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Consolidating Financial Information By Industry Segment (Table Text Block) | 3 Months Ended | 9 Months Ended | 12 Months Ended
--- | --- | --- | ---
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015
Table Text Block Supplement [Abstract] |  |  |  |  |
Consolidated Balance Sheet by Industry Segment |  |  | Consolidating balance sheets by industry segment as of December 31, 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 | $ | 649,191 | $ | 13,882 | $ | 11,554 | $ | – |  | $ | 674,627
Reinsurance recoverables and trade receivables, net |  | 37,598 |  | 113,429 |  | 30,299 |  | – |  |  | 181,326
Inventories, net |  | 75,032 |  | – |  | – |  | – |  |  | 75,032
Prepaid expenses |  | 180,628 |  | – |  | – |  | – |  |  | 180,628
Investments, fixed maturities and marketable equities |  | – |  | 236,058 |  | 1,227,939 |  | – |  |  | 1,463,997
Investments, other |  | 31,107 |  | 47,521 |  | 244,411 |  | – |  |  | 323,039
Deferred policy acquisition costs, net |  | – |  | – |  | 129,218 |  | – |  |  | 129,218
Other assets |  | 87,890 |  | 651 |  | 2,448 |  | – |  |  | 90,989
Related party assets |  | 94,370 |  | 13,118 |  | 555 |  | (15,366) | (c) |  | 92,677
|  | 1,155,816 |  | 424,659 |  | 1,646,424 |  | (15,366) |  |  | 3,211,533
Investment in subsidiaries |  | 455,716 |  | – |  | – |  | (455,716) | (b) |  | –
Property, plant and equipment, at cost: |  |  |  |  |  |  |  |  |  |  |
Land |  | 589,492 |  | – |  | – |  | – |  |  | 589,492
Buildings and improvements |  | 2,026,840 |  | – |  | – |  | – |  |  | 2,026,840
Furniture and equipment |  | 383,914 |  | – |  | – |  | – |  |  | 383,914
Rental trailers and other rental equipment |  | 463,034 |  | – |  | – |  | – |  |  | 463,034
Rental trucks |  | 3,162,170 |  | – |  | – |  | – |  |  | 3,162,170
|  | 6,625,450 |  | – |  | – |  | – |  |  | 6,625,450
Less: Accumulated depreciation |  | (2,074,449) |  | – |  | – |  | – |  |  | (2,074,449)
Total property, plant and equipment |  | 4,551,001 |  | – |  | – |  | – |  |  | 4,551,001
Total assets | $ | 6,162,533 | $ | 424,659 | $ | 1,646,424 | $ | (471,082) |  | $ | 7,762,534
(a) Balances as of September 30, 2015 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate investment in subsidiaries |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany receivables and payables |  |  |  |  |  |  |  |  |  |  |
Consolidating balance sheets by industry segment as of December 31, 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 | $ | 425,022 | $ | 821 | $ | 20,201 | $ | – |  | $ | 446,044
Notes, loans and leases payable |  | 2,424,671 |  | – |  | – |  | – |  |  | 2,424,671
Policy benefits and losses, claims and loss expenses payable |  | 382,701 |  | 256,342 |  | 434,557 |  | – |  |  | 1,073,600
Liabilities from investment contracts |  | – |  | – |  | 891,243 |  | – |  |  | 891,243
Other policyholders' funds and liabilities |  | – |  | 2,833 |  | 5,606 |  | – |  |  | 8,439
Deferred income |  | 18,977 |  | – |  | – |  | – |  |  | 18,977
Deferred income taxes |  | 673,058 |  | (15,243) |  | 16,806 |  | – |  |  | 674,621
Related party liabilities |  | 13,165 |  | 2,046 |  | 155 |  | (15,366) | (c) |  | –
Total liabilities |  | 3,937,594 |  | 246,799 |  | 1,368,568 |  | (15,366) |  |  | 5,537,595
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 |  | 451,702 |  | 91,120 |  | 26,271 |  | (117,601) | (b) |  | 451,492
Accumulated other comprehensive income (loss) |  | (59,068) |  | 5,209 |  | 23,007 |  | (28,216) | (b) |  | (59,068)
Retained earnings |  | 2,500,449 |  | 78,230 |  | 226,078 |  | (304,098) | (b) |  | 2,500,659
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 |  | (991) |  | – |  | – |  | – |  |  | (991)
Total stockholders' equity |  | 2,224,939 |  | 177,860 |  | 277,856 |  | (455,716) |  |  | 2,224,939
Total liabilities and stockholders' equity | $ | 6,162,533 | $ | 424,659 | $ | 1,646,424 | $ | (471,082) |  | $ | 7,762,534
(a) Balances as of September 30, 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
Assets: |  | (In thousands)
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 | $ | 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 |  | 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 |  | 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 December 31, 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 | $ | 518,438 | $ | – | $ | – | $ | (1,035) | (c) | $ | 517,403
Self-storage revenues |  | 63,164 |  | – |  | – |  | – |  |  | 63,164
Self-moving and self-storage products and service sales |  | 50,038 |  | – |  | – |  | – |  |  | 50,038
Property management fees |  | 8,170 |  | – |  | – |  | – |  |  | 8,170
Life insurance premiums |  | – |  | – |  | 40,657 |  | – |  |  | 40,657
Property and casualty insurance premiums |  | – |  | 14,105 |  | – |  | – |  |  | 14,105
Net investment and interest income |  | 1,976 |  | 3,252 |  | 13,993 |  | (195) | (b) |  | 19,026
Other revenue |  | 30,966 |  | – |  | 1,498 |  | (276) | (b) |  | 32,188
Total revenues |  | 672,752 |  | 17,357 |  | 56,148 |  | (1,506) |  |  | 744,751
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 344,654 |  | 7,048 |  | 5,756 |  | (1,302) | (b,c) |  | 356,156
Commission expenses |  | 58,347 |  | – |  | – |  | – |  |  | 58,347
Cost of sales |  | 29,460 |  | – |  | – |  | – |  |  | 29,460
Benefits and losses |  | – |  | 4,038 |  | 37,536 |  | – |  |  | 41,574
Amortization of deferred policy acquisition costs |  | – |  | – |  | 5,138 |  | – |  |  | 5,138
Lease expense |  | 10,508 |  | – |  | – |  | (47) | (b) |  | 10,461
Depreciation, net of (gains) losses on disposals |  | 85,713 |  | – |  | – |  | – |  |  | 85,713
Total costs and expenses |  | 528,682 |  | 11,086 |  | 48,430 |  | (1,349) |  |  | 586,849
Earnings from operations before equity in earnings of subsidiaries |  | 144,070 |  | 6,271 |  | 7,718 |  | (157) |  |  | 157,902
Equity in earnings of subsidiaries |  | 9,090 |  | – |  | – |  | (9,090) | (d) |  | –
Earnings from operations |  | 153,160 |  | 6,271 |  | 7,718 |  | (9,247) |  |  | 157,902
Interest expense |  | (25,564) |  | – |  | – |  | 157 | (b) |  | (25,407)
Pretax earnings |  | 127,596 |  | 6,271 |  | 7,718 |  | (9,090) |  |  | 132,495
Income tax expense |  | (45,827) |  | (2,195) |  | (2,704) |  | – |  |  | (50,726)
Earnings available to common shareholders | $ | 81,769 | $ | 4,076 | $ | 5,014 | $ | (9,090) |  | $ | 81,769
(a) Balances for the quarter ended September 30, 2015 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate intercompany lease / interest income |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany premiums |  |  |  |  |  |  |  |  |  |  |
(d) Eliminate equity in earnings of subsidiaries |  |  |  |  |  |  |  |  |  |  |
| Consolidating statement of operations by industry segment for the quarter ended December 31, 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 | $ | 488,505 | $ | – | $ | – | $ | (1,090) | (c) | $ | 487,415
Self-storage revenues |  | 53,503 |  | – |  | – |  | – |  |  | 53,503
Self-moving and self-storage products and service sales |  | 49,081 |  | – |  | – |  | – |  |  | 49,081
Property management fees |  | 7,497 |  | – |  | – |  | – |  |  | 7,497
Life insurance premiums |  | – |  | – |  | 39,026 |  | – |  |  | 39,026
Property and casualty insurance premiums |  | – |  | 13,584 |  | – |  | – |  |  | 13,584
Net investment and interest income |  | 2,838 |  | 2,961 |  | 15,149 |  | (196) | (b) |  | 20,752
Other revenue |  | 34,409 |  | – |  | 1,202 |  | (114) | (b) |  | 35,497
Total revenues |  | 635,833 |  | 16,545 |  | 55,377 |  | (1,400) |  |  | 706,355
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 328,187 |  | 6,123 |  | 5,576 |  | (1,194) | (b,c) |  | 338,692
Commission expenses |  | 58,439 |  | – |  | – |  | – |  |  | 58,439
Cost of sales |  | 30,751 |  | – |  | – |  | – |  |  | 30,751
Benefits and losses |  | – |  | 3,481 |  | 36,603 |  | – |  |  | 40,084
Amortization of deferred policy acquisition costs |  | – |  | – |  | 4,722 |  | – |  |  | 4,722
Lease expense |  | 18,755 |  | – |  | – |  | (50) | (b) |  | 18,705
Depreciation, net of (gains) losses on disposals |  | 81,810 |  | – |  | – |  | – |  |  | 81,810
Total costs and expenses |  | 517,942 |  | 9,604 |  | 46,901 |  | (1,244) |  |  | 573,203
Earnings from operations before equity in earnings of subsidiaries |  | 117,891 |  | 6,941 |  | 8,476 |  | (156) |  |  | 133,152
Equity in earnings of subsidiaries |  | 10,088 |  | – |  | – |  | (10,088) | (d) |  | –
Earnings from operations |  | 127,979 |  | 6,941 |  | 8,476 |  | (10,244) |  |  | 133,152
Interest expense |  | (25,875) |  | – |  | – |  | 156 | (b) |  | (25,719)
Pretax earnings |  | 102,104 |  | 6,941 |  | 8,476 |  | (10,088) |  |  | 107,433
Income tax expense |  | (35,564) |  | (2,428) |  | (2,901) |  | – |  |  | (40,893)
Earnings available to common shareholders | $ | 66,540 | $ | 4,513 | $ | 5,575 | $ | (10,088) |  | $ | 66,540
(a) Balances for the quarter ended September 30, 2014 |  |  |  |  |  |  |  |  |  |  |
(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 nine months ended December 31, 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 | $ | 1,847,661 | $ | – | $ | – | $ | (2,753) | (c) | $ | 1,844,908
Self-storage revenues |  | 182,415 |  | – |  | – |  | – |  |  | 182,415
Self-moving and self-storage products and service sales |  | 197,999 |  | – |  | – |  | – |  |  | 197,999
Property management fees |  | 20,601 |  | – |  | – |  | – |  |  | 20,601
Life insurance premiums |  | – |  | – |  | 121,438 |  | – |  |  | 121,438
Property and casualty insurance premiums |  | – |  | 38,033 |  | – |  | – |  |  | 38,033
Net investment and interest income |  | 6,638 |  | 10,839 |  | 46,261 |  | (589) | (b) |  | 63,149
Other revenue |  | 120,572 |  | – |  | 3,705 |  | (361) | (b) |  | 123,916
Total revenues |  | 2,375,886 |  | 48,872 |  | 171,404 |  | (3,703) |  |  | 2,592,459
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 1,091,169 |  | 20,476 |  | 17,048 |  | (3,086) | (b,c) |  | 1,125,607
Commission expenses |  | 212,204 |  | – |  | – |  | – |  |  | 212,204
Cost of sales |  | 110,596 |  | – |  | – |  | – |  |  | 110,596
Benefits and losses |  | – |  | 9,582 |  | 118,811 |  | – |  |  | 128,393
Amortization of deferred policy acquisition costs |  | – |  | – |  | 15,559 |  | – |  |  | 15,559
Lease expense |  | 40,389 |  | – |  | – |  | (140) | (b) |  | 40,249
Depreciation, net of (gains) losses on disposals |  | 199,773 |  | – |  | – |  | – |  |  | 199,773
Total costs and expenses |  | 1,654,131 |  | 30,058 |  | 151,418 |  | (3,226) |  |  | 1,832,381
Earnings from operations before equity in earnings of subsidiaries |  | 721,755 |  | 18,814 |  | 19,986 |  | (477) |  |  | 760,078
Equity in earnings of subsidiaries |  | 25,219 |  | – |  | – |  | (25,219) | (d) |  | –
Earnings from operations |  | 746,974 |  | 18,814 |  | 19,986 |  | (25,696) |  |  | 760,078
Interest expense |  | (71,957) |  | – |  | – |  | 477 | (b) |  | (71,480)
Pretax earnings |  | 675,017 |  | 18,814 |  | 19,986 |  | (25,219) |  |  | 688,598
Income tax expense |  | (238,584) |  | (6,585) |  | (6,996) |  | – |  |  | (252,165)
Earnings available to common shareholders | $ | 436,433 | $ | 12,229 | $ | 12,990 | $ | (25,219) |  | $ | 436,433
(a) Balances for the nine months ended September 30, 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 nine months ended December 31, 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 | $ | 1,719,200 | $ | – | $ | – | $ | (2,776) | (c) | $ | 1,716,424
Self-storage revenues |  | 155,623 |  | – |  | – |  | – |  |  | 155,623
Self-moving and self-storage products and service sales |  | 191,603 |  | – |  | – |  | – |  |  | 191,603
Property management fees |  | 18,970 |  | – |  | – |  | – |  |  | 18,970
Life insurance premiums |  | – |  | – |  | 115,997 |  | – |  |  | 115,997
Property and casualty insurance premiums |  | – |  | 35,665 |  | – |  | – |  |  | 35,665
Net investment and interest income |  | 10,785 |  | 9,823 |  | 43,632 |  | (586) | (b) |  | 63,654
Other revenue |  | 130,718 |  | – |  | 3,491 |  | (344) | (b) |  | 133,865
Total revenues |  | 2,226,899 |  | 45,488 |  | 163,120 |  | (3,706) |  |  | 2,431,801
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 1,053,584 |  | 18,635 |  | 16,834 |  | (3,092) | (b,c) |  | 1,085,961
Commission expenses |  | 200,939 |  | – |  | – |  | – |  |  | 200,939
Cost of sales |  | 112,215 |  | – |  | – |  | – |  |  | 112,215
Benefits and losses |  | – |  | 8,918 |  | 111,508 |  | – |  |  | 120,426
Amortization of deferred policy acquisition costs |  | – |  | – |  | 13,196 |  | – |  |  | 13,196
Lease expense |  | 61,090 |  | – |  | – |  | (140) | (b) |  | 60,950
Depreciation, net of (gains) losses on disposals |  | 209,927 |  | – |  | – |  | – |  |  | 209,927
Total costs and expenses |  | 1,637,755 |  | 27,553 |  | 141,538 |  | (3,232) |  |  | 1,803,614
Earnings from operations before equity in earnings of subsidiaries |  | 589,144 |  | 17,935 |  | 21,582 |  | (474) |  |  | 628,187
Equity in earnings of subsidiaries |  | 25,763 |  | – |  | – |  | (25,763) | (d) |  | –
Earnings from operations |  | 614,907 |  | 17,935 |  | 21,582 |  | (26,237) |  |  | 628,187
Interest expense |  | (75,218) |  | – |  | – |  | 474 | (b) |  | (74,744)
Fees and amortization on early extinguishment of debt |  | (4,081) |  | – |  | – |  | – |  |  | (4,081)
Pretax earnings |  | 535,608 |  | 17,935 |  | 21,582 |  | (25,763) |  |  | 549,362
Income tax expense |  | (188,347) |  | (6,277) |  | (7,477) |  | – |  |  | (202,101)
Earnings available to common shareholders | $ | 347,261 | $ | 11,658 | $ | 14,105 | $ | (25,763) |  | $ | 347,261
(a) Balances for the nine months ended September 30, 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 |  |  | Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2015 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Elimination |  |  | AMERCO Consolidated
|  | (Unaudited)
Cash flows from operating activities: |  | (In thousands)
Net earnings | $ | 436,433 | $ | 12,229 | $ | 12,990 | $ | (25,219) |  | $ | 436,433
Earnings from consolidated entities |  | (25,219) |  | – |  | – |  | 25,219 |  |  | –
Adjustments to reconcile net earnings to the cash provided by operations: |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | 287,562 |  | – |  | – |  | – |  |  | 287,562
Amortization of deferred policy acquisition costs |  | – |  | – |  | 15,559 |  | – |  |  | 15,559
Change in allowance for losses on trade receivables |  | 29 |  | – |  | (211) |  | – |  |  | (182)
Change in allowance for inventory reserve |  | (1,939) |  | – |  | – |  | – |  |  | (1,939)
Net gain on sale of real and personal property |  | (87,789) |  | – |  | – |  | – |  |  | (87,789)
Net gain on sale of investments |  | – |  | (652) |  | (3,127) |  | – |  |  | (3,779)
Deferred income taxes |  | 145,104 |  | 5,321 |  | 974 |  | – |  |  | 151,399
Net change in other operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
Reinsurance recoverables and trade receivables |  | (5,420) |  | 12,077 |  | 1,911 |  | – |  |  | 8,568
Inventories |  | (3,887) |  | – |  | – |  | – |  |  | (3,887)
Prepaid expenses |  | (57,015) |  | – |  | – |  | – |  |  | (57,015)
Capitalization of deferred policy acquisition costs |  | – |  | – |  | (24,803) |  | – |  |  | (24,803)
Other assets |  | 19,226 |  | 1,358 |  | 96 |  | – |  |  | 20,680
Related party assets |  | 49,512 |  | 291 |  | – |  | – |  |  | 49,803
Accounts payable and accrued expenses |  | 16,703 |  | 822 |  | 19,798 |  | – |  |  | 37,323
Policy benefits and losses, claims and loss expenses payable |  | 20,712 |  | (15,402) |  | 7,666 |  | – |  |  | 12,976
Other policyholders' funds and liabilities |  | – |  | (1,239) |  | 679 |  | – |  |  | (560)
Deferred income |  | 1,005 |  | – |  | – |  | – |  |  | 1,005
Related party liabilities |  | (752) |  | (169) |  | 43 |  | – |  |  | (878)
Net cash provided (used) by operating activities |  | 794,265 |  | 14,636 |  | 31,575 |  | – |  |  | 840,476
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | (1,051,830) |  | – |  | – |  | – |  |  | (1,051,830)
Short term investments |  | – |  | (30,536) |  | (361,147) |  | – |  |  | (391,683)
Fixed maturities investments |  | – |  | (32,593) |  | (286,071) |  | – |  |  | (318,664)
Equity securities |  | – |  | – |  | (1,315) |  | – |  |  | (1,315)
Preferred stock |  | – |  | (5) |  | – |  | – |  |  | (5)
Real estate |  | – |  | (6) |  | (17) |  | – |  |  | (23)
Mortgage loans |  | (15,104) |  | (1,800) |  | (82,645) |  | – |  |  | (99,549)
Proceeds from sales and paydown's of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | 463,602 |  | – |  | – |  | – |  |  | 463,602
Short term investments |  | – |  | 31,816 |  | 369,028 |  | – |  |  | 400,844
Fixed maturities investments |  | – |  | 19,428 |  | 116,299 |  | – |  |  | 135,727
Equity securities |  | – |  | – |  | 808 |  | – |  |  | 808
Mortgage loans |  | 11,635 |  | 4,447 |  | 18,059 |  | – |  |  | 34,141
Net cash provided (used) by investing activities |  | (591,697) |  | (9,249) |  | (227,001) |  | – |  |  | (827,947)
|  | (page 1 of 2)
(a) Balance for the period ended September 30, 2015 |  |  |  |  |  |  |  |  |  |  |
Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2015 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Elimination |  |  | AMERCO Consolidated
|  | (Unaudited)
Cash flows from financing activities: |  | (In thousands)
Borrowings from credit facilities |  | 461,276 |  | – |  | 47,000 |  | – |  |  | 508,276
Principal repayments on credit facilities |  | (233,304) |  | – |  | (47,000) |  | – |  |  | (280,304)
Debt issuance costs |  | (5,957) |  | – |  | – |  | – |  |  | (5,957)
Capital lease payments |  | (110,202) |  | – |  | – |  | – |  |  | (110,202)
Employee Stock Ownership Plan |  | (1,559) |  | – |  | – |  | – |  |  | (1,559)
Securitization deposits |  | 448 |  | – |  | – |  | – |  |  | 448
Common stock dividend paid |  | (78,374) |  | – |  | – |  | – |  |  | (78,374)
Investment contract deposits |  | – |  | – |  | 246,756 |  | – |  |  | 246,756
Investment contract withdrawals |  | – |  | – |  | (41,258) |  | – |  |  | (41,258)
Net cash provided (used) by financing activities |  | 32,328 |  | – |  | 205,498 |  | – |  |  | 237,826
Effects of exchange rate on cash |  | (17,578) |  | – |  | – |  | – |  |  | (17,578)
Increase (decrease) in cash and cash equivalents |  | 217,318 |  | 5,387 |  | 10,072 |  | – |  |  | 232,777
Cash and cash equivalents at beginning of period |  | 431,873 |  | 8,495 |  | 1,482 |  | – |  |  | 441,850
Cash and cash equivalents at end of period | $ | 649,191 | $ | 13,882 | $ | 11,554 | $ | – |  | $ | 674,627
|  | (page 2 of 2)
(a) Balance for the period ended September 30, 2015 |  |  |  |  |  |  |  |  |  |  |
| Consolidating cash flow statements by industry segment for the nine months ended December 31, 2014 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Elimination |  |  | AMERCO Consolidated
|  | (Unaudited)
Cash flows from operating activities: |  | (In thousands)
Net earnings | $ | 347,261 | $ | 11,658 | $ | 14,105 | $ | (25,763) |  | $ | 347,261
Earnings from consolidated entities |  | (25,763) |  | – |  | – |  | 25,763 |  |  | –
Adjustments to reconcile net earnings to cash provided by operations: |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | 259,871 |  | – |  | – |  | – |  |  | 259,871
Amortization of deferred policy acquisition costs |  | – |  | – |  | 13,196 |  | – |  |  | 13,196
Change in allowance for losses on trade receivables |  | (201) |  | – |  | (11) |  | – |  |  | (212)
Change in allowance for inventory reserve |  | (744) |  | – |  | – |  | – |  |  | (744)
Net gain on sale of real and personal property |  | (49,944) |  | – |  | – |  | – |  |  | (49,944)
Net gain on sale of investments |  | – |  | (839) |  | (2,415) |  | – |  |  | (3,254)
Deferred income taxes |  | 64,058 |  | 4,983 |  | 2,444 |  | – |  |  | 71,485
Net change in other operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
Reinsurance recoverables and trade receivables |  | (9,126) |  | 17,101 |  | (6,080) |  | – |  |  | 1,895
Inventories |  | (2,053) |  | – |  | – |  | – |  |  | (2,053)
Prepaid expenses |  | (38,905) |  | – |  | – |  | – |  |  | (38,905)
Capitalization of deferred policy acquisition costs |  | – |  | – |  | (20,158) |  | – |  |  | (20,158)
Other assets |  | (41,905) |  | 1,088 |  | (846) |  | – |  |  | (41,663)
Related party assets |  | 21,474 |  | (947) |  | – |  | 243 | (b) |  | 20,770
Accounts payable and accrued expenses |  | (13,095) |  | (248) |  | 9,537 |  | – |  |  | (3,806)
Policy benefits and losses, claims and loss expenses payable |  | (4,623) |  | (21,913) |  | 8,949 |  | – |  |  | (17,587)
Other policyholders' funds and liabilities |  | – |  | 1,395 |  | 1,335 |  | – |  |  | 2,730
Deferred income |  | (16,732) |  | – |  | – |  | – |  |  | (16,732)
Related party liabilities |  | (235) |  | 285 |  | 215 |  | (243) | (b) |  | 22
Net cash provided (used) by operating activities |  | 489,338 |  | 12,563 |  | 20,271 |  | – |  |  | 522,172
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | (725,447) |  | – |  | – |  | – |  |  | (725,447)
Short term investments |  | – |  | (35,624) |  | (167,394) |  | – |  |  | (203,018)
Fixed maturities investments |  | – |  | (33,735) |  | (148,089) |  | – |  |  | (181,824)
Equity securities |  | – |  | (3,333) |  | (426) |  | – |  |  | (3,759)
Preferred stock |  | – |  | (5) |  | – |  | – |  |  | (5)
Real estate |  | – |  | (3,812) |  | (7,516) |  | – |  |  | (11,328)
Mortgage loans |  | (21,593) |  | (3,150) |  | (12,622) |  | – |  |  | (37,365)
Proceeds from sales and paydown's of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | 321,680 |  | – |  | – |  | – |  |  | 321,680
Short term investments |  | – |  | 39,745 |  | 180,865 |  | – |  |  | 220,610
Fixed maturities investments |  | – |  | 17,794 |  | 57,578 |  | – |  |  | 75,372
Equity securities |  | – |  | 3,082 |  | – |  | – |  |  | 3,082
Preferred stock |  | – |  | – |  | 2,027 |  | – |  |  | 2,027
Real estate |  | – |  | – |  | 396 |  | – |  |  | 396
Mortgage loans |  | 23,214 |  | 3,976 |  | 6,002 |  | – |  |  | 33,192
Net cash provided (used) by investing activities |  | (402,146) |  | (15,062) |  | (89,179) |  | – |  |  | (506,387)
|  | (page 1 of 2)
(a) Balance for the period ended September 30, 2014 |  |  |  |  |  |  |  |  |  |  |
(b) Elimination of intercompany investments |  |  |  |  |  |  |  |  |  |  |
Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2014 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Elimination |  |  | AMERCO Consolidated
|  | (Unaudited)
Cash flows from financing activities: |  | (In thousands)
Borrowings from credit facilities |  | 510,074 |  | – |  | – |  | – |  |  | 510,074
Principal repayments on credit facilities |  | (266,672) |  | – |  | – |  | – |  |  | (266,672)
Debt issuance costs |  | (9,697) |  | – |  | – |  | – |  |  | (9,697)
Capital lease payments |  | (65,478) |  | – |  | – |  | – |  |  | (65,478)
Employee Stock Ownership Plan |  | (184) |  | – |  | – |  | – |  |  | (184)
Investment contract deposits |  | – |  | – |  | 94,979 |  | – |  |  | 94,979
Investment contract withdrawals |  | – |  | – |  | (38,653) |  | – |  |  | (38,653)
Net cash provided (used) by financing activities |  | 168,043 |  | – |  | 56,326 |  | – |  |  | 224,369
Effects of exchange rate on cash |  | (6,243) |  | – |  | – |  | – |  |  | (6,243)
Increase (decrease) in cash and cash equivalents |  | 248,992 |  | (2,499) |  | (12,582) |  | – |  |  | 233,911
Cash and cash equivalents at beginning of period |  | 464,710 |  | 12,758 |  | 17,644 |  | – |  |  | 495,112
Cash and cash equivalents at end of period | $ | 713,702 | $ | 10,259 | $ | 5,062 | $ | – |  | $ | 729,023
|  | (page 2 of 2)
(a) Balance for the period ended September 30, 2014 |  |  |  |  |  |  |  |  |  |  |

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