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Consolidating Financial Information by Industry Segment | 12 Months Ended
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Mar. 31, 2016
Segment Reporting [Abstract] |
Consolidating Financial Information by Industry Segment | Note 21A. 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 classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes are shown as liabilities on the 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. Note 21A. Financial Information by Consolidating Industry Segment: Consolidating balance sheets by industry segment as of March 31, 2016 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (In thousands)
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 585,666 | $ | 14,049 | $ | 931 | $ | – |  | $ | 600,646
Reinsurance recoverables and trade receivables, net |  | 34,451 |  | 111,978 |  | 28,781 |  | – |  |  | 175,210
Inventories, net |  | 79,756 |  | – |  | – |  | – |  |  | 79,756
Prepaid expenses |  | 134,300 |  | – |  | – |  | – |  |  | 134,300
Investments, fixed maturities and marketable equities |  | – |  | 238,570 |  | 1,271,968 |  | – |  |  | 1,510,538
Investments, other |  | 21,431 |  | 47,374 |  | 241,267 |  | – |  |  | 310,072
Deferred policy acquisition costs, net |  | – |  | – |  | 136,386 |  | – |  |  | 136,386
Other assets |  | 95,081 |  | 3,088 |  | 2,403 |  | – |  |  | 100,572
Related party assets |  | 88,022 |  | 12,465 |  | 613 |  | (15,366) | (c) |  | 85,734
|  | 1,038,707 |  | 427,524 |  | 1,682,349 |  | (15,366) |  |  | 3,133,214
Investment in subsidiaries |  | 432,277 |  | – |  | – |  | (432,277) | (b) |  | –
Property, plant and equipment, at cost: |  |  |  |  |  |  |  |  |  |  |
Land |  | 587,347 |  | – |  | – |  | – |  |  | 587,347
Buildings and improvements |  | 2,187,400 |  | – |  | – |  | – |  |  | 2,187,400
Furniture and equipment |  | 399,943 |  | – |  | – |  | – |  |  | 399,943
Rental trailers and other rental equipment |  | 462,379 |  | – |  | – |  | – |  |  | 462,379
Rental trucks |  | 3,514,175 |  | – |  | – |  | – |  |  | 3,514,175
|  | 7,151,244 |  | – |  | – |  | – |  |  | 7,151,244
Less: Accumulated depreciation |  | (2,133,733) |  | – |  | – |  | – |  |  | (2,133,733)
Total property, plant and equipment |  | 5,017,511 |  | – |  | – |  | – |  |  | 5,017,511
Total assets | $ | 6,488,495 | $ | 427,524 | $ | 1,682,349 | $ | (447,643) |  | $ | 8,150,725
(a) Balances as of December 31, 2015 |  |  |  |  |  |  |  |  |  |  |
(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 | $ | 492,982 | $ | 1,535 | $ | 8,096 | $ | – |  | $ | 502,613
Notes, loans and leases payable |  | 2,688,758 |  | – |  | – |  | – |  |  | 2,688,758
Policy benefits and losses, claims and loss expenses payable |  | 386,366 |  | 252,819 |  | 432,227 |  | – |  |  | 1,071,412
Liabilities from investment contracts |  | – |  | – |  | 951,490 |  | – |  |  | 951,490
Other policyholders' funds and liabilities |  | – |  | 3,017 |  | 5,633 |  | – |  |  | 8,650
Deferred income |  | 22,784 |  | – |  | – |  | – |  |  | 22,784
Deferred income taxes |  | 633,061 |  | 7,526 |  | 13,025 |  | – |  |  | 653,612
Related party liabilities |  | 13,138 |  | 2,067 |  | 161 |  | (15,366) | (c) |  | –
Total liabilities |  | 4,237,089 |  | 266,964 |  | 1,410,632 |  | (15,366) |  |  | 5,899,319
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 |  | 451,839 |  | 91,120 |  | 26,271 |  | (117,601) | (b) |  | 451,629
Accumulated other comprehensive income (loss) |  | (60,525) |  | 3,611 |  | 10,504 |  | (14,115) | (b) |  | (60,525)
Retained earnings |  | 2,533,431 |  | 62,528 |  | 232,442 |  | (294,760) | (b) |  | 2,533,641
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 |  | (6,186) |  | – |  | – |  | – |  |  | (6,186)
Total stockholders' equity |  | 2,251,406 |  | 160,560 |  | 271,717 |  | (432,277) |  |  | 2,251,406
Total liabilities and stockholders' equity | $ | 6,488,495 | $ | 427,524 | $ | 1,682,349 | $ | (447,643) |  | $ | 8,150,725
(a) Balances as of December 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 |  |  |  |  |  |  |  |  |  |  |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (In thousands)
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 489,140 | $ | 1,235 | $ | 5,995 | $ | – |  | $ | 496,370
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 |  | – |  | 2,837 |  | 4,927 |  | – |  |  | 7,764
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 statements of operations by industry segment for period ending March 31, 2016 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (In thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Self-moving equipment rentals | $ | 2,301,586 | $ | – | $ | – | $ | (3,606) | (c) | $ | 2,297,980
Self-storage revenues |  | 247,944 |  | – |  | – |  | – |  |  | 247,944
Self-moving & self-storage products & service sales |  | 251,541 |  | – |  | – |  | – |  |  | 251,541
Property management fees |  | 26,533 |  | – |  | – |  | – |  |  | 26,533
Life insurance premiums |  | – |  | – |  | 162,662 |  | – |  |  | 162,662
Property and casualty insurance premiums |  | – |  | 50,020 |  | – |  | – |  |  | 50,020
Net investment and interest income |  | 8,801 |  | 14,783 |  | 63,999 |  | (778) | (b) |  | 86,805
Other revenue |  | 148,099 |  | – |  | 4,559 |  | (487) | (b) |  | 152,171
Total revenues |  | 2,984,504 |  | 64,803 |  | 231,220 |  | (4,871) |  |  | 3,275,656
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 1,423,107 |  | 27,958 |  | 23,037 |  | (4,055) | (b,c) |  | 1,470,047
Commission expenses |  | 262,627 |  | – |  | – |  | – |  |  | 262,627
Cost of sales |  | 144,990 |  | – |  | – |  | – |  |  | 144,990
Benefits and losses |  | – |  | 12,298 |  | 155,138 |  | – |  |  | 167,436
Amortization of deferred policy acquisition costs |  | – |  | – |  | 23,272 |  | – |  |  | 23,272
Lease expense |  | 49,966 |  | – |  | – |  | (186) | (b) |  | 49,780
Depreciation, net of (gains) losses on disposals |  | 290,690 |  | – |  | – |  | – |  |  | 290,690
Total costs and expenses |  | 2,171,380 |  | 40,256 |  | 201,447 |  | (4,241) |  |  | 2,408,842
Earnings from operations before equity in earnings of subsidiaries |  | 813,124 |  | 24,547 |  | 29,773 |  | (630) |  |  | 866,814
Equity in earnings of subsidiaries |  | 35,522 |  | – |  | – |  | (35,522) | (d) |  | –
Earnings from operations |  | 848,646 |  | 24,547 |  | 29,773 |  | (36,152) |  |  | 866,814
Interest expense |  | (98,533) |  | – |  | – |  | 630 | (b) |  | (97,903)
Pretax earnings |  | 750,113 |  | 24,547 |  | 29,773 |  | (35,522) |  |  | 768,911
Income tax expense |  | (261,112) |  | (8,379) |  | (10,419) |  | – |  |  | (279,910)
Earnings available to common shareholders | $ | 489,001 | $ | 16,168 | $ | 19,354 | $ | (35,522) |  | $ | 489,001
(a) Balances for the year ended December 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 segment for period ending March 31, 2015 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (In thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Self-moving equipment rentals | $ | 2,149,986 | $ | – | $ | – | $ | (3,595) | (c) | $ | 2,146,391
Self-storage revenues |  | 211,136 |  | – |  | – |  | – |  |  | 211,136
Self-moving & self-storage products & service sales |  | 244,177 |  | – |  | – |  | – |  |  | 244,177
Property management fees |  | 25,341 |  | – |  | – |  | – |  |  | 25,341
Life insurance premiums |  | – |  | – |  | 156,103 |  | – |  |  | 156,103
Property and casualty insurance premiums |  | – |  | 46,456 |  | – |  | – |  |  | 46,456
Net investment and interest income |  | 13,644 |  | 12,819 |  | 59,051 |  | (786) | (b) |  | 84,728
Other revenue |  | 156,154 |  | – |  | 4,502 |  | (457) | (b) |  | 160,199
Total revenues |  | 2,800,438 |  | 59,275 |  | 219,656 |  | (4,838) |  |  | 3,074,531
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 1,436,145 |  | 24,802 |  | 22,476 |  | (4,014) | (b,c) |  | 1,479,409
Commission expenses |  | 249,642 |  | – |  | – |  | – |  |  | 249,642
Cost of sales |  | 146,072 |  | – |  | – |  | – |  |  | 146,072
Benefits and losses |  | – |  | 10,996 |  | 147,764 |  | – |  |  | 158,760
Amortization of deferred policy acquisition costs |  | – |  | – |  | 19,661 |  | – |  |  | 19,661
Lease expense |  | 79,984 |  | – |  | – |  | (186) | (b) |  | 79,798
Depreciation, net of (gains) losses on disposals |  | 278,165 |  | – |  | – |  | – |  |  | 278,165
Total costs and expenses |  | 2,190,008 |  | 35,798 |  | 189,901 |  | (4,200) |  |  | 2,411,507
Earnings from operations before equity in earnings of subsidiaries |  | 610,430 |  | 23,477 |  | 29,755 |  | (638) |  |  | 663,024
Equity in earnings of subsidiaries |  | 34,783 |  | – |  | – |  | (34,783) | (d) |  | –
Earnings from operations |  | 645,213 |  | 23,477 |  | 29,755 |  | (35,421) |  |  | 663,024
Interest expense |  | (98,163) |  | – |  | – |  | 638 | (b) |  | (97,525)
Fees and amortization on early extinguishment of debt |  | (4,081) |  | – |  | – |  | – |  |  | (4,081)
Pretax earnings |  | 542,969 |  | 23,477 |  | 29,755 |  | (34,783) |  |  | 561,418
Income tax expense |  | (186,228) |  | (8,060) |  | (10,389) |  | – |  |  | (204,677)
Earnings available to common shareholders | $ | 356,741 | $ | 15,417 | $ | 19,366 | $ | (34,783) |  | $ | 356,741
(a) Balances for the year ended December 31, 2014 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate intercompany lease/interest income |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany premiums |  |  |  |  |  |  |  |  |  |  |
(d) Eliminate equity in earnings of subsidiaries |  |  |  |  |  |  |  |  |  |  |
Consolidating statements of operations by industry segment for period ending March 31, 2014 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (In thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Self-moving equipment rentals | $ | 1,958,209 | $ | – | $ | – | $ | (2,786) | (c) | $ | 1,955,423
Self-storage revenues |  | 181,794 |  | – |  | – |  | – |  |  | 181,794
Self-moving & self-storage products & service sales |  | 234,187 |  | – |  | – |  | – |  |  | 234,187
Property management fees |  | 24,493 |  | – |  | – |  | – |  |  | 24,493
Life insurance premiums |  | – |  | – |  | 157,919 |  | – |  |  | 157,919
Property and casualty insurance premiums |  | – |  | 41,052 |  | – |  | – |  |  | 41,052
Net investment and interest income |  | 15,212 |  | 10,592 |  | 54,398 |  | (611) | (b) |  | 79,591
Other revenue |  | 158,055 |  | – |  | 3,211 |  | (473) | (b) |  | 160,793
Total revenues |  | 2,571,950 |  | 51,644 |  | 215,528 |  | (3,870) |  |  | 2,835,252
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 1,272,406 |  | 20,799 |  | 23,686 |  | (3,217) | (b,c) |  | 1,313,674
Commission expenses |  | 227,332 |  | – |  | – |  | – |  |  | 227,332
Cost of sales |  | 127,270 |  | – |  | – |  | – |  |  | 127,270
Benefits and losses |  | – |  | 11,513 |  | 145,189 |  | – |  |  | 156,702
Amortization of deferred policy acquisition costs |  | – |  | – |  | 19,982 |  | – |  |  | 19,982
Lease expense |  | 100,649 |  | – |  | – |  | (183) | (b) |  | 100,466
Depreciation, net of (gains) losses on disposals |  | 259,612 |  | – |  | – |  | – |  |  | 259,612
Total costs and expenses |  | 1,987,269 |  | 32,312 |  | 188,857 |  | (3,400) |  |  | 2,205,038
Earnings from operations before equity in earnings of subsidiaries |  | 584,681 |  | 19,332 |  | 26,671 |  | (470) |  |  | 630,214
Equity in earnings of subsidiaries |  | 29,992 |  | – |  | – |  | (29,992) | (d) |  | –
Earnings from operations |  | 614,673 |  | 19,332 |  | 26,671 |  | (30,462) |  |  | 630,214
Interest expense |  | (93,162) |  | – |  | – |  | 470 | (b) |  | (92,692)
Pretax earnings |  | 521,511 |  | 19,332 |  | 26,671 |  | (29,992) |  |  | 537,522
Income tax expense |  | (179,120) |  | (6,670) |  | (9,341) |  | – |  |  | (195,131)
Earnings available to common shareholders | $ | 342,391 | $ | 12,662 | $ | 17,330 | $ | (29,992) |  | $ | 342,391
(a) Balances for the year ended December 31, 2013 |  |  |  |  |  |  |  |  |  |  |
(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 year ended March 31, 2016, are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Elimination |  |  | AMERCO Consolidated
|  | (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |
Net earnings | $ | 489,001 | $ | 16,168 | $ | 19,354 | $ | (35,522) |  | $ | 489,001
Earnings from consolidated subsidiaries |  | (35,522) |  | – |  | – |  | 35,522 |  |  | –
Adjustments to reconcile net earnings to the cash provided by operations: |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | 389,393 |  | – |  | – |  | – |  |  | 389,393
Amortization of deferred policy acquisition costs |  | – |  | – |  | 23,272 |  | – |  |  | 23,272
Interest credited to policyholders |  | – |  | – |  | 20,465 |  | – |  |  | 20,465
Change in allowance for losses on trade receivables |  | 7 |  | – |  | (212) |  | – |  |  | (205)
Change in allowance for inventory reserve |  | (1,343) |  | – |  | – |  | – |  |  | (1,343)
Net gain on sale of real and personal property |  | (98,703) |  | – |  | – |  | – |  |  | (98,703)
Net gain on sale of investments |  | – |  | (1,317) |  | (3,174) |  | – |  |  | (4,491)
Deferred income taxes |  | 124,838 |  | 9,311 |  | 3,926 |  | – |  |  | 138,075
Net change in other operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
Reinsurance recoverables and trade receivables |  | (2,169) |  | 13,528 |  | 3,406 |  | – |  |  | 14,765
Inventories |  | (9,009) |  | – |  | – |  | – |  |  | (9,009)
Prepaid expenses |  | (10,338) |  | – |  | – |  | – |  |  | (10,338)
Capitalization of deferred policy acquisition costs |  | – |  | – |  | (32,590) |  | – |  |  | (32,590)
Other assets |  | 16,231 |  | (1,050) |  | 141 |  | – |  |  | 15,322
Related party assets |  | 55,962 |  | 682 |  | – |  | – |  |  | 56,644
Accounts payable and accrued expenses |  | 26,093 |  | 1,533 |  | 9,761 |  | – |  |  | 37,387
Policy benefits and losses, claims and loss expenses payable |  | 23,215 |  | (18,925) |  | 5,336 |  | – |  |  | 9,626
Other policyholders' funds and liabilities |  | – |  | (1,056) |  | 707 |  | – |  |  | (349)
Deferred income |  | 4,757 |  | – |  | – |  | – |  |  | 4,757
Related party liabilities |  | (779) |  | 115 |  | 48 |  | – |  |  | (616)
Net cash provided (used) by operating activities |  | 971,634 |  | 18,989 |  | 50,440 |  | – |  |  | 1,041,063
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | (1,509,154) |  | – |  | – |  | – |  |  | (1,509,154)
Short term investments |  | – |  | (44,735) |  | (471,164) |  | – |  |  | (515,899)
Fixed maturities investments |  | – |  | (45,048) |  | (372,014) |  | – |  |  | (417,062)
Equity securities |  | – |  | – |  | (1,315) |  | – |  |  | (1,315)
Preferred stock |  | – |  | (1,005) |  | – |  | – |  |  | (1,005)
Real estate |  | – |  | (36) |  | (39) |  | – |  |  | (75)
Mortgage loans |  | (15,384) |  | (1,800) |  | (85,404) |  | – |  |  | (102,588)
Proceeds from sales and paydowns of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | 539,256 |  | – |  | – |  | – |  |  | 539,256
Short term investments |  | – |  | 44,756 |  | 483,424 |  | – |  |  | 528,180
Fixed maturities investments |  | – |  | 26,193 |  | 128,343 |  | – |  |  | 154,536
Equity securities |  | – |  | 1,236 |  | 808 |  | – |  |  | 2,044
Preferred stock |  | – |  | 1,126 |  | – |  | – |  |  | 1,126
Real estate |  | – |  | – |  | – |  | – |  |  | –
Mortgage loans |  | 21,589 |  | 5,878 |  | 21,090 |  | – |  |  | 48,557
Net cash provided (used) by investing activities |  | (963,693) |  | (13,435) |  | (296,271) |  | – |  |  | (1,273,399)
(a) Balance for the period ended December 31, 2015 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate intercompany investments |  |  |  |  |  |  |  |  |  |  |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Elimination |  |  | AMERCO Consolidated
|  | (In thousands)
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Borrowings from credit facilities |  | 808,972 |  | – |  | 47,000 |  | – |  |  | 855,972
Principal repayments on credit facilities |  | (381,403) |  | – |  | (47,000) |  | – |  |  | (428,403)
Debt issuance costs |  | (10,184) |  | – |  | – |  | – |  |  | (10,184)
Capital lease payments |  | (168,661) |  | – |  | – |  | – |  |  | (168,661)
Purchases of Employee Stock Ownership Plan Shares |  | (9,302) |  | – |  | – |  | – |  |  | (9,302)
Securitization deposits |  | 544 |  | – |  | – |  | – |  |  | 544
Common stock dividends paid |  | (78,374) |  | – |  | – |  | – |  |  | (78,374)
Investment contract deposits |  | – |  | – |  | 298,237 |  | – |  |  | 298,237
Investment contract withdrawals |  | – |  | – |  | (52,957) |  | – |  |  | (52,957)
Net cash provided (used) by financing activities |  | 161,592 |  | – |  | 245,280 |  | – |  |  | 406,872
Effects of exchange rate on cash |  | (15,740) |  | – |  | – |  | – |  |  | (15,740)
Decrease in cash and cash equivalents |  | 153,793 |  | 5,554 |  | (551) |  | – |  |  | 158,796
Cash and cash equivalents at beginning of period |  | 431,873 |  | 8,495 |  | 1,482 |  | – |  |  | 441,850
Cash and cash equivalents at end of period | $ | 585,666 | $ | 14,049 | $ | 931 | $ | – |  | $ | 600,646
(a) Balance for the period ended December 31, 2015 |  |  |  |  |  |  |  |  |  |  |
Consolidating cash flow statements by industry segment for the year ended March 31, 2015, are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Elimination |  |  | AMERCO Consolidated
|  | (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |
Net earnings | $ | 356,741 | $ | 15,417 | $ | 19,366 | $ | (34,783) |  | $ | 356,741
Earnings from consolidated subsidiaries |  | (34,783) |  | – |  | – |  | 34,783 |  |  | –
Adjustments to reconcile net earnings to the cash provided by operations: |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | 352,796 |  | – |  | – |  | – |  |  | 352,796
Amortization of deferred policy acquisition costs |  | – |  | – |  | 19,661 |  | – |  |  | 19,661
Interest credited to policyholders |  | – |  | – |  | 18,110 |  | – |  |  | 18,110
Change in allowance for losses on trade receivables |  | (179) |  | – |  | 11 |  | – |  |  | (168)
Change in allowance for inventory reserve |  | (872) |  | – |  | – |  | – |  |  | (872)
Net gain on sale of real and personal property |  | (74,631) |  | – |  | – |  | – |  |  | (74,631)
Net gain on sale of investments |  | – |  | (841) |  | (3,084) |  | – |  |  | (3,925)
Deferred income taxes |  | 66,628 |  | 8,030 |  | 1,842 |  | – |  |  | 76,500
Net change in other operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
Reinsurance recoverables and trade receivables |  | (3,213) |  | 16,830 |  | (3,985) |  | – |  |  | 9,632
Inventories |  | (1,579) |  | – |  | – |  | – |  |  | (1,579)
Prepaid expenses |  | (65,720) |  | – |  | – |  | – |  |  | (65,720)
Capitalization of deferred policy acquisition costs |  | – |  | – |  | (27,084) |  | – |  |  | (27,084)
Other assets |  | 4,437 |  | 102 |  | (804) |  | – |  |  | 3,735
Related party assets |  | 27,753 |  | (258) |  | – |  | 211 | (b) |  | 27,706
Accounts payable and accrued expenses |  | 91,409 |  | 22 |  | 7,446 |  | – |  |  | 98,877
Policy benefits and losses, claims and loss expenses payable |  | (4,327) |  | (23,472) |  | 10,178 |  | – |  |  | (17,621)
Other policyholders' funds and liabilities |  | – |  | 317 |  | 671 |  | – |  |  | 988
Deferred income |  | (13,181) |  | – |  | – |  | – |  |  | (13,181)
Related party liabilities |  | (1,016) |  | 428 |  | (67) |  | (211) | (b) |  | (866)
Net cash provided (used) by operating activities |  | 700,263 |  | 16,575 |  | 42,261 |  | – |  |  | 759,099
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | (1,041,931) |  | – |  | – |  | – |  |  | (1,041,931)
Short term investments |  | – |  | (40,583) |  | (249,796) |  | – |  |  | (290,379)
Fixed maturities investments |  | – |  | (43,062) |  | (171,309) |  | – |  |  | (214,371)
Equity securities |  | – |  | (3,333) |  | (426) |  | – |  |  | (3,759)
Preferred stock |  | – |  | (1,006) |  | (1,000) |  | – |  |  | (2,006)
Real estate |  | – |  | (7,857) |  | (7,542) |  | – |  |  | (15,399)
Mortgage loans |  | (22,876) |  | (4,350) |  | (15,457) |  | – |  |  | (42,683)
Proceeds from sales and paydowns of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | 411,629 |  | – |  | – |  | – |  |  | 411,629
Short term investments |  | – |  | 53,112 |  | 234,771 |  | – |  |  | 287,883
Fixed maturities investments |  | – |  | 18,556 |  | 89,311 |  | – |  |  | 107,867
Equity securities |  | – |  | 3,082 |  | – |  | – |  |  | 3,082
Preferred stock |  | – |  | 400 |  | 2,027 |  | – |  |  | 2,427
Real estate |  | – |  | – |  | 396 |  | – |  |  | 396
Mortgage loans |  | 28,089 |  | 4,203 |  | 9,691 |  | – |  |  | 41,983
Net cash provided (used) by investing activities |  | (625,089) |  | (20,838) |  | (109,334) |  | – |  |  | (755,261)
(a) Balance for the period ended December 31, 2014 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate intercompany investments |  |  |  |  |  |  |  |  |  |  |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Elimination |  |  | AMERCO Consolidated
|  | (In thousands)
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Borrowings from credit facilities |  | 657,535 |  | – |  | – |  | – |  |  | 657,535
Principal repayments on credit facilities |  | (593,722) |  | – |  | – |  | – |  |  | (593,722)
Debt issuance costs |  | (12,327) |  | – |  | – |  | – |  |  | (12,327)
Capital lease payments |  | (121,202) |  | – |  | – |  | – |  |  | (121,202)
Purchases of Employee Stock Ownership Plan Shares |  | (7,939) |  | – |  | – |  | – |  |  | (7,939)
Common stock dividends paid |  | (19,594) |  | – |  | – |  | – |  |  | (19,594)
Investment contract deposits |  | – |  | – |  | 105,019 |  | – |  |  | 105,019
Investment contract withdrawals |  | – |  | – |  | (54,108) |  | – |  |  | (54,108)
Net cash provided (used) by financing activities |  | (97,249) |  | – |  | 50,911 |  | – |  |  | (46,338)
Effects of exchange rate on cash |  | (10,762) |  | – |  | – |  | – |  |  | (10,762)
Increase (decrease) in cash and cash equivalents |  | (32,837) |  | (4,263) |  | (16,162) |  | – |  |  | (53,262)
Cash and cash equivalents at beginning of period |  | 464,710 |  | 12,758 |  | 17,644 |  | – |  |  | 495,112
Cash and cash equivalents at end of period | $ | 431,873 | $ | 8,495 | $ | 1,482 | $ | – |  | $ | 441,850
(a) Balance for the period ended December 31, 2014 |  |  |  |  |  |  |  |  |  |  |
Consolidating cash flow statements by industry segment for the year ended March 31, 2014 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Elimination |  |  | AMERCO Consolidated
|  | (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |
Net earnings | $ | 342,391 | $ | 12,662 | $ | 17,330 | $ | (29,992) |  | $ | 342,391
Earnings from consolidated subsidiaries |  | (29,992) |  | – |  | – |  | 29,992 |  |  | –
Adjustments to reconcile net earnings to the cash provided by operations: |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | 293,169 |  | – |  | – |  | – |  |  | 293,169
Amortization of deferred policy acquisition costs |  | – |  | – |  | 19,982 |  | – |  |  | 19,982
Interest credited to policyholders |  | – |  | – |  | 22,890 |  | – |  |  | 22,890
Change in allowance for losses on trade receivables |  | (28) |  | – |  | (8) |  | – |  |  | (36)
Change in allowance for inventory reserve |  | 871 |  | – |  | – |  | – |  |  | 871
Net gain on sale of real and personal property |  | (33,557) |  | – |  | – |  | – |  |  | (33,557)
Net gain on sale of investments |  | (1,325) |  | (536) |  | (4,550) |  | – |  |  | (6,411)
Deferred income taxes |  | 34,605 |  | 7,301 |  | 4,465 |  | – |  |  | 46,371
Net change in other operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
Reinsurance recoverables and trade receivables |  | 14,328 |  | 43,675 |  | 4,503 |  | – |  |  | 62,506
Inventories |  | (11,495) |  | – |  | – |  | – |  |  | (11,495)
Prepaid expenses |  | 2,186 |  | – |  | – |  | – |  |  | 2,186
Capitalization of deferred policy acquisition costs |  | – |  | – |  | (32,611) |  | – |  |  | (32,611)
Other assets |  | 8,670 |  | (781) |  | (222) |  | – |  |  | 7,667
Related party assets |  | 11,060 |  | (4,231) |  | – |  | 725 | (b) |  | 7,554
Accounts payable and accrued expenses |  | 32,394 |  | 62 |  | 3,909 |  | – |  |  | 36,365
Policy benefits and losses, claims and loss expenses payable |  | (8,202) |  | (34,968) |  | 12,674 |  | – |  |  | (30,496)
Other policyholders' funds and liabilities |  | – |  | 513 |  | 118 |  | – |  |  | 631
Deferred income |  | 1,259 |  | – |  | – |  | – |  |  | 1,259
Related party liabilities |  | 5,647 |  | (131) |  | (61) |  | (725) | (b) |  | 4,730
Net cash provided (used) by operating activities |  | 661,981 |  | 23,566 |  | 48,419 |  | – |  |  | 733,966
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | (1,000,243) |  | – |  | – |  | – |  |  | (1,000,243)
Short term investments |  | – |  | (60,551) |  | (210,139) |  | – |  |  | (270,690)
Fixed maturities investments |  | – |  | (58,790) |  | (223,634) |  | – |  |  | (282,424)
Equity securities |  | – |  | (746) |  | (816) |  | – |  |  | (1,562)
Preferred stock |  | – |  | (640) |  | – |  | – |  |  | (640)
Real estate |  | – |  | – |  | (532) |  | – |  |  | (532)
Mortgage loans |  | (21,349) |  | (3,500) |  | (39,159) |  | 11,589 | (b) |  | (52,419)
Proceeds from sales and paydowns of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | 270,053 |  | – |  | – |  | – |  |  | 270,053
Short term investments |  | – |  | 68,852 |  | 200,200 |  | – |  |  | 269,052
Fixed maturities investments |  | – |  | 17,106 |  | 121,295 |  | – |  |  | 138,401
Equity securities |  | 26,569 |  | 2,570 |  | – |  | – |  |  | 29,139
Preferred stock |  | – |  | 4,504 |  | 1,500 |  | – |  |  | 6,004
Real estate |  | 193 |  | – |  | 351 |  | – |  |  | 544
Mortgage loans |  | 38,959 |  | 6,267 |  | 15,049 |  | (11,589) | (b) |  | 48,686
Net cash provided (used) by investing activities |  | (685,818) |  | (24,928) |  | (135,885) |  | – |  |  | (846,631)
(a) Balance for the period ended December 31, 2013 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate intercompany investments |  |  |  |  |  |  |  |  |  |  |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Elimination |  |  | AMERCO Consolidated
|  | (In thousands)
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Borrowings from credit facilities |  | 431,029 |  | – |  | – |  | – |  |  | 431,029
Principal repayments on credit facilities |  | (293,068) |  | – |  | – |  | – |  |  | (293,068)
Debt issuance costs |  | (3,943) |  | – |  | – |  | – |  |  | (3,943)
Capital lease payments |  | (53,079) |  | – |  | – |  | – |  |  | (53,079)
Purchases of Employee Stock Ownership Plan Shares |  | (207) |  | – |  | – |  | – |  |  | (207)
Securitization deposits |  | – |  | – |  | – |  | – |  |  | –
Common stock dividends paid |  | (19,568) |  | – |  | – |  | – |  |  | (19,568)
Investment contract deposits |  | – |  | – |  | 117,723 |  | – |  |  | 117,723
Investment contract withdrawals |  | – |  | – |  | (34,677) |  | – |  |  | (34,677)
Net cash provided (used) by financing activities |  | 61,164 |  | – |  | 83,046 |  | – |  |  | 144,210
Effects of exchange rate on cash |  | (177) |  | – |  | – |  | – |  |  | (177)
Increase (decrease) in cash and cash equivalents |  | 37,150 |  | (1,362) |  | (4,420) |  | – |  |  | 31,368
Cash and cash equivalents at beginning of period |  | 427,560 |  | 14,120 |  | 22,064 |  | – |  |  | 463,744
Cash and cash equivalents at end of period | $ | 464,710 | $ | 12,758 | $ | 17,644 | $ | – |  | $ | 495,112
(a) Balance for the period ended December 31, 2013 |  |  |  |  |  |  |  |  |  |  |

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8736-108599 + Details
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