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v3.19.2

Consolidating Financial Information By Industry Segment (Table Text Block) | 3 Months Ended
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Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018
Table Text Block Supplement [Abstract] |  |  |
Consolidated Balance Sheet by Industry Segment |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Assets: |
Cash and cash equivalents | $ | 500,497 | $ | 6,061 | $ | 13,273 | $ | 0 |  | $ | 519,831
Reinsurance recoverables and trade receivables, net |  | 114,099 |  | 97,041 |  | 32,095 |  | 0 |  |  | 243,235
Inventories and parts, net |  | 101,032 |  | 0 |  | 0 |  | 0 |  |  | 101,032
Prepaid expenses |  | 188,153 |  | 0 |  | 0 |  | 0 |  |  | 188,153
Investments, fixed maturities and marketable equities |  | 0 |  | 291,646 |  | 2,044,939 |  | 0 |  |  | 2,336,585
Investments, other |  | 22,702 |  | 76,430 |  | 213,918 |  | 0 |  |  | 313,050
Deferred policy acquisition costs, net |  | 0 |  | 0 |  | 124,490 |  | 0 |  |  | 124,490
Other assets |  | 69,043 |  | 989 |  | 3,144 |  | 0 |  |  | 73,176
Right of use assets - financing, net |  | 1,265,023 |  | 0 |  | 0 |  | 0 |  |  | 1,265,023
Right of use assets - operating |  | 105,384 |  | 0 |  | 0 |  | 0 |  |  | 105,384
Related party assets |  | 36,994 |  | 7,005 |  | 17,186 |  | (29,970) | (c) |  | 31,215
|  | 2,402,927 |  | 479,172 |  | 2,449,045 |  | (29,970) |  |  | 5,301,174
Investment in subsidiaries |  | 585,515 |  | 0 |  | 0 |  | (585,515) | (b) |  | 0
Property, plant and equipment, at cost: |  |  |  |  |  |  |  |  |  |  |
Land |  | 991,213 |  | 0 |  | 0 |  | 0 |  |  | 991,213
Buildings and improvements |  | 4,183,178 |  | 0 |  | 0 |  | 0 |  |  | 4,183,178
Furniture and equipment |  | 676,263 |  | 0 |  | 0 |  | 0 |  |  | 676,263
Rental trailers and other rental equipment |  | 475,913 |  | 0 |  | 0 |  | 0 |  |  | 475,913
Rental trucks |  | 3,324,576 |  | 0 |  | 0 |  | 0 |  |  | 3,324,576
|  | 9,651,143 |  | 0 |  | 0 |  | 0 |  |  | 9,651,143
Less: Accumulated depreciation |  | (2,477,573) |  | 0 |  | 0 |  | 0 |  |  | (2,477,573)
Total property, plant and equipment, net |  | 7,173,570 |  | 0 |  | 0 |  | 0 |  |  | 7,173,570
Total assets | $ | 10,162,012 | $ | 479,172 | $ | 2,449,045 | $ | (615,485) |  | $ | 12,474,744
(a) Balances as of March 31, 2019 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate investment in subsidiaries |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany receivables and payables |  |  |  |  |  |  |  |  |  |  |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 581,441 | $ | 5,216 | $ | 4,482 | $ | 0 |  | $ | 591,139
Notes, loans and finance/capital leases payable, net |  | 4,343,935 |  | 0 |  | 0 |  | 0 |  |  | 4,343,935
Operating lease liability |  | 105,008 |  | 0 |  | 0 |  | 0 |  |  | 105,008
Policy benefits and losses, claims and loss expenses payable |  | 417,168 |  | 222,971 |  | 373,794 |  | 0 |  |  | 1,013,933
Liabilities from investment contracts |  | 0 |  | 0 |  | 1,705,422 |  | 0 |  |  | 1,705,422
Other policyholders' funds and liabilities |  | 0 |  | 4,845 |  | 4,918 |  | 0 |  |  | 9,763
Deferred income |  | 42,353 |  | 0 |  | 0 |  | 0 |  |  | 42,353
Deferred income taxes, net |  | 777,316 |  | 6,323 |  | 10,529 |  | 0 |  |  | 794,168
Related party liabilities |  | 26,791 |  | 3,448 |  | 754 |  | (30,993) | (c) |  | 0
Total liabilities |  | 6,294,012 |  | 242,803 |  | 2,099,899 |  | (30,993) |  |  | 8,605,721
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 |  | 453,745 |  | 91,120 |  | 26,271 |  | (117,601) | (b) |  | 453,535
Accumulated other comprehensive income (loss) |  | (24,896) |  | 3,526 |  | 28,980 |  | (31,483) | (b) |  | (23,873)
Retained earnings |  | 4,109,174 |  | 138,422 |  | 291,395 |  | (429,607) | (b) |  | 4,109,384
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 |  | (2,870) |  | 0 |  | 0 |  | 0 |  |  | (2,870)
Total stockholders' equity |  | 3,868,000 |  | 236,369 |  | 349,146 |  | (584,492) |  |  | 3,869,023
Total liabilities and stockholders' equity | $ | 10,162,012 | $ | 479,172 | $ | 2,449,045 | $ | (615,485) |  | $ | 12,474,744
(a) Balances as of March 31, 2019 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate investment in subsidiaries |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany receivables and payables |  |  |  |  |  |  |  |  |  |  |
|  | 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 |  |  |  |  |  |  |  |  |  |  |
|  | 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 |  |  |  |  |  |  |  |  |  |  |
Consolidated Statement of Operations by Industry Segment |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Self-moving equipment rentals | $ | 749,136 | $ | 0 | $ | 0 | $ | (540) | (c) | $ | 748,596
Self-storage revenues |  | 98,274 |  | 0 |  | 0 |  | 0 |  |  | 98,274
Self-moving and self-storage products and service sales |  | 80,026 |  | 0 |  | 0 |  | 0 |  |  | 80,026
Property management fees |  | 7,156 |  | 0 |  | 0 |  | 0 |  |  | 7,156
Life insurance premiums |  | 0 |  | 0 |  | 32,710 |  | 0 |  |  | 32,710
Property and casualty insurance premiums |  | 0 |  | 14,114 |  | 0 |  | (690) | (c) |  | 13,424
Net investment and interest income |  | 3,267 |  | 6,191 |  | 26,701 |  | (410) | (b) |  | 35,749
Other revenue |  | 62,539 |  | 0 |  | 910 |  | (135) | (b) |  | 63,314
Total revenues |  | 1,000,398 |  | 20,305 |  | 60,321 |  | (1,775) |  |  | 1,079,249
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 522,524 |  | 8,081 |  | 5,228 |  | (1,361) | (b,c) |  | 534,472
Commission expenses |  | 80,899 |  | 0 |  | 0 |  | 0 |  |  | 80,899
Cost of sales |  | 48,929 |  | 0 |  | 0 |  | 0 |  |  | 48,929
Benefits and losses |  | 0 |  | 3,758 |  | 45,248 |  | 0 |  |  | 49,006
Amortization of deferred policy acquisition costs |  | 0 |  | 0 |  | 6,064 |  | 0 |  |  | 6,064
Lease expense |  | 7,172 |  | 0 |  | 0 |  | (136) | (b) |  | 7,036
Depreciation, net of (gains) losses on disposal |  | 140,600 |  | 0 |  | 0 |  | 0 |  |  | 140,600
Net gains on disposal of real estate |  | (1,622) |  | 0 |  | 0 |  | 0 |  |  | (1,622)
Total costs and expenses |  | 798,502 |  | 11,839 |  | 56,540 |  | (1,497) |  |  | 865,384
Earnings from operations before equity in earnings of subsidiaries |  | 201,896 |  | 8,466 |  | 3,781 |  | (278) |  |  | 213,865
Equity in earnings of subsidiaries |  | 9,831 |  | 0 |  | 0 |  | (9,831) | (d) |  | 0
Earnings from operations |  | 211,727 |  | 8,466 |  | 3,781 |  | (10,109) |  |  | 213,865
Other components of net periodic benefit costs |  | (263) |  | 0 |  | 0 |  | 0 |  |  | (263)
Interest expense |  | (39,166) |  | 0 |  | 0 |  | 278 | (b) |  | (38,888)
Pretax earnings |  | 172,298 |  | 8,466 |  | 3,781 |  | (9,831) |  |  | 174,714
Income tax expense |  | (39,876) |  | (1,778) |  | (638) |  | 0 |  |  | (42,292)
Earnings available to common stockholders | $ | 132,422 | $ | 6,688 | $ | 3,143 | $ | (9,831) |  | $ | 132,422
(a) Balances for the quarter ended March 31, 2019 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate intercompany lease / interest income |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany premiums |  |  |  |  |  |  |  |  |  |  |
(d) Eliminate equity in earnings of subsidiaries |  |  |  |  |  |  |  |  |  |  |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Self-moving equipment rentals | $ | 717,542 | $ | 0 | $ | 0 | $ | (940) | (c) | $ | 716,602
Self-storage revenues |  | 86,212 |  | 0 |  | 0 |  | 0 |  |  | 86,212
Self-moving and self-storage products and service sales |  | 79,241 |  | 0 |  | 0 |  | 0 |  |  | 79,241
Property management fees |  | 7,416 |  | 0 |  | 0 |  | 0 |  |  | 7,416
Life insurance premiums |  | 0 |  | 0 |  | 36,888 |  | 0 |  |  | 36,888
Property and casualty insurance premiums |  | 0 |  | 13,348 |  | 0 |  | (567) |  |  | 12,781
Net investment and interest income |  | 2,563 |  | 2,541 |  | 19,917 |  | (416) | (b) |  | 24,605
Other revenue |  | 54,911 |  | 0 |  | 1,058 |  | (137) | (b) |  | 55,832
Total revenues |  | 947,885 |  | 15,889 |  | 57,863 |  | (2,060) |  |  | 1,019,577
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 483,620 |  | 8,700 |  | 5,873 |  | (1,639) | (b,c) |  | 496,554
Commission expenses |  | 79,257 |  | 0 |  | 0 |  | 0 |  |  | 79,257
Cost of sales |  | 49,881 |  | 0 |  | 0 |  | 0 |  |  | 49,881
Benefits and losses |  | 0 |  | 4,476 |  | 44,078 |  | 0 |  |  | 48,554
Amortization of deferred policy acquisition costs |  | 0 |  | 0 |  | 6,031 |  | 0 |  |  | 6,031
Lease expense |  | 8,305 |  | 0 |  | 0 |  | (136) | (b) |  | 8,169
Depreciation, net of (gains) losses on disposal |  | 126,427 |  | 0 |  | 0 |  | 0 |  |  | 126,427
Net (gains) losses on disposal of real estate |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0
Total costs and expenses |  | 747,490 |  | 13,176 |  | 55,982 |  | (1,775) |  |  | 814,873
Earnings from operations before equity in earnings of subsidiaries |  | 200,395 |  | 2,713 |  | 1,881 |  | (285) |  |  | 204,704
Equity in earnings of subsidiaries |  | 3,656 |  | 0 |  | 0 |  | (3,656) | (d) |  | 0
Earnings from operations |  | 204,051 |  | 2,713 |  | 1,881 |  | (3,941) |  |  | 204,704
Other components of net periodic benefit costs |  | (253) |  | 0 |  | 0 |  | 0 |  |  | (253)
Interest expense |  | (35,539) |  | 0 |  | 0 |  | 285 | (b) |  | (35,254)
Pretax earnings |  | 168,259 |  | 2,713 |  | 1,881 |  | (3,656) |  |  | 169,197
Income tax expense |  | (40,410) |  | (545) |  | (393) |  | 0 |  |  | (41,348)
Earnings available to common stockholders | $ | 127,849 | $ | 2,168 | $ | 1,488 | $ | (3,656) |  | $ | 127,849
(a) Balances for the quarter ended March 31, 2018 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate intercompany lease / interest income |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany premiums |  |  |  |  |  |  |  |  |  |  |
(d) Eliminate equity in earnings of subsidiaries |  |  |  |  |  |  |  |  |  |  |
Consolidated Cash Flow Statement by Industry Segment |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Elimination |  |  | AMERCO Consolidated
|  | (Unaudited)
Cash flows from operating activities: |  | (In thousands)
Net earnings | $ | 132,422 | $ | 6,688 | $ | 3,143 | $ | (9,831) |  | $ | 132,422
Earnings from consolidated entities |  | (9,831) |  | 0 |  | 0 |  | 9,831 |  |  | 0
Adjustments to reconcile net earnings to the cash provided by operations: |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | 157,278 |  | 0 |  | 0 |  | 0 |  |  | 157,278
Amortization of deferred policy acquisition costs |  | 0 |  | 0 |  | 6,064 |  | 0 |  |  | 6,064
Amortization of premiums and accretion of discounts related to investments, net |  | 0 |  | 374 |  | 2,901 |  | 0 |  |  | 3,275
Amortization of debt issuance costs |  | 1,053 |  | 0 |  | 0 |  | 0 |  |  | 1,053
Interest credited to policyholders |  | 0 |  | 0 |  | 14,218 |  | 0 |  |  | 14,218
Change in allowance for losses on trade receivables |  | (162) |  | 0 |  | 0 |  | 0 |  |  | (162)
Change in allowance for inventories and parts reserve |  | 367 |  | 0 |  | 0 |  | 0 |  |  | 367
Net gains on disposal of personal property |  | (16,678) |  | 0 |  | 0 |  | 0 |  |  | (16,678)
Net gains on disposal of real estate |  | (1,622) |  | 0 |  | 0 |  | 0 |  |  | (1,622)
Net gains on sales of investments |  | 0 |  | (33) |  | (4,234) |  | 0 |  |  | (4,267)
Net gains on equity investments |  | 0 |  | (2,215) |  | 0 |  | 0 |  |  | (2,215)
Deferred income taxes |  | 35,980 |  | (2,564) |  | (3,653) |  | 0 |  |  | 29,763
Net change in other operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
Reinsurance recoverables and trade receivables |  | (23,033) |  | 5,078 |  | (260) |  | 0 |  |  | (18,215)
Inventories and parts |  | 2,110 |  | 0 |  | 0 |  | 0 |  |  | 2,110
Prepaid expenses |  | (15,720) |  | 0 |  | 0 |  | 0 |  |  | (15,720)
Capitalization of deferred policy acquisition costs |  | 0 |  | 0 |  | (5,090) |  | 0 |  |  | (5,090)
Other assets |  | 1,805 |  | 1,546 |  | (14) |  | 0 |  |  | 3,337
Related party assets |  | (925) |  | (439) |  | 0 |  | 0 |  |  | (1,364)
Accounts payable and accrued expenses |  | 86,094 |  | 2,368 |  | 1,254 |  | 0 |  |  | 89,716
Policy benefits and losses, claims and loss expenses payable |  | 8,802 |  | (6,987) |  | 503 |  | 0 |  |  | 2,318
Other policyholders' funds and liabilities |  | 0 |  | (414) |  | (4,867) |  | 0 |  |  | (5,281)
Deferred income |  | 8,527 |  | 0 |  | 0 |  | 0 |  |  | 8,527
Related party liabilities |  | 1,345 |  | (315) |  | 62 |  | 0 |  |  | 1,092
Net cash provided by operating activities |  | 367,812 |  | 3,087 |  | 10,027 |  | 0 |  |  | 380,926
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Escrow deposits |  | 1,968 |  | 0 |  | 0 |  | 0 |  |  | 1,968
Purchases of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | (847,248) |  | 0 |  | 0 |  | 0 |  |  | (847,248)
Short term investments |  | 0 |  | (8,689) |  | 0 |  | 0 |  |  | (8,689)
Fixed maturities investments |  | 0 |  | (5,149) |  | (71,366) |  | 0 |  |  | (76,515)
Real estate |  | 0 |  | (328) |  | 0 |  | 0 |  |  | (328)
Mortgage loans |  | 0 |  | 0 |  | (9,410) |  | 0 |  |  | (9,410)
Proceeds from sales and paydowns of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | 160,754 |  | 0 |  | 0 |  | 0 |  |  | 160,754
Short term investments |  | 0 |  | 6,942 |  | 40 |  | 0 |  |  | 6,982
Fixed maturities investments |  | 0 |  | 4,196 |  | 34,062 |  | 0 |  |  | 38,258
Real estate |  | 311 |  | 0 |  | 0 |  | 0 |  |  | 311
Mortgage loans |  | 0 |  | 245 |  | 1,433 |  | 0 |  |  | 1,678
Net cash used by investing activities |  | (684,215) |  | (2,783) |  | (45,241) |  | 0 |  |  | (732,239)
|  | (page 1 of 2)
(a) Balance for the period ended March 31, 2019 |  |  |  |  |  |  |  |  |  |  |
|  | 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 |  | 331,200 |  | 0 |  | 2,500 |  | 0 |  |  | 333,700
Principal repayments on credit facilities |  | (58,604) |  | 0 |  | (2,500) |  | 0 |  |  | (61,104)
Payments of debt issuance costs |  | (5) |  | 0 |  | 0 |  | 0 |  |  | (5)
Finance/capital lease payments |  | (94,446) |  | 0 |  | 0 |  | 0 |  |  | (94,446)
Employee stock ownership plan stock |  | (131) |  | 0 |  | 0 |  | 0 |  |  | (131)
Common stock dividend paid |  | (9,796) |  | 0 |  | 0 |  | 0 |  |  | (9,796)
Investment contract deposits |  | 0 |  | 0 |  | 61,515 |  | 0 |  |  | 61,515
Investment contract withdrawals |  | 0 |  | 0 |  | (37,054) |  | 0 |  |  | (37,054)
Net cash provided (used) by financing activities |  | 168,218 |  | 0 |  | 24,461 |  | 0 |  |  | 192,679
Effects of exchange rate on cash |  | 4,764 |  | 0 |  | 0 |  | 0 |  |  | 4,764
Increase (decrease) in cash and cash equivalents |  | (143,421) |  | 304 |  | (10,753) |  | 0 |  |  | (153,870)
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 | $ | 500,497 | $ | 6,061 | $ | 13,273 | $ | 0 |  | $ | 519,831
|  | (page 2 of 2)
(a) Balance for the period ended March 31, 2019 |  |  |  |  |  |  |  |  |  |  |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Elimination |  |  | AMERCO Consolidated
|  | (Unaudited)
Cash flows from operating activities: |  | (In thousands)
Net earnings | $ | 127,849 | $ | 2,168 | $ | 1,488 | $ | (3,656) |  | $ | 127,849
Earnings from consolidated entities |  | (3,656) |  | 0 |  | 0 |  | 3,656 |  |  | 0
Adjustments to reconcile net earnings to cash provided by operations: |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | 142,722 |  | 0 |  | 0 |  | 0 |  |  | 142,722
Amortization of deferred policy acquisition costs |  | 0 |  | 0 |  | 6,031 |  | 0 |  |  | 6,031
Amortization of premiums and accretion of discounts related to investments, net |  | 0 |  | 301 |  | 2,918 |  | 0 |  |  | 3,219
Amortization of debt issuance costs |  | 984 |  | 0 |  | 0 |  | 0 |  |  | 984
Interest credited to policyholders |  | 0 |  | 0 |  | 8,060 |  | 0 |  |  | 8,060
Change in allowance for losses on trade receivables |  | 40 |  | 0 |  | (2) |  | 0 |  |  | 38
Change in allowance for inventories and parts reserve |  | 2,139 |  | 0 |  | 0 |  | 0 |  |  | 2,139
Net gains on disposal of personal property |  | (16,295) |  | 0 |  | 0 |  | 0 |  |  | (16,295)
Net (gains) losses on sales of investments |  | 0 |  | (38) |  | 544 |  | 0 |  |  | 506
Net losses on equity investments |  | 0 |  | 1,176 |  | 0 |  | 0 |  |  | 1,176
Deferred income taxes |  | 38,011 |  | 36 |  | (473) |  | 0 |  |  | 37,574
Net change in other operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
Reinsurance recoverables and trade receivables |  | (14,763) |  | 2,331 |  | (2,111) |  | 0 |  |  | (14,543)
Inventories and parts |  | (7,170) |  | 0 |  | 0 |  | 0 |  |  | (7,170)
Prepaid expenses |  | (17,999) |  | 0 |  | 0 |  | 0 |  |  | (17,999)
Capitalization of deferred policy acquisition costs |  | 0 |  | 0 |  | (5,808) |  | 0 |  |  | (5,808)
Other assets |  | (132) |  | (243) |  | (386) |  | 0 |  |  | (761)
Related party assets |  | 4,713 |  | (2,508) |  | 0 |  | 0 |  |  | 2,205
Accounts payable and accrued expenses |  | 84,004 |  | 835 |  | 1,591 |  | 0 |  |  | 86,430
Policy benefits and losses, claims and loss expenses payable |  | 4,208 |  | (1,466) |  | 2,549 |  | 0 |  |  | 5,291
Other policyholders' funds and liabilities |  | 0 |  | (577) |  | 393 |  | 0 |  |  | (184)
Deferred income |  | 7,732 |  | 0 |  | 0 |  | 0 |  |  | 7,732
Related party liabilities |  | (913) |  | 2,003 |  | (616) |  | 0 |  |  | 474
Net cash provided by operating activities |  | 351,474 |  | 4,018 |  | 14,178 |  | 0 |  |  | 369,670
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Escrow deposits |  | (4,559) |  | 0 |  | 0 |  | 0 |  |  | (4,559)
Purchases of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | (548,147) |  | 0 |  | 0 |  | 0 |  |  | (548,147)
Short term investments |  | 0 |  | (14,220) |  | (170) |  | 0 |  |  | (14,390)
Fixed maturities investments |  | 0 |  | (12,754) |  | (90,367) |  | 0 |  |  | (103,121)
Equity securities |  | 0 |  | 0 |  | (46) |  | 0 |  |  | (46)
Preferred stock |  | 0 |  | 0 |  | (81) |  | 0 |  |  | (81)
Real estate |  | 0 |  | (59) |  | (21) |  | 0 |  |  | (80)
Mortgage loans |  | 0 |  | (2,287) |  | (5,975) |  | 0 |  |  | (8,262)
Proceeds from sales and paydowns of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | 187,546 |  | 0 |  | 0 |  | 0 |  |  | 187,546
Short term investments |  | 0 |  | 20,287 |  | 129 |  | 0 |  |  | 20,416
Fixed maturities investments |  | 0 |  | 2,869 |  | 11,776 |  | 0 |  |  | 14,645
Real estate |  | 0 |  | 500 |  | 0 |  | 0 |  |  | 500
Mortgage loans |  | 0 |  | 198 |  | 9,204 |  | 0 |  |  | 9,402
Net cash used by investing activities |  | (365,160) |  | (5,466) |  | (75,551) |  | 0 |  |  | (446,177)
|  | (page 1 of 2)
(a) Balance for the period ended March 31, 2018 |  |  |  |  |  |  |  |  |  |  |
|  | 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 |  | 103,641 |  | 0 |  | 0 |  | 0 |  |  | 103,641
Principal repayments on credit facilities |  | (73,770) |  | 0 |  | 0 |  | 0 |  |  | (73,770)
Payment of debt issuance costs |  | (1,420) |  | 0 |  | 0 |  | 0 |  |  | (1,420)
Capital lease payments |  | (84,374) |  | 0 |  | 0 |  | 0 |  |  | (84,374)
Employee stock ownership plan stock |  | (57) |  | 0 |  | 0 |  | 0 |  |  | (57)
Common stock dividend paid |  | (9,795) |  | 0 |  | 0 |  | 0 |  |  | (9,795)
Investment contract deposits |  | 0 |  | 0 |  | 76,343 |  | 0 |  |  | 76,343
Investment contract withdrawals |  | 0 |  | 0 |  | (38,763) |  | 0 |  |  | (38,763)
Net cash provided by financing activities |  | (65,775) |  | 0 |  | 37,580 |  | 0 |  |  | (28,195)
Effects of exchange rate on cash |  | (4,275) |  | 0 |  | 0 |  | 0 |  |  | (4,275)
Decrease in cash and cash equivalents |  | (83,736) |  | (1,448) |  | (23,793) |  | 0 |  |  | (108,977)
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 | $ | 618,300 | $ | 5,191 | $ | 26,920 | $ | 0 |  | $ | 650,411
|  | (page 2 of 2)
(a) Balance for the period ended March 31, 2018 |  |  |  |  |  |  |  |  |  |  |

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