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Consolidating Financial Information By Industry Segment (Table Text Block) | 3 Months Ended | 6 Months Ended | 12 Months Ended
--- | --- | --- | ---
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2016
Table Text Block Supplement [Abstract] |  |  |  |  |
Consolidated Balance Sheet by Industry Segment |  |  | 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 |  |  |  |  |  |  |  |  |  |  |
Consolidated Statement of Operations by Industry Segment | 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 |  |  |  |  |  |  |  |  |  |  |
Consolidated Cash Flow Statement by Industry Segment |  |  | 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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