Consolidating cash flow statements by industry segment for the year ended March 31, 2015, 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	$	356,741	$	15,417	$	19,366	$	(34,783)		$	356,741
Earnings from consolidated subsidiaries		(34,783)		–		–		34,783			–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		352,796		–		–		–			352,796
Amortization of deferred policy acquisition costs		–		–		19,661		–			19,661
Change in allowance for losses on trade receivables		(179)		–		11		–			(168)
Change in allowance for inventory reserve		(872)		–		–		–			(872)
Net gain on sale of real and personal property		(74,631)		–		–		–			(74,631)
Net gain on sale of investments		–		(841)		(3,084)		–			(3,925)
Deferred income taxes		66,628		8,030		1,842		–			76,500
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(3,213)		16,830		(3,985)		–			9,632
Inventories		(1,579)		–		–		–			(1,579)
Prepaid expenses		(65,720)		–		–		–			(65,720)
Capitalization of deferred policy acquisition costs		–		–		(27,084)		–			(27,084)
Other assets		4,437		102		(804)		–			3,735
Related party assets		27,753		(258)		–		211	(b)		27,706
Accounts payable and accrued expenses		158,610		–		7,446		–			166,056
Policy benefits and losses, claims and loss expenses payable		(4,327)		(23,472)		10,178		–			(17,621)
Other policyholders' funds and liabilities		–		339		671		–			1,010
Deferred income		(13,181)		–		–		–			(13,181)
Related party liabilities		(1,016)		428		(67)		(211)	(b)		(866)
Net cash provided (used) by operating activities		767,464		16,575		24,151		–			808,190

Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(1,111,899)		–		–		–			(1,111,899)
Short term investments		–		(40,583)		(249,796)		–			(290,379)
Fixed maturities investments		–		(43,062)		(171,309)		–			(214,371)
Equity securities		–		(3,333)		(426)		–			(3,759)
Preferred stock		–		(1,006)		(1,000)		–			(2,006)
Real estate		–		(7,857)		(7,542)		–			(15,399)
Mortgage loans		(22,876)		(4,350)		(15,457)		–			(42,683)
Proceeds from sales and paydowns of:
Property, plant and equipment		411,629		–		–		–			411,629
Short term investments		–		53,112		234,771		–			287,883
Fixed maturities investments		–		18,556		89,311		–			107,867
Equity securities		–		3,082		–		–			3,082
Preferred stock		–		400		2,027		–			2,427
Real estate		–		–		396		–			396
Mortgage loans		28,089		4,203		9,691		–			41,983
Net cash provided (used) by investing activities		(695,057)		(20,838)		(109,334)		–			(825,229)

(a) Balance for the period ended December 31, 2014
(b) Eliminate intercompany investments

Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2015, 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		657,535		–		–		–		657,535
Principal repayments on credit facilities		(593,722)		–		–		–		(593,722)
Debt issuance costs		(12,327)		–		–		–		(12,327)
Capital lease payments		(121,202)		–		–		–		(121,202)
Leveraged Employee Stock Ownership Plan		(5,172)		–		–		–		(5,172)
Common stock dividends paid		(19,594)		–		–		–		(19,594)
Investment contract deposits		–		–		123,129		–		123,129
Investment contract withdrawals		–		–		(54,108)		–		(54,108)
Net cash provided (used) by financing activities		(94,482)		–		69,021		–		(25,461)

Effects of exchange rate on cash		(10,762)		–		–		–		(10,762)

Decrease in cash and cash equivalents		(32,837)		(4,263)		(16,162)		–		(53,262)
Cash and cash equivalents at beginning of period		464,710		12,758		17,644		–		495,112
Cash and cash equivalents at end of period	$	431,873	$	8,495	$	1,482	$	–	$	441,850

(a) Balance for the period ended December 31, 2014

Consolidating cash flow statements by industry segment for the year ended March 31, 2014, 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	$	342,391	$	12,662	$	17,330	$	(29,992)		$	342,391
Earnings from consolidated subsidiaries		(29,992)		–		–		29,992			–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		293,169		–		–		–			293,169
Amortization of deferred policy acquisition costs		–		–		19,982		–			19,982
Change in allowance for losses on trade receivables		(28)		–		(8)		–			(36)
Change in allowance for inventory reserve		871		–		–		–			871
Net gain on sale of real and personal property		(33,557)		–		–		–			(33,557)
Net gain on sale of investments		(1,325)		(536)		(4,550)		–			(6,411)
Deferred income taxes		34,605		7,301		4,465		–			46,371
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		14,328		43,675		4,503		–			62,506
Inventories		(11,495)		–		–		–			(11,495)
Prepaid expenses		2,186		–		–		–			2,186
Capitalization of deferred policy acquisition costs		–		–		(32,611)		–			(32,611)
Other assets		8,670		(781)		(222)		–			7,667
Related party assets		11,060		(4,231)		–		725	(b)		7,554
Accounts payable and accrued expenses		30,822		–		3,909		–			34,731
Policy benefits and losses, claims and loss expenses payable		(8,202)		(34,968)		12,674		–			(30,496)
Other policyholders' funds and liabilities		–		575		118		–			693
Deferred income		1,259		–		–		–			1,259
Related party liabilities		5,647		(131)		(61)		(725)	(b)		4,730
Net cash provided (used) by operating activities		660,409		23,566		25,529		–			709,504

Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(999,365)		–		–		–			(999,365)
Short term investments		–		(60,551)		(210,139)		–			(270,690)
Fixed maturities investments		–		(58,790)		(223,634)		–			(282,424)
Equity securities		–		(746)		(816)		–			(1,562)
Preferred stock		–		(640)		–		–			(640)
Real estate		–		–		(532)		–			(532)
Mortgage loans		(21,349)		(3,500)		(39,159)		11,589	(b)		(52,419)
Proceeds from sales and paydowns of:
Property, plant and equipment		270,053		–		–		–			270,053
Short term investments		–		68,852		200,200		–			269,052
Fixed maturities investments		–		17,106		121,295		–			138,401
Equity securities		26,569		2,570		–		–			29,139
Preferred stock		–		4,504		1,500		–			6,004
Real estate		193		–		351		–			544
Mortgage loans		38,959		6,267		15,049		(11,589)	(b)		48,686
Net cash provided (used) by investing activities		(684,940)		(24,928)		(135,885)		–			(845,753)

(a) Balance for the period ended December 31, 2013
(b) Eliminate intercompany investments

Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2014, 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		431,029		–		–		–		431,029
Principal repayments on credit facilities		(293,068)		–		–		–		(293,068)
Debt issuance costs		(3,943)		–		–		–		(3,943)
Capital lease payments		(53,079)		–		–		–		(53,079)
Leveraged Employee Stock Ownership Plan - repayments from loan		487		–		–		–		487
Proceeds from (repayment of) intercompany loans		–		–		–		–		–
Common stock dividends paid		(19,568)		–		–		–		(19,568)
Investment contract deposits		–		–		140,613		–		140,613
Investment contract withdrawals		–		–		(34,677)		–		(34,677)
Net cash provided (used) by financing activities		61,858		–		105,936		–		167,794

Effects of exchange rate on cash		(177)		–		–		–		(177)

Increase (decrease) in cash and cash equivalents		37,150		(1,362)		(4,420)		–		31,368
Cash and cash equivalents at beginning of period		427,560		14,120		22,064		–		463,744
Cash and cash equivalents at end of period	$	464,710	$	12,758	$	17,644	$	–	$	495,112

(a) Balance for the period ended December 31, 2013

Consolidating cash flow statements by industry segment for the year ended March 31, 2013 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	$	264,708	$	9,256	$	14,985	$	(24,241)		$	264,708
Earnings from consolidated subsidiaries		(24,241)		–		–		24,241			–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		260,492		–		–		–			260,492
Amortization of deferred policy acquisition costs		–		–		17,376		–			17,376
Change in allowance for losses on trade receivables		(134)		–		–		–			(134)
Change in allowance for inventory reserve		1,133		–		–		–			1,133
Net gain on sale of real and personal property		(22,496)		–		–		–			(22,496)
Net gain on sale of investments		(76)		(4,883)		(3,364)		–			(8,323)
Deferred income taxes		9,206		4,459		(147)		–			13,518
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(6,022)		45,201		(2,857)		–			36,322
Inventories		1,206		–		–		–			1,206
Prepaid expenses		(15,587)		–		–		–			(15,587)
Capitalization of deferred policy acquisition costs		–		–		(50,640)		–			(50,640)
Other assets		21,216		294		46		–			21,556
Related party assets		133,970		(1,361)		–		1,063	(b)		133,672
Accounts payable and accrued expenses		41,330		–		(1,298)		–			40,032
Policy benefits and losses, claims and loss expenses payable		1,102		(52,755)		21,175		–			(30,478)
Other policyholders' funds and liabilities		–		(281)		302		–			21
Deferred income		(1,312)		–		–		–			(1,312)
Related party liabilities		1,145		346		36		(1,063)	(b)		464
Net cash provided (used) by operating activities		665,640		276		(4,386)		–			661,530

Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(655,984)		–		–		–			(655,984)
Short term investments		–		(97,269)		(314,369)		–			(411,638)
Fixed maturities investments		–		(44,460)		(398,802)		–			(443,262)
Equity securities		–		(16,289)		–		–			(16,289)
Preferred stock		–		(6,296)		–		–			(6,296)
Real estate		(243)		–		(830)		–			(1,073)
Mortgage loans		(45,206)		(1,821)		(33,684)		–			(80,711)
Proceeds from sales and paydowns of:
Property, plant and equipment		220,699		–		–		–			220,699
Short term investments		–		87,738		329,782		–			417,520
Fixed maturities investments		–		35,493		125,313		–			160,806
Equity securities		372		–		–		–			372
Preferred stock		–		7,258		–		–			7,258
Real estate		667		–		4		–			671
Mortgage loans		46,468		25,448		23,798		–			95,714
Net cash provided (used) by investing activities		(433,227)		(10,198)		(268,788)		–			(712,213)

(a) Balance for the period ended December 31, 2012
(b) Eliminate intercompany investments

Continuation of consolidating cash flow statements by industry segment for the year ended March 31, 2013 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		270,546		–		–		–		270,546
Principal repayments on credit facilities		(257,957)		–		–		–		(257,957)
Debt issuance costs		(2,223)		–		–		–		(2,223)
Capital lease payments		(26,877)		–		–		–		(26,877)
Leveraged Employee Stock Ownership Plan - repayments from loan		692		–		–		–		692
Securitization deposits		1,195		–		–		–		1,195
Proceeds from (repayment of) intercompany loans		–		–		–		–		–
Common stock dividends paid		(97,421)		–		–		–		(97,421)
Contribution to related party		(1,500)		1,500		–		–		–
Investment contract deposits		–		–		301,729		–		301,729
Investment contract withdrawals		–		–		(31,901)		–		(31,901)
Net cash provided (used) by financing activities		(113,545)		1,500		269,828		–		157,783

Effects of exchange rate on cash		(536)		–		–		–		(536)

Increase (decrease) in cash and cash equivalents		118,332		(8,422)		(3,346)		–		106,564
Cash and cash equivalents at beginning of period		309,228		22,542		25,410		–		357,180
Cash and cash equivalents at end of period	$	427,560	$	14,120	$	22,064	$	–	$	463,744

(a) Balance for the period ended December 31, 2012