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Consolidating Financial Information by Industry Segment | 9 Months Ended
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Dec. 31, 2015
Segment Reporting [Abstract] |
11. Consolidating Financial Information by Industry Segment | AMERCO’s three reportable segments are: Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate, Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and Life Insurance, comprised of Oxford and its subsidiaries. Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be 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 condensed consolidating statements. The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries. Investments in subsidiaries are accounted for by the parent using the equity method of accounting. Consolidating balance sheets by industry segment as of 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 |  |  |  |  |  |  |  |  |  |  |
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 |  |  |  |  |  |  |  |  |  |  |
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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