XML 46 R34.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidating Financial Information By Industry Segment (Table Text Block)
3 Months Ended 6 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Table Text Block Supplement [Abstract]        
Consolidated Balance Sheet by Industry Segment     Consolidating balance sheets by industry segment as of September 30, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Assets:   Cash and cash equivalents $ 1,163,253 $ 3,483 $ 48,832 $ -   $ 1,215,568 Reinsurance recoverables and trade receivables, net   78,982   91,371   43,044   -     213,397 Inventories and parts, net   100,595   -   -   -     100,595 Prepaid expenses   447,073   -   -   -     447,073 Investments, fixed maturities and marketable equities   -   285,987   2,209,355   -     2,495,342 Investments, other   20,988   99,542   304,997   -     425,527 Deferred policy acquisition costs, net   -   -   93,407   -     93,407 Other assets   68,169   816   2,329   -     71,314 Right of use assets - financing, net   970,361   -   -   -     970,361 Right of use assets - operating   101,482   262   202   -     101,946 Related party assets   39,481   6,281   14,213   (27,578) (c)   32,397     2,990,384   487,742   2,716,379   (27,578)     6,166,927                         Investment in subsidiaries   705,467   -   -   (705,467) (b)   -                         Property, plant and equipment, at cost:                       Land   1,052,205   -   -   -     1,052,205 Buildings and improvements   4,863,590   -   -   -     4,863,590 Furniture and equipment   767,290   -   -   -     767,290 Rental trailers and other rental equipment   531,465   -   -   -     531,465 Rental trucks   3,644,674   -   -   -     3,644,674     10,859,224   -   -   -     10,859,224 Less:   Accumulated depreciation   (2,902,673)   -   -   -     (2,902,673) Total property, plant and equipment, net   7,956,551   -   -   -     7,956,551 Total assets $ 11,652,402 $ 487,742 $ 2,716,379 $ (733,045)   $ 14,123,478                         (a) Balances as of June 30, 2020                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                         23     amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of September 30, 2020 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 $ 622,424 $ 2,890 $ 5,352 $ -   $ 630,666 Notes, loans and finance/capital leases payable, net   4,689,896   -   11,329   -     4,701,225 Operating lease liability   101,493   271   212   -     101,976 Policy benefits and losses, claims and loss expenses payable   425,376   204,592   385,221   -     1,015,189 Liabilities from investment contracts   -   -   1,838,280   -     1,838,280 Other policyholders' funds and liabilities   -   658   4,768   -     5,426 Deferred income   41,715   -   -   -     41,715 Deferred income taxes, net   1,143,886   10,491   28,993   -     1,183,370 Related party liabilities   25,928   4,490   1,107   (31,525) (c)   - Total liabilities   7,050,718   223,392   2,275,262   (31,525)     9,517,847                         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   454,029   91,120   26,271   (117,601) (b)   453,819 Accumulated other comprehensive income (loss)   74,209   17,243   114,835   (128,131) (b)   78,156 Retained earnings   4,740,599   152,686   297,511   (449,987) (b)   4,740,809 Cost of common stock in treasury, net   (525,653)   -   -   -     (525,653) Cost of preferred stock in treasury, net   (151,997)   -   -   -     (151,997) Unearned employee stock ownership plan stock   -   -   -   -     - Total stockholders' equity   4,601,684   264,350   441,117   (701,520)     4,605,631 Total liabilities and stockholders' equity $ 11,652,402 $ 487,742 $ 2,716,379 $ (733,045)   $ 14,123,478                         (a) Balances as of June 30, 2020                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                         24     amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of March 31, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated       Assets:   (In thousands) Cash and cash equivalents $ 459,078 $ 4,794 $ 30,480 $ -   $ 494,352 Reinsurance recoverables and trade receivables, net   60,073   93,995   32,604   -     186,672 Inventories and parts, net   101,083   -   -   -     101,083 Prepaid expenses   562,904   -   -   -     562,904 Investments, fixed maturities and marketable equities   -   288,998   2,203,740   -     2,492,738 Investments, other   20,988   90,145   249,240   -     360,373 Deferred policy acquisition costs, net   -   -   103,118   -     103,118 Other assets   69,128   680   2,148   -     71,956 Right of use assets - financing, net   1,080,353   -   -   -     1,080,353 Right of use assets - operating   106,631   -   -   -     106,631 Related party assets   41,027   7,137   18,629   (32,009) (c)   34,784     2,501,265   485,749   2,639,959   (32,009)     5,594,964                         Investment in subsidiaries   668,498   -   -   (668,498) (b)   -                         Property, plant and equipment, at cost:                       Land   1,032,945   -   -   -     1,032,945 Buildings and improvements   4,663,461   -   -   -     4,663,461 Furniture and equipment   752,363   -   -   -     752,363 Rental trailers and other rental equipment   511,520   -   -   -     511,520 Rental trucks   3,595,933   -   -   -     3,595,933     10,556,222   -   -   -     10,556,222 Less:   Accumulated depreciation   (2,713,162)   -   -   -     (2,713,162) Total property, plant and equipment, net   7,843,060   -   -   -     7,843,060 Total assets $ 11,012,823 $ 485,749 $ 2,639,959 $ (700,507)   $ 13,438,024                         (a) Balances as of December 31, 2019                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                         25     amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating balance sheets by industry segment as of March 31, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated                             (In thousands) Liabilities:                       Accounts payable and accrued expenses $ 545,685 $ 5,530 $ 3,138 $ -   $ 554,353 Notes, loans and finance/capital leases payable, net   4,609,844   -   11,447   -     4,621,291 Operating lease liability   106,443   -   -   -     106,443 Policy benefits and losses, claims and loss expenses payable   410,107   210,341   377,199   -     997,647 Liabilities from investment contracts   -   -   1,802,217   -     1,802,217 Other policyholders' funds and liabilities   -   5,751   4,439   -     10,190 Deferred income   31,620   -   -   -     31,620 Deferred income taxes, net   1,063,681   8,447   21,415   -     1,093,543 Related party liabilities   24,275   4,616   2,670   (31,561) (c)   - Total liabilities   6,791,655   234,685   2,222,525   (31,561)     9,217,304                         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   454,029   91,120   26,271   (117,601) (b)   453,819 Accumulated other comprehensive income (loss)   35,100   12,581   78,550   (91,579) (b)   34,652 Retained earnings   4,399,192   144,062   310,113   (453,965) (b)   4,399,402 Cost of common stock in treasury, net   (525,653)   -   -   -     (525,653) Cost of preferred stock in treasury, net   (151,997)   -   -   -     (151,997) Unearned employee stock ownership plan stock   -   -   -   -     - Total stockholders' equity   4,221,168   251,064   417,434   (668,946)     4,220,720 Total liabilities and stockholders' equity $ 11,012,823 $ 485,749 $ 2,639,959 $ (700,507)   $ 13,438,024                         (a) Balances as of December 31, 2019                       (b) Eliminate investment in subsidiaries                       (c) Eliminate intercompany receivables and payables                       26      
Consolidated Statement of Operations by Industry Segment Consolidating statement of operations by industry segment for the quarter ended September 30, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 931,814 $ - $ - $ (784) (c) $ 931,030 Self-storage revenues   115,273   -   -   -     115,273 Self-moving and self-storage products and service sales   98,628   -   -   -     98,628 Property management fees   7,840   -   -   -     7,840 Life insurance premiums   -   -   31,057   -     31,057 Property and casualty insurance premiums   -   16,721   -   (852) (c)   15,869 Net investment and interest income   595   5,952   27,651   (865) (b)   33,333 Other revenue   91,168   -   852   (142) (b)   91,878 Total revenues   1,245,318   22,673   59,560   (2,643)     1,324,908                         Costs and expenses:                       Operating expenses   562,798   8,166   4,893   (1,774) (b,c)   574,083 Commission expenses   99,365   -   -   -     99,365 Cost of sales   60,933   -   -   -     60,933 Benefits and losses   -   2,438   43,014   -     45,452 Amortization of deferred policy acquisition costs   -   -   5,552   -     5,552 Lease expense   7,403   -   61   (594) (b)   6,870 Depreciation, net of gains on disposal   137,438   -   -   -     137,438 Net losses on disposal of real estate   3,425   -   -   -     3,425 Total costs and expenses   871,362   10,604   53,520   (2,368)     933,118                         Earnings from operations before equity in earnings of subsidiaries   373,956   12,069   6,040   (275)     391,790                         Equity in earnings of subsidiaries   14,338   -   -   (14,338) (d)   -                         Earnings from operations   388,294   12,069   6,040   (14,613)     391,790 Other components of net periodic benefit costs   (246)   -   -   -     (246) Interest expense   (40,800)   -   -   275 (b)   (40,525) Pretax earnings   347,248   12,069   6,040   (14,338)     351,019 Income tax expense   (80,883)   (2,554)   (1,217)   -     (84,654) Earnings available to common stockholders $ 266,365 $ 9,515 $ 4,823 $ (14,338)   $ 266,365                         (a) Balances for the quarter ended June 30, 2020                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries                       27     amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating statements of operations by industry for the quarter ended September 30, 2019 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 805,659 $ - $ - $ (1,334) (c) $ 804,325 Self-storage revenues   104,965   -   -   -     104,965 Self-moving and self-storage products and service sales   73,121   -   -   -     73,121 Property management fees   7,233   -   -   -     7,233 Life insurance premiums   -   -   32,355   -     32,355 Property and casualty insurance premiums   -   19,216   -   (851) (c)   18,365 Net investment and interest income   3,031   4,312   26,165   (410) (b)   33,098 Other revenue   75,543   -   1,339   (130) (b)   76,752 Total revenues   1,069,552   23,528   59,859   (2,725)     1,150,214                         Costs and expenses:                       Operating expenses   552,708   9,395   5,619   (2,309) (b,c)   565,413 Commission expenses   86,099   -   -   -     86,099 Cost of sales   43,930   -   -   -     43,930 Benefits and losses   -   5,041   40,784   -     45,825 Amortization of deferred policy acquisition costs   -   -   6,515   -     6,515 Lease expense   6,492   -   -   (136) (b)   6,356 Depreciation, net of gains on disposal   151,553   -   -   -     151,553 Net gains on disposal of real estate   (217)   -   -   -     (217) Total costs and expenses   840,565   14,436   52,918   (2,445)     905,474                         Earnings from operations before equity in earnings of subsidiaries   228,987   9,092   6,941   (280)     244,740                         Equity in earnings of subsidiaries   12,914   -   -   (12,914) (d)   -                         Earnings from operations   241,901   9,092   6,941   (13,194)     244,740 Other components of net periodic benefit costs   (264)   -   -   -     (264) Interest expense   (39,402)   -   -   280 (b)   (39,122) Pretax earnings   202,235   9,092   6,941   (12,914)     205,354 Income tax expense   (45,909)   (1,864)   (1,255)   -     (49,028) Earnings available to common stockholders $ 156,326 $ 7,228 $ 5,686 $ (12,914)   $ 156,326                         (a) Balances for the quarter ended June 30, 2019                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries                       Consolidating statements of operations by industry for the six months ended September 30, 2020 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 1,586,727 $ - $ - $ (1,412) (c) $ 1,585,315 Self-storage revenues   224,228   -   -   -     224,228 Self-moving and self-storage products and service sales   189,978   -   -   -     189,978 Property management fees   15,187   -   -   -     15,187 Life insurance premiums   -   -   61,965   -     61,965 Property and casualty insurance premiums   -   31,228   -   (1,625) (c)   29,603 Net investment and interest income   1,257   5,079   45,657   (1,678) (b)   50,315 Other revenue   154,241   -   1,591   (278) (b)   155,554 Total revenues   2,171,618   36,307   109,213   (4,993)     2,312,145                         Costs and expenses:                       Operating expenses   1,042,879   16,991   10,181   (3,306) (b,c)   1,066,745 Commission expenses   168,540   -   -   -     168,540 Cost of sales   113,764   -   -   -     113,764 Benefits and losses   -   6,468   78,561   -     85,029 Amortization of deferred policy acquisition costs   -   -   12,440   -     12,440 Lease expense   14,540   1   71   (1,139) (b)   13,473 Depreciation, net of gains on disposal   303,109   -   -   -     303,109 Net losses on disposal of real estate   3,169   -   -   -     3,169 Total costs and expenses   1,646,001   23,460   101,253   (4,445)     1,766,269                         Earnings from operations before equity in earnings of subsidiaries   525,617   12,847   7,960   (548)     545,876                         Equity in earnings of subsidiaries   16,733   -   -   (16,733) (d)   -                         Earnings from operations   542,350   12,847   7,960   (17,281)     545,876 Other components of net periodic benefit costs   (493)   -   -   -     (493) Interest expense   (80,594)   -   -   548 (b)   (80,046) Pretax earnings   461,263   12,847   7,960   (16,733)     465,337 Income tax expense   (107,172)   (2,716)   (1,358)   -     (111,246) Earnings available to common stockholders $ 354,091 $ 10,131 $ 6,602 $ (16,733)   $ 354,091                         (a) Balances for the six months ended June 30, 2020                       (b) Eliminate intercompany lease / interest income                       (c) Eliminate intercompany premiums                       (d) Eliminate equity in earnings of subsidiaries                       Consolidating statements of operations by industry for the six months ended September 30, 2019 are as follows:     Moving & Storage Consolidated   Property & Casualty Insurance (a)   Life Insurance (a)   Eliminations     AMERCO Consolidated     (Unaudited)     (In thousands) Revenues:                       Self-moving equipment rentals $ 1,554,795 $ - $ - $ (1,874) (c) $ 1,552,921 Self-storage revenues   203,239   -   -   -     203,239 Self-moving and self-storage products and service sales   153,147   -   -   -     153,147 Property management fees   14,389   -   -   -     14,389 Life insurance premiums   -   -   65,065   -     65,065 Property and casualty insurance premiums   -   33,330   -   (1,541) (c)   31,789 Net investment and interest income   6,298   10,503   52,866   (820) (b)   68,847 Other revenue   138,082   -   2,249   (265) (b)   140,066 Total revenues   2,069,950   43,833   120,180   (4,500)     2,229,463                         Costs and expenses:                       Operating expenses   1,075,232   17,476   10,847   (3,670) (b,c)   1,099,885 Commission expenses   166,998   -   -   -     166,998 Cost of sales   92,859   -   -   -     92,859 Benefits and losses   -   8,799   86,032   -     94,831 Amortization of deferred policy acquisition costs   -   -   12,579   -     12,579 Lease expense   13,664   -   -   (272) (b)   13,392 Depreciation, net of gains on disposal   292,153   -   -   -     292,153 Net gains on disposal of real estate   (1,839)   -   -   -     (1,839) Total costs and expenses   1,639,067   26,275   109,458   (3,942)     1,770,858                         Earnings from operations before equity in earnings of subsidiaries   430,883   17,558   10,722   (558)     458,605                         Equity in earnings of subsidiaries   22,745   -   -   (22,745) (d)   -                         Earnings from operations   453,628   17,558   10,722   (23,303)     458,605 Other components of net periodic benefit costs   (527)   -   -   -     (527) Interest expense   (78,568)   -   -   558 (b)   (78,010) Pretax earnings   374,533   17,558   10,722   (22,745)     380,068 Income tax expense   (85,785)   (3,642)   (1,893)   -     (91,320) Earnings available to common stockholders $ 288,748 $ 13,916 $ 8,829 $ (22,745)   $ 288,748                         (a) Balances for the six months ended June 30, 2019                       (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 six months ended September 30, 2020 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 $ 354,091 $ 10,131 $ 6,602 $ (16,733)   $ 354,091 Earnings from consolidated entities   (16,733)   -   -   16,733     - Adjustments to reconcile net earnings to the cash provided by operations:                       Depreciation   332,240   -   -   -     332,240 Amortization of deferred policy acquisition costs   -   -   12,440   -     12,440 Amortization of premiums and accretion of discounts related to investments, net   -   786   6,140   -     6,926 Amortization of debt issuance costs   2,755   -   -   -     2,755 Interest credited to policyholders   -   -   24,241   -     24,241 Change in allowance for losses on trade receivables   (139)   -   (1)   -     (140) Change in allowance for inventories and parts reserve   106   -   -   -     106 Net gains on disposal of personal property   (29,131)   -   -   -     (29,131) Net losses on disposal of real estate   3,169   -   -   -     3,169 Net gains on sales of investments   -   (28)   (1,260)   -     (1,288) Net losses on equity investments   -   2,254   -   -     2,254 Deferred income taxes   79,947   804   (553)   -     80,198 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (19,696)   1,848   (10,440)   -     (28,288) Inventories and parts   386   -   -   -     386 Prepaid expenses   116,064   -   -   -     116,064 Capitalization of deferred policy acquisition costs   -   -   (13,404)   -     (13,404) Other assets   (181)   10   (382)   -     (553) Related party assets   1,918   867   -   -     2,785 Accounts payable and accrued expenses   114,195   (2,618)   912   -     112,489 Policy benefits and losses, claims and loss expenses payable   14,300   (5,748)   8,023   -     16,575 Other policyholders' funds and liabilities   -   (5,093)   329   -     (4,764) Deferred income   10,245   -   2,992   -     13,237 Related party liabilities   1,652   (135)   (1,563)   -     (46) Net cash provided by operating activities   965,188   3,078   34,076   -     1,002,342                         Cash flows from investing activities:                       Escrow deposits   1,266   -   -   -     1,266 Purchases of:                       Property, plant and equipment   (662,259)   -   -   -     (662,259) Short term investments   -   (19,204)   (18)   -     (19,222) Fixed maturities investments   -   (3,505)   (157,250)   -     (160,755) Equity securities   -   -   (719)   -     (719) Preferred stock   -   -   (13,111)   -     (13,111) Real estate   -   -   (223)   -     (223) Mortgage loans   -   (14,145)   (58,171)   -     (72,316) Proceeds from sales and paydowns of:                       Property, plant and equipment   314,335   -   -   -     314,335 Short term investments   -   23,180   -   -     23,180 Fixed maturities investments   -   8,730   217,926   -     226,656 Equity securities   -   -   72   -     72 Real estate   -   -   -   -     - Mortgage loans   -   555   2,664   -     3,219 Net cash used by investing activities   (346,658)   (4,389)   (8,830)   -     (359,877)     (page 1 of 2) (a) Balance for the period ended June 30, 2020                       31     amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the six months ended September 30, 2020 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   576,123   -   9,600   -     585,723 Principal repayments on credit facilities   (377,062)   -   (9,717)   -     (386,779) Payments of debt issuance costs   (3,477)   -   -   -     (3,477) Finance/capital lease payments   (122,720)   -   -   -     (122,720) Common stock dividend paid   (9,804)   -   -   -     (9,804) Net contribution from (to) related party   18,599   -   (18,599)   -     - Investment contract deposits   -   -   114,288   -     114,288 Investment contract withdrawals   -   -   (102,466)   -     (102,466) Net cash provided by financing activities   81,659   -   (6,894)   -     74,765                         Effects of exchange rate on cash   3,986   -   -   -     3,986                         Increase (decrease) in cash and cash equivalents   704,175   (1,311)   18,352   -     721,216 Cash and cash equivalents at beginning of period   459,078   4,794   30,480   -     494,352 Cash and cash equivalents at end of period $ 1,163,253 $ 3,483 $ 48,832 $ -   $ 1,215,568     (page 2 of 2) (a) Balance for the period ended June 30, 2020                       Consolidating cash flow statements by industry segment for the six months ended September 30, 2019 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 $ 288,748 $ 13,916 $ 8,829 $ (22,745)   $ 288,748 Earnings from consolidated entities   (22,745)   -   -   22,745     - Adjustments to reconcile net earnings to cash provided by operations:                       Depreciation   326,830   -   -   -     326,830 Amortization of deferred policy acquisition costs   -   -   12,579   -     12,579 Amortization of premiums and accretion of discounts related to investments, net   -   754   5,727   -     6,481 Amortization of debt issuance costs   2,100   -   -   -     2,100 Interest credited to policyholders   -   -   26,584   -     26,584 Change in allowance for losses on trade receivables   (113)   -   -   -     (113) Change in allowance for inventories and parts reserve   537   -   -   -     537 Net gains on disposal of personal property   (34,677)   -   -   -     (34,677) Net gains on disposal of real estate   (1,839)   -   -   -     (1,839) Net gains on sales of investments   -   (127)   (7,468)   -     (7,595) Net gains on equity investments   -   (2,553)   -   -     (2,553) Deferred income taxes   87,544   (1,438)   (2,398)   -     83,708 Net change in other operating assets and liabilities:                       Reinsurance recoverables and trade receivables   (987)   5,430   (1,972)   -     2,471 Inventories and parts   613   -   -   -     613 Prepaid expenses   (21,908)   -   -   -     (21,908) Capitalization of deferred policy acquisition costs   -   -   (10,370)   -     (10,370) Other assets   (1,205)   1,736   (6)   -     525 Related party assets   (2,628)   (2,391)   -   -     (5,019) Accounts payable and accrued expenses   59,091   11   1,485   -     60,587 Policy benefits and losses, claims and loss expenses payable   17,272   (6,214)   (349)   -     10,709 Other policyholders' funds and liabilities   -   381   (4,517)   -     (4,136) Deferred income   2,077   -   -   -     2,077 Related party liabilities   406   412   607   -     1,425 Net cash provided by operating activities   699,116   9,917   28,731   -     737,764                         Cash flows from investing activities:                       Escrow deposits   5,573   -   -   -     5,573 Purchases of:                       Property, plant and equipment   (1,589,371)   -   -   -     (1,589,371) Short term investments   -   (20,275)   (105)   -     (20,380) Fixed maturities investments   -   (6,531)   (172,095)   -     (178,626) Equity securities   -   -   (83)   -     (83) Real estate   -   (328)   (40)   -     (368) Mortgage loans   -   (6,250)   (13,410)   -     (19,660) Proceeds from sales and paydowns of:                       Property, plant and equipment   401,451   -   -   -     401,451 Short term investments   -   17,282   -   -     17,282 Fixed maturities investments   -   10,308   117,375   -     127,683 Real estate   311   -   -   -     311 Mortgage loans   -   1,696   2,603   -     4,299 Net cash used by investing activities   (1,182,036)   (4,098)   (65,755)   -     (1,251,889)     (page 1 of 2) (a) Balance for the period ended June 30, 2019                       33     amerco and consolidated subsidiaries notes to condensed consolidated financial statements - (continued) Consolidating cash flow statements by industry segment for the six months ended September 30, 2019 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   656,245   -   2,500   -     658,745 Principal repayments on credit facilities   (141,134)   -   (2,500)   -     (143,634) Payment of debt issuance costs   (2,301)   -   -   -     (2,301) Finance/capital lease payments   (180,902)   -   -   -     (180,902) Employee stock ownership plan stock   (206)   -   -   -     (206) Common stock dividend paid   (19,600)   -   -   -     (19,600) Net contribution from (to) related party   21,600   -   -   -     21,600 Investment contract deposits   -   -   105,846   -     105,846 Investment contract withdrawals   -   -   (78,177)   -     (78,177) Net cash provided (used) by financing activities   333,702   -   27,669   -     361,371                         Effects of exchange rate on cash   4,284   -   -   -     4,284                         Increase (decrease) in cash and cash equivalents   (144,934)   5,819   (9,355)   -     (148,470) Cash and cash equivalents at beginning of period   643,918   5,757   24,026   -     673,701 Cash and cash equivalents at end of period $ 498,984 $ 11,576 $ 14,671 $ -   $ 525,231     (page 2 of 2) (a) Balance for the period ended June 30, 2019