XML 42 R30.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Consolidating Financial Information By Industry Segment (Table Text Block) | 6 Months Ended
--- | ---
Sep. 30, 2017
Table Text Block Supplement [Abstract] |
Consolidated Balance Sheet by Industry Segment | Consolidating balance sheets by industry segment as of September 30, 2017 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 745,923 | $ | 10,791 | $ | 11,637 | $ | – |  | $ | 768,351
Reinsurance recoverables and trade receivables, net |  | 63,187 |  | 101,476 |  | 29,468 |  | – |  |  | 194,131
Inventories, net |  | 100,693 |  | – |  | – |  | – |  |  | 100,693
Prepaid expenses |  | 83,673 |  | – |  | – |  | – |  |  | 83,673
Investments, fixed maturities and marketable equities |  | – |  | 273,399 |  | 1,570,369 |  | – |  |  | 1,843,768
Investments, other |  | 25,436 |  | 67,520 |  | 302,371 |  | – |  |  | 395,327
Deferred policy acquisition costs, net |  | – |  | – |  | 125,936 |  | – |  |  | 125,936
Other assets |  | 98,471 |  | 746 |  | 2,550 |  | – |  |  | 101,767
Related party assets |  | 82,894 |  | 8,592 |  | 18,395 |  | (28,958) | (c) |  | 80,923
|  | 1,200,277 |  | 462,524 |  | 2,060,726 |  | (28,958) |  |  | 3,694,569
Investment in subsidiaries |  | 508,201 |  | – |  | – |  | (508,201) | (b) |  | –
Property, plant and equipment, at cost: |  |  |  |  |  |  |  |  |  |  |
Land |  | 684,729 |  | – |  | – |  | – |  |  | 684,729
Buildings and improvements |  | 2,826,712 |  | – |  | – |  | – |  |  | 2,826,712
Furniture and equipment |  | 564,033 |  | – |  | – |  | – |  |  | 564,033
Rental trailers and other rental equipment |  | 526,603 |  | – |  | – |  | – |  |  | 526,603
Rental trucks |  | 4,337,308 |  | – |  | – |  | – |  |  | 4,337,308
|  | 8,939,385 |  | – |  | – |  | – |  |  | 8,939,385
Less: Accumulated depreciation |  | (2,551,064) |  | – |  | – |  | – |  |  | (2,551,064)
Total property, plant and equipment |  | 6,388,321 |  | – |  | – |  | – |  |  | 6,388,321
Total assets | $ | 8,096,799 | $ | 462,524 | $ | 2,060,726 | $ | (537,159) |  | $ | 10,082,890
(a) Balances as of June 30, 2017 |  |  |  |  |  |  |  |  |  |  |
(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 | $ | 431,088 | $ | 5,209 | $ | 4,713 | $ | – |  | $ | 441,010
Notes, loans and leases payable |  | 3,422,077 |  | – |  | – |  | – |  |  | 3,422,077
Policy benefits and losses, claims and loss expenses payable |  | 416,479 |  | 239,377 |  | 443,741 |  | – |  |  | 1,099,597
Liabilities from investment contracts |  | – |  | – |  | 1,263,107 |  | – |  |  | 1,263,107
Other policyholders' funds and liabilities |  | – |  | 9,868 |  | 10,586 |  | – |  |  | 20,454
Deferred income |  | 32,443 |  | – |  | – |  | – |  |  | 32,443
Deferred income taxes |  | 876,195 |  | 12,224 |  | 23,361 |  | – |  |  | 911,780
Related party liabilities |  | 26,095 |  | 2,829 |  | 34 |  | (28,958) | (c) |  | –
Total liabilities |  | 5,204,377 |  | 269,507 |  | 1,745,542 |  | (28,958) |  |  | 7,190,468
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 |  | 452,684 |  | 91,120 |  | 26,271 |  | (117,601) | (b) |  | 452,474
Accumulated other comprehensive income (loss) |  | (11,534) |  | 10,683 |  | 29,384 |  | (40,067) | (b) |  | (11,534)
Retained earnings |  | 3,123,942 |  | 87,913 |  | 257,029 |  | (344,732) | (b) |  | 3,124,152
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 |  | (5,517) |  | – |  | – |  | – |  |  | (5,517)
Total stockholders' equity |  | 2,892,422 |  | 193,017 |  | 315,184 |  | (508,201) |  |  | 2,892,422
Total liabilities and stockholders' equity | $ | 8,096,799 | $ | 462,524 | $ | 2,060,726 | $ | (537,159) |  | $ | 10,082,890
(a) Balances as of June 30, 2017 |  |  |  |  |  |  |  |  |  |  |
(b) Eliminate investment in subsidiaries |  |  |  |  |  |  |  |  |  |  |
(c) Eliminate intercompany receivables and payables |  |  |  |  |  |  |  |  |  |  |
Consolidating balance sheets by industry segment as of March 31, 2017 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
Assets: |  | (In thousands)
Cash and cash equivalents | $ | 671,665 | $ | 12,725 | $ | 13,416 | $ | – |  | $ | 697,806
Reinsurance recoverables and trade receivables, net |  | 41,234 |  | 107,757 |  | 29,090 |  | – |  |  | 178,081
Inventories, net |  | 82,439 |  | – |  | – |  | – |  |  | 82,439
Prepaid expenses |  | 124,728 |  | – |  | – |  | – |  |  | 124,728
Investments, fixed maturities and marketable equities |  | – |  | 248,816 |  | 1,414,952 |  | – |  |  | 1,663,768
Investments, other |  | 35,342 |  | 63,086 |  | 269,402 |  | – |  |  | 367,830
Deferred policy acquisition costs, net |  | – |  | – |  | 130,213 |  | – |  |  | 130,213
Other assets |  | 93,197 |  | 1,922 |  | 2,406 |  | – |  |  | 97,525
Related party assets |  | 88,829 |  | 11,496 |  | 18,465 |  | (32,622) | (c) |  | 86,168
|  | 1,137,434 |  | 445,802 |  | 1,877,944 |  | (32,622) |  |  | 3,428,558
Investment in subsidiaries |  | 477,058 |  | – |  | – |  | (477,058) | (b) |  | –
Property, plant and equipment, at cost: |  |  |  |  |  |  |  |  |  |  |
Land |  | 648,757 |  | – |  | – |  | – |  |  | 648,757
Buildings and improvements |  | 2,618,265 |  | – |  | – |  | – |  |  | 2,618,265
Furniture and equipment |  | 510,415 |  | – |  | – |  | – |  |  | 510,415
Rental trailers and other rental equipment |  | 492,280 |  | – |  | – |  | – |  |  | 492,280
Rental trucks |  | 4,091,598 |  | – |  | – |  | – |  |  | 4,091,598
|  | 8,361,315 |  | – |  | – |  | – |  |  | 8,361,315
Less: Accumulated depreciation |  | (2,384,033) |  | – |  | – |  | – |  |  | (2,384,033)
Total property, plant and equipment |  | 5,977,282 |  | – |  | – |  | – |  |  | 5,977,282
Total assets | $ | 7,591,774 | $ | 445,802 | $ | 1,877,944 | $ | (509,680) |  | $ | 9,405,840
(a) Balances as of December 31, 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
|  | (In thousands)
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 441,667 | $ | 1,926 | $ | 6,948 | $ | – |  | $ | 450,541
Notes, loans and leases payable |  | 3,262,880 |  | – |  | – |  | – |  |  | 3,262,880
Policy benefits and losses, claims and loss expenses payable |  | 399,181 |  | 244,980 |  | 442,161 |  | – |  |  | 1,086,322
Liabilities from investment contracts |  | – |  | – |  | 1,112,498 |  | – |  |  | 1,112,498
Other policyholders' funds and liabilities |  | – |  | 4,184 |  | 5,966 |  | – |  |  | 10,150
Deferred income |  | 28,696 |  | – |  | – |  | – |  |  | 28,696
Deferred income taxes |  | 809,566 |  | 11,243 |  | 14,200 |  | – |  |  | 835,009
Related party liabilities |  | 30,040 |  | 2,539 |  | 43 |  | (32,622) | (c) |  | –
Total liabilities |  | 4,972,030 |  | 264,872 |  | 1,581,816 |  | (32,622) |  |  | 6,786,096
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 |  | 452,382 |  | 91,120 |  | 26,271 |  | (117,601) | (b) |  | 452,172
Accumulated other comprehensive income (loss) |  | (51,236) |  | 6,166 |  | 16,933 |  | (23,099) | (b) |  | (51,236)
Retained earnings |  | 2,892,683 |  | 80,343 |  | 250,424 |  | (330,557) | (b) |  | 2,892,893
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 |  | (6,932) |  | – |  | – |  | – |  |  | (6,932)
Total stockholders' equity |  | 2,619,744 |  | 180,930 |  | 296,128 |  | (477,058) |  |  | 2,619,744
Total liabilities and stockholders' equity | $ | 7,591,774 | $ | 445,802 | $ | 1,877,944 | $ | (509,680) |  | $ | 9,405,840
(a) Balances as of December 31, 2016 |  |  |  |  |  |  |  |  |  |  |
(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, 2017 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Self-moving equipment rentals | $ | 741,714 | $ | – | $ | – | $ | (1,156) | (c) | $ | 740,558
Self-storage revenues |  | 80,472 |  | – |  | – |  | – |  |  | 80,472
Self-moving and self-storage products and service sales |  | 73,268 |  | – |  | – |  | – |  |  | 73,268
Property management fees |  | 6,831 |  | – |  | – |  | – |  |  | 6,831
Life insurance premiums |  | – |  | – |  | 38,862 |  | – |  |  | 38,862
Property and casualty insurance premiums |  | – |  | 15,498 |  | – |  | (472) | (c) |  | 15,026
Net investment and interest income |  | 3,177 |  | 3,701 |  | 19,989 |  | (398) | (b) |  | 26,469
Other revenue |  | 59,746 |  | – |  | 1,579 |  | (125) | (b) |  | 61,200
Total revenues |  | 965,208 |  | 19,199 |  | 60,430 |  | (2,151) |  |  | 1,042,686
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 480,455 |  | 8,240 |  | 5,531 |  | (1,744) | (b,c) |  | 492,482
Commission expenses |  | 83,351 |  | – |  | – |  | – |  |  | 83,351
Cost of sales |  | 42,866 |  | – |  | – |  | – |  |  | 42,866
Benefits and losses |  | – |  | 4,872 |  | 42,237 |  | – |  |  | 47,109
Amortization of deferred policy acquisition costs |  | – |  | – |  | 5,944 |  | – |  |  | 5,944
Lease expense |  | 8,628 |  | – |  | – |  | (53) | (b) |  | 8,575
Depreciation, net of (gains) losses on disposals |  | 132,978 |  | – |  | – |  | – |  |  | 132,978
Total costs and expenses |  | 748,278 |  | 13,112 |  | 53,712 |  | (1,797) |  |  | 813,305
Earnings from operations before equity in earnings of subsidiaries |  | 216,930 |  | 6,087 |  | 6,718 |  | (354) |  |  | 229,381
Equity in earnings of subsidiaries |  | 8,365 |  | – |  | – |  | (8,365) | (d) |  | –
Earnings from operations |  | 225,295 |  | 6,087 |  | 6,718 |  | (8,719) |  |  | 229,381
Interest expense |  | (32,377) |  | – |  | – |  | 354 | (b) |  | (32,023)
Pretax earnings |  | 192,918 |  | 6,087 |  | 6,718 |  | (8,365) |  |  | 197,358
Income tax expense |  | (68,279) |  | (2,091) |  | (2,349) |  | – |  |  | (72,719)
Earnings available to common shareholders | $ | 124,639 | $ | 3,996 | $ | 4,369 | $ | (8,365) |  | $ | 124,639
(a) Balances for the quarter ended June 30, 2017 |  |  |  |  |  |  |  |  |  |  |
(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, 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 |  | (408) | (b) |  | 25,590
Other revenue |  | 56,103 |  | – |  | 1,301 |  | (126) | (b) |  | 57,278
Total revenues |  | 920,400 |  | 17,887 |  | 61,961 |  | (1,563) |  |  | 998,685
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 |  | (372) |  |  | 306,980
Equity in earnings of subsidiaries |  | 9,305 |  | – |  | – |  | (9,305) | (d) |  | –
Earnings from operations |  | 302,465 |  | 7,094 |  | 7,098 |  | (9,677) |  |  | 306,980
Interest expense |  | (28,361) |  | – |  | – |  | 372 | (b) |  | (27,989)
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 statements of operations by industry for the six months ended September 30, 2017 are as follows:
|  | Moving & Storage Consolidated |  | Property & Casualty Insurance (a) |  | Life Insurance (a) |  | Eliminations |  |  | AMERCO Consolidated
|  | (Unaudited)
|  | (In thousands)
Revenues: |  |  |  |  |  |  |  |  |  |  |
Self-moving equipment rentals | $ | 1,412,412 | $ | – | $ | – | $ | (1,996) | (c) | $ | 1,410,416
Self-storage revenues |  | 157,190 |  | – |  | – |  | – |  |  | 157,190
Self-moving and self-storage products and service sales |  | 152,179 |  | – |  | – |  | – |  |  | 152,179
Property management fees |  | 13,593 |  | – |  | – |  | – |  |  | 13,593
Life insurance premiums |  | – |  | – |  | 77,953 |  | – |  |  | 77,953
Property and casualty insurance premiums |  | – |  | 27,313 |  | – |  | (472) | (c) |  | 26,841
Net investment and interest income |  | 5,834 |  | 7,992 |  | 40,644 |  | (784) | (b) |  | 53,686
Other revenue |  | 106,527 |  | – |  | 2,489 |  | (263) | (b) |  | 108,753
Total revenues |  | 1,847,735 |  | 35,305 |  | 121,086 |  | (3,515) |  |  | 2,000,611
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  | 884,498 |  | 16,472 |  | 11,148 |  | (2,712) | (b,c) |  | 909,406
Commission expenses |  | 158,716 |  | – |  | – |  | – |  |  | 158,716
Cost of sales |  | 90,461 |  | – |  | – |  | – |  |  | 90,461
Benefits and losses |  | – |  | 7,310 |  | 87,519 |  | – |  |  | 94,829
Amortization of deferred policy acquisition costs |  | – |  | – |  | 12,265 |  | – |  |  | 12,265
Lease expense |  | 16,962 |  | – |  | – |  | (100) | (b) |  | 16,862
Depreciation, net of (gains) losses on disposals |  | 259,660 |  | – |  | – |  | – |  |  | 259,660
Total costs and expenses |  | 1,410,297 |  | 23,782 |  | 110,932 |  | (2,812) |  |  | 1,542,199
Earnings from operations before equity in earnings of subsidiaries |  | 437,438 |  | 11,523 |  | 10,154 |  | (703) |  |  | 458,412
Equity in earnings of subsidiaries |  | 14,175 |  | – |  | – |  | (14,175) | (d) |  | –
Earnings from operations |  | 451,613 |  | 11,523 |  | 10,154 |  | (14,878) |  |  | 458,412
Interest expense |  | (63,071) |  | – |  | – |  | 703 | (b) |  | (62,368)
Pretax earnings |  | 388,542 |  | 11,523 |  | 10,154 |  | (14,175) |  |  | 396,044
Income tax expense |  | (137,696) |  | (3,953) |  | (3,549) |  | – |  |  | (145,198)
Earnings available to common shareholders | $ | 250,846 | $ | 7,570 | $ | 6,605 | $ | (14,175) |  | $ | 250,846
(a) Balances for the six months ended June 30, 2017 |  |  |  |  |  |  |  |  |  |  |
(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 |  | (813) | (b) |  | 52,921
Other revenue |  | 101,077 |  | – |  | 2,210 |  | (261) | (b) |  | 103,026
Total revenues |  | 1,766,231 |  | 34,772 |  | 123,756 |  | (2,883) |  |  | 1,921,876
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 |  | (739) |  |  | 566,537
Equity in earnings of subsidiaries |  | 16,879 |  | – |  | – |  | (16,879) | (d) |  | –
Earnings from operations |  | 558,544 |  | 14,597 |  | 11,014 |  | (17,618) |  |  | 566,537
Interest expense |  | (55,154) |  | – |  | – |  | 739 | (b) |  | (54,415)
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 |  |  |  |  |  |  |  |  |  |  |
Consolidated Cash Flow Statement by Industry Segment | Consolidating cash flow statements by industry segment for the six months ended September 30, 2017 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 | $ | 250,846 | $ | 7,570 | $ | 6,605 | $ | (14,175) |  | $ | 250,846
Earnings from consolidated entities |  | (14,175) |  | – |  | – |  | 14,175 |  |  | –
Adjustments to reconcile net earnings to the cash provided by operations: |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | 269,505 |  | – |  | – |  | – |  |  | 269,505
Amortization of deferred policy acquisition costs |  | – |  | – |  | 12,265 |  | – |  |  | 12,265
Amortization of debt issuance costs |  | 1,946 |  | – |  | – |  | – |  |  | 1,946
Interest credited to policyholders |  | – |  | – |  | 15,119 |  | – |  |  | 15,119
Change in allowance for losses on trade receivables |  | (16) |  | – |  | 14 |  | – |  |  | (2)
Change in allowance for inventory reserve |  | 2,953 |  | – |  | – |  | – |  |  | 2,953
Net gain on sale of real and personal property |  | (9,845) |  | – |  | – |  | – |  |  | (9,845)
Net gain on sale of investments |  | – |  | (748) |  | (2,311) |  | – |  |  | (3,059)
Deferred income taxes |  | 65,587 |  | (1,730) |  | (792) |  | – |  |  | 63,065
Net change in other operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
Reinsurance recoverables and trade receivables |  | (21,782) |  | 6,281 |  | (394) |  | – |  |  | (15,895)
Inventories |  | (21,036) |  | – |  | – |  | – |  |  | (21,036)
Prepaid expenses |  | 41,486 |  | – |  | – |  | – |  |  | 41,486
Capitalization of deferred policy acquisition costs |  | – |  | – |  | (15,154) |  | – |  |  | (15,154)
Other assets |  | 15,197 |  | 1,563 |  | (145) |  | – |  |  | 16,615
Related party assets |  | 6,056 |  | 2,902 |  | – |  | – |  |  | 8,958
Accounts payable and accrued expenses |  | 59,671 |  | 3,282 |  | 6,597 |  | – |  |  | 69,550
Policy benefits and losses, claims and loss expenses payable |  | 16,081 |  | (5,604) |  | 1,580 |  | – |  |  | 12,057
Other policyholders' funds and liabilities |  | – |  | 5,685 |  | 4,620 |  | – |  |  | 10,305
Deferred income |  | 3,660 |  | – |  | – |  | – |  |  | 3,660
Related party liabilities |  | (3,945) |  | 292 |  | (9) |  | – |  |  | (3,662)
Net cash provided (used) by operating activities |  | 662,189 |  | 19,493 |  | 27,995 |  | – |  |  | 709,677
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | (754,052) |  | – |  | – |  | – |  |  | (754,052)
Short term investments |  | – |  | (27,059) |  | (7,706) |  | – |  |  | (34,765)
Fixed maturities investments |  | – |  | (29,381) |  | (190,239) |  | – |  |  | (219,620)
Equity securities |  | – |  | – |  | (662) |  | – |  |  | (662)
Preferred stock |  | – |  | (1,000) |  | – |  | – |  |  | (1,000)
Real estate |  | – |  | – |  | (118) |  | – |  |  | (118)
Mortgage loans |  | – |  | (7,609) |  | (43,208) |  | – |  |  | (50,817)
Proceeds from sales and paydowns of: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | 259,450 |  | – |  | – |  | – |  |  | 259,450
Short term investments |  | – |  | 28,879 |  | 10,048 |  | – |  |  | 38,927
Fixed maturities investments |  | – |  | 12,033 |  | 58,759 |  | – |  |  | 70,792
Preferred stock |  | – |  | 988 |  | – |  | – |  |  | 988
Real estate |  | 2,664 |  | – |  | – |  | – |  |  | 2,664
Mortgage loans |  | – |  | 1,722 |  | 7,862 |  | – |  |  | 9,584
Net cash provided (used) by investing activities |  | (491,938) |  | (21,427) |  | (165,264) |  | – |  |  | (678,629)
|  | (page 1 of 2)
(a) Balance for the period ended June 30, 2017 |  |  |  |  |  |  |  |  |  |  |
:
|  | 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 |  | 285,532 |  | – |  | – |  | – |  |  | 285,532
Principal repayments on credit facilities |  | (214,354) |  | – |  | – |  | – |  |  | (214,354)
Debt issuance costs |  | (3,413) |  | – |  | – |  | – |  |  | (3,413)
Capital lease payments |  | (150,302) |  | – |  | – |  | – |  |  | (150,302)
Employee Stock Ownership Plan |  | (3,960) |  | – |  | – |  | – |  |  | (3,960)
Securitization deposits |  | (186) |  | – |  | – |  | – |  |  | (186)
Common stock dividend paid |  | (19,587) |  | – |  | – |  | – |  |  | (19,587)
Investment contract deposits |  | – |  | – |  | 232,752 |  | – |  |  | 232,752
Investment contract withdrawals |  | – |  | – |  | (97,262) |  | – |  |  | (97,262)
Net cash provided (used) by financing activities |  | (106,270) |  | – |  | 135,490 |  | – |  |  | 29,220
Effects of exchange rate on cash |  | 10,277 |  | – |  | – |  | – |  |  | 10,277
Increase (decrease) in cash and cash equivalents |  | 74,258 |  | (1,934) |  | (1,779) |  | – |  |  | 70,545
Cash and cash equivalents at beginning of period |  | 671,665 |  | 12,725 |  | 13,416 |  | – |  |  | 697,806
Cash and cash equivalents at end of period | $ | 745,923 | $ | 10,791 | $ | 11,637 | $ | – |  | $ | 768,351
|  | (page 2 of 2)
(a) Balance for the period ended June 30, 2017 |  |  |  |  |  |  |  |  |  |  |
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 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 paydowns 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
Equity securities |  | – |  | – |  | 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 |  |  |  |  |  |  |  |  |  |  |
Continuation of 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 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 |  |  |  |  |  |  |  |  |  |  |

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_TableTextBlockSupplementAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration