Consolidating Financial Information by Industry Segment

6 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

11. Consolidating Financial Information by Industry Segment

11. Financial Information by Consolidating Industry Segment:

Consolidating balance sheets by industry segment as of September 30, 2019 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Assets:
Cash and cash equivalents	$	498,984	$	11,576	$	14,671	$	0		$	525,231
Reinsurance recoverables and trade receivables, net		91,985		96,690		33,806		0			222,481
Inventories and parts, net		102,357		0		0		0			102,357
Prepaid expenses		194,250		0		0		0			194,250
Investments, fixed maturities and marketable equities		0		294,681		2,118,669		0			2,413,350
Investments, other		20,988		82,395		217,609		0			320,992
Deferred policy acquisition costs, net		0		0		111,708		0			111,708
Other assets		68,416		880		3,136		0			72,432
Right of use assets - financing, net		1,185,629		0		0		0			1,185,629
Right of use assets - operating		105,298		0		0		0			105,298
Related party assets		38,671		8,998		18,554		(53,321)	(c)		12,902
		2,306,578		495,220		2,518,153		(53,321)			5,266,630
Investment in subsidiaries		619,513		0		0		(619,513)	(b)		0
Property, plant and equipment, at cost:
Land		1,016,918		0		0		0			1,016,918
Buildings and improvements		4,371,637		0		0		0			4,371,637
Furniture and equipment		716,287		0		0		0			716,287
Rental trailers and other rental equipment		495,264		0		0		0			495,264
Rental trucks		3,560,034		0		0		0			3,560,034
		10,160,140		0		0		0			10,160,140
Less:  Accumulated depreciation		(2,570,568)		0		0		0			(2,570,568)
Total property, plant and equipment, net		7,589,572		0		0		0			7,589,572
Total assets	$	10,515,663	$	495,220	$	2,518,153	$	(672,834)		$	12,856,202
(a) Balances as of June 30, 2019
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

22

Consolidating balance sheets by industry segment as of September 30, 2019 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	$	538,687	$	2,865	$	4,708	$	0		$	546,260
Notes, loans and finance/capital leases payable, net		4,497,912		0		0		0			4,497,912
Operating lease liability		104,832		0		0		0			104,832
Policy benefits and losses, claims and loss expenses payable		425,448		223,744		372,942		0			1,022,134
Liabilities from investment contracts		0		0		1,720,995		0			1,720,995
Other policyholders' funds and liabilities		0		5,641		5,270		0			10,911
Deferred income		35,926		0		0		0			35,926
Deferred income taxes, net		828,584		9,068		21,512		0			859,164
Related party liabilities		25,851		4,216		1,299		-31,366	(c)		0
Total liabilities		6,457,240		245,534		2,126,726		-31,366			8,798,134
Stockholders' equity:
Series preferred stock:
Series A preferred stock		0		0		0		0			0
Series B preferred stock		0		0		0		0			0
Series A common stock		0		0		0		0			0
Common stock		10,497		3,301		2,500		-5,801	(b)		10,497
Additional paid-in capital		453,971		91,120		26,271		-117,601	(b)		453,761
Accumulated other comprehensive income (loss)		17,506		9,615		65,575		-75,545	(b)		17,151
Retained earnings		4,255,696		145,650		297,081		-442,521	(b)		4,255,906
Cost of common stock in treasury, net		-525,653		0		0		0			-525,653
Cost of preferred stock in treasury, net		-151,997		0		0		0			-151,997
Unearned employee stock ownership plan stock		-1,597		0		0		0			-1,597
Total stockholders' equity		4,058,423		249,686		391,427		-641,468			4,058,068
Total liabilities and stockholders' equity	$	10,515,663	$	495,220	$	2,518,153	$	-672,834		$	12,856,202
(a) Balances as of June 30, 2019
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

23

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
Assets:		(In thousands)
Cash and cash equivalents	$	643,918	$	5,757	$	24,026	$	0		$	673,701
Reinsurance recoverables and trade receivables, net		90,832		102,120		31,833		0			224,785
Inventories and parts, net		103,504		0		0		0			103,504
Prepaid expenses		174,100		0		0		0			174,100
Investments, fixed maturities and marketable equities		0		279,641		1,955,756		0			2,235,397
Investments, other		23,013		74,679		203,044		0			300,736
Deferred policy acquisition costs, net		0		0		136,276		0			136,276
Other assets		72,768		2,456		3,130		0			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		0		0		(534,157)	(b)		0
Property, plant and equipment, at cost:
Land		976,454		0		0		0			976,454
Buildings and improvements		4,003,726		0		0		0			4,003,726
Furniture and equipment		689,780		0		0		0			689,780
Rental trailers and other rental equipment		590,039		0		0		0			590,039
Rental trucks		4,762,028		0		0		0			4,762,028
		11,022,027		0		0		0			11,022,027
Less:  Accumulated depreciation		(3,088,056)		0		0		0			(3,088,056)
Total property, plant and equipment, net		7,933,971		0		0		0			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

24

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	$	0		$	556,873
Notes, loans and leases payable, net		4,163,323		0		0		0			4,163,323
Policy benefits and losses, claims and loss expenses payable		407,934		229,958		373,291		0			1,011,183
Liabilities from investment contracts		0		0		1,666,742		0			1,666,742
Other policyholders' funds and liabilities		0		5,259		9,788		0			15,047
Deferred income		35,186		0		0		0			35,186
Deferred income taxes, net		741,644		6,961		2,365		0			750,970
Related party liabilities		25,446		3,836		692		(29,974)	(c)		0
Total liabilities		5,921,632		248,858		2,058,808		(29,974)			8,199,324
Stockholders' equity:
Series preferred stock:
Series A preferred stock		0		0		0		0			–
Series B preferred stock		0		0		0		0			–
Series A common stock		0		0		0		0			–
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 stock in treasury, net		(525,653)		0		0		0			(525,653)
Cost of preferred stock in treasury, net		(151,997)		0		0		0			(151,997)
Unearned employee stock ownership plan stock		(4,048)		0		0		0			(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

25

Consolidating statement of operations by industry segment 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	$	0	$	0	$	(1,334)	(c)	$	804,325
Self-storage revenues		104,965		0		0		0			104,965
Self-moving and self-storage products and service sales		73,121		0		0		0			73,121
Property management fees		7,233		0		0		0			7,233
Life insurance premiums		0		0		32,355		0			32,355
Property and casualty insurance premiums		0		19,216		0		(851)	(c)		18,365
Net investment and interest income		3,031		4,312		26,165		(410)	(b)		33,098
Other revenue		75,543		0		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		0		0		0			86,099
Cost of sales		43,930		0		0		0			43,930
Benefits and losses		0		5,041		40,784		0			45,825
Amortization of deferred policy acquisition costs		0		0		6,515		0			6,515
Lease expense		6,492		0		0		(136)	(b)		6,356
Depreciation, net of (gains) losses on disposal		151,553		0		0		0			151,553
Net gains on disposal of real estate		(217)		0		0		0			(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		0		0		(12,914)	(d)		0
Earnings from operations		241,901		9,092		6,941		(13,194)			244,740
Other components of net periodic benefit costs		(264)		0		0		0			(264)
Interest expense		(39,402)		0		0		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)		0			(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 quarter ended September 30, 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	$	783,035	$	0	$	0	$	(1,322)	(c)	$	781,713
Self-storage revenues		91,493		0		0		0			91,493
Self-moving and self-storage products and service sales		72,913		0		0		0			72,913
Property management fees		7,192		0		0		0			7,192
Life insurance premiums		0		0		35,920		0			35,920
Property and casualty insurance premiums		0		16,972		0		(689)	(c)		16,283
Net investment and interest income		2,830		3,550		22,270		(423)	(b)		28,227
Other revenue		69,471		0		1,422		(127)	(b)		70,766
Total revenues		1,026,934		20,522		59,612		(2,561)			1,104,507
Costs and expenses:
Operating expenses		518,383		7,915		5,186		(2,134)	(b,c)		529,350
Commission expenses		85,334		0		0		0			85,334
Cost of sales		46,402		0		0		0			46,402
Benefits and losses		0		4,748		41,025		0			45,773
Amortization of deferred policy acquisition costs		0		0		5,899		0			5,899
Lease expense		8,306		0		0		(136)	(b)		8,170
Depreciation, net of (gains) losses on disposal		132,625		0		0		0			132,625
Net losses on disposal of real estate		10		0		0		0			10
Total costs and expenses		791,060		12,663		52,110		(2,270)			853,563
Earnings from operations before equity in earnings of subsidiaries		235,874		7,859		7,502		(291)			250,944
Equity in earnings of subsidiaries		11,986		0		0		(11,986)	(d)		0
Earnings from operations		247,860		7,859		7,502		(12,277)			250,944
Other components of net periodic benefit costs		(254)		0		0		0			(254)
Interest expense		(35,321)		0		0		291	(b)		(35,030)
Pretax earnings		212,285		7,859		7,502		(11,986)			215,660
Income tax expense		(48,743)		(1,628)		(1,747)		0			(52,118)
Earnings available to common stockholders	$	163,542	$	6,231	$	5,755	$	(11,986)		$	163,542
(a) Balances for the quarter ended June 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 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	$	0	$	0	$	(1,874)	(c)	$	1,552,921
Self-storage revenues		203,239		0		0		0			203,239
Self-moving and self-storage products and service sales		153,147		0		0		0			153,147
Property management fees		14,389		0		0		0			14,389
Life insurance premiums		0		0		65,065		0			65,065
Property and casualty insurance premiums		0		33,330		0		(1,541)	(c)		31,789
Net investment and interest income		6,298		10,503		52,866		(820)	(b)		68,847
Other revenue		138,082		0		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		0		0		0			166,998
Cost of sales		92,859		0		0		0			92,859
Benefits and losses		0		8,799		86,032		0			94,831
Amortization of deferred policy acquisition costs		0		0		12,579		0			12,579
Lease expense		13,664		0		0		(272)	(b)		13,392
Depreciation, net of (gains) losses on disposal		292,153		0		0		0			292,153
Net gains on disposal of real estate		(1,839)		0		0		0			(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		0		0		(22,745)	(d)		0
Earnings from operations		453,628		17,558		10,722		(23,303)			458,605
Other components of net periodic benefit costs		(527)		0		0		0			(527)
Interest expense		(78,568)		0		0		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)		0			(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

Consolidating statements of operations by industry for the six months ended September 30, 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	$	1,500,577	$	0	$	0	$	(2,262)	(c)	$	1,498,315
Self-storage revenues		177,705		0		0		0			177,705
Self-moving and self-storage products and service sales		152,154		0		0		0			152,154
Property management fees		14,608		0		0		0			14,608
Life insurance premiums		0		0		72,808		0			72,808
Property and casualty insurance premiums		0		30,320		0		(1,256)	(c)		29,064
Net investment and interest income		5,393		6,091		42,187		(839)	(b)		52,832
Other revenue		124,382		0		2,480		(264)	(b)		126,598
Total revenues		1,974,819		36,411		117,475		(4,621)			2,124,084
Costs and expenses:
Operating expenses		1,002,003		16,615		11,059		(3,773)	(b,c)		1,025,904
Commission expenses		164,591		0		0		0			164,591
Cost of sales		96,283		0		0		0			96,283
Benefits and losses		0		9,224		85,103		0			94,327
Amortization of deferred policy acquisition costs		0		0		11,930		0			11,930
Lease expense		16,611		0		0		(272)	(b)		16,339
Depreciation, net of (gains) losses on disposal		259,052		0		0		0			259,052
Net losses on disposal of real estate		10		0		0		0			10
Total costs and expenses		1,538,550		25,839		108,092		(4,045)			1,668,436
Earnings from operations before equity in earnings of subsidiaries		436,269		10,572		9,383		(576)			455,648
Equity in earnings of subsidiaries		15,642		0		0		(15,642)	(d)		0
Earnings from operations		451,911		10,572		9,383		(16,218)			455,648
Other components of net periodic benefit costs		(507)		0		0		0			(507)
Interest expense		(70,860)		0		0		576	(b)		(70,284)
Pretax earnings		380,544		10,572		9,383		(15,642)			384,857
Income tax expense		(89,153)		(2,173)		(2,140)		0			(93,466)
Earnings available to common stockholders	$	291,391	$	8,399	$	7,243	$	(15,642)		$	291,391
(a) Balances for the six months ended June 30, 2018
(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 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)		0		0		22,745		0
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		326,830		0		0		0		326,830
Amortization of deferred policy acquisition costs		0		0		12,579		0		12,579
Amortization of premiums and accretion of discounts related to investments, net		0		754		5,727		0		6,481
Amortization of debt issuance costs		2,100		0		0		0		2,100
Interest credited to policyholders		0		0		26,584		0		26,584
Change in allowance for losses on trade receivables		(113)		0		0		0		(113)
Change in allowance for inventories and parts reserve		537		0		0		0		537
Net gains on disposal of personal property		(34,677)		0		0		0		(34,677)
Net gains on disposal of real estate		(1,839)		0		0		0		(1,839)
Net gains on sales of investments		0		(127)		(7,468)		0		(7,595)
Net gains on equity investments		0		(2,553)		0		0		(2,553)
Deferred income taxes		87,544		(1,438)		(2,398)		0		83,708
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(987)		5,430		(1,972)		0		2,471
Inventories and parts		613		0		0		0		613
Prepaid expenses		(21,908)		0		0		0		(21,908)
Capitalization of deferred policy acquisition costs		0		0		(10,370)		0		(10,370)
Other assets		(1,205)		1,736		(6)		0		525
Related party assets		(2,628)		(2,391)		0		0		(5,019)
Accounts payable and accrued expenses		59,091		11		1,485		0		60,587
Policy benefits and losses, claims and loss expenses payable		17,272		(6,214)		(349)		0		10,709
Other policyholders' funds and liabilities		0		381		(4,517)		0		(4,136)
Deferred income		2,077		0		0		0		2,077
Related party liabilities		406		412		607		0		1,425
Net cash provided by operating activities		699,116		9,917		28,731		0		737,764
Cash flows from investing activities:
Escrow deposits		5,573		0		0		0		5,573
Purchases of:
Property, plant and equipment		(1,589,371)		0		0		0		(1,589,371)
Short term investments		0		(20,275)		(105)		0		(20,380)
Fixed maturities investments		0		(6,531)		(172,095)		0		(178,626)
Equity Securities		0		0		(83)		0		(83)
Real estate		0		(328)		(40)		0		(368)
Mortgage loans		0		(6,250)		(13,410)		0		(19,660)
Proceeds from sales and paydowns of:
Property, plant and equipment		401,451		0		0		0		401,451
Short term investments		0		17,282		0		0		17,282
Fixed maturities investments		0		10,308		117,375		0		127,683
Real estate		311		0		0		0		311
Mortgage loans		0		1,696		2,603		0		4,299
Net cash used by investing activities		(1,182,036)		(4,098)		(65,755)		0		(1,251,889)
		(page 1 of 2)
(a) Balance for the period ended June 30, 2019										30

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		0		2,500		0		658,745
Principal repayments on credit facilities		(141,134)		0		(2,500)		0		(143,634)
Payments of debt issuance costs		(2,301)		0		0		0		(2,301)
Finance/capital lease payments		(180,902)		0		0		0		(180,902)
Employee stock ownership plan stock		(206)		0		0		0		(206)
Common stock dividend paid		(19,600)		0		0		0		(19,600)
Net contribution from (to) related party		21,600		0		0		0		21,600
Investment contract deposits		0		0		105,846		0		105,846
Investment contract withdrawals		0		0		(78,177)		0		(78,177)
Net cash provided by financing activities		333,702		0		27,669		0		361,371
Effects of exchange rate on cash		4,284		0		0		0		4,284
Increase (decrease) in cash and cash equivalents		(144,934)		5,819		(9,355)		0		(148,470)
Cash and cash equivalents at beginning of period		643,918		5,757		24,026		0		673,701
Cash and cash equivalents at end of period	$	498,984	$	11,576	$	14,671	$	0	$	525,231
		(page 2 of 2)
(a) Balance for the period ended June 30, 2019

31

Consolidating cash flow statements by industry segment for the six months ended September 30, 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	$	291,391	$	8,399	$	7,243	$	(15,642)	$	291,391
Earnings from consolidated entities		(15,642)		0		0		15,642		0
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		287,383		0		0		0		287,383
Amortization of deferred policy acquisition costs		0		0		11,930		0		11,930
Amortization of premiums and accretion of discounts related to investments, net		0		619		5,838		0		6,457
Amortization of debt issuance costs		2,013		0		0		0		2,013
Interest credited to policyholders		0		0		17,726		0		17,726
Change in allowance for losses on trade receivables		313		0		(4)		0		309
Change in allowance for inventories and parts reserve		1,148		0		0		0		1,148
Net gains on disposal of personal property		(28,331)		0		0		0		(28,331)
Net losses on disposal of real estate		10		0		0		0		10
Net (gains) losses on sales of investments				(66)		121		0		55
Net losses on equity investments		0		1,344		0		0		1,344
Deferred income taxes		89,160		(116)		(559)		0		88,485
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(14,166)		1,151		(1,438)		0		(14,453)
Inventories and parts		(4,347)		0		0		0		(4,347)
Prepaid expenses		(17,709)		0		0		0		(17,709)
Capitalization of deferred policy acquisition costs		0		0		(12,926)		0		(12,926)
Other assets		58,539		80		(480)		0		58,139
Related party assets		7,798		(1,617)		0		0		6,181
Accounts payable and accrued expenses		49,346		1,106		7,292		0		57,744
Policy benefits and losses, claims and loss expenses payable		(54,882)		1,166		3,942		0		(49,774)
Other policyholders' funds and liabilities		0		14		3,288		0		3,302
Deferred income		(124)		0		0		0		(124)
Related party liabilities		(2,207)		(453)		(616)		0		(3,276)
Net cash provided by operating activities		649,693		11,627		41,357		0		702,677
Cash flows from investing activities:
Escrow deposits		1,362		0		0		0		1,362
Purchases of:
Property, plant and equipment		(1,114,544)		0		0		0		(1,114,544)
Short term investments		0		(22,092)		(243)		0		(22,335)
Fixed maturities investments		0		(17,588)		(222,384)		0		(239,972)
Equity securities		0		0		(957)		0		(957)
Preferred stock		0		0		(81)		0		(81)
Real estate		0		(144)		(74)		0		(218)
Mortgage loans		0		(4,612)		(19,520)		0		(24,132)
Proceeds from sales and paydowns of:
Property, plant and equipment		429,910		0		0		0		429,910
Short term investments		0		24,568		0		0		24,568
Fixed maturities investments		0		7,302		57,349		0		64,651
Real estate		0		1,125		0		0		1,125
Mortgage loans		0		422		12,490		0		12,912
Net cash used by investing activities		(683,272)		(11,019)		(173,420)		0		(867,711)
		(page 1 of 2)
(a) Balance for the period ended June 30, 2018										32

Consolidating cash flow statements by industry segment for the six months ended September 30, 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		313,299		0		0		0		313,299
Principal repayments on credit facilities		(182,955)		0		0		0		(182,955)
Payment of debt issuance costs		(1,420)		0		0		0		(1,420)
Capital lease payments		(147,913)		0		0		0		(147,913)
Employee stock ownership plan stock		(137)		0		0		0		(137)
Common stock dividend paid		(29,385)		0		0		0		(29,385)
Investment contract deposits		0		0		179,608		0		179,608
Investment contract withdrawals		0		0		(71,228)		0		(71,228)
Net cash provided (used) by financing activities		(48,511)		0		108,380		0		59,869
Effects of exchange rate on cash		(1,783)		0		0		0		(1,783)
Decrease in cash and cash equivalents		(83,873)		608		(23,683)		0		(106,948)
Cash and cash equivalents at beginning of period		702,036		6,639		50,713		0		759,388
Cash and cash equivalents at end of period	$	618,163	$	7,247	$	27,030	$	0	$	652,440
		(page 2 of 2)
(a) Balance for the period ended June 30, 2018