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Consolidating Financial Information By Industry Segment (Table Text Block) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015
Table Text Block Supplement [Abstract] |  |  |
Consolidated Balance Sheet by Industry Segment | 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 |  |  |  |  |  |  |  |  |  |  |
Consolidated Statement of Operations by Industry Segment | 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 |  |  |  |  |  |  |  |  |  |  |
Consolidated Cash Flow Statement by Industry Segment | 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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