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, net 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, 2019 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Assets:
Cash and cash equivalents	$	643,918	$	5,757	$	24,026	$	–		$	673,701
Reinsurance recoverables and trade receivables, net		90,832		102,120		31,833		–			224,785
Inventories and parts, net		103,504		–		–		–			103,504
Prepaid expenses		174,100		–		–		–			174,100
Investments, fixed maturities and marketable equities		–		279,641		1,955,756		–			2,235,397
Investments, other		23,013		74,679		203,044		–			300,736
Deferred policy acquisition costs, net		–		–		136,276		–			136,276
Other assets		72,768		2,456		3,130		–			78,354
Related party assets		35,997		6,639		16,466		(28,213)	(c)		30,889
		1,144,132		471,292		2,370,531		(28,213)			3,957,742

Investment in subsidiaries		534,157		–		–		(534,157)	(b)		–

Property, plant and equipment, at cost:
Land		976,454		–		–		–			976,454
Buildings and improvements		4,003,726		–		–		–			4,003,726
Furniture and equipment		689,780		–		–		–			689,780
Rental trailers and other rental equipment		590,039		–		–		–			590,039
Rental trucks		4,762,028		–		–		–			4,762,028
		11,022,027		–		–		–			11,022,027
Less: Accumulated depreciation		(3,088,056)		–		–		–			(3,088,056)
Total property, plant and equipment		7,933,971		–		–		–			7,933,971
Total assets	$	9,612,260	$	471,292	$	2,370,531	$	(562,370)		$	11,891,713

(a) Balances as of December 31, 2018
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2019 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	548,099	$	2,844	$	5,930	$	–		$	556,873
Notes, loans and leases payable, net		4,163,323		–		–		–			4,163,323
Policy benefits and losses, claims and loss expenses payable		407,934		229,958		373,291		–			1,011,183
Liabilities from investment contracts		–		–		1,666,742		–			1,666,742
Other policyholders' funds and liabilities		–		5,259		9,788		–			15,047
Deferred income		35,186		–		–		–			35,186
Deferred income taxes, net		741,644		6,961		2,365		–			750,970
Related party liabilities		25,446		3,836		692		(29,974)	(c)		–
Total liabilities		5,921,632		248,858		2,058,808		(29,974)			8,199,324

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		453,536		91,120		26,271		(117,601)	(b)		453,326
Accumulated other comprehensive income (loss)		(68,459)		(3,721)		(5,300)		10,782	(b)		(66,698)
Retained earnings		3,976,752		131,734		288,252		(419,776)	(b)		3,976,962
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		(4,048)		–		–		–			(4,048)
Total stockholders' equity		3,690,628		222,434		311,723		(532,396)			3,692,389
Total liabilities and stockholders' equity	$	9,612,260	$	471,292	$	2,370,531	$	(562,370)		$	11,891,713

(a) Balances as of December 31, 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
		(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		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

Consolidating statements of operations by industry segment for period ending March 31, 2019 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Revenues:
Self-moving equipment rentals	$	2,656,327	$	–	$	–	$	(2,830)	(c)	$	2,653,497
Self-storage revenues		367,276		–		–		–			367,276
Self-moving & self-storage products & service sales		264,146		–		–		–			264,146
Property management fees		29,148		–		–		–			29,148
Life insurance premiums		–		–		63,488		–			63,488
Property and casualty insurance premiums		–		63,488		–		(2,635)	(c)		60,853
Net investment and interest income		13,857		12,349		86,395		(1,667)	(b)		110,934
Other revenue		215,055		–		4,831		(521)	(b)		219,365
Total revenues		3,545,809		75,837		154,714		(7,653)			3,768,707

Costs and expenses:
Operating expenses		1,938,317		34,218		14,613		(5,968)	(b,c)		1,981,180
Commission expenses		288,408		–		–		–			288,408
Cost of sales		162,142		–		–		–			162,142
Benefits and losses		–		14,213		86,064		–			100,277
Amortization of deferred policy acquisition costs		–		–		28,556		–			28,556
Lease expense		33,702		–		–		(544)	(b)		33,158
Depreciation, net gains on disposals		554,043		–		–		–			554,043
Net gains on disposal of real estate		(44)		–		–		–			(44)
Total costs and expenses		2,976,568		48,431		129,233		(6,512)			3,147,720

Earnings from operations before equity in earnings of subsidiaries		569,241		27,406		25,481		(1,141)			620,987

Equity in earnings of subsidiaries		41,811		–		–		(41,811)	(d)		–

Earnings from operations		611,052		27,406		25,481		(42,952)			620,987
Other components of net periodic benefit costs		(1,013)		–		–		–			(1,013)
Interest expense		(143,586)		–		–		1,141	(b)		(142,445)
Pretax earnings		466,453		27,406		25,481		(41,811)			477,529
Income tax benefit (expense)		(95,596)		(5,698)		(5,378)		–			(106,672)
Earnings available to common shareholders	$	370,857	$	21,708	$	20,103	$	(41,811)		$	370,857

(a) Balances for the year ended December 31, 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 period ending March 31, 2018 are as follows:

		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		1,758,697		32,710		22,061		(6,412)	(b,c)		1,807,056
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		2,577,967		48,693		215,903		(6,695)			2,835,868

Earnings from operations before equity in earnings of subsidiaries		712,700		25,878		27,959		(1,291)			765,246

Equity in earnings of subsidiaries		46,990		–		–		(46,990)	(d)		–

Earnings from operations		759,690		25,878		27,959		(48,281)			765,246
Other components of net periodic benefit costs		(927)		–		–		–			(927)
Interest expense		(127,997)		–		–		1,291	(b)		(126,706)
Pretax earnings		630,766		25,878		27,959		(46,990)			637,613
Income tax 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

Consolidating statements of operations by industry segment for period ending March 31, 2017 are as follows:

		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		1,520,506		28,421		22,429		(4,175)	(b,c)		1,567,181
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) losses on disposal of real estate		(3,590)		–		–		–			(3,590)
Total costs and expenses		2,423,185		41,825		217,953		(4,361)			2,678,602

Earnings from operations before equity in earnings of subsidiaries		689,815		27,161		27,646		(1,457)			743,165

Equity in earnings of subsidiaries		35,797		–		–		(35,797)	(d)		–

Earnings from operations		725,612		27,161		27,646		(37,254)			743,165
Other components of net periodic benefit costs		(902)		–		–		–			(902)
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

Consolidating cash flow statements by industry segment for the year ended March 31, 2019, 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	$	370,857	$	21,708	$	20,103	$	(41,811)	$	370,857
Earnings from consolidated subsidiaries		(41,811)		–		–		41,811		–
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		581,025		–		–		–		581,025
Amortization of deferred policy acquisition costs		–		–		28,556		–		28,556
Amortization of premiums and accretion of discounts related to investments, net		–		1,361		11,746		–		13,107
Amortization of debt issuance costs		3,923		–		–		–		3,923
Interest credited to policyholders		–		–		35,387		–		35,387
Change in allowance for losses on trade receivables		57		–		(5)		–		52
Change in allowance for inventories and parts reserve		(146)		–		–		–		(146)
Net gains on disposal of personal property		(26,982)		–		–		–		(26,982)
Net gains on disposal of real estate		(44)		–		–		–		(44)
Net (gains) losses on sales of investments		–		(2,971)		308		–		(2,663)
Net losses on equity securities		–		5,739		–		–		5,739
Deferred income taxes		112,434		830		(6,453)		–		106,811
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(26,160)		(2,438)		(2,767)		–		(31,365)
Inventories and parts		(13,492)		–		–		–		(13,492)
Prepaid expenses		(8,620)		–		–		–		(8,620)
Capitalization of deferred policy acquisition costs		–		–		(25,957)		–		(25,957)
Other assets		159,126		(1,449)		(525)		–		157,152
Related party assets		3,857		339		(2)		–		4,194
Accounts payable and accrued expenses		6,454		257		3,552		–		10,263
Policy benefits and losses, claims and loss expenses payable		(159,793)		(4,400)		(71,927)		–		(236,120)
Other policyholders' funds and liabilities		–		(117)		5,124		–		5,007
Deferred income		966		–		–		–		966
Related party liabilities		(2,711)		944		(300)		–		(2,067)
Net cash provided (used) by operating activities		958,940		19,803		(3,160)		–		975,583

Cash flows from investing activities:
Escrow deposits		4,299		–		–		–		4,299
Purchases of:
Property, plant and equipment		(1,869,968)		–		–		–		(1,869,968)
Short term investments		–		(53,878)		(170)		–		(54,048)
Fixed maturities investments		–		(33,775)		(506,270)		–		(540,045)
Equity securities		–		–		(957)		–		(957)
Preferred stock		–		–		–		–		–
Real estate		(236)		(187)		(212)		–		(635)
Mortgage loans		–		(20,031)		(43,580)		–		(63,611)
Proceeds from sales and paydowns of:
Property, plant and equipment		606,271		–		–		–		606,271
Short term investments		–		58,767		7,270		–		66,037
Fixed maturities investments		–		12,305		111,246		–		123,551
Equity securities		–		8,608		–		–		8,608
Preferred stock		–		1,625		–		–		1,625
Real estate		–		–		–		–		–
Mortgage loans		–		5,881		141,856		–		147,737
Net cash used by investing activities		(1,259,634)		(20,685)		(290,817)		–		(1,571,136)
		(page 1 of 2)
(a) Balance for the period ended December 31, 2018

Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2019, 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		897,311		–		–		–		897,311
Principal repayments on credit facilities		(299,748)		–		–		–		(299,748)
Payment of debt issuance costs		(7,243)		–		–		–		(7,243)
Capital lease payments		(303,431)		–		–		–		(303,431)
Employee stock ownership plan shares		(418)		–		–		–		(418)
Securitization deposits		–		–		–		–		–
Common stock dividends paid		(39,179)		–		–		–		(39,179)
Investment contract deposits		–		–		400,123		–		400,123
Investment contract withdrawals		–		–		(132,833)		–		(132,833)
Net cash provided by financing activities		247,292		–		267,290		–		514,582

Effects of exchange rate on cash		(4,716)		–		–		–		(4,716)

Decrease in cash and cash equivalents		(58,118)		(882)		(26,687)		–		(85,687)
Cash and cash equivalents at beginning of period		702,036		6,639		50,713		–		759,388
Cash and cash equivalents at end of period	$	643,918	$	5,757	$	24,026	$	–	$	673,701
		(page 2 of 2)
(a) Balance for the period ended December 31, 2018

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 cash provided by operations:
Depreciation		555,069		–		–		–		555,069
Amortization of deferred policy acquisition costs		–		–		24,514		–		24,514
Amortization of premiums and accretion of discounts related to investments, net		–		1,356		11,434		–		12,790
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)
Net (gains) losses on equity securities		–		–		–		–		–
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		(1,244)		–		(36,980)
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		21,921		57,167		–		937,684

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		–		21,670		141,799		–		163,469
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)		(28,007)		(239,135)		–		(898,304)
		(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 cash provided by operations:
Depreciation		481,520		–		–		–		481,520
Amortization of deferred policy acquisition costs		–		–		26,218		–		26,218
Amortization of premiums and accretion of discounts related to investments, net		–		1,336		10,492		–		11,828
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)
Net (gains) losses on equity securities		–		–		–		–		–
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		(1,147)		–		(15,548)
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		19,579		56,282		–		1,059,455

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		–		30,791		158,451		–		189,242
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)		(20,903)		(179,786)		–		(1,183,908)
		(page 1 of 2)
(a) Balance for the period ended December 31, 2016

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