Consolidating Financial Information By Industry Segment (Table Text Block)

9 Months Ended

Dec. 31, 2018

Table Text Block Supplement [Abstract]

Consolidated Balance Sheet by Industry Segment

Consolidating balance sheets by industry segment as of December 31, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Assets:
Cash and cash equivalents	$	905,266	$	5,715	$	73,404	$	–		$	984,385
Reinsurance recoverables and trade receivables, net		62,296		97,680		31,788		–			191,764
Inventories and parts, net		96,187		–		–		–			96,187
Prepaid expenses		177,918		–		–		–			177,918
Investments, fixed maturities and marketable equities		–		284,871		1,842,471		–			2,127,342
Investments, other		22,988		69,719		239,825		–			332,532
Deferred policy acquisition costs, net		–		–		140,673		–			140,673
Other assets		80,205		532		3,102		–			83,839
Related party assets		41,289		7,359		16,618		(27,110)	(c)		38,156
		1,386,149		465,876		2,347,881		(27,110)			4,172,796
Investment in subsidiaries		518,629		–		–		(518,629)	(b)		–
Property, plant and equipment, at cost:
Land		910,919		–		–		–			910,919
Buildings and improvements		3,762,491		–		–		–			3,762,491
Furniture and equipment		674,535		–		–		–			674,535
Rental trailers and other rental equipment		572,645		–		–		–			572,645
Rental trucks		4,532,134		–		–		–			4,532,134
		10,452,724		–		–		–			10,452,724
Less:Accumulated depreciation		(2,979,760)		–		–		–			(2,979,760)
Total property, plant and equipment		7,472,964		–		–		–			7,472,964
Total assets	$	9,377,742	$	465,876	$	2,347,881	$	(545,739)		$	11,645,760
(a) Balances as of September 30, 2018
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of December 31, 2018 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	$	509,060	$	3,745	$	4,555	$	–		$	517,360
Notes, loans and leases payable, net		3,975,764		–		–		–			3,975,764
Policy benefits and losses, claims and loss expenses payable		409,981		229,607		448,154		–			1,087,742
Liabilities from investment contracts		–		–		1,583,885		–			1,583,885
Other policyholders' funds and liabilities		–		5,050		7,857		–			12,907
Deferred income		29,226		–		–		–			29,226
Deferred income taxes, net		738,186		5,658		2,992		–			746,836
Related party liabilities		23,485		3,181		444		(27,110)	(c)		–
Total liabilities		5,685,702		247,241		2,047,887		(27,110)			7,953,720
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		453,326		91,120		26,271		(117,601)	(b)		453,116
Accumulated other comprehensive income (loss)		(74,707)		(3,026)		(10,018)		13,044	(b)		(74,707)
Retained earnings		3,985,717		127,240		281,241		(408,271)	(b)		3,985,927
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		(5,143)		–		–		–			(5,143)
Total stockholders' equity		3,692,040		218,635		299,994		(518,629)			3,692,040
Total liabilities and stockholders' equity	$	9,377,742	$	465,876	$	2,347,881	$	(545,739)		$	11,645,760
(a) Balances as of September 30, 2018
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
Assets:		(In thousands)
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		166,129		–		–		–			166,129
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
		1,327,328		465,364		2,170,009		(32,020)			3,930,681
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	$	8,688,220	$	465,364	$	2,170,009	$	(576,171)		$	10,747,422
(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, 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	$	506,158	$	2,582	$	2,375	$	–		$	511,115
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, net		629,389		8,927		19,792		–			658,108
Related party liabilities		28,157		2,870		993		(32,020)	(c)		–
Total liabilities		5,279,512		254,115		1,837,107		(32,020)			7,338,714
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	$	8,688,220	$	465,364	$	2,170,009	$	(576,171)		$	10,747,422
(a) Balances as of December 31, 2017
(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
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	627,543	$	–	$	–	$	(1,407)	(c)	$	626,136
Self-storage revenues		93,392		–		–		–			93,392
Self-moving and self-storage products and service sales		55,665		–		–		–			55,665
Property management fees		7,899		–		–		–			7,899
Life insurance premiums		–		–		34,778		–			34,778
Property and casualty insurance premiums		–		18,128		–		(460)	(c)		17,668
Net investment and interest income		4,364		4,018		24,248		(419)	(b)		32,211
Other revenue		50,065		–		1,409		(132)	(b)		51,342
Total revenues		838,928		22,146		60,435		(2,418)			919,091
Costs and expenses:
Operating expenses		465,828		9,412		5,216		(1,995)	(b,c)		478,461
Commission expenses		67,493		–		–		–			67,493
Cost of sales		34,149		–		–		–			34,149
Benefits and losses		–		1,733		41,136		–			42,869
Amortization of deferred policy acquisition costs		–		–		6,654		–			6,654
Lease expense		8,026		–		–		(136)	(b)		7,890
Depreciation, net of (gains) losses on disposal		143,473		–		–		–			143,473
Net losses on disposal of real estate		–		–		–		–			–
Total costs and expenses		718,969		11,145		53,006		(2,131)			780,989
Earnings from operations before equity in earnings of subsidiaries		119,959		11,001		7,429		(287)			138,102
Equity in earnings of subsidiaries		14,664		–		–		(14,664)	(d)		–
Earnings from operations		134,623		11,001		7,429		(14,951)			138,102
Other components of net periodic benefit costs		(253)		–		–		–			(253)
Interest expense		(35,114)		–		–		287	(b)		(34,827)
Pretax earnings		99,256		11,001		7,429		(14,664)			103,022
Income tax expense		(20,621)		(2,186)		(1,580)		–			(24,387)
Earnings available to common shareholders	$	78,635	$	8,815	$	5,849	$	(14,664)		$	78,635
(a) Balances for the quarter ended September 30, 2018
(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, 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		426,163		8,160		5,521		(2,004)	(b,c)		437,840
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 on disposal of real estate		(192,404)		–		–		–			(192,404)
Total costs and expenses		476,800		12,804		51,997		(2,087)			539,514
Earnings from operations before equity in earnings of subsidiaries		285,687		7,595		10,382		(296)			303,368
Equity in earnings of subsidiaries		11,823		–		–		(11,823)	(d)		–
Earnings from operations		297,510		7,595		10,382		(12,119)			303,368
Other components of net periodic benefit costs		(231)		–		–		–			(231)
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 statements of operations by industry segment for the nine months ended December 31, 2018 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	2,128,120	$	–	$	–	$	(3,669)	(c)	$	2,124,451
Self-storage revenues		271,097		–		–		–			271,097
Self-moving and self-storage products and service sales		207,819		–		–		–			207,819
Property management fees		22,507		–		–		–			22,507
Life insurance premiums		–		–		107,586		–			107,586
Property and casualty insurance premiums		–		48,448		–		(1,716)	(c)		46,732
Net investment and interest income		9,757		10,109		66,435		(1,258)	(b)		85,043
Other revenue		174,447		–		3,889		(396)	(b)		177,940
Total revenues		2,813,747		58,557		177,910		(7,039)			3,043,175
Costs and expenses:
Operating expenses		1,467,831		26,027		16,275		(5,768)	(b,c)		1,504,365
Commission expenses		232,084		–		–		–			232,084
Cost of sales		130,432		–		–		–			130,432
Benefits and losses		–		10,957		126,239		–			137,196
Amortization of deferred policy acquisition costs		–		–		18,584		–			18,584
Lease expense		24,637		–		–		(408)	(b)		24,229
Depreciation, net of (gains) losses on disposal		402,525		–		–		–			402,525
Net losses on disposal of real estate		10		–		–		–			10
Total costs and expenses		2,257,519		36,984		161,098		(6,176)			2,449,425
Earnings from operations before equity in earnings of subsidiaries		556,228		21,573		16,812		(863)			593,750
Equity in earnings of subsidiaries		30,306		–		–		(30,306)	(d)		–
Earnings from operations		586,534		21,573		16,812		(31,169)			593,750
Other components of net periodic benefit costs		(760)		–		–		–			(760)
Interest expense		(105,974)		–		–		863	(b)		(105,111)
Pretax earnings		479,800		21,573		16,812		(30,306)			487,879
Income tax expense		(109,774)		(4,359)		(3,720)		–			(117,853)
Earnings available to common shareholders	$	370,026	$	17,214	$	13,092	$	(30,306)		$	370,026
(a) Balances for the nine months ended September 30, 2018
(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		1,310,197		24,632		16,669		(4,716)	(b,c)		1,346,782
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 losses on disposal of real estate		(192,223)		–		–		–			(192,223)
Total costs and expenses		1,886,633		36,586		162,929		(4,899)			2,081,249
Earnings from operations before equity in earnings of subsidiaries		723,589		19,118		20,536		(999)			762,244
Equity in earnings of subsidiaries		25,998		–		–		(25,998)	(d)		–
Earnings from operations		749,587		19,118		20,536		(26,997)			762,244
Other components of net periodic benefit costs		(695)		–		–		–			(695)
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

Consolidated Cash Flow Statement by Industry Segment

Consolidating cash flow statements by industry segment for the nine months ended December 31, 2018 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	$	370,026	$	17,214	$	13,092	$	(30,306)	$	370,026
Earnings from consolidated entities		(30,306)		–		–		30,306		–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		431,652		–		–		–		431,652
Amortization of deferred policy acquisition costs		–		–		18,584		–		18,584
Amortization of debt issuance costs		2,922		–		–		–		2,922
Interest credited to policyholders		–		–		28,540		–		28,540
Change in allowance for losses on trade receivables		129		–		(5)		–		124
Change in allowance for inventories and parts reserve		2,539		–		–		–		2,539
Net gains on disposal of personal property		(29,127)		–		–		–		(29,127)
Net losses on disposal of real estate		10		–		–		–		10
Net gains on sales of investments		–		(3,007)		(587)		–		(3,594)
Deferred income taxes		108,618		3,624		(3,628)		–		108,614
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		2,323		2,000		(2,722)		–		1,601
Inventories and parts		(8,858)		–		–		–		(8,858)
Prepaid expenses		(12,533)		–		–		–		(12,533)
Capitalization of deferred policy acquisition costs		–		–		(19,994)		–		(19,994)
Other assets		159,232		391		(498)		–		159,125
Related party assets		(1,428)		(410)		–		–		(1,838)
Accounts payable and accrued expenses		(16,639)		1,174		10,045		–		(5,420)
Policy benefits and losses, claims and loss expenses payable		(157,470)		(4,751)		2,936		–		(159,285)
Other policyholders' funds and liabilities		–		(327)		3,194		–		2,867
Deferred income		(4,982)		–		–		–		(4,982)
Related party liabilities		(3,039)		318		(548)		–		(3,269)
Net cash provided (used) by operating activities		813,069		16,226		48,409		–		877,704
Cash flows from investing activities:
Escrow deposits		(3,292)		–		–		–		(3,292)
Purchases of:
Property, plant and equipment		(1,325,365)		–		–		–		(1,325,365)
Short term investments		–		(39,251)		(243)		–		(39,494)
Fixed maturities investments		–		(32,862)		(361,404)		–		(394,266)
Equity securities		–		–		(957)		–		(957)
Preferred stock		–		–		(81)		–		(81)
Real estate		(236)		(187)		(82)		–		(505)
Mortgage loans		–		(13,312)		(43,580)		–		(56,892)
Proceeds from sales and paydowns of:
Property, plant and equipment		561,848		–		–		–		561,848
Short term investments		–		47,012		–		–		47,012
Fixed maturities investments		–		9,886		73,881		–		83,767
Equity securities		–		8,608		–		–		8,608
Preferred stock		–		1,625		–		–		1,625
Mortgage loans		–		1,331		115,469		–		116,800
Net cash provided (used) by investing activities		(767,045)		(17,150)		(216,997)		–		(1,001,192)
		(page 1 of 2)
(a) Balance for the period ended September 30, 2018

Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2018 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		666,232		–		26,900		–		693,132
Principal repayments on credit facilities		(228,223)		–		(26,900)		–		(255,123)
Payments of debt issuance costs		(5,097)		–		–		–		(5,097)
Capital lease payments		(236,683)		–		–		–		(236,683)
Employee stock ownership plan shares		(203)		–		–		–		(203)
Common stock dividend paid		(29,385)		–		–		–		(29,385)
Investment contract deposits		–		–		300,920		–		300,920
Investment contract withdrawals		–		–		(109,641)		–		(109,641)
Net cash provided (used) by financing activities		166,641		–		191,279		–		357,920
Effects of exchange rate on cash		(9,435)		–		–		–		(9,435)
Increase (decrease) in cash and cash equivalents		203,230		(924)		22,691		–		224,997
Cash and cash equivalents at beginning of period		702,036		6,639		50,713		–		759,388
Cash and cash equivalents at end of period	$	905,266	$	5,715	$	73,404	$	–	$	984,385
		(page 2 of 2)
(a) Balance for the period ended September 30, 2018

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 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 inventories and parts reserve		4,334		–		–		–		4,334
Net gains on disposal of personal property		(14,260)		–		–		–		(14,260)
Net gains on disposal of real estate		(192,223)		–		–		–		(192,223)
Net gains 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 and parts		(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 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 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)
Payment of debt issuance costs		(4,581)		–		–		–		(4,581)
Capital lease payments		(219,623)		–		–		–		(219,623)
Employee stock ownership plan shares		(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