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Consolidating Financial Information by Industry Segment | 6 Months Ended
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Sep. 30, 2016
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 September 30, 2016 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 907,861 | $ | 11,775 | $ | 1,691 | $ | – |  | $ | 921,327
Reinsurance recoverables and trade receivables, net |  | 40,590 |  | 111,548 |  | 31,105 |  | – |  |  | 183,243
Inventories, net |  | 81,609 |  | – |  | – |  | – |  |  | 81,609
Prepaid expenses |  | 87,968 |  | – |  | – |  | – |  |  | 87,968
Investments, fixed maturities and marketable equities |  | – |  | 245,627 |  | 1,386,793 |  | – |  |  | 1,632,420
Investments, other |  | 22,579 |  | 66,862 |  | 292,624 |  | – |  |  | 382,065
Deferred policy acquisition costs, net |  | – |  | – |  | 118,652 |  | – |  |  | 118,652
Other assets |  | 82,272 |  | 1,005 |  | 2,323 |  | – |  |  | 85,600
Related party assets |  | 82,278 |  | 13,246 |  | 507 |  | (15,860) | (c) |  | 80,171
|  | 1,305,157 |  | 450,063 |  | 1,833,695 |  | (15,860) |  |  | 3,573,055
Investment in subsidiaries |  | 488,557 |  | – |  | – |  | (488,557) | (b) |  | –
Property, plant and equipment, at cost: |  |  |  |  |  |  |  |  |  |  |
Land |  | 616,969 |  | – |  | – |  | – |  |  | 616,969
Buildings and improvements |  | 2,401,802 |  | – |  | – |  | – |  |  | 2,401,802
Furniture and equipment |  | 448,990 |  | – |  | – |  | – |  |  | 448,990
Rental trailers and other rental equipment |  | 490,451 |  | – |  | – |  | – |  |  | 490,451
Rental trucks |  | 3,720,268 |  | – |  | – |  | – |  |  | 3,720,268
|  | 7,678,480 |  | – |  | – |  | – |  |  | 7,678,480
Less: Accumulated depreciation |  | (2,244,417) |  | – |  | – |  | – |  |  | (2,244,417)
Total property, plant and equipment |  | 5,434,063 |  | – |  | – |  | – |  |  | 5,434,063
Total assets | $ | 7,227,777 | $ | 450,063 | $ | 1,833,695 | $ | (504,417) |  | $ | 9,007,118
(a) Balances as of June 30, 2016 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate investment in subsidiaries |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany receivables and payables |  |  |  |  |  |  |  |  |  |  |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 431,130 | $ | 3,303 | $ | 4,488 | $ | – |  | $ | 438,921
Notes, loans and leases payable |  | 2,992,490 |  | – |  | – |  | – |  |  | 2,992,490
Policy benefits and losses, claims and loss expenses payable |  | 399,325 |  | 249,931 |  | 438,872 |  | – |  |  | 1,088,128
Liabilities from investment contracts |  | – |  | – |  | 1,043,129 |  | – |  |  | 1,043,129
Other policyholders' funds and liabilities |  | – |  | 3,581 |  | 6,630 |  | – |  |  | 10,211
Deferred income |  | 27,801 |  | – |  | – |  | – |  |  | 27,801
Deferred income taxes |  | 749,144 |  | 12,028 |  | 30,352 |  | – |  |  | 791,524
Related party liabilities |  | 12,973 |  | 2,780 |  | 107 |  | (15,860) | (c) |  | –
Total liabilities |  | 4,612,863 |  | 271,623 |  | 1,523,578 |  | (15,860) |  |  | 6,392,204
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 |  | 452,119 |  | 91,120 |  | 26,271 |  | (117,601) | (b) |  | 451,909
Accumulated other comprehensive income (loss) |  | (19,890) |  | 11,926 |  | 41,590 |  | (53,516) | (b) |  | (19,890)
Retained earnings |  | 2,857,079 |  | 72,093 |  | 239,756 |  | (311,639) | (b) |  | 2,857,289
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 |  | (7,241) |  | – |  | – |  | – |  |  | (7,241)
Total stockholders' equity |  | 2,614,914 |  | 178,440 |  | 310,117 |  | (488,557) |  |  | 2,614,914
Total liabilities and stockholders' equity | $ | 7,227,777 | $ | 450,063 | $ | 1,833,695 | $ | (504,417) |  | $ | 9,007,118
(a) Balances as of June 30, 2016 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate investment in subsidiaries |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany receivables and payables |  |  |  |  |  |  |  |  |  |  |
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
Assets: |  | (In thousands)
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 |  | 71,719 |  | 3,088 |  | 2,403 |  | – |  |  | 77,210
Related party assets |  | 88,022 |  | 12,465 |  | 613 |  | (15,366) | (c) |  | 85,734
|  | 1,015,345 |  | 427,524 |  | 1,682,349 |  | (15,366) |  |  | 3,109,852
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 | $ | 6,465,133 | $ | 427,524 | $ | 1,682,349 | $ | (447,643) |  | $ | 8,127,363
(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 |  | 2,665,396 |  | – |  | – |  | – |  |  | 2,665,396
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 |  | 4,213,727 |  | 266,964 |  | 1,410,632 |  | (15,366) |  |  | 5,875,957
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 | $ | 6,465,133 | $ | 427,524 | $ | 1,682,349 | $ | (447,643) |  | $ | 8,127,363
(a) Balances as of December 31, 2015 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate investment in subsidiaries |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany receivables and payables |  |  |  |  |  |  |  |  |  |  |
Consolidating statement of operations by industry segment for the quarter ended September 30, 2016 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Self-moving equipment rentals | $ | 712,739 | $ | – | $ | – | $ | (1,029) | (c) | $ | 711,710
Self-storage revenues |  | 72,163 |  | – |  | – |  | – |  |  | 72,163
Self-moving and self-storage products and service sales |  | 70,330 |  | – |  | – |  | – |  |  | 70,330
Property management fees |  | 6,712 |  | – |  | – |  | – |  |  | 6,712
Life insurance premiums |  | – |  | – |  | 40,893 |  | – |  |  | 40,893
Property and casualty insurance premiums |  | – |  | 14,009 |  | – |  | – |  |  | 14,009
Net investment and interest income |  | 2,353 |  | 3,878 |  | 19,767 |  | (182) | (b) |  | 25,816
Other revenue |  | 56,103 |  | – |  | 1,301 |  | (126) | (b) |  | 57,278
Total revenues |  | 920,400 |  | 17,887 |  | 61,961 |  | (1,337) |  |  | 998,911
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 386,527 |  | 7,220 |  | 5,611 |  | (1,145) | (b,c) |  | 398,213
Commission expenses |  | 80,462 |  | – |  | – |  | – |  |  | 80,462
Cost of sales |  | 40,952 |  | – |  | – |  | – |  |  | 40,952
Benefits and losses |  | – |  | 3,573 |  | 43,263 |  | – |  |  | 46,836
Amortization of deferred policy acquisition costs |  | – |  | – |  | 5,989 |  | – |  |  | 5,989
Lease expense |  | 9,395 |  | – |  | – |  | (46) | (b) |  | 9,349
Depreciation, net of (gains) losses on disposals |  | 109,904 |  | – |  | – |  | – |  |  | 109,904
Total costs and expenses |  | 627,240 |  | 10,793 |  | 54,863 |  | (1,191) |  |  | 691,705
Earnings from operations before equity in earnings of subsidiaries |  | 293,160 |  | 7,094 |  | 7,098 |  | (146) |  |  | 307,206
Equity in earnings of subsidiaries |  | 9,305 |  | – |  | – |  | (9,305) | (d) |  | –
Earnings from operations |  | 302,465 |  | 7,094 |  | 7,098 |  | (9,451) |  |  | 307,206
Interest expense |  | (28,361) |  | – |  | – |  | 146 | (b) |  | (28,215)
Pretax earnings |  | 274,104 |  | 7,094 |  | 7,098 |  | (9,305) |  |  | 278,991
Income tax expense |  | (97,629) |  | (2,406) |  | (2,481) |  | – |  |  | (102,516)
Earnings available to common shareholders | $ | 176,475 | $ | 4,688 | $ | 4,617 | $ | (9,305) |  | $ | 176,475
(a) Balances for the quarter ended June 30, 2016 |  |  |  |  |  |  |  |  |  |  |
(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 September 30, 2015 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Self-moving equipment rentals | $ | 699,184 | $ | – | $ | – | $ | (965) | (c) | $ | 698,219
Self-storage revenues |  | 62,060 |  | – |  | – |  | – |  |  | 62,060
Self-moving and self-storage products and service sales |  | 70,703 |  | – |  | – |  | – |  |  | 70,703
Property management fees |  | 6,320 |  | – |  | – |  | – |  |  | 6,320
Life insurance premiums |  | – |  | – |  | 40,515 |  | – |  |  | 40,515
Property and casualty insurance premiums |  | – |  | 13,372 |  | – |  | – |  |  | 13,372
Net investment and interest income |  | 1,845 |  | 3,253 |  | 17,248 |  | (195) | (b) |  | 22,151
Other revenue |  | 48,182 |  | – |  | 1,424 |  | (43) | (b) |  | 49,563
Total revenues |  | 888,294 |  | 16,625 |  | 59,187 |  | (1,203) |  |  | 962,903
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 394,660 |  | 7,089 |  | 5,530 |  | (997) | (b,c) |  | 406,282
Commission expenses |  | 80,799 |  | – |  | – |  | – |  |  | 80,799
Cost of sales |  | 39,881 |  | – |  | – |  | – |  |  | 39,881
Benefits and losses |  | – |  | 3,471 |  | 39,957 |  | – |  |  | 43,428
Amortization of deferred policy acquisition costs |  | – |  | – |  | 5,643 |  | – |  |  | 5,643
Lease expense |  | 12,770 |  | – |  | – |  | (46) | (b) |  | 12,724
Depreciation, net of (gains) losses on disposals |  | 63,078 |  | – |  | – |  | – |  |  | 63,078
Total costs and expenses |  | 591,188 |  | 10,560 |  | 51,130 |  | (1,043) |  |  | 651,835
Earnings from operations before equity in earnings of subsidiaries |  | 297,106 |  | 6,065 |  | 8,057 |  | (160) |  |  | 311,068
Equity in earnings of subsidiaries |  | 9,179 |  | – |  | – |  | (9,179) | (d) |  | –
Earnings from operations |  | 306,285 |  | 6,065 |  | 8,057 |  | (9,339) |  |  | 311,068
Interest expense |  | (24,133) |  | – |  | – |  | 160 | (b) |  | (23,973)
Pretax earnings |  | 282,152 |  | 6,065 |  | 8,057 |  | (9,179) |  |  | 287,095
Income tax expense |  | (98,773) |  | (2,123) |  | (2,820) |  | – |  |  | (103,716)
Earnings available to common shareholders | $ | 183,379 | $ | 3,942 | $ | 5,237 | $ | (9,179) |  | $ | 183,379
(a) Balances for the quarter ended June 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 six months ended September 30, 2016 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Self-moving equipment rentals | $ | 1,359,855 | $ | – | $ | – | $ | (1,809) | (c) | $ | 1,358,046
Self-storage revenues |  | 139,885 |  | – |  | – |  | – |  |  | 139,885
Self-moving and self-storage products and service sales |  | 147,633 |  | – |  | – |  | – |  |  | 147,633
Property management fees |  | 13,316 |  | – |  | – |  | – |  |  | 13,316
Life insurance premiums |  | – |  | – |  | 81,785 |  | – |  |  | 81,785
Property and casualty insurance premiums |  | – |  | 25,264 |  | – |  | – |  |  | 25,264
Net investment and interest income |  | 4,465 |  | 9,508 |  | 39,761 |  | (369) | (b) |  | 53,365
Other revenue |  | 101,077 |  | – |  | 2,210 |  | (261) | (b) |  | 103,026
Total revenues |  | 1,766,231 |  | 34,772 |  | 123,756 |  | (2,439) |  |  | 1,922,320
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 760,199 |  | 13,505 |  | 11,642 |  | (2,051) | (b,c) |  | 783,295
Commission expenses |  | 154,278 |  | – |  | – |  | – |  |  | 154,278
Cost of sales |  | 84,314 |  | – |  | – |  | – |  |  | 84,314
Benefits and losses |  | – |  | 6,670 |  | 87,169 |  | – |  |  | 93,839
Amortization of deferred policy acquisition costs |  | – |  | – |  | 13,931 |  | – |  |  | 13,931
Lease expense |  | 20,490 |  | – |  | – |  | (93) | (b) |  | 20,397
Depreciation, net of (gains) losses on disposals |  | 205,285 |  | – |  | – |  | – |  |  | 205,285
Total costs and expenses |  | 1,224,566 |  | 20,175 |  | 112,742 |  | (2,144) |  |  | 1,355,339
Earnings from operations before equity in earnings of subsidiaries |  | 541,665 |  | 14,597 |  | 11,014 |  | (295) |  |  | 566,981
Equity in earnings of subsidiaries |  | 16,879 |  | – |  | – |  | (16,879) | (d) |  | –
Earnings from operations |  | 558,544 |  | 14,597 |  | 11,014 |  | (17,174) |  |  | 566,981
Interest expense |  | (55,154) |  | – |  | – |  | 295 | (b) |  | (54,859)
Pretax earnings |  | 503,390 |  | 14,597 |  | 11,014 |  | (16,879) |  |  | 512,122
Income tax expense |  | (179,742) |  | (5,032) |  | (3,700) |  | – |  |  | (188,474)
Earnings available to common shareholders | $ | 323,648 | $ | 9,565 | $ | 7,314 | $ | (16,879) |  | $ | 323,648
(a) Balances for the six months ended June 30, 2016 |  |  |  |  |  |  |  |  |  |  |
(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 six months ended September 30, 2015 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Self-moving equipment rentals | $ | 1,329,223 | $ | – | $ | – | $ | (1,718) | (c) | $ | 1,327,505
Self-storage revenues |  | 119,251 |  | – |  | – |  | – |  |  | 119,251
Self-moving and self-storage products and service sales |  | 147,961 |  | – |  | – |  | – |  |  | 147,961
Property management fees |  | 12,431 |  | – |  | – |  | – |  |  | 12,431
Life insurance premiums |  | – |  | – |  | 80,781 |  | – |  |  | 80,781
Property and casualty insurance premiums |  | – |  | 23,928 |  | – |  | – |  |  | 23,928
Net investment and interest income |  | 4,662 |  | 7,587 |  | 32,268 |  | (394) | (b) |  | 44,123
Other revenue |  | 89,606 |  | – |  | 2,207 |  | (85) | (b) |  | 91,728
Total revenues |  | 1,703,134 |  | 31,515 |  | 115,256 |  | (2,197) |  |  | 1,847,708
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 746,515 |  | 13,428 |  | 11,292 |  | (1,784) | (b,c) |  | 769,451
Commission expenses |  | 153,857 |  | – |  | – |  | – |  |  | 153,857
Cost of sales |  | 81,136 |  | – |  | – |  | – |  |  | 81,136
Benefits and losses |  | – |  | 5,544 |  | 81,275 |  | – |  |  | 86,819
Amortization of deferred policy acquisition costs |  | – |  | – |  | 10,421 |  | – |  |  | 10,421
Lease expense |  | 29,881 |  | – |  | – |  | (93) | (b) |  | 29,788
Depreciation, net of (gains) losses on disposals |  | 114,060 |  | – |  | – |  | – |  |  | 114,060
Total costs and expenses |  | 1,125,449 |  | 18,972 |  | 102,988 |  | (1,877) |  |  | 1,245,532
Earnings from operations before equity in earnings of subsidiaries |  | 577,685 |  | 12,543 |  | 12,268 |  | (320) |  |  | 602,176
Equity in earnings of subsidiaries |  | 16,129 |  | – |  | – |  | (16,129) | (d) |  | –
Earnings from operations |  | 593,814 |  | 12,543 |  | 12,268 |  | (16,449) |  |  | 602,176
Interest expense |  | (46,393) |  | – |  | – |  | 320 | (b) |  | (46,073)
Pretax earnings |  | 547,421 |  | 12,543 |  | 12,268 |  | (16,129) |  |  | 556,103
Income tax expense |  | (192,757) |  | (4,390) |  | (4,292) |  | – |  |  | (201,439)
Earnings available to common shareholders | $ | 354,664 | $ | 8,153 | $ | 7,976 | $ | (16,129) |  | $ | 354,664
(a) Balances for the six months ended June 30, 2015 |  |  |  |  |  |  |  |  |  |  |
(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 six months ended September 30, 2016 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 | $ | 323,648 | $ | 9,565 | $ | 7,314 | $ | (16,879) |  | $ | 323,648
Earnings from consolidated entities |  | (16,879) |  | – |  | – |  | 16,879 |  |  | –
Adjustments to reconcile net earnings to the cash provided by operations: |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | 233,543 |  | – |  | – |  | – |  |  | 233,543
Amortization of deferred policy acquisition costs |  | – |  | – |  | 13,931 |  | – |  |  | 13,931
Amortization of debt issuance costs |  | 1,765 |  | – |  | – |  | – |  |  | 1,765
Interest credited to policyholders |  | – |  | – |  | 11,028 |  | – |  |  | 11,028
Change in allowance for losses on trade receivables |  | 92 |  | – |  | (58) |  | – |  |  | 34
Change in allowance for inventory reserve |  | 800 |  | – |  | – |  | – |  |  | 800
Net gain on sale of real and personal property |  | (28,258) |  | – |  | – |  | – |  |  | (28,258)
Net gain on sale of investments |  | – |  | (2,709) |  | (1,936) |  | – |  |  | (4,645)
Deferred income taxes |  | 114,112 |  | 24 |  | 588 |  | – |  |  | 114,724
Net change in other operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
Reinsurance recoverables and trade receivables |  | (6,265) |  | 429 |  | (2,266) |  | – |  |  | (8,102)
Inventories |  | (2,674) |  | – |  | – |  | – |  |  | (2,674)
Prepaid expenses |  | 46,248 |  | – |  | – |  | – |  |  | 46,248
Capitalization of deferred policy acquisition costs |  | – |  | – |  | (14,360) |  | – |  |  | (14,360)
Other assets |  | (10,925) |  | 2,150 |  | 80 |  | – |  |  | (8,695)
Related party assets |  | 5,718 |  | (523) |  | – |  | – |  |  | 5,195
Accounts payable and accrued expenses |  | 41,958 |  | 1,766 |  | 1,438 |  | – |  |  | 45,162
Policy benefits and losses, claims and loss expenses payable |  | 13,165 |  | (2,888) |  | 6,645 |  | – |  |  | 16,922
Other policyholders' funds and liabilities |  | – |  | 566 |  | 997 |  | – |  |  | 1,563
Deferred income |  | 5,034 |  | – |  | – |  | – |  |  | 5,034
Related party liabilities |  | (170) |  | 456 |  | (54) |  | – |  |  | 232
Net cash provided (used) by operating activities |  | 720,912 |  | 8,836 |  | 23,347 |  | – |  |  | 753,095
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | (761,277) |  | – |  | – |  | – |  |  | (761,277)
Short term investments |  | – |  | (36,646) |  | (373,279) |  | – |  |  | (409,925)
Fixed maturities investments |  | – |  | (13,469) |  | (155,348) |  | – |  |  | (168,817)
Equity securities |  | – |  | – |  | (489) |  | – |  |  | (489)
Real estate |  | (3,510) |  | (4,580) |  | (7,698) |  | – |  |  | (15,788)
Mortgage loans |  | (1,982) |  | (3,063) |  | (131,637) |  | – |  |  | (136,682)
Proceeds from sales and paydown's of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | 310,409 |  | – |  | – |  | – |  |  | 310,409
Short term investments |  | – |  | 17,771 |  | 368,737 |  | – |  |  | 386,508
Fixed maturities investments |  | – |  | 16,623 |  | 103,902 |  | – |  |  | 120,525
Preferred stock |  | – |  | 2,651 |  | – |  | – |  |  | 2,651
Real estate |  | – |  | – |  | 831 |  | – |  |  | 831
Mortgage loans |  | 4,345 |  | 9,603 |  | 91,783 |  | – |  |  | 105,731
Net cash provided (used) by investing activities |  | (452,015) |  | (11,110) |  | (103,198) |  | – |  |  | (566,323)
|  | (page 1 of 2)
(a) Balance for the period ended June 30, 2016 |  |  |  |  |  |  |  |  |  |  |
|  | 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 |  | 304,787 |  | – |  | 27,000 |  | – |  |  | 331,787
Principal repayments on credit facilities |  | (131,479) |  | – |  | (27,000) |  | – |  |  | (158,479)
Debt issuance costs |  | (2,085) |  | – |  | – |  | – |  |  | (2,085)
Capital lease payments |  | (83,414) |  | – |  | – |  | – |  |  | (83,414)
Employee Stock Ownership Plan |  | (4,653) |  | – |  | – |  | – |  |  | (4,653)
Securitization deposits |  | 245 |  | – |  | – |  | – |  |  | 245
Common stock dividend paid |  | (19,586) |  | – |  | – |  | – |  |  | (19,586)
Investment contract deposits |  | – |  | – |  | 130,166 |  | – |  |  | 130,166
Investment contract withdrawals |  | – |  | – |  | (49,555) |  | – |  |  | (49,555)
Net cash provided (used) by financing activities |  | 63,815 |  | – |  | 80,611 |  | – |  |  | 144,426
Effects of exchange rate on cash |  | (10,517) |  | – |  | – |  | – |  |  | (10,517)
Increase (decrease) in cash and cash equivalents |  | 322,195 |  | (2,274) |  | 760 |  | – |  |  | 320,681
Cash and cash equivalents at beginning of period |  | 585,666 |  | 14,049 |  | 931 |  | – |  |  | 600,646
Cash and cash equivalents at end of period | $ | 907,861 | $ | 11,775 | $ | 1,691 | $ | – |  | $ | 921,327
|  | (page 2 of 2)
(a) Balance for the period ended June 30, 2016 |  |  |  |  |  |  |  |  |  |  |
Consolidating cash flow statements by industry segment for the six months ended September 30, 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 | $ | 354,664 | $ | 8,153 | $ | 7,976 | $ | (16,129) |  | $ | 354,664
Earnings from consolidated entities |  | (16,129) |  | – |  | – |  | 16,129 |  |  | –
Adjustments to reconcile net earnings to cash provided by operations: |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | 192,865 |  | – |  | – |  | – |  |  | 192,865
Amortization of deferred policy acquisition costs |  | – |  | – |  | 10,421 |  | – |  |  | 10,421
Amortization of debt issuance costs |  | 1,512 |  | – |  | – |  | – |  |  | 1,512
Interest credited to policyholders |  | – |  | – |  | 10,484 |  | – |  |  | 10,484
Change in allowance for losses on trade receivables |  | (21) |  | – |  | 12 |  | – |  |  | (9)
Change in allowance for inventory reserve |  | (603) |  | – |  | – |  | – |  |  | (603)
Net gain on sale of real and personal property |  | (78,805) |  | – |  | – |  | – |  |  | (78,805)
Net gain on sale of investments |  | – |  | (810) |  | (2,212) |  | – |  |  | (3,022)
Deferred income taxes |  | 23,125 |  | 3,127 |  | 1,007 |  | – |  |  | 27,259
Net change in other operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
Reinsurance recoverables and trade receivables |  | 1,021 |  | 8,827 |  | 3,770 |  | – |  |  | 13,618
Inventories |  | (2,107) |  | – |  | – |  | – |  |  | (2,107)
Prepaid expenses |  | 71,813 |  | – |  | – |  | – |  |  | 71,813
Capitalization of deferred policy acquisition costs |  | – |  | – |  | (15,636) |  | – |  |  | (15,636)
Other assets |  | 15,609 |  | 1,097 |  | 88 |  | – |  |  | 16,794
Related party assets |  | 58,373 |  | (606) |  | – |  | – |  |  | 57,767
Accounts payable and accrued expenses |  | 51,340 |  | 1,243 |  | 6,942 |  | – |  |  | 59,525
Policy benefits and losses, claims and loss expenses payable |  | 20,648 |  | (13,336) |  | 4,390 |  | – |  |  | 11,702
Other policyholders' funds and liabilities |  | – |  | (1,308) |  | 3,992 |  | – |  |  | 2,684
Deferred income |  | 2,339 |  | – |  | – |  | – |  |  | 2,339
Related party liabilities |  | (26) |  | (75) |  | 4 |  | – |  |  | (97)
Net cash provided (used) by operating activities |  | 695,618 |  | 6,312 |  | 31,238 |  | – |  |  | 733,168
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | (720,265) |  | – |  | – |  | – |  |  | (720,265)
Short term investments |  | – |  | (19,247) |  | (229,835) |  | – |  |  | (249,082)
Fixed maturities investments |  | – |  | (20,286) |  | (149,613) |  | – |  |  | (169,899)
Equity securities |  | – |  | – |  | (1,315) |  | – |  |  | (1,315)
Preferred stock |  | – |  | (3) |  | – |  | – |  |  | (3)
Real estate |  | – |  | (6) |  | (17) |  | – |  |  | (23)
Mortgage loans |  | (11,748) |  | – |  | (74,613) |  | – |  |  | (86,361)
Proceeds from sales and paydown's of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | 379,198 |  | – |  | – |  | – |  |  | 379,198
Short term investments |  | – |  | 20,865 |  | 222,769 |  | – |  |  | 243,634
Fixed maturities investments |  | – |  | 12,783 |  | 76,302 |  | – |  |  | 89,085
Equity securities |  | – |  | – |  | 808 |  | – |  |  | 808
Mortgage loans |  | 10,011 |  | 4,253 |  | 15,631 |  | – |  |  | 29,895
Net cash provided (used) by investing activities |  | (342,804) |  | (1,641) |  | (139,883) |  | – |  |  | (484,328)
|  | (page 1 of 2)
(a) Balance for the period ended June 30, 2015 |  |  |  |  |  |  |  |  |  |  |
|  | 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 |  | 414,735 |  | – |  | 47,000 |  | – |  |  | 461,735
Principal repayments on credit facilities |  | (140,958) |  | – |  | (47,000) |  | – |  |  | (187,958)
Debt issuance costs |  | (5,957) |  | – |  | – |  | – |  |  | (5,957)
Capital lease payments |  | (77,786) |  | – |  | – |  | – |  |  | (77,786)
Employee Stock Ownership Plan |  | (1,484) |  | – |  | – |  | – |  |  | (1,484)
Securitization deposits |  | 298 |  | – |  | – |  | – |  |  | 298
Common stock dividend paid |  | (19,594) |  | – |  | – |  | – |  |  | (19,594)
Investment contract deposits |  | – |  | – |  | 140,220 |  | – |  |  | 140,220
Investment contract withdrawals |  | – |  | – |  | (25,974) |  | – |  |  | (25,974)
Net cash provided (used) by financing activities |  | 169,254 |  | – |  | 114,246 |  | – |  |  | 283,500
Effects of exchange rate on cash |  | (12,543) |  | – |  | – |  | – |  |  | (12,543)
Increase (decrease) in cash and cash equivalents |  | 509,525 |  | 4,671 |  | 5,601 |  | – |  |  | 519,797
Cash and cash equivalents at beginning of period |  | 431,873 |  | 8,495 |  | 1,482 |  | – |  |  | 441,850
Cash and cash equivalents at end of period | $ | 941,398 | $ | 13,166 | $ | 7,083 | $ | – |  | $ | 961,647
|  | (page 2 of 2)
(a) Balance for the period ended June 30, 2015 |  |  |  |  |  |  |  |  |  |  |

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