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Consolidating Financial Information By Industry Segment (Table Text Block) | 3 Months Ended | 9 Months Ended | 12 Months Ended
--- | --- | --- | ---
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016
Table Text Block Supplement [Abstract] |  |  |  |  |
Consolidated Balance Sheet by Industry Segment |  |  |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 971,002 | $ | 11,258 | $ | 1,925 | $ | – |  | $ | 984,185
Reinsurance recoverables and trade receivables, net |  | 58,514 |  | 109,590 |  | 30,991 |  | – |  |  | 199,095
Inventories, net |  | 79,682 |  | – |  | – |  | – |  |  | 79,682
Prepaid expenses |  | 54,486 |  | – |  | – |  | – |  |  | 54,486
Investments, fixed maturities and marketable equities |  | – |  | 249,780 |  | 1,450,801 |  | – |  |  | 1,700,581
Investments, other |  | 29,694 |  | 68,997 |  | 278,122 |  | – |  |  | 376,813
Deferred policy acquisition costs, net |  | – |  | – |  | 118,040 |  | – |  |  | 118,040
Other assets |  | 74,960 |  | 768 |  | 2,321 |  | – |  |  | 78,049
Related party assets |  | 93,873 |  | 12,290 |  | 461 |  | (14,919) | (c) |  | 91,705
|  | 1,362,211 |  | 452,683 |  | 1,882,661 |  | (14,919) |  |  | 3,682,636
Investment in subsidiaries |  | 500,358 |  | – |  | – |  | (500,358) | (b) |  | –
Property, plant and equipment, at cost: |  |  |  |  |  |  |  |  |  |  |
Land |  | 633,725 |  | – |  | – |  | – |  |  | 633,725
Buildings and improvements |  | 2,509,073 |  | – |  | – |  | – |  |  | 2,509,073
Furniture and equipment |  | 477,131 |  | – |  | – |  | – |  |  | 477,131
Rental trailers and other rental equipment |  | 493,214 |  | – |  | – |  | – |  |  | 493,214
Rental trucks |  | 3,806,387 |  | – |  | – |  | – |  |  | 3,806,387
|  | 7,919,530 |  | – |  | – |  | – |  |  | 7,919,530
Less: Accumulated depreciation |  | (2,314,849) |  | – |  | – |  | – |  |  | (2,314,849)
Total property, plant and equipment |  | 5,604,681 |  | – |  | – |  | – |  |  | 5,604,681
Total assets | $ | 7,467,250 | $ | 452,683 | $ | 1,882,661 | $ | (515,277) |  | $ | 9,287,317
(a) Balances as of September 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 | $ | 424,621 | $ | 3,899 | $ | 6,480 | $ | – |  | $ | 435,000
Notes, loans and leases payable |  | 3,198,435 |  | – |  | – |  | – |  |  | 3,198,435
Policy benefits and losses, claims and loss expenses payable |  | 397,542 |  | 247,169 |  | 438,916 |  | – |  |  | 1,083,627
Liabilities from investment contracts |  | – |  | – |  | 1,085,775 |  | – |  |  | 1,085,775
Other policyholders' funds and liabilities |  | – |  | 4,040 |  | 4,228 |  | – |  |  | 8,268
Deferred income |  | 23,847 |  | – |  | – |  | – |  |  | 23,847
Deferred income taxes |  | 749,979 |  | 11,542 |  | 30,140 |  | – |  |  | 791,661
Related party liabilities |  | 12,122 |  | 2,700 |  | 97 |  | (14,919) | (c) |  | –
Total liabilities |  | 4,806,546 |  | 269,350 |  | 1,565,636 |  | (14,919) |  |  | 6,626,613
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 |  | 452,224 |  | 91,120 |  | 26,271 |  | (117,601) | (b) |  | 452,014
Accumulated other comprehensive income (loss) |  | (21,034) |  | 12,088 |  | 44,183 |  | (56,271) | (b) |  | (21,034)
Retained earnings |  | 2,902,722 |  | 76,824 |  | 244,071 |  | (320,685) | (b) |  | 2,902,932
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 |  | (6,055) |  | – |  | – |  | – |  |  | (6,055)
Total stockholders' equity |  | 2,660,704 |  | 183,333 |  | 317,025 |  | (500,358) |  |  | 2,660,704
Total liabilities and stockholders' equity | $ | 7,467,250 | $ | 452,683 | $ | 1,882,661 | $ | (515,277) |  | $ | 9,287,317
(a) Balances as of September 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
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 |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Self-moving equipment rentals | $ | 542,545 | $ | – | $ | – | $ | (1,072) | (c) | $ | 541,473
Self-storage revenues |  | 72,309 |  | – |  | – |  | – |  |  | 72,309
Self-moving and self-storage products and service sales |  | 51,562 |  | – |  | – |  | – |  |  | 51,562
Property management fees |  | 9,734 |  | – |  | – |  | – |  |  | 9,734
Life insurance premiums |  | – |  | – |  | 41,279 |  | – |  |  | 41,279
Property and casualty insurance premiums |  | – |  | 14,938 |  | – |  | – |  |  | 14,938
Net investment and interest income |  | 2,570 |  | 3,443 |  | 17,221 |  | (180) | (b) |  | 23,054
Other revenue |  | 35,264 |  | – |  | 1,194 |  | (131) | (b) |  | 36,327
Total revenues |  | 713,984 |  | 18,381 |  | 59,694 |  | (1,383) |  |  | 790,676
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 377,165 |  | 7,688 |  | 5,693 |  | (1,194) | (b,c) |  | 389,352
Commission expenses |  | 61,052 |  | – |  | – |  | – |  |  | 61,052
Cost of sales |  | 32,537 |  | – |  | – |  | – |  |  | 32,537
Benefits and losses |  | – |  | 3,474 |  | 41,929 |  | – |  |  | 45,403
Amortization of deferred policy acquisition costs |  | – |  | – |  | 5,200 |  | – |  |  | 5,200
Lease expense |  | 8,854 |  | – |  | – |  | (47) | (b) |  | 8,807
Depreciation, net of (gains) losses on disposals |  | 116,123 |  | – |  | – |  | – |  |  | 116,123
Total costs and expenses |  | 595,731 |  | 11,162 |  | 52,822 |  | (1,241) |  |  | 658,474
Earnings from operations before equity in earnings of subsidiaries |  | 118,253 |  | 7,219 |  | 6,872 |  | (142) |  |  | 132,202
Equity in earnings of subsidiaries |  | 9,046 |  | – |  | – |  | (9,046) | (d) |  | –
Earnings from operations |  | 127,299 |  | 7,219 |  | 6,872 |  | (9,188) |  |  | 132,202
Interest expense |  | (29,145) |  | – |  | – |  | 142 | (b) |  | (29,003)
Amortization on early extinguishment of debt |  | (499) |  | – |  | – |  | – |  |  | (499)
Pretax earnings |  | 97,655 |  | 7,219 |  | 6,872 |  | (9,046) |  |  | 102,700
Income tax expense |  | (32,427) |  | (2,488) |  | (2,557) |  | – |  |  | (37,472)
Earnings available to common shareholders | $ | 65,228 | $ | 4,731 | $ | 4,315 | $ | (9,046) |  | $ | 65,228
(a) Balances for the quarter ended September 30, 2016 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate intercompany lease / interest income |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany premiums |  |  |  |  |  |  |  |  |  |  |
(d) Eliminate equity in earnings of subsidiaries |  |  |  |  |  |  |  |  |  |  |
|  | 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 |  |  |  |  |  |  |  |  |  |  |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Self-moving equipment rentals | $ | 1,902,400 | $ | – | $ | – | $ | (2,881) | (c) | $ | 1,899,519
Self-storage revenues |  | 212,194 |  | – |  | – |  | – |  |  | 212,194
Self-moving and self-storage products and service sales |  | 199,195 |  | – |  | – |  | – |  |  | 199,195
Property management fees |  | 23,050 |  | – |  | – |  | – |  |  | 23,050
Life insurance premiums |  | – |  | – |  | 123,064 |  | – |  |  | 123,064
Property and casualty insurance premiums |  | – |  | 40,202 |  | – |  | – |  |  | 40,202
Net investment and interest income |  | 7,035 |  | 12,951 |  | 56,982 |  | (549) | (b) |  | 76,419
Other revenue |  | 136,341 |  | – |  | 3,404 |  | (392) | (b) |  | 139,353
Total revenues |  | 2,480,215 |  | 53,153 |  | 183,450 |  | (3,822) |  |  | 2,712,996
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 1,137,364 |  | 21,193 |  | 17,335 |  | (3,245) | (b,c) |  | 1,172,647
Commission expenses |  | 215,330 |  | – |  | – |  | – |  |  | 215,330
Cost of sales |  | 116,851 |  | – |  | – |  | – |  |  | 116,851
Benefits and losses |  | – |  | 10,144 |  | 129,098 |  | – |  |  | 139,242
Amortization of deferred policy acquisition costs |  | – |  | – |  | 19,131 |  | – |  |  | 19,131
Lease expense |  | 29,344 |  | – |  | – |  | (140) | (b) |  | 29,204
Depreciation, net of (gains) losses on disposals |  | 321,408 |  | – |  | – |  | – |  |  | 321,408
Total costs and expenses |  | 1,820,297 |  | 31,337 |  | 165,564 |  | (3,385) |  |  | 2,013,813
Earnings from operations before equity in earnings of subsidiaries |  | 659,918 |  | 21,816 |  | 17,886 |  | (437) |  |  | 699,183
Equity in earnings of subsidiaries |  | 25,925 |  | – |  | – |  | (25,925) | (d) |  | –
Earnings from operations |  | 685,843 |  | 21,816 |  | 17,886 |  | (26,362) |  |  | 699,183
Interest expense |  | (84,299) |  | – |  | – |  | 437 | (b) |  | (83,862)
Amortization on early extinguishment of debt |  | (499) |  | – |  | – |  | – |  |  | (499)
Pretax earnings |  | 601,045 |  | 21,816 |  | 17,886 |  | (25,925) |  |  | 614,822
Income tax expense |  | (212,169) |  | (7,520) |  | (6,257) |  | – |  |  | (225,946)
Earnings available to common shareholders | $ | 388,876 | $ | 14,296 | $ | 11,629 | $ | (25,925) |  | $ | 388,876
(a) Balances for the nine months ended September 30, 2016 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate intercompany lease / interest income |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany premiums |  |  |  |  |  |  |  |  |  |  |
(d) Eliminate equity in earnings of subsidiaries |  |  |  |  |  |  |  |  |  |  |
|  | 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 |  |  |  |  |  |  |  |  |  |  |
Consolidated Cash Flow Statement by Industry Segment |  |  |
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Elimination |  |  | AMERCO Consolidated
|  | (Unaudited)
Cash flows from operating activities: |  | (In thousands)
Net earnings | $ | 388,876 | $ | 14,296 | $ | 11,629 | $ | (25,925) |  | $ | 388,876
Earnings from consolidated entities |  | (25,925) |  | – |  | – |  | 25,925 |  |  | –
Adjustments to reconcile net earnings to the cash provided by operations: |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | 354,183 |  | – |  | – |  | – |  |  | 354,183
Amortization of deferred policy acquisition costs |  | – |  | – |  | 19,131 |  | – |  |  | 19,131
Amortization of debt issuance costs |  | 3,125 |  | – |  | – |  | – |  |  | 3,125
Interest credited to policyholders |  | – |  | – |  | 18,190 |  | – |  |  | 18,190
Change in allowance for losses on trade receivables |  | 22 |  | – |  | (50) |  | – |  |  | (28)
Change in allowance for inventory reserve |  | 1,897 |  | – |  | – |  | – |  |  | 1,897
Net gain on sale of real and personal property |  | (32,775) |  | – |  | – |  | – |  |  | (32,775)
Net gain on sale of investments |  | – |  | (2,717) |  | (1,231) |  | – |  |  | (3,948)
Deferred income taxes |  | 114,017 |  | (549) |  | (1,020) |  | – |  |  | 112,448
Net change in other operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
Reinsurance recoverables and trade receivables |  | (24,147) |  | 2,388 |  | (2,160) |  | – |  |  | (23,919)
Inventories |  | (1,901) |  | – |  | – |  | – |  |  | (1,901)
Prepaid expenses |  | 79,578 |  | – |  | – |  | – |  |  | 79,578
Capitalization of deferred policy acquisition costs |  | – |  | – |  | (21,040) |  | – |  |  | (21,040)
Other assets |  | (3,953) |  | 2,439 |  | 83 |  | – |  |  | (1,431)
Related party assets |  | (5,906) |  | 437 |  | – |  | – |  |  | (5,469)
Accounts payable and accrued expenses |  | 22,313 |  | 2,363 |  | 6,097 |  | – |  |  | 30,773
Policy benefits and losses, claims and loss expenses payable |  | 11,805 |  | (5,650) |  | 6,688 |  | – |  |  | 12,843
Other policyholders' funds and liabilities |  | – |  | 1,024 |  | (1,406) |  | – |  |  | (382)
Deferred income |  | 1,105 |  | – |  | – |  | – |  |  | 1,105
Related party liabilities |  | (1,018) |  | 371 |  | (64) |  | – |  |  | (711)
Net cash provided (used) by operating activities |  | 881,296 |  | 14,402 |  | 34,847 |  | – |  |  | 930,545
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | (981,316) |  | – |  | – |  | – |  |  | (981,316)
Short term investments |  | – |  | (67,094) |  | (499,277) |  | – |  |  | (566,371)
Fixed maturities investments |  | – |  | (22,138) |  | (239,713) |  | – |  |  | (261,851)
Equity securities |  | – |  | – |  | (489) |  | – |  |  | (489)
Real estate |  | (3,510) |  | (4,648) |  | (7,705) |  | – |  |  | (15,863)
Mortgage loans |  | (9,738) |  | (16,686) |  | (132,885) |  | – |  |  | (159,309)
Proceeds from sales and paydown's of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | 412,892 |  | – |  | – |  | – |  |  | 412,892
Short term investments |  | – |  | 59,583 |  | 507,372 |  | – |  |  | 566,955
Fixed maturities investments |  | – |  | 20,697 |  | 126,536 |  | – |  |  | 147,233
Preferred stock |  | – |  | 3,351 |  | – |  | – |  |  | 3,351
Real estate |  | – |  | – |  | 1,681 |  | – |  |  | 1,681
Mortgage loans |  | 4,986 |  | 9,742 |  | 94,532 |  | – |  |  | 109,260
Net cash provided (used) by investing activities |  | (576,686) |  | (17,193) |  | (149,948) |  | – |  |  | (743,827)
|  | (page 1 of 2)
(a) Balance for the period ended September 30, 2016 |  |  |  |  |  |  |  |  |  |  |
Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2016 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 |  | 507,008 |  | – |  | 27,000 |  | – |  |  | 534,008
Principal repayments on credit facilities |  | (217,545) |  | – |  | (27,000) |  | – |  |  | (244,545)
Debt issuance costs |  | (4,529) |  | – |  | – |  | – |  |  | (4,529)
Capital lease payments |  | (141,750) |  | – |  | – |  | – |  |  | (141,750)
Employee Stock Ownership Plan |  | (7,541) |  | – |  | – |  | – |  |  | (7,541)
Securitization deposits |  | 371 |  | – |  | – |  | – |  |  | 371
Common stock dividend paid |  | (39,171) |  | – |  | – |  | – |  |  | (39,171)
Investment contract deposits |  | – |  | – |  | 180,554 |  | – |  |  | 180,554
Investment contract withdrawals |  | – |  | – |  | (64,459) |  | – |  |  | (64,459)
Net cash provided (used) by financing activities |  | 96,843 |  | – |  | 116,095 |  | – |  |  | 212,938
Effects of exchange rate on cash |  | (16,117) |  | – |  | – |  | – |  |  | (16,117)
Increase (decrease) in cash and cash equivalents |  | 385,336 |  | (2,791) |  | 994 |  | – |  |  | 383,539
Cash and cash equivalents at beginning of period |  | 585,666 |  | 14,049 |  | 931 |  | – |  |  | 600,646
Cash and cash equivalents at end of period | $ | 971,002 | $ | 11,258 | $ | 1,925 | $ | – |  | $ | 984,185
|  | (page 2 of 2)
(a) Balance for the period ended September 30, 2016 |  |  |  |  |  |  |  |  |  |  |
|  | 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 cash provided by operations: |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | 287,562 |  | – |  | – |  | – |  |  | 287,562
Amortization of deferred policy acquisition costs |  | – |  | – |  | 15,559 |  | – |  |  | 15,559
Amortization of debt issuance costs |  | 2,319 |  | – |  | – |  | – |  |  | 2,319
Interest credited to policyholders |  | – |  | – |  | 13,844 |  | – |  |  | 13,844
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 |  | 16,907 |  | 1,358 |  | 96 |  | – |  |  | 18,361
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 |  | 45,419 |  | – |  |  | 854,320
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 |  | – |  | – |  | 232,912 |  | – |  |  | 232,912
Investment contract withdrawals |  | – |  | – |  | (41,258) |  | – |  |  | (41,258)
Net cash provided (used) by financing activities |  | 32,328 |  | – |  | 191,654 |  | – |  |  | 223,982
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 |  |  |  |  |  |  |  |  |  |  |

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