Consolidating Financial Information by Industry Segment

9 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

10. Consolidating Financial Information by Industry Segment

AMERCO's three reportable segments are:

Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate,

Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and

Life Insurance, comprised of Oxford and its subsidiaries.

Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes are shown as liabilities on the condensed consolidating statements.

The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries.

Investments in subsidiaries are accounted for by the parent using the equity method of accounting.

10. Financial Information by Consolidating Industry Segment:

Consolidating balance sheets by industry segment as of December 31, 2014 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Assets:
Cash and cash equivalents	$	335,559	$	374,043	$	4,100	$	-		$	713,702	$	10,259	$	5,062	$	-		$	729,023
Reinsurance recoverables and trade receivables, net		-		38,112		177		-			38,289		125,234		34,117		-			197,640
Inventories, net		-		69,817		-		-			69,817		-		-		-			69,817
Prepaid expenses		42,815		50,056		1,205		-			94,076		-		-		-			94,076
Investments, fixed maturities and marketable equities		-		-		-		-			-		216,455		1,078,113		-			1,294,568
Investments, other		-		-		31,229		-			31,229		54,277		161,260		-			246,766
Deferred policy acquisition costs, net		-		-		-		-			-		-		116,191		-			116,191
Other assets		37,056		64,092		44,288		-			145,436		917		2,587		-			148,940
Related party assets		1,180,920		93,561		9		(1,124,079	)(c)		150,411		14,084		543		(16,262	)(c)		148,776
		1,596,350		689,681		81,008		(1,124,079	)		1,242,960		421,226		1,397,873		(16,262	)		3,045,797
Investment in subsidiaries		833,496		-		-		(405,525	)(b)		427,971		-		-		(427,971	)(b)		-
Property, plant and equipment, at cost:
Land		-		66,792		390,437		-			457,229		-		-		-			457,229
Buildings and improvements		-		281,461		1,359,959		-			1,641,420		-		-		-			1,641,420
Furniture and equipment		72		323,753		20,191		-			344,016		-		-		-			344,016
Rental trailers and other rental equipment		-		428,197		-		-			428,197		-		-		-			428,197
Rental trucks		-		2,881,051		-		-			2,881,051		-		-		-			2,881,051
		72		3,981,254		1,770,587		-			5,751,913		-		-		-			5,751,913
Less:  Accumulated depreciation		(59	)	(1,496,451	)	(394,668	)	-			(1,891,178	)	-		-		-			(1,891,178	)
Total property, plant and equipment		13		2,484,803		1,375,919		-			3,860,735		-		-		-			3,860,735
Total assets	$	2,429,859	$	3,174,484	$	1,456,927	$	(1,529,604	)	$	5,531,666	$	421,226	$	1,397,873	$	(444,233	)	$	6,906,532
(a) Balances as of September 30, 2014
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of December 31, 2014 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	326	$	338,920	$	5,890	$	-		$	345,136	$	-	$	8,428	$	-		$	353,564
Notes, loans and leases payable		-		1,305,089		1,059,424		-			2,364,513		-		-		-			2,364,513
Policy benefits and losses, claims and loss expenses payable		-		365,020		-		-			365,020		273,303		425,663		-			1,063,986
Liabilities from investment contracts		-		-		-		-			-		-		673,051		-			673,051
Other policyholders' funds and liabilities		-		-		-		-			-		4,879		5,590		-			10,469
Deferred income		-		14,594		11		-			14,605		-		-		-			14,605
Deferred income taxes		522,173		-		-		-			522,173		(22,657	)	20,420		-			519,936
Related party liabilities		-		607,678		530,212		(1,124,079	)(c)		13,811		2,058		393		(16,262	)(c)		-
Total liabilities		522,499		2,631,301		1,595,537		(1,124,079	)		3,625,258		257,583		1,133,545		(16,262	)		5,000,124
Stockholders' equity:
Series preferred stock:
Series A preferred stock		-		-		-		-			-		-		-		-			-
Series B preferred stock		-		-		-		-			-		-		-		-			-
Series A common stock		-		-		-		-			-		-		-		-			-
Common stock		10,497		1		1		(2	)(b)		10,497		3,301		2,500		(5,801	)(b)		10,497
Additional paid-in capital		449,366		121,230		147,941		(269,171	)(b)		449,366		91,120		26,271		(117,601	)(b)		449,156
Accumulated other comprehensive income (loss)		(27,357	)	(62,067	)	-		62,067	(b)		(27,357	)	6,980		27,730		(34,710	)(b)		(27,357	)
Retained earnings (deficit)		2,152,504		484,971		(286,552	)	(198,419	)(b)		2,152,504		62,242		207,827		(269,859	)(b)		2,152,714
Cost of common shares in treasury, net		(525,653	)	-		-		-			(525,653	)	-		-		-			(525,653	)
Cost of preferred shares in treasury, net		(151,997	)	-		-		-			(151,997	)	-		-		-			(151,997	)
Unearned employee stock ownership plan shares		-		(952	)	-		-			(952	)	-		-		-			(952	)
Total stockholders' equity (deficit)		1,907,360		543,183		(138,610	)	(405,525	)		1,906,408		163,643		264,328		(427,971	)		1,906,408
Total liabilities and stockholders' equity	$	2,429,859	$	3,174,484	$	1,456,927	$	(1,529,604	)	$	5,531,666	$	421,226	$	1,397,873	$	(444,233	)	$	6,906,532
(a) Balances as of September 30, 2014
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2014 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Assets:
Cash and cash equivalents	$	321,544	$	140,844	$	2,322	$	-		$	464,710	$	12,758	$	17,644	$	-		$	495,112
Reinsurance recoverables and trade receivables, net		-		28,784		177		-			28,961		142,335		28,026		-			199,322
Inventories, net		-		67,020		-		-			67,020		-		-		-			67,020
Prepaid expenses		18,537		36,236		496		-			55,269		-		-		-			55,269
Investments, fixed maturities and marketable equities		-		-		-		-			-		192,173		946,102		-			1,138,275
Investments, other		-		1,653		31,197		-			32,850		54,674		161,326		-			248,850
Deferred policy acquisition costs, net		-		-		-		-			-		-		118,707		-			118,707
Other assets		159		59,746		33,952		-			93,857		1,991		1,740		-			97,588
Related party assets		1,150,671		115,657		9		(1,093,830	)(c)		172,507		13,011		515		(16,409	)(c)		169,624
		1,490,911		449,940		68,153		(1,093,830	)		915,174		416,942		1,274,060		(16,409	)		2,589,767
Investment in subsidiaries		493,612		-		-		(120,122	)(b)		373,490		-		-		(373,490	)(b)		-
Property, plant and equipment, at cost:
Land		-		56,242		348,935		-			405,177		-		-		-			405,177
Buildings and improvements		-		205,762		1,224,568		-			1,430,330		-		-		-			1,430,330
Furniture and equipment		72		311,053		10,963		-			322,088		-		-		-			322,088
Rental trailers and other rental equipment		-		373,325		-		-			373,325		-		-		-			373,325
Rental trucks		-		2,610,797		-		-			2,610,797		-		-		-			2,610,797
		72		3,557,179		1,584,466		-			5,141,717		-		-		-			5,141,717
Less:  Accumulated depreciation		(56	)	(1,349,920	)	(382,530	)	-			(1,732,506	)	-		-		-			(1,732,506	)
Total property, plant and equipment		16		2,207,259		1,201,936		-			3,409,211		-		-		-			3,409,211
Total assets	$	1,984,539	$	2,657,199	$	1,270,089	$	(1,213,952	)	$	4,697,875	$	416,942	$	1,274,060	$	(389,899	)	$	5,998,978
(a) Balances as of December 31, 2013
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2014 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	657	$	351,050	$	4,504	$	-		$	356,211	$	-	$	1,743	$	-		$	357,954
Notes, loans and leases payable		-		1,060,240		882,119		-			1,942,359		-		-		-			1,942,359
Policy benefits and losses, claims and loss expenses payable		-		370,668		-		-			370,668		295,216		416,714		-			1,082,598
Liabilities from investment contracts		-		-		-		-			-		-		616,725		-			616,725
Other policyholders' funds and liabilities		-		-		-		-			-		3,732		4,256		-			7,988
Deferred income		-		31,390		-		-			31,390		-		-		-			31,390
Deferred income taxes		455,295		-		-		-			455,295		(30,440	)	7,741		-			432,596
Related party liabilities		-		588,919		519,495		(1,093,830	)(c)		14,584		1,647		178		(16,409	)(c)		-
Total liabilities		455,952		2,402,267		1,406,118		(1,093,830	)		3,170,507		270,155		1,047,357		(16,409	)		4,471,610
Stockholders' equity:
Series preferred stock:
Series A preferred stock		-		-		-		-			-		-		-		-			-
Series B preferred stock		-		-		-		-			-		-		-		-			-
Series A common stock		-		-		-		-			-		-		-		-			-
Common stock		10,497		1		1		(2	)(b)		10,497		3,301		2,500		(5,801	)(b)		10,497
Additional paid-in capital		444,420		121,230		147,941		(269,171	)(b)		444,420		91,120		26,271		(117,601	)(b)		444,210
Accumulated other comprehensive income (loss)		(53,923	)	(59,914	)	-		59,914	(b)		(53,923	)	1,782		4,210		(5,992	)(b)		(53,923	)
Retained earnings (deficit)		1,805,243		194,834		(283,971	)	89,137	(b)		1,805,243		50,584		193,722		(244,096	)(b)		1,805,453
Cost of common shares in treasury, net		(525,653	)	-		-		-			(525,653	)	-		-		-			(525,653	)
Cost of preferred shares in treasury, net		(151,997	)	-		-		-			(151,997	)	-		-		-			(151,997	)
Unearned employee stock ownership plan shares		-		(1,219	)	-		-			(1,219	)	-		-		-			(1,219	)
Total stockholders' equity (deficit)		1,528,587		254,932		(136,029	)	(120,122	)		1,527,368		146,787		226,703		(373,490	)		1,527,368
Total liabilities and stockholders' equity	$	1,984,539	$	2,657,199	$	1,270,089	$	(1,213,952	)	$	4,697,875	$	416,942	$	1,274,060	$	(389,899	)	$	5,998,978
(a) Balances as of December 31, 2013
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating statement of operations by industry segment for the quarter ended December 31, 2014 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	-	$	488,505	$	-	$	-		$	488,505	$	-	$	-	$	(1,090	)(c)	$	487,415
Self-storage revenues		-		53,121		382		-			53,503		-		-		-			53,503
Self-moving and self-storage products and service sales		-		49,081		-		-			49,081		-		-		-			49,081
Property management fees		-		7,497		-		-			7,497		-		-		-			7,497
Life insurance premiums		-		-		-		-			-		-		39,026		-			39,026
Property and casualty insurance premiums		-		-		-		-			-		13,584		-		-			13,584
Net investment and interest income		1,234		1,371		233		-			2,838		2,961		15,149		(196	)(b)		20,752
Other revenue		-		36,040		29,405		(31,036	)(b)		34,409		-		1,202		(114	)(b)		35,497
Total revenues		1,234		635,615		30,020		(31,036	)		635,833		16,545		55,377		(1,400	)		706,355
Costs and expenses:
Operating expenses		1,502		354,219		3,502		(31,036	)(b)		328,187		6,123		5,576		(1,194	)(b,c)		338,692
Commission expenses		-		58,439		-		-			58,439		-		-		-			58,439
Cost of sales		-		30,751		-		-			30,751		-		-		-			30,751
Benefits and losses		-		-		-		-			-		3,481		36,603		-			40,084
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		4,722		-			4,722
Lease expense		24		18,695		36		-			18,755		-		-		(50	)(b)		18,705
Depreciation, net of (gains) losses on disposals		1		75,573		6,236		-			81,810		-		-		-			81,810
Total costs and expenses		1,527		537,677		9,774		(31,036	)		517,942		9,604		46,901		(1,244	)		573,203
Earnings (loss) from operations before equity in earnings of subsidiaries		(293	)	97,938		20,246		-			117,891		6,941		8,476		(156	)		133,152
Equity in earnings of subsidiaries		56,559		-		-		(46,471	)(d)		10,088		-		-		(10,088	)(d)		-
Earnings from operations		56,266		97,938		20,246		(46,471	)		127,979		6,941		8,476		(10,244	)		133,152
Interest income (expense)		16,139		(20,836	)	(21,178	)	-			(25,875	)	-		-		156	(b)		(25,719	)
Pretax earnings (loss)		72,405		77,102		(932	)	(46,471	)		102,104		6,941		8,476		(10,088	)		107,433
Income tax (expense) benefit		(5,865	)	(30,056	)	357		-			(35,564	)	(2,428	)	(2,901	)	-			(40,893	)
Earnings (loss) available to common shareholders	$	66,540	$	47,046	$	(575	)$	(46,471	)	$	66,540	$	4,513	$	5,575	$	(10,088	)	$	66,540
(a) Balances for the quarter ended September 30, 2014
(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 December 31, 2013 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	-	$	437,117	$	-	$	-		$	437,117	$	-	$	-	$	(910	)(c)	$	436,207
Self-storage revenues		-		45,818		302		-			46,120		-		-		-			46,120
Self-moving and self-storage products and service sales		-		47,045		-		-			47,045		-		-		-			47,045
Property management fees		-		7,133		-		-			7,133		-		-		-			7,133
Life insurance premiums		-		-		-		-			-		-		39,198		-			39,198
Property and casualty insurance premiums		-		-		-		-			-		12,219		-		-			12,219
Net investment and interest income		2,516		1,988		661		-			5,165		3,009		12,895		(182	)(b)		20,887
Other revenue		260		37,021		26,091		(27,790	)(b)		35,582		-		1,059		(119	)(b)		36,522
Total revenues		2,776		576,122		27,054		(27,790	)		578,162		15,228		53,152		(1,211	)		645,331
Costs and expenses:
Operating expenses		1,782		334,489		3,297		(27,790	)(b)		311,778		5,223		6,125		(1,020	)(b,c)		322,106
Commission expenses		-		50,679		-		-			50,679		-		-		-			50,679
Cost of sales		-		28,229		-		-			28,229		-		-		-			28,229
Benefits and losses		-		-		-		-			-		4,289		34,341		-			38,630
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		4,457		-			4,457
Lease expense		23		24,482		9		-			24,514		-		-		(46	)(b)		24,468
Depreciation, net of (gains) losses on disposals		1		66,340		4,448		-			70,789		-		-		-			70,789
Total costs and expenses		1,806		504,219		7,754		(27,790	)		485,989		9,512		44,923		(1,066	)		539,358
Earnings from operations before equity in earnings of subsidiaries		970		71,903		19,300		-			92,173		5,716		8,229		(145	)		105,973
Equity in earnings of subsidiaries		38,578		-		-		(29,297	)(d)		9,281		-		-		(9,281	)(d)		-
Earnings from operations		39,548		71,903		19,300		(29,297	)		101,454		5,716		8,229		(9,426	)		105,973
Interest income (expense)		20,687		(26,371	)	(18,068	)	-			(23,752	)	-		-		145	(b)		(23,607	)
Pretax earnings		60,235		45,532		1,232		(29,297	)		77,702		5,716		8,229		(9,281	)		82,366
Income tax expense		(8,014	)	(16,995	)	(472	)	-			(25,481	)	(2,000	)	(2,664	)	-			(30,145	)
Earnings available to common shareholders	$	52,221	$	28,537	$	760	$	(29,297	)	$	52,221	$	3,716	$	5,565	$	(9,281	)	$	52,221
(a) Balances for the quarter ended September 30, 2013
(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 nine months ended December 31, 2014 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	-	$	1,719,200	$	-	$	-		$	1,719,200	$	-	$	-	$	(2,776	)(c)	$	1,716,424
Self-storage revenues		-		154,664		959		-			155,623		-		-		-			155,623
Self-moving and self-storage products and service sales		-		191,603		-		-			191,603		-		-		-			191,603
Property management fees		-		18,970		-		-			18,970		-		-		-			18,970
Life insurance premiums		-		-		-		-			-		-		115,997		-			115,997
Property and casualty insurance premiums		-		-		-		-			-		35,665		-		-			35,665
Net investment and interest income		3,687		5,326		1,772		-			10,785		9,823		43,632		(586	)(b)		63,654
Other revenue		-		135,713		85,795		(90,790	)(b)		130,718		-		3,491		(344	)(b)		133,865
Total revenues		3,687		2,225,476		88,526		(90,790	)		2,226,899		45,488		163,120		(3,706	)		2,431,801
Costs and expenses:
Operating expenses		5,286		1,128,472		10,616		(90,790	)(b)		1,053,584		18,635		16,834		(3,092	)(b,c)		1,085,961
Commission expenses		-		200,939		-		-			200,939		-		-		-			200,939
Cost of sales		-		112,215		-		-			112,215		-		-		-			112,215
Benefits and losses		-		-		-		-			-		8,918		111,508		-			120,426
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		13,196		-			13,196
Lease expense		70		60,958		62		-			61,090		-		-		(140	)(b)		60,950
Depreciation, net of (gains) losses on disposals		4		192,760		17,163		-			209,927		-		-		-			209,927
Total costs and expenses		5,360		1,695,344		27,841		(90,790	)		1,637,755		27,553		141,538		(3,232	)		1,803,614
Earnings (loss) from operations before equity in earnings of subsidiaries		(1,673	)	530,132		60,685		-			589,144		17,935		21,582		(474	)		628,187
Equity in earnings of subsidiaries		313,319		-		-		(287,556	)(d)		25,763		-		-		(25,763	)(d)		-
Earnings from operations		311,646		530,132		60,685		(287,556	)		614,907		17,935		21,582		(26,237	)		628,187
Interest income (expense)		55,551		(69,977	)	(60,792	)	-			(75,218	)	-		-		474	(b)		(74,744	)
Fees and amortization on early extinguishment of debt		-		-		(4,081	)	-			(4,081	)	-		-		-			(4,081	)
Pretax earnings (loss)		367,197		460,155		(4,188	)	(287,556	)		535,608		17,935		21,582		(25,763	)		549,362
Income tax (expense) benefit		(19,936	)	(170,018	)	1,607		-			(188,347	)	(6,277	)	(7,477	)	-			(202,101	)
Earnings (loss) available to common shareholders	$	347,261	$	290,137	$	(2,581	)$	(287,556	)	$	347,261	$	11,658	$	14,105	$	(25,763	)	$	347,261
(a) Balances for the nine months ended September 30, 2014
(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 nine months ended December 31, 2013 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Eliminations			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(Unaudited)
		(In thousands)
Revenues:
Self-moving equipment rentals	$	-	$	1,558,857	$	-	$	-		$	1,558,857	$	-	$	-	$	(2,070	)(c)	$	1,556,787
Self-storage revenues		-		132,906		885		-			133,791		-		-		-			133,791
Self-moving and self-storage products and service sales		-		183,115		-		-			183,115		-		-		-			183,115
Property management fees		-		17,586		-		-			17,586		-		-		-			17,586
Life insurance premiums		-		-		-		-			-		-		119,708		-			119,708
Property and casualty insurance premiums		-		-		-		-			-		31,052		-		-			31,052
Net investment and interest income		5,031		6,183		734		-			11,948		7,949		40,372		(433	)(b)		59,836
Other revenue		260		134,181		76,085		(81,059	)(b)		129,467		-		2,524		(355	)(b)		131,636
Total revenues		5,291		2,032,828		77,704		(81,059	)		2,034,764		39,001		162,604		(2,858	)		2,233,511
Costs and expenses:
Operating expenses		6,067		1,039,399		8,807		(81,059	)(b)		973,214		13,738		18,067		(2,398	)(b,c)		1,002,621
Commission expenses		-		182,068		-		-			182,068		-		-		-			182,068
Cost of sales		-		98,331		-		-			98,331		-		-		-			98,331
Benefits and losses		-		-		-		-			-		8,746		110,509		-			119,255
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		14,197		-			14,197
Lease expense		69		77,317		44		-			77,430		-		-		(137	)(b)		77,293
Depreciation, net of (gains) losses on disposals		4		179,241		12,186		-			191,431		-		-		-			191,431
Total costs and expenses		6,140		1,576,356		21,037		(81,059	)		1,522,474		22,484		142,773		(2,535	)		1,685,196
Earnings (loss) from operations before equity in earnings of subsidiaries		(849	)	456,472		56,667		-			512,290		16,517		19,831		(323	)		548,315
Equity in earnings of subsidiaries		263,524		-		-		(239,660	)(d)		23,864		-		-		(23,864	)(d)		-
Earnings from operations		262,675		456,472		56,667		(239,660	)		536,154		16,517		19,831		(24,187	)		548,315
Interest income (expense)		63,796		(83,442	)	(50,730	)	-			(70,376	)	-		-		323	(b)		(70,053	)
Pretax earnings		326,471		373,030		5,937		(239,660	)		465,778		16,517		19,831		(23,864	)		478,262
Income tax expense		(23,291	)	(137,033	)	(2,274	)	-			(162,598	)	(5,780	)	(6,704	)	-			(175,082	)
Earnings available to common shareholders	$	303,180	$	235,997	$	3,663	$	(239,660	)	$	303,180	$	10,737	$	13,127	$	(23,864	)	$	303,180
(a) Balances for the nine months ended September 30, 2013
(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 nine months ended December 31, 2014 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Elimination			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination			AMERCO Consolidated
		(Unaudited)
Cash flows from operating activities:		(In thousands)
Net earnings (loss)	$	347,261	$	290,137	$	(2,581	)$	(287,556	)	$	347,261	$	11,658	$	14,105	$	(25,763	)	$	347,261
Earnings from consolidated entities		(313,319	)	-		-		287,556			(25,763	)	-		-		25,763			-
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		4		242,708		17,159		-			259,871		-		-		-			259,871
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		13,196		-			13,196
Change in allowance for losses on trade receivables		-		(201	)	-		-			(201	)	-		(11	)	-			(212	)
Change in allowance for inventory reserve		-		(744	)	-		-			(744	)	-		-		-			(744	)
Net gain on sale of real and personal property		-		(49,948	)	4		-			(49,944	)	-		-		-			(49,944	)
Net gain on sale of investments		-		-		-		-			-		(839	)	(2,415	)	-			(3,254	)
Deferred income taxes		64,058		-		-		-			64,058		4,983		2,444		-			71,485
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-		(9,126	)	-		-			(9,126	)	17,101		(6,080	)	-			1,895
Inventories		-		(2,053	)	-		-			(2,053	)	-		-		-			(2,053	)
Prepaid expenses		(24,278	)	(13,918	)	(709	)	-			(38,905	)	-		-		-			(38,905	)
Capitalization of deferred policy acquisition costs		-		-		-		-			-		-		(20,158	)	-			(20,158	)
Other assets		(36,897	)	(4,316	)	(692	)	-			(41,905	)	1,088		(846	)	-			(41,663	)
Related party assets		(534	)	22,008		-		-			21,474		(947	)	-		243	(b)		20,770
Accounts payable and accrued expenses		4,614		(19,545	)	1,385		-			(13,546	)	-		9,537		-			(4,009	)
Policy benefits and losses, claims and loss expenses payable		-		(4,623	)	-		-			(4,623	)	(21,913	)	8,949		-			(17,587	)
Other policyholders' funds and liabilities		-		-		-		-			-		1,147		1,335		-			2,482
Deferred income		-		(16,743	)	11		-			(16,732	)	-		-		-			(16,732	)
Related party liabilities		-		(168	)	(67	)	-			(235	)	285		215		(243	)(b)		22
Net cash provided (used) by operating activities		40,909		433,468		14,510		-			488,887		12,563		20,271		-			521,721
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		-		(534,117	)	(191,330	)	-			(725,447	)	-		-		-			(725,447	)
Short term investments		-		-		-		-			-		(35,624	)	(167,394	)	-			(203,018	)
Fixed maturities investments		-		-		-		-			-		(33,735	)	(148,089	)	-			(181,824	)
Equity securities		-		-		-		-			-		(3,333	)	(426	)	-			(3,759	)
Preferred stock		-		-		-		-			-		(5	)	-		-			(5	)
Real estate		-		-		-		-			-		(3,812	)	(7,516	)	-			(11,328	)
Mortgage loans		-		-		(21,593	)	-			(21,593	)	(3,150	)	(12,622	)	-			(37,365	)
Proceeds from sales and paydown's of:
Property, plant and equipment		-		321,495		185		-			321,680		-		-		-			321,680
Short term investments		-		-		-		-			-		39,745		180,865		-			220,610
Fixed maturities investments		-		-		-		-			-		17,794		57,578		-			75,372
Equity securities		-		-		-		-			-		3,082		-		-			3,082
Preferred stock		-		-		-		-			-		-		2,027		-			2,027
Real estate		-		-		-		-			-		-		396		-			396
Mortgage loans		-		1,653		21,561		-			23,214		3,976		6,002		-			33,192
Net cash provided (used) by investing activities		-		(210,969	)	(191,177	)	-			(402,146	)	(15,062	)	(89,179	)	-			(506,387	)
		(page 1 of 2)
(a) Balance for the period ended September 30, 2014
(b) Elimination of intercompany investments

Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2014 are as follows:

		Moving & Storage										AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Elimination		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		-		156,251		353,823		-		510,074		-		-		-		510,074
Principal repayments on credit facilities		-		(90,154	)	(176,518	)	-		(266,672	)	-		-		-		(266,672	)
Debt issuance costs		-		(53	)	(9,644	)	-		(9,697	)	-		-		-		(9,697	)
Capital lease payments		-		(65,478	)	-		-		(65,478	)	-		-		-		(65,478	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-		267		-		-		267		-		-		-		267
Proceeds from (repayment of) intercompany loans		(26,894	)	16,110		10,784		-		-		-		-		-		-
Investment contract deposits		-		-		-		-		-		-		94,979		-		94,979
Investment contract withdrawals		-		-		-		-		-		-		(38,653	)	-		(38,653	)
Net cash provided (used) by financing activities		(26,894	)	16,943		178,445		-		168,494		-		56,326		-		224,820
Effects of exchange rate on cash		-		(6,243	)	-		-		(6,243	)	-		-		-		(6,243	)
Increase (decrease) in cash and cash equivalents		14,015		233,199		1,778		-		248,992		(2,499	)	(12,582	)	-		233,911
Cash and cash equivalents at beginning of period		321,544		140,844		2,322		-		464,710		12,758		17,644		-		495,112
Cash and cash equivalents at end of period	$	335,559	$	374,043	$	4,100	$	-	$	713,702	$	10,259	$	5,062	$	-	$	729,023
		(page 2 of 2)
(a) Balance for the period ended September 30, 2014

Consolidating cash flow statements by industry segment for the nine months ended December 31, 2013 are as follows:

		Moving & Storage											AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Elimination			Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination			AMERCO Consolidated
		(Unaudited)
Cash flows from operating activities:		(In thousands)
Net earnings	$	303,180	$	235,997	$	3,663	$	(239,660	)	$	303,180	$	10,737	$	13,127	$	(23,864	)	$	303,180
Earnings from consolidated entities		(263,524	)	-		-		239,660			(23,864	)	-		-		23,864			-
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation		4		201,286		12,978		-			214,268		-		-		-			214,268
Amortization of deferred policy acquisition costs		-		-		-		-			-		-		14,197		-			14,197
Change in allowance for losses on trade receivables		-		3		-		-			3		-		9		-			12
Change in allowance for inventory reserve		-		3,640		-		-			3,640		-		-		-			3,640
Net gain on sale of real and personal property		-		(22,045	)	(792	)	-			(22,837	)	-		-		-			(22,837	)
Net gain on sale of investments		(1,325	)	-		-		-			(1,325	)	(674	)	(4,089	)	-			(6,088	)
Deferred income taxes		37,934		-		-		-			37,934		5,118		4,981		-			48,033
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		-		13,410		(177	)	-			13,233		23,296		(3,174	)	-			33,355
Inventories		-		(12,502	)	-		-			(12,502	)	-		-		-			(12,502	)
Prepaid expenses		22,475		(8,660	)	(706	)	-			13,109		-		-		-			13,109
Capitalization of deferred policy acquisition costs		-		-		-		-			-		-		(25,128	)	-			(25,128	)
Other assets		5		10,558		(2,715	)	-			7,848		201		(120	)	-			7,929
Related party assets		540		9,636		(3	)	-			10,173		(4,702	)	-		159	(b)		5,630
Accounts payable and accrued expenses		6,563		(22,843	)	290		-			(15,990	)	-		13,218		-			(2,772	)
Policy benefits and losses, claims and loss expenses payable		-		1,218		-		-			1,218		(29,833	)	10,278		-			(18,337	)
Other policyholders' funds and liabilities		-		-		-		-			-		(39	)	16		-			(23	)
Deferred income		-		(672	)	-		-			(672	)	-		-		-			(672	)
Related party liabilities		-		(1,007	)	4,270		-			3,263		2,850		303		(159	)(b)		6,257
Net cash provided (used) by operating activities		105,852		408,019		16,808		-			530,679		6,954		23,618		-			561,251
Cash flows from investing activities:
Purchases of:
Property, plant and equipment		-		(436,671	)	(253,622	)	-			(690,293	)	-		-		-			(690,293	)
Short term investments		-		-		-		-			-		(35,250	)	(168,513	)	-			(203,763	)
Fixed maturities investments		-		-		-		-			-		(50,840	)	(186,662	)	-			(237,502	)
Equity securities		-		-		-		-			-		(388	)	-		-			(388	)
Preferred stock		-		-		-		-			-		(635	)	-		-			(635	)
Real estate		-		-		-		-			-		-		(431	)	-			(431	)
Mortgage loans		-		(1,580	)	(20,196	)	2,514	(b)		(19,262	)	(3,500	)	(37,459	)	11,589	(b)		(48,632	)
Proceeds from sales and paydown's of:
Property, plant and equipment		-		212,601		1,477		-			214,078		-		-		-			214,078
Short term investments		-		-		-		-			-		50,044		161,797		-			211,841
Fixed maturities investments		-		-		-		-			-		14,892		109,253		-			124,145
Equity securities		26,569		-		-		-			26,569		388		-		-			26,957
Preferred stock		-		-		-		-			-		4,504		1,500		-			6,004
Real estate		-		-		-		-			-		-		-		-			-
Mortgage loans		-		1,680		38,398		(2,514	)(b)		37,564		5,312		13,947		(11,589	)(b)		45,234
Net cash provided (used) by investing activities		26,569		(223,970	)	(233,943	)	-			(431,344	)	(15,473	)	(106,568	)	-			(553,385	)
		(page 1 of 2)
(a) Balance for the period ended September 30, 2013
(b) Elimination of intercompany investments

Continuation of consolidating cash flow statements by industry segment for the nine months ended December 31, 2013 are as follows:

		Moving & Storage										AMERCO Legal Group
		AMERCO		U-Haul		Real Estate		Elimination		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		-		116,952		206,087		-		323,039		-		-		-		323,039
Principal repayments on credit facilities		-		(149,948	)	(88,605	)	-		(238,553	)	-		-		-		(238,553	)
Debt issuance costs		-		(641	)	(2,712	)	-		(3,353	)	-		-		-		(3,353	)
Capital lease payments		-		(37,480	)	-		-		(37,480	)	-		-		-		(37,480	)
Leveraged Employee Stock Ownership Plan - repayments from loan		-		390		-		-		390		-		-		-		390
Proceeds from (repayment of) intercompany loans		17,011		(120,035	)	103,024		-		-		-		-		-		-
Investment contract deposits		-		-		-		-		-		-		109,928		-		109,928
Investment contract withdrawals		-		-		-		-		-		-		(24,448	)	-		(24,448	)
Net cash provided (used) by financing activities		17,011		(190,762	)	217,794		-		44,043		-		85,480		-		129,523
Effects of exchange rate on cash		-		482		-		-		482		-		-		-		482
Increase (decrease) in cash and cash equivalents		149,432		(6,231	)	659		-		143,860		(8,519	)	2,530		-		137,871
Cash and cash equivalents at beginning of period		327,119		98,926		1,515		-		427,560		14,120		22,064		-		463,744
Cash and cash equivalents at end of period	$	476,551	$	92,695	$	2,174	$	-	$	571,420	$	5,601	$	24,594	$	-	$	601,615
		(page 2 of 2)
(a) Balance for the period ended September 30, 2013