Preferred stock		–		1,126		–		–			1,126
Real estate		21,589		–		–		–			21,589
Mortgage loans		–		5,878		21,090		–			26,968
Net cash used by investing activities		(968,051)		(13,435)		(278,196)		–			(1,259,682)
		(page 1 of 2)
(a) Balance for the period ended December 31, 2015
(b) Eliminate intercompany investments

Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2016 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		790,972		–		47,000		–		837,972
Principal repayments on credit facilities		(381,403)		–		(47,000)		–		(428,403)
Payment of debt issuance costs		(10,184)		–		–		–		(10,184)
Capital lease payments		(168,661)		–		–		–		(168,661)
Employee Stock Ownership Plan Shares		(9,302)		–		–		–		(9,302)
Securitization deposits		544		–		–		–		544
Common stock dividends paid		(78,374)		–		–		–		(78,374)
Investment contract deposits		–		–		358,237		–		358,237
Investment contract withdrawals		–		–		(112,957)		–		(112,957)
Net cash provided by financing activities		143,592		–		245,280		–		388,872
Effects of exchange rate on cash		(15,740)		–		–		–		(15,740)
Increase (decrease) in cash and cash equivalents		153,793		5,554		(551)		–		158,796
Cash and cash equivalents at beginning of period		431,873		8,495		1,482		–		441,850
Cash and cash equivalents at end of period	$	585,666	$	14,049	$	931	$	–	$	600,646
		(page 2 of 2)
(a) Balance for the period ended December 31, 2015