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Consolidating Financial Information by Industry Segment | 3 Months Ended
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Jun. 30, 2015
Segment Reporting [Abstract] |
11. Consolidating Financial Information by Industry Segment | 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 cla ssified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes are shown as liabilities on the condensed 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. Consolidating balance sheets by industry segment as of June 30, 2015 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 459,636 | $ | 10,091 | $ | 5,835 | $ | – |  | $ | 475,562
Reinsurance recoverables and trade receivables, net |  | 49,542 |  | 127,081 |  | 32,651 |  | – |  |  | 209,274
Inventories, net |  | 69,889 |  | – |  | – |  | – |  |  | 69,889
Prepaid expenses |  | 67,511 |  | – |  | – |  | – |  |  | 67,511
Investments, fixed maturities and marketable equities |  | – |  | 234,595 |  | 1,099,604 |  | – |  |  | 1,334,199
Investments, other |  | 34,788 |  | 48,966 |  | 239,140 |  | – |  |  | 322,894
Deferred policy acquisition costs, net |  | – |  | – |  | 115,388 |  | – |  |  | 115,388
Other assets |  | 92,473 |  | 1,123 |  | 2,501 |  | – |  |  | 96,097
Related party assets |  | 138,553 |  | 13,231 |  | 546 |  | (17,677) | (c) |  | 134,653
|  | 912,392 |  | 435,087 |  | 1,495,665 |  | (17,677) |  |  | 2,825,467
Investment in subsidiaries |  | 457,337 |  | – |  | – |  | (457,337) | (b) |  | –
Property, plant and equipment, at cost: |  |  |  |  |  |  |  |  |  |  |
Land |  | 488,931 |  | – |  | – |  | – |  |  | 488,931
Buildings and improvements |  | 1,812,899 |  | – |  | – |  | – |  |  | 1,812,899
Furniture and equipment |  | 359,500 |  | – |  | – |  | – |  |  | 359,500
Rental trailers and other rental equipment |  | 449,810 |  | – |  | – |  | – |  |  | 449,810
Rental trucks |  | 3,133,198 |  | – |  | – |  | – |  |  | 3,133,198
|  | 6,244,338 |  | – |  | – |  | – |  |  | 6,244,338
Less: Accumulated depreciation |  | (1,979,171) |  | – |  | – |  | – |  |  | (1,979,171)
Total property, plant and equipment |  | 4,265,167 |  | – |  | – |  | – |  |  | 4,265,167
Total assets | $ | 5,634,896 | $ | 435,087 | $ | 1,495,665 | $ | (475,014) |  | $ | 7,090,634
(a) Balances as of March 31, 2015 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate investment in subsidiaries |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany receivables and payables |  |  |  |  |  |  |  |  |  |  |
Consolidating balance sheets by industry segment as of June 30, 2015 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 | $ | 466,528 | $ | – | $ | 4,397 | $ | – |  | $ | 470,925
Notes, loans and leases payable |  | 2,162,671 |  | – |  | 30,000 |  | – |  |  | 2,192,671
Policy benefits and losses, claims and loss expenses payable |  | 369,943 |  | 270,836 |  | 433,394 |  | – |  |  | 1,074,173
Liabilities from investment contracts |  | – |  | – |  | 711,782 |  | – |  |  | 711,782
Other policyholders' funds and liabilities |  | – |  | 3,647 |  | 9,820 |  | – |  |  | 13,467
Deferred income |  | 26,438 |  | – |  | – |  | – |  |  | 26,438
Deferred income taxes |  | 545,506 |  | (16,771) |  | 23,382 |  | – |  |  | 552,117
Related party liabilities |  | 14,749 |  | 2,353 |  | 575 |  | (17,677) | (c) |  | –
Total liabilities |  | 3,585,835 |  | 260,065 |  | 1,213,350 |  | (17,677) |  |  | 5,041,573
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 |  | 450,413 |  | 91,120 |  | 26,271 |  | (117,601) | (b) |  | 450,203
Accumulated other comprehensive income (loss) |  | (22,818) |  | 10,389 |  | 37,717 |  | (48,106) | (b) |  | (22,818)
Retained earnings |  | 2,294,081 |  | 70,212 |  | 215,827 |  | (285,829) | (b) |  | 2,294,291
Cost of common shares in treasury, net |  | (525,653) |  | – |  | – |  | – |  |  | (525,653)
Cost of preferred shares in treasury, net |  | (151,997) |  | – |  | – |  | – |  |  | (151,997)
Unearned employee stock ownership plan shares |  | (5,462) |  | – |  | – |  | – |  |  | (5,462)
Total stockholders' equity |  | 2,049,061 |  | 175,022 |  | 282,315 |  | (457,337) |  |  | 2,049,061
Total liabilities and stockholders' equity | $ | 5,634,896 | $ | 435,087 | $ | 1,495,665 | $ | (475,014) |  | $ | 7,090,634
(a) Balances as of March 31, 2015 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate investment in subsidiaries |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany receivables and payables |  |  |  |  |  |  |  |  |  |  |
Consolidating balance sheets by industry segment as of March 31, 2015 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (In thousands)
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 431,873 | $ | 8,495 | $ | 1,482 | $ | – |  | $ | 441,850
Reinsurance recoverables and trade receivables, net |  | 32,364 |  | 125,506 |  | 31,999 |  | – |  |  | 189,869
Inventories, net |  | 69,472 |  | – |  | – |  | – |  |  | 69,472
Prepaid expenses |  | 126,296 |  | – |  | – |  | – |  |  | 126,296
Investments, fixed maturities and marketable equities |  | – |  | 228,530 |  | 1,076,432 |  | – |  |  | 1,304,962
Investments, other |  | 27,637 |  | 50,867 |  | 190,216 |  | – |  |  | 268,720
Deferred policy acquisition costs, net |  | – |  | – |  | 115,422 |  | – |  |  | 115,422
Other assets |  | 101,689 |  | 1,924 |  | 2,544 |  | – |  |  | 106,157
Related party assets |  | 144,040 |  | 13,268 |  | 586 |  | (16,104) | (c) |  | 141,790
|  | 933,371 |  | 428,590 |  | 1,418,681 |  | (16,104) |  |  | 2,764,538
Investment in subsidiaries |  | 443,462 |  | – |  | – |  | (443,462) | (b) |  | –
Property, plant and equipment, at cost: |  |  |  |  |  |  |  |  |  |  |
Land |  | 467,482 |  | – |  | – |  | – |  |  | 467,482
Buildings and improvements |  | 1,728,033 |  | – |  | – |  | – |  |  | 1,728,033
Furniture and equipment |  | 355,349 |  | – |  | – |  | – |  |  | 355,349
Rental trailers and other rental equipment |  | 436,642 |  | – |  | – |  | – |  |  | 436,642
Rental trucks |  | 3,059,987 |  | – |  | – |  | – |  |  | 3,059,987
|  | 6,047,493 |  | – |  | – |  | – |  |  | 6,047,493
Less: Accumulated depreciation |  | (1,939,856) |  | – |  | – |  | – |  |  | (1,939,856)
Total property, plant and equipment |  | 4,107,637 |  | – |  | – |  | – |  |  | 4,107,637
Total assets | $ | 5,484,470 | $ | 428,590 | $ | 1,418,681 | $ | (459,566) |  | $ | 6,872,175
(a) Balances as of December 31, 2014 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate investment in subsidiaries |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany receivables and payables |  |  |  |  |  |  |  |  |  |  |
Consolidating balance sheets by industry segment as of March 31, 2015 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (In thousands)
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 489,140 | $ | – | $ | 5,995 | $ | – |  | $ | 495,135
Notes, loans and leases payable |  | 2,190,869 |  | – |  | – |  | – |  |  | 2,190,869
Policy benefits and losses, claims and loss expenses payable |  | 363,552 |  | 271,744 |  | 426,892 |  | – |  |  | 1,062,188
Liabilities from investment contracts |  | – |  | – |  | 685,745 |  | – |  |  | 685,745
Other policyholders' funds and liabilities |  | – |  | 4,072 |  | 4,927 |  | – |  |  | 8,999
Deferred income |  | 18,081 |  | – |  | – |  | – |  |  | 18,081
Deferred income taxes |  | 524,550 |  | (18,592) |  | 20,841 |  | – |  |  | 526,799
Related party liabilities |  | 13,919 |  | 2,073 |  | 112 |  | (16,104) | (c) |  | –
Total liabilities |  | 3,600,111 |  | 259,297 |  | 1,144,512 |  | (16,104) |  |  | 4,987,816
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 |  | 449,878 |  | 91,120 |  | 26,271 |  | (117,601) | (b) |  | 449,668
Accumulated other comprehensive income (loss) |  | (34,365) |  | 8,871 |  | 32,310 |  | (41,181) | (b) |  | (34,365)
Retained earnings (deficit) |  | 2,142,390 |  | 66,001 |  | 213,088 |  | (278,879) | (b) |  | 2,142,600
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 |  | (6,391) |  | – |  | – |  | – |  |  | (6,391)
Total stockholders' equity (deficit) | $ | 1,884,359 |  | 169,293 |  | 274,169 |  | (443,462) |  |  | 1,884,359
Total liabilities and stockholders' equity |  | 5,484,470 | $ | 428,590 | $ | 1,418,681 | $ | (459,566) |  | $ | 6,872,175
(a) Balances as of December 31, 2014 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate investment in subsidiaries |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany receivables and payables |  |  |  |  |  |  |  |  |  |  |
Consolidating statement of operations by industry segment for the quarter ended June 30, 2015 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Self-moving equipment rentals | $ | 630,039 | $ | – | $ | – | $ | (753) | (c) | $ | 629,286
Self-storage revenues |  | 57,191 |  | – |  | – |  | – |  |  | 57,191
Self-moving & self-storage products & service sales |  | 77,258 |  | – |  | – |  | – |  |  | 77,258
Property management fees |  | 6,111 |  | – |  | – |  | – |  |  | 6,111
Life insurance premiums |  | – |  | – |  | 40,266 |  | – |  |  | 40,266
Property and casualty insurance premiums |  | – |  | 10,556 |  | – |  | – |  |  | 10,556
Net investment and interest income |  | 2,817 |  | 4,334 |  | 15,020 |  | (199) | (b) |  | 21,972
Other revenue |  | 41,424 |  | – |  | 783 |  | (42) | (b) |  | 42,165
Total revenues |  | 814,840 |  | 14,890 |  | 56,069 |  | (994) |  |  | 884,805
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 351,855 |  | 6,339 |  | 5,762 |  | (787) | (b,c) |  | 363,169
Commission expenses |  | 73,058 |  | – |  | – |  | – |  |  | 73,058
Cost of sales |  | 41,255 |  | – |  | – |  | – |  |  | 41,255
Benefits and losses |  | – |  | 2,073 |  | 41,318 |  | – |  |  | 43,391
Amortization of deferred policy acquisition costs |  | – |  | – |  | 4,778 |  | – |  |  | 4,778
Lease expense |  | 17,111 |  | – |  | – |  | (47) | (b) |  | 17,064
Depreciation, net of (gains) losses on disposals |  | 50,982 |  | – |  | – |  | – |  |  | 50,982
Total costs and expenses |  | 534,261 |  | 8,412 |  | 51,858 |  | (834) |  |  | 593,697
Earnings from operations before equity in earnings of subsidiaries |  | 280,579 |  | 6,478 |  | 4,211 |  | (160) |  |  | 291,108
Equity in earnings of subsidiaries |  | 6,950 |  | – |  | – |  | (6,950) | (d) |  | –
Earnings from operations |  | 287,529 |  | 6,478 |  | 4,211 |  | (7,110) |  |  | 291,108
Interest expense |  | (22,260) |  | – |  | – |  | 160 | (b) |  | (22,100)
Pretax earnings |  | 265,269 |  | 6,478 |  | 4,211 |  | (6,950) |  |  | 269,008
Income tax expense |  | (93,984) |  | (2,267) |  | (1,472) |  | – |  |  | (97,723)
Earnings available to common shareholders | $ | 171,285 | $ | 4,211 | $ | 2,739 | $ | (6,950) |  | $ | 171,285
(a) Balances for the quarter ended March 31, 2015 |  |  |  |  |  |  |  |  |  |  |
(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 June 30, 2014 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Self-moving equipment rentals | $ | 576,167 | $ | – | $ | – | $ | (692) | (c) | $ | 575,475
Self-storage revenues |  | 49,134 |  | – |  | – |  | – |  |  | 49,134
Self-moving & self-storage products & service sales |  | 74,479 |  | – |  | – |  | – |  |  | 74,479
Property management fees |  | 5,677 |  | – |  | – |  | – |  |  | 5,677
Life insurance premiums |  | – |  | – |  | 37,930 |  | – |  |  | 37,930
Property and casualty insurance premiums |  | – |  | 9,618 |  | – |  | – |  |  | 9,618
Net investment and interest income |  | 4,477 |  | 2,794 |  | 13,965 |  | (190) | (b) |  | 21,046
Other revenue |  | 44,987 |  | – |  | 725 |  | (116) | (b) |  | 45,596
Total revenues |  | 754,921 |  | 12,412 |  | 52,620 |  | (998) |  |  | 818,955
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 352,631 |  | 5,801 |  | 5,666 |  | (799) | (b,c) |  | 363,299
Commission expenses |  | 66,340 |  | – |  | – |  | – |  |  | 66,340
Cost of sales |  | 41,628 |  | – |  | – |  | – |  |  | 41,628
Benefits and losses |  | – |  | 2,589 |  | 38,195 |  | – |  |  | 40,784
Amortization of deferred policy acquisition costs |  | – |  | – |  | 4,184 |  | – |  |  | 4,184
Lease expense |  | 22,514 |  | – |  | – |  | (44) | (b) |  | 22,470
Depreciation, net of (gains) losses on disposals |  | 61,051 |  | – |  | – |  | – |  |  | 61,051
Total costs and expenses |  | 544,164 |  | 8,390 |  | 48,045 |  | (843) |  |  | 599,756
Earnings from operations before equity in earnings of subsidiaries |  | 210,757 |  | 4,022 |  | 4,575 |  | (155) |  |  | 219,199
Equity in earnings of subsidiaries |  | 5,594 |  | – |  | – |  | (5,594) | (d) |  | –
Earnings from operations |  | 216,351 |  | 4,022 |  | 4,575 |  | (5,749) |  |  | 219,199
Interest expense |  | (24,303) |  | – |  | – |  | 155 | (b) |  | (24,148)
Pretax earnings |  | 192,048 |  | 4,022 |  | 4,575 |  | (5,594) |  |  | 195,051
Income tax expense |  | (67,574) |  | (1,408) |  | (1,595) |  | – |  |  | (70,577)
Earnings available to common shareholders | $ | 124,474 | $ | 2,614 | $ | 2,980 | $ | (5,594) |  | $ | 124,474
(a) Balances for the quarter ended March 31, 2014 |  |  |  |  |  |  |  |  |  |  |
(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 quarter ended June 30, 2015 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Elimination |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |
Net earnings | $ | 171,285 | $ | 4,211 | $ | 2,739 | $ | (6,950) |  | $ | 171,285
Earnings from consolidated subsidiaries |  | (6,950) |  | – |  | – |  | 6,950 |  |  | –
Adjustments to reconcile net earnings to the cash provided by operations: |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | 96,966 |  | – |  | – |  | – |  |  | 96,966
Amortization of deferred policy acquisition costs |  | – |  | – |  | 4,778 |  | – |  |  | 4,778
Change in allowance for losses on trade receivables |  | (61) |  | – |  | – |  | – |  |  | (61)
Change in allowance for inventory reserve |  | (248) |  | – |  | – |  | – |  |  | (248)
Net gain on sale of real and personal property |  | (45,984) |  | – |  | – |  | – |  |  | (45,984)
Net gain on sale of investments |  | – |  | (781) |  | (672) |  | – |  |  | (1,453)
Deferred income taxes |  | 19,675 |  | 1,004 |  | (1,813) |  | – |  |  | 18,866
Net change in other operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
Reinsurance recoverables and trade receivables |  | (17,122) |  | (1,576) |  | (651) |  | – |  |  | (19,349)
Inventories |  | (140) |  | – |  | – |  | – |  |  | (140)
Prepaid expenses |  | 56,624 |  | – |  | – |  | – |  |  | 56,624
Capitalization of deferred policy acquisition costs |  | – |  | – |  | (7,137) |  | – |  |  | (7,137)
Other assets |  | 9,237 |  | 831 |  | 43 |  | – |  |  | 10,111
Related party assets |  | 5,496 |  | 170 |  | – |  | – |  |  | 5,666
Accounts payable and accrued expenses |  | 50,325 |  | – |  | 1,587 |  | – |  |  | 51,912
Policy benefits and losses, claims and loss expenses payable |  | 6,074 |  | (908) |  | 6,503 |  | – |  |  | 11,669
Other policyholders' funds and liabilities |  | – |  | (425) |  | 4,893 |  | – |  |  | 4,468
Deferred income |  | 8,342 |  | – |  | – |  | – |  |  | 8,342
Related party liabilities |  | 830 |  | 146 |  | 462 |  | – |  |  | 1,438
Net cash provided (used) by operating activities |  | 354,349 |  | 2,672 |  | 10,732 |  | – |  |  | 367,753
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | (452,572) |  | – |  | – |  | – |  |  | (452,572)
Short term investments |  | – |  | (11,824) |  | (61,693) |  | – |  |  | (73,517)
Fixed maturities investments |  | – |  | (9,827) |  | (37,245) |  | – |  |  | (47,072)
Equity securities |  | – |  | – |  | (967) |  | – |  |  | (967)
Preferred stock |  | – |  | (2) |  | – |  | – |  |  | (2)
Real estate |  | – |  | (6) |  | (17) |  | – |  |  | (23)
Mortgage loans |  | (8,226) |  | – |  | (74,613) |  | – |  |  | (82,839)
Proceeds from sales and paydowns of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | 194,133 |  | – |  | – |  | – |  |  | 194,133
Short term investments |  | – |  | 10,298 |  | 78,034 |  | – |  |  | 88,332
Fixed maturities investments |  | – |  | 6,221 |  | 24,119 |  | – |  |  | 30,340
Equity securities |  | – |  | – |  | 799 |  | – |  |  | 799
Mortgage loans |  | 1,075 |  | 4,064 |  | 9,167 |  | – |  |  | 14,306
Net cash provided (used) by investing activities |  | (265,590) |  | (1,076) |  | (62,416) |  | – |  |  | (329,082)
|  | (page 1 of 2)
(a) Balance for the period ended March 31, 2015 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate intercompany investments |  |  |  |  |  |  |  |  |  |  |
Continuation of consolidating cash flow statements by industry segment for the quarter ended June 30, 2015 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Elimination |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Borrowings from credit facilities |  | 41,206 |  | – |  | 47,000 |  | – |  |  | 88,206
Principal repayments on credit facilities |  | (65,797) |  | – |  | (17,000) |  | – |  |  | (82,797)
Capital lease payments |  | (33,974) |  | – |  | – |  | – |  |  | (33,974)
Leveraged Employee Stock Ownership Plan |  | 929 |  | – |  | – |  | – |  |  | 929
Investment contract deposits |  | – |  | – |  | 39,252 |  | – |  |  | 39,252
Investment contract withdrawals |  | – |  | – |  | (13,215) |  | – |  |  | (13,215)
Net cash provided (used) by financing activities |  | (57,636) |  | – |  | 56,037 |  | – |  |  | (1,599)
Effects of exchange rate on cash |  | (3,360) |  | – |  | – |  | – |  |  | (3,360)
Increase in cash and cash equivalents |  | 27,763 |  | 1,596 |  | 4,353 |  | – |  |  | 33,712
Cash and cash equivalents at beginning of period |  | 431,873 |  | 8,495 |  | 1,482 |  | – |  |  | 441,850
Cash and cash equivalents at end of period | $ | 459,636 | $ | 10,091 | $ | 5,835 | $ | – |  | $ | 475,562
|  | (page 2 of 2)
(a) Balance for the period ended March 31, 2015 |  |  |  |  |  |  |  |  |  |  |
Consolidating cash flow statements by industry segment for the quarter ended June 30, 2014 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Elimination |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |
Net earnings | $ | 124,474 | $ | 2,614 | $ | 2,980 | $ | (5,594) |  | $ | 124,474
Earnings from consolidated subsidiaries |  | (5,594) |  | – |  | – |  | 5,594 |  |  | –
Adjustments to reconcile net earnings to the cash provided by operations: |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | 84,010 |  | – |  | – |  | – |  |  | 84,010
Amortization of deferred policy acquisition costs |  | – |  | – |  | 4,184 |  | – |  |  | 4,184
Change in allowance for losses on trade receivables |  | 18 |  | – |  | 4 |  | – |  |  | 22
Change in allowance for inventory reserve |  | (1,760) |  | – |  | – |  | – |  |  | (1,760)
Net gain on sale of real and personal property |  | (22,959) |  | – |  | – |  | – |  |  | (22,959)
Net gain on sale of investments |  | – |  | (127) |  | (747) |  | – |  |  | (874)
Deferred income taxes |  | 10,697 |  | 115 |  | 1,595 |  | – |  |  | 12,407
Net change in other operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
Reinsurance recoverables and trade receivables |  | (13,561) |  | 13,888 |  | (1,044) |  | – |  |  | (717)
Inventories |  | (561) |  | – |  | – |  | – |  |  | (561)
Prepaid expenses |  | 5,368 |  | – |  | – |  | – |  |  | 5,368
Capitalization of deferred policy acquisition costs |  | – |  | – |  | (6,575) |  | – |  |  | (6,575)
Other assets |  | (7,487) |  | 721 |  | (48) |  | – |  |  | (6,814)
Related party assets |  | 8,855 |  | (885) |  | – |  | 119 | (b) |  | 8,089
Accounts payable and accrued expenses |  | 92,473 |  | – |  | 1,531 |  | – |  |  | 94,004
Policy benefits and losses, claims and loss expenses payable |  | 613 |  | (14,843) |  | 4,352 |  | – |  |  | (9,878)
Other policyholders' funds and liabilities |  | – |  | 581 |  | 1,246 |  | – |  |  | 1,827
Deferred income |  | 7,683 |  | – |  | – |  | – |  |  | 7,683
Related party liabilities |  | 1,018 |  | 668 |  | 311 |  | (119) | (b) |  | 1,878
Net cash provided (used) by operating activities |  | 283,287 |  | 2,732 |  | 7,789 |  | – |  |  | 293,808
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | (343,988) |  | – |  | – |  | – |  |  | (343,988)
Short term investments |  | – |  | (13,040) |  | (49,253) |  | – |  |  | (62,293)
Fixed maturities investments |  | – |  | (19,217) |  | (50,209) |  | – |  |  | (69,426)
Equity securities |  | – |  | (3,281) |  | – |  | – |  |  | (3,281)
Preferred stock |  | – |  | (2) |  | – |  | – |  |  | (2)
Real estate |  | – |  | – |  | (4,211) |  | – |  |  | (4,211)
Mortgage loans |  | (3,719) |  | (1,350) |  | – |  | – |  |  | (5,069)
Proceeds from sales and paydowns of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | 128,989 |  | – |  | – |  | – |  |  | 128,989
Short term investments |  | – |  | 20,051 |  | 42,580 |  | – |  |  | 62,631
Fixed maturities investments |  | – |  | 11,626 |  | 13,998 |  | – |  |  | 25,624
Equity securities |  | – |  | 2,009 |  | – |  | – |  |  | 2,009
Preferred stock |  | – |  | – |  | 1,000 |  | – |  |  | 1,000
Mortgage loans |  | 8,154 |  | 243 |  | 3,672 |  | – |  |  | 12,069
Net cash provided (used) by investing activities |  | (210,564) |  | (2,961) |  | (42,423) |  | – |  |  | (255,948)
|  | (page 1 of 2)
(a) Balance for the period ended March 31, 2014 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate intercompany investments |  |  |  |  |  |  |  |  |  |  |
Continuation of consolidating cash flow statements by industry segment for the quarter ended June 30, 2014 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Elimination |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Borrowings from credit facilities |  | 207,152 |  | – |  | – |  | – |  |  | 207,152
Principal repayments on credit facilities |  | (52,464) |  | – |  | – |  | – |  |  | (52,464)
Debt issuance costs |  | (2,422) |  | – |  | – |  | – |  |  | (2,422)
Capital lease payments |  | (18,007) |  | – |  | – |  | – |  |  | (18,007)
Leveraged Employee Stock Ownership Plan - repayments from loan |  | 87 |  | – |  | – |  | – |  |  | 87
Investment contract deposits |  | – |  | – |  | 37,892 |  | – |  |  | 37,892
Investment contract withdrawals |  | – |  | – |  | (11,551) |  | – |  |  | (11,551)
Net cash provided (used) by financing activities |  | 134,346 |  | – |  | 26,341 |  | – |  |  | 160,687
Effects of exchange rate on cash |  | (1,074) |  | – |  | – |  | – |  |  | (1,074)
Increase (decrease) in cash and cash equivalents |  | 205,995 |  | (229) |  | (8,293) |  | – |  |  | 197,473
Cash and cash equivalents at beginning of period |  | 464,710 |  | 12,758 |  | 17,644 |  | – |  |  | 495,112
Cash and cash equivalents at end of period | $ | 670,705 | $ | 12,529 | $ | 9,351 | $ | – |  | $ | 692,585
|  | (page 1 of 2)
(a) Balance for the period ended March 31, 2014 |  |  |  |  |  |  |  |  |  |  |

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