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Consolidating Financial Information by Industry Segment | 6 Months Ended
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Sep. 30, 2017
Segment Reporting [Abstract] |
11. Consolidating Financial Information by Industry Segment | AMERCO’s three reportable segments are: Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate, Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and Life Insurance, comprised of Oxford and its subsidiaries. Management tracks revenues separately, but does not report any separate measure of t he profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes are shown as liabilities on the condensed consolidating statements. The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries. Investments in subsidiaries are accounted for by the parent using the equity me thod of accounting. 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 |  |  |  |  |  |  |  |  |  |  |
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 |  |  |  |  |  |  |  |  |  |  |
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 |  |  |  |  |  |  |  |  |  |  |

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